Artificial intelligence

“Table of Contents Risks Related to Our Products and Customer Preferences * The Company’s results are affected by competitive conditions and customer preferences. Demand for the Company’s products, which impacts revenue and profit margins, is affected by, among other things: (i) the development and timing of the introduction of competitive products; (ii) the Company’s pricing strategies; (iii) changes in customer order patterns, such as changes in the levels of inventory maintained by customers, vendors, or channel partners; (iv) changes in customers’ preferences for our products, including preferences for products that do not contain third-party manufactured PFAS, the success of products offered by our competitors, and changes in customer designs for their products that can affect the demand for some of the Company’s products; and (v) changes in the business environment related to disruptive technologies, such as artificial intelligence and machine learning technologies, block-chain, expanded analytics, and other enhanced learnings from increasing volume of available data.”

Annual report 2025A · The company itself

“Table of Contents *The Company’s use of artificial intelligence technologies exposes the Company to risks which could have a material adverse effect on the Company’s business, reputation and results of operations. Artificial intelligence (AI) technologies support a range of the Company’s activities, including research and development, operational processes, customer facing tools, and other business functions. The use of AI introduces risks that could adversely affect the Company’s business, results of operations, or financial condition.”

Annual report 2025A · The company itself

“Technological developments may materially affect the cost and use of technology by our clients and, in the case of cloud, AI and data solutions, could affect the nature of how we generate revenue. Some of these technological developments have reduced and replaced, in whole or in part, some of our historical solutions and services and will continue to do so in the future.”

Annual report 2025A · The company itself

“Risks and uncertainties related to the development and use of AI, including advanced AI, could harm our business, damage our reputation or give rise to legal or regulatory action. We are increasingly applying AI-based technologies to our solutions and services, to how we deliver work to our clients, and to our own internal operations.”

Annual report 2025A · The company itself

“AI technologies are complex and rapidly evolving, and we face significant competition, including from our clients and ecosystem partners, who may develop their own internal AI-related capabilities, as well as new AI-native companies, which can lead to reduced demand for our solutions or services.”

Annual report 2025A · The company itself

“As these technologies evolve, some services and tasks currently performed by our people have been and will continue to be replaced by automation, including AI-enabled solutions, which will lead to reduced demand for our services and/or adversely affect the utilization rate of our professionals, if demand for those services is not replaced by demand for new solutions and services or if the pace and level of spending on new solutions or services are not sufficient to make up any shortfall.”

Annual report 2025A · The company itself

“Threat actors are leveraging AI technologies to develop new hacking tools and attack vectors, exploit vulnerabilities, obscure their activities, and increase the difficulty of threat attribution.”

Annual report 2025A · The company itself

“The technology companies described above, including many of our ecosystem partners and new AI-native companies, are increasingly able to offer services related to their AI, software, platform, cloud migration and other solutions, or are developing AI, software, platform, cloud migration and other solutions that require integration services to a lesser extent or replace them in their entirety. These more integrated solutions and services may represent more attractive alternatives to clients than some of our solutions and services, which may materially adversely affect our competitive position and our results of operations.”

Annual report 2025A · The company itself

“A very significant portion of our revenue and solutions and services are based on technology, including platforms and software, provided by our ecosystem partners.”

Annual report 2025A · The company itself

“Business Overview Accenture is a leading solutions and global professional services company that helps the world’s leading enterprises reinvent by building their digital core and unleashing the power of AI to create value at speed across the enterprise, bringing together the talent of our approximately 779,000 people, our proprietary assets and platforms, and deep ecosystem relationships.”

Annual report 2025A · The company itself

“In fiscal 2025, we invested $1.5 billion across 23 strategic acquisitions, $0.8 billion in R&D, and approximately $1.0 billion in learning and professional development, including approximately 47 million training hours.”

Annual report 2025A · The company itself

“We also use our investment capacity to drive early leadership in areas of growth. For example, our early and decisive decision in fiscal 2023 to invest significantly to become a leader in generative AI with a $3 billion multi-year investment has positioned us to capture this new area of spend for our clients.”

Annual report 2025A · The company itself

“We continuously innovate our solutions and services and develop new capabilities, assets and platforms through early adoption of new technologies such as advanced AI, which includes generative, agentic and physical AI, robotics, 5G, edge computing and quantum computing, as well as invest in R&D for both new and existing forms of technology.”

Annual report 2025A · The company itself

“We are implementing a refreshed three-pronged talent strategy to meet current and future client demand: investing in upskilling people, which has been and continues to be our primary focus; exiting people in a compressed timeline where reskilling is not a viable path for the skills we need; and identifying areas to drive even more operating efficiencies in our business, including through AI.”

Annual report 2025A · The company itself

“We also continue to steadily increase our AI and data workforce, reaching approximately 77,000 skilled AI and data practitioners at the end of fiscal 2025, against our goal of doubling our AI and data workforce to 80,000 by the end of fiscal 2026.”

Annual report 2025A · The company itself

“Our ability to improve or maintain our profitability is dependent on our being able to successfully manage our costs, including taking actions to reduce certain costs and optimize our business including through the use of new technologies, such as advanced AI.”

Annual report 2025A · The company itself

“Operations We operate business processes on behalf of clients for specific enterprise functions, including finance and accounting, sourcing and procurement, supply chain, marketing and sales, and human resources, as well as industry-specific services, such as platform trust and safety, banking, insurance, network and health services. We help organizations with reinvented operations, enabled by SynOps, our proprietary AI-powered, cloud-enabled platform that empowers people with data, processes, automation and a broad ecosystem of technology partners to transform enterprise operations at speed and scale.”

Annual report 2025A · The company itself

“Our consulting revenue continues to be driven by helping our clients accelerate their reinvention, leveraging cloud, enterprise platforms, security, AI and data, including advanced AI, as well as our change capabilities to help clients build new skills and drive the successful adoption of new processes and technologies. In addition, clients continue to be focused on initiatives designed to deliver cost savings, supply chain and operational resilience, as well as to accelerate growth and improve customer experiences.”

Annual report 2025A · The company itself

“In our managed services business, revenues for fiscal 2025 increased 9% in both U.S. dollars and local currency compared to fiscal 2024. Managed services revenue growth in local currency for fiscal 2025 was driven by very strong growth in the Americas and strong growth in EMEA and Asia Pacific. We continue to experience growing demand to assist clients with reinvented operations, application development and maintenance, and infrastructure management including cloud and security.”

Annual report 2025A · The company itself

“Den snabba teknologiska globala utvecklingen förändrar Life Science marknaden genom innovationer inom produktutveckling, forskning och vård. Användningen av uppkopplade enheter, automatisering, artificiell intelligens (AI) och andra teknikområden leder inte bara till nya produkter utan också till nya sätt att använda instrument och diagnostiska tester. Detta banar väg för nya affärsmöjligheter genom nya behandlings- och vårdmetoder och påverkar även leverantörers operativa verksamheter.”

Annual report 2023A · The company itself

“Under 2023 har användningen av AI gradvis ökat inom sjukvården, med förväntningar på att ny teknik ska bidra till både operativ effektivitet och kliniska förbättringar. Sektorns strikta regleringar samt krav på kliniska studier är några utmaningar som gör att anpassningen går långsammare jämfört med andra sektorer.”

Annual report 2023A · The company itself

“AddLifes framtida tillväxt är bland annat beroende av nya innovativa produkter och därmed koncernens förmåga att Det finns ett starkt fokus på proaktiv affärsutveckling inom befintliga dotterbolag och ett fokus på framtida teknisk påverka, förutse, identifiera och svara på förändrade kundpreferenser och behov. Det finns en risk att dotterbolagen inom AddLife-koncernen inte kan implementera ny teknik eller anpassa sitt produktutbud och sin affärsmodell i tid för att kunna ta till vara fördelarna av ny eller existerande teknik.”

Annual report 2023A · The company itself

“In the rapidly evolving AI landscape, where each generative AI model has its own strength, we offer customers flexibility to use the model of their choice directly within certain Adobe solutions to best serve their needs. Adobe Models: We build our own creativity-focused, commercially safe Firefly foundation models for generation and editing across categories.”

Annual report 2025A · The company itself

“Risks Related to Our Ability to Grow Our Business We may be unsuccessful at innovating in response to rapid technological or industry changes to meet customer needs, which could cause our business and financial results to suffer materially. We operate in rapidly evolving industries and expect the pace of innovation to continue to accelerate. We must continually introduce new and enhance existing solutions to retain customers and attract new customers.”

Annual report 2025A · The company itself

“In addition, we expect to face more competition as AI continues to advance and be integrated into the markets in which we compete and to change the software industry. Our competitors or other third parties may develop AI solutions more rapidly or successfully, including but not limited to different data training strategies or proprietary access to data and, as a result, other AI solutions may achieve greater and faster adoption.”

Annual report 2025A · The company itself

“Moreover, due to challenges in detecting patent infringement pertaining to generative AI technologies, it may be more difficult to protect our generative AI and related innovations with patents. Additionally, if we use generative AI in the creation of our source code or other materials or inventions, we may not be able to rely on copyrights or patents to protect such intellectual property.”

Annual report 2025A · The company itself

“Additionally, as we offer more third-party AI models in our solutions, we face risks inherent in how third-party AI models used in our solutions have been developed and deployed, including situations in which the third party may lack a proper license or consent for the training data used for their model. The use and availability of third-party AI models in our solutions could result in scrutiny and legal liability, including intellectual property infringement claims.”

Annual report 2025A · The company itself

“Subscription Cost of subscription revenue consists primarily of third-party hosting services and data center costs, including expenses related to operating our network infrastructure and AI inferencing costs.”

Annual report 2025A · The company itself

“Research and Development Research and development expenses consist primarily of compensation and contracted costs associated with software development, third-party hosting services and data center costs including AI training costs, related facilities costs, and expenses associated with computer equipment and software used in development activities.”

Annual report 2025A · The company itself

“BUSINESS OVERVIEW Adobe’s mission is to empower everyone to create. We build innovative platforms and tools that unleash creativity, productivity and personalized customer experiences. For over four decades, our innovations have transformed how people everywhere engage across all types of media.”

Annual report 2025A · The company itself

“STRATEGY & OPPORTUNITY Adobe’s strategy is to empower our customer audiences—business professionals, consumers, creators, creative professionals and marketing professionals—to be more creative, productive and successful. Underpinning our customer-focused solutions is our AI strategy and Adobe’s AI platform. As a technology leader that unleashes creativity, productivity and customer experience orchestration, we deliver end-to-end professional creative and marketing solutions.”

Annual report 2025A · The company itself

“Table of Contents AI Strategy AI represents a generational opportunity to serve an increasingly large and diverse customer universe. Adobe’s approach to AI is rooted in the belief that creativity is a uniquely human trait – and that AI has the power to assist and amplify human ingenuity and enhance productivity.”

Annual report 2025A · The company itself

“As AI continues to change content creation, our customers, particularly creators and enterprises, increasingly require responsible, secure and human-centered AI solutions. In developing our Firefly foundation models, we responsibly harness our unique data assets and help our customers amplify the value of their first-party data.”

Annual report 2025A · The company itself

“Adobe continues to build on its strong foundation of research and development, transformative innovation, category and brand leadership and world-class financial discipline. We deliver Adobe magic to an expanding set of global customers and are executing on the opportunity ahead.”

Annual report 2025A · The company itself

“Our Creative Cloud and Firefly subscriptions include a monthly plan-specific number of generative credits for generative AI tools, and our free plans include a limited number of generative credits.”

Annual report 2025A · The company itself

“RESEARCH & DEVELOPMENT We have made, and will continue to make, significant investments in research and development to advance the value and impact of our solutions, and to continue integrating generative and agentic technologies across our tools to solve problems in areas such as content understanding and generation, recommendations, personalization and more. In collaboration with universities around the world, the Adobe Research team of scientists, engineers, artists and designers are inventing the future of creativity, productivity and customer experiences.”

Annual report 2025A · The company itself

“Table of Contents ACQUISITIONS AND INVESTMENTS We evaluate acquisition opportunities to accelerate our strategy, further drive innovation and increase the value we offer to customers. Our acquisitions, which range in size and scope, allow us to accelerate product development, introduce new features and deliver new solutions to our customers.”

Annual report 2025A · The company itself

“Through our corporate venture capital program, Adobe Ventures, we invest in companies that are shaping the future of creativity, productivity, marketing and AI.”

Annual report 2025A · The company itself

“Investments in research and development, including the recruiting and hiring of software developers, are critical to remain competitive in the marketplace and are directly related to continued timely development of new and enhanced offerings and solutions. We will continue to focus on long-term opportunities available in our end markets and make significant investments in the development of our subscription and service offerings, apps and tools.”

Annual report 2025A · The company itself

“For Business Professionals & Consumers, we are democratizing productivity and creativity with AI-driven, quick and easy applications (“apps”) that enable users to be creative and productive whether consuming or generating content across multiple media types and channels.”

Annual report 2025A · The company itself

“As AI fundamentally transforms content production, distribution and monetization, our solutions accelerate creative expression for creators and creative professionals and enable anyone to create by using the AI functionality infused in our flagship creative applications as well as our AI-first solutions.”

Annual report 2025A · The company itself

“For marketing professionals, we unify creative production and marketing execution with comprehensive content supply chain solutions that deliver end-to-end customer experience orchestration solutions, automate workflows and personalize experiences and engagement at scale across channels. Centered around Adobe Experience Platform and apps and Adobe GenStudio, our offerings streamline the content supply chain and deliver agile, self-service capabilities and integrated workflows to collaborate effectively and efficiently produce high volumes of on-brand, personalized content to strengthen brand visibility.”

Annual report 2025A · The company itself

“Adobe Firefly Solutions Adobe Firefly is Adobe’s family of creative generative AI models that span image, video, vector, audio, and more. The Firefly family of models are infused across Adobe’s solutions and powering new solutions that enhance creativity, marketing and productivity workflows for our customers.”

Annual report 2025A · The company itself

“Adobe Firefly Services Firefly Services, available for enterprises, provides enterprises with APIs, tools and services for content generation, editing and assembly, to automate the production of content while maintaining quality and control.”

Annual report 2025A · The company itself

“Adobe GenStudio Adobe GenStudio is an end-to-end, content supply chain solution for ideation, creation, production, activation, delivery, asset management, analytics and insights. It seamlessly brings together Adobe solutions and has integrations with third-party platforms, making it a powerful, connected solution for enterprise content operations.”

Annual report 2025A · The company itself

“Adobe Experience Platform Adobe Experience Platform is a purpose-built platform for customer experience orchestration that helps businesses collect, connect and activate their known and unknown customer data from every interaction across sources and channels in real time to create unified customer profiles. Adobe Experience Platform standardizes data for intelligence and profile creation and provides an open and extensible cloud infrastructure, real-time updates, and AI-driven insights and scalability.”

Annual report 2025A · The company itself

“Our customers can leverage Adobe Experience Platform to activate AI-driven insights across apps such as Adobe Real-Time Customer Data Platform, Adobe Customer Journey Analytics and Adobe Journey Optimizer.”

Annual report 2025A · The company itself

“Table of Contents Adobe Agent Orchestrator Adobe Experience Platform Agent Orchestrator is the technology underpinning Adobe’s agentic framework, powering the ability to understand context, retrieve precise information, plan multi-step actions, drive intelligent automation, refine responses, and automate key workflows. Agent Orchestrator is designed to leverage rich data, content, and knowledge from Adobe Experience Platform to power functional agents for customer experience orchestration that accelerate tasks, make decisions, and act as a talent multiplier for customers focused on driving business growth through personalization at scale.”

Annual report 2025A · The company itself

“Adobe Customer Journey Analytics brings a powerful set of analytics tools that allow our customers to interactively explore and visualize the end-to-end customer journey across multiple channels and utilize AI-powered insights, while making such analytics more accessible across their organization, to ensure that customer journeys flow seamlessly regardless of channel.”

Annual report 2025A · The company itself

“Adobe Mix Modeler Adobe Mix Modeler is an AI-powered marketing measurement and planning solution that unifies marketing mix modeling and multi-touch attribution into a single methodology. It helps organizations quantify the incremental impact of paid, earned, and owned channels, optimize budget allocation, and simulate future outcomes using predictive analytics.”

Annual report 2025A · The company itself

“Adobe Journey Optimizer Adobe Journey Optimizer is a scalable app built on Adobe Experience Platform that allows businesses to orchestrate and deliver personalized, connected customer journeys across any app, surface, screen, or channel across B2B and B2C. With this solution, brands can manage inbound customer engagement with outbound omnichannel campaigns and offer personalized content based on real-time profiles, data-driven insights, cloud-native scalability and API extensibility, all within a single app, and, for our B2B customers, build buying groups aligned to their organization’s product portfolio.”

Annual report 2025A · The company itself

“Adobe Marketo Engage Adobe Marketo Engage is a customer experience management solution optimized for B2B, cross-channel campaigns by bringing together planning, engagement and measurement capabilities into an integrated marketing platform.”

Annual report 2025A · The company itself

“To serve the productivity and creativity needs of business professionals, consumers, creators and creative professionals, our Digital Media solutions include our Adobe Acrobat solutions, Adobe Express and our Creative Cloud subscriptions and flagship apps, such as Adobe Photoshop, Adobe Illustrator, Adobe Lightroom, Adobe Premiere Pro and Adobe After Effects, as well as Adobe Firefly.”

Annual report 2025A · The company itself

“To serve the end-to-end content supply chain needs of marketing professionals, our Digital Experience solutions include Adobe Experience Platform and native applications, including Real-Time Customer Data Platform, Customer Journey Analytics, Adobe Experience Manager Sites, Adobe Commerce, Adobe Journey Optimizer, Adobe Marketo Engage and solutions within Adobe GenStudio, such as Workfront, Adobe Experience Manager Assets and GenStudio for Performance Marketing.”

Annual report 2025A · The company itself

“For example, artificial intelligence (“AI”), including generative and agentic, enables users of all skill levels to create and provide new ways of marketing, creating and editing content and interacting with documents. While we continue to release new AI solutions and to focus on enhancing the AI capabilities of our solutions and incorporating AI across existing solutions, there can be no assurance that our new or enhanced solutions and AI innovations will be successful, adopted or monetizable or that we will innovate effectively to keep pace with the rapid evolution of AI across our solutions.”

Annual report 2025A · The company itself

“Social, ethical and operational issues relating to the use of AI, including generative AI and agentic AI, in our solutions may result in reputational harm, liability and additional costs. We are increasingly incorporating AI technologies, developed by us and by third parties, into many of our solutions.”

Annual report 2025A · The company itself

“The increase in subscription revenue for the Digital Experience segment was driven by strength in GenStudio solutions, and Adobe Experience Platform and related apps.”

Annual report 2025A · The company itself

“Creative & Marketing Professionals Creators and creative professionals need AI-driven solutions that provide power and precision from ideation and creation to production and delivery. They want a powerful destination for creative expression and access to leading AI models.”

Annual report 2025A · The company itself

“Marketing professionals require AI-driven solutions that enable them to create, manage and optimize personalized digital experiences at scale and to enhance brand visibility across the content supply chain. They need agility, self-service capabilities, and integrated workflows to collaborate effectively with creative teams and agencies and meet the increasing demand for compelling content.”

Annual report 2025A · The company itself

“Our customers generally use our graphics solutions to enable immersive visualization and to process AI/ML based workloads.”

Annual report 2025A · The company itself

“As AI capabilities improve and are increasingly adopted, we may see more sophisticated threats created through the use of AI technology to launch more automated, targeted and coordinated cyberattacks. These attacks could be crafted with an AI tool to directly attack IT Systems with increased speed and/or efficiency than a human threat actor or create more effective phishing emails. In addition, the threat could be introduced from the result of our or our customers and business partners incorporating the output of an AI tool that includes a threat, such as introducing malicious code by incorporating AI generated source code.”

Annual report 2025A · The company itself

“The United States and other countries’ export control regulations continue to focus on targeting semiconductors associated with AI, including GPUs and associated products and services, by restricting or prohibiting their unlicensed sale or supply to U.S. embargoed or sanctioned countries, governments, persons and entities. The United States has imposed unilateral controls restricting GPUs and associated products, and is likely to further adopt other unilateral or multilateral controls. The scope and application of such controls have been and may continue to be broad, which may prohibit us from exporting or providing access to our products to customers in one or more markets, including but not limited to China, and could negatively impact our manufacturing, testing and warehousing locations, or could impose other conditions that limit our ability to meet demand abroad.”

Annual report 2025A · The company itself

“The market for qualified and skilled executives and employees in the technology industry, especially in the areas of AI and machine learning, is highly competitive.”

Annual report 2025A · The company itself

“Research and Development We focus our research and development (R&D) activities on designing and developing products. Our main area of focus is on delivering the next generation of processors (CPU and GPU), FPGAs and adaptive SoCs, accelerators (adaptive, graphics and DPU), SOMs and AI NICs, and the associated software for these products. We focus on designing, with security in mind, new integrated circuits (ICs) with improved performance and performance-per-watt in advanced semiconductor manufacturing processes, the design of logic and interface IP, advanced packaging technologies, and heterogeneous integration technologies.”

Annual report 2025A · The company itself

“Overview AMD drives innovation in high performance and AI computing to solve the world’s most important challenges. AMD technology powers billions of experiences across cloud and AI infrastructure, embedded systems, AI PCs and gaming. With a broad portfolio of AI-optimized CPUs, GPUs, networking and software, AMD delivers full-stack solutions that help customers turn data into breakthroughs, with the speed and scale needed for a new era of intelligent computing.”

Annual report 2025A · The company itself

“In 2025, a key priority was accelerating growth in our Data Center segment. Demand for our data center AI accelerator products was strong as large hyperscale customers, OEMs and ODMs deployed our AMD Instinct™ MI350X Series GPUs. We advanced our AMD AI GPU roadmap to deliver an annual cadence of leadership for AMD Instinct solutions, beginning with the AMD Instinct MI350 Series GPUs in 2025.”

Annual report 2025A · The company itself

“Our AMD Instinct™ family of GPU products, including AMD Instinct MI200, MI300, MI325 and MI350 series, are based on AMD CDNA™ architecture and designed for AI training, inference and exascale-class scientific computing.”

Annual report 2025A · The company itself

“Our latest mobile processors are designed to deliver premium laptop experiences with local AI. In 2025, we launched AMD Ryzen AI 300 Series processors featuring a next generation NPU supporting Microsoft Copilot+ PCs, our latest “Zen 5” architecture and our AMD RDNA™ 3.5 graphics architecture.”

Annual report 2025A · The company itself

“Building on our AI PC momentum, we expanded our portfolio by introducing Ryzen AI-powered platforms across notebooks and mini desktops and introduced a new reference platform for AI developers in January 2026, the Ryzen AI Halo, that features up to 128GB of memory for large AI model support.”

Annual report 2025A · The company itself

“In our Data Center segment, we offer products that are optimized for generative AI applications and since 2024, we have experienced significant demand for our AI accelerators. The demand for such products will in part depend on the extent to which our customers utilize generative AI solutions in a wide variety of applications, and both the near-term and long-term trajectory of such generative AI solutions is unknown.”

Annual report 2025A · The company itself

“We are actively building AI capabilities into all our Client products, such as Ryzen AI PC processors, but there can be no assurance about the rate and pace of adoption of such product offerings.”

Annual report 2025A · The company itself

“We offer products that include capabilities to support AI deployment and we expect this part of our business to grow.”

Annual report 2025A · The company itself

“In October 2025, we entered into a product purchase agreement with OpenAI OpCo, LLC, (OpenAI) to deploy 6 gigawatts of AMD GPUs, with the deployment of the first gigawatt of capacity powered by our AMD Instinct MI450 series products.”

Annual report 2025A · The company itself

“Table of Contents Hyperscale Data Centers Large multi-national public cloud service providers and hyperscale private data centers directly and indirectly purchase a substantial portion of our data center-focused products, including server CPUs, GPU accelerators, DPUs, AI NICs, FPGAs and adaptive SoCs. These products are incorporated into servers and other data center appliances sold by OEMs to the hyperscale customers or into custom servers or hardware designed by or for these customers and manufactured by ODMs or contract manufacturers. Hyperscale data centers use these products to operate web-based applications or to support public cloud computing and storage service offerings, including but not limited to AI workloads such as generative AI models.”

Annual report 2025A · The company itself

“The expansion of data center needs related to the growing use of generative artificial intelligence are expected to be a significant accelerant to the growth of the U.S. renewables market and AES seeks to capture a significant portion of this market expansion.”

Annual report 2025A · The company itself

“AES has worked with several major technology companies to provide clean energy solutions to power their networks of data centers, and we expect these relationships to expand as the rapid adoption of generative artificial intelligence drives significant growth in data center electricity demand.”

Annual report 2025A · The company itself

“We may incur significant expenditures to adapt our businesses to technological changes. Emerging technologies may be superior to, or may not be compatible with, some of our existing technologies, investments and infrastructure, and may require us to make significant expenditures to remain competitive, or may result in the obsolescence of certain of our operating assets.”

Annual report 2025A · The company itself

“35 | 2025 Annual Report New Energy Technologies Our New Energy Technologies SBU encompasses AES' efforts to incubate innovative solutions and invest in businesses that leverage cutting-edge technology to provide greener and smarter energy solutions, accelerating the energy transition. These activities enhance AES' competitive advantages in its businesses while enabling the growth of new business platforms.”

Annual report 2025A · The company itself

“Fyra huvudsakliga drivkrafter genererar en stark efterfrågan från våra kunder; dekarbonisering, cirkularitet, elektrifiering och digitalisering.”

Annual report 2024A · The company itself

“Digitalisering Digital teknik som automatisering, digitala tvillingar och artificiell intelligens kan möjliggöra kostnadsminskningar, optimera värdekedjor och automatisera processer, vilket resulterar i betydande fördelar för den hållbara omställningen. Inom vindenergi spelar till exempel digitala applikationer en betydande roll vid utveckling, övervakning och underhåll av vindkraftverk.”

Annual report 2024A · The company itself

“En av AFRYs målsättningar är att öka den nettopositiva påverkan genom våra kunduppdrag för att accelerera hållbarhetsomställningen.”

Annual report 2024A · The company itself

“AFRY är väl positionerat för att möta denna efterfrågan genom att erbjuda ingenjörs- och designtjänster, capex-projekt, digitala tjänster och mjukvarulösningar samt rådgivningstjänster.”

Annual report 2024A · The company itself

“Detta sker genom våra kunduppdrag, det vill säga via tillhandahållande av teknik- och designtjänster, CAPEX-projekt, digitala lösningar samt rådgivningstjänster.”

Annual report 2024A · The company itself

“If consumers become less reliant on search engines for travel searches and instead use AI apps and other channels, we may not be able to optimize for searches on these emerging channels and may risk losing traffic to competitors.”

Annual report 2025A · The company itself

“In particular, AI and ML Technologies may be incorrectly designed or implemented; may be trained or reliant on incomplete, inadequate, inaccurate, biased, or otherwise poor quality data or on data to which we or third parties do not have sufficient rights; and/or may be adversely impacted by unforeseen defects, technical challenges, cybersecurity threats, third-party litigation, regulatory action, or material performance issues.”

Annual report 2025A · The company itself

“In addition, AI and ML Technologies, including generative AI, may be vulnerable to adversarial user behavior or create inaccurate or misleading content or other discriminatory or unexpected results or behaviors, such as hallucinatory behavior, output, or results that are irrelevant, unintended, nonsensical, or factually incorrect. Our hosts, guests, or others may rely on or use this flawed output or results or information to their detriment, which may expose us to brand or reputational harm, competitive harm, consumer complaints, legal liability, and other adverse consequences, any of which could materially adversely affect our business, results of operations, and financial condition.”

Annual report 2025A · The company itself

“Additionally, any integration of AI or machine learning in our or our third party providers’ operations, products, or services poses new or unknown cybersecurity risks and challenges.”

Annual report 2025A · The company itself

“The rapid evolution of AI and ML Technologies will continue to require the application of significant resources to adopt, develop, test, integrate, and maintain AI and ML Technologies included in our offerings in order to remain competitive and to help implement these technologies responsibly and minimize unintended or harmful impacts.”

Annual report 2025A · The company itself

“Our ability to continue to adopt, integrate, and use such technologies at the scale we may need may be dependent on access to specific third-party software, and infrastructure, such as processing hardware or third-party AI models, and we cannot control the quality, availability, or pricing of such third-party software and infrastructure, especially in a highly competitive environment. If any such third-party models, software, or infrastructure becomes incompatible with our offerings or unavailable for use or has degradations in performance, or if the providers of such services unfavorably change the terms on which their services are offered or terminate their relationship with us, our offerings may become less appealing to our customers.”

Annual report 2025A · The company itself

“From time to time, we use software under open source licenses and incorporate open source software into our code base as we continue to develop our platform and services. Open source software is licensed by its authors or owners under open source licenses, which in some instances may subject us to certain unfavorable conditions, including requirements that we offer our products that incorporate the open source software for no cost, that we make publicly available the source code for any modifications or derivative works we create based upon, incorporating, or using the open source software, or that we license such modifications or derivative works under the terms of the particular open source license.”

Annual report 2025A · The company itself

“Additionally, we are leveraging our global markets strategy, which includes a more localized approach to product updates and marketing to raise awareness and consideration in less mature markets. We are also extending our platform beyond stays with new offerings, such as Airbnb Services and redesigned experiences, with plans to continue to expand our business beyond travel accommodations using our multi-year product roadmap to help drive long-term growth.”

Annual report 2025A · The company itself

“It incorporates expanded AI and machine learning capabilities, which are integral to key areas, from fraud detection, to personalized listing matching and enabling customized and real-time community support. •Operation of a microservices architecture.”

Annual report 2025A · The company itself

“We continue to invest in the development of new offerings and initiatives, including innovations focused on improving the experience of our hosts and guests; however, developing and delivering these new offerings and initiatives increase our expenses and our organizational complexity, and we may experience difficulties in developing and implementing these new offerings and initiatives. New offerings and initiatives on our platform have a high degree of risk, as they may involve unproven businesses with which we have limited or no prior development or operating experience.”

Annual report 2025A · The company itself

“During 2025, we introduced new artificial intelligence (“AI”) features to help deliver customer support in certain countries and languages. AI presents risks and challenges that could affect the expansion of these features, and therefore our business; for more information, see our risk factor titled “Our use of artificial intelligence and machine learning gives risk to legal, business, and operational risks, which may result in diminished performance, regulatory scrutiny, social impacts, reputational harm, and liability arising from the use of this technology.””

Annual report 2025A · The company itself

“In 2025, we launched a redesigned app experience featuring unified search and booking for all offerings, artificial intelligence (“AI”)-powered personalization, and integrated social features that allow guests to connect with co-travelers or experience attendees.”

Annual report 2025A · The company itself

“During 2025, we expanded the use of AI-powered customer service and support features to help more quickly and effectively resolve issues for both hosts and guests. AI capabilities now assist in risk assessment and rapid fraud and scam detection, supplementing our existing review, watchlist, and background check procedures.”

Annual report 2025A · The company itself

“We currently use AI and machine learning technologies (“AI and ML Technologies”) in our offerings, for example with respect to fraud detection, search, enabling customized features and enhancing community support.”

Annual report 2025A · The company itself

“Innovation is important to our future success. In particular, as security and cloud computing solutions have become, and are expected to continue to be, an important part of our business, we must be particularly adept at developing new security solutions that meet the constantly-changing threat landscape and cloud computing, compute-to-edge and AI inference solutions that meet the needs of professional users and enterprises looking to increase the utility of the internet for their business.”

Annual report 2025A · The company itself

“Such threats are prevalent and continue to rise, are increasingly difficult to detect and come from a variety of sources and may be enhanced or facilitated by AI.”

Annual report 2025A · The company itself

“Further, attempts to disrupt or gain unauthorized access to our and our third-party vendors’ information systems from malicious third parties or insider threats may incorporate widely varying and frequently changing tactics, which may be enhanced or facilitated by AI.”

Annual report 2025A · The company itself

“AI systems and third-party AI services that we use may also introduce operational resilience and stability risks that could disrupt our services or customers' workloads and adversely affect our business, reputation or financial results.”

Annual report 2025A · The company itself

“We firmly believe that the internet’s role in transforming the way we exchange ideas and information and conduct business is more vital than ever, especially as those interactions are increasingly driven by AI. Our strategy is to help continue to power and protect business online by offering security, compute, delivery and AI infrastructure services with the industry-leading reliability, scale and expertise our customers need to grow their business with confidence.”

Annual report 2025A · The company itself

“As AI is a major focus of corporate initiatives for enterprises across the globe, we are committed to helping our customers seize on its power and potential. We provide cloud computing infrastructure that they can use to build low-latency, AI-powered applications; cybersecurity solutions, powered by adaptive AI and automation, designed to defend against prompt injections, data exfiltration and toxic outputs; generative AI to improve the speed and efficiency of identifying and investigating malicious or suspicious activity; and throughput on our global intelligent network to enable the large volumes of data required to power AI-powered applications and facilitate effective real-time protections.”

Annual report 2025A · The company itself

“In November 2025, Akamai acquired serverless WebAssembly company Fermyon Technologies, Inc. ("Fermyon").”

Annual report 2025A · The company itself

“Recent Acquisitions We acquired Fermyon in November 2025. With this acquisition we plan to deepen the integration between the edge functions platform and our performance and security products. The resulting cloud computing platform aims to make it even faster and easier for developers to build, deploy and secure applications at the edge that outperform cloud-native applications, for less money, the same way they can in core data centers today.”

Annual report 2025A · The company itself

“Cloud Infrastructure Services, which represent the majority of Akamai’s strategic investment and differentiation, consist of compute, storage, cloud-native and networking solutions, along with the Akamai EdgeWorkers serverless products and partner solutions running on our cloud platform.”

Annual report 2025A · The company itself

“We also introduced new NVIDIA Corporation ("NVIDIA") graphics processing units ("GPUs") that are well-suited for video transcoding and live video streaming, virtual reality and augmented reality content, gaming and graphics rendering, training and inference with neural networks, data analysis and scientific computing and high-performance computing applications, such as modeling and simulation, that require fast and efficient processing of large amounts of data.”

Annual report 2025A · The company itself

“Also in 2025, Akamai launched Akamai Inference Cloud ("AIC"), a platform that expands AI inference from core data centers to the edge of the internet. AIC is designed to provide low-latency, real-time edge AI processing on a global scale, redefining where and how AI is used by bringing intelligent, agentic AI inference close to users and devices.”

Annual report 2025A · The company itself

“In addition, an increasing proportion of our revenue has been generated by our cloud computing solutions. Our ability to generate revenue in our cloud computing solutions depends on our ability to successfully continue building our compute platform, developing AI capabilities, attract a customer base that has traditionally partnered with more established companies in the cloud computing industry, develop effective, price competitive and attractive solutions and increase prices without reducing customer adoption, usage or retention.”

Annual report 2025A · The company itself

“Nature of Business and Basis of Presentation Akamai Technologies, Inc. (the “Company”) develops and provides solutions for global enterprises to build, secure and accelerate their applications and digital experiences. Its massively distributed global infrastructure is comprised of core and distributed compute sites, more than 4,300 edge points-of-presence in over 130 countries and approximately 700 cities.”

Annual report 2025A · The company itself

“I tillegg forventes elektrifisering av transport og andre sektorer, sammen med økt digitalisering og bruk av kunstig intelligens (KI), å drive en økning i etterspørselen etter elektrisitet.”

Annual report 2024A · The company itself

“Per 31. desember 2024 var Akers eierandel på 67,6 prosent, med en bokført verdi på 37 millioner kroner, som utgjorde 0,1 prosent av Akers brutto verdijusterte eiendeler.”

Annual report 2024A · The company itself

“KI åpner nye muligheter til å redefinere og endre industrier innen sektorer som prosessog produksjonsindustri, energi, farmasi og andre tilvirkningsindustrier fra råmaterialer til ferdige produkter.”

Annual report 2024A · The company itself

“Cognite Beløp i USD millioner 2023 2024 Annual Recurring Revenue (ARR) 68,2 94,1 Driftsinntekter 105 124 EBITDA (29) (36) EBITDA margin (27,2 %) (29,0 %) Resultat fra videreført virksomhet (48) (62) Cognite spesialiserer seg på løsninger innenfor industriell digitalisering. Selskapets hovedprodukt, Cognite Data Fusion (CDF), samler, strukturerer og modellerer industriell data gjennom hele verdikjeden, og gjør det mulig for brukere å dele data sømløst mellom partnere og leverandører i sanntid. Med avansert datamodellering og kunstig intelligens (KI) kan CDF transformere rådata til handlingsrettet innsikt, noe som gir kunder muligheten til å optimalisere driften og ta datadrevne beslutninger.”

Annual report 2024A · The company itself

“Aize Beløp i millioner kroner 2023 2024 Driftsinntekter 752 500 EBITDA 351 182 EBITDA margin 46,7 % 36,5 % Resultat fra videreført virksomhet 197 50 Aize er et industrielt softwareselskap med mål om å akselerere industriens digitale omstilling. Selskapet er en global leverandør av «digitale tvilling»-software, en digital representasjon av fysiske eiendeler.”

Annual report 2024A · The company itself

“Allstate and other insurers are using increasingly sophisticated pricing models and rating plans that are reviewed by regulators and special-interest groups. Regulators may limit the ability of insurers to include variables in their rating plans even though they are indicative of risk. Regulators may interpret existing law or rely on future legislation or regulations to impose new restrictions that adversely affect profitability or growth.”

Annual report 2025A · The company itself

“Integrated operational risk and return management processes and practices may not be sufficient to timely detect, mitigate and respond to cybersecurity operational risks, including those posed by the use of third-party services (e.g., cloud technology, software as a service) and artificial intelligence.”

Annual report 2025A · The company itself

“Our ability to attract, develop, and retain talent to maintain appropriate staffing levels and a successful work culture is critical to our success Competition for qualified employees with highly specialized knowledge in areas such as underwriting, data and analytics, technology and cybersecurity, is intense.”

Annual report 2025A · The company itself

“Also provides coverage for accidental damage on furniture Roadside Towing, jump-start, lockout, fuel delivery and tire change services Dealer Services Protection and insurance products, including vehicle service contracts, guaranteed asset protection waivers, road hazard tire and wheel, and paint and fabric protection Identity Protection Identity protection and restoration, consumer cybersecurity, privacy and family digital safety services Arity Telematics-enabled mobility insights and services created from data collected, normalized and analyzed by the Arity platform, including automotive telematics information.”

Annual report 2025A · The company itself

“Tekoälyn yleistyminen hakukoneissa, alustoilla ja käyttäjien arjessa voi vähentää palveluihin ohjautuvaa kävijäliikennettä ja heikentää mainonnan kysyntää.”

Annual report 2025A · The company itself

“Tekoälyä hyödyntävät palvelut ja toimijat voivat muuttaa kilpailuasetelmia nopeasti sekä vaikuttaa siihen, miten käyttäjiä ohjataan Alma Median palveluihin tai niiden ohi.”

Annual report 2025A · The company itself

“Tietoturvauhkia voivat vahvistaa myös tekoälyn yleistyminen, esimerkiksi automatisoitu tietojenkalastelu ja sosiaalinen manipulointi sekä hyväksymättömien työkalujen (”shadow IT/AI”) käyttö, mikä voi lisätä tietovuotoriskiä ja vaikeuttaa valvontaa.”

Annual report 2025A · The company itself

“Lisäksi tekoälyä hyödyntäviin toiminnallisuuksiin voi liittyä erityisriskejä, kuten heikkolaatuisen datan vaikutukset sekä hyökkäykset, jotka voivat johtaa virheellisiin tuloksiin tai ei-toivottuihin toimiin.”

Annual report 2025A · The company itself

“AI riskit taloudessa Vinoutunut, puutteellinen tai heikosti dokumentoitu data ja AI-mallit voivat aiheuttaa virheellisiä taloudellisia tulkintoja, vääristää ennusteita ja hinnoittelua sekä heikentää petosten ja poikkeamien havaitsemista ja talousprosessien kontrollien tehokkuutta.”

Annual report 2025A · The company itself

“Lisäksi nopeasti kehittyvä digitaalinen toimintaympäristö, mukaan lukien teknologioiden, kuten tekoälyn, laajempi hyödyntäminen, on lisännyt osaamiseen, koulutukseen ja henkilöstön jatkuvaan kehittymiseen liittyvien myönteisten vaikutusten merkitystä. Tämän seurauksena omaan työvoimaan liittyvät IROt on täsmennetty vastaamaan paremmin strategisia osaamistarpeita ja liiketoiminnan pitkän aikavälin resilienssiä.”

Annual report 2025A · The company itself

“Tämä koskee myös kriittisiä digitaalisia palveluja ja työkaluja, mukaan lukien tekoälypalvelut, joiden saatavuus, käyttöehdot, hinnoittelu tai elinkaari voivat muuttua nopeasti.”

Annual report 2025A · The company itself

“Tekoälyä käytetään nyt kaikissa segmenteissä: tuotteissa, sisällöissä ja sisäisissä prosesseissa. Tämä näkyy nopeampana tuotekehityksenä, parempana asiakaskokemuksena ja tehokkaampana toiminnan ohjauksena. Tekoäly ei ole Alma Medialle erillinen hanke, vaan osa arjen tekemistä ja kilpailukyvyn ydintä.”

Annual report 2025A · The company itself

“Strategiamme mukaisesti markkinapaikkamme kehittyvät tekoälyä hyödyntäviksi, edistyneiksi alustoiksi, jotka mahdollistavat sujuvat digitaaliset prosessit asiakkaillemme.”

Annual report 2025A · The company itself

“Tekoälyn ja asiakasdatan hyödyntäminen on tärkeä kilpailutekijä, mutta siihen liittyy myös riskejä, kuten väärät teknologiavalinnat, jälkeen jääminen AI:n käyttöönotossa tai tekoälyn käyttö tavoilla, jotka heikentävät asiakkaiden luottamusta.”

Annual report 2025A · The company itself

“Liiketoimintayksiköt kehittävät tekoälyä hyödyntäviä ominaisuuksia kilpailukyvyn vahvistamiseksi sekä Alma Median brändien, journalismin ja markkinapaikkojen laadun suojaamiseksi.”

Annual report 2025A · The company itself

“Riski Riskin määritelmä Riskiä vähentävät toimet Henkilöstö ja osaaminen Kriittisen osaamisen osalta korostuu kyvykkyys hallita digitaalisten palvelujen, tietoturvan sekä data- ja tekoälyratkaisujen muutoksia ja käyttöönottoa.”

Annual report 2025A · The company itself

“Tuote- ja palvelukehityksessä hyödynnetään hallitusti tekoälyä palveluiden kilpailukyvyn ja käyttäjäkokemuksen parantamiseksi sekä riippuvuuden vähentämiseksi ulkoisista jakelukanavista.”

Annual report 2025A · The company itself

“Vuonna 2025 Alma Media otti käyttöön koko henkilöstöä koskevan Performance Management -mallin, joka sisältää: henkilökohtaiset tavoitteet ja kehityssuunnitelmat, etenemisen arvioinnin vähintään puolivuosittain sekä koulutus-, mentorointi- ja yhteisöllisen oppimisen (eng.community learning) -tuen. Mallin tavoitteena on vahvistaa henkilöstön osaamista ja varmistaa taitojen kehittyminen yhtiön transformaatioon perustuvaan strategiaan edellyttämällä tavalla.”

Annual report 2025A · The company itself

“We believe AI is quickly reshaping the advertising industry, including how ads are delivered online, and we and our competitors are constantly adjusting to meet this shift and provide new and evolving advertising formats.”

Annual report 2025A · The company itself

“Our evolving AI-enabled products and services may give rise to risks related to harmful content, inaccuracies, discrimination, intellectual property infringement or misappropriation, violation of rights of publicity, defamation, data privacy, cybersecurity, minor protection, and other issues. As a result of these and other challenges associated with innovative technologies, our implementation of AI systems could subject us to competitive harm, regulatory action, legal liability (including under new and proposed legislation and regulations), new applications of existing data protection, privacy, intellectual property, and other laws, and brand or reputational harm.”

Annual report 2025A · The company itself

“In addition, patent-holding companies may frequently seek to generate income from patents they have obtained by bringing claims against us. As we continue to expand our business, intellectual property claims against us have increased and may continue to increase as we develop and acquire new products, services, and technologies, including AI technologies.”

Annual report 2025A · The company itself

“Competition in our industry for qualified employees, particularly AI talent, is intense, and certain of our competitors have directly targeted, and may continue to target, our employees.”

Annual report 2025A · The company itself

“AI technology and services are highly competitive, rapidly evolving, and require significant investment, including technical infrastructure, development, and operational costs.”

Annual report 2025A · The company itself

“Today, all 15 of our half-billion-user products — including seven with two billion users — use our Gemini models.”

Annual report 2025A · The company itself

“In addition, new and enhanced technologies, including search, web and infrastructure computing services, practical applications of artificial intelligence and machine learning, digital content, satellites, and electronic devices continue to increase our competition.”

Annual report 2025A · The company itself

“The internet and other technologies including artificial intelligence facilitate competitive entry and comparison shopping, which enhances the ability of new, smaller, or lesser-known businesses to compete against us.”

Annual report 2025A · The company itself

“Our Expansion into New Products, Services, Technologies, and Geographic Regions Subjects Us to Additional Risks We may have limited or no experience in our newer market segments, and our customers may not adopt our product or service offerings. These offerings, which can present new and difficult technology challenges, may subject us to claims if customers of these offerings experience, or are otherwise impacted by, service disruptions, delays, setbacks, or failures or 6 Table of Contents quality issues.”

Annual report 2025A · The company itself

“In addition, profitability or other intended benefits, if any, in our newer activities (including development and adoption of automation, artificial intelligence, and machine learning technologies for customer and internal use), may not meet our expectations, and we may not be successful enough in these newer activities to recoup our investments in them, which investments are often significant.”

Annual report 2025A · The company itself

“In addition, our and our customers’ development and use of artificial intelligence may result in increased claims of infringement or other claims, including those based on unauthorized use of third-party technology or content.”

Annual report 2025A · The company itself

“Operating Risks Our Expansion Places a Significant Strain on our Management, Operational, Financial, and Other Resources We are continuing to rapidly and significantly expand our global operations, including increasing our product and service offerings, scaling our infrastructure to support our retail and services businesses (including our technology infrastructure), and adopting and utilizing artificial intelligence and machine learning technologies. The complexity of the current scale of our business can place significant strain on our management, personnel, operations, systems, technical performance, financial resources, and internal financial control and reporting functions, and our expansion increases these factors.”

Annual report 2025A · The company itself

“We use third-party technology and systems for a variety of reasons, including, without limitation, artificial intelligence technologies, encryption and authentication technology, employee email and other communication technologies, content delivery to customers, back-office support, and other functions. Some of our systems have experienced past security incidents, and, although they did not have a material adverse effect on our operating results, there can be no assurance that future incidents will not have material adverse effects on our operations or financial results.”

Annual report 2025A · The company itself

“Although we have developed systems and processes that are designed to protect customer data and prevent, detect, or mitigate such incidents, including systems and processes designed to reduce the impact of a security incident at a third-party vendor or customer, such measures cannot provide absolute security and may fail to operate as intended or be circumvented, including by use of developing technologies such as artificial intelligence.”

Annual report 2025A · The company itself

“For example, we experience significant competition in the technology industry, particularly for software engineers, computer scientists, and other technical staff (including for artificial intelligence and machine learning technologies).”

Annual report 2025A · The company itself

“For example, we rely on a limited group of suppliers for semiconductor products, including products related to artificial intelligence infrastructure such as graphics processing units. Constraints on the availability of these products could adversely affect our ability to develop and operate artificial intelligence technologies, products, or services.”

Annual report 2025A · The company itself

“Collectively, these costs reflect the investments we make in order to offer a wide variety of products and services to our customers, including expenditures related to initiatives to build and deploy innovative and efficient software and electronic devices and the development of a satellite network for global broadband service and autonomous vehicles for ride-hailing services.”

Annual report 2025A · The company itself

“Developers and Enterprises We serve developers and enterprises of all sizes, including start-ups, government agencies, and academic institutions, through AWS, which offers a broad set of on-demand technology services, including compute, storage, database, analytics, artificial intelligence and machine learning, and other services.”

Annual report 2025A · The company itself

“However, current industry projections reflect the potential for significant growth in energy demand over the next decade, primarily arising from data centers and further augmented by onshoring and electrification of manufacturing and an increase in transportation electrification. In addition, in February 2026, Ameren Missouri executed electric service agreements with large load customers under its large load customer rate plan, representing 2.2 gigawatts of demand.”

Annual report 2025A · The company itself

“The Ameren Companies may or may not experience the energy demand growth currently being forecasted depending on the decisions of potential new customers about whether to locate their operations within our service territories or whether customers that have signed electric service agreements begin operations within the expected timeframes. Also, demand growth may not be realized at the rate, or in the amount, expected if construction of customer facilities is not completed within expected timeframes, which is dependent on the ability of suppliers, contractors, and developers to meet contractual commitments and timely complete projects. In addition, expected demand growth may not be realized if emerging technologies are not broadly adopted at the rate expected, increased efficiencies in computing or other advances in these technologies reduce energy demand for data centers, or large load customers, such as data centers, 27 Table of Contents are not supported by local communities or do not receive necessary approvals by local municipalities.”

Annual report 2025A · The company itself

“Although customers subject to the large load customer rate plan in Ameren Missouri’s service territory are required to sign agreements for specific term lengths to reasonably ensure rates they are charged reflect a representative share of the costs incurred to serve them, these customers could terminate their agreements early or reduce minimum capacity levels. These agreements include exit fees for early termination and fees for capacity reductions, but these fees may not fully mitigate this risk. Although assets constructed or acquired to serve these customers will also be used to serve other Ameren Missouri customers, early termination or capacity reductions could impact Ameren Missouri’s ability to fully recover its investment in, and return on, those assets.”

Annual report 2025A · The company itself

“In addition, volatility in stock prices of perceived significant energy consumers, such as technology companies involved with artificial intelligence or cryptocurrency, or other significant developments with such companies, could cause increased volatility in stock prices of energy utility companies such as Ameren.”

Annual report 2025A · The company itself

“The development of agentic commerce solutions, in which autonomous or semi-autonomous AI agents initiate and execute transactions on behalf of users, has accelerated as generative AI technologies have advanced and become more popular. In addition, the use of stablecoins, which can be used for payments in a number of settings, including in e-commerce and cross-border and B2B payments, has grown.”

Annual report 2025A · The company itself

“The competitive value of our data and demand for our products and services may also be diminished as traditional and non-traditional competitors use other, new data sources and technologies, including generative AI, to derive similar insights and by certain regulations.”

Annual report 2025A · The company itself

“In addition, the regulatory environment and differentiated payment models and technologies from non-traditional players in the alternative payments space could pose challenges to our payment model and adversely impact our merchant discount rates. Some merchants, including large tech companies and other large merchants, continue to invest in their own payment and financing solutions, such as proprietary-branded digital wallets, using both traditional and new technology platforms. If merchants are able to drive broad consumer adoption and usage, it could adversely impact our merchant discount rates and network and loan volumes.”

Annual report 2025A · The company itself

“These risks to our brand and reputation, as well as other risks described herein, are heightened by the increasing sophistication and availability of AI technology, including by assisting with the creation of deepfakes, increasing the velocity of distribution of disinformation and potentially altering the payments landscape in ways that disintermediate or create a negative perception of us.”

Annual report 2025A · The company itself

“Incorporating new technologies into our products and services, including developing the appropriate governance and controls consistent with regulatory expectations, requires substantial expenditures and takes considerable time, and may have unintended consequences or ultimately be unsuccessful. We expect that new technologies in the payments industry will continue to emerge, and these new technologies may be superior to, or render obsolete, our existing technology.”

Annual report 2025A · The company itself

“The process of developing new products and services, enhancing existing products and services and adapting to technological changes and evolving industry standards is complex, costly and uncertain, and any failure by us to accurately anticipate and respond to customers’ changing needs and emerging technological trends could significantly impede our ability to compete effectively. Our competitors may develop, or partner with companies that develop, products, platforms or technologies that become more widely adopted by consumers, merchants or service providers than ours, including as a result of increased involvement by technology companies in the payments industry and our competitors’ greater scale or ability to pursue and adopt new technologies.”

Annual report 2025A · The company itself

“The use of AI & ML technologies, including generative AI and agentic commerce, has increased rapidly and may be transformative to the payments industry, heightening the risks described herein and others in ways that may be unpredictable and disadvantageous to us. Our and our partners’ use of AI & ML is subject to various and evolving risks, including flaws in models or datasets that may result in biased or inaccurate results, especially as generative AI has been known to produce false or “hallucinatory” inferences or outputs. The use of AI may also result in unintended or unexpected outcomes, present significant ethical challenges and heighten risks related to information security, the infringement of intellectual property rights and exposure of proprietary or personal information.”

Annual report 2025A · The company itself

“We may also face challenges in our ability to safely deploy AI systems and implement appropriate governance and controls, which may not be as burdensome to our competitors, and which may impair our implementation or impose additional risks. The complexity of these technologies can make it difficult to assess proper operation, reduce error, or understand and explain their outputs. Adverse consequences of AI & ML remain uncertain but could include flaws in the decisions, predictions, outputs or analysis such technologies produce, subjecting us to competitive harm, legal liability, heightened regulatory scrutiny, greater prevalence of surcharging or other negative point-of-sale practices and brand or reputational harm, as well as decreased demand for our products and services or increased costs.”

Annual report 2025A · The company itself

“Our ability to adopt new technologies may be inhibited by the emergence of industry-wide standards, a changing legislative and regulatory environment, an inability to develop appropriate governance and controls, a lack of internal product and engineering expertise, resistance to change from Card Members, merchants or service providers, lack of appropriate change management processes or the complexity of our systems. In addition, our adoption of new technologies and our introduction of new products and services may increase operational complexity and risk, and expose us to new or enhanced risks, particularly in areas where we have less experience or our existing governance and control systems may be insufficient, which could require us to make substantial expenditures or subject us to legal liability, heightened regulatory scrutiny and brand or reputational harm.”

Annual report 2025A · The company itself

“There are a number of motivations for cyber threat actors, including criminal activities such as fraud, identity theft and ransom, corporate or nation-state espionage, political agendas, public embarrassment with the intent to cause financial or reputational harm, intent to disrupt information technology systems and supply chains, and to expose and exploit potential security and privacy vulnerabilities in corporate systems and websites. Cyber threat actors have rapidly evolved their techniques and increasingly utilize advanced capabilities, including the exploitation of unknown security flaws in software and hardware and the integration of advanced forms of AI and other new technology, which can increase the efficacy, severity, frequency and ease of execution of cyberattacks. In addition, new computing technologies, such as quantum computing, may enable threat actors to compromise data encryption and other protective measures.”

Annual report 2025A · The company itself

“New or emerging technologies, such as generative AI capabilities, have increased these fraud risks. For example, we have seen our customers targeted by elaborate and voluminous social engineering attacks, which may utilize advanced methods of deception, such as synthetic voice and conversation generation.”

Annual report 2025A · The company itself

“Additionally, we increasingly use models that leverage AI, which are subject to additional risks such as biased or inaccurate results or lowered interpretability. The complexity of these models and our limited transparency into the AI may make it difficult to understand certain outputs or identify errors.”

Annual report 2025A · The company itself

“Furthermore, given intellectual property ownership and license rights surrounding AI, such as generative AI, are currently not fully addressed by courts or regulators, we may not be able to protect our intellectual property rights against infringing use and our use or adoption of AI may result in exposure to claims by third parties.”

Annual report 2025A · The company itself

“We rely on third-party service providers, cobrand partners, merchants, dining partners, affiliate marketing firms, merchant acquirers, processors, payment facilitators, network partners and other third parties for services that are integral to our operations and are subject to the risk that activities of such third parties may adversely affect our business. As outsourcing, specialization of functions, third-party digital services and technology innovation within the payments industry and related service functions increase (including with respect to mobile technologies, tokenization, big data, AI and cloud-based solutions), more third parties are involved in processing payment transactions, handling our data and supporting our operations and we may require significantly greater scale from these third parties.”

Annual report 2025A · The company itself

“Finally, we seek to reimagine our customer and colleague experiences to drive innovation, improve productivity and efficiency and enhance customer satisfaction.”

Annual report 2025A · The company itself

“Our industry is subject to rapid and significant technological changes. In order to compete in our industry, we need to continue to invest in technology across all areas of our business, including in transaction processing, data management and analytics, AI & ML (including agentic commerce), customer interactions and communications, open banking and alternative payment and financing mechanisms (including related to digital currencies and blockchain technologies), authentication technologies and digital identification, tokenization, real-time settlement and risk management and compliance systems.”

Annual report 2025A · The company itself

“Like other global companies, the systems and networks we maintain and third-party systems and networks we or our vendors use are currently, and may in the future continue to be, subject to or targets of unauthorized or fraudulent access, including physical or electronic break-ins or unauthorized tampering, as well as cybersecurity threats such as “denial of service” attacks, phishing, automated attacks, and other disruptive attacks, including ransomware. Cyber threats are constantly evolving and the techniques used in these attacks evolve rapidly, including the use of emerging technologies, such as advancing forms of artificial intelligence and quantum computing by nation state threat actors and criminal organizations. The new cyber risks introduced by these changes in technology, such as deepfake schemes, require us to devote significant attention to identification, assessment and analysis of the risks and implementation of corresponding preventative measures. Additionally, the frequency and sophistication of such threats continue to increase and often become further heightened in connection with geopolitical tensions.”

Annual report 2025A · The company itself

“Our development and use of new technology, such as generative artificial intelligence, may present risks. We use artificial intelligence (AI) in our business, including applying generative AI to certain aspects of the underwriting and claims processes in certain lines of business, which may raise technological, security, legal, regulatory and other risks and challenges that may adversely affect our operations, business or reputation. Such risks include the misuse, inadvertent or otherwise, of personal data or other sensitive, confidential or proprietary information, flaws in our or third-party models or training datasets resulting in biased, inaccurate or unanticipated outcomes, ethical considerations regarding the use and deployment of AI technologies, potential infringement of third-party intellectual property rights or the dilution of our intellectual property, and challenges implementing appropriate governance controls to ensure the ongoing, safe deployment of AI systems.”

Annual report 2025A · The company itself

“Technological advancements and innovation in the insurance industry, including those related to evolving customer preferences, the digitization of insurance products and services, data ingestion and exchange with trading partners, acceleration of automated underwriting, and use of AI and electronic processes present competitive risks. Technological advancements and innovation are occurring in distribution, underwriting, recordkeeping, advisory, marketing, claims and operations at a rapid pace, and that pace may increase, particularly as companies increasingly use data analytics and technology as part of their business strategy. If we are unable to effectively implement these technological advancements, including the use of AI, in a way that matches or exceeds our competitors, we may suffer competitive harm, which could adversely impact our reputation, results of operations and financial condition.”

Annual report 2025A · The company itself

“New technologies or changes, or lack thereof, in our or a customer’s business model could make our communications infrastructure leasing business less desirable and result in decreasing revenues and operating results. The development and implementation of new technologies designed to enhance the efficiency of wireless networks or changes in a customer’s business model could reduce the need for tower-based wireless services, decrease demand for tower space or reduce previously obtainable lease rates.”

Annual report 2025A · The company itself

“Similarly, our data center site infrastructure may become antiquated or obsolete due to the development of new systems that deliver power to, or eliminate heat from, the servers and other customer equipment that we house or due to the development of new technology, such as AI, which is potentially more power-intensive, that requires levels of power and cooling density that our facilities may not be designed to provide.”

Annual report 2025A · The company itself

“Power constraints, delays, unfavorable contractual terms and increased costs from utility providers could limit our ability to identify suitable sites and expand, particularly as evolving technologies, such as AI, increase power requirements. Our ability to scale remains dependent on reliable energy access amid rising electrification trends and associated infrastructure challenges.”

Annual report 2025A · The company itself

“Additionally, we utilize AI technologies that rely on access to and use of significant amounts of data, which in some cases include sensitive information. Inadequate safeguards over AI training data and model inputs or outputs could result in misuse of such data, algorithmic bias or violations of applicable privacy and data protection requirements.”

Annual report 2025A · The company itself

“At the core of our AI governance program is our Global Artificial Intelligence Use and Development Policy, launched in 2025, which establishes the benefits, restrictions and preconditions for AI use and empowers a permanent, cross‑functional AI steering committee to review and approve AI use cases, implement mandatory employee training and ensure that AI is used responsibly and with a balanced assessment of risks and benefits.”

Annual report 2025A · The company itself

“Certain of our competitors offer web-based or mobile-based financial services and discount brokerage services, usually with lower levels of service, to individual clients, and we increasingly compete with various financial technology companies.”

Annual report 2025A · The company itself

“Our businesses operate in intensely competitive industries, including broker-dealers, banks, asset managers, insurers and other financial institutions, some of which have a larger market share, greater investments in technology and analytics, greater investment in advertising and brand, less regulation or greater financial resources than we do. Furthermore, new and existing competitors may be better able to address trends, structural changes, or movement of assets resulting from new technologies, including Generative AI and blockchain, or adapt to industry changes or in response to the uncertain regulatory environment in the U.S. and around the world.”

Annual report 2025A · The company itself

“We are also subject to deepfake threats that use AI to digitally alter images, video or audio to make it appear as though someone said or did something that could cause damage to our reputation.”

Annual report 2025A · The company itself

“The number of threats and events has increased substantially every year, which is expected to continue, particularly as the use of AI makes these attempts look more legitimate and is leveraged to improve their effectiveness.”

Annual report 2025A · The company itself

“AI, including Generative AI, presents many benefits in terms of operating efficiency, but also certain risks that we need to seek to mitigate through our strategic and risk management policies, such as reliance on information that may be inaccurate or unfairly discriminatory results.”

Annual report 2025A · The company itself

“The increase in the Company’s backlog was primarily related to strong demand for the Company’s products that support AI applications, as well as contributions from the Company’s acquisition program.”

Annual report 2025A · The company itself

“For example, some of our customers are making significant investments in AI, and these investments are driving robust demand for certain of the Company’s products. The continued growth of this market will be dependent upon many factors, including our go-forward market share for such products, the demand for our customers’ products and services, the amount and mix of capital spending by our customers, changing technology priorities and changes in government regulations and policies related to AI.”

Annual report 2025A · The company itself

“The Intelligent Edge is characterized by ubiquitous sensing, hyper-scale and edge computing, artificial intelligence (AI) and pervasive connectivity. These technological trends drive new generations of applications that expand the demand for Analog Devices’ high-performance analog, mixed-signal, power and RF ICs.”

Annual report 2025A · The company itself

“We are well aligned with the key B2B markets driving the increase in data at the Intelligent Edge and will continue to be a critical partner in the collection, creation and communication of our customers’ edge data.”

Annual report 2025A · The company itself

“Demand in these end markets can fluctuate significantly based upon, for example, consumer spending, consumer preferences, the development of new technologies and macroeconomic conditions, including impacts related to tariffs and other trade restrictions.”

Annual report 2025A · The company itself

“Our use of AI may also increase vulnerability to cybersecurity risks, including through unauthorized use or misuse of AI tools and bad inputs or logic or the introduction of malicious code incorporated into AI generated code. AI and machine learning also may be used for certain cybersecurity attacks, improving or expanding the existing capabilities of threat actors in manners we cannot predict at this time, resulting in greater risks of security incidents and breaches.”

Annual report 2025A · The company itself

“The development and deployment of AI involves significant competitive, legal, regulatory and other risks. The implementation of AI is costly, requires a significant amount of data and there can be no assurance that AI will enhance our products or services or be beneficial to our business, including our efficiency or profitability. In addition, we face significant competition from other companies that are incorporating AI into their products and technologies.”

Annual report 2025A · The company itself

“AI technology is complex and rapidly evolving, and if we are unable to innovate quickly enough to keep pace with these rapid technological developments, our business could be harmed.”

Annual report 2025A · The company itself

“In addition, we incorporate AI capabilities across our technologies, business operations, products and services to enhance performance and drive smarter, more efficient solutions.”

Annual report 2025A · The company itself

“We continue to expand our capabilities in software, digital platforms and AI to support the evolving needs of our customers and markets. These efforts are intended to enhance system-level performance, improve design efficiency, reduce complexity and help customers accelerate time to market for their products and solutions. Our strategic goal is to bridge the domains of analog and mixed-signal, digital and embedded and AI and software technologies to enable intelligent systems that can sense, process and respond to real-world conditions.”

Annual report 2025A · The company itself

“These platforms are part of our broader Physical Intelligence vision, which seeks to leverage our deep expertise in electro-physical systems to develop and fine-tune foundational AI models that can reason about and interact with the real world. This initiative integrates signal, power, sensing, time-series sampling, actuation and more to support autonomous operation and enhanced system responsiveness.”

Annual report 2025A · The company itself

“Our future success significantly depends on our ability to execute our business strategy, continue to innovate, improve our existing products and design, develop, produce and market innovative new products and system-level solutions, including those that may incorporate, or are based upon, software or AI technology.”

Annual report 2025A · The company itself

“These include devices that shape the signal for transmission over the medium or reconstruct the received signal after transmission to recover the intended signal integrity. •Software, Digital Platforms and Artificial Intelligence—As part of our evolution from a component supplier to a full-system and solutions provider, we recently introduced an upgrade to our open-source embedded development platform, CodeFusion Studio 2.0, designed to support embedded system design through integrated workflows for signal processing, edge computing and connectivity. CodeFusion Studio 2.0 facilitates prototyping and deployment of applications on ADI platforms and is intended to reduce development time and improve system integration. In fiscal 2025, we also launched Power Studio, a digital simulation and design ecosystem integrating new system-level and IC-level design capabilities into a single product family. Together, the Power Studio family of products is designed to enable faster time to market by streamlining power management design and optimization.”

Annual report 2025A · The company itself

“In wireless communication applications, our products are incorporated into: • Cellular base station equipment • Satellite and terrestrial broadband access equipment • Microwave backhaul systems • Two-way radio communication devices • Fixed wireless access systems Data Center — This market is driven by rapid adoption of AI, machine learning and hyperscale architectures, which require advanced power delivery, thermal management and high-speed connectivity solutions to address the growing demand for high-performance computing and cloud infrastructure. Our offerings in this space include: • Power management solutions • Optical and high-speed connectivity • Energy optimization Consumer — To address the market demand for state of the art personal and professional entertainment systems and the consumer demand for high quality user interfaces, music, movies and photographs, we have developed analog, digital and mixed-signal and power solutions that meet the rigorous cost and time-to-market requirements of the consumer electronics market.”

Annual report 2025A · The company itself

“For example, the use and implementation of artificial intelligence, including machine learning technology and generative artificial intelligence (collectively, “AI Technologies”), and products and platforms involving digital assets and distributed ledger technologies also have the potential to significantly disrupt the way financial institutions, including investment managers and asset managers, do business or attract and address investor demands and strategies, resulting in further competitive pressures for our business.”

Annual report 2025A · The company itself

“As new technologies, including tools that harness generative artificial intelligence and other machine learning techniques, rapidly develop and become even more accessible, the use of such new technologies by us, our affiliates and our third-party service providers will present additional known and unknown risks, including, among others, the risk that confidential information may be stolen, misappropriated or disclosed and the risk that we and/or third-party service providers may rely on incorrect, unclear or biased outputs generated by such technologies, any of which could have an adverse impact on us, our reputation and our business.”

Annual report 2025A · The company itself

“AI Technologies could increase competitive, operational, legal and regulatory risks to our businesses in ways that we cannot predict. Technological developments in AI Technologies and their current and potential future applications, including in the private investment, financial and insurance sectors, as well as the legal and regulatory frameworks within which they operate, are rapidly evolving. The full extent of current or future risks related thereto is not possible to predict and we may not be able to anticipate, prevent, mitigate or remediate all of the potential risks, challenges or impacts of such changes.”

Annual report 2025A · The company itself

“We also face competitive risks if we fail to adopt AI Technologies in a timely fashion. Advancements in computing and AI Technologies, including efficiency improvements, without related increases in the adoption and development of such technologies, could also negatively impact demand for, and the valuation of, digital infrastructure assets, a sector to which certain of our investment strategies have significant exposure.”

Annual report 2025A · The company itself

“If the data we, our affiliates or third parties whose services we rely on, use in connection with the possible development or deployment of AI Technologies (including employee data and data related to, or used in, workplace operations) is incomplete, incorrect, inadequate or biased in some way, it may result in flawed algorithms, reduce the effectiveness of AI Technologies, adversely impact us and our operations, and could subject us to legal and regulatory investigations and/or actions.”

Annual report 2025A · The company itself

“The misuse or misappropriation of our data, including material non-public information, unavoidable deficiencies in the practices associated with data collection, training AI technology on large data sets and big data analytics and difficulties in validating data could have an adverse impact on our reputation, subject us to legal and regulatory investigations and/or actions and create competitive risk.”

Annual report 2025A · The company itself

“While we expect, from time to time, to adopt and adjust usage policies and procedures governing the use of AI Technologies by our personnel, there is a risk of misuse of such AI Technologies, failure of such AI Technologies to be available or to perform, or data leakage on account of use of such AI Technologies, any of which could cause a material harm to us or our portfolio companies.”

Annual report 2025A · The company itself

“•Rapid and unforeseen technological transformations, such as the emergence of large language models and generative AI, and/or the anticipated impact of such transformations, may introduce operating risks to certain portfolio companies and other investments, particularly those in the software industry and other related sectors, may cause volatility in their valuations and their stock price and may negatively affect their performance.”

Annual report 2025A · The company itself

“Through our use of AI Technologies, we avail ourselves of the potential benefits, insights and efficiencies resulting from these technologies. For example, our employees can utilize internal generative AI-powered applications to help summarize, search or 40 Table of Contents translate documents or gather information on a wide variety of topics.”

Annual report 2025A · The company itself

“Our Businesses Asset Management Our Asset Management segment focuses on credit and equity investing strategies. These strategies reflect the range of investment capabilities across our platform based on relative risk and return. As an asset manager, we earn fees for providing investment management services and expertise to our client base.”

Annual report 2025A · The company itself

“Semiconductors provide the foundation for advances in technology that are reshaping the global economy, including artificial intelligence, the internet of things, robotics, electric and autonomous vehicles, and clean energy.”

Annual report 2025A · The company itself

“The semiconductor industry is driven by demand for advanced electronic products, including smartphones and other mobile devices, servers, personal computers, automotive electronics, storage, and other products. The growth of data and emerging end-market drivers such as artificial intelligence, the internet of things, robotics and smart vehicles are also creating the next wave of growth for the industry.”

Annual report 2025A · The company itself

“Research, Development and Engineering Our long-term growth strategy requires continued development of new materials engineering solutions, including products and platforms that enable expansion into new and adjacent markets.”

Annual report 2025A · The company itself

“Our customers’ products are used across personal computing devices, mobile phones, artificial intelligence (AI) and data center servers, automobiles, connected devices, industrial applications and consumer electronics.”

Annual report 2025A · The company itself

“Further, we utilize AI technologies in our advertising solutions and in our business operations and may expand such use in the future. Our use of AI technologies, and the use of AI technologies in third-party products and services, may create additional cybersecurity risks or increase cybersecurity risks, including risks of security breaches and incidents, and related monetary liability and harm to our reputation and business.”

Annual report 2025A · The company itself

“We must continually anticipate and adapt to emerging technologies to stay competitive, including the development of AI and its impacts on the advertising ecosystem.”

Annual report 2025A · The company itself

“We have experienced rapid growth in the scale, scope, and complexity of our business. For example, our revenue has grown rapidly, in particular since the launch of Axon AI, our advertising recommendation engine.”

Annual report 2025A · The company itself

“AI technologies, including generative AI, may create content that is, or is perceived to be, deficient, inaccurate, biased, offensive, unethical, or otherwise flawed. Our customers or others may rely on or use this content to their detriment, which may expose us to brand or reputational harm, competitive harm, and/or legal liability.”

Annual report 2025A · The company itself

“•Enhance and extend AI-based technologies: As we increase our scale and reach, our customers benefit from compounding improvements to Axon AI, our advertising recommendation engine, which in turn improves the efficacy and growth of our advertising solutions. •New market expansion: We are confident our technology and expertise are applicable to new verticals and content industries we have not historically addressed, including: ◦New verticals: One of our long-term objectives is to provide critical tools to advertisers across multiple verticals, including, for example, web-based e-commerce and social media. We have made our advertising solutions available to web-based advertisers, and while we are early in this market expansion, our new customers have experienced positive results, demonstrating the flexibility and future growth potential of our advertising solutions.”

Annual report 2025A · The company itself

“The continued development of our Axon AI technology is critical to our future growth and competitive advantage. These AI advancements are also key to attaining our strategic objectives and meeting the evolving needs of our customers.”

Annual report 2025A · The company itself

“The success of our business depends in part on our ability to develop and enhance our advertising solutions, including expansion into new markets, and consistently and timely launch new products and features. It is difficult for us to predict with certainty when we will expand our advertising solutions, launch a new product or feature, or enter a new market as we may require longer development schedules or soft launch periods to meet our quality standards and expectations.”

Annual report 2025A · The company itself

“Our ability to improve the effectiveness and predictability of our advertising recommendations through improvements to Axon AI, our advertising recommendation engine, is critical to our continuing success and future growth.”

Annual report 2025A · The company itself

“In connection with the 2025 launch of our self-serve advertising platform (Axon Ads Manager), we publicly launched our Axon product branding. Increasing awareness of the AppLovin corporate brand and of Axon specifically will depend largely upon our marketing efforts and our ability to successfully differentiate our advertising solutions from the offerings of our competitors.”

Annual report 2025A · The company itself

“The development and use of AI in our business, combined with an uncertain regulatory environment, may adversely affect our business, reputation, financial condition or results of operations. We use AI technologies in connection with the development of our advertising solutions, including Axon AI, our advertising recommendation engine, and other product offerings, as well as in other aspects of our business, and we will continue to invest in the expansion of our AI capabilities, including possibly generative AI.”

Annual report 2025A · The company itself

“Business Our mission is to create meaningful connections between companies and their ideal customers. We provide end-to-end artificial intelligence-powered ("AI") advertising solutions for businesses to reach, monetize and grow their global audience.”

Annual report 2025A · The company itself

“If we do not respond appropriately, the evolution of the automotive industry towards autonomous vehicles and mobility on demand services could adversely affect our business. The automotive industry is increasingly focused on the development of advanced driver assistance technologies, with the goal of developing and introducing a commercially-viable, fully automated driving experience.”

Annual report 2025A · The company itself

“Our ability to respond to competitive pressures and react quickly to other major changes in the marketplace, including the potential introduction of disruptive technologies such as autonomous driving solutions or consumer desire for and availability of vehicles with advanced driver assistance technologies or which use alternative fuels is also a risk to our future financial performance. Changes in legislative, regulatory or industry requirements or in competitive technologies may render certain of our products obsolete or less attractive.”

Annual report 2025A · The company itself

“The modifications to forecasted reporting unit cash flows were attributable to the impacts resulting from market and industry delays in the broader adoption of software-defined vehicles. For example, certain of our OEM customers have recently announced delays in their software-defined vehicle investment strategies amidst reduced expectations for consumer demand for these products.”

Annual report 2025A · The company itself

“In addition, any of our competitors may foresee the course of market development more accurately than us, develop products that are superior to our products, have the ability to produce similar products at a lower cost than us, adapt more quickly than us to new technologies or evolving customer requirements or develop or introduce new products or solutions before we do, particularly related to potential transformative technologies such as autonomous driving solutions.”

Annual report 2025A · The company itself

“Aptiv operates its core business along the following operating segments, which are grouped on the basis of similar product, market and operating factors: •Advanced Safety and User Experience, which includes platforms and modular offerings, such as intelligent sensors, high-performance compute, and advance software tools and services. •Engineered Components Group, which includes connection systems, high-performance interconnects, and cable management and protection solutions that optimize the distribution of power, signal and data for next-generation applications across multiple end markets.”

Annual report 2025A · The company itself

“Additionally, technological innovation, including the use of artificial intelligence and data science, has the potential to disrupt the financial industry and change the way financial institutions, including asset managers, do business. Some of our competitors may be more successful than us in the development and implementation of new technologies, including services 34 Table of Contents and platforms based on artificial intelligence, to address various matters including investor demand, operations or investment activity. We are advancing our capabilities in these areas as their application to our industry continues to evolve, but if we are unable to adequately do so, or do so at a slower pace than others in our industry, we may be at a competitive disadvantage.”

Annual report 2025A · The company itself

“Developments in financial technology, such as artificial intelligence or distributed ledger technology (or blockchain), have the potential to disrupt the financial industry and change the way financial institutions, including investment managers, do business, and could exacerbate these competitive pressures.”

Annual report 2025A · The company itself

“Table of Contents Finally, there continues to be significant evolution and developments in the use of artificial intelligence and machine learning technologies, including generative artificial intelligence and large language models. We cannot fully determine the impact of such evolving technology to our business at this time.”

Annual report 2025A · The company itself

“The final rule prohibits or imposes notification requirements on certain outbound investments involving semiconductors and microelectronics, quantum information technologies and artificial intelligence by U.S. persons into certain entities with a nexus to China. These restrictions on U.S. outbound investments could limit the universe of prospective investments available to us, make it more difficult to deploy capital or identify buyers for investments, and/or adversely affect the governance and operations of our investments and thus 69 Table of Contents our overall performance.”

Annual report 2025A · The company itself

“In addition, advancements in computing and artificial intelligence tools and technologies without related increases in the adoption and development of such technologies could negatively impact demand for, and the valuation of, digital infrastructure assets. Due to the rapid evolution of artificial intelligence technologies, we may not be able to take full advantage of growth opportunities within digital infrastructure.”

Annual report 2025A · The company itself

“Rapid and unforeseen technological transformation, such as the recent technological developments with respect to artificial intelligence, may introduce the risk of obsolescence to portfolio companies and negatively affect their performance.”

Annual report 2025A · The company itself

“Artificial intelligence, including machine learning technology and generative artificial intelligence, is rapidly evolving. While the full extent of current or future risks related thereto is not possible to predict, artificial intelligence could significantly disrupt the business models and markets in which we operate and subject us to increased competition, legal and regulatory risks and compliance costs, any of which could have a material adverse effect on our business, financial condition and results of operations.”

Annual report 2025A · The company itself

“These uses come with potential risks, including, but not limited to, generation of inaccurate results, misuse or disclosures of confidential information, infringement of third-party intellectual property rights, potential cybersecurity vulnerabilities, reputational risk and regulatory burdens. In addition, artificial intelligence models may create outputs that are flawed, inaccurate, biased, or that infringe or misappropriate intellectual property of third parties.”

Annual report 2025A · The company itself

“We may also be exposed to competitive risks related to the adoption of artificial intelligence or other new technologies by others within our industry. If our competitors are more successful than us in the use of artificial intelligence or development of services or products based on artificial intelligence, or we adopt artificial intelligence at a slower pace than others, we may be at a competitive disadvantage.”

Annual report 2025A · The company itself

“Venture Capital: Our venture capital business is focused on fund strategies that seek to advance proprietary artificial intelligence solutions and to partner with industry leading vendors to help drive efficiencies for our portfolio companies, assets and certain investment and business processes.”

Annual report 2025A · The company itself

“Public cloud titans and, more recently, AI Neocloud providers have been at the forefront of this evolution, pioneering the development of large-scale data and AI centers to meet the growing demands of their users, including business customers. These networks have become the benchmark for superior performance and efficiency of IT infrastructure at the lowest unit cost.”

Annual report 2025A · The company itself

“Networking at Scale for the AI Center The rapid expansion of generative, agentic, and physical AI computing and distributed applications is blurring the lines between frontend and backend AI, Cloud, and Data Centers. Modern workloads are both data- and compute-intensive and place significant demands on the underlying network.”

Annual report 2025A · The company itself

“With the emergence of AI networking, new competitive technologies may enter the market to address the requirements of AI clusters. Ethernet, faces competition from both InfiniBand ("IB") and NVLink interconnects for back-end AI networking clusters.”

Annual report 2025A · The company itself

“In addition, an increased focus on the deployment of AI-enabled solutions by these customers has accelerated the need for advanced technology offerings, including some offerings from potential new market entrants. This prioritization of AI related infrastructure investment has at times come in conjunction with the announcement of 14 various cost reduction measures by such customers, including optimization and increased efficiency in non-AI related capital expenditures, which could negatively impact our revenue.”

Annual report 2025A · The company itself

“Other factors may also contribute to declines in our revenue growth rates, including changes in demand for our products and services, particularly from our large customers, the deterioration of the financial performance, condition or prospects of our large customers, changes in capital spending by our large customers, 17 increased competition, price sensitivities from our customers to increases in our pricing, our ability to successfully manage our expansion or continue to capitalize on growth opportunities, the maturation of our business, geopolitical pressures, macroeconomic conditions, recession risks and monetary policy shifts, and our ability to be successful in the AI market and adjacent markets, such as campus switching, Wi-Fi networking markets and network security markets.”

Annual report 2025A · The company itself

“Recent technologies, such as generative and agentic AI models, have emerged, and while they have driven increased demand for networking, the long-term trajectory of such technologies is unknown and it is difficult for us to predict the demand for such new technologies. Customers may overestimate demand for their AI build outs and cancel, delay, reduce or otherwise modify their purchase commitments with little or no notice to us.”

Annual report 2025A · The company itself

“In particular, recent technologies, such as generative and agentic AI models, have emerged, and while they have driven increased demand for networking, the market is rapidly changing, and the long-term trajectory is unknown. Customers may overestimate demand for their AI build outs and cancel, delay, reduce or otherwise modify their purchase commitments with little or no notice to us.”

Annual report 2025A · The company itself

“Our products’ sales cycles are lengthy in certain cases, especially with respect to our prospective large customers and certain markets including the enterprise, campus and AI markets.”

Annual report 2025A · The company itself

“Additionally, customers may require product upgrades including higher Ethernet speeds and additional functionality to address the increasing demands of cloud computing environments.”

Annual report 2025A · The company itself

“In particular, we have increased our purchase commitments to respond to the rapid deployment of AI networks and reduce overall lead times which will increase our working capital requirements. In addition, we may have to increase our purchase commitments in response to the tightening of supply conditions in the memory market.”

Annual report 2025A · The company itself

“In order to address customer demand and extended lead times, we have entered, and may continue to enter, into significant purchase commitments with our contract manufacturers and suppliers, with issuance of non-cancellable purchase orders for such commitments. In particular, we have increased our purchase commitments to respond to the rapid deployment of AI networks and reduce overall lead times which will increase our working capital requirements.”

Annual report 2025A · The company itself

“Beginning in October 2022, the U.S. expanded controls restricting the ability to send certain products and technology related to semiconductors, semiconductor manufacturing, and supercomputing. Although new regulations introduced in January 2025 further expanding the controls to impose a worldwide licensing requirement on certain ICs and computing resources that are used for training of AI models were rescinded prior to the scheduled compliance date, we expect the U.S. government may issue new controls on similar technologies in the future.”

Annual report 2025A · The company itself

“The protectability of the intellectual property in AI-generated or assisted works and inventions is unclear. To the extent we use AI to create any valuable IP, we may not be able to protect it to the same extent that we would have, had we not used AI.”

Annual report 2025A · The company itself

“•Scale Out: This network connects XPUs across multiple racks to support massive training or inferencing clusters. The industry trend toward replacing legacy, proprietary approaches, such as InfiniBand, with Ethernet, as defined by the Ultra Ethernet Consortium, creates an opportunity for us to gain share while enabling customers to scale from thousands to a million XPUs and beyond. •Scale Across: Power and space constraints, along with the need for AI inference closer to the edge, are driving the need for distributed clusters spread across large geographic distances.”

Annual report 2025A · The company itself

“Our growth strategy relies on maintaining our agility and increasing our investment in research and development to deliver market-leading features to enhance the functionality of existing cloud networking platform, expand our product offerings and build upon our technology leadership. We must continue to expand our product offerings and build upon our technology leadership.”

Annual report 2025A · The company itself

“We have made substantial investments to develop new products and services, make enhancements to existing products, and expand our product offerings through our acquisitions and internal research and development efforts. If we are unable to anticipate technological changes in our industry by introducing new, enhanced or expanded products and services in a timely and cost-effective manner or if we fail to introduce products and services that meet market demand or gain market share, we may lose our competitive position, our products may become obsolete, and our business, financial condition or results of operations could be adversely affected.”

Annual report 2025A · The company itself

“We are also focused on increasing penetration in the enterprise, campus and AI markets.”

Annual report 2025A · The company itself

“We use machine learning and AI technologies in our offerings and business, including in our Arista Guardian for Network Identity offering, and we are making investments in expanding our AI capabilities in our products, services, and tools, including ongoing deployment and improvement of existing machine learning and AI technologies, as well as developing new product features using AI technologies. We may rely on third party AI technologies and our ability to continue to use those technologies and provide our applicable products, services and tools are subject to the continued availability and improvement of those technologies.”

Annual report 2025A · The company itself

“In addition, we are expanding internationally and into adjacent markets including the enterprise and AI market, which requires a significant investment of time, effort and financial resources into hiring and training our sales force to address these markets. If we do not effectively train our direct sales force, we may be unable to add new customers, increase sales to our existing customers, or successfully expand into new markets.”

Annual report 2025A · The company itself

“Business In a world where data is increasingly a precious commodity and competitive differentiator, Arista was founded to enable our customers to access all their centers of data in the quickest, most reliable, and secure manner. Over the last two decades, we have emerged as an industry leader, delivering data-driven, client-to-cloud networking-as-a-service.”

Annual report 2025A · The company itself

“A substantial portion of our business and revenue depends on the growth and evolution of the networking market, including the market for AI networks and the future deployment of Ethernet networking solutions in these AI networks.”

Annual report 2025A · The company itself

“For example, with our most recently introduced 800 GbE, AI focused Ethernet products and AI-Driven Campus and Branch Networking Offerings, our ability to maintain our competitive position with our customers will depend on our ability to deliver these new products in a timely manner, our customers' acceptance of these products and the growth of the markets that these products serve.”

Annual report 2025A · The company itself

“We remain in a period of new product introductions, adding new customers and expanded use cases, particularly in the AI Ethernet market. This has resulted in increased customer trials and contracts with acceptance periods, and an increase in the volatility and magnitude of our product deferred revenue balances, which in turn may create variability in our revenue results on a quarterly and annual basis.”

Annual report 2025A · The company itself

“This strategy and differentiation have also allowed us to deliver our comprehensive suite of products, services, and technologies to a global customer base segmented into three primary categories: Cloud and AI Titans, AI and Specialty Providers, and Enterprise.”

Annual report 2025A · The company itself

“Business Services: The ERP market is growing rapidly, driven by AI and cloud adoption. By 2026, it is expected to reach $72 billion, a 41% increase from $51 billion in 2023 1 .”

Annual report 2024A · The company itself

“Advanced technologies like AI, IoT, and robotics are transforming industries and creating new business models.”

Annual report 2024A · The company itself

“Key trends, such as the rise of AI and digital transformation, opens a lot of opportunities. At Arribatec, we are embracing these developments and integrating them into our services to drive greater efficiency, innovation, and to increase the positive impact for our clients.”

Annual report 2024A · The company itself

“Leveraging our presence, expertise, and strategic partnerships, we deliver trusted, compliant, and high-performance solutions tailored to evolving customer needs. In 2025, we are enhancing our capabilities by launching two new public cloud availability zones and integrating AI seeding infrastructure, reinforcing our commitment to reliability, scalability, and data sovereignty.”

Annual report 2024A · The company itself

“Delivers transformation projects around ERP, FP&A, CPM (Corporate Performance Management), Research Management and Apprentice Management solutions. This includes the implementation of new business solutions as well as iterative improvements to and support for existing ones. The team drive the process from requirements definition and analysis to deployment and ongoing support, guiding the customer at every step along the way.”

Annual report 2024A · The company itself

“We may be exposed to competitive risks related to the adoption and application of new technologies by established market participants (for example, through disintermediation) or new entrants such as technology companies, “Insurtech” start-up companies, and others. These new entrants are focused on using technology and innovation in an attempt to simplify and improve the client experience, increase efficiencies, alter business models and effect other potentially disruptive changes in the industries in which we operate.”

Annual report 2025A · The company itself

“These risks include, among others, the input of confidential information, including material non-public information, in contravention of our policies or contractual restrictions to which any of the foregoing are subject, or in violation of applicable laws or regulations, including those relating to data protection and AI. This could result in such information becoming part of a data set that is accessible by other third-party AI applications and users.”

Annual report 2025A · The company itself

“The third-party models underlying our AI tools may be inadequately designed, implemented or trained, and due to the impracticality of incorporating all relevant data into the models used by AI, it is inevitable that data sets within these models will contain information that has inaccuracies and errors, and potential biases. This could potentially render such models inadequate or flawed, leading to outputs surfacing third-party intellectual property or that contain information that is biased, unethical, discriminatory, incomplete, inaccurate, misleading or poor-quality that could negatively impact the effectiveness of the technology or our services.”

Annual report 2025A · The company itself

“The use of this technology by our clients or underwriting enterprises may impact the way our business operates, and its use by our competitors and new market entrants with competing services derived from their AI capabilities may give them a competitive advantage.”

Annual report 2025A · The company itself

“In addition, our increased reliance on technologies that support remote and hybrid work and our employees’ more frequent use of personal devices and non-standard business processing as well as the increasing prevalence of sophisticated cyber-attacks using AI, such as “deep fakes,” may increase the risk of cybersecurity or data breaches from circumvention of security systems, denial-of-service attacks or other cyber-attacks, hacking, “phishing” 22 Table of Contents attacks (including digital or telephonic impersonation), computer viruses, ransomware, malware, malicious or destructive code, employee or insider error, malfeasance, social engineering, physical breaches or other actions.”

Annual report 2025A · The company itself

“Additionally, the effort to gain technological expertise, make use of data analytics, and develop new technologies in our business requires us to incur significant expenses.”

Annual report 2025A · The company itself

“Our future success depends, in part, on our ability to collect and leverage data relating to our business and otherwise anticipate and respond effectively to the risks and opportunities presented by digital disruption, “big data” and data analytics, AI and other developments in technology.”

Annual report 2025A · The company itself

“These may include new applications or insurance-related services based on AI (e.g., generative AI, machine learning), robotics, blockchain, or new approaches to data mining that impact the nature of how we generate revenue.”

Annual report 2025A · The company itself

“We use AI in our business, including with respect to services provided to our clients. We have internal policies and controls governing development, procurement, deployment and the use of AI by our employees designed to align with globally recognized AI principles, maintain trust with clients and protect the company from cybersecurity threats, breaches of data privacy and intellectual property, E&O liability and regulatory enforcement risk; however, our employees could violate these policies and they or external threat actors could circumvent our controls and expose us to such risks.”

Annual report 2025A · The company itself

“Etenkin puolijohdemarkkinan kysynnän odotetaan jatkuvan korkealla tasolla muun muassa tekoälysovelluksiin ja datakeskuksiin tehtävien mittavien investointien ansiosta.”

Annual report 2024A · The company itself

“Our competitive position may be impacted if we are unable to develop, use or integrate, in an effective, compliant and competitive manner, technology such as AI and machine learning, or if our competitors collect and use data that we do not have the ability to access or use. AI technologies may fail, underperform expectations or disrupt business operations, and there can be no assurance that our use of AI will enhance our products or services, or be beneficial to our business.”

Annual report 2025A · The company itself

“In addition, across many of our businesses, we must respond to the threat of disruption by traditional players, such as insurers, from new entrants, such as “Insurtech” companies, and from their use of technologies such as AI. These players are focused on using technology and innovation to simplify and improve the customer experience, increase efficiencies, alter business models and effect other potentially disruptive changes in the markets in which we operate.”

Annual report 2025A · The company itself

“Like many companies, we are subject to regular phishing email and social media engineering campaigns directed at our employees that have become more sophisticated, highly personalized and ultimately more successful, partly through the use of AI, and can result in significant financial and data losses.”

Annual report 2025A · The company itself

“For example, privacy and data-protection regimes increasingly regulate profiling and automated decision-making, which may require opt-outs, human review or impact assessments, and could delay or limit the deployment of analytics and AI in our business operations.”

Annual report 2025A · The company itself

“For example, our ability to continue to develop, use and efficiently deploy AI technologies depends on access to specific third-party equipment and services.”

Annual report 2025A · The company itself

“We leverage those insights to invest in emerging technologies and operations, including digital capabilities supported by artificial intelligence (“AI”), to introduce innovative products and services and continuously adapt those offerings to the changing needs of consumers. Investments and innovation enable services that complement our protection and specialty insurance products, creating customized solutions for clients and customers.”

Annual report 2025A · The company itself

“We continue to invest in technology, including digital, robotics and AI, and seek to integrate technology platforms with our clients, to create superior customer experiences.”

Annual report 2025A · The company itself

“These services support both our insurance and non-insurance customers and are powered by our AI-driven dynamic fulfillment platform. We have repair operations within our device care centers, including our Nashville Innovation and Device Care Center, which leverages automation, robotics and AI.”

Annual report 2025A · The company itself

“In 2025, we continued to implement key initiatives to support upskilling, with an increased emphasis on accelerating adoption of digital and AI-enabled technologies and processes as we expand the use of AI as an enabler to enhance employee and customer experiences.”

Annual report 2025A · The company itself

“We are investing in technology and digital capabilities, including AI and our Innovation and Device Care Center, and in our home warranty business.”

Annual report 2025A · The company itself

“We continue to upgrade and implement new information technology systems and infrastructure involving several enterprise-wide technology initiatives, including AI, to support our strategy and keep pace with continuing changes in information processing technology and evolving industry and regulatory requirements.”

Annual report 2025A · The company itself

“The adoption of AI solutions will generate long-term growth in demand for IT infrastructure. As customers purchase new AI-enabled software and development tools, these applications will require additional spending across all areas of Atea’s business - including a broad range of hardware, software, cloud subscriptions, consultancy and managed services.”

Annual report 2024A · The company itself

“In 2025, we expect to see widespread adoption of new AI PCs, which feature faster processing to meet the requirements of AI-enabled software which is installed and run on the device. This emerging technology will both support a refresh cycle and drive higher unit pricing for PCs.”

Annual report 2024A · The company itself

“Technology Long-term (5-30 years) Increased demand for low carbon solutions Global demand for low-carbon goods and services is rising due to environmental policies and the goal of limiting global warming to 1.5°C. ICT (Information and Communication Technology) products with lower emissions and digital solutions like cloud computing and AI are crucial for the low-carbon transition.”

Annual report 2024A · The company itself

“By 2030, Atea aims to significantly increase its positive environmental impact, leveraging IT across Digital Workplace, Hybrid Cloud and Information Management domains to help customers reduce emissions.”

Annual report 2024A · The company itself

“Atea’s solution offering: The range of solutions which Atea provides its customers can be categorized into three major areas: “Digital Workplace”, “Hybrid Platforms” and “Information Management”. “Digital Workplace” consists of all the devices and software through which users conduct work, access data and applications, and interact with each other.”

Annual report 2024A · The company itself

““Information management” consists of tools and methods through which organizations collect and administer data, and then derive value from this information. This includes Atea’s practices within AI, data protection, analytics, and automation technologies.”

Annual report 2024A · The company itself

“To that end, Atea is at the forefront of the latest technologies for mobility, collaboration and big data, as well as IT-as-a-service and cloud computing.”

Annual report 2024A · The company itself

“Transition to circular economy (CE): CE 4.1 Provision of IT/OT data-driven solutions. Atea develops and maintains software and IT/OT systems for remote data collection, processing and storage, as well as providing remote maintenance to ensure optimal performance and extend the lifespan of equipment.”

Annual report 2024A · The company itself

“For activity CE 4.1, provision of IT/OT data-driven solutions, the substantial contribution criteria are partially fulfilled. Atea meets the criteria for manufacturing, developing, and providing IT/OT data-driven solutions (Criteria 1) and for lifecycle performance management software capabilities (Criteria 7).”

Annual report 2024A · The company itself

“Our understanding of these trends, paired with our approach to real-life safety, enables us to innovate and stay competitive. We challenge and redefine the standards of mobility safety to sustainably deliver leading solutions. Our research and innovation capabilities are well-equipped to deal with electrified and automated cars and to create specially designed safety products to protect vulnerable road users.”

Annual report 2024A · The company itself

“Our ability to maintain and improve existing products, while successfully developing and introducing distinctive new and enhanced products that anticipate changing customer and consumer preferences and capitalize upon emerging technologies will be a significant factor in our ability to remain competitive. We may not be able to effectively implement new technologydriven products and services or be successful in marketing such products and services.”

Annual report 2024A · The company itself

“In addition, our future success will depend on, among other factors, our ability to attract, develop, and retain other qualified personnel, particularly engineers and other employees with software and technical expertise.”

Annual report 2024A · The company itself

“We develop, manufacture and market protective systems, such as airbags, seatbelts, and steering wheels, for all major vehicle manufacturers in the world.”

Annual report 2024A · The company itself

“A slowdown in the economy or other negative changes, including in employment levels (as a result of AI or otherwise), the level of interest rates or the level of inflation, may have a negative impact on our businesses.”

Annual report 2026A · The company itself

“As new technologies (such as generative and agentic AI) continue to emerge, they may be disruptive to the HCM industry. These technologies could result in new and innovative HCM products and solutions that could increase competition, place us at a competitive disadvantage or even render obsolete our technology, products and solutions.”

Annual report 2026A · The company itself

“BUSINESS AND INDUSTRY RISKS Our industry is subject to rapid technological change, including as a result of AI, and if we fail to upgrade, enhance and expand our technology and services to meet client needs and preferences, the demand for our solutions and services may materially diminish Our businesses operate in industries that are subject to rapid technological advances (such as generative and agentic AI) and changing client needs and preferences. In order to remain competitive and responsive to client demands, we continually upgrade, enhance, and expand our technology, solutions and services, including by leveraging AI in our solutions.”

Annual report 2026A · The company itself

“We have made and expect to continue to make significant investments in product development and new technologies. We must continue to dedicate a significant amount of resources to our development efforts before knowing to what extent our investments will result in products the market will accept.”

Annual report 2026A · The company itself

“We believe that providing insights and content from data, including via AI and ML, will become increasingly important to the value that our solutions and services deliver to our clients. We are increasingly leveraging AI and ML in our solutions and service delivery and are continuing to integrate AI technologies, including generative and agentic AI, to develop and deploy capabilities that are beneficial to our clients and their employees.”

Annual report 2026A · The company itself

“We continued to leverage our data advantages, domain expertise, and trusted brand to lead the HCM industry's AI transformation. ADP Assist became increasingly embedded in our clients' workflows, delivering meaningful time savings and improved accuracy.”

Annual report 2026A · The company itself

“We generate sufficient free cash flow to satisfy our cash dividend and our modest debt obligations, which enables us to absorb the impact of downturns and remain steadfast in our long-term strategy and commitments to shareholder friendly actions. We are committed to building upon our past successes by investing in research and development to enhance our products and services and by driving continuous improvement in the way we operate.”

Annual report 2026A · The company itself

“Research and development expenses increased in fiscal 2026 due to increased costs to develop, support, and maintain our new and existing products, including the integration costs associated with the WorkForce Software acquisition.”

Annual report 2026A · The company itself

“Additionally, we continued deploying AI tools across our sales, service, and research and development functions to improve the client experience and drive internal productivity gains.”

Annual report 2026A · The company itself

“If we are unable to design, introduce, sell and deploy new products or new product features successfully, our business and financial results could be adversely affected. Our future success will likely depend on our ability to develop new products or product features that achieve market acceptance in a timely and cost-effective manner and in a way that is responsive to customer demand.”

Annual report 2025A · The company itself

“The technology associated with law enforcement devices and software is rapidly evolving. The introduction of products embodying new technologies and the emergence of new industry standards can render existing products obsolete. In particular, AI and machine learning technologies are rapidly developing and as these technologies are incorporated into our products and the operations of our customers, the pace of change has in the past and may in the future continue to accelerate.”

Annual report 2025A · The company itself

“Additionally, we expect our products to meet and keep pace with evolving security standards and requirements of our industry and customers, including those of the U.S. federal government and international governments.”

Annual report 2025A · The company itself

“Recent developments in the threat landscape include the use of AI and machine learning by attackers to automate, enhance, and evade detection during cyber attacks, along with an increased number of cyber extortion and ransomware incidents. These attacks may involve higher financial ransom demands and demonstrate increasing sophistication, including novel ransomware techniques, diverse methodologies, and advance capabilities such as adaptive malware and deepfake-enabled phishing schemes.”

Annual report 2025A · The company itself

“As with many new and emerging technologies, AI presents numerous risks and challenges to our internal business operations and our customers. For example, unexpected failures or inaccuracies in AI-driven systems could expose our customers to operational risks, particularly in high-stakes use cases such as law enforcement or public safety.”

Annual report 2025A · The company itself

“Table of Contents The development, adoption, integration and use of generative AI technology remains in the early stages and consequently, our AI technology may contain material defects or errors. Additionally, ineffective or inadequate AI or generative AI governance, development, use or deployment practices, including businesses we have acquired. or third parties could result in unintended consequences. For example, AI algorithms that we use may be flawed or may be (or perceived to be) based on datasets that are biased or insufficient.”

Annual report 2025A · The company itself

“Biases in AI models could result in discriminatory outcomes, eroding trust among customers and communities we serve.”

Annual report 2025A · The company itself

“These include real-time video and text from callers, enhanced device location information and AI-enabled transcription, translation, call summarization and post-call analytics, derived in part from technologies we acquired with Prepared.”

Annual report 2025A · The company itself

“(“Axon,” the “Company,” “we” or “us”) is a technology company that provides integrated hardware and software solutions. Founder-led since 1993, Axon began with a mission to protect life and has grown into a global technology company serving a range of customers. Our products and services allow customers across the public and private sector to capture and use critical data to support fully-connected operational workflows.”

Annual report 2025A · The company itself

“Axon’s operations comprise a fully integrated suite of products across connected hardware, software, and services which are disclosed in two reportable segments: 1.Software and Services: We develop, manufacture and sell cloud-based Software-as-a-Service (“SaaS”) solutions that leverage AI and enable our customers to capture, securely store, manage, share and analyze video and other digital evidence. Our software offerings also support productivity and real-time operations.”

Annual report 2025A · The company itself

“Table of Contents Software and Services Axon has a suite of cloud-based, SaaS solutions that deeply integrate with our hardware to benefit customers and drive annual recurring revenue, which totaled $1.3 billion1 as of December 31, 2025.”

Annual report 2025A · The company itself

“Emergency Communications Software — 911 Data, AI and Call Handling Platforms: Our emergency communications solutions are designed for public safety answering points (“PSAPs”) and emergency communications centers. Today, these offerings primarily consist of cloud-based applications that operate alongside existing 911 call-handling systems and provide AI-powered triage, supplemental data and multimedia streaming capabilities.”

Annual report 2025A · The company itself

“Uncertainty in the development, deployment, and use of AI in our products and services, as well as our business more broadly, could adversely affect our business and reputation. We offer systems and tools that incorporate AI technologies, including generative AI, for our customers. We also leverage and expect to continue leveraging AI-based technologies for internal use to drive efficiency.”

Annual report 2025A · The company itself

“•Digital & artificial intelligence ("AI") advancement: We are seeing growing demand for more intelligent operations and the adoption of AI-based solutions as part of our customers' digital transformations. Across industrial and energy markets, digital is both an enabler and a driver, unlocking new levels of efficiency and productivity in operations, while simultaneously generating significantly incremental demand for power to support digital-intensive industries, including data centers.”

Annual report 2025A · The company itself

“We continue to invest in new technologies, equipment, and facilities and to expand our capabilities and technology portfolio to meet the challenges of a net-zero future. These efforts include expanding into new energy areas such as geothermal and CCUS, strengthening our digital architecture and addressing key energy market themes.”

Annual report 2025A · The company itself

“We operate in a highly and increasingly dynamic industry sector fueled by constant technological innovation, advancement and disruption, including the rapid integration of artificial intelligence (“AI”) into consumer products.”

Annual report 2026A · The company itself

“Inability to quickly adapt to changes in customer behavior (e.g., AI-driven search, AI shopping bots) could have an adverse impact our financial results.”

Annual report 2026A · The company itself

“Operational factors, such as failure to deliver high quality services, offer competitive pricing, or meet delivery promises could damage our reputation. As we grow certain areas of the business (including Best Buy Marketplace, where there is a risk that third-party sellers, products, partners and services may fail to meet customer expectations), our reputation may be negatively affected. External factors, such as negative public remarks or accusations, heightened violence and crime in or around our stores, or our failure to meet enhanced, and sometimes conflicting, expectations on corporate response to sensitive topics (including the use of AI), could also be damaging.”

Annual report 2026A · The company itself

“Third parties may commit fraud (e.g., AI-driven fraud or impersonation of Geek Squad agents) while using our brand without our permission, possibly harming brand perception or reputation. The ubiquity of social media means that customer feedback and other information about our company, which may include fictitious information, are shared with a broad audience in a manner that is easily accessible and rapidly disseminated.”

Annual report 2026A · The company itself

“The integration of AI into our operations introduces cybersecurity and privacy risks (including unauthorized or misuse of AI tools) and could lead to potential unauthorized access, use, acquisition, release, disclosure, alteration or destruction of personal or confidential information or challenge the stability of our platforms. Further, evolving consumer behaviors, such as shopping through AI-driven services, introduces growing complexity and heightened cybersecurity and privacy risks. These trends increase the complexity of bot mitigation strategies, requiring organizations to maintain robust cybersecurity controls while ensuring discoverability within agentic services and AI-powered search environments.”

Annual report 2026A · The company itself

“Further, as our competitors develop and expand their strategic use of AI, our operations and profitability could be adversely impacted if we fail to execute or maintain our own focused AI strategy that drives technological advancement and innovation.”

Annual report 2026A · The company itself

“Merchandise and Services Our Domestic and International segments have offerings in six revenue categories. The key components of each revenue category are as follows: •Computing and Mobile Phones - computing (including desktops, notebooks and peripherals), mobile phones (including related mobile network carrier commissions), networking, tablets (including e-readers) and wearables (including smartwatches); •Consumer Electronics - digital imaging, health and fitness products, home theater (including home theater accessories, soundbars and televisions), portable audio (including headphones and portable speakers) and smart home; •Appliances - large appliances (including dishwashers, laundry, ovens and refrigerators) and small appliances (including blenders, coffee makers, vacuums and personal care); •Entertainment - drones, gaming (including hardware, peripherals and software, as well as augmented reality glasses), toys, virtual reality and other software; •Services - advertising, delivery, health-related services, installation, marketplace commissions, memberships, repair, set-up, technical support, warranty-related services; and •Other - other product offerings, including baby, food and beverage and outdoor living.”

Annual report 2026A · The company itself

“At the same time, we continuously assess the structural risks AI may pose to digital traffic flows and monetization models. Importantly, we remain unaffected by the recent AI-driven shifts in search and discovery patterns.”

Annual report 2025A · The company itself

“Changes to search engine algorithms, ranking methodologies, or referral traffic mechanisms may adversely affect the visibility and discoverability o f the Group’s content. The increasing use of AIdriven search features and large language models may alter user search behavior and reduce traffic being referred from search engines to third-party websites.”

Annual report 2025A · The company itself

“Upstream, we continue to invest in best-in-class infrastructure, including cloud environments, content management systems, data pipelines, AI capabilities, and AdTech integrations that support real-time engagement across our digital sports media brands. These technologies underpin the hosting, personalization, and delivery of content to millions of users daily.”

Annual report 2025A · The company itself

“For Better Collective, AI is first and foremost a powerful enabler. We have already integrated AI across product development, content automation, data analysis, and commercial optimization.”

Annual report 2025A · The company itself

“We are now leveraging AI in a meaningful way across Mindway AI, data segmentation and audience modeling, content creation, and internal process optimization. This strengthens both our commercial precision and operational efficiency, while enhancing user experiences.”

Annual report 2025A · The company itself

“AI will be a defining force in the evolution of digital media and sports engagement. We see AI not as a threat to our model, but as a catalyst for both operational efficiency and long-term growth. By combining authoritative sports media with AI-driven personalization, data intelligence, and scalable automation, we are expanding our monetization capabilities, strengthening partner value, and unlocking new growth opportunities across our platforms.”

Annual report 2025A · The company itself

“The launch of Playbook, our AI-powered betting solution, and the rollout of our AdTech platform Ad- Vantage further extend our technological edge and open new avenues for monetization.”

Annual report 2025A · The company itself

“In 2025, we successfully launched Playbook, our AIpowered betting solution designed to integrate seamlessly into how sports fans already engage with content. With millions of bets already sent to partners, Playbook demonstrates how advanced technology can enhance user engagement, improve conversion, and open new growth avenues.”

Annual report 2025A · The company itself

“Alongside Playbook, we invested throughout 2025 in building FanReach, which was launched in early 2026. FanReach is a core pillar in our AdVantage ecosystem by combining proprietary first-party data with advanced audience segmentation, enabling more targeted, measurable, and scalable media solutions for advertising partners.”

Annual report 2025A · The company itself

“In parallel, the rollout of AdVantage, together with FanReach, is gradually enabling more direct, data-driven monetization of advertising across our owned inventory, leveraging first-party audience data and proprietary technology to improve targeting, performance, and yield.”

Annual report 2025A · The company itself

“The Company’s ability to increase revenue, earnings and stockholder value over time is predicated on its ability to generate new business, including business in Aladdin and other technology products and services. New business efforts depend on BlackRock’s ability to achieve clients’ investment objectives, in a manner consistent with their risk preferences, to deliver excellent client service and to innovate in technology to serve clients’ evolving needs.”

Annual report 2025A · The company itself

“Technology services and subscription revenue of $2.0 billion was up 24% year-over-year. Annual contract value (“ACV”) increased 31% year-over-year including ACV related to Preqin, and increased 16% excluding ACV related to Preqin, driven by strong net sales of Aladdin in 2025.”

Annual report 2025A · The company itself

“Continuing enhancements to Aladdin’s capabilities, as well as the expansion of the Aladdin platform into new markets and geographies, have led to significant growth in Aladdin’s processing scale, which may expose BlackRock to reputational harm, increased regulatory scrutiny and heightened operational, data management, cyber- and information security risks. The operation of BlackRock’s Aladdin platform routinely involves updating existing capabilities, configuration change management, developing, testing and rolling out new functionalities and expanding coverage into new markets and geographies, including in connection with inorganic transactions or to address client or regulatory requirements. These updates and expansion initiatives, which have led to significant growth in Aladdin’s processing scale, frequently occur on accelerated timeframes and may expose BlackRock to additional cyber- and information security risks, as well as increased execution, operational and data management risks.”

Annual report 2025A · The company itself

“This commitment is further extended by minority investments in financial technology and digital distribution providers, data and whole portfolio capabilities including Viridium, Generation Life, Securitize, Upvest, Avaloq, Human Interest, Circle, Clarity AI, Envestnet, Acorns, Scalable Capital and iCapital.”

Annual report 2025A · The company itself

“BlackRock is focused on enhancing Aladdin, with continued investment into areas such as AI, whole portfolio, private markets, and wealth.”

Annual report 2025A · The company itself

“In addition, BlackRock has made minority investments in financial technology and digital distribution providers, data and whole portfolio capabilities including Viridium, Generation Life, Securitize, Upvest, Avaloq, Human Interest, Circle, Clarity AI, Envestnet, Acorns, Scalable Capital and iCapital.”

Annual report 2025A · The company itself

“Aladdin’s competitive position is based in part on its ability to combine risk analytics with portfolio management, trading and operations tools on a single platform. Increased competition from risk analytics and investment management technology providers, including from competitors with increasingly sophisticated and comprehensive product offerings, or a shift in client demand toward standalone or internally developed solutions, whether due to price competition, perceived market share, platform offerings or flexibility, or market-based or regulatory factors, may weaken Aladdin’s competitive position and may cause the Company’s revenue and earnings to decline.”

Annual report 2025A · The company itself

“BlackRock’s financial performance depends, in part, on its ability to react to changes in the asset management industry, respond to evolving client demands and technological advances, and develop, market and manage new investment products and services. The development and introduction of new products and services, including the creation of increasingly customizable products, products related to digital assets and tokenized assets and products blending public and private market allocations, requires continued innovative effort from BlackRock and may require significant time and resources as well as ongoing support and investment.”

Annual report 2025A · The company itself

“BlackRock uses machine learning and AI in its business and expects to continue to expand its AI capabilities, including through generative AI. AI technologies are complex and rapidly evolving, and the introduction of AI into new or existing processes may result in new or enhanced governmental or regulatory scrutiny, IP or other litigation, data protection, confidentiality or information security risks, social or ethical concerns, competitive harm or other complications.”

Annual report 2025A · The company itself

“The Company offers both index-tracking ETFs, which seek to replicate the performance of a specific index, and active ETFs. Active ETFs are managed by professional portfolio managers who actively select and adjust the fund’s holdings in an effort to outperform the market, deliver a specific outcome or gain exposure to hard-to-index markets.”

Annual report 2025A · The company itself

“TECHNOLOGY SERVICES AND SUBSCRIPTION BlackRock offers investment management technology systems, risk analytics, private markets data subscriptions, investment accounting services and wealth management tools on a fee basis. Aladdin Enterprise is the Company's proprietary technology platform, providing an end-to-end, investment and risk management solution for both BlackRock and a growing number of institutional investors around the world.”

Annual report 2025A · The company itself

“Table of Contents • Technological developments in artificial intelligence could disrupt the markets in which we and our portfolio companies operate and subject us to increased competition, legal and regulatory risks and compliance costs. • Extensive regulation of our businesses affects our activities, creates the potential for significant liabilities and penalties, may make it more difficult for us to deploy capital in certain jurisdictions or sell assets to certain buyers, and could result in additional burdens on our business. • We are subject to increasing scrutiny from regulators and certain investors with respect to sustainability matters, including climate change, and the impacts of investments made by our funds. • Climate change, climate change-related regulation and sustainability concerns could adversely affect our businesses and the operations of our portfolio companies, and any actions we take or fail to take in response to such matters could damage our reputation.”

Annual report 2025A · The company itself

“Additionally, technological innovation, including the use of artificial intelligence, has the potential to disrupt the financial industry and change the way financial institutions, including asset managers, do business. Some of our competitors may be more successful than we are in the development and implementation of new technologies, including services and platforms based on artificial intelligence, to address investor demand or improve operations. If we are unable to adequately advance our capabilities in these areas, or do so at a slower pace than others in our industry, we may be at a competitive disadvantage.”

Annual report 2025A · The company itself

“In addition, the risk of cyber and data security threats to us is exacerbated with the advancement of artificial intelligence, which malicious third parties are using to create new, sophisticated and more frequent attacks.”

Annual report 2025A · The company itself

“Advancements in computing and AI Technologies, including efficiency improvements, without related increases in the adoption and development of such technologies, could also negatively impact demand for, and the valuation of, digital infrastructure assets, a sector to which certain of our investment strategies have significant exposure.”

Annual report 2025A · The company itself

“If the data we, or third parties whose services we rely on, use in connection with the possible development or deployment of AI Technologies is incomplete, inadequate or biased in some way, the performance of our products, services, and businesses could suffer. Data in models that AI Technologies utilize are likely to contain a degree of inaccuracy and error, which could result in flawed algorithms. This could reduce the effectiveness of AI Technologies and adversely impact us and our operations to the extent we rely on the work product of such AI Technologies in such operations.”

Annual report 2025A · The company itself

“The volume and reliance on data and algorithms also make AI Technologies, and in turn us and our portfolio companies and investments, more susceptible to cybersecurity threats, including the compromise of underlying models, training data, or other intellectual property.”

Annual report 2025A · The company itself

“For example, a user may input confidential information, including material non-public information or personal identifiable information, into AI Technology applications, resulting in such information becoming part of a dataset that is accessible by third-party AI Technology applications and users, including our competitors. Such actions could subject us to legal and regulatory 36 Table of Contents investigations and/or actions.”

Annual report 2025A · The company itself

“In addition, advancements in computing and AI Technologies, including efficiency improvements (without related increases in the adoption and development of such technologies), as well as technological changes that render existing data center designs less competitive or require significant redevelopment, could negatively impact demand for, and the valuation of, our digital infrastructure assets.”

Annual report 2025A · The company itself

“Despite an overall strong capital markets environment, the potential for artificial intelligence-driven disruption has recently weighed on equity capital markets and equity values of companies in certain sectors, such as software. We believe the ultimate impact of such disruption will vary significantly across companies based on multiple factors, with a number of companies well-positioned to be protected or benefit from such disruption. We believe such factors, which include large company size, depth of resources and high customer switching costs, are generally evident across our portfolio.”

Annual report 2025A · The company itself

“Nevertheless, despite an overall strong capital markets environment, the potential for artificial intelligence-driven disruption has recently weighed on the equity capital markets and on equity values of companies in certain sectors, such as software. We believe the ultimate impact of such disruption will vary significantly across companies based on multiple factors, and that companies that are larger, have depth of resources and whose customers face high switching costs, are well-positioned to be protected or benefit from such disruption.”

Annual report 2025A · The company itself

“Our ability to successfully operate with a reduced workforce is expected to depend in part on the effectiveness, reliability and adoption of our proactive intelligence and AI tools. These technologies may not perform as expected, may require more time or expense to implement effectively, may introduce operational or cybersecurity risks, or may fail to enhance productivity and maintain operational efficiency as expected.”

Annual report 2025A · The company itself

“We may also suffer indirect harm to our business as a result of reputational harm or concerns our customers have regarding the use of AI.”

Annual report 2025A · The company itself

“Our long-term success depends on our ability to develop products and services to address the rapidly evolving market for commerce and financial services, and, if we are not able to implement successful enhancements and new features for our products and services, our business could be materially and adversely affected. Rapid and significant technological changes continue to confront the industries in which we operate, including developments in omnichannel commerce, proximity payment devices (including contactless payments via NFC technology), digital banking, mobile financial apps, cryptocurrencies, tokenization (e.g., replacing sensitive data such as payment card information with symbols (tokens) to keep the data safe), blockchain, and AI, including machine learning.”

Annual report 2025A · The company itself

“Consumer and societal attitudes toward AI are evolving and there is a risk that customers, regulators or the public may perceive AI technologies negatively. Concerns about automation, privacy, security, bias, transparency, flawed datasets, or other ethical considerations could reduce trust in our products and services or deter customer adoption of AI-enabled features in our products or services.”

Annual report 2025A · The company itself

“Our customers and sellers may become increasingly reliant on AI outputs in our products and services when making financial or operational decisions. AI-enabled features in our products may generate outputs that could be interpreted as regulated advice, even if unintended or automated. If such AI outputs are, or are perceived to be, inaccurate, biased, flawed, or otherwise determined as providing regulated advice without appropriate authorization, we could face reputational harm, regulatory scrutiny, enforcement actions or liability claims, any of which could materially and adversely affect our business, financial condition, and results of operations.”

Annual report 2025A · The company itself

“Our AI initiatives may not improve efficiency, performance, or profitability as expected, and may underperform or fail entirely due to technological limitations, regulatory requirements, or other factors. If our investments in AI do not produce expected benefits, our operating results and long-term growth could be materially and adversely affected.”

Annual report 2025A · The company itself

“The growing use of AI in our products and services presents additional risks. AI algorithms or automated processing of data may be flawed, and datasets may be insufficient or may use third-party AI with unclear intellectual property rights or interests. Inappropriate or controversial data practices by us or others could subject us to lawsuits, regulatory investigations, legal and financial liability, or reputational harm. Additionally, our use of AI may create additional, or increase the risk of, cybersecurity breaches and incidents.”

Annual report 2025A · The company itself

“Some of the laws and regulations affecting the internet, mobile commerce, dispute resolution, payment processing, BNPL, AI, bitcoin and equity investing, streaming service, business financing, and employment were not written with businesses like ours in mind, and many of the laws and regulations, including those affecting us have been enacted relatively recently.”

Annual report 2025A · The company itself

“Furthermore, the growing use of generative AI presents an increased risk of unintentional and/or unauthorized disclosure or use of our intellectual property rights.”

Annual report 2025A · The company itself

“Although we expend significant resources to seek to comply with the statutory, regulatory, and judicial frameworks and the terms and conditions of statutory licenses, we cannot assure you that we are not infringing or violating any third-party intellectual property rights, or that we will not do so in the future, particularly as new technologies such as generative AI impact the industries in which we operate.”

Annual report 2025A · The company itself

“Our ability to develop and deploy AI features depends on the availability and pricing of third-party AI models, tools, and technical infrastructure, and increases in such costs or constraints on availability could adversely affect our ability to scale and our business.”

Annual report 2025A · The company itself

“We apply data, automation, and AI to improve the speed, accuracy, and usability of our products.”

Annual report 2025A · The company itself

“Strategic Priorities: Our focus for Square is reflected in three core pillars: Commerce, Automation, and Networks. •Commerce: Square seeks to simplify selling for businesses of varying sizes by offering software, hardware, payments, and financial solutions delivered through a vertically integrated platform. These solutions are intended to support key seller workflows, including point-of-sale, ordering, inventory, staffing, and business management. •Automation: We are focused on enabling growth by leveraging AI to increase productivity and outcomes for our sales and marketing, customer service, and engineering efforts, in addition to building features that help sellers grow their businesses.”

Annual report 2025A · The company itself

“We are able to underwrite these loans by using our unique data set of the seller’s Square transactions to help facilitate loan underwriting and collections.”

Annual report 2025A · The company itself

“Strategic Priorities Cash App is building the financial operating system for the next generation through four integrated capabilities: networks, commerce, banking, and bitcoin. Each capability addresses a distinct financial need while reinforcing the others through shared infrastructure and automation.”

Annual report 2025A · The company itself

“Our underwriting framework leverages internally developed models informed by more than a decade of experience managing lending risk across Block, as well as millions of historical repayment outcomes and near real-time Cash App transaction data to assess and monitor credit risk.”

Annual report 2025A · The company itself

“Sales and Marketing Square The Square ecosystem has a strong brand affinity among its sellers, which we believe strengthens the Square brand and helps drive efficient customer acquisition. Direct marketing, online and offline, has also been an effective customer acquisition channel.”

Annual report 2025A · The company itself

“Our services are built on a scalable technology platform, and we place a strong emphasis on data analytics and machine learning to maximize the efficacy, efficiency, and scalability of our services.”

Annual report 2025A · The company itself

“In February 2026 we announced a workforce reduction restructuring plan (the “Workforce Plan”) designed to better align our organizational structure with our operating model and strategic priorities. As part of the Workforce Plan, we expect to reduce our current workforce by more than 40%.”

Annual report 2025A · The company itself

“In February 2026 we announced a workforce reduction restructuring plan designed to better align our organizational structure with our operating model and strategic priorities. As part of this plan, we expect an increased reliance on automation, proactive intelligence capabilities and AI tools that we believe will enhance productivity and maintain operational efficiency.”

Annual report 2025A · The company itself

“For example, generative AI has become more publicly available and enterprise adoption of generative AI has grown. We have incorporated and expect to continue to incorporate AI features into our products and technologies and our success will depend in part on our ability to do so in a way that is compelling to our customers and cost-effective.”

Annual report 2025A · The company itself

“We have incorporated and expect to continue to incorporate AI technologies, including generative AI and AI agents, into our products and technologies.”

Annual report 2025A · The company itself

“In addition, our recently announced workforce reduction and any reassignment of responsibilities, together with potential increased reliance on automation and AI tools to support certain legal, regulatory compliance and risk management functions, may limit our capacity and introduce additional oversight risks. If such tools do not perform as anticipated or are not effectively implemented and monitored, our ability to maintain effective governance, compliance, and risk processes during and after the transition could be impaired, which could increase the risk of regulatory inquiries, investigations, litigation, enforcement actions, control deficiencies and penalties.”

Annual report 2025A · The company itself

“A significant portion of consumer traffic to our services is derived from third-party platforms, including Google and other search engines, mobile operating systems, app marketplaces, mapping services, and other digital distribution channels. These platforms increasingly incorporate Gen AI features, such as AI-generated answers, assistants, and recommendations, that may satisfy user intent without directing users to our services or may favor the platform's own or affiliated offerings.”

Annual report 2025A · The company itself

“If we are unable to maintain favorable placement, access, or economics across traditional digital search as well as evolving AI-mediated distribution channels, our distribution of travel and restaurant reservations through such third-party distribution channels is likely to decline and our business, competitive position, and results of operations could be adversely affected.”

Annual report 2025A · The company itself

“These risks are likely to increase as we expand our offerings, integrate our products and services, continue to incorporate AI, and store and process more data.”

Annual report 2025A · The company itself

“These issues are more difficult to manage during any expansion of the number of places where we operate and the variety of services we offer, and as the tools and techniques used in such attacks, such as Gen AI or agentic AI become more advanced.”

Annual report 2025A · The company itself

“For example, we have made climate-related commitments through our Climate Action Plan and continue to evaluate whether we, our partners, and our vendors are able to meet evolving sustainability and other standards, particularly as AI-related energy consumption increases.”

Annual report 2025A · The company itself

“We are executing against our long-term strategy to create an ideal AI-powered traveler experience, offering our customers relevant options and suggestions at the times and in the language they want them, making trips booked with us seamless, easy, and valuable. We refer to this as the "Connected Trip."”

Annual report 2025A · The company itself

“The goal of our Connected Trip vision is to offer a differentiated and personalized travel planning, booking, payment, and in-trip experience for each trip, enhanced by a robust loyalty program that provides value to travelers and partners across all trips. In the near term, we are focused on providing consumers the ability to build a complete travel itinerary from AI-powered inspiration and planning to in-trip suggestions for attraction options.”

Annual report 2025A · The company itself

“We continue to grow our Connected Trip verticals in 2025, including 37% year-over-year flight ticket growth, and about 80% attraction ticket growth off a small base. We believe that the growth of our payments capabilities removes friction across the travel experience and delivers additional value for consumers and partners.”

Annual report 2025A · The company itself

“We have made significant investments in people, technology, marketing, and our travel offerings, particularly towards our strategic initiatives such as the Connected Trip, payments, and in key regions such as Asia and the U.S. In 2025, we continued our investments in Gen AI to accelerate internal productivity and improve the consumer and partner experience.”

Annual report 2025A · The company itself

“Our long-term strategy to commercialize the Connected Trip will require increased investments that could have an adverse impact on our results of operations until we achieve the expected return on these investments. The development of the Connected Trip is subject to uncertainties, including further development of the verticals and technological capabilities (including integrating Gen AI) necessary for the Connected Trip experience, the ability to collect, store, and use customer data in a compliant and integrated fashion, and the attraction and retention of employees dedicated to this effort.”

Annual report 2025A · The company itself

“We offer consumer-facing Gen AI capabilities across our brands, including trip planners, AI assistants to answer consumer queries, and a price comparison tool.”

Annual report 2025A · The company itself

“We offer Gen AI powered tools like Smart Messenger and Auto-Reply to enable partners to engage with guests more efficiently.”

Annual report 2025A · The company itself

“I 2024 har etterspørselen etter tjenester innen generativ kunstig intelligens og kunstig intelligens fortsatt i økende takt på tvers av sektorer.”

Annual report 2024A · The company itself

“En trend er at trusselaktørene i økende grad benytter kunstig intelligens (KI).”

Annual report 2024A · The company itself

“Kunstig intelligens 2024 var preget av stadig økende interesse for kunstig intelligens. Generativ KI og språkmodeller har drevet mye av denne interessen, og det har blant annet vært stor interesse rundt Copilotene til Microsoft.”

Annual report 2024A · The company itself

“I tillegg er det en avgjørende faktor for å skulle ta ut de virkelige effektene innen kunstig intelligens og generativ KI.”

Annual report 2024A · The company itself

“Bouvet har gjennom året styrket partnerskapene med Microsoft og Databricks forbundet med analyse og data engineering.”

Annual report 2024A · The company itself

“Innføring av kunstig intelligens krever inngående veiledning og opplæring, og Bouvet bistår allerede flere virksomheter med dette. Med utviklingen av skyteknologi og kunstig intelligens vil kravet til domenekunnskap og forretningsforståelse fra innleide konsulenter øke.”

Annual report 2024A · The company itself

“Tjenester For mange kunder er Bouvet en langsiktig, strategisk partner med et bredt tjenestespekter innen informasjonsteknologi, design, kommunikasjon og virksomhetsstyring.”

Annual report 2024A · The company itself

“We operate in a highly cyclical semiconductor industry that is undergoing profound change due to AI.”

Annual report 2025A · The company itself

“When our semiconductor customers agree to purchase specific quantities of products or source an agreed portion of their product needs from us, such arrangements often include pricing schedules or methodologies that apply regardless of the volume of products purchased, and those customers from time to time may not or do not purchase the amount of product we expect. Moreover, our top customers, including our AI customers, may make and have made greater demands on us with regards to pricing and contractual terms, such as seeking to lease AI racks or systems based on our XPUs instead of purchasing, as well as alternative financings for such leases or other novel or deferred payment models.”

Annual report 2025A · The company itself

“The industries in which we compete are characterized by rapid technological change, new technological developments such as AI and cloud computing, changes in customer requirements, frequent new product introductions and enhancements, short product cycles, evolving industry standards, and new delivery methods. In addition, to compete successfully in the semiconductor industry, we must continue to develop and respond to technological advancements and requirements, such as low-power consumption, higher bandwidth and large compute clusters, and we have, from time to time, evolved our business strategy and adopted new business models to address the needs and challenges of our customers.”

Annual report 2025A · The company itself

“Additionally, concerns about government interference and digital sovereignty, as well as expanding privacy, cybersecurity and data governance legislation, particularly in cloud computing and AI, could adversely affect our customers, our products and services and our own data management practices. The theft, loss or misuse of personal data collected, used, stored or transferred by us to run our business could result in significantly increased business and security costs or costs related to defending legal claims.”

Annual report 2025A · The company itself

“The sale or leasing of AI racks or systems based on our XPUs will likely increase our operating margin but compress or lower future gross margin, which would adversely impact our stock price.”

Annual report 2025A · The company itself

“To remain competitive, we seek to evolve our business strategy or adopt new business models from time to time, such as the sale or leasing of AI racks or systems based on our XPUs, that require significant financial resources, which could have a material adverse effect on our results of operations. Moreover, we may offer and have offered alternative financings or other novel or deferred payment models for the leasing of AI racks or systems based on our XPUs to effectively complete, which could have a material adverse effect on our revenue, free cash flow and gross margin and expose us to credit or customer default risks.”

Annual report 2025A · The company itself

“The semiconductor industry is undergoing profound change due to the adoption and proliferation of AI and has experienced a significant upturn, which may not be sustainable. The growth of AI is creating pressure on the semiconductor industry to timely design, manufacture and deliver semiconductor products and solutions to meet customer demand for computing power and AI infrastructure. Some of these AI customers may have constrained resources or capital and may be unable to pay for their required AI infrastructure and/or seek alternative financings or novel or deferred payment models from their vendors and suppliers.”

Annual report 2025A · The company itself

“Our solutions are used in a wide array of environments, end products and applications, such as enterprise and artificial intelligence (“AI”) data centers, servers and networking and connectivity equipment, as well as storage systems, home connectivity devices, set-top boxes, broadband access, telecommunication equipment, wireless devices and base stations, factory automation, power generation and alternative energy systems, and electronic displays.”

Annual report 2025A · The company itself

“Information security threats continue to evolve, such as the increasing availability and adoption of AI technologies by malicious actors, resulting in increased risk and exposure and increased costs to protect against the threat of information security breaches or to respond to or alleviate problems caused by such breaches. These AI-enabled capabilities have accelerated the sophistication and frequency of cybersecurity threats and may make it more difficult to detect, prevent, and respond to attacks.”

Annual report 2026A · The company itself

“The global financial services industry is characterized by increasingly complex and integrated infrastructures and products, new and changing business models and rapid technological and regulatory changes. Our clients’ needs and demands for our products and services evolve with these changes. Our future success will depend, in part, on our ability to respond to our clients’ demands for new services, capabilities and technologies on a timely and cost-effective basis. We also need to adapt to technological advancements such as AI, machine learning, quantum computing, digital and distributed ledger and cloud computing and keep pace with changing regulatory standards to address our clients’ increasingly sophisticated requirements.”

Annual report 2026A · The company itself

“In addition, we run the risk of disintermediation due to emerging technologies, fintech start-ups and new market entrants. If we fail to adapt or keep pace with new technologies in a timely manner, it could harm our ability to compete, decrease the value of our products and services to our clients, and harm our business and impact our future growth.”

Annual report 2026A · The company itself

“While implementation of these technologies offers the potential for innovation and competitive differentiation, it also poses significant risks and uncertainties, especially given its early stage of commercial adoption. The use of AI in our product initiatives and offerings or services, or in our internal business operations, may give rise to risks related to accuracy, bias, discrimination, intellectual property infringement, misappropriation or leakage of proprietary, confidential and personal information, defamation, data privacy, and cybersecurity.”

Annual report 2026A · The company itself

“Our strategy addresses critical industry needs by utilizing our leading platform capabilities. Specifically, our growth strategy is focused on three key themes: (i) driving democratization and digitization in governance, (ii) simplifying and innovating trading in capital markets, and (iii) modernizing wealth and investment management.”

Annual report 2026A · The company itself

“Global institutions have a strong need to simplify their complex technology environment, and our global, multi-asset-class technology platforms address this need. As a leader in global trade lifecycle management, we are driving next-generation solutions that simplify our clients’ operations, improve performance and resiliency, evolve to global operating models, adapt to new technologies, and enable our clients to better manage their data.”

Annual report 2026A · The company itself

“We continue to leverage emerging technologies such as blockchain and AI to deliver innovative solutions to our clients.”

Annual report 2026A · The company itself

“These evolving technologies are reshaping the financial market ecosystem, including the infrastructure, and we are proactively adapting our offerings and investing in capabilities designed to support our clients through these changes. Our clients face obstacles in making the necessary investments and, more importantly, in applying the right talent and intellectual capital, which may be focused on their most differentiating functions.”

Annual report 2026A · The company itself

“This continues to create a differentiated ability for us to support our clients in the areas where we have scale and domain expertise, which includes areas such as AI, digitization, tokenization, blockchain, digital assets, and other new technologies.”

Annual report 2026A · The company itself

“We have integrated AI capabilities into several of our solutions and provide our associates with access to internal AI tools aimed at transforming our approach to the product development process and enhancing our overall productivity and efficiency. Our multi-pronged approach to AI looks to launch next-generation capabilities while protecting our clients’ and Broadridge’s data privacy and intellectual property.”

Annual report 2026A · The company itself

“We are also focused on enterprise transformation with a focus on next-generation technologies. Our core strength lies in scalable, reusable platform components that empower developers and accelerate application delivery across the Company. This emphasis on unified product disciplines ensures business units have seamless access to top tier expertise. Furthermore, we leverage AI to unlock new commercial opportunities, enhance our product development approach and drive overall productivity.”

Annual report 2026A · The company itself

“Our AI Academy is a voluntary program that offers foundational, applied, and advanced learning paths, courses, and workshops for our associates to establish a robust foundation in AI. In fiscal year 2026, approximately 5,000 associates participated in our AI Academy, completing more than 11,000 courses in the aggregate.”

Annual report 2026A · The company itself

“Our ability to attract and retain clients depends on our capacity to develop and support innovative products and services, including through developing or deploying emerging technologies such as artificial intelligence. Some of our products, services and processes leverage AI, including both machine learning and Generative and Agentic AI, and we continue to make investments in initiatives focused on the further development and deployment of these technologies.”

Annual report 2026A · The company itself

“We provide institutional investors with a suite of global solutions and services to manage and vote their holdings, including meeting their reporting needs. ProxyEdge® (“ProxyEdge”) is our institutional voting platform that allows institutional investors to view, manage and vote on their multi-custodial holdings, as well as generate reporting and access third party vote recommendations.”

Annual report 2026A · The company itself

“Our Custom Policy Engine uses artificial intelligence (“AI”) to allow institutional investors to create, manage, and execute their own custom voting policies.”

Annual report 2026A · The company itself

“In addition, we provide business process outsourcing services for our buy- and sell-side clients’ businesses. These services combine our technology, including agentic AI, with our operations expertise to support the entire trade lifecycle, including securities clearing and settlement, reconciliations, record-keeping, wealth management asset servicing, and custody-related functions.”

Annual report 2026A · The company itself

“We offer an integrated, modern open-architecture wealth management platform through which we provide enhanced data-centric capabilities, integrating the use of AI, to improve the overall client experience across the entire front-, middle- and back-office wealth management lifecycle, including advisor, investor, and operational workflows.”

Annual report 2026A · The company itself

“Our digital marketing and content capabilities leverage analytics and machine-learning to enable financial advisors and wealth management firms to grow their businesses and deepen relationships with their customers.”

Annual report 2026A · The company itself

“In addition, we are incorporating agentic AI into our fully managed services, where Broadridge runs operations end-to-end, or clients can deploy Broadridge’s agentic platform and technology directly into their own infrastructure.”

Annual report 2026A · The company itself

“In addition, we have a number of AI-driven solutions such as BondGPT with agentic capabilities and continue to develop new AI applications to create a more efficient trading process for our clients.”

Annual report 2026A · The company itself

“Our solutions also reduce complexity and capitalize on emerging technology to simplify operations across the trade lifecycle for hedge fund, private asset, and complex asset managers and their asset servicers.”

Annual report 2026A · The company itself

“Further, the advance of generative artificial intelligence (“AI”) may give rise to additional vulnerabilities and potential entry points for cyber threats. With generative AI tools, threat actors may have additional tools to automate breaches or persistent attacks, evade detection, or generate sophisticated phishing emails or other forms of digital impersonation, doing so quickly and without requiring deep technical understanding of potential exploits.”

Annual report 2025A · The company itself

“For example, incorporating AI into certain product offerings is becoming more important in our operations, particularly as our competitors, including new entrants focused on using technology and innovation, such as generative AI, digital platforms, data analytics, robotics and blockchain, seek to simplify and improve the customer experience, increase efficiencies, alter business models and effect other potentially disruptive changes in the industries in which we operate.”

Annual report 2025A · The company itself

“We have internal policies and controls governing the development, procurement, deployment, and use of AI and RPA by our employees designed to align with globally recognized AI principles, maintain trust with customers and protect us from cybersecurity threats, breaches of data privacy and intellectual property, errors and omissions liability and regulatory enforcement risk; however, our employees could violate these policies and they or external threat actors could circumvent our controls and expose us to such risks.”

Annual report 2025A · The company itself

“Due to the impracticality of incorporating all relevant data into the models or algorithms used by AI and RPA it is inevitable that data sets within these models will contain inaccuracies and errors, and potential biases. This could potentially render such models inadequate or flawed, negatively impacting the effectiveness of the technology or our services.”

Annual report 2025A · The company itself

“If any of our employees, contractors, consultants, vendors or service providers use any third-party AI powered software in connection with our business or the services they provide to us, it may lead to the inadvertent disclosure or incorporation of our confidential information into publicly available training sets, which may impact our ability to realize the benefit of, or adequately maintain, protect and enforce our intellectual property or confidential information, harming our competitive position and business.”

Annual report 2025A · The company itself

“The use of these technologies by customers or underwriting enterprises may impact the way our business operates, and its use by our competitors and new market entrants with competing services derived from their AI capabilities may give them a competitive advantage. In addition, emerging AI-enabled platforms may enable insurers or third parties to quote, market, or sell insurance products directly to customers, potentially bypassing traditional intermediaries and reducing demand for our services.”

Annual report 2025A · The company itself

“Further, the rapid development of these technologies may require significant efforts to upskill or reskill existing employees.”

Annual report 2025A · The company itself

“Additionally, we use AI and robotic processing automation (“RPA”) in our business. We are using enterprise-managed AI tools to enhance productivity and operational efficiency, and we are actively exploring use-cases.”

Annual report 2025A · The company itself

“The industry is undergoing rapid technological change, including the emergence of disruptive technologies and accelerated adoption of automation and AI. Competitors are leveraging advanced digital platforms, AI-driven freight matching, and automation to improve efficiency and reduce costs.”

Annual report 2025A · The company itself

“Table of Contents We often compete with respect to price, scope of services, or a combination thereof, but believe that our most significant competitive advantages are: •People and relationships: Our knowledgeable, dedicated, and empowered people act as an extension of our customers’ teams to innovate and execute their supply chain strategies. Our large number of unique, strong relationships provide global connections and valuable market knowledge; •Global suite of services: A wide and integrated selection of services and products, supported by regional and local expertise, provide our customers with consistent capacity and service levels; •Scale: Our customers leverage our significant capacity, broad procurement options, global data insights, and substantial shipment volumes for better efficiency, service, and marketplace advantages; •Lean AI, data, and technology: The combination of our expertise, scale, and tailored solutions gives our technology an edge.”

Annual report 2025A · The company itself

“We have one of the largest datasets of shipments, routings, and carriers in the world. Generative AI and agentic AI are especially powerful in our hands, helping us unlock the value in our vast amount of data and create new proprietary technology that leads the industry forward.”

Annual report 2025A · The company itself

“Proprietary Information Technology and Intellectual Property Our technology is driving digital transformation in our industry and brings the value of Lean AI, machine learning, data science, and analytics to our customers to help solve their most complex logistics challenges. With approximately 800 technologists across product, data, engineering, and AI, we continue to make smart, talent-focused investments globally in this critical area and continue to build the next generation of tools and processes that are creating smarter, faster, better supply chains.”

Annual report 2025A · The company itself

“Enhancements to our dynamic costing and pricing models allow us to react to market signals more quickly and accurately. Through a combination of more inputs, an upgraded algorithm, and greater configurability, these proprietary data science models serve to optimize our purchasing of shipping capacity and the price we offer our customers.”

Annual report 2025A · The company itself

“We use, and may continue to expand our use of, machine learning and AI technologies to deliver our services and operate our business. We leverage machine learning and AI technologies to enhance operational efficiency, automate processes, and improve the customer experience across our logistics platform.”

Annual report 2025A · The company itself

“For example, the U.S. government implemented an outbound investment review mechanism, effective January 2, 2025, which could limit our ability to pursue investment opportunities outside the United States. These restrictions, which impose certain notification requirements and prohibitions on investments by U.S. persons in sensitive sectors in China, such as semiconductors, quantum information technologies and artificial intelligence systems, may prevent us from capitalizing on opportunities that could otherwise benefit our business and stockholders.”

Annual report 2025A · The company itself

“AI Technologies are complex and rapidly evolving, and we face significant competition from other companies. Such other companies may develop AI Technologies that are similar or superior to ours and/or are more cost-effective and/or quicker to develop, deploy and maintain. Any inability to develop, offer or deploy new AI Technologies as effectively, as quickly and/or as cost-efficiently as our competitors could have a materially adverse impact on our operating results, customer relationships and growth.”

Annual report 2025A · The company itself

“We expect that increased investment will be required in the future to continuously improve our development and use of AI Technologies. Such investments ultimately may not be commercially viable or may not result in an adequate return of capital, and we may incur unanticipated liabilities. Moreover, the long-term trajectory of this technological trend is unknown, and we may not be successful in our ongoing development and maintenance of AI Technologies in the face of novel and evolving technical, reputational and market factors. We may incur significant costs, resources, investments, delays and not achieve a return on investment or capitalize on opportunities presented by AI Technologies, and we could incur financial losses.”

Annual report 2025A · The company itself

“While AI Technologies may drive future growth in the semiconductor and electronics systems industries as well as our business, worldwide markets for AI-enabled products may not develop in the manner or time periods we anticipate, or at all. If domestic or global economies worsen, overall spending on the development of AI-related products may decrease, which would adversely impact demand for our products in these markets.”

Annual report 2025A · The company itself

“Even if the demand for AI-enabled products develops in the manner or in the time periods we anticipate, if we do not have timely, competitively priced, market-accepted products available to meet our customers’ needs, we may miss a significant opportunity and our business, financial condition and results of operations may be adversely affected. In addition, because the markets for AI-related products are still emerging, demand for these products may be unpredictable and may vary significantly from one period to another.”

Annual report 2025A · The company itself

“Further, the IP ownership and license rights, including copyright, surrounding AI Technologies have not been fully addressed by U.S. courts or other federal or state laws or regulations, and the use or adoption of AI Technologies into our products and services may result in exposure to claims of copyright infringement or other IP misappropriation.”

Annual report 2025A · The company itself

“These risks include the possibility of AI Technologies malfunctioning, producing biased, misleading or inaccurate content or failing to meet performance expectations. The development and deployment of AI Technologies carries the risk of other unintended consequences, such as ethical concerns, privacy violations and negative public perception. The rapid evolution of AI Technologies requires the application of resources to help ensure that AI is implemented responsibly in order to minimize unintended, harmful impact. If the development or use of AI Technologies by us or our customers draws controversy due to perceived or actual impact on human rights, IP, privacy, security, employment or the environment or in other social contexts, we may experience brand or reputational harm, competitive harm or legal liability.”

Annual report 2025A · The company itself

“Our Intelligent System Design™ (“ISD”) strategy enables us to address our customers' most challenging product development needs while expanding our capabilities beyond traditional chip design to encompass full electromechanical systems. By leveraging our deep expertise, we develop industry-leading computational AI-driven software, accelerated hardware, and IP solutions that adapt to our customers’ evolving design requirements. This flexibility helps our customers address critical business priorities such as reducing time-to-market and advancing sustainability goals.”

Annual report 2025A · The company itself

“We use AI Technologies throughout our business and are making significant investments in AI initiatives, including expanding our generative AI platform and applications, to enable our customers to optimize their products’ performance, increase the productivity of their design teams and workflows and develop AI solutions themselves.”

Annual report 2025A · The company itself

“To compete successfully, we must develop, acquire or license new products and improve our existing products and processes on a schedule that keeps pace with technological developments. We must provide frequent and relevant updates to our software products in order to provide substantial benefit to the customer throughout the license periods because of the rapid changes in our customers’ industries.”

Annual report 2025A · The company itself

“Our investment in research and development of new and existing products, technologies and services may affect our operating results, and our return on investment may be lower or develop more slowly than expected. We invest and expect to continue to invest in research and development for new and existing products, technologies and services in response to our customers’ increasing technological requirements and to maintain and improve our competitive position.”

Annual report 2025A · The company itself

“Similar to other large corporations in our industry, we are exposed to operational risk that can manifest itself in many ways, such as errors in execution, inadequate processes, inaccurate models, faulty or disabled technological infrastructure, malicious disruption and fraud by employees or persons outside of our company, whether through attacks on Capital One directly, or on our third-party service providers or customers. In addition, the increased use of near real-time money movement solutions and the use of AI, as well as other emerging technologies, increases the complexity of preventing, detecting and recovering fraudulent transactions.”

Annual report 2025A · The company itself

“The use of AI, “bots” or other automation software can increase the velocity and efficacy of these types of attacks and such use by companies has resulted in, and may continue to result in, cyber-attacks and other security incidents that implicate the sensitive and confidential information, including personal information, of AI users.”

Annual report 2025A · The company itself

“The methods and techniques employed by malicious actors continue to develop and evolve rapidly, including from emerging technologies, such as AI and quantum computing, are increasingly sophisticated and often are not fully recognized or understood until after they have occurred, and some techniques could occur and enable persistent access for an extended period of time before being detected and remediated, if at all. We and our service providers and other third parties with which we interact may be unable to anticipate or identify certain attack methods or techniques in order to implement effective preventative or detective measures or mitigate or remediate the damages caused in a timely manner.”

Annual report 2025A · The company itself

“For example, generative AI has been known to produce false or “hallucinatory” inferences or output. Certain generative AI tools use machine learning and predictive analytics, which can create inaccurate, incomplete or misleading outputs; unexpected results; or errors or inadequacies, any of which may not be easily detectable.”

Annual report 2025A · The company itself

“In addition, models and AI that are based on historical data sets might not be accurate predictors of future outcomes. The ability of models and AI to appropriately predict future outcomes may degrade over time due to limited historical patterns, extreme or unanticipated market movements, or customer behavior and liquidity, especially during severe market downturns or stress events (e.g., geopolitical or pandemic events).”

Annual report 2025A · The company itself

“AI may subject us to new or heightened legal, regulatory, ethical or other challenges, and a negative public opinion of AI could impede the acceptance of AI solutions. If the models or AI solutions that we or a third party create and use or the data inputs, formulas, or algorithms on which such models or AI solutions rely – or if the content, analyses or recommendations that the models or AI solutions produce are (or are perceived to be) deficient, inaccurate, biased, unethical or controversial – we could incur operational inefficiencies, competitive harm, legal liability, or brand or reputational harm.”

Annual report 2025A · The company itself

“They may be subject to human error, data limitations, process delays or system failure.”

Annual report 2025A · The company itself

“If any of our employees, contractors, third-party service providers or other third parties with which we do business use any third-party AI solutions in connection with our business, it may lead to the inadvertent or unauthorized disclosure or incorporation of our sensitive and confidential information, including personal information, into third-party systems or publicly available or third-party training sets, which may impact our ability to realize the benefit of our intellectual property or other proprietary rights in such information.”

Annual report 2025A · The company itself

“Additionally, consumer activists and regulators have sought to expand financial institutions’ responsibility to hold customers harmless for transactions that they authorized on their accounts that are the result of scams. Emerging generative AI capabilities, such as synthetic video, images and identity documents may introduce new risks, in the form of identity fraud and scams.”

Annual report 2025A · The company itself

“Additionally, the growth of agentic commerce, in which autonomous AI agents initiate and execute transactions on behalf of users, may increase fraud losses as well as change circumstances when the merchant or issuer is liable for fraud losses. Legal frameworks governing such autonomous agents remain nascent, with limited direct guidance, and the interplay between laws and regulations relating to, among other things, fraud, payments, privacy, data protection, data security and AI may create uncertainty around compliance obligations and potential liability exposure as more participants (including sellers, fintechs, AI developers and enablers) enter the agentic commerce ecosystem.”

Annual report 2025A · The company itself

“We compete with many forms of payments offered by both bank and non-bank providers, including a variety of new and evolving alternative payment mechanisms, systems and products, such as aggregators and web-based and wireless payment platforms or technologies, digital currencies or cryptocurrencies (including stablecoins and tokenized deposits), prepaid systems and payment services targeting users of social networks, communications platforms and online gaming. If we are unable to continue to keep pace with innovation and fail to reflect such technology in our payments offerings, do not effectively market our products and services, are unable to deliver them effectively and securely to our customers or are prohibited from or unwilling to enter emerging areas of competition, our business and results of operations could be adversely affected.”

Annual report 2025A · The company itself

“Also, our competitors or other third parties may incorporate emerging technologies, such as AI, into their products or services more quickly or more successfully than we do, which could impair our ability to compete effectively. For example, our competitors may be more timely or successful in developing or integrating AI technologies to increase their productivity and reduce their costs or to provide better transaction execution or improved products or services to clients.”

Annual report 2025A · The company itself

“Some of our competitors are substantially larger than we are, which may allow those competitors to invest more money into their technology infrastructure and digital innovation than we do.”

Annual report 2025A · The company itself

“Furthermore, given intellectual property ownership and license rights surrounding AI, such as generative AI, are currently not fully addressed by courts or regulators, any output created by us using AI may not be subject to copyright or other intellectual property protection, which may adversely affect our intellectual property or other proprietary rights in, or ability to commercialize or use, any such output, and our use or adoption of AI may result in exposure to claims by third parties.”

Annual report 2025A · The company itself

“In addition, advances in technology, such as automation and AI, may lead to workforce evolution. This could require us to invest in additional employee training, manage impacts on morale and retention, and compete for employment candidates who possess more advanced technological skills, all of which could have a negative impact on our business and operations.”

Annual report 2025A · The company itself

“A key part of our strategic focus is the development and use of efficient, flexible computer and operational systems, such as cloud or artificial intelligence (“AI”) technologies. We believe that the continued adoption, development and integration of these technologies is an important part of our efforts to reduce costs, improve quality and security and provide faster, more flexible technology services.”

Annual report 2025A · The company itself

“•If we are not able to invest successfully in and introduce digital and other technological developments across all our businesses, our financial performance may suffer. •We may fail to realize the anticipated benefits of our mergers, acquisitions and strategic partnerships. •Reputational risk and social factors may impact our results and damage our brand. •If we are not able to protect our intellectual property rights, or we violate third-party intellectual property rights, our revenue and profitability could be negatively affected. •Our risk management strategies may not be fully effective in mitigating our risk exposures in all market environments or against all types of risk. •Our business could be negatively affected if we are unable to attract, develop, retain and motivate key senior leaders and skilled employees.”

Annual report 2025A · The company itself

“In particular, we use models and AI in certain processes and may expand our use of AI in additional processes in the future. Some examples may include determining the pricing of products, identifying potentially fraudulent transactions, grading loans, extending credit, measuring market and interest rate risks, predicting deposit levels or loan losses, assessing capital adequacy, estimating the value of financial instruments and balance sheet items, software development, personalizing customer experiences and other operational functions. We continue to invest in building new capabilities that use new AI technologies, such as generative AI, and we expect our use of these technologies to increase over time.”

Annual report 2025A · The company itself

“Our competitive position could also be affected if we are unable to deploy, in a cost-effective and competitive manner, technology such as generative AI.”

Annual report 2025A · The company itself

“If we are not able to invest successfully in and introduce digital and other technological developments across all our businesses, our financial performance may suffer. Our industry is subject to rapid and significant technological changes, including due to the increasing development and use of AI, and our ability to meet our customers’ needs and expectations is key to our ability to grow revenue and earnings.”

Annual report 2025A · The company itself

“A key milestone for cBrain in 2025 was the completion of full AI enablement”

Annual report 2025A · The company itself

“AI is now embedded as a native, production-ready capability across the F2 Digital platform”

Annual report 2025A · The company itself

“A key milestone for cBrain in 2025 was the completion of full AI enablement. AI is now embedded as a native, production-ready capability across the F2 Digital platform, seamlessly integrated into core workflows and case processes. This positions F2 as a fully AI-enabled COTS platform for government - driving higher productivity, enhanced decision support, and scalable automation, while preserving standardization, transparency, and regulatory compliance.”

Annual report 2025A · The company itself

“While developing the F2 ServiceBuilder, cBrain has also invested in AI technology and, in the near term, expects to announce embedded AI capabilities. This will further strengthen and differentiate the F2 ServiceBuilder offering by providing sovereignty and flexibility, enabling customers to fully control and maintain both their own processes and AI prompts without reliance on external providers.”

Annual report 2025A · The company itself

“In 2025 cBrain delivered an AI based solution for the ministry, to support the new Peppol electronic invoicing standards.  In the autumn 2025, cBrain signed a contract with Aarhus Municipality to adapt the F2 platform for local government.”

Annual report 2025A · The company itself

“To maintain the lead cBrain continues to intensify and target investments in R&D and in positioning cBrain. Development also includes a strong focus on integrating AI into the platform, including the Service builder.”

Annual report 2025A · The company itself

“We expect the competitive landscape to continue to evolve as new technologies and consumption models emerge, such as cloud-based and other “as a service” solutions, hyper-converged infrastructure, embedded software solutions, and solutions that incorporate AI. While innovation can help our business as it creates new offerings for us to sell, it can also disrupt our business model and create new and stronger competitors.”

Annual report 2025A · The company itself

“The technology industry is characterized by rapid innovation and the frequent introduction of new and enhanced hardware, software, and services, such as cloud-based and other “as a service” solutions, hyper-converged infrastructure, embedded software solutions, and solutions that incorporate AI. We have been and will continue to be dependent on innovations in technology, as well as the adoption of those innovations by customers.”

Annual report 2025A · The company itself

“In rapidly evolving categories such as cloud-based 11 Table of Contents solutions, AI, and software “as a service” solutions, our dependence on our vendor partners for innovation can add additional complexity as vendor channel strategies and authorization models may change more frequently. To the extent that a vendor’s offering that is in high demand is not available to us for resale in one or more customer channels, and there is not a competitive offering from another vendor that we are authorized to sell in such customer channels, our business, results of operations, or cash flows could be adversely impacted.”

Annual report 2025A · The company itself

“Issues relating to the use or capabilities of AI, including social, ethical, and safety issues, in hardware, software, and services offerings may result in reputational harm, liability, or increased costs. Social, ethical, and safety issues relating to the use of new and evolving technologies such as AI-based technologies, including generative AI in our hardware, software, and service offerings, as well as in our internal platforms, may result in reputational harm and liability.”

Annual report 2025A · The company itself

“Additionally, third parties, such as data center colocation and hosted solution partners, provide services to us and also provide services as a component of our services delivery to customers and to customer systems. These third parties may also utilize or embed AI capabilities in providing their services to us and our customers. These third parties or others that are a part of our supply chain, and their use of AI capabilities, could also be a source of security risk in the event of a failure to protect their own products, security systems and infrastructure and we may not be able to control the manner in which these third parties respond to any security breach.”

Annual report 2025A · The company itself

“Further, as AI continues to evolve, malicious actors could use AI to enhance the sophistication and coordination of their attacks, which could pose significant challenges to our security defenses.”

Annual report 2025A · The company itself

“For example, more recent tightening in the availability of high-performance memory and storage as demand has increased significantly and OEMs are prioritizing datacenters and AI workloads, pushing commercial devices and many server configurations into longer lead times and higher pricing. As demand for AI increases, supply capacity for high-performance memory and storage may continue to be limited until supply capacity increases.”

Annual report 2025A · The company itself

“Increasingly, many of these assertions are brought by non-practicing entities whose principal business model is to secure patent licensing revenue, but we may also be subject to demands from inventors, competitors, or other patent holders who may seek licensing revenue, lost profits, or an injunction preventing us from engaging in certain activities, including selling certain products or services.”

Annual report 2025A · The company itself

“Training & Development We focus on skills enhancement, leadership development, innovation excellence, and professional growth throughout our coworkers’ careers.”

Annual report 2025A · The company itself

“We enable our customers with AI solutions that empower their end users and drive efficiency in business-critical functions.”

Annual report 2025A · The company itself

“•Digital Velocity: We deliver advanced digital transformation solutions that enable organizations to modernize their IT infrastructure, applications, and operations. Leveraging expertise in cloud-native deployment, DevOps, AI, and automation, we help customers improve business outcomes through scalable and secure technology implementations.”

Annual report 2025A · The company itself

“Moreover, as we expand our services and solutions business and provide increasingly complex services and solutions, including solutions that incorporate AI, we may be exposed to additional operational, regulatory, and other risks.”

Annual report 2025A · The company itself

“Further, as connectivity of technology advances, artificial intelligence and business processes supported by large language models that are used by us, our healthcare providers, our brokers, or our third-party vendors may not operate as expected or may give rise to risks related to accuracy, bias, discrimination, intellectual property infringement, cybersecurity and data privacy, among others. The development and use of artificial intelligence technologies is still in its early stages, and as a result it is not possible to predict all of the risks and potentially unintended consequences related to the use of artificial intelligence by us, our health care providers, our brokers or our third-party vendors.”

Annual report 2025A · The company itself

“We increasingly rely on new and evolving technologies, including those powered by or incorporating artificial intelligence, as part of our internal operations and in the delivery of our products and services. These new technologies could present ethical, technological, legal, regulatory and other risks. We are required by certain regulators to develop and implement policies and procedures to promote and sustain the responsible design, development, and use of artificial intelligence. Any inadequacy or failure in designing, implementing or complying with such policies and procedures, or failure in complying with emerging laws, regulations and standards governing artificial intelligence, could adversely affect our operations that use or rely on artificial intelligence, or could materially and adversely affect our business, reputation, results of operations, financial position and cash flows.”

Annual report 2025A · The company itself

“We contract with various third-party vendors to perform certain functions and services, including for pharmacy benefits management, medical management and other member-related services as well as technology services, including AI.”

Annual report 2025A · The company itself

“The sophistication of cybersecurity threats, including those leveraging AI, continues to increase, and the controls and preventative actions we take to reduce the risk of cybersecurity incidents and protect our systems, including the regular testing of our cybersecurity incident response plan, may be insufficient.”

Annual report 2025A · The company itself

“We anticipate a high level of load growth and an increase in demand for electric power in certain of our service territories, including from the expansion of data centers (associated with, among other things, increasing demand for AI), energy refining and exports, advanced manufacturing and logistics, and a significant portion of the planned investments in our 10-year capital plan is intended to support such expected growth.”

Annual report 2025A · The company itself

“Some of the technologies supporting the industries we serve are changing rapidly and increasing in complexity. New technologies will emerge or evolve that may deliver superior capabilities to, or may not be compatible with, some of our existing technologies, and may require us to make significant investments so that we can continue to provide cost-effective and reliable technology solutions to support energy production and delivery.”

Annual report 2025A · The company itself

“Solar and Wind Indiana Electric has entered into various PPAs to purchase solar power and wind power to meet its future generation needs as reported in the table below: Power Type Counterparty Location Date in Service/Expected Date in Service Capacity (MW) Term (in Years) Wind NextEra Energy, Inc. Tama County, Iowa 2025 170 27 Solar Origis Knox County, Indiana 2026 150 20 Wind NextEra Energy, Inc.”

Annual report 2025A · The company itself

“We may not be successful in our adoption, development and deployment of AI, which could adversely affect our business, reputation, or financial results. We are using and exploring the further use of AI, including generative AI, and its ability to enhance the services we offer to the communities we serve.”

Annual report 2025A · The company itself

“Networks continue to experience strong demand for increased bandwidth due to traffic growth, primarily driven by the impact of AI on networks. Impact of AI on Networks. Unprecedented AI workloads are driving substantial changes in how compute and networking infrastructure are designed and operated, and creating greater demands for high-speed connectivity.”

Annual report 2025A · The company itself

“Training large-scale AI and foundation models requires massive, coupled GPU clusters that require immense bandwidth, low latency, and power efficiency. These growing demands are influencing data center locations and contributing to greater geographic distribution of training workloads.”

Annual report 2025A · The company itself

“At the same time, the need to monetize AI infrastructure investment and deploy models at scale is making inferencing a primary driver of low-latency, high-capacity networking investment across regions and edge locations, closer to end users. Collectively, these trends are accelerating demand for high bandwidth, low-latency and energy-efficient network solutions in and around data centers and across the wide area network.”

Annual report 2025A · The company itself

“Significant economic growth, and the unprecedented nature of AI related demand, can make it more difficult for us and our suppliers to accurately forecast demand and to set optimized levels of manufacturing capacity and inventory.”

Annual report 2025A · The company itself

“For example, the electro-optical component and semiconductor industries have been experiencing increased demand as a result of significant spending related to AI and other cloud-based applications, which has led to a constrained supply environment. These constraints have resulted, and could further result in shortages, extended lead times, or increased costs that adversely impact our revenue and gross margin.”

Annual report 2025A · The company itself

“The frequency and sophistication of cybersecurity events globally continues to increase, including through the use of AI, with companies in our industry particularly targeted given the nature of the products that we sell.”

Annual report 2025A · The company itself

“Strategy Our strategy is to build on and expand our global leadership in optical networking to drive sustainable, profitable growth while expanding our reach into complementary, high-growth markets and applications. We are focused on helping customers transform their networks to enable enhanced network capacity, service delivery, and automation and to meet accelerating demand for bandwidth and digital services. This strategy leverages our optical leadership, routing and switching capabilities, automation software, and services.”

Annual report 2025A · The company itself

“Scale Market Presence with Interconnect Modules. A key element of our growth strategy is to expand our market relevance inside and around the data center. Accordingly, we are increasingly prioritizing technology development that addresses the interconnection of data centers (“DCI”) and data center campuses, as well as scale up, scale out, and scale across solutions that address intra-rack, inter-rack and inter-data center connectivity.”

Annual report 2025A · The company itself

“Drive Software-Led Transformation. We are committed to meeting network operators’ needs for increasing automation, programmability, and intelligence across networks, including through our primary off-box software platforms. Our Navigator NCS software, Adaptive IP capabilities embedded in our platforms, and Blue Planet® software enable network operators to automate lifecycle management, orchestrate across multi-vendor environments, and evolve toward service-ready networks.”

Annual report 2025A · The company itself

“A key part of this strategy is to leverage our optical technology leadership and expand our addressable market into complementary and adjacent markets by investing in new technologies, including for applications inside and around the data center, and specifically for AI-driven use cases.”

Annual report 2025A · The company itself

“We regularly pursue initiatives to scale, transform and optimize our business operations and IT systems through the reengineering of certain processes and investment in automation, including the use of AI.”

Annual report 2025A · The company itself

“Our solutions support network traffic across a wide range of applications, including cloud, voice, video, data, and artificial intelligence (“AI”).”

Annual report 2025A · The company itself

“Optical Networking. Our Optical Networking portfolio includes a range of products that use our WaveLogic coherent optical technology, intelligent photonics solutions and other key components, including lasers, modulators, optical amplifiers, and wavelength multiplexers for efficient signal transmission and management. These products are often combined and sold as solutions that address network applications including cloud and AI networking, datacenter interconnect, long haul, metro, submarine connectivity, and MOFN.”

Annual report 2025A · The company itself

“Revenue from this segment is included in product revenue on the Consolidated Statements of Operations. •Platform Software and Services revenue reflects sales of Ciena’s Platform Software and Platform Services. Table of Contents •Platform Software - includes Ciena’s Navigator Network Control SuiteTM domain controller solution and its applications, and legacy software solutions. •Platform Services - includes sales of subscription, support, and consulting services related to Ciena’s software platforms, operating system software and enhanced software features embedded in each of the Networking Platforms product lines above.”

Annual report 2025A · The company itself

“•Blue Planet Automation Software and Services revenue reflects sales of Blue Planet Automation Software and Blue Planet Services. •Blue Planet Automation Software - includes inventory management, orchestration, route optimization and analysis, and unified assurance and analytics software. •Blue Planet Services - includes sales of subscription, installation, support, consulting and design services related to the Blue Planet Automation Platform.”

Annual report 2025A · The company itself

“Our customers have three key priorities in this dynamic environment: i) to build modern infrastructure; ii) to protect against the cyber threats of today and tomorrow; and iii) to harness the power of AI and data. Cisco is at the forefront of this evolution, developing innovative solutions that leverage advanced AI to deliver more valuable outcomes for our customers. Modern Infrastructure As agentic AI and inference workloads fundamentally alter network traffic patterns, our customers are investing in resilient, adaptable infrastructure to quickly respond to market changes and the demands of their own customers.”

Annual report 2026A · The company itself

“The rise of AI agents is generating a huge increase in network traffic and driving the need for far greater network connectivity. We provide network infrastructure to power AI training and inference workloads for both hyperscalers and enterprises.”

Annual report 2026A · The company itself

“Our sales of AI infrastructure solutions to cloud and hyperscaler customers may similarly involve large and concentrated purchases, and demand may depend on a limited number of customers' capital spending levels, the timing and scale of AI infrastructure deployments, technology and network architecture decisions, and decisions regarding whether to purchase solutions from us or other vendors or develop certain technologies internally. These customers may delay, reduce or cancel planned deployments or purchases for a variety of reasons, including, among others, as a result of budgetary constraints, funding limitations or concerns and changes in anticipated demand for AI infrastructure, available capacity, technology requirements, competitive offerings or investment priorities.”

Annual report 2026A · The company itself

“For example, as products related to network programmability, such as software-defined networking (SDN) products, have become more prevalent, we have faced increased competition from companies that develop networking products based on commoditized hardware, referred to as “white box” hardware.”

Annual report 2026A · The company itself

“We have experienced, and may in the future experience, interruptions in service, storage failures, and other performance-related problems due to a variety of factors, such as infrastructure and software changes, human or software errors, capacity constraints, unauthorized access, denial of service or other cyber attacks, and our exposure to these risks is growing as increasingly powerful AI capabilities emerge and are widely disseminated among threat actors.”

Annual report 2026A · The company itself

“Developing new technologies, including more programmable, flexible and virtual networks, and technology related to other market transitions— such as AI, security, observability, and cloud— is complex and uncertain, and if we fail to deliver on our customers’ changing needs, including our hyperscaler and other customers’ performance, cost and power efficiency requirements, or accurately predict emerging technology trends our business could be harmed.”

Annual report 2026A · The company itself

“Entrance into new or developing markets exposes us to additional competition and will likely increase demands on our service and support operations. As we pursue new market opportunities and key priority areas, including AI, cloud, and cybersecurity, we compete with companies of all sizes, some of which may have greater resources than we do.”

Annual report 2026A · The company itself

“Rapidly accelerating advances in AI technology are enabling threat actors, or autonomous systems, to identify and exploit vulnerabilities across both software and hardware with little or no delay between discovery and exploitation, including so-called “zero-minute” vulnerabilities, increasing the likelihood and speed of successful cyber attacks. These advances also show AI technology can rapidly chain otherwise low-severity, unrelated vulnerabilities into more severe combined exploits, complicating prioritization of security updates.”

Annual report 2026A · The company itself

“While we intend to focus on managing our costs and expenses, over the long term, we also intend to invest in personnel and other resources related to our engineering, sales, service and marketing functions as we realign and dedicate resources on key priority areas, such as AI, cloud, and cybersecurity.”

Annual report 2026A · The company itself

“Business General Cisco designs and sells a broad range of technologies including hardware, software, and artificial intelligence (AI) powered digital infrastructure to power, help secure, and draw insights from the Internet.”

Annual report 2026A · The company itself

“We are incorporating AI into our product portfolios across networking, security, collaboration and observability, as well as integrating our products more tightly together into a platform.”

Annual report 2026A · The company itself

“Observability Observability consists of our observability suite and network assurance offerings. Our unified observability offerings connect insights across AI agents, applications, infrastructure, networks and digital experience to help improve service resilience, which is especially important in the AI era with concerns around “tokenomics.””

Annual report 2026A · The company itself

“We incorporate AI technology in certain of our commercial offerings and in our business operations. Our research and development of AI technology remains ongoing.”

Annual report 2026A · The company itself

“We commit significant resources, including investments in strategic priorities such as silicon (Cisco Silicon One) and optics, including for AI infrastructure, to develop new products and services before knowing whether our investments will result in products and services the market will accept.”

Annual report 2026A · The company itself

“Demand in this segment is driven by our clients’ need to modernize legacy technology environments, strengthen operational resilience and adopt cloud, data and AI capabilities to meet evolving customer expectations and regulatory requirements. Our clients are expanding enterprise AI adoption to enhance customer experience, improve risk and fraud management, accelerate underwriting and lending and modernize payments.”

Annual report 2025A · The company itself

“Demand in this segment is driven by our clients’ focus on improving the efficiency and sustainability of their operations; the enablement and integration of business platforms to support sales and customer experience enhancement initiatives; the generational shift from mechanical to software-defined, experience-driven customer interactions; grid modernization to support a consumer-driven energy landscape that enables cleaner, more efficient energy use; and their adoption and integration of AI and other technologies, such as intelligent systems to manage supply chains and enhance overall customer experiences, and IoT to generate data and insights for factories, fleets, products and real estate companies.”

Annual report 2025A · The company itself

“Demand in this segment is driven by our clients’ need for services related to AI adoption, modernization of business and technology operations, development of agentic ecosystems for the generation of new revenue streams, enhancing user experiences and driving operational efficiency. In response to this demand, our focus areas include AI and analytics, data modernization, customer experience design, supporting clients as they launch new products and services, transforming client interactions with customers, telecom network monetization, media supply chain transformation and applications, as well as infrastructure modernization.”

Annual report 2025A · The company itself

“We face intense and evolving competition and our service offerings must keep pace with significant technological advances in the rapidly changing markets we compete in. The markets we serve and operate in are highly competitive, subject to rapid change and characterized by a large number of participants, as described in “Part I, Item 1.”

Annual report 2025A · The company itself

“Our competitiveness also depends on our ability to continue to develop and implement services and solutions that anticipate and respond to rapid and continuing changes in technology to serve the evolving needs of our clients. Examples include digital-, cloud- and security-related offerings, AI, augmented reality, automation, blockchain, IoT, quantum and edge computing, digital engineering and manufacturing and as-a-service solutions, among others, which are continually evolving.”

Annual report 2025A · The company itself

“We face significant competition from our traditional competitors as well as other third parties, including those that are new to the market, and our clients may develop their own AI-related capabilities.”

Annual report 2025A · The company itself

“In addition, the development, adoption and use of AI technologies continue to evolve rapidly and ineffective or inadequate AI development or deployment practices by us, our clients or other third parties may not deliver anticipated efficiencies and could result in unintended consequences. Such consequences may include, for example, operational or compliance risks; reliance on outputs that reflect biased, incomplete or inaccurate information; unauthorized disclosure of sensitive information; operational inefficiencies leading to decreased productivity; deliberate misuse; or infringement of third-party IP rights. Additionally, the use of AI by us or our business partners may create new or exacerbate existing cybersecurity vulnerabilities, including novel risk vectors that may not be immediately identifiable.”

Annual report 2025A · The company itself

“The emergence and maturation of AI capabilities is already being used by malicious actors to amplify cybersecurity attacks. This development may also lead to new or more sophisticated methods of attack and/or a more significant impact on affected parties.”

Annual report 2025A · The company itself

“AI technology and services require access to high-quality datasets, models (including foundation models), and other AI system components. We currently rely, in part, on third parties to provide these components.”

Annual report 2025A · The company itself

“Central to our strategy to align with our clients’ need for continuous transformation is our sustained investment in new technologies, including GenAI and agentic systems, cloud, data modernization, automation, digital engineering and IoT. These capabilities help clients enable AI-led productivity and efficiency, industrialize AI and agentify the enterprise to improve the experiences they offer to their customers, tap into new revenue streams and defend against digital- and AI-native competitors.”

Annual report 2025A · The company itself

“In the AI era, our clients have an accelerated need to modernize their technology estates, reimagine operations and shift to an AI-driven operating model. This has intensified demand for next-gen capabilities in AI, automation, digital commerce, secure distributed work and the design and integration of full-stack AI solutions tailored to each enterprise's specific needs.”

Annual report 2025A · The company itself

“•Skill relevance and growth: Amidst the rapidly changing AI-driven landscape, Cognizant aims to fuel strong performance and future readiness at all levels through our award-winning learning engine. –Our proprietary talent intelligence model is designed to identify skills needed and ready our workforce ahead of technology transformation. –AI skill building is a core focus – from July 2023 to end of 2025, we have upskilled more than 330,000 associates on GenAI via more than 1,000 learning programs. –In addition to our deep institutional learning expertise, we provide cutting edge training through alliances and partnerships with leading organizations, such as Google, Microsoft, Anthropic and NVIDIA. –We encourage learning through experimentation by providing access to leading AI tools, including Microsoft Copilot, GitHub CoPilot, Google Gemini Code Assist and Windsurf.”

Annual report 2025A · The company itself

“We expect the proliferation of AI will have a significant impact on our industry, and we believe our ability to compete in this space will be critical to our financial performance. We increasingly use AI-based technologies, including GenAI, in our client offerings and our own internal operations.”

Annual report 2025A · The company itself

“Services and Solutions Our services include AI and other technology services and solutions, consulting, application development, systems integration, quality engineering and assurance, application maintenance, infrastructure and security as well as business process services and automation. Additionally, we develop, license, implement and support proprietary and third-party software products and platforms.”

Annual report 2025A · The company itself

“Software and Platform Engineering Our Software and Platform Engineering practice helps clients develop modern enterprises through digital software engineering products, services and solutions that support optimization and modernization of their IT estates and deliver new value for their customers. This practice manages service-delivery platforms that enable enterprise transformation at scale and accelerate the wide use of GenAI in the enterprise.”

Annual report 2025A · The company itself

“Digital Experience Services (Cognizant Moment) Cognizant Moment is our digital experience practice, designed to help clients leverage the power of AI to reimagine customer experiences and engineer innovative strategies aimed at driving growth. Cognizant Moment delivers intelligent ecosystem orchestration, connecting experiences as well as their underlying data, technology and operations across the entire enterprise.”

Annual report 2025A · The company itself

“•We depend on highly complex manufacturing processes that require strategic materials, components, and products from limited sources of supply. •Increases in commodity prices and diminished availability of rare earth minerals and noble gases may adversely affect our results of operations and financial condition. •We purchase a significant amount of the materials and components used in our products from a limited number of suppliers. •Cybersecurity attacks and incidents and other vulnerabilities could subject us to costly damages, claims and expenses, harm to our reputation or competitive position, or disrupt our operations and business. •We may be adversely impacted by any of the multiple uncertainties and outcomes associated with the use and evolution of AI. •Natural disasters or other global or regional catastrophic events could disrupt our operations, give rise to substantial environmental hazards, and adversely affect our results.”

Annual report 2026A · The company itself

“InP is a foundational technology for next-generation AI optical interconnects.”

Annual report 2026A · The company itself

“A portion of the recent demand for our products has been driven by the rapid expansion of artificial intelligence (“AI”) and data center infrastructure. The semiconductor and photonics industries have experienced a significant upturn driven by the adoption and proliferation of AI, which may not be sustainable.”

Annual report 2026A · The company itself

“Furthermore, the AI industry is rapidly evolving, with continuous improvements in algorithms, software efficiencies and hardware capabilities. Emerging AI technologies, such as those demonstrated by DeepSeek, may allow for complex AI operations to be executed with significantly less computing power than is currently required. This reduction in computational intensity could decrease the demand for services provided by AI datacenters that are our customers.”

Annual report 2026A · The company itself

“We are increasingly incorporating AI capabilities into the development of technologies and our business operations, and into our products and services. AI technology is complex and rapidly evolving, and may expose us to significant competitive, legal, regulatory, and other risks. The implementation of AI can be costly and there is no guarantee that our use of AI will enhance our technologies, benefit our business operations, or produce products and services that are preferred by our customers.”

Annual report 2026A · The company itself

“For example, increasing geopolitical tensions could result in new export controls associated with products that support or enable AI or data center infrastructure applications which could, in turn, restrict future sales of certain products to certain markets in which we operate.”

Annual report 2026A · The company itself

“Research and Development During the fiscal year ended June 30, 2026, we continued to invest in and focus our R&D efforts on new products and platform technologies to support the Company’s long-term growth. Table of Contents We devote significant resources to R&D programs focused on the continuous improvement of our existing products and processes, as well as the development of new materials, technologies, platforms, and products.”

Annual report 2026A · The company itself

“During fiscal 2026, we announced the expansion of our Sherman, Texas, manufacturing facility, entered into a strategic multi-year supply agreement with NVIDIA for advanced lasers and optical networking products supporting next-generation AI infrastructure, and received a $50 million preliminary memorandum of terms under the CHIPS and Science Act to support the Sherman expansion.”

Annual report 2026A · The company itself

“Our Strategy Our strategy is to grow businesses with world-class lasers, optics, and engineered materials to advance our current customers’ strategies, reach new markets through innovative technologies and platforms, and enable new applications in large and growing markets.”

Annual report 2026A · The company itself

“Optical circuit switch (OCS) Develop the OCS product family for AI/ML and hyperscale datacenters based on our digital liquid-crystal technology.”

Annual report 2026A · The company itself

“Risks Related to Our Business, Operations and Industry Our competitive position depends on our ability to develop new products and processes and may require significant investment. To meet our strategic objectives, we must develop, manufacture, and market new products and continue to update our existing products and processes to keep pace with sudden increases and decreases in market demand and other market developments and to address increasingly sophisticated customer requirements in rapidly evolving technologies. Our success in developing and selling new and enhanced products and processes depends upon a variety of factors, including strategic product selection, efficient completion of product design and development, timely implementation of manufacturing and assembly processes, effective sales and marketing, and high-quality and successful product performance in the market.”

Annual report 2026A · The company itself

“The increase in segment profit for fiscal 2026 was primarily driven by higher revenues, partially offset by increased R&D investments to support expansion of our product portfolio.”

Annual report 2026A · The company itself

“Datacenter & Communications ($ in millions) Year Ended June 30, % Increase 2026 2025 Revenues $ 5,275 $ 3,755 40 % Segment profit $ 1,330 $ 904 47 % Revenues for the year ended June 30, 2026 for Datacenter & Communications increased 40% to $5,275 million, compared to $3,755 million last fiscal year. The increase in revenues of $1,519 million during fiscal 2026 was primarily driven by growth in our Datacenter business reflecting continued strong AI datacenter demand, driven primarily by transceivers, as well as higher Communications business volumes due to increased demand for datacenter interconnect, scale across and traditional telecom applications.”

Annual report 2026A · The company itself

“AI and ML are driving rapid growth in datacenter infrastructure, increasing demand for high-performance optical connectivity that enables greater bandwidth, lower latency, and improved power efficiency. Coherent is a leading supplier of optical transceivers for AI datacenter and networking applications, offering a comprehensive, protocol-agnostic portfolio supporting Ethernet, InfiniBand, NVIDIA NVLink, and other AI networking architectures.”

Annual report 2026A · The company itself

“Our business is dependent on the demand for products produced by end-users of communications, industrial, instrumentation and electronics markets. Many of these end-users are in industries that have historically experienced a highly cyclical demand for their products.”

Annual report 2026A · The company itself

“AI is set to drive the next decade of IT consulting demand, following the cloud migration wave”

Annual report 2025A · The company itself

“AI was applied to automate processes, enhance data-driven decision-making and improve service delivery”

Annual report 2025A · The company itself

“Data & AI 90,992 88,482 3%”

Annual report 2025A · The company itself

“Positioned for AI-driven demand acceleration 5. AI is set to drive the next decade of IT consulting demand, following the cloud migration wave. Columbus is uniquely positioned to capture this opportunity.”

Annual report 2025A · The company itself

“The growth is mainly driven by organisations embarking on their AI journey and customers investing in a common Data Platform. Data & AI is starting to see increased sales driven by heightened AI activity and interests.”

Annual report 2025A · The company itself

“Strong interest in AI throughout 2025 has prompted action and we have adopted our services and organisation accordingly. These initiatives include investments in AI tools for more than 1,000 Columbus consultants, broad capability build programs, a network of more than 60 internal AI champions, competency networks, dedicated go-to-market, and a shared knowledge hub.”

Annual report 2025A · The company itself

“Our Data & AI Business Line received the Microsoft AI Platform on Azure designation – a stamp of approval of our capabilities within AI.”

Annual report 2025A · The company itself

“Columbus will continue to expand the fastgrowing Core Business Services; Data & AI and Digital Commerce, and further strengthen our customer offerings.”

Annual report 2025A · The company itself

“This was partly offset by a positive performance in strategic Business Lines such as Data & AI and Digital Commerce.”

Annual report 2025A · The company itself

“Columbus approaches AI from a customer-first perspective, focusing on use cases that improve efficiency, decision quality and customer experience within core business processes. AI is embedded across solution areas such as ERP, data platforms and digital commerce, enabling customers to automate workflows, enhance insights and improve interactions with their own customers.”

Annual report 2025A · The company itself

“About Data & AI Data & AI advises on defining and executing an AI enablement strategy for data-driven decision-making. End-to-end data solutions, including data strategy development, modern data platform design, AI, ML, and GenAI solutions.”

Annual report 2025A · The company itself

“By partnering with leading technology providers, we leverage over 30 years of expertise to deliver value through efficient, cost-effective solutions.”

Annual report 2025A · The company itself

“The number of entertainment choices available to consumers, including DTC streaming service providers and aggregators, social networking and user-generated content platforms, and gaming and virtual reality products and services, continues to increase, intensify audience fragmentation and disaggregate how content traditionally has been distributed to and viewed by consumers.”

Annual report 2025A · The company itself

“Our failure to effectively anticipate or adapt to emerging competitors or changes in consumer behavior, including among younger consumers, and shifting business models could have an adverse effect on our competitive position, businesses and results of operations.”

Annual report 2025A · The company itself

“Our success is, to a large extent, dependent on our ability to acquire, develop, adopt and leverage new and existing technologies, such as AI, and our competitors’ use of certain types of technology and equipment may provide them with a competitive advantage.”

Annual report 2025A · The company itself

“New technologies can materially impact our businesses in a number of ways, including affecting the demand for our products, the distribution methods of our products and content to our customers, how we create our entertainment products, the ways in which our customers can purchase and view our content and the growth of distribution platforms available to advertisers.”

Annual report 2025A · The company itself

“If we choose technology or equipment that is not as effective or attractive to consumers as that employed by our competitors, if we fail to employ technologies desired by consumers or that enhance our business operations, such as through the use of AI, or if we fail to execute effectively on our technology initiatives, our businesses and results of operations could be adversely affected.”

Annual report 2025A · The company itself

“For example, we expect threat actors will continue to gain sophistication by using tools and techniques, such as AI, that are specifically designed to circumvent security controls.”

Annual report 2025A · The company itself

“Amer EL-Kerdi, Head of Point-of-Care Ultrasound Om ContextVision | Året i korthet | Investerarcase | Vd-ord | Case: Data Quality | Marknadstrender | Strategi | Affärsmodell | Hållbarhet | Årsredovisning Teknologiska framsteg inom AI och uppkoppling Trend: AI och maskininlärning revolutionerar diagnostik genom realtidsbearbetning, vilket gör medicinsk bildteknologi både mer tillgänglig och kostnadseffektiv.”

Annual report 2024A · The company itself

“På ContextVision använder vi AI för att förbättra bildkvalitet och pricksäkerhet, där vi kombinerar klinisk expertis med fysiologiska insikter för att driva innovation.”

Annual report 2024A · The company itself

“Genom akademiska samarbeten, inklusive Wallenbergstiftelsens WASP-forskningsprogram vid Linköpings universitet och ett nytt partnerskap med University of Washington, strävar vi efter att förbli ledande inom utvecklingen av bildteknologi.”

Annual report 2024A · The company itself

“En av årets finansiella höjdpunkter var våra fortsatta investeringar inom Point-of-Care-ultraljud (POCUS), ett område med stor potential för långsiktig tillväxt. Dessa investeringar, som totalt uppgick till 7,1 MSEK, användes strategiskt för att lägga grunden för vår nästa generations produktportfölj inom Data Quality.”

Annual report 2024A · The company itself

“Vi genomför nu tester, mätningar och experiment för att validera vår strategi, och efter årsskiftet nådde vi en betydande milstolpe genom att ingå ett partnerskap med University of Washington. Samarbetet syftar till att utveckla AI-baserade lösningar för organspecifik bildbehandling, med målet att skapa digitala biomarkörer för tidig sjukdomsdetektion och uppföljning av fettlever.”

Annual report 2024A · The company itself

“Vi fortsätter att driva innovation inom Image- och Data Quality genom att tänja gränser, stärka nyckelpartnerskap, utöka vår närvaro inom AI-drivna diagnostiklösningar och optimera vår tillväxtstrategi för att stödja en hållbar och lönsam utveckling.”

Annual report 2024A · The company itself

“För att uppnå våra ambitiösa mål inom Image Quality och Data Quality har vi utvecklat en tydlig affärsstrategi – Agenda 2030. Denna strategi understryker vårt engagemang för innovation och tillväxt inom dessa kompletterande affärsområden, vilket skapar värde för kunder och öppnar nya spännande affärsmöjligheter.”

Annual report 2024A · The company itself

“För att driva innovation och stödja vår tillväxt har ContextVision avsatt en betydande del av nettoomsättningen till forskning och utveckling inom multiparameterbaserade biomarkörer för Data Quality-ultraljud. Denna investering understryker vårt engagemang för att utveckla organspecifik diagnostik, där vi börjar med leverhälsa och har en tydlig plan för expansion till andra områden.”

Annual report 2024A · The company itself

“Satsningen syftar till att utveckla nya applikationer med hjälp av den senaste tekniken inom exempelvis artificiell intelligens. Den intensiva satsningen på forskning och utveckling skapar förutsättningar för framgång under kommande år, där fokus är på bredda verksamheten mot digitala biomarkörer och kroniska sjukdomar.”

Annual report 2024A · The company itself

“ContextVision är ett ledande mjukvaruföretag med specialistkompetens inom bildanalys och artificiell intelligens, med huvudkontor i Stockholm och grundat 1983. Vi är dedikerade till att leverera bildkvalitet i världsklass och är en betrodd partner till några av världens främsta tillverkare (OEM) av ultraljuds-, röntgen- och MR-utrustning.”

Annual report 2024A · The company itself

“Vi har nyligen inlett en strategisk satsning på medicinsk bilddatakvalitet. Det innebär utveckling av organspecifik ultraljudsanalys som möjliggör högre precision och enklare tolkning genom mätbara data, samtidigt som det minskar beroendet av specialistkompetens.”

Annual report 2024A · The company itself

“Våra produkter möjliggör adaptiv, realtidsbaserad bildförbättring genom algoritmer som analyserar varje pixel eller voxel i sitt sammanhang, bildruta för bildruta. Dessa algoritmer är utformade för att förstärka kliniskt relevant information genom att lyfta fram viktiga detaljer och reducera brus och andra artefakter.”

Annual report 2024A · The company itself

“As global demand driven by video usage grows exponentially, telecommunications networks continue to migrate from copper to optical-based systems that can deliver the required cost-effective capacity. Additionally, the rapid acceleration of artificial intelligence (“AI”) is driving strong demand for fiber and connectivity products inside and between data centers.”

Annual report 2025A · The company itself

“The rapid development and increasing adoption of emerging technologies, such as artificial intelligence and machine learning, may further complicate our ability to anticipate and implement effective protective measures against cyber events.”

Annual report 2025A · The company itself

“Today, Corning’s markets include optical communications, display, mobile consumer electronics, automotive, life sciences, semiconductors and solar.”

Annual report 2025A · The company itself

“Corning’s industry-leading products include damage-resistant cover materials for mobile devices; precision glass for advanced displays; optical fiber, cable and connectivity solutions for advanced communications networks, such as fiber to the home and data centers, enabling artificial intelligence and connections around the world; trusted products to accelerate drug discovery and delivery; and clean-air technologies and technical glass for cars and trucks.”

Annual report 2025A · The company itself

“We invented new fibers, cables and connectors to capture the generative AI enterprise demand. This includes our SMF-28e® Contour fiber, a 40% smaller fiber delivering improved bend resistance in high-density environments. This fiber forms the basis of our Contour Flow™ Cable, which can fit double the fiber into the same cable diameter.”

Annual report 2025A · The company itself

“To be successful, we must be able to quickly adapt to changes in the industry, as well as rapid technological changes, including AI Technologies, by continually enhancing our information, analytics, and online marketplace services.”

Annual report 2025A · The company itself

“Risks related to our data, intellectual property and listings • If we are not able to obtain and maintain accurate, comprehensive, or reliable data, we could experience reduced demand for our services. • If we are unable to enforce or defend our ownership and use of intellectual property, our business, brands, competitive position, and operating results could be harmed. • Use of new and evolving technologies, including AI, could impact our ability to protect our data and intellectual property from misappropriation by third parties.”

Annual report 2025A · The company itself

“Our ability to generate revenue from our marketplace business depends, in part, on our ability to attract users to our websites. Google, Bing, DuckDuckGo and other internet search engines drive traffic to our websites, including CoStar.com, the LoopNet Network, the Apartments.com Network, our Homes.com and OnTheMarket residential marketplaces, the Land.com Network, and BizBuySell Network.”

Annual report 2025A · The company itself

“Use of new and evolving technologies, including AI, could impact our ability to protect our data and intellectual property from misappropriation by third parties. We have expended significant resources to develop proprietary content and any misappropriation of our data could reduce the value of that content or our return on investment related to that content, which could harm our competitive position and results of operations.”

Annual report 2025A · The company itself

“AI Technologies are becoming increasingly powerful and sophisticated, and third parties (including our competitors) and “copycat” websites may utilize AI Technologies to misappropriate our data more quickly and at a larger scale than in the past. Use of AI also increases the risk of cyberattacks and data breaches, which can occur more quickly and evolve more rapidly when AI Technologies are used.”

Annual report 2025A · The company itself

“Further, the use of AI Technologies, whether by us or by third parties, may increase the risk that our data, intellectual property or confidential information will be inadvertently disclosed, which may result in reputational harm, competitive harm, or legal liability and adversely affect our business, results of operations, or financial condition. We may be subject to legal liability for collecting, displaying, or distributing information, or integrating generative AI Technologies in our products and services.”

Annual report 2025A · The company itself

“There is a risk that the generative AI Technologies (i.e., AI Technologies that can produce and output new content, software code, data and information) that we incorporate into our products and services could produce inaccurate or misleading content or other discriminatory or unexpected results or behaviors, such as hallucinatory behavior that can generate irrelevant, nonsensical, or factually incorrect results, all of which could harm our reputation, business, or customer relationships. Measures designed to ensure the accuracy of such AI generated content, may not always be successful, and in some cases, we may need to rely on end users to report such inaccuracies.”

Annual report 2025A · The company itself

“We also continue to leverage AI by deeply integrating it into our products and internal processes. AI is driving research efficiencies, improving data quality and increasing the pace of product development. We strive to cross-sell our services to our customers to best suit their needs.”

Annual report 2025A · The company itself

“To increase our revenue growth, we continue to invest significantly in our business, including internal investments in product and content development to expand the breadth and depth of services we provide to our customers and external investments in sales and marketing to generate brand awareness and traffic to our websites.”

Annual report 2025A · The company itself

“Additionally, we are in varying stages of development in relation to our products and internal business processes involving AI Technologies, and there can be no assurance that our investments in such technologies will achieve the expected benefits.”

Annual report 2025A · The company itself

“Other Commercial Real Estate Offerings Our other Commercial Real Estate Offerings include: •Matterport's 3D digital twins allow users to capture and share spaces in immersive 3D and access AI powered property insights. These services are sold on a subscription basis. Matterport also provides capture services of spatial data and other add-on services to existing subscription customers and sells 3D capture cameras and third-party capture devices to customers. •BizBuySell is a marketplace for operating businesses and franchises for sale.”

Annual report 2025A · The company itself

“When we started CrowdStrike, cyberattackers had an asymmetric advantage over legacy cybersecurity products that could not keep pace with rapid changes in adversary tactics, a dynamic that has intensified as adversaries increasingly leverage automation, identity abuse, and AI to operate at machine speed.”

Annual report 2026A · The company itself

“Conditions in our market are changing rapidly and significantly as a result of technological advancements, including with respect to AI. Our competitors may more successfully incorporate AI into their products, gain or leverage superior access 26 Table of Contents to certain AI technologies, and achieve higher market acceptance of their AI solutions.”

Annual report 2026A · The company itself

“The introduction of AI, and particularly generative AI, a relatively new and emerging technology in the early stages of commercial use, into new or existing products, and our operations, may result in new or enhanced governmental or regulatory scrutiny, litigation, confidentiality, ethical concerns, or other complications that could adversely affect our business, reputation, or financial results. For example, generative AI has been known to produce false or “hallucinatory” interferences or outputs, and certain generative AI uses machine learning and predictive analytics, which may be flawed, insufficient, of poor quality, reflect unwanted forms of bias, or contain other errors or inadequacies, any of which may not be easily detectable. Our customers or others may rely on or use this flawed content to their detriment, which may expose us to brand or reputational harm, competitive harm, and/or legal liability.”

Annual report 2026A · The company itself

“•Driving AI Innovation and Security: We are a pioneer in leveraging AI to transform cybersecurity, combining AI for cybersecurity with cybersecurity for AI. The Falcon platform’s AI-native architecture uses advanced models and the power of the Security Cloud to detect and stop breaches, while innovations like Charlotte AI represent a significant advancement in agentic AI—delivering autonomous security decisions within customer-defined guardrails to triage detections, reduce noise, and accelerate response.”

Annual report 2026A · The company itself

“Research and Development Our research and development organizations are responsible for the design, architecture, operation and quality of our cloud native Falcon platform. In addition, the research and development organizations work closely with our customer success teams to promote customer satisfaction.”

Annual report 2026A · The company itself

“Our internal team of security experts, researchers, intelligence analysts, and threat hunters continuously analyzes the evolving global threat landscape to develop products that defend against today’s most sophisticated and stealthy attacks and report on emerging security issues.”

Annual report 2026A · The company itself

“If we are unable to successfully enhance our existing products and services and introduce new products and services in response to rapid technological changes and market developments as well as evolving security threats, our competitive position and prospects will be harmed. Our ability to increase revenue from existing customers and attract new customers will depend in significant part on our ability to anticipate and respond effectively to rapid technological changes and market developments as well as evolving security threats. The success of our Falcon platform depends on our ability to take such changes into account and invest effectively in our research and development organization to increase the reliability, availability and scalability of our existing solutions and introduce new solutions.”

Annual report 2026A · The company itself

“Additionally, we have entered, and intend to continue to enter, into technology alliance partnerships with third parties to support our future growth plans.”

Annual report 2026A · The company itself

“As our customers gain more experience with our solutions, the number of endpoints and events, the amount of data transferred, processed and stored by us, the number of locations where our platform and services are being accessed, have in the past, and may in the future, expand rapidly. In order to meet the performance and other requirements of our customers, we intend to continue to make significant investments to increase capacity and to develop and implement new technologies, including those involving AI, in our service and cloud infrastructure operations.”

Annual report 2026A · The company itself

“We incorporate novel uses of AI technologies, including generative AI, into our products and operations, such as our Falcon platform. AI is complex and rapidly evolving, and we face significant competition from other companies who may incorporate AI into their products more quickly or more successfully than us, as well as an evolving regulatory landscape.”

Annual report 2026A · The company itself

“Beyond delivering AI-driven protection, we also secure the AI systems organizations depend on, helping customers safeguard generative AI applications and agents, protect sensitive data, and mitigate the risks posed by AI misconfigurations and vulnerabilities. By advancing AI innovation and security, we empower organizations to stay ahead of adversaries, increase operational efficiency, and securely embrace the AI-driven future.”

Annual report 2026A · The company itself

“We believe our approach has defined a new category called the AI Security Cloud, which has the power to transform the cybersecurity industry the same way the cloud has transformed the customer relationship management, human resources, and service management industries.”

Annual report 2026A · The company itself

“Threat Graph also provides query and hunting capability over the full set of high-fidelity events collected in the graph. This correlated data, natively represented in a graph structure, enables new products and cloud modules to be created rapidly since the platform provides the visibility, collection, correlation, and actions over data as reusable building blocks. This collect-once, use repeatedly approach is the reason why we have been able to deliver new cloud modules covering IT hygiene and vulnerability management quickly and enables us to continue expanding the Falcon platform rapidly in the future.”

Annual report 2026A · The company itself

“We also offer AI red-teaming and other AI security services to help organizations understand where these emerging models introduce cyber risk, where they can be exploited, and where to take corrective security actions.”

Annual report 2026A · The company itself

“This increase in data consumption is driven by factors such as growth in (1) mobile entertainment (such as mobile video, mobile applications and social networking), (2) mobile internet usage (supporting web browsing and trends in telehealth, remote working, online learning and other remote communications), (3) machine-to-machine applications or the "Internet of Things" (such as connected cars and wearables), and (4) the adoption of other bandwidth-intensive applications (such as cloud services, artificial intelligence and video communications). As a result, consumer wireless devices are trending toward bandwidth-intensive devices, including smartphones, laptops, tablets and other emerging and embedded devices, and U.S. wireless carriers are among the first carriers in the world to offer commercial 5th Generation ("5G") mobile cellular communications services to further support such growth.”

Annual report 2025A · The company itself

“In addition, other technologies, such as WiFi, satellite (such as low earth orbiting) and mesh transmission systems may serve as substitutes for, or alternatives to, leasing on communications infrastructure that might otherwise be anticipated or expected had such technologies not existed. In addition, new technologies that enhance the range, efficiency and capacity of communication equipment could reduce demand for our communications infrastructure.”

Annual report 2025A · The company itself

“In addition, integration and adoption of artificial intelligence and machine learning ("AI") into our business may pose new information security risks and challenges. The increased prevalence of AI may 19 also heighten cybersecurity and data protection risks. AI-enabled systems, as well as AI-driven techniques used by threat actors, may increase the sophistication, scale, frequency, and speed of cyberattacks targeting our information technology systems, operational technology, or sensitive data.”

Annual report 2025A · The company itself

“AI will unlock significant opportunities to strengthen both base and directional margin”

Annual report 2025A · The company itself

“Capitalise on AI-driven opportunities”

Annual report 2025A · The company itself

“The industry’s trajectory is being reshaped by tighter carbon-emissions regulation and the rapid rise of AI-driven decision-making and optimisation.”

Annual report 2025A · The company itself

“AI will unlock significant opportunities to strengthen both base and directional margin, enhance decision-making, optimise operations and deliver substantial productivity gains. Building on NORDEN’s existing data and analytics, we will accelerate the adoption of AI to scale proven capabilities.”

Annual report 2025A · The company itself

“Ability to optimise trade patterns through analytics and AI Operating 400 vessels across multiple vessel types, our global scale helps us manage risk in a volatile world.”

Annual report 2025A · The company itself

“We believe in the power of using data, analytics and AI to harvest superior margins and voyage cost reductions, and we benefit from having our own developed decision support systems – utilising a vast pool of data built up over many years.”

Annual report 2025A · The company itself

“We have previously and may in the future become the target of cyber-attacks by third parties, including without limitation nation-state actors, seeking to gain unauthorized access to and exfiltrate our or our customers’ data, including confidential and personal information, or to disrupt our ability to provide our services. Cyber-attacks, computer malware, viruses, employee mistakes or malfeasance, social engineering (including through deep fakes and spear phishing), malicious code, denial-of-service attacks, credential harvesting and general hacking have become more prevalent in our industry, particularly against cloud services, and have become enhanced or facilitated by artificial intelligence.”

Annual report 2025A · The company itself

“Competition for these personnel is intense, especially for engineers experienced in designing and developing SaaS applications,those experienced with artificial intelligence and machine learning, and experienced sales professionals.”

Annual report 2025A · The company itself

“For example, some of our products use artificial intelligence, or AI, and machine learning, and we are making investments in expanding our artificial intelligence capabilities, which will require significant investment in infrastructure and personnel. However, AI technologies are complex and rapidly evolving in a changing competitive market and market acceptance of AI technologies remains uncertain, see “Industry and Competitive Risks—We use artificial intelligence in our products and services which may result in operational challenges, legal liability, reputational harm, competitive risks and regulatory concerns that could adversely affect our business and results of operations.” below.”

Annual report 2025A · The company itself

“We incorporate AI, including generative AI, into our products. These technologies are complex and rapidly evolving and building them requires significant investment in infrastructure and personnel with no assurance that we will realize the desired or anticipated benefits.”

Annual report 2025A · The company itself

“Medicare bundles certain pharmaceuticals and the use of certain medical equipment and supplies into the ESRD PPS payment rate at industry average doses and prices. Variations above the industry average may be subject to partial reimbursement through the PPS outlier reimbursement policy. As a result, our ability to obtain sufficient reimbursement levels for the care we provide depends in part on changes to industry averages or increased utilization of certain pharmaceuticals whose costs are included in a bundled reimbursement rate. We are therefore subject to risks relating to potential drivers of changes to these industry averages or utilization rates, including among other things, changes in physician prescribing practices, including in response to the introduction of new drugs, treatments or technologies, changes in best and/or accepted clinical practice, changes resulting from the use of artificial intelligence to support clinical practices, changes in private payor or governmental payment criteria or changes in administration policies regarding pharmaceuticals and/or devices.”

Annual report 2025A · The company itself

“Artificial Intelligence Artificial intelligence is increasingly driving innovations. As a result, an increasing part of implementing, operating and maintaining efficient and effective systems, technologies or processes may require the adoption of new technology and analytics that utilize artificial intelligence technologies. The use of these technologies presents certain distinct risks in part due to the novel and rapidly evolving nature of artificial intelligence and the laws and regulations that govern its use.”

Annual report 2025A · The company itself

“As an example of this complexity, implementation and adoption risks include, among other things, potential design defects, defects in the development of algorithms or other technologies, biased data/discrimination, potential security breaches or unauthorized access to or use of PHI, failure to comply with certain state requirements or training of the model on DaVita data, insufficient human oversight or intentional or unintentional misuse, or human user error.”

Annual report 2025A · The company itself

“While our supply chain operated efficiently at standard lead times, during both Fiscal 2025 and Fiscal 2026, increasing demand for our AI-optimized servers offerings continued to drive backlog growth. Given the scale of the AI opportunities, the varying stages of customer readiness, and the frequency of component part updates or transitions, there is inherent non-linearity in the timing of demand and subsequent shipments for our AI-optimized servers offerings.”

Annual report 2026A · The company itself

“Competition We operate in an industry in which there are rapid technological advances in hardware, software, and services offerings, including AI, cloud, and security-related offerings. We face ongoing product and price competition in all areas of our business from both branded and generic competitors, including companies that specialize in one or more of our product or service lines.”

Annual report 2026A · The company itself

“We operate in an industry in which there are rapid technological advances in hardware, software, and services offerings, including AI, cloud, and security-related offerings. Our ability to respond to such advances and to develop new or improved offerings is critical to our continued success.”

Annual report 2026A · The company itself

“Sales of AI to large customers may also cause fluctuations in our results of operations, as such large orders may occur in some periods and not others and are generally subject to intense competition and pricing pressure, which can have an impact on our gross margins and results of operations.”

Annual report 2026A · The company itself

“Further, our use of AI technologies, including generative and agentic AI, may make us susceptible to unanticipated security threats from adversaries as we incorporate such technologies into our internal systems, customer-facing services and products, while our understanding of AI-related security risks and protection methods continue to develop.”

Annual report 2026A · The company itself

“The impacts of technological advancement and data expansion continue to be a force for progress as artificial intelligence and generative AI have become the next wave of technological innovation. Through each wave of technological progress, we look to advance our capabilities to change the way we work and make decisions, improve business outcomes and the customer experience, and reduce costs by leveraging new technology to optimize business processes. We believe our unique operating advantages, our leadership, and our way of doing business provide a foundation to foster growth, drive efficiencies, and capitalize on each successive wave of innovation in a dynamic industry.”

Annual report 2026A · The company itself

“We have a global R&D presence, with total R&D expenses of $3.1 billion for both Fiscal 2026 and Fiscal 2025 and $2.8 billion for Fiscal 2024. These investments reflect our commitment to innovation that aims to create the right solutions to help our customers build their digital future and transform their businesses.”

Annual report 2026A · The company itself

“Strategic Investments and Acquisitions As part of our strategy, we will continue to evaluate opportunities for strategic investments through our venture capital investment arm, Dell Technologies Capital, with a focus on emerging technology areas that are relevant to our business and that will complement our existing portfolio of solutions. We target investments in areas such as storage, software-defined networking, management and orchestration, security, machine learning and AI, big data and analytics, cloud, edge computing, and software development operations.”

Annual report 2026A · The company itself

“ITEM 1 — BUSINESS Company Overview Dell Technologies is a leader in the global technology industry focused on providing broad and innovative technology solutions for the data and artificial intelligence (“AI”) era. These solutions range from client devices and peripherals to infrastructure solutions across servers, networking, and storage to meet the evolving needs of our customers and drive better business outcomes. With our extensive portfolio and commitment to innovation, we design, deploy, and support secure, integrated solutions that extend from the edge to the core to the cloud. We deliver AI-optimized, software-defined, and cloud native infrastructure solutions across a broad partner ecosystem to help customers address evolving information technology (“IT”) needs, drive outcomes, and capture growth as customer spending priorities evolve.”

Annual report 2026A · The company itself

“Infrastructure Solutions Group (“ISG”) — ISG enables our customers’ digital transformations with solutions that address AI, machine learning, data analytics, and multicloud environments. We provide a comprehensive portfolio of advanced infrastructure solutions designed to help customers simplify, streamline, and automate IT operations. ISG solutions are built for multicloud environments and are optimized to run workloads in both public and private clouds, as well as on-premises.”

Annual report 2026A · The company itself

“•AI-optimized servers — We offer a specialized portfolio of AI-optimized servers designed to handle the most demanding compute-intensive workloads, including AI model training, fine-tuning, and inferencing. •Traditional servers and networking — Our traditional servers portfolio provides the trusted foundation for modern IT environments, supporting a wide range of general-purpose and mission-critical workloads.”

Annual report 2026A · The company itself

“Client Solutions Group (“CSG”) — CSG offers branded personal computers (“PCs”), including notebooks, desktops, and workstations and branded peripherals that include displays, docking stations, keyboards, mice, and webcam and audio devices, as well as third-party software and peripherals. Our CSG offerings are designed to optimize performance, reliability, manageability, design, and security for our customers and include on-device AI for greater end-user creativity and productivity.”

Annual report 2026A · The company itself

“ISG offers a portfolio of storage, server, and networking solutions, including AI-optimized technologies, and faces intense competition from existing on-premises competitors and increasing competitive pressures from Infrastructure-as-a-Service providers.”

Annual report 2026A · The company itself

“While we expect the buyer base for our AI solutions to continue to expand, to date our AI solutions have been purchased primarily by a small number of larger customers and cloud service providers.”

Annual report 2026A · The company itself

“Cybersecurity Incidents May Adversely Impact Our Operations We rely heavily on information systems, operational technologies and other digital technologies to conduct our business, and we are expanding the use of and reliance on these systems and technologies, including through artificial intelligence, process automation and data analytics. Concurrent with the growing dependence on technology is a greater sensitivity to cyberattacks and other cyber-related incidents, which have increasingly targeted our industry. Perpetrators of cyberattacks often attempt to gain unauthorized access to digital systems for purposes of misappropriating confidential, proprietary or personal information, intellectual property or financial assets, corrupting data or causing operational disruptions, as well as preventing users from accessing systems or information for the purpose of demanding payment in order for users to regain access.”

Annual report 2025A · The company itself

“We Face Risks Associated with Artificial Intelligence and Other Emerging Technologies We increasingly use artificial intelligence (“AI”) and other emerging technologies to improve our business processes, including through the integration of various AI tools into certain of our information systems. However, we may not properly implement these technologies into our business, and there can be no assurance that we will realize the anticipated efficiency gains or other benefits from their adoption.”

Annual report 2025A · The company itself

“In addition, our power and cooling systems are difficult and expensive to upgrade or expand, especially as we design our data centers to the specifications of new and evolving technologies, such as AI, which are more power-intensive. Accordingly, we may not be able to efficiently upgrade or change these systems to meet new demands without incurring significant costs that we may not be able to pass on to our customers.”

Annual report 2025A · The company itself

“The technology industry generally and specific industries in which certain of our customers operate are characterized by rapidly changing technology, customer requirements and industry standards. New systems to deliver power to or eliminate heat in data centers or the development of new server technology that does not require the levels of critical load and heat removal that our facilities are designed to provide and could be run less expensively on a different platform could make our data center infrastructure obsolete.”

Annual report 2025A · The company itself

“Continued AI adoption could result in evolving infrastructure needs, particularly around power density for advanced computing. Accommodating these requirements may involve selective capital investment and ongoing attention to operational efficiency.”

Annual report 2025A · The company itself

“Implementation of these technologies may involve challenges such as potential shortages in required data to train internal AI models, scarcity of skilled talent to effectively deploy internal AI initiatives, or the possibility that AI tools we develop or utilize may not achieve their desired or intended benefits performance or cost-efficiency objectives. Use of third-party AI tools may introduce information security, data privacy and legal or regulatory risks. Failure to properly manage these risks could negatively impact our business, reputation and operating results.”

Annual report 2025A · The company itself

“As artificial intelligence becomes more prevalent in the workplace, it may present new considerations that could affect our business and operating results. We have begun leveraging AI and machine learning capabilities for our employees to use in their day-to-day operations. Inadequate investment in or unsuccessful development of those AI capabilities may result in us lagging behind our competitors in terms of improving operational efficiencies.”

Annual report 2025A · The company itself

“Additional projects may be considered in the future, such as those necessary to meet the projected demand growth driven by data centers and artificial intelligence, including to address the concentration of data centers primarily in Loudoun County, Virginia.”

Annual report 2025A · The company itself

“Emerging technologies, such as advanced forms of automation and artificial intelligence, which are subject to limited government oversight and regulations and evolve rapidly, may result in an increase in the frequency and sophistication of cyber attacks.”

Annual report 2025A · The company itself

“Increased energy demand or significant accelerated growth in demand due to new data centers, expanded use of artificial intelligence, widespread adoption of electric vehicles or other customer changes could require enhancements to the Companies’ infrastructure.”

Annual report 2025A · The company itself

“The segment's offerings address the increased demand for liquid cooling requirements for certain electronics (including in data center infrastructure), and investment in midstream energy, power generation and grid infrastructure (including growing sophistication of fluid transfer and rotating machinery components, measurement, inspection, instrumentation, and digital controls).”

Annual report 2025A · The company itself

“If these technologies, systems, products or services are damaged, cease to function properly, are compromised due to employee or third-party contractor error, user error, malfeasance, system errors, or other vulnerabilities, or are subject to cybersecurity attacks, such as those involving denial of service attacks, unauthorized access, malicious software, ransomware, or other intrusions, misuse or malicious use of artificial intelligence, including by criminals, nation states or insiders, our business may be adversely impacted.”

Annual report 2025A · The company itself

“Emerging and evolving technologies such as artificial intelligence, our use of which we expect to increase over time, are rapidly developing, and our businesses may be adversely affected if we cannot successfully integrate these technologies into our business processes and product and service offerings in a timely and cost-effective manner.”

Annual report 2025A · The company itself

“Our Boston-based Dover Digital Labs serves as the company-wide hub for our digital initiative. We have an experienced team of software developers, data scientists, and product managers to enhance our digital capabilities that is driving value creation across our business through digital transformation in five areas: (i) enhancing the customer experience through more efficient and streamlined digital customer interfaces that make it easy to do business with Dover companies; (ii) developing and improving acquired and organically built connected and software-as-a-service ("SaaS") products that combine sensors, software, machine learning and artificial intelligence; (iii) driving increased efficiency, safety and quality in our manufacturing operations by employing cutting-edge automation through "connected factory" and "data quality" programs; (iv) identifying and addressing scale opportunities to deploy artificial intelligence to drive productivity across our business processes; and (v) ensuring security of digital products.”

Annual report 2025A · The company itself

“Our Dover Digital Labs consists of a team of software developers, AI engineers and scientists, automation engineers, product security engineers, and product managers who provide digital capabilities to enhance the customer experience, develop connected industrial products and artificial intelligence-based models. These capabilities are either embedded in monitoring-as-a-service or other service offerings provided to customers by our operating companies.”

Annual report 2025A · The company itself

“Table of Contents Human Capital Investments Related to Strategic Priorities In line with our strategic priorities, we have additionally invested in the following aspects of human capital resource management, among other areas: •Dover Digital Labs – We are continuing to leverage our Digital Labs team to improve our digital capabilities. Our team of software developers, data scientists, manufacturing engineers, and product managers drive digital transformation across our businesses by enhancing customer experience, developing connected industrial products, enabling digital manufacturing and securing our digital products.”

Annual report 2025A · The company itself

“The introduction of autonomous AI agents is also impacting how we manage our logistics operations”

Annual report 2025A · The company itself

“Digitalisation and automation Technology has transformed our industry in recent decades. This evolution will continue, especially given the significant focus and investments in artificial intelligence (AI), and is expected to impact the way we operate and interact with customers and other stakeholders.”

Annual report 2025A · The company itself

“We actively monitor emerging trends and adopt new technologies, including artificial intelligence, that benefit our customers and enable higher productivity.”

Annual report 2025A · The company itself

“With increased computing power and emerging technologies such as artificial intelligence (AI), we can significantly enhance the efficiency of our workflows. As a result, processes such as quoting and booking that have often been handled manually can now be automated through digital transformation.”

Annual report 2025A · The company itself

“At the workflow/user interface layer, we consolidate customer integrations in our API and EDI platform, streamline customer portals and leverage AI to source and process data through our DSV AI Factory.”

Annual report 2025A · The company itself

“Artificial Intelligence (AI) We are currently implementing AI in our operations – from automation to predictions – as AI is no longer only relevant for isolated applications, but becoming an integral part of our digital operations and platform. In 2025, we rolled out several transformative projects such as our Customs AI tool, which has lifted both the quality and efficiency of our customs handling, and we saw good progress in digitalising manual booking data through AI.”

Annual report 2025A · The company itself

“Via our inhouse AI Factory platform, we are exploring planning, forecasting and developing AI tools that will help optimise routes and processes to further leverage our strong network and infrastructure. Our AI Factory platform is highly flexible and can utilise and combine open-source, own-developed and external solutions from cloud-based hyperscale vendors to create the optimal setup and use of AI for our company. In DSV, we also utilise our strong change management capabilities and our flexibility to organise the company to implement and maximise the potential of new AI solutions.”

Annual report 2025A · The company itself

“Transport management systems We are advancing our transport management systems, with TANGO for Air & Sea and STAR for Road. Both systems are in use in our operations. We are assessing the TANGO system, while we plan to broaden the application of STAR further in the coming years.”

Annual report 2025A · The company itself

“Digitalisation, including AI, plays a key role in our strategy. We use strategic roadmaps to integrate our logistics expertise with the development of our digital and physical infrastructure, relying on scalable technologies across our organisation.”

Annual report 2025A · The company itself

“We also made strides in artificial intelligence, including digitalised booking handling. We continued to develop our commercial platform and improve our vertical offerings, resulting in continued growth with our largest customers, especially within Technology.”

Annual report 2025A · The company itself

“In 2025, we saw significant growth within Technology and Aerospace & Defence, and we aim to pursue further profitable growth by leveraging the capabilities gained through the Schenker acquisition.”

Annual report 2025A · The company itself

“Technologies such as AI, machine learning and predictive analytics are enabling greater efficiency, cost savings and enhanced sustainability. At the same time, shifts in customer expectations, including the rise of direct carrier-to-client models and e-commerce growth, are reshaping the competitive landscape.”

Annual report 2025A · The company itself

“We gained strong momentum with our largest accounts, especially within our Technology vertical, as we expanded our global service and product offerings.”

Annual report 2025A · The company itself

“The growth was primarily driven by the acquisition of Schenker, which complemented the division’s business mix and commercial approach, particularly contributing to growth in the Technology vertical.”

Annual report 2025A · The company itself

“Demand was particularly robust within the aerospace, defence and technology sectors, especially related to cloud infrastructure and datacentres.”

Annual report 2025A · The company itself

“To sustain or increase our advertising revenue, we must continue to provide customers with compelling advertising products, particularly in light of the potential for AI technologies to change how consumers search for products (e.g., using AI agents and chatbots). If customers perceive that our advertising products are not effective and do not drive quick sales as effectively as off-platform alternatives, including AI technologies such as agents and chatbots, they may not pay for these services and they may be driven to try competing platforms and alternatives.”

Annual report 2025A · The company itself

“Table of Contents We may not be able to keep pace with technological changes, including emerging AI technologies, and with changes in consumer demands and expectations. Our industry is subject to rapid technological change, and the demands and expectations of our consumers can change quickly.”

Annual report 2025A · The company itself

“For example, we are seeing consumers increasingly search for products using chatbots, virtual assistants and other Gen AI technologies powered by large language models instead of using traditional search engines. If AI technologies do not send referrals to eBay at the rate of traditional search engines for any reason, consumer traffic on our platforms could decrease, which would negatively impact on our business and results of operations.”

Annual report 2025A · The company itself

“For example, as we pursue new AI technologies, there is a risk that AI enhanced products could produce inaccurate, misleading, biased or false outcomes (e.g., hallucinatory behavior currently seen with Gen AI models) or other unexpected results or behaviors that could harm our reputation, business, or buyers and sellers.”

Annual report 2025A · The company itself

“We have seen an increase in attack sophistication, and future attacks are likely to be increasingly sophisticated and highly targeted, particularly due to rapid developments in AI.”

Annual report 2025A · The company itself

“As the number of intellectual property owners and products in the software industry increases and the functionality of these products further overlaps, and as we acquire technology through acquisitions or licenses, we may become increasingly subject to patent suits and other infringement claims, including copyright, and trademark infringement claims. For example, the intellectual property ownership and license rights surrounding AI technologies, including Gen AI, have not been fully addressed by U.S. courts or by U.S. or international laws or 27 Table of Contents regulations, and the use or adoption of third-party Gen AI technologies, and their related datasets, into our products and services may result in claims of intellectual property infringement or misappropriation, or in the inability to enforce our rights against third parties, which could in each case harm our business and financial results.”

Annual report 2025A · The company itself

“We and our customers depend on a variety of third-party products and services that are important to our success, including seller tools that automate and manage listings, merchant tools that manage listings and interface with inventory management software, storefronts that help our sellers list items, shipping providers that deliver goods sold on our platform, payment processing and financial services, item authentication services, third-party traffic drivers such as search engines, social networks and, increasingly, AI technologies such as chatbots and shopping agents.”

Annual report 2025A · The company itself

“Our approach leverages our 30+ years of global commerce expertise and data with advanced technology, including the use of artificial intelligence (“AI”), to enhance the marketplace experience, reduce transactional friction and drive operational efficiency.”

Annual report 2025A · The company itself

“For sellers, we continue to expand AI across the listing workflow, using Generative AI (“Gen AI”) to prefill item details, generate optimized titles and descriptions and in some cases recognize product images enabling faster, more complete listings.”

Annual report 2025A · The company itself

“Our AI-enhanced features and services power dynamic product recommendation feeds within our enhanced discovery platform, as well as our AI shopping agent pilot that delivers personalized search results tailored to individual preferences. These innovations make it easier for buyers to discover relevant inventory and connect with products that reflect their interests and style.”

Annual report 2025A · The company itself

“In support of our commitment to innovation and a better customer experience, we have been on a multi-year evolution to modernize our Marketplace platforms. We have used advanced technology, such as AI and Gen AI, to better anticipate the needs of buyers, sellers and developers to empower entrepreneurs and small businesses looking to grow their business and to make the Marketplace platforms more accessible to everyone.”

Annual report 2025A · The company itself

“We are devoting significant capital and management time and resources to using AI technologies to improve our products, services and controls, and to build and expand our capabilities.”

Annual report 2025A · The company itself

“The electrical and mechanical construction services industry has experienced growth principally due to the increased content, complexity, and sophistication of electrical and mechanical systems resulting, in part, from growth in digital processing, cloud computing, data storage, and the emergence of artificial intelligence (“AI”).”

Annual report 2025A · The company itself

“Moreover, the need for substantial environmental controls within a building, due to the heightened need to maintain extensive servers at optimal temperatures, and the demand for increased energy efficiency, have continued to expand opportunities for our electrical and mechanical services businesses. The demand for these services is typically driven by non-residential construction and renovation activity and, in recent years, has benefited from the expansion of data centers to power AI and cloud computing, the re-shoring of the supply chain, the need for additional high-tech manufacturing facilities, and the energy transition/expansion throughout the United States.”

Annual report 2025A · The company itself

“For example, capital spending on data center infrastructure to support cloud storage and artificial intelligence (“AI”) is rapidly expanding, which has increased demand for our services in recent years. If such spending were to decrease, demand for our services could decline as we transition our resources to other sectors.”

Annual report 2025A · The company itself

“Our Operating Results Depend in Part on Continued Successful Research, Development and Marketing of New and/or Improved Products and Services, and There Can Be No Assurance That We Will Continue to Successfully Introduce New Products and Services The success of new and improved products and services depends on their initial and continued acceptance by our customers. Our businesses are affected by varying degrees of technological change, such as, among others, artificial intelligences and machine learning, and corresponding shifts in customer demand, which result in unpredictable product transitions, shortened life cycles and increased importance of being first to market with new products and services. We may experience difficulties or delays in the research, development, production and/or marketing of new products and services which may negatively impact our operating results and prevent us from recouping or realizing a return on the investments required to continue to bring new products and services to market.”

Annual report 2025A · The company itself

“We anticipate that the risk of cybersecurity attacks will increase as artificial intelligence capabilities improve and are increasingly used to identify vulnerabilities and construct increasingly sophisticated cybersecurity attacks, with the possibility of additional vulnerabilities being introduced through our own use of artificial intelligence and its use by our stakeholders, including vendors and customers, among others. Should the Company be unable to prevent security breaches or other damage to our information technology systems, disruptions could have an adverse effect on our operations, as well as expose the Company to litigation, liability or penalties under privacy laws, increased cybersecurity protection costs, reputational damage and product failure.”

Annual report 2025A · The company itself

“We May Use Artificial Intelligence in Our Businesses and in Our Products and Services, and Challenges With Managing its Use Could Result in Reputational Harm, Competitive Harm, and Legal Liability, and Adversely Affect Our Results of Operations Our businesses increasingly rely on artificial intelligence solutions to optimize our operations, improve customer experiences, and enhance our products and services. While the use of artificial intelligence presents significant 8 opportunities, it also introduces a range of risks that could result in reputational harm, competitive harm, and legal liability, and adversely affect our results of operations. Our artificial intelligence efforts subject us to risks related to accuracy, intellectual property infringement or misappropriation, data privacy, and cybersecurity, among others, and if our use of artificial intelligence becomes controversial, we may experience brand or reputational harm, competitive harm, or legal liability.”

Annual report 2025A · The company itself

“This segment also includes the AspenTech business, which is a global leader in asset optimization software that enables industrial manufacturers to design, operate and maintain their operations for maximum performance. AspenTech combines decades of modeling, simulation and optimization capabilities with industrial operations expertise and applies advanced analytics to improve the profitability and sustainability of production assets. The purpose-built software drives value for customers by improving operational efficiency and maximizing productivity, reducing unplanned downtime and safety risks, and minimizing energy consumption and emissions.”

Annual report 2025A · The company itself

“Jag är helt övertygad om att generativ AI kommer att omforma många aspekter av vår verksamhet under de närmsta åren. När AI-agenter integreras sömlöst i våra arbetsflöden, kommer våra medarbetare ges möjlighet att nå nya nivåer av effektivitet och kreativitet.”

Annual report 2024A · The company itself

“Nätverksautomation som drivs av artificiell intelligens, migration till molnplattfor - mar samt nya generationer av Wi-Fi och mobilsystem är några av de teknikskiften som redan pågår och förväntas fortsätta under de kommande åren.”

Annual report 2024A · The company itself

“Bedrägeri och säkerhetshot År 2023 eskalerade cybersäkerhetshot från redan höga nivåer globalt, delvis förstärkta av AI-kapacitet, vilket påverkade kritisk infrastruktur inklusive telekomnätverk, såväl som företag och konsumenter. Bedrägliga röstsamtal, bluffmedde - landen och stora tjänsteavbrott har lett till en kraftig ökning av allmänhetens medvetenhet, och attacker på telekomnätverk anses alltmer vara ett nationellt säkerhetsproblem.”

Annual report 2024A · The company itself

“Teknikskiften mot molnlösningar, AI och femte generationens mobilnätverk (5G) förändrar dynamiken inom marknader som tidigare dominerats av ett fåtal företag.”

Annual report 2024A · The company itself

“Under 2024 återinvesterade vi 23 procent av våra intäkter i forskning och utveckling och gjorde även viktiga förbättringar i vår produktportfölj. Inom vår säkerhetsaffär lanserade vi AI-drivna säkerhetsfunktioner i vår Messaging Firewall för att i realtid kunna blockera skadliga länkar i SMS-, MMS- och RCS-meddelanden.”

Annual report 2024A · The company itself

“För att skapa tillväxt bygger vår produktstrategi på tre pelare: Förstärka, Expandera, Utveckla. • Att förstärka värdet för kunderna innebär att förbättra befintliga produkt- och tjänsteerbjudanden baserat på kundfeedback, i syfte att behålla och växa våra befintliga intäktsströmmar. • Att expandera till närliggande områden innebär att vi använder vårt starka fotfäste i ett väletablerat område för att gå in i ett annat närliggande område. Genom att göra detta kan vi bredda vår adresserbara marknad eller utnyttja ytterligare kunders investeringspooler i syfte att öka våra intäkter. • Att utveckla nya produkterbjudanden innebär att anta ny teknik som AI för att driva och utveckla framtida produkterbjudanden, inte bara för i år utan också för de kommande åren.”

Annual report 2024A · The company itself

“Artificiell Intelligens är ett teknikområde som har en accelererande betydelse inom denna marknad, liksom inom de flesta av våra verksamhetsområden. Vi kommer därför att öka vår investeringstakt just inom detta teknikområde.”

Annual report 2024A · The company itself

“Investeringar görs mot marknader med potential för tillväxt och framtida lönsamhet och efter noggrann analys. Investeringar prioriteras inom molnbaserade produkter riktade mot datahantering, säkerhet, mobil videotrafik samt 5G.”

Annual report 2024A · The company itself

“Vi har även stärkt vår marknadsposition med nya erbjudanden inom skydd mot digitala bedrägerier och AI-driven trafikhantering, vilket främjar fortsatt expansion inom våra tillväxtområden .”

Annual report 2024A · The company itself

“Bland annat har vi vidareutvecklat den befintliga accelerations- och optimeringskapaciteten inom Traffic Management genom att expandera en AI-baserad DPI-metod (Deep Packet Inspection), baserad på vårt eget inbyggda DPI-bibliotek/SDK. Denna utveckling har skapat ytterligare intäktsmöjligheter och vi har redan säkrat nya kunder.”

Annual report 2024A · The company itself

“AI-användningen inkluderar förbättring av kundtjänster, samt automatisering av de komplexa uppgifterna som driver nätverk och förbättrar nätverkets prestanda och effektivitet. Eneas produkter innehåller AI-teknologier för uppgifter som att förutsäga och hantera överbelastning av nätverk och för att identifiera och klassificera olika trafikslag i stor skala.”

Annual report 2024A · The company itself

“The markets for our SSLBs are expanding rapidly, driven by demand for compact, intelligent electronic 10 | Annual Report | 2024 devices. These devices increasingly require greater energy density, enhanced mobility, robust security, and support for AI driven functionality, requirements that traditional Li-ion batteries struggle to meet.”

Annual report 2024A · The company itself

“Advances in technology and changes in laws or regulations offer alternative methods of producing and/or consuming energy, some potentially at a reduced cost. The Utility operating companies’ future success will depend, in part, on our ability to anticipate and successfully adapt to technological developments and to offer services that meet customer demand.”

Annual report 2025A · The company itself

“The recent dramatic expansion in anticipated demand from data center customers is largely based on emerging technologies, including artificial intelligence and machine learning. These technologies and their related business applications have developed rapidly in recent years and continue to evolve rapidly. Entergy cannot predict the rate at which or the extent to which these emerging technologies will be broadly adopted and successful as business models.”

Annual report 2025A · The company itself

“Changes in industry practice or advances in these technologies could reduce the demand for electricity to power data centers, including from these customers.”

Annual report 2025A · The company itself

“Given the fraught geopolitical landscape and rapid technological advancements of existing and emerging threats, including threats fueled by artificial intelligence, Entergy’s technology systems remain inherently vulnerable despite implementations and enhancements of the multiple layers of security and controls.”

Annual report 2025A · The company itself

“Provision of Service to Large-Scale Data Center Customers Subject to pending regulatory approvals, certain Utility operating companies are planning to make significant infrastructure investments in new solar projects, natural gas power plants, and other transmission and generation assets to power new large-scale data centers. These infrastructure investments are being made primarily in connection with electric service agreements with a small number of new customers to provide power for new data centers being constructed to support artificial intelligence and other technology capabilities.”

Annual report 2025A · The company itself

“For example, artificial intelligence can automate and hyper-personalize existing attack vectors like phishing and deepfakes.”

Annual report 2025A · The company itself

“We generally sell our products and services in industries that are characterized by rapid technological changes, including the introduction of new innovative technologies and analytical capabilities, frequent new product and service introductions and changing industry standards. In addition, certain of the markets in which we operate are seasonal and cyclical. Without the timely introduction of new products, services and enhancements, our products and services will become technologically or commercially obsolete over time, in which case our revenue and operating results would suffer.”

Annual report 2025A · The company itself

“If the models are incorrectly designed, if the data we use to train them is incomplete, inadequate or biased in some way, if we do not have sufficient rights to use the data on which our models rely, or if we do not have the ability to explain the output, the performance of our products 17 and business, as well as our reputation, could suffer or we could incur liability through the violation of laws, third-party privacy or other rights, or contracts to which we are a party.”

Annual report 2025A · The company itself

“In particular, our use of artificial intelligence in credit decisioning could lead to enhanced scrutiny.”

Annual report 2025A · The company itself

“The demand for some of our products and services may be negatively impacted to the extent the availability of free or less expensive consumer information increases. Public or commercial sources of free or relatively inexpensive consumer credit, credit score and other information have become increasingly available, including sources that utilize artificial intelligence or machine learning, and this trend is expected to continue.”

Annual report 2025A · The company itself

“Our future success depends partly on the continued service of our key development, sales, marketing, executive and administrative personnel. Increased retention risk exists in certain key areas of our operations, such as data and analytics, artificial intelligence, IT and data security, which require specialized skills, including cloud security, application development and maintenance and artificial intelligence expertise and analytical modeling.”

Annual report 2025A · The company itself

“We are in the final stages of migrating the vast majority of our applications and systems infrastructure from legacy on-premises systems to cloud-based solutions hosted by third parties. We expect that our cloud technology transformation will continue to increase our efficiency and productivity, enhance our ability to deliver new and differentiated products, improve the stability and functionality of our products and services, decrease the cost of our overall systems infrastructure, and enable the delivery of advanced artificial intelligence-based products and internal processes, all of which we expect will drive growth and have a positive effect on our business, competitive position and results of operations.”

Annual report 2025A · The company itself

“We may face risks associated with our use of certain artificial intelligence and machine learning models and systems. We use artificial intelligence and machine learning models in the development of some of our products and artificial intelligence systems to support the deployment of new applications and to improve the efficiency of our business operations.”

Annual report 2025A · The company itself

“We use advanced statistical techniques, artificial intelligence and machine learning, as well as proprietary software tools to analyze available data for the creation of customized insights, decision-making and process automation solutions, and processing services for our clients.”

Annual report 2025A · The company itself

“Other Planned Uses of Capital We will continue to invest in sales, marketing, new product development, security and our technology, as well as continue to make strategic acquisitions that align with our business strategy.”

Annual report 2025A · The company itself

“Cybersecurity Risks to our Business As a global data, analytics and technology company, our products and services involve the storage and transmission of personal information of consumers.”

Annual report 2025A · The company itself

“BUSINESS OVERVIEW Equifax Inc. is a global data, analytics and technology company. We provide information solutions for businesses, governments and consumers, and we provide human resources business process automation and outsourcing services for employers.”

Annual report 2025A · The company itself

“Table of Contents •The requirement of hybrid architectures: Industries are moving from linear value chains to hybrid digital ecosystems. Service providers supply cloud and AI infrastructure, services across payments, cybersecurity and other domains, and industry-specific platforms and applications, while enterprise consumers assemble these capabilities into operational stacks that drive innovation and scale. These comprehensive solutions require a hybrid of enterprise-owned infrastructure combined with networking to a diverse set of service providers.”

Annual report 2025A · The company itself

“Recent developments in the cyber threat landscape include use of AI and machine learning, as well as an increased number of cyber extortion and ransomware attacks, with the potential for higher financial ransom demand amounts and increasing sophistication and variety of ransomware techniques and methodology. Further, any adoption of AI by us or by third parties may pose new security challenges.”

Annual report 2025A · The company itself

“The use of high-power density equipment may limit our ability to fully utilize the space in our older IBX data centers. Server technologies continue to evolve and in some instances these changes can result in customers increasing their use of high-power density equipment in our IBX data centers which can increase the demand for power on a per cabinet basis. Additionally, the workloads related to new and evolving technologies such as AI are increasing the demand for high density computing power.”

Annual report 2025A · The company itself

“Further, because of the expected growth and opportunity related to AI, we anticipate significant investments in the data center industry by both current competitors and new investors and companies looking to capture this opportunity. If Equinix is unable to compete against these new market entrants, or capture a proportionate share of these investments, we could lose market share during this expected period of growth.”

Annual report 2025A · The company itself

“Our ability to find reliable partners and appropriate sites for expansion may also be limited by access to power, especially as we design our data centers to the specifications of new and evolving technologies, such as AI, which are more power-intensive, and further prepare to serve the power demands we expect in the future.”

Annual report 2025A · The company itself

“This increased power consumption, which we expect to accelerate with the adoption of AI, has driven us to build out our new IBX data centers to support power and cooling needs twice that of previous IBX data centers.”

Annual report 2025A · The company itself

“To serve the needs of the growing hyperscale data center market, including the world's largest cloud service providers and increased demand driven in part by the adoption of AI, we continue to look at attractive opportunities to grow our market share and selectively improve our footprint and offerings.”

Annual report 2025A · The company itself

“We have begun leveraging AI and machine learning capabilities for our employees to use in their day-to-day operations. Failure to invest adequately in such capabilities may result in us lagging behind our competitors in terms of improving operational efficiency and achieving superior outcomes for our business and our customers. As we embark on these initiatives, we may encounter challenges such as a shortage of appropriate data to train internal AI models, a lack of skilled talent to effectively execute our strategy of leveraging AI internally, or the possibility that the tools we utilize may not deliver the intended value.”

Annual report 2025A · The company itself

“As our customers evolve their IT strategies, we must remain flexible and evolve along with new technologies and industry and market shifts. The process of developing and acquiring new offerings and enhancing existing offerings is complex. If we fail to anticipate customers’ evolving needs and expectations or do not adapt to technological and IT trends, our results of operations could suffer.”

Annual report 2025A · The company itself

“We are currently investing in our AI strategy to serve the large footprint we foresee for customers’ AI workloads. The future of AI is still uncertain and as it continues to evolve, our predictions about the market may prove inaccurate.”

Annual report 2025A · The company itself

“We have also invested in joint ventures in order to develop capacity to serve the large footprint needs of a targeted set of hyperscale customers by leveraging existing capacity and dedicated hyperscale builds. We believe these hyperscale customers will also play a large role in the growth of the market for AI.”

Annual report 2025A · The company itself

“Additional 2025 highlights include: •We had 52 active major development projects underway as of January 2026 across 35 metros around the world. We anticipate these development projects will deliver 55,000+ cabinets of retail capacity and 100+ MW of xScale capacity through 2028. •We surpassed 500,000 interconnections, further demonstrating our market-leading position as we enable our customers to meet their real-time operational demands and networking requirements.”

Annual report 2025A · The company itself

“Our management's discussion and analysis of financial condition and results of operations is intended to assist readers in understanding our financial information from our management's perspective and is presented as follows: •Overview •Results of Operations •Non-GAAP Financial Measures •Liquidity and Capital Resources •Critical Accounting Estimates •Recent Accounting Pronouncements Overview We provide a global, vendor-neutral data center, interconnection and edge solutions platform with offerings that enable our customers to reach everywhere, interconnect everyone and integrate everything.”

Annual report 2025A · The company itself

“Our recent IBX data center openings and acquisitions, as well as xScaleTM data center investments, have expanded our total global footprint to 280 data centers, including 23 xScale data centers and the MC1 and SN1 data centers that are held in unconsolidated joint ventures, across 77 markets around the world.”

Annual report 2025A · The company itself

“•xScale Data Centers are designed to serve the unique core workload deployment needs of a targeted group of hyperscale companies, which include the world's largest cloud service providers. Hyperscalers require infrastructure to support demanding workload requirements for cloud and AI initiatives.”

Annual report 2025A · The company itself

“Edellä mainittujen megatrendien lisäksi suunnittelualaan vaikuttavat ja suunnittelupalvelujen kysyntää kasvattavat keskeisimmin kolme trendiä: digitalisaatio, jatkuvasti nopeutuva teknologinen kehitys sekä kasvava tarve osaajista.”

Annual report 2025A · The company itself

“Erityisesti tekoälyn hyödyntäminen erilaisissa sovelluksissa kiihtyy.”

Annual report 2025A · The company itself

“Tekoälyn hyödyntäminen lisää kiinnostusta myös ulkoistusratkaisuja kohtaan ja tuo Etteplanille kasvumahdollisuuksia.”

Annual report 2025A · The company itself

“Palveluntarjontamme kehittämistä erityisesti tekoälyyn liittyen jatkettiin edelleen, ja vuoden aikana toteutettiin useita tekoälyä hyödyntäviä asiakasprojekteja.”

Annual report 2025A · The company itself

“Tekoälyn hyödyntäminen on erittäin keskeisessä roolissa vuoden 2025 alusta alkaneella uudella strategiakaudellamme.”

Annual report 2025A · The company itself

“Päivitetyn strategian ytimessä ovat Etteplanin tekoälyä hyödyntävät palveluratkaisut, ja yhtiön tavoitteena on nostaa Etteplanin kehittämien tekoälypohjaisten palveluratkaisujen osuus liikevaihdosta 35 prosenttiin vuoden 2027 loppuun mennessä.”

Annual report 2025A · The company itself

“Orgaanisen kasvun lähteitä ovat tekoälyä ja teknologioita hyödyntävät uudet palveluratkaisut, jotka tuottavat uudenlaista lisäarvoa asiakkaillemme.”

Annual report 2025A · The company itself

“Kehitämme dataan liittyviä uusia palveluratkaisuja, jotka mahdollistavat tekoälyn tehokkaan käytön tuoteyrityksille ja prosessiteollisuuden yrityksille sekä tukevat niiden tiedonhallintaa ja ylläpitoa.”

Annual report 2025A · The company itself

“Etteplanin taloudelliset ja strategiset tavoitteet 1.1.2025 lähtien: Tekoälyn hyödyntäminen: Etteplanin kehittämien tekoälypohjaisten palveluratkaisujen osuus liikevaihdosta 35 prosenttia vuoden 2027 loppuun mennessä Johdetut palvelut: Johdettujen palvelujen osuus liikevaihdosta 75 prosenttia (Managed Services Index, MSI) vuoden 2027 loppuun mennessä Kasvu: Liikevaihto yli 500 miljoonaa euroa vuonna 2027 Kannattavuus: Liikevoitto (EBITA) yli 10 prosenttia liikevaihdosta YRITYSOSTOT Etteplan ilmoitti 2. syyskuuta 2025 vahvistavansa asemaansa Ruotsissa ostamalla koko osakekannan ruotsalaisesta Eltech Automation i Lund AB:sta, jonka pääkonttori sijaitsee Lommassa, Skånessa.”

Annual report 2025A · The company itself

“Modernizing and Expanding Evergy's Generation Fleet Evergy is committed to a long-term strategy focused on affordability, reliability and sustainability, including fostering economic development in Kansas and Missouri by supporting the attraction of new businesses and large load customers while ensuring protections for existing customers through key safeguards included in the Large Load Power Service (LLPS) rate plans. Evergy’s generation portfolio balances various fuel types which have historically provided cost and reliability benefits.”

Annual report 2025A · The company itself

“Artificial intelligence (AI) is an emerging area of technology that has the potential to impact various aspects of the Evergy Companies' business operations and customer interactions. Generative AI technologies are still in their early stages of development and deployment. Ineffective or inadequate AI development or deployment practices by Evergy, its subsidiaries or third-party vendors could result in unintended consequences.”

Annual report 2025A · The company itself

“Actual, possible, or perceived defects, disruptions or vulnerabilities in F-Secure products or services, including risks from usage of AI technologies, could lead to security breaches or cybersecurity attacks and errors. Such incidents may also result from errors or misuse by F-Secure employees or business partners.”

Annual report 2025A · The company itself

“Environmentally, while F-Secure currently deploys solutions on climate-neutral platforms like AWS, the company recognizes future challenges as AI adoption and customer growth increase energy demands. This drives the company's focus on green coding practices to minimize environmental impact as operations scale.”

Annual report 2025A · The company itself

“Risk (OO) AI increases risk of security breach Effective AI experimentation and roll-out dependent on high quality data sources and may also increases risk of a security breach.”

Annual report 2025A · The company itself

“CEO Use of AI in security applications AI increases risk of security breach While our Code of Conduct is applicable for Consumers and End-Users, serving customers and partners in a business ethical manner is described in the Business Conduct section and under the "Code of Conduct training target".”

Annual report 2025A · The company itself

“Research and development F-Secure Corporation research and development expenditure amounted to EUR 30.9 million (EUR 29.3 million) in 2025, representing 21.2% (20.0%) of revenue and 34.9% (33.1%) of all expenditures. Additionally, capitalized investments in technology were EUR 11.7 million (EUR 11.0 million).”

Annual report 2025A · The company itself

“In 2025, F‑Secure’s Technology function focused on scam protection, simplifying our product and systems landscape, improving delivery discipline, and strengthening the foundations for efficient growth and Tier 1 readiness.”

Annual report 2025A · The company itself

“With the developments made in our standardized Software Development Kit (SDK) approach in 2025 we will scale to serve more Tier 1 partners in 2026. This “build once, deploy broadly” model is intended to scale reach while protecting unit economics.”

Annual report 2025A · The company itself

“A major theme throughout the year was advancing our “one platform, many segments” program. We continued to bring products onto a single, unified SaaS platform and SDKs that can support multiple customer segments. This reduces duplication, increases reliability, and allows us to direct more investment toward innovation.”

Annual report 2025A · The company itself

“Within our engineering work, we emphasized practical, AI‑native efficiency. The use of assistive tools, internal data and model services, and repeatable methods helped targeted teams shorten delivery cycles and reduce rework.”

Annual report 2025A · The company itself

“Our advances in scam protection were recognized with an AI award in 2025. We continued to deepen our understanding of online fraud through ongoing research and market assessment, including work on deepfake detection and cross‑channel scams.”

Annual report 2025A · The company itself

“In 2025, we built the foundation for F-Secure's AI-native future. We launched our AI Learning Academy, upskilling our entire organization in AI capabilities critical to our product innovation and partner service excellence.”

Annual report 2025A · The company itself

“F-Secure is in the process of transforming the company and its operating model with its growth strategy and taking advantage of AI capabilities in our offering and business processes. Changes in the company's strategic priorities, structure and processes may take time to become effective. Additionally, these strategic investments and changes may at least initially have a negative impact on the company's product roadmap and its operations.”

Annual report 2025A · The company itself

“F-Secure sees the potential to grow faster than the market, focusing on partner channel and its offering around Embedded security and Scam Protection.”

Annual report 2025A · The company itself

“Partner business and especially Embedded Security solutions are expected to drive F-Secure growth during 2026. Growth is expected to accelerate throughout the year as the most significant new Tier 1 services gradually start to generate revenue and support profitability.”

Annual report 2025A · The company itself

“Standard Type Description Time horizon Environment Risk (DVC/OO) Failure to meet climate change mitigation targets may negatively impact channel business Mid-term and Long-term Social Opportunity (OO) Evolving threat landscape, protecting consumers against evolving threat landscape (for example scams) benefits both F-Secure and partners Short-term, mid-term and long-term Opportunity (OO) Use data and AI in security applications, for more effective protection and better user experience. AI-powered (network) monitoring tools can track user behavior, detect anomalies, and react accordingly.”

Annual report 2025A · The company itself

“Low-Carbon Service Differentiation: Developing green coding initiatives and a sustainable AI use framework.”

Annual report 2025A · The company itself

“Opportunity Actions 2025 Effectiveness Measures and expected outcomes Evolving Threat Landscape Re-direct resourcing and investments into research, innovation, and product creation capabilities around scam protection Support channel partners by upgrading them to latest F-Secure product versions with scam protection capabilities Support launching, promoting, and selling security directly to consumers, and via existing and new partners Number of new scam protection capabilities launched during the year as part of Embedded or Security Suite portfolios. Outcomes directly connected to consumer satisfaction and F-Secure's revenue growth in key regions and channels Use of AI in Security Applications More engaging, relevant, and contextual protection experience (user experience) Improved security efficacy where AI technologies advance F-Secure's threat research capabilities and allow providing more effective protection capabilities Enhances our consumer and channel partner offerings leading to a differentiated market position in our key regions and channels, further driving growth.”

Annual report 2025A · The company itself

“Furthermore, during 2025, F-Secure piloted "Horizon," an AI-native self-service SaaS platform designed to scale the number of Service Providers the company can serve.”

Annual report 2025A · The company itself

“Our use of AI technologies may not be successful and may present business, compliance, and reputational risks We use, and are expanding our use of, machine learning and AI technologies in our products and processes. If we fail to keep pace with rapidly evolving AI technological developments, or fail to launch products that are competitive, our competitive position and business results may be negatively impacted.”

Annual report 2025A · The company itself

“In addition, third parties may be able to use AI to create technology that could reduce demand for our products and services.”

Annual report 2025A · The company itself

“AI technologies used in our products and processes may use or incorporate data from third-party sources, including information they input into the AI tools, which may expose us to risks associated with data rights and protection.”

Annual report 2025A · The company itself

“The rapid pace of technological change, including advances in AI, cloud computing, and machine learning, along with evolving client demands, could cause our products and services to become outdated or less competitive. If we fail to keep pace with innovation, invest in developing new technology or data products, or successfully respond to disruptive competitors and emerging industry standards, our market position, revenues and operating results could be adversely affected.”

Annual report 2025A · The company itself

“Increased accessibility to free or relatively inexpensive information sources may reduce demand for our products and services Each year, an increasing amount of free or relatively inexpensive information becomes available, particularly through the internet, and this trend is likely to continue, especially with the deployment of AI tools. The availability of free or relatively inexpensive information may reduce demand for our products and services.”

Annual report 2025A · The company itself

“Additionally, we use AI technologies from third party suppliers, which may include open-source software. If we are unable to maintain rights to use these AI technologies on commercially reasonable terms, we may be forced to acquire or develop alternate AI technologies.”

Annual report 2025A · The company itself

“AI is embedded across these offerings to enhance data discovery, automate routine workflows and improve the speed and accuracy of client insights.”

Annual report 2025A · The company itself

“Partnerships and CGS Partnerships delivers solutions such as data and technology solutions, workstations, and digital or analytics solutions to firms in the financial services ecosystem including data, analytics and technology platform providers. This includes curated datasets and turnkey APIs to enable technologists and developers to power new AI-based workflows with programmatic access to FactSet’s high-quality, connected content.”

Annual report 2025A · The company itself

“To execute our strategy, we are focused on three core pillars and primary areas of investment: •Expanding our data offerings and delivery capabilities: We continue to scale up our data ecosystem to provide a comprehensive inventory of industry, proprietary and third-party data. This includes granular data for key industry verticals, real-time market data, fund data and sustainable finance. In addition to using our growing data catalog to drive our AI-powered workstation products, we aim to continue to expand our data delivery capabilities in the cloud and through other methods to advance our position as an enterprise data provider for our clients.”

Annual report 2025A · The company itself

“Table of Contents •Embedding deeper in client workflows: Through continued innovation, we aim to deepen our integration into our clients' workflows. We are focused on expanding further into the buy-side front office by leveraging our expertise in portfolio performance, analytics, and risk management. In addition, we are building on our strong presence on advisor desktops by expanding into prospecting and digital reporting workflows.”

Annual report 2025A · The company itself

“We are also working to introduce next-generation automation in research, financial modeling, and pitch creation. •Innovating with AI: Our AI roadmap, driven by our FactSet AI Blueprint, is resonating with our clients, and FactSet's AI solutions are generating usage, demand and commercial transactions. We continue to advance a pragmatic, open, and flexible strategy for integrating AI and natural language processing into our clients’ workflows, aiming to boost productivity by surfacing actionable insights throughout the portfolio lifecycle and automating routine research and content processing tasks. FactSet is delivering AI embedded workflow solutions for various personas including research analysts, bankers, portfolio managers, wealth advisors and engineering teams across our clients.”

Annual report 2025A · The company itself

“Key initiatives include: •Strategic Hiring: Recruitment in critical roles, including data solutions, AI, machine learning, product management, and client-facing positions. •Future-Ready Skills: In fiscal 2025, 94% of employees participated in learning programs, completing 339,000 hours globally. Programs include mentorship, leadership development, department-specific training, and the EXCEL program. •AI Capabilities: A major focus in fiscal 2025 was enhancing our AI capabilities that were aligned with our innovation and AI monetization goals. Employees advanced skills in prompt engineering, coding, vector databases, and data querying, enabling teams to embed AI across product design, client solutions, and internal efficiency initiatives. •Career Pathways: To encourage employees to apply their skills toward long-term careers at FactSet, we refreshed our job architecture, offering transparent career pathways and consistent role expectations across functions.”

Annual report 2025A · The company itself

“Research and Product Development Costs We do not have a separate research and product development department, but rather we rely on collaboration across departments, with costs primarily consisting of employee compensation costs, such as salaries and related benefits for our product development, software engineering and technical support departments, as well as certain third party costs. These teams collaborate with our strategists, product and content managers, technologists, sales and other team members to develop new products and process innovations and enhance existing products.”

Annual report 2025A · The company itself

“Business Overview FactSet is a global financial digital platform and enterprise solutions provider with open and flexible technologies that deliver financial intelligence to investment professionals worldwide. Our platform delivers expansive data, sophisticated analytics, and flexible, artificial intelligence ("AI")-powered technologies used by global financial professionals to power their critical investment workflows. As of August 31, 2025, we had approximately 9,000 clients comprised of over 237,000 investment professionals, including institutional asset managers, bankers, wealth managers, asset owners, partners, hedge funds, corporate users, and private equity and venture capital professionals.”

Annual report 2025A · The company itself

“Changing market dynamics, particularly in the areas of digital delivery, information security and AI are transforming the way our clients operate and compete. These dynamics are driving increased demand for integrated, modular solutions built on our intellectual property.”

Annual report 2025A · The company itself

“Our information systems are also vulnerable to human error, including employees sending information to inadvertent recipients as well as employees inappropriately using AI tools, as well as malicious insider threats.”

Annual report 2025A · The company itself

“Misappropriation of and infringement on our intellectual property and proprietary rights, or a finding that our patents are invalid, could impair our competitive position. Our ability to compete depends in some part upon our proprietary solutions and technology. Despite our efforts to protect our proprietary rights, unauthorized parties may attempt to copy aspects of our solutions or to obtain and use information that we regard as proprietary or challenge the validity of our patents with governmental authorities.”

Annual report 2025A · The company itself

“However, AI algorithms may produce unfair, unintended, inaccurate, biased or discriminatory outcomes which could be difficult to detect or explain. Further, the training data underlying third-party AI models may also inadvertently breach intellectual property, privacy or other rights and result in the unauthorized use of confidential information. The integration of AI introduces a variety of risks and uncertainties that may harm our reputation, expose us to lawsuits from consumers or other third parties, introduce security vulnerabilities to our information systems, or have other unintended consequences if we are not successful in mitigating such risks.”

Annual report 2025A · The company itself

“Because the development of our solutions and services requires knowledge, skills and abilities to create, develop and implement our software solutions in new areas on a continuing basis, we are competing for talented people with such knowledge, skills and abilities in new and developing technologies. Competition for such technical personnel is intense, as is the competition for senior management to lead these efforts, and our failure to hire and retain talented personnel could have a material adverse effect on our business, financial condition or results of operations.”

Annual report 2025A · The company itself

“As we advance our transformation into a platform company, we are embedding artificial intelligence ("AI") across our solutions and operations.”

Annual report 2025A · The company itself

“FIS harnesses advanced analytics, AI, and real-time data insights across our platforms to deliver differentiated solutions that enhance decision-making, improve operational efficiency, and create personalized client experiences. By integrating emerging technologies such as machine learning, cloud-native architectures, and API-driven ecosystems, we strengthen our ability to innovate rapidly, scale securely, and maintain a leadership position in a dynamic financial services landscape. •Global Distribution and Scale.”

Annual report 2025A · The company itself

“Technology Development Our technology development activities primarily relate to enhancing our proprietary core processing software applications and to designing and developing next-generation digital solutions, processing systems, software applications and risk management platforms, including componentized products with unified API-enabled access implemented on a cloud foundation. These development activities include modernizing our online product offerings for treasury services, digital banking, capital markets services, and our next-generation core banking platform.”

Annual report 2025A · The company itself

“Our future success will be significantly affected by our ability to enhance our current solutions and develop and introduce new solutions and services that address the increasingly sophisticated needs of our clients and their customers. In addition, as more of our revenue and market demand shifts to software as a service ("SaaS"), business process as a service ("BPaaS"), cloud, and new emerging technologies, the need to keep pace with rapid technology changes becomes more acute.”

Annual report 2025A · The company itself

“Using and/or incorporating AI technologies into our business poses additional risks and uncertainties that have the potential to harm our reputation and could have a material adverse effect on our business, financial condition or results of operations. Incorporating AI technologies into our business offers significant potential to enhance the value of the solutions and services we provide to our clients. If we are unsuccessful in identifying opportunities to expand our portfolio with AI capabilities to strengthen or maintain our market position or enhance our customers' experiences, we may have a competitive disadvantage in developing new products and operating our business.”

Annual report 2025A · The company itself

“Our decision solutions offer a spectrum of options that cover the account lifecycle from helping to identify qualified account applicants to managing existing customer accounts and fraud. Our applications enable Know Your Customer, new account decisioning and opening, account and transaction management, fraud management and collections. Our risk management solutions use our proprietary risk management models and data sources to assist in detecting fraud and assessing the risk of opening a new account. Our systems use a combination of advanced authentication procedures, predictive analytics, AI modeling and proprietary and shared databases to assess and detect fraud risk for deposit, card and other transactions for financial institutions. •Card and Retail Payments.”

Annual report 2025A · The company itself

“Our Trading solutions focus on advanced trade life-cycle management, including market making and risk management, cleared derivatives processing, securities processing and securities finance, tax processing, and regulatory compliance, including anti-money laundering (AML) and trade surveillance.”

Annual report 2025A · The company itself

“Further, overall electric load growth, especially as a result of artificial intelligence (“AI”)-driven data center demand, continues to increase.”

Annual report 2025A · The company itself

“Additionally, the unprecedented expansion of data centers, AI workloads, electrification of industrial processes, and broader economic growth has increased demand for new generation capacity and has expanded the number of potential buyers of our modules, as utility-scale solar offers low-cost, rapidly deployable new generation.”

Annual report 2025A · The company itself

“Recent developments in the threat landscape include the use of AI and machine learning, as well as an increased number of cyber extortion attacks, with higher financial ransom demand amounts and increasing sophistication and variety of ransomware techniques and methodology. While we have instituted security measures and procured insurance to mitigate the likelihood and impact of a cybersecurity incident and other events, including information and security breaches, there is no assurance that these measures, or those of the third parties with which we do 38 Table of Contents business, will be adequate in the future.”

Annual report 2025A · The company itself

“We use systems and tools that incorporate AI-based technologies, including generative AI, for customers and our workforce. As with many new and emerging technologies, AI presents numerous risks and challenges that could adversely affect our business. The development, adoption, integration, and use of generative AI technology remains in early stages, and ineffective or inadequate AI governance, development, use, or deployment practices by us or third parties could result in unintended consequences.”

Annual report 2025A · The company itself

“Further, demand for solar energy in key markets, such as the United States and India, may be affected by the nature and extent of commitments to the renewable energy transition at the local and global levels. Notwithstanding these considerations, utility and corporate demand for energy and overall electric load growth, especially as a result of AI-driven data center demand, continue to increase.”

Annual report 2025A · The company itself

“Research and Development Our R&D model differentiates us from much of our competition due to its vertical integration, from advanced research to product development, manufacturing, and applications. We continue to devote substantial resources to our R&D efforts, which generally focus on continually improving the wattage and energy yield of our solar modules.”

Annual report 2025A · The company itself

“Table of Contents We continue to devote significant resources to support the implementation of our technology roadmap and improve the energy output of our modules. In the course of our R&D activities, we explore various technologies in our efforts to sustain competitive differentiation of our modules.”

Annual report 2025A · The company itself

“We continue to research and develop our thin-film semiconductor technology, with a focus on the use of perovskite thin films. Perovskites have the potential to significantly increase the efficiency and reduce the cost of PV solar modules either through single-junction or potentially multi-junction devices. Supported by the associates at our California and European Technology Centers, we continue to advance our work on improving both the efficiency and stability of this technology in developing a commercially scalable perovskite product.”

Annual report 2025A · The company itself

“Increasingly sophisticated cyber-attacks, ransomware, and other security breaches—whether targeting us or third parties with whom we do business—could disrupt operations, compromise confidential information, and result in significant financial, legal, and reputational harm. Cybersecurity threats, including those that exploit advances in technologies such as artificial intelligence, continue to grow in frequency and sophistication, and the security controls we implement may not fully prevent or detect all such threats or incidents. Emerging artificial intelligence technologies may be used to develop new hacking tools, obscure malicious activities, exploit vulnerabilities, and increase the difficulty of detecting threats. Despite ongoing investments in cybersecurity, we cannot guarantee prevention or timely detection of all threats, which continue to evolve and may be amplified by interconnected systems.”

Annual report 2025A · The company itself

“Secretary of Energy directed FERC to conduct a rulemaking procedure to develop regulations that would speed interconnection to the transmission system of large loads, including “Artificial Intelligence” data centers and “hybrid” data center/electric generation facilities.”

Annual report 2025A · The company itself

“If we fail to keep pace with technological change, including as a result of artificial intelligence, we could lose clients or have trouble attracting new clients. The markets for our products and services are characterized by constant and rapid technological change, evolving industry standards, frequent introduction of new products and services, and increasing client expectations. Our ability to respond timely to these changes, including by enhancing our current products and services and developing and introducing new products and services, will significantly affect our future success.”

Annual report 2025A · The company itself

“We are embedding artificial intelligence (“AI”) capabilities in our account processing solutions, led by Finxact.”

Annual report 2025A · The company itself

“We are investing in modern innovative platforms, building our key merchant orchestration layers and payment gateways, and growing our digital asset capabilities, including with the launch of FIUSD, each of which are anticipated to drive our embedded finance business. •Delivering operational excellence enabled by AI.”

Annual report 2025A · The company itself

“We use artificial intelligence in our business, and challenges with properly managing its use could result in legal liability or reputational harm. We believe that data, and the insights enabled by data, can be used to create or enhance the products and services that we offer to our clients. As a result, we are using, and expect to continue to expand our use of, artificial intelligence and machine learning in our product development processes, services and operations.”

Annual report 2025A · The company itself

“We make significant investments in emerging, innovative areas of financial services and technology that may not achieve expected returns. We expect to continue to make significant investments in research, development, and marketing for new and existing products, services, and technologies, including embedded finance, stablecoin and artificial intelligence based products and services.”

Annual report 2025A · The company itself

“Goodwill, which is not deductible for tax purposes, is primarily attributed to the anticipated value created by enabling the Company’s ability to accelerate the deployment of its Clover® POS and business management platform, providing enhanced capabilities and innovation to an expansive combined merchant and partner base across Europe.”

Annual report 2025A · The company itself

“The Company maintains substantial volumes of payment and transaction data, providing insights into business and consumer activity. The Company accounts for the sales of distinct data and analytics as a separate performance obligation and recognizes the revenue at its standalone selling price when the customer obtains control of the analytical data.”

Annual report 2025A · The company itself

“•We depend on industries that produce products that are subject to rapid technological change and short product lifecycles. •Our industry is highly competitive, and customers may in-source production or modify sourcing strategies; our Cloud and Power Infrastructure businesses are subject to rapid technological change which requires that we make continuing investments to remain competitive. •Our margins and profitability have in the past been, and could in the future be, adversely affected due to substantial investments, start-up and production ramp costs in our design and engineering services. •If we do not effectively manage changes in our operations, our business may be harmed; we have taken substantial restructuring charges in the past and we may need to take material restructuring charges in the future.”

Annual report 2026A · The company itself

“In particular, demand for our cloud and power infrastructure solutions serving data center applications is significantly influenced by continued investment in AI, machine learning, and high-performance computing infrastructure by our customers, particularly hyperscale cloud providers.”

Annual report 2026A · The company itself

“Any reduction in the rate of AI adoption, shifts in customer investment priorities, or technological developments that reduce demand for high-density computing infrastructure would adversely affect demand for our products and services.”

Annual report 2026A · The company itself

“Our personnel or third parties could, unbeknownst to us, misuse AI technology in ways that could result in the inadvertent disclosure of our confidential information or that of our customers. The use of AI can result in unintended consequences, including outputs that appear accurate but are factually incorrect, misleading, or otherwise flawed. If the AI tools we use or rely upon are deficient or unreliable, we could experience operational disruptions, increased costs, compliance challenges, reputational harm, or legal exposure.”

Annual report 2026A · The company itself

“These factors include rapid changes in technology, including as a result of AI, evolving industry standards, and requirements for continuous improvement in products and services that result in short product lifecycles; the failure of our customers to successfully market their products or for our customers' products to gain widespread commercial acceptance; and dramatic market share shifts that may cause our customers to lose market share or exit businesses.”

Annual report 2026A · The company itself

“Our Cloud and Power Infrastructure businesses are particularly subject to rapid technology evolution. The data center infrastructure industry is characterized by frequent platform transitions, increasing rack power densities, adoption of liquid and hybrid cooling technologies, evolving power delivery architectures and voltage standards, and changing interconnect, security, and manageability requirements.”

Annual report 2026A · The company itself

“STRATEGY Flex’s strategy is centered upon enhancing our core manufacturing, supply chain, and lifecycle capabilities, including proprietary products and enabling technologies, while actively managing our portfolio to align our businesses with distinct customer requirements, operating models, and end markets. We actively invest in areas that strengthen our competitive positioning, whether through advanced product lifecycle capabilities, cutting-edge manufacturing and product technologies, or innovative processes and business methods.”

Annual report 2026A · The company itself

“We continue to advance our expertise in factory automation, robotics, artificial intelligence, vertical integration, simulation, digital twins, and power technologies, reflecting the increasing demands of both advanced manufacturing and digital infrastructure customers.”

Annual report 2026A · The company itself

“Our CPI segment supports the scalable and reliable deployment of mission‑critical digital infrastructure, combining end‑to‑end power, thermal, and integrated infrastructure technologies with global engineering, manufacturing, and lifecycle services. CPI delivers coordinated, system‑level solutions for high‑density data center and cloud deployments, helping customers move faster, improve reliability, and manage increasing power and thermal complexity through an integrated, globally scaled operating model.”

Annual report 2026A · The company itself

“Our new CPI segment is focused on delivering integrated compute systems, power, and cooling technologies that support large-scale cloud, data center, and AI-enabled infrastructure deployments.”

Annual report 2026A · The company itself

“Moreover, the threat landscape continues to evolve as a result of new technologies, including AI, and malicious parties may use AI to help attack our solutions, systems, and our customers.”

Annual report 2025A · The company itself

“If our new products, services and enhancements do not achieve sufficient market acceptance, our results of operations and competitive position will suffer. We spend substantial amounts of time and money to develop internally and acquire new products and services and enhance versions of our existing products and services in order to incorporate additional features, improved functionality or other enhancements in order to meet our customers’ rapidly evolving demands for network security in our highly competitive industry.”

Annual report 2025A · The company itself

“If our new products, services or enhancements do not achieve adequate acceptance in the market, our competitive position will be impaired, our revenue will be diminished and the effect on our operating results may be particularly acute because of the significant research, development, marketing, sales and other expenses we incurred in connection with the new product, service or enhancement. The network security market is rapidly evolving and the complex technology incorporated in our products makes them difficult to develop. If we do not accurately predict, prepare for and respond promptly to technological and market developments, changing end-customer needs, and expanding regulatory requirements and standards, our competitive position and prospects may be harmed.”

Annual report 2025A · The company itself

“False positive detection of legitimate non-malicious files as viruses or malware or false identification of legitimate emails as spam, could adversely affect our business. Our FortiGuard and other security subscription services may falsely detect, report and act on viruses or other threats that do not actually exist. This risk is heightened by the inclusion of heuristics, ML or AI features in our products, which attempt to identify viruses and other threats not based on any known signatures but based on characteristics or anomalies that may indicate that a particular item is a threat.”

Annual report 2025A · The company itself

“AI presents risks, challenges, and potentially unintended consequences that could impact our ability to effectively use AI successfully in our business. Given the nature of AI technology, we face an evolving regulatory landscape and significant competition from other companies. Our AI efforts may not be successful and our competitors may incorporate AI into their products more quickly or more successfully than us, which could impair our ability to compete effectively, reduce demand for our products and services and adversely affect our financial results.”

Annual report 2025A · The company itself

“AI can be exploited by hackers and malicious actors to develop advanced cyberattacks, bypass security measures, and exploit system vulnerabilities including potentially identifying weaknesses in our systems before we become aware of or can remediate them.”

Annual report 2025A · The company itself

“For example, as a result of the rapid global build-out of AI infrastructure, there is currently a global shortage of memory chips, which are a component in certain of our products. As a result, we are currently experiencing, and may continue to experience, constraints on the availability of memory chips.”

Annual report 2025A · The company itself

“We have made, and expect to continue to make investments to integrate AI and ML technology into our solutions, as evidenced by our acquisition of Lacework.”

Annual report 2025A · The company itself

“The Fortinet Unified SASE solution includes a single-vendor SASE solution that includes firewall, SD-WAN, secure web gateway, cloud access services broker, Data Loss Prevention (“DLP”), Digital Experience Monitoring (“DEM”), Remote Browser Isolation (“RBI”) and ZTNA to deliver flexible secure access for all users. We are one of the few vendors to deliver consistent convergence and AI-powered security across Secure SD-WAN and SSE to enable a single-vendor SASE framework with a cloud-centric architecture powered by FortiOS.”

Annual report 2025A · The company itself

“Our competitive differentiation lies in our core technologies, which together provide performance, security, flexibility and integration across diverse environments. •FortiOS—Our unified operating system enables the convergence of networking and AI-powered security to enforce consistent policies across all form factors and edges.”

Annual report 2025A · The company itself

“Within AI for Security, FortiAI-Assist uses generative and agentic AI to support Network Operations Center (“NOC”) and Security Operations Center (“SOC”) teams in monitoring, analysis and response activities across enterprise environments. Security for AI comprises of FortiAI-Protect and FortiAI-SecureAI.”

Annual report 2025A · The company itself

“Consumer preferences have evolved toward direct-to-consumer offerings such as SVOD, AVOD and FAST services, as well as connected TV devices and operating systems and gaming and other consoles.”

Annual report 2026A · The company itself

“Other new technological developments, such as the development and use of generative AI, including large language model applications, are rapidly evolving and increasingly being incorporated into business operations and content generation, and AI may be used in ways that could reduce demand for our content, products and services.”

Annual report 2026A · The company itself

“The use of AI tools in advertising technology also is becoming more prevalent and if our competitors are able to adopt the use of these tools more effectively than we are, it could negatively impact our advertising revenues.”

Annual report 2026A · The company itself

“If our competitors gain an advantage by using such technologies to create, market, target or distribute content more efficiently or effectively, our ability to compete effectively could be adversely impacted.”

Annual report 2026A · The company itself

“FOX’s brands, credibility and reputation also could be adversely impacted if AI tools misattribute incorrect information to the Company or if the Company’s use of AI in its own products and services produces content, information, analyses or recommendations that are alleged to be deficient, inaccurate, biased, harmful, discriminatory, an intellectual property infringement, a violation of privacy rights or otherwise problematic.”

Annual report 2026A · The company itself

“Developments in technology increase the threat of content piracy by making it easier to create, access, duplicate, widely distribute, display and store high-quality pirated material. These developments include recent advances in AI and large language model applications, digital copying, file compression technology, growing penetration of high-bandwidth Internet connections, increased availability and speed of mobile data networks and new devices and applications that enable unauthorized access to content.”

Annual report 2026A · The company itself

“Compliance with these laws and regulations may be costly and could require the Company to change its business practices, including in connection with the use of AI-enabled technologies and data-driven targeted advertising. Although the Company expends significant resources to comply with data privacy and protection laws, we have been and may continue to be subject to legal claims and may be subject to regulatory action despite these efforts.”

Annual report 2026A · The company itself

“The Company continues to focus on investing in and expanding its digital distribution offerings and direct engagement with consumers, including through Tubi, the FOX One direct-to-consumer subscription streaming service, FOX Nation, FOX Weather and other offerings.”

Annual report 2026A · The company itself

“Technology is rapidly evolving, and if we do not continue to develop new product and service offerings in response to these changes, our business could suffer. Disruptive technologies, including in areas of artificial intelligence (“AI”) and machine learning, are rapidly changing the environment in which we, our clients, and our competitors operate and could affect the nature of how we generate revenue. We anticipate encountering more competition with increased adoption of AI services in the markets in which we compete.”

Annual report 2025A · The company itself

“Moreover, the development, adoption, and use of generative AI technologies are still in their early stages, and ineffective or inadequate AI development or deployment practices by Gartner or third-party developers or vendors could result in unintended consequences. For example, AI technologies that we use may lead to unintended consequences and errors, including generating content that appears correct but is factually inaccurate, misleading or otherwise flawed, or that results in unintended biases and discriminatory outcomes, which could harm our reputation and expose us to liability.”

Annual report 2025A · The company itself

“The market for our products and services is characterized by rapidly changing needs for information and analysis. The development of new products is a complex and time-consuming process. Nonetheless, to maintain our competitive position, we must continue to anticipate the needs of our clients, develop, enhance, protect, and improve our existing products, as well as new products and services to address those needs, deliver all products and services in a timely, user-friendly and state of the art manner, and appropriately position and price new products and services relative to the marketplace and our costs of developing them.”

Annual report 2025A · The company itself

“We use, and may expand our use of, machine learning and AI technologies in some of our products, services, and processes. In August 2025, we launched AskGartner, our new AI-powered tool that gives clients an improved user experience by providing faster, more efficient access to our insights, to licensed users globally.”

Annual report 2025A · The company itself

“Demand remains strong for large scale transmissionrelated equipment to interconnect renewables and move bulk power. We also continue to benefit from higher growth in orders from other transmission activities to connect new power sources, to electrify industries including data centers playing a key role in the development of artificial intelligence (AI), and to modernize existing grid infrastructure.”

Annual report 2025A · The company itself

“Because we manufacture and sell products used in AI infrastructure, our performance and the market price of our common stock are frequently linked to AI investment trends and sector sentiment, which has resulted in, and may continue to result in, significant volatility.”

Annual report 2025A · The company itself

“•Improving margins and lowering risk through better underwriting. •Streamlining our product portfolio to focus on core workhorse products, which will improve both cost and quality going forward. •Using lean to improve our cost structure and productivity levels across our business and corporate functions. •Innovating and investing, along with third parties, in new offerings and technologies that will help customers electrify and decarbonize the world. •Allocating capital as a whole and within our various businesses – focused on generating cash flow to invest in our core businesses, invest in targeted mergers and acquisitions (M&A), and return at least 1/3 of our cash generation to our stockholders.”

Annual report 2025A · The company itself

“We operate in industries where technology and customer needs evolve rapidly, and our growth and business depend on developing and bringing to market new products, solutions, and services. The commercial success of technologies such as small modular or other advanced nuclear power, hydrogen-based power generation, carbon capture and sequestration, and grid-scale batteries or other storage solutions depends on factors including the pace of innovation; development costs; capital resource availability; the intensity of competition; our customers’ ability to obtain and maintain required permits or certifications; the effectiveness of our production, distribution, and marketing, including our ability to successfully deploy technologies intended to costeffectively enhance our production, such as robotics and automation, and integration of AI; the availability of raw materials and components; our supply chain; the economics for customers to deploy and support these technologies; overall market demand and acceptance; and the timing of market entry.”

Annual report 2025A · The company itself

“We conduct R&D activities to continually enhance our existing products and services, develop new products and services to meet our customers’ changing needs and demands, and address new market opportunities. In addition to funding R&D internally, we also receive funding externally from our customers, partners, and governments, which contributes to the overall R&D for the Company.”

Annual report 2025A · The company itself

“Some of our more significant challenges and risks include, but are not limited to, the following, which are described in greater detail below: •If we are unable to develop new and enhanced solutions and products, or continually improve the performance, features, and reliability of our existing solutions and products, our business and operating results could be adversely affected. •We operate in a highly competitive and dynamic environment, and if we are unable to compete effectively, we could experience a loss in market share and a reduction in revenue.”

Annual report 2026A · The company itself

“•Issues in the development and deployment of AI, including generative AI and emerging AI-enabled cyber threats, could expose us to regulatory, privacy, IP, cybersecurity, operational and reputational risks. •Our acquisitions and divestitures create special risks and challenges that could adversely affect our financial results. •Our revenue and operating results depend significantly on our ability to retain our existing customers and increase their adoption of our offerings, convert existing non-paying customers to paying customers, and add new customers. •If we fail to manage our sales and distribution channels effectively, if our partners choose not to market and sell our solutions to their customers, or if we have an adverse change in our relationships with key third-party partners, service providers or vendors, our operating results could be materially and adversely affected.”

Annual report 2026A · The company itself

“Cybercriminals are combining long-standing techniques such as phishing, vishing and smishing with data-driven social engineering, deepfakes, account-takeover attacks and abuse of generative-AI systems and AI agents to execute increasingly sophisticated scams, fraud and other attacks that target people’s identities, privacy and finances.”

Annual report 2026A · The company itself

“Advances in cloud computing, mobile platforms, and artificial intelligence (AI) have expanded how consumers interact and transact online, and we expect technological advancements to continue to unlock new possibilities. At the same time, the expansion of consumers’ digital footprint is increasing exposure to cyber risks.”

Annual report 2026A · The company itself

“The development and integration of new technologies — including generative AI (“Gen AI”) and machine learning — is complex, time-consuming, and subject to significant risks. New technologies may contain errors, vulnerabilities, or unintended outputs, including incorrect or biased results, that are not easily detectable, which could lead to customer dissatisfaction, reputational harm, litigation, or increased regulatory scrutiny.”

Annual report 2026A · The company itself

“AI systems, including AI internally developed and AI present in third party solutions, may be flawed, contain errors or vulnerabilities, reflect unintended bias, or produce inaccurate, misleading or “hallucinatory” outputs, and such deficiencies may not be easily detectable. Customers may rely on AI-generated outputs in making financial, security or other significant decisions. If AI-enabled features in our products produce incorrect, incomplete or biased outputs, we could face claims of misrepresentation, negligence, product liability or other legal theories, as well as customer dissatisfaction, reputational harm and loss of business.”

Annual report 2026A · The company itself

“AI can present ethical issues and may subject us to new or heightened legal, regulatory, ethical, or other challenges, including issues relating to discrimination, intellectual property infringement or misappropriation, violation of rights of publicity, inability to assert ownership of inventions and works of authorship, loss of trade secrets, defamation, data privacy, and cybersecurity; and inappropriate or controversial data practices by third-party partners, developers and end-users, or other factors adversely affecting public opinion of AI, could impair the acceptance of AI solutions, including those incorporated in our products and services.”

Annual report 2026A · The company itself

“The use or adoption of AI technologies in our products may also result in exposure to claims by third parties of copyright infringement or other intellectual property misappropriation, which may require us to pay compensation or license fees to third parties. For example, the large datasets used to train Gen AI technologies or output generated by Gen AI technologies may contain materials that may subject us to third-party claims of intellectual property infringement or violations of rights of publicity.”

Annual report 2026A · The company itself

“Furthermore, because AI technology itself is highly complex and rapidly developing, it is not possible to predict all of the legal, operational or technological risks that may arise relating to the use of AI, including the increased use of agentic AI and the heightened risk it poses to data privacy and cybersecurity. The rapid evolution of AI, including potential government regulation of AI, requires us to invest significant resources to develop, test, and maintain AI in our products and services in a manner that meets evolving requirements and expectations and we may need to expend resources to adjust our offerings in certain jurisdictions if the legal frameworks are inconsistent across jurisdictions.”

Annual report 2026A · The company itself

“Additionally, deployment of agentic AI with access to our systems, data, and third-party tools creates an expanded surface for cyberattacks, as threat actors may exploit inadequate controls to manipulate agents into executing unauthorized actions, accessing sensitive information, or initiating malicious transactions, and the autonomous nature of these systems may enable attackers to conduct multi-step attacks that evade traditional security controls before detection occurs.”

Annual report 2026A · The company itself

“Additionally, there often exists a lack of transparency regarding the sources of data (including personal data) used to train or develop third-party AI technologies or how inputs are converted to outputs, and we may not be able to fully validate this process and its accuracy (particularly where it is part of a complex, multi-step process and inaccurate or incomplete information may be compounded across many steps, such as in agentic AI systems).”

Annual report 2026A · The company itself

“For example, there is a risk of employees inadvertently inputting trade secret information into Gen AI technologies, thereby enabling third parties, including our competitors, to access such information.”

Annual report 2026A · The company itself

“In addition, the integration of Gen AI may also expose us to risks regarding intellectual property ownership and license rights, particularly if any copyrighted material is embedded in training models or if the output we produce is infringing intellectual property rights. In addition, the use of Gen AI in connection with the creation or development of intellectual property may present challenges in asserting ownership over the resulting output given the position of some courts and intellectual property offices in various jurisdictions that some human contribution is required for intellectual property protection of an AI-generated work.”

Annual report 2026A · The company itself

“By the terms of certain open source licenses, we could be required to release the source code of our proprietary software (which could include our proprietary source code or AI models) if we combine our proprietary software with open source software in a certain manner. Some open source software may include Gen AI software which may expose us to risks as the intellectual property ownership and license rights, including copyright, of Gen AI software and tools has not been fully interpreted by U.S. courts or been fully addressed by federal, state, or international regulations.”

Annual report 2026A · The company itself

“Developing, testing, and deploying AI systems may also increase the cost profile of our offerings due to the nature of the computing costs involved in such systems.”

Annual report 2026A · The company itself

“Our future success depends on our ability to attract and retain personnel in a competitive marketplace. Our future success depends upon our ability to recruit and retain key management, technical (including cyber security and AI experts), sales, marketing, e-commerce, finance and other personnel.”

Annual report 2026A · The company itself

“Through our AI Foundry, we build advanced AI models to improve our user’s experiences, by providing recommendations, insights, and personalized messaging tailored to their customer journey. We are also building AI-native products, AI agentic solutions, and the trust layer that makes powerful AI, safe and simple for everyday life.”

Annual report 2026A · The company itself

“AI is simultaneously enabling more sophisticated attacks and more powerful defenses. Our strategy is to lead in both defense and empowerment, deploying AI-native capabilities such as our advanced scam detection engine, agentic security, and privacy protection solutions that anticipate threats before they materialize.”

Annual report 2026A · The company itself

“•Build the trust layer for the AI economy: As AI agents move onto consumer devices, browsing the web and executing code on the user’s behalf, the security stakes have fundamentally changed. We are building the trust layer for consumer AI: an AI-native browser, agentic protection integrated into our core memberships including an agentic VPN, and an agentic skill scanner establishing our platform as the security foundation for AI adoption.”

Annual report 2026A · The company itself

“3.Scaling Gen’s AI-Powered Platform Delivering a Trust Layer: Connecting our ecosystem of brands, products, and partners through a unified data and AI infrastructure to deliver personalized, proactive, and increasingly automated experiences — closing the gap between what AI can do and what consumers trust it to do. Our platform turns user-permissioned data into trusted recommendations and actionable intelligence, positioning Gen as the trust layer for the AI economy.”

Annual report 2026A · The company itself

“Our future success depends on our ability to effectively respond to evolving consumer threats, technological advancements, competitive developments and industry changes, by developing or introducing new and enhanced solutions and products on a timely basis. We have incurred, and will continue to incur, significant research and development expenses, including investments in AI, to drive organic growth and reduce reliance on third-party technologies.”

Annual report 2026A · The company itself

“We have incorporated, and are continuing to develop and deploy, AI, including Gen AI, into many of our products, solutions and services. AI systems, including AI internally developed and AI present in third party solutions, may be flawed, contain errors or vulnerabilities, reflect unintended bias, or produce inaccurate, misleading or “hallucinatory” outputs, and such deficiencies may not be easily detectable.”

Annual report 2026A · The company itself

“We are well-positioned across two key Cyber Safety categories: •Security and Performance: Our offerings provide real-time threat protection for PCs, Macs and mobile devices against malware, ransomware, phishing, and other emerging cyber threats. These offerings monitor and block unauthorized access to the device to help protect and secure private and sensitive information.”

Annual report 2026A · The company itself

“Scams have also continued to become more prevalent and sophisticated and we offer a range of AI-powered features integrated into Norton Cyber Safety products to provide always-on protection from today’s most sophisticated scams across phone calls, texts, emails, deepfakes and websites. Norton Scam Protection and Scam Protection Pro utilize Norton Genie AI engine to analyze the meaning of words, not just links, helping to stop hidden scam patterns that even the most careful person can miss.”

Annual report 2026A · The company itself

“The recent introduction of our large-megawatt diesel generator line-up has substantially increased our served addressable market, allowing us to participate in the supply-constrained data center market which is expected to grow significantly over the coming years due to the mass adoption of artificial intelligence.”

Annual report 2025A · The company itself

“At the same time, power demand is expected to meaningfully accelerate due to (i) the rapid adoption of artificial intelligence and related data center energy requirements, (ii) the re-industrialization of North America, and (iii) the electrification of a wide range of consumer and commercial products, including transportation, HVAC systems, and other major appliances.”

Annual report 2025A · The company itself

“Substantial capital investments in new data centers and accelerating adoption of artificial intelligence. As a result of the development of artificial intelligence and the expected benefits of this technology, there is significant capital investment being made to build out data center infrastructure, which is expected to further accelerate adoption of artificial intelligence capabilities. Backup power solutions are a necessary part of this substantial investment in data centers.”

Annual report 2025A · The company itself

“The increasing use and development of artificial intelligence has created significant demand for the build out of data center infrastructure, which includes backup power generation. While we believe the potential for this business is very promising, the growth and development of this rapidly evolving industry is difficult to project.”

Annual report 2025A · The company itself

“There is also increasing use of data analytics, machine learning, and artificial intelligence software, which our competitors may be able to use or implement more effectively than we are able to do.”

Annual report 2025A · The company itself

“We have made significant investments in developing a common connectivity and data platform to advance our energy management ecosystems for both residential and C&I markets. Combining advanced software development with our broad engineering capabilities will enable us to develop innovative solutions and ultimately compete in energy technology markets.”

Annual report 2025A · The company itself

“Our information technology systems (which includes artificial intelligence) and infrastructure are critical to effectively manage our key business processes including digital marketing, order entry and fulfillment, supply chain management, finance, administration, and other business processes. These technologies enable internal and external communication among our locations, employees, suppliers, customers, and others and include the receipt and storage of personal information about our employees, consumers, and proprietary business information. Our information technology systems, some of which are dependent on services provided by third parties, may be vulnerable to damage, interruption, or shutdown due to any number of causes such as catastrophic events, natural disasters, fires, power outages, systems failures, telecommunications failures, security breaches, computer viruses, hackers, employee error or malfeasance, and other causes. Increased cyber-security threats pose a potential risk to the security and viability of our information technology systems, as well as the confidentiality, integrity, and availability of the data stored on those systems.”

Annual report 2026A · The company itself

“Guided by our purpose to make food the world loves, we are executing our Accelerate strategy to drive sustainable, profitable growth and top-tier shareholder returns over the long term. The strategy focuses on four pillars to create competitive advantages and win: boldly building brands, relentlessly innovating, unleashing our scale, and standing for good.”

Annual report 2026A · The company itself

“Digitaliseringen revolutionerar vården genom teknologier som distansvård, artificiell intelligens (AI), 3D-printing och robotik.”

Annual report 2024A · The company itself

“Ökat användande av AI är e exempel på dea.”

Annual report 2024A · The company itself

“E exempel är vårt operationsplaneringssystem Torin, som med hjälp av AI-optimering hjälper sjukhus a maximera sin kapacitet genom bäre schemaläggning och resursfördelning.”

Annual report 2024A · The company itself

“Machine Learning/AI personalize offerings and improve productivity”

Annual report 2025A · The company itself

“GN’s unique approach to AI and Deep Neural Network technology”

Annual report 2025A · The company itself

“Our future growth opportunities are stimulated by rapid technological developments, machine learning and the adoption of Artificial Intelligence for a host of daily tasks at home, at work, and on the go.”

Annual report 2025A · The company itself

“The enterprise market is driven by hybrid “technology rich” work which is here to stay.”

Annual report 2025A · The company itself

“People, technology, and quality GN operates on the cutting edge of technological advances to provide new relevant user experiences and functionalities to its customers. Any failure to gain access to and deploy the latest technologies and competencies within hardware, software, and services in a timely manner would impact GN’s future earnings potential.”

Annual report 2025A · The company itself

“Preparing for growth in 2026 and beyond, GN has also invested significantly in new product innovation: In Hearing, we launched our most intelligent hearing solutions portfolio to date, based on GN’s unique approach to AI and Deep Neural Network technology. Thanks to this and years of focus we are able to offer the world's best hearing in noise experience.”

Annual report 2025A · The company itself

“Growth in 2026 will be supported by the launch of next-generation solutions for video and audio collaboration. Our updated video portfolio targeting the rapidly expanding market for intelligent meetings will enable us to serve all room sizes.”

Annual report 2025A · The company itself

“In 2025, GN invested DKK 1.9 billion in research and development.”

Annual report 2025A · The company itself

“We maintain a diverse pool of innovative and commercial collaborations with partners who help enable our growth as we are allies rather than competitors.”

Annual report 2025A · The company itself

“Group development costs ended at DKK -1,460 million compared to -1,491 million in 2024. This reflects continued investments into GN’s R&D roadmap, including 2025 product launches of ReSound Vivia, Re- Sound Enzo IA and PanaCast 40 VBS, as well as the ongoing work on the Evolve3 platform, but offset by cost savings across non-product related activities.”

Annual report 2025A · The company itself

“GN expects to continue to gain market shares driven by the very strong brand, innovation leadership, and category expansion.”

Annual report 2025A · The company itself

“Free cash flow excl. M&A (DKKm) Net interest -bearing debt (DKKm) and leverage 2,619 1,560 1,200 2,153 1,908 2021 2022 EBITA margin 16.6% 8.3% 6.6% 12.0% 11.4% Reported EBITA GN Store Nord ( DKKm) 2025 -1,291 1,092 1,081 ,112 Net interest-bearing debt (DKKm) Leverage 8,876 4,829 14,561 10,567 9,699 2025 1.6x 7.1x 6.0x 3.8x 3.8x Content Another year with market share gains driven by customer-centric innovation and solid commercial execution Revenue The Hearing division delivered another strong year with 5% organic growth (on top of 10% in 2024 and 13% in 2023), yet again outperforming the market. Growth was driven by broad-based market share gains of the new ReSound Vivia platform, the world’s smallest AI-powered hearing aid, enabling the division to capture record high market share across various markets, underscoring its innovative strength and effective market execution.”

Annual report 2025A · The company itself

“The markets in which we compete are characterized by constant change, innovation, frequent new product and service introductions and evolving industry standards. We expect these markets to continue to rapidly evolve, including as a result of developments in AI.”

Annual report 2025A · The company itself

“In addition, advances in AI, including tools that enable customers to create, modify, and deploy websites, applications or digital experiences using AI-powered platforms, including those that utilize natural language or other high-level inputs rather than traditional development workflows, may alter customer expectations and behavior with respect to website creation, hosting and management. If customers increasingly rely on third-party AI platforms, closed ecosystems or other competing services, including those that offer automated or natural-language-driven website creation and hosting capabilities, demand for our website building tools, hosting products, domain names or related services could decline or pricing pressure could increase, which could materially and adversely affect our business.”

Annual report 2025A · The company itself

“If internet users' preferences or practices shift away from recognizing and relying on web addresses or they were to significantly decrease their use of web browsers in favor of apps or AI-based tools to locate and access content, demand for domain names in the gTLDs we operate could be negatively affected.”

Annual report 2025A · The company itself

“Further, AI may create content that appears correct but is factually inaccurate, incomplete, insufficient, biased or otherwise flawed or contains copyrighted or other protected material, which may not be easily detectable despite internal policies and diligence efforts. To the extent we or our customers rely on such results, we could incur operational inefficiencies, competitive harm, brand or reputational harm, or other adverse impacts on our business and results of operations.”

Annual report 2025A · The company itself

“These threats may include human error, intentional misconduct, or accidental failures, including when using third-party LLMs providers and AI systems.”

Annual report 2025A · The company itself

“In addition, we are transforming our AI-powered solutions into agentic tools and solutions on our Airo platform. Our AI-powered agents are designed to handle our customers' fundamental jobs to be done such as domain searches and naming, logo creation and website building. These agents are built to deliver tailored support based on each customer's unique business needs, as they learn to anticipate next steps across multiple jobs to proactively guide our customers through each interaction.”

Annual report 2025A · The company itself

“In addition, as the internet continues to evolve with the rapid and developing use of AI-enabled agents, we believe the same foundational elements and infrastructures that have historically supported participation on the open internet, such as identity, naming and trust, could become increasingly important in an agentic open internet. For example, we expect infrastructure to be required to ensure that AI-powered agents can discover one another, validate identities and establish trust across domains allowing these agents to collaborate and complete end-to-end tasks with speed and precision. In response to these developments, we launched Agent Name Service (ANS), an open architecture built on industry standards to serve as a trust layer for AI-powered agents.”

Annual report 2025A · The company itself

“GoDaddy Airo® The Airo platform is an intelligent AI-experience that can help customers proactively build and grow their businesses with the power of generative and agentic AI solutions. Through our Airo agents, we aim to help our customers with their jobs to be done by providing solutions based on informed interactions across the GoDaddy suite of products and services, small business industry expertise, knowledge queries and best practices. Our Airo agents can help our customers with various jobs, including domain search and naming, personalized logo creation, website build, marketing and compliance.”

Annual report 2025A · The company itself

“Our customers increasingly need solutions that simplify how they establish, operate and grow their businesses. They want intelligent solutions that reduce manual effort, eliminate complexity, help them move from intent to outcome more efficiently across the Entrepreneur's Wheel and proactively execute tasks that meet their needs. With Airo, our customers can utilize agents that are designed to handle these fundamental jobs to be done, including domain searches and naming, logo creation and building websites and applications. •Technology that is easy-to-use, reliable, secure, efficient, performance enhancing and evolves with their needs.”

Annual report 2025A · The company itself

“Additionally, with Airo, our AI-powered experience, we aim to reduce complexities for our customers through agentic AI solutions that can anticipate needs and next steps and provide solutions through informed interactions, small business industry expertise, knowledge queries and best practices. Airo can also help our customers build their identity with domain searching, personalized logos, email inboxes and email templates and aims to help our customers grow their business with proactive email and text messages, proposed product descriptions and social media posts, conversational UI landing pages and auto-generated product catalogs.”

Annual report 2025A · The company itself

“We are supporting our employees with the latest technologies to enhance and assist in productivity and learning, including AI solutions and software. We aim to provide our employees with AI-powered tools and experiences, such as various large language models (LLMs), AI-enabled companions and our internal AI-powered chat interface, to enhance their effectiveness and efficiency.”

Annual report 2025A · The company itself

“Our key product development initiatives include: Harnessing the Power of AI For Our Customers. We design our AI-powered tools and experiences to enhance our customers' discoverability of and engagement with the full suite of our product offerings and to reduce the friction inherent in establishing an online presence and growing a businesses.”

Annual report 2025A · The company itself

“Our use, development, adoption, deployment and maintenance of AI and other new and evolving technologies may present significant risks, which could result in increased costs, litigation, reputational harm and liability. We are increasingly using new and rapidly evolving technologies, such as AI, including agentic AI, to, among other things, develop new tools and solutions, add new features in our existing solutions and enhance our own business operations.”

Annual report 2025A · The company itself

“Our use of AI could also pose other concerns. If we enable or offer solutions that draw controversy or if these new offerings do not work as we intend, we may experience brand or reputational harm, competitive harm or legal liability.”

Annual report 2025A · The company itself

“Websites + Marketing is an easy-to-use, do-it-yourself, mobile-optimized online tool that enables our customers to build effective websites and e-commerce enabled online stores with minimal technical skill. We offer a variety of plans, with pricing based on business, marketing, commerce and other features. With each of these plans, customers gain access to our AI-powered tools and solutions, which include natural language, conversational chat interfaces, also known as vibe coding, that can build a customizable and editable site based on each customer's unique needs.”

Annual report 2025A · The company itself

“For example, within our Websites + Marketing platform, customers can utilize our AI-powered marketing consultant to create marketing plans as they seek to market their businesses in a number of different channels based on the type of their venture and their geography.”

Annual report 2025A · The company itself

“In 2025, we continued to harness the power of AI, with a focus on enabling agentic AI capabilities across Airo and our existing products. Our expanded AI solutions include conversational chat interfaces that utilize natural language to help with website creation and customization; Airo Plus Logo, which supports automated brand identity creation; Airo Plus Marketing, to assist with AI-enabled marketing content and campaign management; and Airo Plus Site Optimizer, an AI-driven tool to obtain website performance insights and recommendations.”

Annual report 2025A · The company itself

“The A&C and Core segments provide a view into the product-focused organization of our business and generate revenue as follows: •A&C primarily consists of sales of products containing proprietary software, notably our website building products, as well as our commerce products and third-party email and productivity solutions and sales of certain products when they are included in bundled offerings of our proprietary software products.”

Annual report 2025A · The company itself

“Statements about the opportunities and challenges presented by AI are subject to the risks that we may not be timely or successful in developing or integrating new AI products and technologies into our existing products and services or that evolving laws and regulations could require changes in our implementation of AI technology and increase our compliance costs and the risk of non-compliance.”

Annual report 2025A · The company itself

“We or our third-party vendors, clients or counterparties have in the past developed or incorporated and may in the future develop or incorporate AI technology in certain business processes, services or products. The development and use of AI present a number of risks and challenges to our business. The legal and regulatory environment relating to AI is uncertain and rapidly evolving, both in the U.S. and internationally, and includes regulation targeted specifically at AI, as well as provisions in intellectual property, privacy, consumer protection, employment and other laws applicable to the use of AI. These evolving laws and regulations have in the past required and may in the future require changes in our implementation of AI technology and increase our compliance costs and the risk of non-compliance.”

Annual report 2025A · The company itself

“AI models, particularly generative AI models, may produce output or take action that is incorrect, that result in the release of private, confidential or proprietary information, that reflect biases included in the data on which they are trained, infringe on the intellectual property rights of others, or that is otherwise harmful. In addition, the complexity of many AI models makes it challenging to understand why they are generating particular outputs. This limited transparency increases the challenges associated with assessing the proper operation of AI models, understanding and monitoring the capabilities of the AI models, reducing erroneous output, eliminating bias and complying with regulations that require documentation or explanation of the basis on which decisions are made.”

Annual report 2025A · The company itself

“In addition to our use of AI technologies, we are exposed to risks arising from the use of AI technologies by bad actors to commit fraud and misappropriate funds and to facilitate cyber attacks. Generative AI, if used to perpetrate fraud or launch cyber attacks, could result in losses, liquidity outflows or other adverse effects for us and our clients.”

Annual report 2025A · The company itself

“The growth of electronic trading and the introduction of new products and technologies, including trading and distributed ledger technologies, such as cryptocurrencies, and AI technologies, has increased competition. Technology is fundamental to our business and our industry. The growth of electronic trading and the introduction of new technologies is changing our businesses and presenting us with new challenges.”

Annual report 2025A · The company itself

“We have invested significant resources into the development of electronic trading systems and expect to continue to do so, but there is no assurance that the revenues generated by these systems will yield an adequate return, particularly given the generally lower commissions arising from electronic trades. In addition, the emergence, adoption and evolution of new technologies, including distributed ledgers, such as digital assets and blockchain, and AI technologies, have required us to invest resources to adapt our existing products and services, and we expect to continue to make such investments, which could be material.”

Annual report 2025A · The company itself

“We may not be as timely or successful in developing or integrating, or even able to develop or integrate, new products and technologies, such as those built on distributed ledgers or AI technologies, into our existing products and services, adapting to changes in client preferences or achieving market acceptance of our products and services. For example, our competitors may be more timely or successful in developing or integrating AI technologies to increase their productivity and reduce their costs or to provide better transaction execution or improved products and services to clients. Any of the foregoing could affect our ability to attract or retain clients, cause us to lose market share or result in service disruptions and in turn reduce our revenues or otherwise adversely affect us.”

Annual report 2025A · The company itself

“In addition, new AI technologies may increase the frequency and severity of cybersecurity attacks.”

Annual report 2025A · The company itself

“En yderligere central udvikling finder sted inden for generativ AI, som accelererer både teknologiske muligheder og risici for en indholds- og rettighedsvirksomhed som Gyldendal.”

Annual report 2025A · The company itself

“Samtidig fortsatte veksten i etterspørselen etter digitale læremidler, e-bøker og lydbøker.”

Annual report 2024A · The company itself

“Våre digitale tjenester og produkter har blitt tilpasset endret etterspørsel i markedene og samtidig har vi trappet opp arbeidet med å effektivisere våre verdikjeder og prosesser.”

Annual report 2024A · The company itself

“Pålitelighet og kvalitet er kjernen i det vi gjør, og ved å benytte ny teknologi som KI, er vi forpliktet til å sikre at implementering og eksperimentering følger våre verdier. Gyldendal har overordnede retningslinjer for ansvarlig bruk av KI med mål om å gi støtte på tvers av våre virksomheter og merkevarer.”

Annual report 2024A · The company itself

“Tjenester og vekst utvikler digitale tjenester og produkter for eksisterende og nye markeder.”

Annual report 2024A · The company itself

“We are increasingly dependent on digital technologies and services to conduct our business. We use these technologies for internal and operational purposes, including data storage, processing, and transmissions, as well as in our interactions with customers and suppliers. Examples of these digital technologies include analytics, automation, and cloud services. Our digital technologies and services, and those of our customers and suppliers, are subject to the risk of cybersecurity incidents and, given the nature of such incidents, some can remain undetected for a period of time despite efforts to detect and respond to them in a timely manner.”

Annual report 2025A · The company itself

“Much of this work is performed by our internal staff of designers, artists, model makers and engineers. The pace of change in innovation and complexity of our product offerings is expected to continue to evolve as we adopt artificial intelligence in the development of new brands and products.”

Annual report 2025A · The company itself

“We expect that as artificial intelligence becomes more prevalent, we will see increased competition from those using such technology to develop games, toys and content.”

Annual report 2025A · The company itself

“Further, the pace of change in product offerings and consumer tastes in electronics and digital gaming areas is potentially even greater than for our other products and this pace of change is expected to accelerate as 18 Table of Contents artificial intelligence is further incorporated into the development of games. If a digital game fails to gain consumer acceptance early in its life cycle, there are limited opportunities to gain such acceptance through secondary launches or distribution through alternative platforms.”

Annual report 2025A · The company itself

“Technological developments, such as developments in artificial intelligence and shifts to streaming platforms for entertainment content, continue to evolve, and these developments may affect aspects of our existing business model, including revenue streams for the use of our intellectual property and how we create our products and games.”

Annual report 2025A · The company itself

“As we incorporate AI tools into aspects of our business, including product and game development, we may face increased costs, operational complexity, IP and data governance challenges, and evolving regulatory requirements, any of which could adversely affect timelines, quality, or expected returns on investment.”

Annual report 2025A · The company itself

“Our business will suffer if we are unable to develop, publish and commercialize digital games. A key component to the success of our strategy is to continue to develop, publish and commercialize digital games, including AAA/AA games, games as a service and licensed games based on our existing IP, as well as new and licensed IP. We have invested substantially in our digital gaming business.”

Annual report 2025A · The company itself

“In 2025, we launched our refreshed strategy, "Playing to Win," to refocus the Company on inspiring a lifetime of play across more categories, more partners, and more ways to engage. Through play fueled brand engagement and partner scaled co-investment, including video games, artificial intelligence ("AI") enabled entertainment, and licensing, we plan to expand our consumer reach as a games, IP, and toy company. We seek to be one of the most profitable and diverse toy and game companies globally, powered by gamified, entertainment-driven, multi-purchase, multi-generational franchises.”

Annual report 2025A · The company itself

“We are midway through a transformation. Over the past several years our initiatives have focused on: •Reinvigorating licensing by expanding into new partnerships across toys, gaming and experiences and by strengthening existing partnerships with key partners, including the extension of our agreement with The Walt Disney Company. •Accelerating digital initiatives and digitally-orientated partnerships. •Right-sizing our organizational structure. •Reducing complexity across the business, including significantly reducing SKU count, reducing owned inventory levels and reducing the cost structure. •Divestiture of the non-core film and TV business of eOne (as defined below) which returned “play” to the center of our mission and investment priorities, ultimately reducing content spend by over 90%. We are continuing to transform the business by upgrading our systems and talent with an emphasis on: •Rapid adoption of AI, including launching new enabled services and digital solutions to innovate, improve operational efficiency, and go to market digitally.”

Annual report 2025A · The company itself

“At the same time, we are also increasing sophistication of many of the brands and products we are designing and developing in terms of combining digital and traditional technologies, and providing greater innovation and product differentiation.”

Annual report 2025A · The company itself

“Key to our success is the continued investment in and growth and development of our digital gaming business, including development of AAA and AA games, games as a service and licensed games. Spanning action role-playing games for web-based play, PC and gaming consoles, and Hasbro branded mobile application-based games, our digital gaming business helps to unlock the full value of our brands to achieve our mission of storytelling and bringing our brands to life.”

Annual report 2025A · The company itself

“Cybersecurity threat actors may utilize AI tools to automate and enhance cybersecurity attacks against us. We utilize software and platforms designed to detect such cybersecurity threats, including AI-based tools, but these threats could become more sophisticated and harder to detect and counteract, which may pose significant risks to our data security and systems.”

Annual report 2025A · The company itself

“Moreover, the adoption of AI tools by our tenants may lead to infrastructure requirements that our buildings currently do not accommodate, such as increased power needs for high-performance computing. Infrastructure upgrades may require significant capital expenditures and could potentially impact the environmental footprint of our building operations.”

Annual report 2025A · The company itself

“The adoption of AI tools by our tenants may also lead to a reconfiguration in space requirements by our tenants or decreased in demand for space over time. If we are not able to offset any material reduction in demand through leasing or re-leasing efforts, repurposing space, property dispositions, or other means, there could be a material adverse effect on our business, results of operations, and financial condition.”

Annual report 2025A · The company itself

“Our vendors may use AI tools in their products or services without our knowledge, and the providers of these tools may not meet the evolving regulatory or industry standards for privacy and data protection. Consequently, this may inhibit our or our vendors’ ability to uphold an appropriate level of service and data privacy.”

Annual report 2025A · The company itself

“We use generative artificial intelligence and/or machine learning (collectively, “AI”) tools in our investment and capital allocation decisions and operations, including commercially available AI applications or AI features available through our existing software or technology platforms.”

Annual report 2025A · The company itself

“Our future growth (especially for our Global Technology and Global Specialty Products segments) is dependent upon our ability to develop or acquire and maintain and protect new products and services and utilize new technologies that achieve market acceptance with acceptable margins. Our future success depends on our ability to timely develop (or obtain the right to sell) competitive and innovative (particularly for our Global Technology and Global Specialty Products segments) products and services and utilize new technologies, such as artificial intelligence (“AI”) (among other emerging technologies) and to market them and/or utilize them quickly and cost-effectively.”

Annual report 2025A · The company itself

“The use of AI in healthcare offerings poses certain clinical risks resulting from potential misdiagnosis or misinformation provided from AI applications, diminishing critical judgment, or loss of interpersonal care from clinicians. These deficiencies could undermine the decisions, predictions, or analysis AI applications produce, as well as their adoption, subjecting us to competitive harm, legal liability (including under new proposed legislation regulating AI in jurisdictions such as the EU or new applications of existing data protection, privacy, intellectual property, and other laws), regulatory actions, and reputational harm.”

Annual report 2025A · The company itself

“In addition, some AI scenarios, such as using AI applications to generate patient data (including, without limitation, using AI to capture and summarize patient interactions, and voice-activated perio charting), present ethical, privacy, or other social issues, risking reputational harm and/or reduced market demand or acceptance of AI solutions.”

Annual report 2025A · The company itself

“All of these risks are amplified by the critical nature of healthcare decisions and the sensitivity of health-related information, and the occurrence of any of the above could have a material adverse effect on our business, financial condition or operating results.”

Annual report 2025A · The company itself

“The FDA regulates certain computer software and digital health products intended for use in health care settings, including, for example, AI and machine learning-enabled medical devices and the cybersecurity of medical devices. Certain of our businesses involve the development and sale of software and related products to support physician and dental practice management, and it is possible that the FDA or foreign government authorities could determine that one or more of our products is subject to regulation as a medical device, which could subject our businesses to substantial additional requirements, costs, potential enforcement actions or liabilities for noncompliance with respect to these products. For example, some of our imaging software is regulated as a medical device which subjects our businesses to substantial additional requirements, costs and potential enforcement actions or liabilities for noncompliance with respect to these products.”

Annual report 2025A · The company itself

“Our products and services utilize new technologies, such as AI. The regulatory landscape for AI is changing rapidly, with both domestic and international activity.”

Annual report 2025A · The company itself

“Our BOLD+1 Strategic Plan consists of the following: • Build (“B”) Complementary software, specialty, and services businesses for high growth • Operationalize (“O”) One Distribution to deliver exceptional customer experience, increased efficiency, and growth • Leverage (“L”) One Schein to broaden and deepen relationships with our customers • Drive (“D”) Digital transformation for our customers and for Henry Schein • +1 Create value for our stakeholders To accomplish this, we apply our competitive strengths in executing the following strategies: • Increase penetration of our existing customer base.”

Annual report 2025A · The company itself

“In particular, we are focused on continuing to grow our Henry Schein specialty brands and technology and value-added services solutions both organically and inorganically, and to drive greater efficiencies.”

Annual report 2025A · The company itself

“We have increased and expect to continue to increase our use of AI technologies in various contexts to improve customer and patient experiences and drive efficiencies in certain areas of our business, including, without limitation, making AI features available within our practice management systems, which, among other things, helps dentists and clinical staff detect caries.”

Annual report 2025A · The company itself

“Our overall demand pipeline is stable, although demand across our AI product portfolio, including for high performance graphics and accelerated processing units, continues to be somewhat uneven due to the lumpiness of deals that have caused, and may continue to cause, fluctuations quarter-to-quarter. AI systems demand in the midst of persisting data center space availability constraints continued to drive significant AI backlog.”

Annual report 2025A · The company itself

“The rising demand for compute-intensive technologies—particularly those that support artificial intelligence—is contributing to increased energy consumption across the technology sector, presenting decarbonization challenges for leading solutions providers such as HPE.”

Annual report 2025A · The company itself

“Additionally, the proliferation of generative AI models within the internal systems, processes, and tools of HPE, our suppliers, our customers, or other third parties with whom we do business may create new attack methods for threat actors.”

Annual report 2025A · The company itself

“Our ability to implement solutions for our customers, anticipate and respond to rapid and continuing changes in technology (such as cloud-, AI-, networking- and security-related offerings), and develop new service offerings or incorporate technological improvements into our existing offerings that meet our customers’ needs and evolving industry standards, is critical to our competitiveness and success. We encounter aggressive competition from numerous competitors in all areas of our business (which we expect will continue across a wider array of networking offerings due to the Merger), and our competitors have targeted and are expected to continue targeting our key market segments.”

Annual report 2025A · The company itself

“Sales of AI systems to such customers have caused, and may continue to cause, fluctuations in our results of operations, as such large orders may occur in some periods and not others and are generally subject to intense competition and pricing pressure, which can have an impact on our margins and results of operations. If we are not successful in continuing to expand sales to a broader base of customers, our financial results may be adversely affected.”

Annual report 2025A · The company itself

“Table of Content We believe the proliferation of AI, especially as it relates to our products and solutions that enable AI workloads, has had a significant impact on customer preferences and market dynamics in our industry, and our ability to effectively compete in this space has been and will remain critical to our financial performance.”

Annual report 2025A · The company itself

“We have invested, and expect to continue to invest, significant resources to use, acquire, build, and support the development of these capabilities and manufacturing processes, and if our AI-related offerings fail to operate as anticipated or as well as competing offerings or otherwise do not meet customer needs or if we are unable to bring AI-related offerings to market as effectively as our competitors, we may fail to recoup our investments in AI, our competitive position may be harmed, and our business and reputation may be adversely impacted.”

Annual report 2025A · The company itself

“In the course of conducting our business, we must adequately address quality issues associated with our products, services, and solutions (whether developed by us or by a company we acquire), including defects in our engineering, design, and manufacturing processes and unsatisfactory performance under service contracts, as well as defects in third-party components included in our products and unsatisfactory performance or malicious acts by third-party contractors or subcontractors.”

Annual report 2025A · The company itself

“In addition, there is uncertainty around the validity and enforceability of intellectual property rights related to our use, development, and deployment of AI and AI systems and solutions. Our use of AI technologies, whether created by us for internal or customer use cases or otherwise incorporated from external sources into our offerings, could lead to claims of infringement of third-party intellectual property rights, or allegations of non-compliance with the law.”

Annual report 2025A · The company itself

“Our Strengths We believe that we possess a number of competitive advantages that distinguish us from our competitors, including: •Strategic, comprehensive portfolio. HPE concentrates its portfolio around the megatrends of networking, cloud, and AI, as we believe that these three strategic IT markets each serve as an essential building block for modern IT infrastructures and strategies. HPE’s portfolio of solutions is designed to help customers accelerate digital transformation and unlock AI-driven business outcomes.”

Annual report 2025A · The company itself

“Research and Development Innovation is a key element of our culture and critical to our success. Our R&D efforts are focused on designing and developing products, services, and solutions that anticipate customers' changing needs and desires and emerging technological trends.”

Annual report 2025A · The company itself

“We are also committed to the responsible and ethical development and deployment of new technologies to advance how we live and work, and we continue to build on our existing responsible development work, particularly in relation to AI. We have an executive level AI Ethics Responsibility Committee and an operational AI Ethics Working Group, through which we aim to align the development, deployment, and use of AI with HPE's AI Ethics Principles, promoting privacy-enabled and secure, human focused, inclusive, robust, and responsible use of AI.”

Annual report 2025A · The company itself

“To successfully execute our strategy in a rapidly evolving market, we must maintain effective planning, forecasting, and management processes to enable us to continue to improve cost structures, align sales coverage with strategic goals, improve channel execution, and strengthen our capabilities in our areas of strategic focus, while continuing to pursue new product innovation in areas such as edge computing, hybrid cloud, AI, high performance computing, and networking.”

Annual report 2025A · The company itself

“Business Hewlett Packard Enterprise is a global technology leader focused on developing intelligent solutions that allow customers to capture, analyze and act upon data seamlessly from edge to cloud. We enable our customers to accelerate business outcomes by driving new business models, creating new customer and employee experiences, and increasing operational efficiency today and into the future. Our customers range from small-and-medium-sized businesses to large global enterprises and governmental entities.”

Annual report 2025A · The company itself

“The AI market requires a modern and high-performing networking fabric as a core foundation to deliver a more efficient data-center cloud, which we offer through our AI-native portfolio of networking solutions. We intend to drive innovation through “AI for Networks”— which we define as using AI to make networks smarter — and “Networks for AI”— which builds the foundational infrastructure for next-generation AI applications.”

Annual report 2025A · The company itself

“With the acquisition of Juniper Networks, HPE now has a full-stack portfolio spanning campus and branch, data center switches, wide-area routing, and secure access services edge (“SASE”) solutions. HPE’s networking offerings are designed both with AI (leveraging AIOps) and for AI (delivering high-performance networks that maximize GPU utilization and minimize AI job completion times).”

Annual report 2025A · The company itself

“In the high-performance computing and AI sector, our investments are focused on pioneering leadership class computing solutions that deliver superior performance and efficiency. These solutions feature leading edge silicon architectures, high-speed interconnects, advanced storage and innovative direct liquid cooling. Our R&D efforts in the realm of AI are particularly robust, with new server solutions designed for AI inference engines and integrated into HPE Private Cloud AI for inferencing, retrieval augmented generation, and model fine-tuning. Large-scale model training and tuning, including natural language processing, large language models, and multi-modal training for models with trillions of parameters are supported by our leading AI solutions.”

Annual report 2025A · The company itself

“In Hybrid Cloud, we are investing in a comprehensive portfolio of storage and private cloud technologies and capabilities that are focused on enabling customers to transform through the power of data and AI, modernize their IT infrastructure and simplify hybrid operations, delivering a cloud operational experience via the HPE GreenLake cloud. We continue to invest in the storage portfolio aligned with customers’ evolving data and AI needs.”

Annual report 2025A · The company itself

“Table of Content In Networking, we are investing in a broad portfolio of networking and security capabilities, addressing campus, branch, data center, wide area networking, and cloud use cases. We are leveraging AI to enhance network performance and reliability through predictive analytics, automated fault detection, and intelligent traffic management—supporting scalable, self-optimizing infrastructure aligned with customer demands.”

Annual report 2025A · The company itself

“Our long-term go-to-market strategy is focused on leveraging our portfolio composed of hardware, software, and services as we deliver global edge-to-cloud platform as-a-Service (“aaS”) to help customers accelerate outcomes by unlocking value from their data, everywhere.”

Annual report 2025A · The company itself

“Following the acquisition of Juniper Networks on July 2, 2025 (the “Merger”), we seek to enhance our networking solutions by offering secure, unified cloud and AI-native networking to enhance innovation across edge to cloud.”

Annual report 2025A · The company itself

“Our ongoing process of improving HPE GreenLake; expanding our offerings across all our businesses (including cloud, AI, and networking offerings); enhancing existing hardware, software, and cloud-based solutions; and developing and improving the systems necessary for new and evolving data-intensive AI-based workloads are all complex, costly, and uncertain, and any failure by us to anticipate customers’ changing needs and emerging technological trends accurately, to invest sufficiently in strategic growth areas, or to otherwise successfully execute this strategy could significantly harm our market share, results of operations, and financial performance.”

Annual report 2025A · The company itself

“In addition, through HPE Networking we now offer a full networking IP stack: from silicon, to infrastructure, to the operating system, to security, to software and services, in a cloud-native and AI-driven approach following the Merger.”

Annual report 2025A · The company itself

“Framsteg inom digital teknologi som exempelvis artificiell intelligens och ökad uppkoppling av enheter har medfört nya säkerhetsutmaningar eftersom anställda och Hexagons partners, kunder och tjänsteleverantörer i större utsträckning arbetar på distans från nätverk som inte hanteras av företaget. Incidenter kan också leda till missbruk av personuppgifter så som obehörig användning, spridning eller förlust av data. Användningen av AI-driven programvara kan ytterligare förvärra denna risk.”

Annual report 2024A · The company itself

“De verkar antingen nära kunder och marknader inom våra divisioner eller i vårt innovationscenter där de driver utvecklingen inom sensorteknik, robotik och artificiell intelligens.”

Annual report 2024A · The company itself

“Hexagon kommer att behålla sitt fokus på robotsensorer och mjukvara, digitala 3D-miljöer och AI-förbättrad analys för att fortsätta hjälpa kunderna att stadigt gå mot mer autonoma lösningar, inom slutmarknaderna för diskret tillverkning, byggnation, gruvdrift och jordbruk.”

Annual report 2024A · The company itself

“Genom plattformar kopplar Hexagon samman mjukvara, sensorer och ekosystem, vilket möjliggör dataflöden och samarbete i realtid.”

Annual report 2024A · The company itself

“AI-produkterbjudande med produktifiering av stora språkmodeller och dokumenthantering, är en molnpartner med öppna plattformar och teknologipartner för det industriella metaversumet. NVIDIA förbättrar Hexagons öppna dataekosystem genom att integrera accelererad databehandling, AI och simuleringsteknologier i Hexagons digital reality-lösningar.”

Annual report 2024A · The company itself

“Hexagons lösningar möjliggör precisions mätning av fysiska objekt och dessa data kan utnyttjas för att driva ökad autonomi inom olika industrier.”

Annual report 2024A · The company itself

“I över ett decennium har Hexagon utvecklat sina domänspecifika AI- funktioner, som hade sin grund i maskininlärning år 2012. Tillsammans med våra kunder, forskare inom akademin, strategiska partners och teknikpartners fortsätter Hexagon att bygga in AI i arbetsflöden, sensorer och plattformar för att utmana det möjliga.”

Annual report 2024A · The company itself

“Vi omfamnar AI på vårt företags samtliga nivåer. Hexagons företagskultur säkerställer att globala team ligger i framkant när det gäller AI för intern produktivitet och kundapplikationer.”

Annual report 2024A · The company itself

“I egenskap av att vara en av de mest innovativa leverantörerna inom industrin är det viktigt för Hexagon att ta fram nya tillämpningar i syfte att expandera den totala marknaden för Hexagons produkter och tjänster, inte bara anpassa och förbättra befintliga produkter. De totala utgifterna för FoU under 2024 uppgick till 855,7 MEUR (836,3) vilket motsvarar 16 % (15) av nettoomsättningen.”

Annual report 2024A · The company itself

“Hexagon investerar betydande belopp i FoU. Målen för Hexagons FoU-avdelning är att omvandla kundernas behov till produkter och tjänster samt att upptäcka och utveckla marknads- och teknikmöjligheter så tidigt som möjligt.”

Annual report 2024A · The company itself

“Hexagon är en global ledare inom teknologi som kombinerar sensorer, mjukvara och autonoma teknologier för att omvandla världens mest vitala industrier.”

Annual report 2024A · The company itself

“Operations Awereness system och analys för att förbättra säkerheten på arbetsplatsen Beslutsfattande på plats med Agtek Reveal och Hexagon Alix Budgetkontroll med Construction Analyticsportalen Sinnesfrid med Document Smartification Hexagon SDx2 och detektering av underjordiska tillgångar i IDS AI Maps Kvalitet som är i en klass för sig med VGSTUDIO MAX Prestandasimulering av avancerade material med Nexus Materials Enrich Spatial intelligens med Hexagons Digital Realityplattform Hudanalys i realtid för den estetiska industrin med Aura Med fler än 25 produkter i vår portfölj stödjer Hexagon AI branschspecifika arbetsflöden och sensorer.”

Annual report 2024A · The company itself

“Hexagon levererar sensorer, mjukvara och data till sina kunder. 57 procent av försäljningen kommer från mjukvara och tjänster.”

Annual report 2024A · The company itself

“Starka marknader för Data Center och Harsh Environment Marknaden för Data Center är stark. Här driver utvecklingen av AI på investeringar i fler datacenter, vilket även ger en positi effekt för Fiber Solutions.”

Annual report 2024A · The company itself

“Fler anslutna enheter, expansionen av plattformar online, AI-applikationer, den ökade användningen av sensorer och IoT bidrar till ökade datavolymer. Ökade datavolymer driver investeringar i fibernät, och det växande behovet av datacenter är en tydlig indikator.”

Annual report 2024A · The company itself

“Övergången till molnet och efterfrågan på SaaS-lösningar (Software as a Service), AI (Artificiell Intelligens) och digitaliseringen driver på utbyggnaden av datacenter över hela världen.”

Annual report 2024A · The company itself

“Delar av Hexatronic är beroende av organisationens förmåga att utveckla och marknadsföra nya produkter och tjänster i linje med den övriga marknaden.”

Annual report 2024A · The company itself

“Center bedöms marknaderna vara fortsatt starka under lång tid framöver, främst pådrivet av investeringar inom försvar, energi och AI.”

Annual report 2024A · The company itself

“HMS NETWORKS ÅRSREDOVISNING 2024 5 HMS mission "We enable valuable data and insights from industrial equipment allowing our customers to increase productivity and sustainability."”

Annual report 2024A · The company itself

“av HMS intäkter* 6 % Marknads -tillväxt Varumärken: Red Lion, Anybus Diagnostics, N-Tron, Ewon Data från maskiner       HÅLLBAR KONSUMTION OCH PRODUKTION HÅLLBAR ENERGI FÖR ALLA HMS bidrag till Agenda 2030 - mål 7 och mål 12    AI DIGITALISERING DRIVANDE TRENDER:   HMS bistår med: Fjärråtkomst och data för PLC-baserade maskiner -    Nätverksdiagnostik i fabriker   Displaypaneler och HMI:er (Human Machine Interfaces)    Nätverksswitchar      HMS NETWORKS ÅRSREDOVISNING 2024 13  Industrial Network Technology Kundexempel DEN 10:E MILJONTE ANYBUSENHETEN TILL SCHNEIDER ELECTRIC I FRANKRIKE Schneider Electric och HMS Networks har samarbetat i två decennier kring nätverks-  Anybus, kan Schneider Electric erbjuda frekvensomriktare som kan kommunicera på     DEGLOBALISERING DATAANALYS HÅLLBARHET Teknologi för kommunikation, styrning och säkerhet inom industriella enheter.”

Annual report 2024A · The company itself

“Table of Contents We expect the proliferation of AI to have a significant impact on our industry and the markets in which we compete, and the development and use of AI presents competitive, reputational, and liability risks. We believe the proliferation of AI, especially as it relates to our product and solutions offerings, will continue to have a significant impact on customer preferences and market dynamics in our industry, and our ability to effectively compete in this space will be critical to our financial performance.”

Annual report 2025A · The company itself

“Our financial performance will depend in part on our ability to remain competitive in offerings geared towards new or emerging market trends, such as artificial intelligence, hybrid consumption and digital employee experience.”

Annual report 2025A · The company itself

“The emergence and maturation of AI capabilities may also lead to new and/or more sophisticated methods of attack, including fraud that relies upon “deep fake” impersonation technology or other forms of generative automation that may scale up the efficiency or effectiveness of cybersecurity attacks.”

Annual report 2025A · The company itself

“Increased demand for particular components due to industry trends, including components required for the operation of AI, may lead to shortages, delays, and price increases.”

Annual report 2025A · The company itself

“We believe artificial intelligence (“AI”) is playing a critical role in the transformation of how people live and work, and customers are beginning to recognize the benefits in security, speed and cost. Our high-performing product portfolio includes HP’s new line of AI PCs and workstations built with the computing power to enable local AI processing for enhanced performance and features as well as intelligent print features incorporated into our home, office and graphics solutions.”

Annual report 2025A · The company itself

“We are focused on developing products, services and solutions that anticipate customers’ changing needs and desires, and emerging technological trends, including accelerating the delivery of AI throughout our product portfolio.”

Annual report 2025A · The company itself

“HP’s Fiscal 2026 Plan includes HP’s efforts to drive customer satisfaction, product innovation and productivity through artificial intelligence adoption and enablement, and cost savings associated with the Fiscal 2026 Plan represent gross reductions in costs from these measures.”

Annual report 2025A · The company itself

“We compete on the basis of our technology, innovation, performance, price, quality, reliability, brand, reputation, distribution, range of products and services, ease of use, account relationships, customer training, service and support, security, availability of application software and internet infrastructure offerings, and our sustainability performance.”

Annual report 2025A · The company itself

“Many of our products and services, including those which incorporate AI capabilities, are dependent on third-party software, including from Microsoft and Google, to function as intended, and product issues also sometimes result from the interaction between our products and software and third-party products and software.”

Annual report 2025A · The company itself

“We have undertaken and may undertake in the future restructuring and other plans in order to realign our cost structure, drive customer satisfaction, product innovation and productivity through artificial intelligence, and achieve operating efficiencies that we expect to reduce costs, including the Fiscal 2023 Plan and our Fiscal 2026 Plan.”

Annual report 2025A · The company itself

“Corporate Investments include certain business incubation and investment projects. •In Personal Systems, our long-term strategic focus is on: ◦profitable growth through innovation, market segmentation and simplification of our portfolio; ◦enhanced innovation in multi-operating systems, multi-architecture, customer segments and other key attributes; ◦investing in endpoint services and solutions. We are focused on services, including Device-as-a-Service, as the market shifts to subscription-based solutions, and accelerating in attractive adjacencies such as hybrid systems; and ◦driving innovation to enable productivity and collaboration, with AI PCs and workstations playing a critical role in the transformation of how people live and work.”

Annual report 2025A · The company itself

“We are driving innovation by accelerating the delivery of AI across our product portfolio and focusing on growth opportunities in commercial, solutions, and premium consumer and gaming markets.”

Annual report 2025A · The company itself

“Since announcing our Fiscal 2023 Plan, we have enhanced our digital capabilities in Workforce Solutions and continued to leverage AI to positively impact our products, solutions and operations.”

Annual report 2025A · The company itself

“In November 2025, we announced our new plan to drive customer satisfaction, product innovation, and productivity through AI adoption and enablement (the “Fiscal 2026 Plan”).”

Annual report 2025A · The company itself

“FinTechs continue to emerge in key areas of banking. In addition, larger established technology platform companies continue to evaluate, and in some cases, create businesses focused on banking products. We closely monitor activity in the marketplace to ensure that our products and services are technologically competitive.”

Annual report 2025A · The company itself

“Cybersecurity risks for banking organizations have significantly increased in recent years in part because of the proliferation of new technologies, including AI, and the use of the internet and telecommunications technologies to conduct financial transactions. For example, cybersecurity risks may increase in the future as we continue to increase our mobile-payment and other internet-based product offerings and expand our internal usage of web-based products and applications.”

Annual report 2025A · The company itself

“Our measurement methodologies rely on many assumptions, historical analyses, and correlations. These assumptions may not capture or fully incorporate conditions leading to losses, particularly in times of market distress, and the historical correlations on which we rely may no longer be relevant.”

Annual report 2025A · The company itself

“AI is complex and rapidly evolving, and the introduction of AI, a relatively new and emerging technology in the early stages of commercial use, into our business and operations may subject us to new or heightened legal, regulatory, ethical, operational, reputational, or other risks. The models underlying AI may be incorrectly or inadequately designed or implemented and trained on, or otherwise use, data or algorithms that are, and output that may be, incomplete, inadequate, misleading, biased, poor-quality or otherwise flawed, any of which may not be easily detectable.”

Annual report 2025A · The company itself

“If the AI that we use is deficient, inaccurate or controversial, we could incur operational inefficiencies, competitive harm, legal and regulatory action, brand or reputational harm, or other adverse impacts on our business and financial results.”

Annual report 2025A · The company itself

“Further, if we do not have sufficient rights to use the data or algorithms on which our AI solutions rely or the output generated thereby, we also may incur liability through the violation of applicable laws and regulations, such as fair lending laws and regulations, third-party intellectual property, privacy or other rights, or contracts to which we are a party.”

Annual report 2025A · The company itself

“We rely on quantitative models to measure risks and to estimate certain financial values. Quantitative models may be used to help manage certain aspects of our business and to assist with certain business decisions, including estimating expected lifetime credit losses, measuring the fair value of financial instruments when reliable market prices are unavailable, estimating the effects of changing interest rates and other market measures on our financial condition and results of operations, managing risk, and for capital planning purposes (including during the CCAR capital planning and capital adequacy process).”

Annual report 2025A · The company itself

“We use AI in connection with our business and operations, which exposes us to inherent risks that may expose us to material harm. We use AI in connection with our business and operations, including through the models we employ.”

Annual report 2025A · The company itself

“Failure of Innovation Initiatives Could Impact the Long-Term Success of the Company: IBM has moved into areas, including those that incorporate or utilize hybrid cloud, AI, quantum and other disruptive technologies, in which it can differentiate itself through responsible innovation, by leveraging its investments in R&D and attracting a successful developer ecosystem. If IBM is unable to continue its cutting-edge innovation in a highly competitive and rapidly evolving environment or is unable to commercialize such innovations, expand and scale them with sufficient speed and versatility or is unable to attract a successful developer ecosystem, the company could fail in its ongoing efforts to maintain and increase its market share and its profit margins.”

Annual report 2025A · The company itself

“Risks from Investing in Growth Opportunities Could Impact the Company’s Business: The company continues to invest significantly in key strategic areas, including AI, to drive revenue growth and market share gains. Client adoption rates and viable economic models are less certain in the high-value, highly competitive, and rapidly-growing segments.”

Annual report 2025A · The company itself

“Cyber threats are increasing in number and sophistication, continually evolving, including with the increased use of AI, making it difficult to anticipate and defend against such threats and vulnerabilities that can persist undetected over extended periods of time.”

Annual report 2025A · The company itself

“Damage to IBM’s Reputation Could Impact the Company’s Business: IBM has one of the strongest brand names in the world, and its brand and overall reputation could be negatively impacted by many factors, including if the company does not continue to be recognized for its industry leading technology and solutions and as a hybrid cloud and AI leader.”

Annual report 2025A · The company itself

“And it continues today—we create sustained value for clients by helping them leverage the power of hybrid cloud and artificial intelligence (AI). Our hybrid cloud platform and AI technology support clients’ digital transformations and helps them reimagine critical workflows, at scale, and modernize applications to increase agility, drive innovation and create operational efficiencies.”

Annual report 2025A · The company itself

“A summary of the competitive environment for each business segment is included below: Software: The depth, breadth, and innovation of our software offerings, coupled with our global reach, deep industry expertise and research capabilities help differentiate our offerings from our competitors. Our hybrid cloud and AI platforms allow clients to realize their digital and AI transformations across the applications, data, and environments in which they operate.”

Annual report 2025A · The company itself

“In addition, the increasing use and development of AI has increased demand for AI-related projects, including data center power solutions and semiconductor applications. The growth and development of this rapidly-evolving industry is difficult to predict. Changes in demand can affect the timing and amounts of customer investments in our products, which could materially affect the Company and its financial condition and results of operations.”

Annual report 2025A · The company itself

“We are in the initial stages of our phased approach in reviewing AI solutions and capabilities and incorporating AI into our business activities and product and service offerings. As with many innovations, AI presents risks and challenges that could adversely impact our business. The development, adoption, and use of AI technologies are still in their early stages and ineffective or inadequate AI development or deployment practices could result in unintended consequences.”

Annual report 2025A · The company itself

“Nämä erikoistuneet yritykset elävät digitaalisen markkinoinnin eturintamassa, hyödyntäen tekoälyä ja dataa sekä kehittäen markkinointiteknologioita kestävän kilpailuedun rakentamiseen. Menestyksemme nojaa vahvasti koko ostopolun tuntemiseen sekä modernin teknologian, datan ja tekoälyn hyödyntämiseen.”

Annual report 2025A · The company itself

“Teknologinen murros Talouskehityksen rinnalla markkinointija viestintäteknologia on ottanut harppauksen kohti syvää automaatiota ja uudenlaista löydettävyyttä. Vuoden 2025 kokeilut generatiivisen tekoälyn parissa vaihtunevat vuonna 2026 tekoälyagenttien laajaan hyödyntämiseen, jolloin viestintä on entistä dynaamisempaa ja yksilöidympää.”

Annual report 2025A · The company itself

“Tekoäly ja teknologiavajeen täyttäminen Vaikka generatiivinen tekoäly on monessa organisaatiossa vasta kehityspolkunsa alkuvaiheessa, siitä on muodostunut markkinointi-investointien merkittävin kasvukohde, ja edelläkävijät raportoivatkin jo yli 20 prosentin tehokkuusparannuksista. Tämä kehitys muuttaa asiantuntijapalveluiden kysyntää siten, että tekoäly mahdollistaa nyt aiemmin operatiivisesti mahdottoman skaalautuvan personoinnin eli yksilöllisten asiakaskokemusten luomisen laajassa mittakaavassa.”

Annual report 2025A · The company itself

“Toimintaympäristö Suomessa Suomalaisyritysten toimintaympäristöä leimaa tällä hetkellä voimakas teknologinen turbulenssi, joka koetaan merkittävästi nopeammaksi ja ennakoimattomammaksi muutosvoimaksi kuin muutokset asiakaskäyttäytymisessä tai kilpailutilanteessa. Tämä kehitys haastaa yritysten kykyä uudistua ja luo kasvavaa kysyntää asiantuntijakumppaneille, jotka hallitsevat monimutkaiset teknologia- ja dataekosysteemit.”

Annual report 2025A · The company itself

“Markkinan kyvykkyydet ja kehityskohteet Suomalaisyritykset luottavat vahvasti strategiseen osaamiseensa, ja erityisesti asiakassuhteiden- ja brändijohtaminen koetaan keskeisiksi vahvuuksiksi suhteessa kilpailijoihin. Samaan aikaan markkinalla tunnistetaan merkittäviä osaamisvajeita taktisissa ja teknologisissa kyvykkyyksissä.”

Annual report 2025A · The company itself

“Eurooppalaisessa viitekehyksessä korostuu tarve rakentaa vahva teknologiainfrastruktuuri (Martech), joka integroi datan ja työnkulut tehokkaasti koko ostopolun varrella.”

Annual report 2025A · The company itself

“Teknologisesta kehityksestä huolimatta vuoden 2026 markkinassa korostuu inhimillisyyden ja aitouden merkitys vastapainona täysin koneellistetulle sisällölle. Menestyvät organisaatiot hyödyntävätkin tekoälyn tuomaa tehokkuutta vapauttaakseen resursseja luovaan työhön ja aitoon vuorovaikutukseen.”

Annual report 2025A · The company itself

“Konsernin merkittävimmät riskit liittyvät tietoturvaan, kyberturvallisuuteen, nopeasti muuttuvaan kilpailutilanteeseen teknologiympäristössä, tekoälyn tuomiin mahdollisuuksiin, mutta myös tietosuoja- ja tekijänoikeusasioihin, yleiseen markkinatilanteeseen erityisesti Suomessa, osaavan henkilöstön saatavuuteen ja vaihtuvuuteen.”

Annual report 2025A · The company itself

“Olemme aktiivisesti ottaneet tekoälyn osaksi liiketoimintamme ja palveluidemme kehittämistä. Tekoäly on yhä useamman Lianan työkalun taustalla, mikä mahdollistaa niiden sujuvamman käytön ja paremmat tulokset.”

Annual report 2025A · The company itself

“Tekoäly ja teknologia -osaamiskeskus keskittyy tuotekehityksen nopeuttamiseen ja sitä kautta kasvun ja kannattavuuden kiihdyttämiseen, pidemmällä aikavälillä mm. teknologiavalintoihin, seuraa tuotteiden ja palvelujen teknologisia elinkaaria, priorisoi tuotekehityspanostuksia ja koordinoi datavastuullisuutta ja tietoturvaa.”

Annual report 2025A · The company itself

“Tuemme kasvuinvestoinneilla kannattavuutta ja nostamme tuottavuutta prosesseihin tuotujen tekoälyintegroinnein ja tarkasti pohdittujen vastuullisuussatsausten kautta.”

Annual report 2025A · The company itself

“Panostamme henkilöstön jatkuvaan kehittymiseen ja kannustamme kokeilukulttuuriin, joka vahvistaa oppimista ja uudistumista.”

Annual report 2025A · The company itself

“Asenne Rohkea edelläkävijyys Kehitämme osaamistamme rohkeasti, kartoitamme uusia mahdollisuuksia ja johdamme muutosta ennakkoluulottomasti.”

Annual report 2025A · The company itself

“Ilkka kehittää palveluitaan hyödyntämällä kehittyneitä tekoälyratkaisuja ja panostamalla innovaatioihin sekä tuotekehitykseen. Yhtiö hyödyntää asiakasdataa vastuullisesti ja rakentaa ratkaisuja, jotka tuottavat mitattavaa arvoa ja vahvistavat kilpailuetua.”

Annual report 2025A · The company itself

“Liana on syventänyt tekoälyyn liittyvää osaamistaan Business Finlandin tukemassa Maisa-hankkeessa sekä WorldPress-liiketoiminnan GrowthStack-kehitystyötä on jatkettu yhdessä Evermaden kanssa.”

Annual report 2025A · The company itself

“Tilikauden aikana konserniyhtiöistä Liana syvensi erityisesti tekoälyyn liittyvää osaamistaan osallistumalla Business Finlandin tukemaan MAISA AI -hankkeeseen. Hankkeen puitteissa yhtiö tutki tekoälyn hyödyntämismahdollisuuksia markkinointi- ja viestintäteknologiassa, keskittyen muun muassa sisällöntuotannon laadun, brändinmukaisuuden ja automaation kehittämiseen.”

Annual report 2025A · The company itself

“Tekoälyä koskevassa kehitystyössä korostuivat vastuullisuus, tietoturva ja eettinen käyttö, ja sen tavoitteena on integroida tekoälyominaisuuksia hallitusti osaksi yhtiön olemassa olevia tuotteita.”

Annual report 2025A · The company itself

“Ilkka muodostuu yhtiöistä, jotka tarjoavat markkinoinnin, viestintä- ja markkinointiteknologian palveluja sekä datapalveluja.”

Annual report 2025A · The company itself

“Konsernimme liiketoiminnan ytimen muodostavat markkinointija viestintäteknologian edelläkävijänä toimiva ohjelmistoyritys Liana ja sen Ruotsissa toimiva tytäryhtiö Ungapped, dataohjatun myynnin ja markkinoinnin johtava asiantuntija Profinder, Suomen johtava WordPressdigitoimisto Evermade, Suomen johtava somemarkkinoinnin asiantuntijatoimisto MySome sekä strateginen B2B-markkinointikumppani Myynninmaailma.”

Annual report 2025A · The company itself

“Toimintamme perustuu skaalautuviin ja jatkuvalaskutteisiin SaaS-palveluihin, jotka muodostavat 65 % liikevaihdosta.”

Annual report 2025A · The company itself

“Omat teknologiaratkaisumme, datapalvelut sekä vahva markkinointija viestintäosaaminen vastaavat yritysten muuttuneisiin tarpeisiin.”

Annual report 2025A · The company itself

“We aim to build a new Intel for the future, undertaking an enterprise-wide transformation to strengthen execution, enhance innovation and better position our products and offerings in the complex, highly competitive and rapidly evolving technology landscape. In 2025 and recent years, the semiconductor industry has experienced momentum driven by the following: ▪significantly increased compute demand, particularly for GPU systems, driven by generative AI workloads; ▪an expansion in the types of AI workloads as AI technologies are adopted across industries and applications; ▪a PC market driven by user refreshes that resulted from expanding AI capabilities, end-of-support for Windows 10 and aging devices from the COVID era; and ▪increased demand for secure and geographically diversified supply chains in a period of increased geopolitical tensions.”

Annual report 2025A · The company itself

“We expect these trends to continue in 2026 and future years, with continuing rapid adoption of AI technologies across an increasing number of industries and applications driving demand across a full spectrum of AI workloads, including generative AI, AI inference, agentic AI and physical AI, from traditional and AI data centers to network and enterprise environments and client and edge. We believe AI represents a generational shift in computing requiring a range of compute silicon, including GPUs, ASICs, CPUs and xPUs.”

Annual report 2025A · The company itself

“Market Trends The data center market in 2025, consistent with the last few years, was driven by rapid growth in data generation and widespread adoption of AI across industries. AI workloads, spanning enterprise data centers to edge environments, have driven increased demand for power-efficient infrastructure and low-latency performance as automation continues to expand within business operations.”

Annual report 2025A · The company itself

“Market Trends In 2025, the semiconductor foundry market was shaped by rapid growth in AI and high-performance computing workloads.”

Annual report 2025A · The company itself

“Server ASPs decreased by 4% from 2024, primarily due to pricing actions taken primarily during the first half of 2025 and a higher mix of lower core count products, both driven by a competitive environment, partially offset by higher ASPs in the second half of 2025 resulting from higher demand. Our 2025 server revenue was limited in Q4 2025 by our available supply of products due to Intel Foundry wafer fabrication supply constraints, primarily with respect to our Intel 7 and Intel 3 process nodes, impacting our ability to fully meet demand.”

Annual report 2025A · The company itself

“Our competitive environment has intensified in recent years, and we expect it to continue to do so in the future, including as a result of the proliferation of AI and high demand for AI-related products and services.”

Annual report 2025A · The company itself

“For example, we have lost market share in recent years, including in both client and data center markets, in the market for x86-based semiconductor products, and more generally in the markets for semiconductor compute products, as competitors have introduced highly competitive data center and client platform products. Our data center business has been further negatively impacted in the past few years by the significant shift of customer spend toward GPUs optimized for AI workloads, a rapidly developing and very significant compute market where we have been unsuccessful to date in becoming a meaningful participant.”

Annual report 2025A · The company itself

“Our most recent efforts to compete in the accelerator market with our Gaudi AI accelerators was unsuccessful, as a result of which we recognized Gaudi AI accelerator inventory-related charges of $375 million in 2025 and $922 million in 2024.”

Annual report 2025A · The company itself

“Our products are used in different market segments, and demand for our products varies within or among them. It is difficult to forecast these changes and their impact.”

Annual report 2025A · The company itself

“For example, in the last few years, the demand for high-end GPUs for model training increased dramatically and has resulted and may continue to result in a significant shift in data center customer spend.”

Annual report 2025A · The company itself

“The investments we have made and expect to continue to make to develop products and software to address what we believe will be increasing demand for AI capabilities, most notably in AI PCs but also in the data center and in GPUs, may be insufficient, and we face significant hurdles, including whether demand will materialize, whether third-party developers will develop the software to utilize the AI capabilities of our products, and whether we will be successful in developing products that can compete with the more established offerings and ecosystems of our competitors.”

Annual report 2025A · The company itself

“For example, we expect the PC TAM to grow over time, driven by factors such as a larger installed base, demand for AI capabilities, new platforms, shorter replacement cycles, and adoption in new markets; however, the PC industry has been highly cyclical in the past, and these growth expectations may not materialize, or we may fail to capitalize on them.”

Annual report 2025A · The company itself