Equity and capital markets

“Further, our actual cash requirements may be greater than expected and our cash flows may not be sufficient to repay all of the outstanding debt as it becomes due. In that event, we may not be able to borrow money, sell assets, raise equity, or otherwise raise funds on acceptable terms to refinance our debt as it becomes due.”

Annual report 2025A · The company itself

“Our ability to grow our business depends on our ability to raise capital on favorable terms. We rely on the capital markets as a source of liquidity for capital requirements not satisfied by operating cash flows.”

Annual report 2025A · The company itself

“As the Company holds a significant amount of fixed maturity securities issued by borrowers located in many different parts of the world, its financial results are directly influenced by global financial markets. Potential weakness in global capital markets could adversely affect the Company's financial condition, including its capital position and overall profitability. Market volatility and recessionary pressures could result in significant realized or unrealized losses due to severe price declines driven by high interest rates or increases in credit spreads, defaults in payment of principal or interest, or credit rating downgrades.”

Annual report 2025A · The company itself

“Defaults, downgrades, widening credit spreads or other events impairing the value of the fixed maturity securities and loan receivables in the Company's investment portfolio may reduce the Company's earnings and capital position. The Company is subject to the risk that the issuers and/or guarantors of fixed maturity securities and loan receivables the Company owns may default on principal or interest.”

Annual report 2025A · The company itself

“The Company is also exposed to the general movement in credit market spreads. A widening of credit spreads could reduce the value of the Company's existing portfolio, create unrealized losses on its investment portfolio, and reduce the Company's adjusted capital position and/or the dividend capacity of the Company's insurance subsidiaries.”

Annual report 2025A · The company itself

“INVESTMENTS The Company’s investment strategy utilizes disciplined asset and liability management while seeking long-term risk-adjusted investment returns and the delivery of stable income within regulatory and capital objectives, and preserving shareholder value. In attempting to optimally balance these objectives, the Company seeks to maintain on behalf of Aflac Japan a diversified portfolio of Japanese yen-denominated investment assets, a U.S. dollar-denominated investment portfolio hedged back to Japanese yen and a portfolio of unhedged U.S. dollar-denominated assets.”

Annual report 2025A · The company itself

“Vidare är likviditeten i koncernen och moderbolaget mycket ansträngd. Sammantaget gör ledning och styrelse bedömningen att det föreligger en signifikant likviditets- och refinansieringsrisk och att avyttringar av tillgångar behöver ske för att likviditeten och framtida finansiering ska säkerställas 12 månader från undertecknande av denna årsredovisning.”

Annual report 2024A · The company itself

“•Possible future sales of shares of our common stock could adversely affect its market price. •We are dependent on the health of the life science industry, and changes within this industry, increased competition, or the inability of our tenants and non-real estate equity investments within this industry to obtain funding for research, development, and other operations may adversely impact their ability to make rental payments to us or adversely impact their value. •Market disruption and volatility, poor economic conditions in the capital markets and global economy, including in connection with a widespread pandemic or outbreak of a highly infectious or contagious disease, and tight labor markets could adversely affect the value of the companies in which we hold equity investments or the ability of tenants and the companies in which we invest to continue operations, raise additional capital, or access capital from venture capital investors or financial institutions on favorable terms or at all.”

Annual report 2025A · The company itself

“In addition, elevated market interest rates may result in a decrease in the value of our real estate and could also adversely affect the securities markets in general, which could impact the market price of our common stock without regard to our operating performance.”

Annual report 2025A · The company itself

“The real estate industry has historically experienced periods of volatile debt and equity capital markets and/or periods of extreme illiquidity. A prolonged period in which we cannot effectively access the public debt and/or equity markets may result in heavier reliance on alternative financing sources such as dispositions and partial interest sales to undertake new investments.”

Annual report 2025A · The company itself

“We may not be able to obtain additional capital to further our business objectives. Our ability to acquire, develop, or redevelop properties depends upon our ability to obtain capital.”

Annual report 2025A · The company itself

“Some of our current or future tenants may also include technology companies in their startup or growth phases of their life cycle. Fluctuations in market confidence in these companies or adverse changes in economic, financial, or banking conditions, such as the failure of financial institutions, including the events discussed above, may have a disproportionate effect on the operations of such companies.”

Annual report 2025A · The company itself

“Significant funding requirements for product research and development •Some of our life science industry tenants and venture investment portfolio companies require significant funding to develop and commercialize their products and technologies, which must be obtained from venture capital firms; private investors; public markets; other companies in the life science industry; or federal, state, and local governments. Such funding may become unavailable or difficult to obtain. The ability of each tenant or venture investment portfolio company to raise capital will depend on its financial and operating condition, viability of its products and technology, and the overall condition of the financial, banking, and economic environment, as well as government budget policies.”

Annual report 2025A · The company itself

“Significant funding requirements for product research and development and sales growth •Some of our technology industry tenants and venture investment portfolio companies require significant funding to develop and commercialize their products and technologies, which must be obtained from venture capital firms; private investors; public markets; companies in the technology industry; or federal, state, and local governments. Such funding may become unavailable or difficult to obtain. The ability of each tenant or venture investment portfolio company to raise capital will depend on its financial and operating condition, viability of their products, and the overall condition of the financial, banking, governmental budget policies, and economic environment.”

Annual report 2025A · The company itself

“This announcement led to a significant stock market decline, with the S&P 500 Index, Dow Jones Industrial Average, and the Nasdaq Composite dropping by approximately 6.0%, 5.5%, and 5.8%, respectively. •On April 9, 2025, facing a global financial market meltdown, the President announced a 90-day pause on tariffs for most countries but raised the tax rate on Chinese imports to 125%.”

Annual report 2025A · The company itself

“If tariff uncertainty, its associated costs, and the disruption of broader financial markets continue, we may face the following risks: •Restricted access to capital. Market instability may hinder our ability to raise capital, including through dispositions, sales of partial interests, and new debt capital, and could potentially delay our current or future development and redevelopment projects.”

Annual report 2025A · The company itself

“Life science industry dynamics The life science industry is undergoing a prolonged period of structural and cyclical challenges that may materially and adversely affect our business, financial condition, and results of operations. The venture capital ecosystem that supports early-stage platform development has experienced several years of contraction as investors look to more de-risked later-stage assets that may not require significant R&D laboratory requirements. Additionally, historical performance data increasingly shows that life science venture capital returns have underperformed relative to technology-focused funds and broader public market indices. While a small number of firms have consistently outperformed, the majority of life science-focused funds have delivered uneven results, leading institutional investors, including endowments, foundations, and pension funds, to reassess their long-term allocations to the sector.”

Annual report 2025A · The company itself

“In addition, the private life science market has become increasingly selective, with available capital chasing a limited number of high-quality opportunities. This dynamic has compressed potential returns, on average, and altered the risk-reward profile for investors.”

Annual report 2025A · The company itself

“These industry dynamics may also affect our ability to raise capital to fund future development projects. If capital markets perceive the life science sector as structurally challenged, our cost of capital may increase and our access to equity or debt financing may be constrained. This could limit our ability to pursue new development opportunities, reposition existing assets, or invest in strategic initiatives that enhance long-term stockholder value.”

Annual report 2025A · The company itself

“Additionally, the broader economic and capital market consequences of an extended shutdown, such as weakened investor confidence, deferred initial public offerings (“IPOs”), and a slower pace of venture and private equity deployment, could further strain tenants’ access to capital. Our tenants may seek to reduce cash outflows by delaying rent payments, renegotiating lease terms, downsizing existing space commitments, or filing for bankruptcy or ceasing operations altogether.”

Annual report 2025A · The company itself

“Balance sheet and financial strategy We seek to maximize balance sheet liquidity and flexibility, cash flows, and cash available for distribution to our stockholders through the ownership, operation, management, and selective acquisition, development, and redevelopment of new Class A/A+ properties primarily located in collaborative Megacampus ecosystems in AAA life science innovation clusters, as well as the prudent management of our balance sheet.”

Annual report 2025A · The company itself

“We are dependent on the capital markets and could be negatively impacted by disruptions in the capital markets - Successful implementation of our strategy is dependent upon our ability to access the capital markets. We have forecasted capital expenditures of approximately $13 billion over the next four years.”

Annual report 2025A · The company itself

“Disruption, uncertainty or volatility in the capital markets could increase our cost of capital or limit our ability to raise funds needed to operate our businesses.”

Annual report 2025A · The company itself

“We rely on our strong credit ratings to access the credit markets. If our credit ratings are downgraded for any reason, such as worsening credit metric impacts, reduced liquidity, negative changes to our regulatory environment, or general negative outlook for the utility industry, we could pay higher interest rates in future financings, the pool of potential lenders could be reduced, borrowing costs under existing credit facilities could increase, our access to the commercial paper market could be limited, or we could be required to provide additional credit assurance, including cash collateral, to contract counterparties.”

Annual report 2025A · The company itself

“Our pension and other postretirement benefits plans are subject to investment and interest rate risk that could negatively impact our financial condition - We have pension and other postretirement benefits plans that provide benefits to many of our employees and retirees. Costs of providing benefits and related funding requirements of these plans are subject to changes in the liabilities of the plans and market value of the assets that fund the plans.”

Annual report 2025A · The company itself

“Our investment portfolios are subject to market risk, including interest rate risk and equity price risk, and declines in credit quality which may adversely affect or create volatility in investment income and cause realized and unrealized losses We continually evaluate investment management strategies since we are subject to risk of loss due to adverse changes in interest rates, equity prices, credit spreads, real estate values, currency exchange rates and liquidity.”

Annual report 2025A · The company itself

“Declining equity markets or increases in interest rates or credit spreads could cause the value of the investments in our pension plans to decrease. Declines in interest rates could cause the funding ratio to decline and the value of the obligations for pension and postretirement plans to increase.”

Annual report 2025A · The company itself

“Determination of the fair value and amount of credit losses for investments includes subjective judgments and could materially impact the results of operations and financial condition The valuation of the portfolio includes subjective risk factors and the value of assets may differ from the actual amount received upon the sale of an asset. The degree of judgment required in determining fair values increases when: •Market observable information is less readily available •The use of different valuation assumptions may have a material effect on the assets’ fair values •Changing market conditions could materially affect the fair value of investments Additionally, the determination of the amount of credit losses varies by investment type and is based on ongoing evaluation and assessment of known and inherent risks associated with the respective asset class or investment.”

Annual report 2025A · The company itself

“Capital and credit market conditions may significantly affect our ability to meet liquidity needs or obtain credit on acceptable terms In periods of extreme volatility and disruption in the capital and credit markets, liquidity and credit capacity may be severely restricted.”

Annual report 2025A · The company itself

“Performance-based strategies seek to deliver attractive risk-adjusted returns and supplement market risk with idiosyncratic risk. Consequently, return patterns can be more volatile than the market-based portfolio. Returns are impacted by a variety of factors including general macroeconomic and public market conditions as public market benchmarks are often used in the valuation of underlying investments.”

Annual report 2025A · The company itself

“Equity securities were increased by $3.94 billion in 2025 and $2.05 billion in 2024 primarily funded through the sale of investment grade corporate bonds and short-term investments.”

Annual report 2025A · The company itself

“We rely on the issuance of short-term and long-term debt and equity as significant sources of liquidity and funding for capital requirements not satisfied by our operating cash flow, as well as to refinance existing long-term debt. The inability to raise debt or equity capital on reasonable terms, or at all, could negatively affect our ability to maintain or to expand our businesses.”

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

“Our ability to obtain financing in the capital markets, such as from unsecured term debt issuances and asset securitizations, is dependent on financial market conditions. Disruptions, uncertainty or volatility across the financial markets, as well as adverse developments affecting us, our competitors, the financial industry or the economy generally, could negatively impact market liquidity and limit our access to funding required to operate and grow our business and satisfy cash needs, maturing liabilities and regulatory capital requirements.”

Annual report 2025A · The company itself

“Any reduction in our credit ratings could increase the cost of our funding from, and restrict our access to, the capital markets and have a material adverse effect on our results of operations and financial condition. Ratings of our long-term and short-term debt and deposits are based on a number of factors, including our financial strength, as well as factors not within our control, including conditions affecting the financial services industry, the U.S.”

Annual report 2025A · The company itself

“Market risk includes the loss in value of portfolios and financial instruments due to adverse changes in market variables, which could negatively impact our financial condition.”

Annual report 2025A · The company itself

“Climate-related risks may also adversely impact the value of the securities that we hold or lead to credit risk of other counterparties we transact with, including reinsurers.”

Annual report 2025A · The company itself

“Our investments are also subject to market risks and uncertainties, including, in addition to interest rate risk, changes in the level of credit spreads, currency rates and equity prices, each of which has affected and will continue to affect the value of investments in our investment portfolio as well as the performance of, and returns generated by, such investments.”

Annual report 2025A · The company itself

“Furthermore, our alternative investment portfolio, which is subject to volatility in equity markets, includes investments for which changes in fair value are reported through pre-tax income. An economic downturn or decline in the capital markets has had, and could in the future have, a material adverse effect on our investment income, including as a result of decreases in the fair value of alternative investments.”

Annual report 2025A · The company itself

“If our liquidity is insufficient to meet our needs, we may need to have recourse to third-party financing, external capital markets or other sources of liquidity, which may not be available or could be expensive. The availability and cost of any additional financing at any given time depends on a variety of factors, including general market conditions, the volume of trading activities, the overall availability of credit, regulatory actions and our credit ratings and credit capacity.”

Annual report 2025A · The company itself

“We may not be able to generate cash to meet our needs due to the illiquidity of some of our investments. We have a diversified investment portfolio. However, economic conditions as well as adverse capital market conditions, including a lack of buyers, the inability of potential buyers to obtain financing on reasonable terms, volatility, credit spread changes, interest rate changes, foreign currency exchange rates and/or declines in collateral values have in the past impacted, and may in the future impact, the liquidity and value of our investments.”

Annual report 2025A · The company itself

“We have investments, including certain fixed income, structured and privately placed securities as well as investments in private funds, joint ventures, mortgage loans and real estate, for which limited or no established trading markets exist, that are less liquid than other investments, or that limit or restrict, by their terms, our ability to sell or otherwise dispose of such investments. In the event these investments become stressed or distressed, our ability to exit them or otherwise preserve their value may be limited. If it became necessary to sell such assets in a stressed market environment, the prices achieved in any sale may be lower than their carrying value, which could cause a material adverse effect on our business, financial condition, results of operations and cash flows.”

Annual report 2025A · The company itself

“In the event of a downgrade of AIG Parent’s credit ratings, our financing costs will increase and the availability of financing could be limited. A downgrade could also cause our derivative counterparties to limit or reduce their exposure to us and thus reduce our ability to manage our market risk exposures effectively.”

Annual report 2025A · The company itself

“There can be no assurance as to the price, transaction costs, or timing of further Corebridge stock sales and, as a result, we may fail to realize the expected benefits of our sales of such stock, including if there are adverse movements in its market value prior to, or at the time of, such sales.”

Annual report 2025A · The company itself

“•Total Net investment income decreased for the year ended December 31, 2025 compared to the prior year, primarily due to lower gains on the changes in the fair value, lower gains on sale of shares, and lower dividends from AIG's investment in Corebridge, and lower income from mortgage loans, partially offset by higher income on available for sale fixed maturity securities and Alternatives investments.”

Annual report 2025A · The company itself

“MARKET RISK Market risk is defined as the risk of adverse impact due to systemic movements in one or more of the following market risk drivers: interest rates, credit spreads, foreign exchange, equity and commodity prices, residential and commercial real estate values, inflation, and their respective levels of uncertainty.”

Annual report 2025A · The company itself

“For additional information, see Note 1 to the Consolidated Financial Statements. •Announced strategic partnership with CVC Capital Partners plc (CVC) to establish large-scale separately managed accounts (SMAs) across CVC’s credit strategies and the launch of CVC’s private equity secondaries evergreen platform with AIG as a cornerstone investor, contributing up to $1.5 billion from AIG’s existing private equity portfolio. In parallel, AIG intends to allocate up to $2 billion to SMAs and funds managed by CVC, with an initial $1 billion to be deployed through 2026.”

Annual report 2025A · The company itself

“During 2025, we utilized existing sources of liquidity, such as our current cash balances, cash flows from operations and borrowings under our commercial paper program, to meet our short-term liquidity requirements. We believe that existing sources of liquidity will be sufficient to meet our cash requirements for the foreseeable future.”

Annual report 2025A · The company itself

“In addition to cash from operations, during 2025, we relied on a $2.75 billion revolving credit facility, a $2.60 billion commercial paper program, and the debt capital markets, to satisfy our liquidity needs. Historically, we have regularly used our commercial paper program rather than the revolving credit facility as a principal source of short-term borrowing due to the generally more attractive rates we generally could obtain in the commercial paper market.”

Annual report 2025A · The company itself

“In order to meet our future capital expenditure needs, we currently plan over the next five years to issue a combination of short-term and long-term debt, as well as additional equity. Disruptions in the debt or equity capital markets or changes in our credit ratings or other events could limit our ability to access capital on terms favorable to us or at all.”

Annual report 2025A · The company itself

“The performance of the capital markets affects the values of the assets that are held in trust to satisfy significant future obligations under our pension and postretirement benefit plans. The value of these assets is subject to market fluctuations and volatility, which may cause investment returns to fall below our projected return rates. A decline in the market value of our pension and postretirement benefit plan assets as of the measurement date or a change in the projection of the future return on plan assets can increase the funding requirements under our pension and postretirement benefit plans.”

Annual report 2025A · The company itself

“Revenues in the Asset Management segment are primarily earned based on managed asset balances, which are impacted by market movements, net asset flows, asset allocation and product mix.”

Annual report 2025A · The company itself

“Our Asset Management segment competes on a global basis against a substantial number of firms to acquire and retain managed and administered assets, including firms in the categories listed above. Competitive factors influencing our performance in this industry include investment performance, product offerings and innovation, product ratings, fee structures, advertising, technology and service quality, brand recognition, reputation and the ability to attract and retain investment personnel.”

Annual report 2025A · The company itself

“Furthermore, changes in investment preferences or investment management strategy (for example, “active” or “passive” investing styles), client interest in funds with particular value-based investment practices, client or regulatory requirements on use of client commissions for research, and downward pressure on fees may present various challenges to our business and could cause clients to favor certain competitors.”

Annual report 2025A · The company itself

“Revenues for our variable annuity products are primarily earned as fees based on a contractholder’s benefit base, contract value or separate account values, which is impacted by both market movements and net asset flows.”

Annual report 2025A · The company itself

“Such factors, which can be global, regional, national or local in nature, include: (i) the level and volatility of the markets, including equity prices, interest rates, commodity prices, currency values and other market indices and drivers; (ii) geopolitical strain, terrorism and armed conflicts, (iii) political dynamics or elections and social, economic and market conditions; (iv) the availability and cost of capital; (v) global health emergencies; (vi) technological changes and events; (vii) U.S. and foreign government regulatory, fiscal and tax policies; (viii) U.S. and foreign government ability, real or perceived, to avoid defaulting on government securities; (ix) the availability and cost of credit and hedge markets; (x) periods of elevated inflation; (xi) natural disasters such as weather catastrophes; and (xii) other factors affecting investor sentiment and confidence in the financial markets.”

Annual report 2025A · The company itself

“Our businesses have been, and in the future may be, adversely affected by U.S. and global capital market and credit crises, the repricing of credit risk, equity market volatility and decline, and stress or recession in the U.S. and global economies generally. Each of our segments operates in these markets with exposure for us and our clients in securities, loans, derivatives, alternative investments, seed capital and other commitments.”

Annual report 2025A · The company itself

“Market downturns, stagnation, and volatility may cause, and have caused, individual investors to limit or decrease their participation in global markets, which may negatively impact our retail business and/or our product sales.”

Annual report 2025A · The company itself

“Because the profitability of these products and services depends on fees related primarily to the value of assets under management, declines in the markets will reduce our revenues because the value of the investment assets we manage will be reduced.”

Annual report 2025A · The company itself

“Our clients can also reduce the aggregate amount of managed assets or shift their funds to other types of accounts with different fee rate structures, for any number of reasons, including investment performance, changes in prevailing interest rates, changes in investment preferences or investment management strategy (for example, “active” or “passive” investing styles or the proliferation of ETFs or other vehicles like separately managed accounts (“SMAs”)), changes in our (or our advisors’) reputation in the marketplace, a client’s view of sustainability factors, changes in client or relationship management, loss of key investment management personnel and financial market performance.”

Annual report 2025A · The company itself

“Most of our variable annuity products contain guaranteed minimum death benefits and a majority of our variable annuity products in force contain guaranteed minimum withdrawal and accumulation benefits. Decline or volatility in equity and/or bond markets could result in guaranteed minimum benefits being higher than what current account values would support, which would adversely affect our financial condition and results of operations.”

Annual report 2025A · The company itself

“Although we hedge a portion of the guarantees for the variable annuity contracts to mitigate the financial loss of equity and/or bond market declines or volatility, there can be no assurance that such a decline or volatility would not materially impact the profitability of certain products or product lines or our financial condition or results of operations.”

Annual report 2025A · The company itself

“Adverse capital and credit market conditions or a downgrade in our credit ratings may significantly affect our ability to meet liquidity needs, our access to capital and our cost of capital. Volatility, uncertainty and disruption in the capital and credit markets may decrease available liquidity, which we may need to run our business and pay dividends.”

Annual report 2025A · The company itself

“Investment performance is a key competitive factor for our retail and institutional asset management products and services and is a key driver of growing assets under management and advisement and obtaining the benefits of economies of scale.”

Annual report 2025A · The company itself

“Any drop or perceived drop in investment performance as compared to our competitors could cause a decline in sales of our investment products, an increase in redemptions and the termination of asset management relationships.”

Annual report 2025A · The company itself

“During periods of market disruption, including periods of significantly rising or high interest rates and rapidly widening credit spreads or illiquidity, it may be difficult to value certain of our securities and the value of our securities as reported within our Consolidated Financial Statements and the period-to-period changes in value could vary significantly. There may be certain asset classes that were in active markets with significant observable data that become illiquid due to the financial environment. In such cases, the valuation of certain securities may require additional subjectivity and management judgment.”

Annual report 2025A · The company itself

“The following impacts were significant drivers of the year-over-year change in pretax income: •The favorable impact from the cumulative impact of wrap net inflows and improved transactional activity. •A favorable impact from higher average equity markets compared to the prior year.”

Annual report 2025A · The company itself

“The primary drivers of the unlocking impact for 2025 included net unfavorable changes to variable annuity surrender and utilization assumptions, net unfavorable changes in LTC morbidity and mortality assumptions, favorable claims incidence rates on disability insurance, and net favorable model changes primarily related to cost of reinsurance and index credits associated with non-traditional insurance products.”

Annual report 2025A · The company itself

“Average advisory wrap account assets increased $77.9 billion, or 15%, compared to the prior year reflecting net inflows and market appreciation.”

Annual report 2025A · The company itself

“Total segment AUM increased $33.2 billion, or 5%, during 2025 primarily driven by equity market appreciation and a favorable foreign exchange impact, partially offset by net outflows.”

Annual report 2025A · The company itself

“Variable annuity account balances increased 6% to $91.3 billion as of December 31, 2025 compared to the prior year due to market appreciation, partially offset by net outflows of $4.5 billion.”

Annual report 2025A · The company itself

“Remeasurement (gains) losses of future policy benefit reserves increased $12 million, or 33%, for 2025 compared to the prior year reflecting the less favorable impact of unlocking in the current year compared to the prior year.”

Annual report 2025A · The company itself

“Equity price and interest rate fluctuations can have a significant impact on our results of operations, primarily due to the effects they have on the asset management and other asset-based fees we earn, the spread income generated on our brokerage client cash balances, banking deposits, face-amount certificate products, fixed portion of our variable annuities and variable insurance contracts, fixed annuity and insurance contracts, the value of market risk benefits and other liabilities associated with our variable annuities and the value of derivatives held to hedge related benefits.”

Annual report 2025A · The company itself

“Forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ materially from such statements.”

Annual report 2025A · The company itself

“Assets under management and advisement vary with market fluctuations and client behavior. The asset management and advisement performance obligation is considered a series of distinct services that are substantially the same and are satisfied each day over the contract term.”

Annual report 2025A · The company itself

“The Company may also earn performance-based management fees on institutional accounts, hedge funds, collateralized loan obligations (“CLOs”), OEICs, SICAVs and property and other funds based on a percentage of account returns in excess of either a benchmark index or a contractually specified level. This revenue is variable and impacted primarily by the performance of the assets being managed compared to the benchmark index or contractually specified level.”

Annual report 2025A · The company itself

“Products We currently offer the following RiverSource Life products: •Variable annuities that provide investment returns linked to underlying investment accounts of the contractholder’s choice of certain funds, as well as additional benefits, such as guaranteed minimum death benefits (but without living benefits for new sales after mid-2022). •Structured variable annuities that use the performance of an underlying equity market index to determine earnings, subject to either a cap or floor. •Variable universal life insurance that provides life insurance coverage along with investment returns linked to underlying investment accounts of the policyholder’s choice. •Universal life insurance that credits interest at fixed interest rates.”

Annual report 2025A · The company itself

“In addition, a significant portion of our revenue is derived from investment management agreements with the Columbia Management family of mutual funds or other investment managers which are terminable on 60 days’ notice.”

Annual report 2025A · The company itself

“Variable Annuities We have approximately $91 billion of variable annuity account value that has been issued over a period of more than fifty years. The diversified variable annuity block consists of $49 billion of account value with no living benefit guarantees and $42 billion of account value with living benefit guarantees, primarily GMWB provisions.”

Annual report 2025A · The company itself

“Management and Financial Advice Fees Asset Management Fees The Company earns revenue for performing asset management services for retail and institutional clients (assets under management). The Company also earns revenue for performing advisory services for model portfolios that the Company does not have full discretionary investment authority (assets under advisement).”

Annual report 2025A · The company itself

“The Company earns revenue from brokerage clients for the execution of requested trades. The performance obligation is satisfied at the time of trade execution and amounts are received on the settlement date.”

Annual report 2025A · The company itself

“Market conditions, regulatory actions, tax laws, and our competitive industry environment are among the reasons current shareholders in our mutual funds, closed-end funds, ETFs, hedge funds, OEICs, SICAVs, unit trusts, investment trusts and other pooled investment vehicles, contractholders in our annuity products and policyholders in our protection products may opt to withdraw cash values for those products (or for certain protection products, to reduce their withdrawal activity).”

Annual report 2025A · The company itself

“Moreover, our retirement services business is materially affected by conditions in the capital markets and the U.S. economy generally, as well as by the global economy. Actual or perceived stressed conditions, volatility and disruptions in financial asset classes or various capital and credit markets can have an adverse effect on our retirement services business, both because such conditions may decrease the returns on, and value of, its investment portfolio and because its benefit and claim liabilities are sensitive to changing market factors.”

Annual report 2025A · The company itself

“Many of the funds we manage invest in securities or other financial instruments that are not publicly traded or are otherwise viewed as “illiquid.” In many cases, the funds we manage may be permitted by contract or by applicable securities laws to sell such securities only after a period of time and then only at such times when we do not possess material nonpublic information. The ability of many funds, particularly the private equity funds, to dispose of investments is heavily dependent on the capital markets and in particular the public equity markets, including hybrid equity and hybrid credit markets.”

Annual report 2025A · The company itself

“We rely on the financing markets for the operation of our business. We rely on the debt and equity financing markets for the operation of our business. To the extent that debt and equity markets render financing difficult to obtain, refinance or extend, or more expensive, this may have a material and adverse effect on our business, financial condition, results of operations, liquidity and cash flows.”

Annual report 2025A · The company itself

“In addition, our retirement services business relies on access to lending and debt markets to provide capital and liquidity. Changes in debt financing markets may impact our retirement services business’ access to capital and liquidity.”

Annual report 2025A · The company itself

“It could become increasingly difficult for the funds we manage to raise capital as funds compete for investments from a limited number of qualified investors. Without the participation of investors, the funds we manage will not be successful in 43 Table of Contents consummating their capital-raising efforts, or they may consummate them at investment levels lower than those currently anticipated.”

Annual report 2025A · The company itself

“We compete with other life insurance companies for marketers, agents and financial institutions primarily on the basis of our financial position, support services, compensation, credit ratings and product features.”

Annual report 2025A · The company itself

“Table of Contents The following tables summarize changes in total AUM for Apollo’s investing strategies within the Asset Management segment: Years ended December 31, 2025 2024 (In millions) Credit Equity Total Credit Equity Total Change in Total AUM1: Beginning of Period $ 616,387 $ 134,650 $ 751,037 $ 515,523 $ 135,253 $ 650,776 Inflows2 169,719 61,958 231,677 142,628 9,776 152,404 Outflows2 (61,740) (1,923) (63,663) (52,192) (7,157) (59,349) Net Flows 107,979 60,035 168,014 90,436 2,619 93,055 Realizations (8,840) (13,049) (21,889) (14,136) (9,034) (23,170) Market Activity3 1 At the individual strategy level, inflows include new subscriptions, commitments, capital raised, other increases in available capital, purchases, acquisitions and portfolio company appreciation. Outflows represent redemptions, other decreases in available capital and portfolio company depreciation. Realizations represent fund distributions of realized proceeds.”

Annual report 2025A · The company itself

“Year Ended December 31, 2025 Total AUM was $938.4 billion at December 31, 2025, an increase of $187.4 billion, or 25.0%, compared to $751.0 billion at December 31, 2024. The net increase was primarily driven by subscriptions across the platform, the growth of our retirement services client assets, the Bridge acquisition and market activity primarily in our credit strategy, partially offset by normal course outflows at Athene, as well as realizations.”

Annual report 2025A · The company itself

“•Market activity of $41.2 billion primarily attributable to: •$33.7 billion related to the funds we manage in our credit strategy primarily consisting of (i) $19.0 billion related to our retirement services clients; (ii) $4.8 billion related to the direct origination funds we manage; (iii) $2.9 billion related to the multi-credit funds we manage; and (iv) $2.8 billion related to the opportunistic credit funds we manage; and •$7.5 billion related to the funds we manage in our equity strategy primarily driven by our traditional private equity and hybrid value funds. •Realizations of $(21.9) billion primarily attributable to: •$(13.0) billion related to the funds we manage in our equity strategy primarily consisting of distributions from the traditional private equity funds, hybrid value funds and real estate equity funds; and •$(8.8) billion related to the funds we manage in our credit strategy, largely driven by distributions from the direct origination, asset-backed finance and opportunistic credit funds.”

Annual report 2025A · The company itself

“Year Ended December 31, 2025 Total Fee-Generating AUM was $709.1 billion at December 31, 2025, an increase of $140.5 billion, or 24.7%, compared to $568.7 billion at December 31, 2024. The net increase was primarily due to the growth of our retirement services client assets, market activity primarily in our credit strategy, the Bridge acquisition and subscriptions across the platform, partially offset by realizations.”

Annual report 2025A · The company itself

“The increase in SRE was primarily driven by an increase in net investment earnings and strategic capital management fees, partially offset by an increase in cost of funds and interest and other financing costs. Net investment earnings were $14.3 billion in 2025, an increase of $2.6 billion from $11.7 billion in 2024, primarily driven by $39.1 billion of growth in Athene’s average net invested assets, higher rates on new deployment compared to Athene’s existing portfolio related to the higher interest rate environment, an increase in alternative net investment income and earlier deployment into assets during the year compared to 2024, partially offset by lower floating rate income and prepayment of higher yielding assets.”

Annual report 2025A · The company itself

“The increase in alternative net investment income compared to 2024 was primarily driven by more favorable performance within origination and retirement services platforms as well as equity funds, partially offset by less favorable performance within credit funds. The increase in income from origination platforms was mainly attributable to an initial mark from cost to fair value and origination outperformance on Atlas in 2025, robust deployment following a capital raise within Apterra Infrastructure Capital, LLC (“Apterra”) in 2025 and strong growth from origination partnerships within Aqua Finance, Inc.”

Annual report 2025A · The company itself

“The $43.8 billion increase was primarily driven by growth from net inflows of $63.2 billion in excess of net liability outflows of $29.7 billion, the reinvestment of earnings, the issuance of $1.6 billion of long-term debt in 2025 and favorable alternative investment performance in 2025, partially offset by the payment of common and preferred stock dividends and cash paid to redeem Athene’s Series C preferred stock in the second quarter of 2025.”

Annual report 2025A · The company itself

“In our asset management business, our predominant exposure to market risk is related to our role as investment manager and general partner for the funds we manage and the sensitivity to movements in the fair value of their investments and resulting impact on performance fees and management fee revenues.”

Annual report 2025A · The company itself

“Our retirement services business is exposed to market risk through its investment portfolio, its counterparty exposures and its hedging and reinsurance activities.”

Annual report 2025A · The company itself

“Athene’s primary market risk exposures are to credit risk, interest rate risk and equity price risk.”

Annual report 2025A · The company itself

“Table of Contents Market Risk and Management of Market Risk Exposures Asset Management Impact on Management Fees Our management fees are based on one of the following: •capital commitments to an Apollo fund; •capital invested in an Apollo fund; •the gross, net or adjusted asset value of an Apollo fund, as defined; or •as otherwise defined in the respective agreements. Management fees could be impacted by changes in market risk factors, including (i) changes in invested capital or in market values to below cost, due to which management could consider an investment permanently impaired, in the case of certain funds or (ii) changes in gross or net asset value, for the credit funds.”

Annual report 2025A · The company itself

“Advisory and transaction fees will be impacted by changes in market risk factors to the extent that they limit our opportunities to engage in credit and equity transactions or impair our ability to consummate such transactions.”

Annual report 2025A · The company itself

“Impact on Performance Fees We earn performance fees from the funds we manage as a result of such funds achieving specified performance criteria. Our performance fees will be impacted by changes in market risk factors.”

Annual report 2025A · The company itself

“Market Risk We are directly and indirectly affected by changes in market conditions. Market risk generally represents the risk that values of investments will be adversely affected by changes in market conditions.”

Annual report 2025A · The company itself

“Market risk is inherent in each of the investments of the funds we manage, including equity investments, loans, short-term borrowings, long-term debt, hedging instruments, credit default swaps and other derivatives. Just a few of the market conditions that may shift from time to time, thereby exposing us to market risk, include fluctuations in interest, currency exchange rates and credit spreads, equity prices or changes in the implied volatility of interest rates.”

Annual report 2025A · The company itself

“Volatility in debt and equity markets can impact our pace of capital deployment, the timing of receipt of transaction fee revenues and the timing of realizations. These market conditions could have an impact on the value of fund investments and rates of return.”

Annual report 2025A · The company itself

“Athene’s investment strategy seeks to achieve sustainable risk-adjusted returns through the disciplined management of its investment portfolio against its long-duration liabilities, coupled with the diversification of risk. The investment strategies focus primarily on a buy and hold asset allocation strategy that may be adjusted periodically in response to changing market conditions and the nature of Athene’s liability profile. Athene takes advantage of its generally persistent liability profile by identifying investment opportunities with an emphasis on earning incremental yield by taking measured liquidity and complexity risk rather than assuming incremental credit risk.”

Annual report 2025A · The company itself

“While the substantial majority of Athene’s investment portfolio has been allocated to corporate bonds and structured credit products, a key component of Athene’s investment strategy is the opportunistic acquisition of investment funds with attractive risk and return profiles. Athene’s investment fund portfolio consists of funds or similar equity structures that employ various strategies including equity and credit funds. Athene has a strong preference for alternative investments that have some or all of the following characteristics, among others: (1) investments with credit- or debt-like characteristics (for example, a stipulated maturity and par value), or alternatively, investments with reduced volatility when compared to pure equity; or (2) investments that Athene believes have less downside risk.”

Annual report 2025A · The company itself

“Over the long term, we believe we will be able to (i) grow Apollo’s Assets Under Management and generate positive investment performance in the funds we manage, which we expect will allow us to grow the Company’s management fees and performance fees and (ii) grow the investment portfolio of retirement services, in each case in amounts sufficient to cover our long-term liquidity requirements, which may include: •supporting the future growth of our businesses; •creating new or enhancing existing products and investment platforms; •making payments to policyholders; •pursuing new strategic corporate investment opportunities; •paying interest and principal on the Company’s financing arrangements; •repurchasing common stock; •making payments under the tax receivable agreements; and •paying cash dividends.”

Annual report 2025A · The company itself

“Future Cash Flows Our ability to execute our business strategy, particularly our ability to increase our AUM, depends on our ability to establish new funds and to raise additional investor capital within such funds.”

Annual report 2025A · The company itself

“Valuation of Underlying Investments Asset Management The underlying entities that Apollo manages and invests in are primarily investment companies that account for their investments at estimated fair value. On a quarterly basis, valuation committees consisting of members from senior management review and approve the valuation results related to the investments of the funds Apollo manages.”

Annual report 2025A · The company itself

“FIAs are the largest percentage of Athene’s net reserve liabilities. FIAs are a type of insurance contract in which the policyholder makes one or more premium deposits that earn interest, on a tax deferred basis, at a crediting rate based on a specified market index, subject to a contractually specified cap, spread or participation rate.”

Annual report 2025A · The company itself

“These operating metrics include Assets Under Management, origination, gross capital deployment and uncalled commitments.”

Annual report 2025A · The company itself

“Years ended December 31, Total Change Percentage Change Years ended December 31, Total Change Percentage Change (In millions, except percentages) 2025 2024 2024 2023 Principal Investing: Realized performance fees $ 1,198 $ 921 $ 277 30.1% $ 921 $ 742 $ 179 24.1% Realized investment income (loss) 95 74 21 28.4 74 (2) 76 NM Principal investing compensation (892) (664) 228 34.3 (664) (601) 63 10.5 Other operating expenses (63) (60) 3 5.0 (60) (56) 4 7.1 Principal Investing Income (PII) $ 338 $ 271 $ 67 24.7% $ 271 $ 83 $ 188 226.5% As described in “Item 7.”

Annual report 2025A · The company itself

“Within our asset management business, over the last 35 years, our capital formation has historically been focused on serving institutional investors through their respective alternatives portfolio allocation. Over time, our capabilities have expanded to address new sources of demand through discrete pools of capital, each encapsulating specific investment objectives, liquidity and other considerations.”

Annual report 2025A · The company itself

“We source capital from a diverse base that includes public and private pension funds, sovereign wealth funds, endowments and foundations, insurance companies, private wealth platforms, family offices, high net worth individuals, other institutional investors, as well as public market investors through certain perpetual capital vehicles.”

Annual report 2025A · The company itself

“Some of our assumed reinsurance agreements include provisions that a ratings downgrade or other specified triggering event with respect to our reinsurance operations, such as a reduction in surplus by specified amounts during specified periods, provide our ceding company clients certain rights, including, the right to terminate the subject reinsurance agreement and/or to require us to post additional collateral.”

Annual report 2025A · The company itself

“These developments may result in realized and unrealized losses on our investment portfolio that could have a material adverse effect on our results of operations, financial position and our businesses, and may also limit our access to capital required to operate our business.”

Annual report 2025A · The company itself

“Arch Capital is a holding company and is dependent on dividends and other distributions from its operating subsidiaries.”

Annual report 2025A · The company itself

“Table of Contents 2025 Highlights Fundraising In 2025, we raised $113.2 billion in gross new capital commitments for more than 190 different investment vehicles.”

Annual report 2025A · The company itself

“Our business depends in large part on our ability to raise capital from investors. If we were unable to raise such capital, we would be unable to collect management fees or deploy such capital into investments, which would materially reduce our revenues and cash flow and adversely affect our financial condition.”

Annual report 2025A · The company itself

“In the event of a counterparty default, particularly a default by a major investment bank or a default by a counterparty to a significant number of our contracts, one or more of our funds may have outstanding trades that they cannot settle or are delayed in settling. As a result, these funds could incur material losses and the resulting market impact of a major counterparty default could harm our businesses, results of operation and financial condition.”

Annual report 2025A · The company itself

“The counterparty risks that we face have increased in complexity and magnitude as a result of disruption in the financial markets in recent years. In addition, counterparties have generally reacted to recent market volatility by tightening 48 Table of Contents their underwriting standards and increasing their margin requirements for all categories of financing, which has the result of decreasing the overall amount of leverage available and increasing the costs of borrowing.”

Annual report 2025A · The company itself

“This strategy also contemplates the use of shares of our publicly-traded Class A common stock as acquisition consideration. Volatility or declines in the trading price of shares of our Class A common stock may make shares of our Class A common stock less attractive to acquisition targets.”

Annual report 2025A · The company itself

“Table of Contents Moreover, the historical returns of our funds should not be considered indicative of the future returns of these or from any future funds we may raise. Performance metrics, such as IRR and MoIC, going forward for any current or future fund may vary considerably from the historical performance generated by any particular fund, or for our funds as a whole.”

Annual report 2025A · The company itself

“Valuation methodologies for certain assets can be subject to significant subjectivity, and our value of an asset may differ materially from the value ultimately realized. Many of our funds’ investments are illiquid and thus have no readily ascertainable market prices. We value these investments based on our estimate, or an independent third-party’s estimate, of their fair value as of the date of determination, which often involves significant subjectivity.”

Annual report 2025A · The company itself

“We include the fair value of illiquid assets in the calculations of net asset values, returns of our funds and our assets under management. Furthermore, we recognize carried interest and incentive fees from affiliates based in part on these estimated fair values. Because these valuations are inherently uncertain, they may fluctuate greatly from period to period. Also, they may vary greatly from the prices that would be obtained if the assets were to be liquidated on the date of the valuation and often do vary greatly from the prices we eventually realize; as a result, there can be no assurance that such unrealized valuations will be fully or timely realized.”

Annual report 2025A · The company itself

“In addition, the values of our investments in publicly-traded assets are subject to significant volatility, including due to a number of factors beyond our control. These include actual or anticipated fluctuations in the quarterly and annual results of these companies or other companies in their industries, market perceptions concerning the availability of additional securities for sale, general economic, social or political developments, changes in industry conditions or government regulations, changes in management or capital structure and significant acquisitions and dispositions.”

Annual report 2025A · The company itself

“Our funds may be unable to deploy capital at a steady and consistent pace, which could have an adverse effect on our results of operations and future fundraising. The pace and consistency of our funds’ capital deployment has been, and may in the future continue to be, affected by a range of factors, including market conditions, regulatory developments and increased competition, which are beyond our control.”

Annual report 2025A · The company itself

“In particular, the private equity and certain real estate markets have from time to time experienced challenges with downward pressure on valuations and muted opportunities for investment and realizations. These market dynamics may impact the pace and consistency of our funds’ capital deployment.”

Annual report 2025A · The company itself

“Gains realized with borrowed funds may cause the fund’s net asset value to increase at a faster rate than would be the case without borrowings. However, if investment results fail to cover the cost of borrowings, the fund’s net asset value could also decrease faster than if there had been no borrowings.”

Annual report 2025A · The company itself

“Many of our funds invest in assets that are high risk, illiquid or subject to restrictions on transfer and we may fail to realize any profits from these activities ever or for a considerable period of time or lose some or all of the capital invested. Many of our funds invest in securities that are not publicly-traded.”

Annual report 2025A · The company itself

“The ability of many of our funds, particularly our Private Equity Group funds, to dispose of these investments is heavily dependent on the capital markets and in particular the public equity markets. For example, the ability to realize any value from an investment may depend upon the ability of the portfolio company in which such investment is held to complete an initial public offering.”

Annual report 2025A · The company itself

“In addition, market conditions can also delay our funds’ ability to exit and realize value from their investments. For example, fluctuations in interest rates and challenging credit markets may make it difficult for potential buyers to raise sufficient capital to purchase our funds’ investments. Although the equity markets are not the only means by which we exit investments from our funds, the strength and liquidity of the U.S. and relevant global equity markets generally, and the initial public offering market specifically, affect the valuation of, and our ability to successfully exit, our equity positions in the portfolio companies of our funds in a timely manner.”

Annual report 2025A · The company itself

“Certain investments may trade on an “over-the-counter” market, which may be any location where the buyer and seller can settle a price. A significant portion of our funds’ investments are not expected to trade in any market. Due to the lack of centralized information and trading, the valuation of such instruments may carry more risk than publicly-traded common stock.”

Annual report 2025A · The company itself

“Investors in certain of our funds, including our open-ended funds and perpetual wealth vehicles may generally redeem their investments on a periodic basis subject to the expiration of a specified period of time during which capital may not be withdrawn. As we continue to expand the distribution of our products through the retail and private wealth channels (including through semi-liquid and perpetual structures), the number and composition of investors in such vehicles may change and we may experience more frequent or larger redemption requests, particularly during periods of market volatility or declining performance.”

Annual report 2025A · The company itself

“Economic events affecting the economy or market in general, such as volatility in the financial markets related to changes in markets, inflation, changes in interest rates or global or national events that are beyond our control, could cause investors to request redemption of an increased number of shares pursuant to the share redemption programs of our perpetual wealth vehicles, potentially in excess of established limits.”

Annual report 2025A · The company itself

“The market price of shares of our Class A common stock may be highly volatile and could be subject to wide fluctuations. In addition, the trading volume in shares of our Class A common stock may fluctuate and cause significant price variations to occur. If the market price of shares of our Class A common stock declines significantly, holders of our Class A common stock may be unable to resell their shares of our Class A common stock at or above their purchase price, if at all. The market price of shares of our Class A common stock may fluctuate or decline significantly in the future.”

Annual report 2025A · The company itself

“The market price of shares of our Class A common stock may decline due to the large number of shares of Class A common stock eligible for exchange and future sale. The market price of shares of our Class A common stock could decline as a result of sales of a large number of shares of our Class A common stock in the market and non-voting common stock, to the extent that sales happen in the future or the perception that such sales could occur, including pursuant to Rule 10b5-1 trading plans. These sales, or the possibility that these sales may occur, also might make it more difficult for us to sell shares of our Class A common stock in the future at a time and at a price that we deem appropriate.”

Annual report 2025A · The company itself

“The Credit Group offers the following credit strategies across the liquid and illiquid spectrum: Liquid Credit: Our liquid credit investment solutions help fixed income investors access the syndicated loan and high yield bond markets in the U.S. and Europe and capitalize on opportunities across multi-asset credit. The syndicated loans strategy seeks to deliver a diversified portfolio of liquid, traded secured loans to corporate issuers, offering one of the few floating-rate fixed income alternatives that can help investors manage duration. The high yield bond strategy seeks to deliver a diversified portfolio of liquid, traded corporate bonds, incorporating secured, unsecured and subordinated debt instruments of issuers.”

Annual report 2025A · The company itself

“Business Overview Ares is a leading global alternative investment manager with $622.5 billion of assets under management and over 4,250 employees in over 55 offices in more than 25 countries.”

Annual report 2025A · The company itself

“A credit rating agency downgrade of our corporate senior debt rating could materially and adversely impact our business. Currently, Assurant, Inc.’s senior debt is rated BBB by S&P and Baa2 by Moody’s, and both ratings carry a stable outlook. If our senior debt credit ratings were downgraded, particularly if downgraded below investment grade, our business, financial condition and results of operations, and perceptions of our financial strength, could be materially and adversely affected.”

Annual report 2025A · The company itself

“Courtageintäkterna är kopplade till handelsaktivitet som i sin tur är avhängigt marknadsläget och kunders riskvilja. En stark aktiemarknad och hög volatilitet tenderar att öka riskviljan och aktiviteten bland kunder, medan en mer osäker eller nedåtgående marknad med låg volatilitet har motsatt effekt. Hög volatilitet kombinerat med stor osäkerhet kan samtidigt bidra till att kunder blir avvaktande och att aktiviteten minskar.”

Annual report 2024A · The company itself

“Historiskt har lägre marknadsräntor lett till högre kundaktivitet och handelsrelaterade intäkter. Kundaktiviteten är främst en spegling av det allmänna marknadsläget samt volatilitet och omsättning på börsen. Även i år har detta synts i form av ökad riskvilja bland kunder i samband med makroekonomiska ljusningar och högre handelsaktivitet vid händelser på börsen.”

Annual report 2024A · The company itself

“Avanzas intäkter påverkas i hög grad av marknadsförutsättningarna, kunders handelsaktivitet, ränteläget samt förändringar i in och utlåningsvolymer.”

Annual report 2024A · The company itself

“Känsligheten vid en nedgång i sparkapitalet till följd av börsnedgång är svår att bedöma då intäkterna bland annat beror på hur kunderna väljer att placera sitt kapital. Det finns en stark korrelation mellan utvecklingen av sparkapitalet och intäkterna, och courtageandelen i Avanzas intäkter kommer alltid att vara volatil och stärka Avanzas resultat när marknadsförutsättningarna är goda.”

Annual report 2024A · The company itself

“Ökad riskvilja under 2024 påverkade våra provisionsintäkter och handelsrelaterade intäkter positivt, medan sjunkande marknadsräntor började sätta press på räntenettot.”

Annual report 2024A · The company itself

“Historiskt har sjunkande marknadsräntor lett till ökad riskvilja och handelsaktivitet, vilket kompenserat för lägre ränteintäkter.”

Annual report 2024A · The company itself

“Den svenska sparmarknaden uppgick till 12 300 miljarder kronor per den sista september 2024, en ökning med 10 procent sedan utgången av 2023. Avanzas sparkapital steg med 19 procent under motsvarande period.”

Annual report 2024A · The company itself

“Volatiliteten minskade jämfört med 2023 samtidigt som OMX Stockholm Gross Index ökade med närmare 9 procent.”

Annual report 2024A · The company itself

“Vår intäktsmodell är väldiversifierad med flera intäktsben, vilket gör den motståndskraftig i olika marknadslägen. Det har inte minst bevisat sig under de senaste årens svängningar i makroekonomin.”

Annual report 2024A · The company itself

“Genom värdepapperskrediten kan kunder belåna sina aktier och fonder och skapa hävstång i sparandet. Värdepapperskredit nyttjas främst av mer initierade investerare och volymen påverkas till stor del av börshumöret. Under 2024 ökade volymen med 32 procent och uppgick vid årets slut till närmare 11 miljarder kronor.”

Annual report 2024A · The company itself

“The NPL business is capital intensive, and we are reliant on new capital to invest.”

Annual report 2024A · The company itself

“Consist of the investment in and management of unsecured and secured loan portfolios directly or through investments in joint ventures.”

Annual report 2024A · The company itself

“To achieve its strategic objectives, the Company will require additional capital to fund its operations, which may not be available to the Company on acceptable terms. Currently, operations are financed through 2026.”

Annual report 2025A · The company itself

“The Company’s assessment as to the adequacy of liquidity relies inter alia on assumptions and significant judgements (in addition to those matters discussed cf. Note 2) applied in the Company's budgets and forecasts as well as customary sensitivities, existing capital resources and assumptions concerning the timing, costs and resources required to undertake the Company’s strategic priorities and tactical decisions, including the timing of marketing ProNephro AKI® (NGAL) in the US, commercialization activities for NGAL tests under CE-mark and Antibodies in Europe, supply chain management, and ongoing R&D, all of which under current circumstances remain difficult to predict.”

Annual report 2025A · The company itself

“More demand along with increased equity valuations resulted in higher balances year-over-year.”

Annual report 2025A · The company itself

“In addition, the relative performance of different markets that impact the Company’s AUM and net inflows may lead to an increase in the proportion of AUM weighted towards lower (or higher) relative management fee rates. As a result, the Company’s average effective fee rate may be lower (or higher) from period to period. These potential changes to the Company’s average effective fee rate may also cause average growth rates of AUM and base fees to differ, which impact the Company’s revenue and earnings.”

Annual report 2025A · The company itself

“At December 31, 2025, BlackRock’s net economic investment exposure of approximately $4.9 billion in its investments (see Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations – Investments) primarily resulted from co-investments and seed investments in its sponsored investment funds. Movements in the equity, debt or currency markets, or in the price of real assets, commodities or other alternative investments, could lower the value of these investments, increase the volatility of BlackRock’s earnings and cause earnings to decline.”

Annual report 2025A · The company itself

“BlackRock’s investment advisory and administration fees are primarily comprised of fees based on a percentage of the value of AUM and, in some cases, performance fees expressed as a percentage of the returns realized on AUM. At December 31, 2025, the majority of the Company’s investment advisory and administration fees were based on average or period end AUM of the applicable investment funds or separate accounts. Movements in equity market prices, interest rates/credit spreads, foreign exchange rates or all three could cause the value of AUM to decline, which would result in lower investment advisory and administration fees.”

Annual report 2025A · The company itself

“BlackRock has been the subject of commentary citing concerns about the scale of its business, as well as purported competition issues relating to the common ownership theory. As a leader in the index investing and asset management industry, BlackRock has been the subject of commentary citing concerns about the growth of index investing and concentrated proxy voting power.”

Annual report 2025A · The company itself

“(together, with its subsidiaries, unless the context otherwise indicates, “BlackRock” or the “Company”) is a leading publicly traded investment management firm with $14.0 trillion of assets under management (“AUM”) at December 31, 2025.”

Annual report 2025A · The company itself

“Securities Lending Securities lending is managed by a dedicated team, supported by quantitative analysis, proprietary technology and disciplined risk management. BlackRock receives both cash (primarily for US domiciled portfolios) and noncash collateral under securities lending arrangements.”

Annual report 2025A · The company itself

“BlackRock’s investment management revenue is primarily comprised of fees based on a percentage of the value of AUM and, in some cases, performance fees which are normally expressed as a percentage of returns to the client.”

Annual report 2025A · The company itself

“Risks Related to Our Business • Our business could be adversely affected by difficult market, economic and geopolitical conditions, each of which could materially reduce our revenue, earnings and cash flow and adversely affect our operating results and financial prospects and condition. • A slower than expected decrease in interest rates and other challenges in the financial markets could negatively impact the values of certain assets or investments and the ability of our funds and their portfolio companies to access the capital markets, which could adversely affect investment and realization opportunities. • A decline in the pace or size of investments made by, or poor performance of, our funds may adversely affect our revenues and obligate us to repay Performance Allocations previously paid to us, and could adversely affect our ability to raise capital.”

Annual report 2025A · The company itself

“Our business is materially affected by financial market and economic conditions and events throughout the world that are outside our control. We may not be able to or may choose not to manage our exposure to these conditions and/or events. Such conditions and/or events can adversely affect our business in many ways, including reducing the ability of our funds to raise or deploy capital, reducing the value or performance of our funds’ investments and making it more difficult for our funds to exit and realize value from existing investments.”

Annual report 2025A · The company itself

“Our revenue, earnings, net income and cash flow can all vary materially due to our reliance on Performance Revenues, which may make it difficult for us to achieve steady earnings growth on a quarterly basis and may cause the price of our common stock to decline. Our revenue, earnings, net income and cash flow can all vary materially due to our reliance on Performance Revenues.”

Annual report 2025A · The company itself

“Our ability to raise capital from third-party investors depends on a number of factors, such as economic, market (including the level of interest rates and stock market performance) and geopolitical conditions, and the asset allocation rules or investment policies to which such third-party investors are subject. These factors could inhibit or restrict the ability of third-party investors to make investments in our funds or make investment in certain asset classes or geographies less attractive to such investors. Market or currency volatility or perceived economic or geopolitical uncertainty or instability may contribute to decreased interest on the part of investors in allocating capital to certain asset classes or geographies in which our funds operate.”

Annual report 2025A · The company itself

“In addition, volatility in the valuations of investments, has in the past and may in the future affect our ability to raise capital from third-party investors. To the extent periods of volatility are coupled with a lack of realizations from investors’ existing portfolios, such investors may be left with disproportionately outsized remaining commitments to a number of investment funds.”

Annual report 2025A · The company itself

“Further, during periods of market volatility, investor subscription requests may be reduced and investor redemption or repurchase requests may be elevated in products that permit redemption or repurchase of investor interests.”

Annual report 2025A · The company itself

“Conversely, in periods of positive market environments and low volatility, investors may favor passive investment strategies such as index funds over our actively managed investment vehicles. Similarly, during periods of high interest rates, investors may favor investments that are generally viewed as producing a risk-free return, such as treasury bonds, over investments in our products, particularly if the spread between the products declines.”

Annual report 2025A · The company itself

“The investment decisions we make in our asset management business and the activities of our investment professionals (including in connection with portfolio companies and investment advisory activities) may subject us, our funds and our funds’ portfolio companies to the risk of third-party litigation or regulatory proceedings arising from investor dissatisfaction with the performance of those investment funds, alleged conflicts of interest, the suitability or manner of distribution of our products, including to retail investors, the activities of our funds’ portfolio companies and a variety of other claims.”

Annual report 2025A · The company itself

“Poor performance of our investment funds would cause a decline in our revenue, income and cash flow, may obligate us to repay Performance Allocations previously paid to us, and could adversely affect our ability to raise capital for future investment funds. In the event that any of our investment funds were to perform poorly, our revenue, income and cash flow would decline because the value of our assets under management would decrease, which would result in a reduction in management fees, and our investment returns would decrease, resulting in a reduction in the Performance Revenues we earn.”

Annual report 2025A · The company itself

“Because there is significant uncertainty in the valuation of, or in the stability of the value of illiquid investments, the fair values of such investments as reflected in an investment fund’s net asset value do not necessarily reflect the prices that would actually be obtained by us on behalf of the investment fund when such investments are realized. Realizations at values lower than the values at which investments have been reflected in prior fund net asset values would result in reduced gains or losses for the applicable fund, a decline in certain asset management fees and the reduction in potential Performance Revenues.”

Annual report 2025A · The company itself

“In order to obtain new borrowings, or to extend or refinance existing borrowings, we are dependent on the willingness and ability of financial institutions such as global banks to extend credit to us on favorable terms or at all, and on our ability to access the debt and equity capital markets, which can be volatile. There is no guarantee that such financial institutions will continue to extend credit to us or that we will be able to access the capital markets to obtain new borrowings or refinance existing borrowings when they mature.”

Annual report 2025A · The company itself

“During periods of market volatility, investor subscriptions to such vehicles are likely to be reduced, and investor redemption or repurchase requests are likely to be elevated, which may negatively impact the fees we earn from such vehicles. Investor subscriptions to certain of such vehicles have also at times been, and may in the future be, reduced, and investor redemptions or repurchase requests elevated, in the face of negative media or public sentiment with respect to the asset classes of such vehicles.”

Annual report 2025A · The company itself

“In addition, in a declining market, our liquid or semi-liquid vehicles have and may continue to experience declines in value, which may be provoked and/or exacerbated by margin calls and forced selling of assets.”

Annual report 2025A · The company itself

“Investors may also seek to redeem their interests due to changes in interest rates that make other investments more attractive, rebalancing of their asset allocations, changes in investor perception of us and our reputation, unhappiness with a fund’s performance or investment strategy, departures or changes in responsibilities of key investment professionals, and liquidity needs.”

Annual report 2025A · The company itself

“For example, market volatility drove a material increase in BREIT repurchase requests beginning in late 2022, and pursuant to the terms of the vehicle, BREIT began to prorate such requests beginning in November 2022. BREIT inflows also materially declined after proration was announced, which led to net outflows in BREIT.”

Annual report 2025A · The company itself

“In cases where valuations of investors’ existing investments fall and the pace of distributions slows, investors may be unable to make new commitments to third-party managed investment funds such as those advised by us.”

Annual report 2025A · The company itself

“Certain of our investment funds may invest in securities of companies that are experiencing significant financial or business difficulties, including companies involved in bankruptcy or other reorganization and liquidation proceedings. Such investments are subject to a greater risk of poor performance or loss.”

Annual report 2025A · The company itself

“Table of Contents • Large financial institutions are dependent on one another to meet their liquidity or operational needs, such that a default by one may cause a series of defaults by the others. This “systemic risk” may adversely affect the financial intermediaries (such as clearing agencies, clearing houses, banks, securities firms and exchanges) with which the hedge funds interact on a daily basis. • The efficacy of investment and trading strategies depends largely on the ability to establish and maintain an overall market position in a combination of financial instruments.”

Annual report 2025A · The company itself

“Hedge funds are subject to risks due to potential illiquidity of assets. Timely divestiture or sale of trading positions can be impaired by decreased trading volume, increased price volatility and concentrated or difficult-to-transfer trading positions.”

Annual report 2025A · The company itself

“Some of our funds utilize prime brokerage arrangements with a relatively limited number of counterparties, which has the effect of concentrating the transaction volume (and related counterparty default risk) of these funds with these counterparties. Our funds are subject to the risk that the counterparty to one or more of these contracts defaults, either voluntarily or involuntarily, on its performance under the contract.”

Annual report 2025A · The company itself

“In the event of a counterparty default, particularly a default by a major investment bank or a default by a counterparty to a significant number of our contracts, one or more of our funds may have outstanding trades that they cannot settle or are delayed in settling. As a result, these funds could incur material losses and the resulting market impact of a major counterparty default could harm our businesses, results of operations and financial condition.”

Annual report 2025A · The company itself

“In our Multi-Asset Investing segment, an increase of $10.7 billion from $75.0 billion at December 31, 2024 to $85.6 billion at December 31, 2025.”

Annual report 2025A · The company itself

“We believe there are a number of positive signs that should support values in our Real Estate portfolio, including favorable capital markets and declining new supply.”

Annual report 2025A · The company itself

“A more favorable capital markets environment supported an acceleration in transaction activity, particularly initial public offerings, in our Private Equity segment funds in the second half of 2025. A continuation of a favorable capital markets environment should contribute to a further increase in transaction activity, including realizations, in our Private Equity segment.”

Annual report 2025A · The company itself

“A favorable capital markets environment has supported, and should continue to support, overall transaction activity in our Credit & Insurance segment.”

Annual report 2025A · The company itself

“Förändringar i metallpriser är en betydande risk för Bolidens resultat och kassaflöde.”

Annual report 2024A · The company itself

“Financial Risks Our liquidity, credit ratings, and ongoing access to capital could be materially and negatively affected by global financial conditions and events. Our continued access to sources of liquidity depends on multiple factors, including global economic and financial market conditions, the availability of sufficient amounts of financing, our ability to meet debt covenant requirements, our operating performance, and our credit ratings.”

Annual report 2025A · The company itself

“Further, if our credit ratings were to be downgraded or if financing sources were to ascribe higher risk to our rating levels, our industry or us, our access to capital and the cost of any financing would be negatively impacted.”

Annual report 2025A · The company itself

“We generate significant revenues from the transaction processing fees we earn from our services. These revenue sources are substantially dependent on the levels of participation and activity in the securities markets.”

Annual report 2026A · The company itself

“For example, our services are impacted by the number of unique securities positions held by investors through our clients, the level of investor communications activity we process on behalf of our clients, trading volumes, market prices, and liquidity of the securities markets, which are in turn affected by general national and international economic and political conditions, and broad trends in business and finance that could result in changes in participation and activity in the securities markets. Accordingly, any significant reduction in participation and activity in the securities markets would likely adversely impact our business and results of operations.”

Annual report 2026A · The company itself

“Our liquidity position may be negatively affected by changes in general economic conditions, regulatory requirements and access to the capital markets, which may be limited if we were to fail to renew any of the credit facilities on their renewal dates or if we were to fail to meet certain ratios. Our ability to meet expenses and debt service obligations will depend on our future performance, which could be affected by financial, business, economic and other factors.”

Annual report 2026A · The company itself

“(Henrik) Inledningen av 2025 har färgats mycket av utvecklingen inom den nya administrationen i USA. Det är svårt att se att någon vinner på kraftiga policyförändringar, hot om tariffer och andra oförutsägbara utspel som hittills har kommunicerats. Detta skapar tyvärr en generell osäkerhet om framtiden vilket kommer påverka såväl aktiemarknaderna som det globala affärslandskapet.”

Annual report 2024A · The company itself

“Under sommaren förvärvade Atle en majoritetspost i det norska fondbolaget First Fondene. FIRST förvaltar c. 12 miljarder norska kronor i aktie- och räntefonder.”

Annual report 2024A · The company itself

“We rely on debt financing, including borrowings under our unsecured credit facility, issuances of unsecured debt securities and debt secured by individual properties, to finance our existing portfolio, our acquisition and development activities and for working capital. If we are unable to obtain debt financing from these or other sources, or to refinance existing indebtedness upon maturity, our financial condition and results of operations would likely be adversely affected.”

Annual report 2025A · The company itself

“Our debt could have significant adverse effects on our business, including making it more difficult for us to obtain additional financing on favorable terms; requiring us to dedicate a substantial portion of our cash flows from operations to the repayment of debt and the interest on this debt; limiting our ability to capitalize on significant business opportunities; making us more vulnerable to rising interest rates, and reducing our flexibility to respond to changing business and economic conditions. Disruption in the financial markets could also have a material adverse effect on our financial position, results of operations and liquidity.”

Annual report 2025A · The company itself

“Because of a continued cautious view with regard to early-stage R&D spending, revenue to both large biopharmaceutical clients and small and mid-sized biotechnology clients declined in fiscal year 2025.”

Annual report 2025A · The company itself

“Net loss available to Charles River Laboratories International Inc, common shareholders was $144.3 million in fiscal year 2025, compared to Net income available to Charles River Laboratories International Inc, common shareholders of $10.3 million in the corresponding period of fiscal year 2024.”

Annual report 2025A · The company itself

“Management estimates that investable wealth in the United States (U.S.) (consisting of assets in defined contribution, retail wealth management and brokerage, and registered investment advisor channels, along with bank deposits) currently exceeds $80 trillion, which means the Company’s $11.90 trillion in client assets leaves substantial opportunity for growth. Our strategy is based on the principle that developing trusted relationships will translate into more assets from both new and existing clients, ultimately driving more revenue, and along with expense discipline and thoughtful capital management, will generate earnings growth and build long-term stockholder value.”

Annual report 2025A · The company itself

“Our business can be adversely affected by the general environment – economic, corporate, securities market, regulatory, and geopolitical developments all play a role in client asset valuations, trading activity, interest rates, and overall investor engagement, and are outside of our control. Deterioration in the housing and credit markets and decreases in securities valuations negatively impact our results of operations and capital resources.”

Annual report 2025A · The company itself

“Investor sentiment and market and trading dynamics can affect client preferences and security selection, and can impact transactions and asset-based revenues.”

Annual report 2025A · The company itself

“Market-driven changes, such as declines in equity markets, can also reduce client demand for margin lending, which is a significant source of net interest revenue.”

Annual report 2025A · The company itself

“Problems encountered by other financial institutions and responsive measures to manage such problems could have direct adverse effects on financial markets generally and our financial position or results of operations, as well as indirect adverse effects on us. Concerns regarding the soundness or creditworthiness of other financial institutions can cause substantial disruption within the financial markets and have negative impacts for us and our industry, including reductions in availability of liquidity, higher borrowing costs, and higher costs of capital.”

Annual report 2025A · The company itself

“While we devote substantial attention and resources to the reliability, capacity and scalability of our systems, we occasionally experience extraordinary trading volumes, which have caused and could cause our computer systems to operate at unacceptably slow speeds or even fail, affecting our ability to process client transactions and potentially resulting in some clients’ orders being executed at prices they did not anticipate. Disruptions in service and slower system response times could result in substantial losses, decreased client satisfaction, reputational damage, and regulatory inquiries.”

Annual report 2025A · The company itself

“Our margin, options and futures business has materially increased in recent years as a result of market-driven factors and overall growth of our business including growth in our trader client base, and market liquidity represents an increased risk. Abrupt changes in securities valuations and the failure of clients to meet margin calls could result in substantial losses, especially if there is a lack of liquidity.”

Annual report 2025A · The company itself

“Client demand for digital assets is uncertain and may fluctuate significantly due to market volatility, regulatory developments, or changes in investor sentiment.”

Annual report 2025A · The company itself

“With equity market gains and strong client asset gathering, Schwab’s total client assets reached $11.90 trillion at December 31, 2025, up 18% on the year. Core net new assets for 2025 totaled $519.4 billion, increasing 42% from the prior year, and resulting in an annualized organic growth rate of 5.1%.”

Annual report 2025A · The company itself

“Equity markets finished 2025 with significant full-year gains, as the S&P 500® rose 16% in 2025, and the NASDAQ Composite® rose 20% during the year.”

Annual report 2025A · The company itself

“Client demand for margin loans increased significantly in 2025, with margin loans ending the year at $112.3 billion, up 34% from year-end 2024 and up 16% during the fourth quarter alone, supported by growth in bank and broker-dealer sweep cash, as well as wholesale funding. The growth in margin lending in 2025 reflects strong client demand and engagement amid rising equity markets and long/short strategies implemented by RIA clients.”

Annual report 2025A · The company itself

“Client demand for margin and bank lending was strong during 2025, reflecting positive equity market performance and client engagement, as margin loan balances rebounded following market volatility in late March and early April, increasing in the third quarter and through the end of 2025. Margin loan balances ended the year at $112.3 billion, increasing 34% from year-end 2024.”

Annual report 2025A · The company itself

“Achievement of these expectations and objectives is subject to certain risks and uncertainties that could cause actual results to differ materially. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this Annual Report on Form 10-K or, in the case of documents incorporated by reference, as of the date of those documents.”

Annual report 2025A · The company itself

“Asset management and administration fees increased by $790 million, or 14%, in 2025 from 2024, due primarily to growth in Schwab money market funds and fee-based managed investing solutions, as well as growth in Mutual Fund OneSource®, and Schwab equity and bond funds, ETFs, and CTFs. This growth was driven primarily by higher client asset balances, reflecting year-over-year equity market appreciation, the Company’s asset gathering, and net inflows into managed investing solutions.”

Annual report 2025A · The company itself

“Commission revenue is affected by volume and mix of trades executed. Order flow revenue is comprised of payments received from trade execution venues to which our broker-dealer subsidiary sends equity and option orders.”

Annual report 2025A · The company itself

“Trading revenue increased $657 million, or 20%, in 2025 compared to 2024, driven by an increase in order flow and commission revenue due primarily to higher client trading volume.”

Annual report 2025A · The company itself

“Segment Net Revenues Total net revenues increased by 22% for both Investor Services and Advisor Services in 2025 compared to 2024.”

Annual report 2025A · The company itself

“Asset management and administration fees increased for both segments primarily due to higher balances in money market funds, Schwab equity and bond funds, ETFs, and CTFs, and Mutual Fund OneSource®, and, additionally for Investor Services, managed investing solutions.”

Annual report 2025A · The company itself

“Trading revenue increased for both segments primarily due to higher order flow revenue and commission revenue reflecting higher trading volume.”

Annual report 2025A · The company itself

“Credit Risk Credit risk is the potential for loss due to a borrower, counterparty, or issuer failing to perform its contractual obligations. Our exposure to credit risk mainly results from investing activities in our liquidity and investment portfolios, mortgage lending, margin lending and client option and futures activities, pledged asset lending, securities lending activities, and our role as a counterparty in other financial contracts.”

Annual report 2025A · The company itself

“Equity market valuations may also affect the level of brokerage client trading activity, margin borrowing, and overall client engagement with Schwab. Additionally, we earn mutual fund and ETF service fees and asset management fees based upon daily balances of certain client assets. Fluctuations in these client asset balances caused by changes in equity valuations directly impact the amount of fee revenue we earn.”

Annual report 2025A · The company itself

“Planned Acquisition of Forge On November 6, 2025, Schwab announced that it had entered into a definitive agreement to acquire Forge, operator of a leading private market platform and trading marketplace, in a transaction valued at approximately $660 million.”

Annual report 2025A · The company itself

“The Company returned meaningful excess capital in 2025. Total common stock repurchased during the year amounted to $7.3 billion. In addition, the Company increased its common dividend by 8% to $.27 per share in the first quarter of 2025, and redeemed its Series G preferred stock for $2.5 billion in the second quarter.”

Annual report 2025A · The company itself

“Business Acquisition Forge Global Holdings, Inc. On November 6, 2025, Schwab announced that it had entered into a definitive agreement to acquire Forge Global Holdings, Inc. (Forge), operator of a leading private market platform and trading marketplace, in a transaction valued at approximately $660 million. The Company anticipates that incorporating Forge’s private company investment capabilities will enhance Schwab’s ability to meet the evolving needs of investors across our growing client base.”

Annual report 2025A · The company itself

“By functioning as the custodian, Schwab earns revenue associated with the underlying client assets, predominantly through net interest revenue and asset management and administration fees. In this capacity, we do not charge the RIA or end client a custody fee.”

Annual report 2025A · The company itself

“Asset management and administration fees are primarily earned from proprietary money market mutual funds, proprietary and third-party mutual funds and ETFs, and fee-based managed investing solutions. Trading revenue includes commissions earned for executing trades for clients in certain individual equities, options, futures, fixed income securities, and certain third-party mutual funds and ETFs; order flow revenue; and principal transactions revenue earned primarily from actions to support client trading in fixed income securities.”

Annual report 2025A · The company itself

“While our bond portfolio more than covers our insurance reserve liabilities, we believe our diversified common stock portfolio of mainly blue chip, dividend-paying companies represents one of our best investment opportunities for the long term.”

Annual report 2025A · The company itself

“Effective capital management is an important part of creating long-term shareholder value, serving as a foundation to support other strategic areas focused on profitable growth of our insurance business. Our capital management philosophy is intended to preserve and build our capital while maintaining appropriate liquidity.”

Annual report 2025A · The company itself

“The conditions of other financial institutions or of the financial services industry could adversely affect our operations and financial condition. Financial services institutions are typically interconnected as a result of trading, investment, liquidity, clearing, counterparty, and other relationships. Within the financial services industry, the default by any one institution could lead to defaults by other institutions.”

Annual report 2025A · The company itself

“Consumer Banking Net interest income increased $408 million compared to 2024, driven by higher net interest margin and growth in average interest-earning assets. Noninterest income increased $121 million compared to 2024, driven by wealth fees, mortgage banking fees, and service charges and fees, reflecting growth in assets under management, primarily driven by net inflows as well as market appreciation, higher MSR valuation results, net of hedging, and higher overdraft and cash management fees.”

Annual report 2025A · The company itself

“Continue to optimize balance sheet and business mix: We manage our balance sheet with discipline and a clear focus on generating attractive, risk‑adjusted returns. Our strategy emphasizes thoughtful capital allocation, proactive portfolio management, and deliberate shifts toward relationship‑oriented, higher‑quality businesses.”

Annual report 2025A · The company itself

“The increase in net interest income is driven by higher net interest margin which reflects lower funding costs, including the reduction of higher-cost funding given the auto loan portfolio runoff and education loan sale, lower terminated swap impacts, and fixed-rate asset repricing benefits, partially offset by lower asset yields. •Noninterest income of $2.4 billion increased $218 million compared to 2024, reflecting growth across a number of fee categories, primarily wealth and capital markets fees.”

Annual report 2025A · The company itself

“The following table presents the components of noninterest income: Table 3: Noninterest Income Year Ended December 31, (dollars in millions) 2025 2024 Change Percent Service charges and fees $444 $420 $24 6 % Capital markets fees 511 467 44 9 Wealth fees 360 294 66 22 Card fees 346 368 (22) (6) Mortgage banking fees 233 209 24 11 Foreign exchange and derivative products 156 146 10 7 Letter of credit and loan fees 186 175 11 6 Securities gains, net 22 18 4 22 Other income(1) 136 79 57 72 Noninterest income $2,394 $2,176 $218 10 % (1) Includes bank-owned life insurance income and other income for all periods presented.”

Annual report 2025A · The company itself

“Federal Reserve and other international banks' forecasted interest rates; •availability of capital to our market participants and their appetite for risk-taking; •levels of assets under our customers' management; •volatile weather patterns, droughts, natural disasters and other catastrophes; •pandemics affecting our customer base or our ability to operate our markets; and •consolidation or expansion in our customer base and within our industry.”

Annual report 2025A · The company itself

“Table of Contents Our clearing firms must meet certain capital requirements and must deposit collateral to meet performance bond and guaranty fund requirements. There is no guarantee the collateral deposited will continue to maintain its value.”

Annual report 2025A · The company itself

“Our business is subject to the impact of financial markets volatility, which is caused by conditions that are beyond our control. Trading volume in our markets and products is largely driven by the degree of volatility - the magnitude and frequency of fluctuations - in prices and levels of the underlying commodities, securities, indices, financial benchmarks or other instruments.”

Annual report 2025A · The company itself

“A substantial part of our working capital may be at risk if a clearing firm defaults on its obligations to our clearing house and its margin and guaranty fund deposits are insufficient to meet its obligations. Additionally, BrokerTec Americas is exposed to the potential risk of loss in the event a counterparty fails to meet its obligations.”

Annual report 2025A · The company itself

“There continues to be highly publicized cases involving fraud or other misconduct or manipulative activity by employees of financial services firms and other market participants. Improper trading activity on our platforms by participants could include activities such as spoofing, layering, wash trading and manipulation.”

Annual report 2025A · The company itself

“Further, allegations by regulatory or criminal authorities of improper trading activities in our markets could affect our brand and reputation and reduce the number of participants trading in our markets. If that should occur, we could face a corresponding decline in trading volume and revenue.”

Annual report 2025A · The company itself

“CMS Energy and Consumers rely on the capital markets, as well as on bank syndications, to meet their financial commitments and short-term liquidity needs not otherwise funded internally. Disruptions in the capital and credit markets, or the inability to obtain required regulatory authorization for issuances of securities including debt, including as may be required from FERC, could adversely affect CMS Energy’s and Consumers’ access to liquidity needed for their businesses.”

Annual report 2025A · The company itself

“Table of Contents Certain of CMS Energy’s and Consumers’ securities and those of their affiliates are rated by various credit rating agencies. A reduction or withdrawal of one or more of its credit ratings could have a material adverse impact on CMS Energy’s or Consumers’ ability to access capital on acceptable terms and maintain commodity lines of credit, could increase their cost of borrowing, and could cause CMS Energy or Consumers to reduce capital expenditures.”

Annual report 2025A · The company itself

“We rely on the capital markets, particularly for publicly offered debt, as well as the banking and commercial paper markets, to meet our financial commitments and short-term liquidity needs. Disruptions in the capital and credit markets in the United States or abroad could negatively affect our ability to access the capital markets or draw on our bank revolving credit facilities.”

Annual report 2025A · The company itself

“The strength and depth of competition in energy markets depend heavily on active participation by multiple trading parties, which could be negatively affected by disruptions in the capital and credit markets and legislative and regulatory initiatives that could affect participants in commodities transactions. Reduced capital and liquidity and failures of significant institutions that participate in the energy markets could diminish the liquidity and competitiveness of energy markets that are important to our business.”

Annual report 2025A · The company itself

“Under sin korta tid som noterat bolag levererade Apotea (SEK 86 mn/43 procent) en mycket imponerande avkastning under 2024.”

Annual report 2024A · The company itself

“Verksamheten utvecklades väl under året med en avkastning som överträffade index.”

Annual report 2024A · The company itself

“Vi värderar innehavet i relation till de avslut som görs i Klarnas än så länge onoterade aktie och dessa avslut har under året skett på successivt högre kurser som en naturlig följd av bolagets operationella utveckling och de alltmer konkreta planerna för en kommande notering.”

Annual report 2024A · The company itself

“Investmentföretagets och moderbolagets förväntade framtida utveckling Creades framtida utveckling är beroende av utvecklingen i portföljbolagen. Utvecklingen på de finansiella marknaderna har också stor betydelse för utvecklingen i portföljbolagen och därmed också investmentföretagets och moderbolagets redovisade resultat och ställning.”

Annual report 2024A · The company itself

“Årets avkastning på substansvärdet landade på 13 procent och vi slår därmed vårt relativa mål om att överträffa Stockholmsbörsen (OMXSGI) som ökade med 9 procent och överträffar även vårt absolutmål om att leverera en årlig avkastning överstigande 7,5 procent.”

Annual report 2024A · The company itself

“Creades Aktiva förvaltning (SEK 228 mn / 11 procent) är en portfölj med drygt 20 noterade innehav där Creades ägande i respektive innehav typiskt sett understiger 10 procent. Den Aktiva förvaltningen är i första hand en affär på egna meriter i syfte att bidra till vår avkastning men i tillägg fyller den en viktig roll som likviditetsförvaltning med möjlighet att frigöra kapital om så skulle krävas för andra, nya investeringar.”

Annual report 2024A · The company itself

“Creades värdeskapande sker genom ett aktivt och långsiktigt ägande kombinerat med möjligheten att agera snabbt och opportunistiskt när tillfälle dyker upp.”

Annual report 2024A · The company itself

“Egetis har alltsedan verksamheten startade redovisat ett negativt rörelseresultat och kassaflödet förväntas att vara fortsatt negativt till dess att Egetis lyckas generera tillräckligt mycket intäkter från lanserad produkt eller utlicensiering.”

Annual report 2024A · The company itself

“De mest betydande finansiella riskerna är risker relaterade till tillgång på finansiering (re-finansiering och låneanskaffning) och likviditet.”

Annual report 2024A · The company itself

“We have substantial capital requirements, and we may be unable to obtain needed financing on satisfactory terms, if at all. We make, and expect to continue to make, substantial capital expenditures for the acquisition, exploration, development and production of crude oil, NGLs and natural gas reserves as well as for the gathering, processing and transportation of our production volumes.”

Annual report 2025A · The company itself

“Med kompletterande intäktsströmmar ... Attraktiv avkastning i EQT-fonderna ökar potentialen att generera carried interest och investeringsintäkter. ... och en förutsägbar och väl avvägd kostnadsbas EQT:s rörelsekostnader består främst av direkta personalkostnader eller rörelsekostnader med nära koppling till personalstyrkan och verksamhetens storlek, som kostnader för externa konsulter.”

Annual report 2024A · The company itself

“Risker som uppstår från en rad ekonomiska faktorer och marknadsvolatilitet, vilket kan påverka portföljens avkastning, värderingar och investeringsutfall. Potentiell påverkan: — Osäkerhet kring värderingar kan leda till långsammare takt för investeringar och avyttringar. — Svaga resultat eller finansiella problem i portföljbolag. — Hårdare finansieringsvillkor för nya transaktioner. — Ändrade förutsättningar för börsnoteringar begränsar de potentiella avyttringsmöjligheterna och leder till längre innehavsperioder. — Carried interest senarelagd eller inte uppnådd. — Längre tidsramar för kapitalanskaffning.”

Annual report 2024A · The company itself

“Kapitalanskaffningsmiljön var fortsatt utmanande under 2024, trots ett förbättrat marknadsläge. Geopolitisk osäkerhet och låga realiseringsnivåer inom de privata investeringsmarknaderna under de senaste åren har lett till förlängda kapitalanskaffningsperioder.”

Annual report 2024A · The company itself

“EQT fortsätter att bygga sin plattform för privata investerare genom att lansera nya strategier, utveckla samarbetet med distributörer och bygga EQT:s varumärke. Under 2025 planerar EQT att lansera ytterligare tre strategier för privata investerare och kommer därmed att ha totalt fem produkter tillgängliga inom segmentet Private Wealth.”

Annual report 2024A · The company itself

“Table of Contents The performance of the fixed maturity portfolio is subject to a number of risks including, but not limited to: •Interest rate risk - the risk of adverse changes in the value of fixed maturity securities as a result of increases in market interest rates. •Investment credit risk - the risk that the value of certain investments may decrease due to the deterioration in financial condition of, or the liquidity available to, one or more issuers of those securities or, in the case of structured securities, due to the deterioration of the loans or other assets that underlie the securities, which, in each case, also includes the risk of permanent loss. •Sector/Concentration risk - the risk that the portfolio may be too heavily concentrated in the securities of one or more issuers, sectors, or industries.”

Annual report 2025A · The company itself

“Our equity securities have exposure to price risk. Equity markets, sectors, industries, and individual securities may also be subject to some of the same risks that affect our fixed maturity portfolio, as discussed above.”

Annual report 2025A · The company itself

“All of our fixed maturity and equity securities are subject to market volatility. To the extent that future market volatility negatively impacts our investments, our financial condition will be negatively impacted.”

Annual report 2025A · The company itself

“Deteriorating capital and credit market conditions or a failure to accurately estimate capital needs may significantly affect our ability to meet liquidity needs and access capital.”

Annual report 2025A · The company itself

“Our primary sources of liquidity are management fee revenue and cash flows generated from our investment portfolio.”

Annual report 2025A · The company itself

“The Exchange's investment portfolio is comprised principally of fixed income securities, equity securities and limited partnerships. The fixed income portfolio is subject to a number of risks including, but not limited to, interest rate risk, investment credit risk, sector/concentration risk and liquidity risk. The Exchange's common stock and preferred equity securities have exposure to price risk, the risk of potential loss in estimated fair value resulting from an adverse change in prices. Limited partnerships are significantly less liquid and generally involve higher degrees of price risk than publicly traded securities.”

Annual report 2025A · The company itself

“Risks Related to Our Indebtedness and Financings Capital and credit market conditions and volatility, including significant fluctuations in the price of the Company’s stock, may affect the Company’s access to sources of capital and/or the cost of capital, which could materially adversely affect the Company’s business, stock price, results of operations, cash flows and financial condition.”

Annual report 2025A · The company itself

“The Company could be negatively impacted by the condition of Fannie Mae or Freddie Mac and by changes in government support for multifamily housing. In the event that Fannie Mae and Freddie Mac discontinue providing liquidity to our sector, have their mandates changed or reduced or be disbanded or reorganized by the government or if there is reduced government support for multifamily housing more generally, it may adversely affect interest rates, capital availability, development of 18 Table of Contents multifamily communities and the value of multifamily residential real estate and, as a result, may adversely affect the Company and its growth and operations.”

Annual report 2025A · The company itself

“The market price per share of the Company’s common stock may fluctuate significantly in response to many factors, including the factors discussed in this Item 1A, and actual or anticipated variations in the Company’s quarterly results of operations, earnings estimates, or dividends, the resale of substantial amounts of the Company’s stock, or the anticipation of such resale, general stock and bond market conditions, actual or anticipated actions taken by the Federal Reserve Bank, the general reputation of REITs and the Company, shifts in our investor base, the inability of the United States Congress to pass bills that continue to timely fund the federal government and its obligations, including due to the current political climate or partisanship, natural disasters, armed conflict or geopolitical impacts, or an active aggressor incident.”

Annual report 2025A · The company itself

“We primarily use external financing, including sales of debt and equity securities, to fund acquisitions, developments, and redevelopments and to refinance indebtedness as it matures.”

Annual report 2025A · The company itself

“Financing of Our Long-Term Growth Strategies As a REIT, we are required to distribute annually at least 90% of our REIT taxable income to our stockholders. Consequently, we require access to additional sources of capital to fund our growth.”

Annual report 2025A · The company itself

“A downgrade in our credit ratings could materially adversely affect our business and financial condition and the market value of our outstanding notes. The credit ratings assigned to the outstanding publicly-traded notes and other debt securities of the Operating Partnership could change based upon, among other things, our results of operations and financial condition.”

Annual report 2025A · The company itself

“As of December 31, 2025, the total outstanding balance under investments in debt securities and notes receivable was $1.8 billion, including $1.5 billion outstanding under our bridge loan program. Further, as of December 31, 2025, the total outstanding balance of our investments in unconsolidated real estate entities, net of cash distributions, was $993 million, of which $250 million was invested in the preferred stock of entities affiliated with SmartStop.”

Annual report 2025A · The company itself

“I november 2022 bekräftade Moody’s Fastpartners kreditbetyg Baa3 men justerade utsikterna till negativa. Mot bakgrund av förändrade marknadsförutsättningar under 2023 med ökade marknadsräntor och försämrad räntetäckningsgrad sänkte Moody´s vid tre tillfällen under 2023 kreditbetyget till B1, vilket även är det kreditbetyg Fastpartner har vid årets utgång.”

Annual report 2024A · The company itself

“Refinansieringsrisken, definierat som risken att refinansiering av befintliga skulder ej kan ske på skäliga villkor, är något som Fastpartner hela tiden följer och arbetar med. Fastpartners lån löper i vissa fall med särskilda åtaganden som upprätthållande av exempelvis räntetäckningsgrad. Med en försämrad balansräkning ökar refinansieringsrisken. Detta kan leda till att bolagets villkor mot bankerna försämras vilket kan leda till högre räntekostnader och lägre lånebelopp.”

Annual report 2024A · The company itself

“Trots tuffa marknadsförhållanden genomförde Flerie en övertecknad börsnotering via ett omvänt förvärv – den första svenska börsnoteringen inom life science på över tre år – och tog in 832 miljoner kronor samtidigt som ägarbasen breddades med nya institutionella och privata investerare. Den framgångsrika noteringen har stärkt vår aktiva ägarmodell och förmåga att driva innovation.”

Annual report 2024A · The company itself

“Fleries substansvärde höll sig under året stabilt kring 4,2 miljarder kronor. Substansvärdet per aktie minskade marginellt, men jämfört med det svenska investmentbolags-indexet, IBI, som gick ned 8,62 procent sedan vår notering, så gick Fleries aktie endast ned 2,19 procent under samma period.”

Annual report 2024A · The company itself

“Värderingsjustering Flerie är en aktiv investerare som bidrar till att utveckla portföljbolag genom vår specialistkompetens och vårt nätverk. För att hjälpa marknaden förstå det mervärde Flerie skapar utöver investerat kapital, bör inlösenprogrammet verka för att aktiekursen och det redovisade substansvärdet per aktie sammanfaller.”

Annual report 2024A · The company itself

“Capital expenditure cycles among hyperscale cloud providers and other data center operators can be volatile and are influenced by factors outside our control.”

Annual report 2026A · The company itself

“In addition, capital market conditions may indirectly affect our Cloud and Power Infrastructure businesses by constraining our customers’ ability to fund infrastructure investments. The development and expansion of data center capacity, including site acquisition, power procurement, and infrastructure buildouts, are capital intensive and often depend on our customers’ access to debt and equity markets. Higher interest rates, tighter credit conditions, reduced investor appetite for digital infrastructure investment, or broader concerns regarding economic conditions and financial market volatility may lead our data center customers to delay, scale back, or reprioritize projects, renegotiate commercial terms, or reduce order volumes.”

Annual report 2026A · The company itself

“The stock market in recent years has experienced significant price and volume fluctuations that have affected the market prices of companies, including technology companies. These fluctuations have often been unrelated to or disproportionately impacted by the operating performance of these companies.”

Annual report 2026A · The company itself

“Broadly speaking, other than AUM changes due to acquisitions, changes in our AUM depend primarily upon two factors: (i) the increase or decrease in the market value of the securities and instruments held in the portfolio of investments, and (ii) the level and direction of net flows. Changing market conditions, reputational harm and the evolving needs of our clients may cause asset volatility and a shift in our asset mix, which may result in an increase or decrease in our revenues and income.”

Annual report 2025A · The company itself

“Any decrease in the value or amount of our AUM because of market volatility or other factors, such as asset outflows or a decline in the price of securities, in particular market segments or in the securities market generally, negatively impacts our revenues and income. Changing market conditions and investor preferences may cause a shift in our asset mix toward certain lower fee products, such as fixed income products and ETFs, and away from higher fee equity and alternative products, which may cause a related decline in our revenues and income.”

Annual report 2025A · The company itself

“Our funds may be subject to liquidity risks or an unanticipated large number of redemptions and fund closures. Due to market volatility, reputational harm or other events or conditions described above, our funds may need to sell securities or instruments that they hold, possibly at a loss, or draw on any available lines of credit, to obtain cash to maintain sufficient liquidity or settle redemptions, or settle in-kind with securities held in the applicable fund.”

Annual report 2025A · The company itself

“Consequently, downturns in international markets have in the past had, and could in the future have, a significant effect on our revenues and income.”

Annual report 2025A · The company itself

“Our ability to attract and retain AUM is also dependent on the relative investment performance of our products, offering a mix of products and strategies that meets investor demands, and our ability to maintain our investment management fees and pricing structure at competitive levels.”

Annual report 2025A · The company itself

“Vi opplevde god lønnsomhet i 2024, med en egenkapitalavkastning på 22,7 prosent.”

Annual report 2024A · The company itself

“Allokeringsvurderinger gjøres basert på markedssyn og avkastningskarakteristikk. Alle investeringer vurderes for vesentlig bærekraftsrisiko og konsernmål, som netto nullutslipp innen 2050, samt at leverandører av kapitalforvaltning oppfyller våre prinsipper og har gode prosesser for vurdering av bærekraft.”

Annual report 2024A · The company itself

“Den negative kontantstrømmen skyldes i hovedsak utbetaling av utbytte og netto betalinger ved utstedelse/innfrielse av fondsobligasjoner.”

Annual report 2024A · The company itself

“Samlet aksjebeholdning ved utgangen av året var 1,9 milliarder kroner (2,6), hvorav 1,0 milliarder kroner (1,5) var noterte aksjer og 1,0 milliarder kroner (1,1) private equity-fond (PE).”

Annual report 2024A · The company itself

“Investeringer hovedsakelig i internasjonalt diversifiserte fond som forvaltes eksternt.”

Annual report 2024A · The company itself

“The following is a summary of some of the more important factors that could affect our businesses: Market •Our businesses have been and may in the future be adversely affected by conditions in the global financial markets and broader economic conditions. •Our businesses have been and may in the future be adversely affected by declining asset values, particularly where we have net “long” positions, receive fees based on the value of assets managed, or receive or post collateral. •Our market-making activities have been and may in the future be affected by changes in the levels of market volatility. •Our investment banking, client intermediation, asset management and wealth management businesses have in the past been adversely affected and may in the future be adversely affected by market uncertainty or lack of confidence among investors and CEOs due to declines in economic activity and other unfavorable economic, geopolitical or market conditions.”

Annual report 2025A · The company itself

“Our market-making activities have been and may in the future be affected by changes in the levels of market volatility. Certain of our market-making activities depend on market volatility to provide trading and arbitrage opportunities to our clients, and decreases in volatility have reduced and may in the future reduce these opportunities and the level of client activity associated with them and have adversely affected and may in the future adversely affect the results of these activities. While increased volatility can increase trading volumes and spreads, it also increases risk as measured by Value-at-Risk (VaR) and increases risks in connection with our market-making activities and can cause us to reduce our inventory.”

Annual report 2025A · The company itself

“We receive asset-based management fees based on the value of our clients’ portfolios or investment in funds managed by us and, in some cases, we also receive incentive fees based on increases in the value of such investments. Declines in asset values would ordinarily reduce the value of our clients’ portfolios or fund assets, which in turn would typically reduce the fees we earn for managing such assets.”

Annual report 2025A · The company itself

“Liquidity Our liquidity, profitability and businesses may be adversely affected by an inability to access the debt capital markets or to sell assets. Liquidity is essential to our businesses. It is of critical importance to us, as most of the failures of financial institutions have occurred in large part due to insufficient liquidity. Our liquidity may be impaired by an inability to access secured and/or unsecured debt markets, an inability to raise or retain deposits, an inability to access funds from our subsidiaries or otherwise allocate liquidity optimally, an inability to sell assets or redeem our investments, lack of timely settlement of transactions, unusual deposit outflows, or other unforeseen outflows of cash or collateral.”

Annual report 2025A · The company itself

“Our clients engaging in mergers, acquisitions and other types of strategic transactions often rely on access to the secured and unsecured credit markets to finance their transactions. A lack of available credit or an increased cost of credit can adversely affect the size, volume and timing of our clients’ mergers and acquisitions transactions, particularly large transactions, and adversely affect our advisory and underwriting businesses.”

Annual report 2025A · The company itself

“Market uncertainty, volatility and adverse economic conditions, as well as declines in asset values, may cause our clients to transfer their assets out of our funds or other products or their brokerage accounts and result in reduced net revenues, principally in our asset management and wealth management businesses. Even if clients do not withdraw their funds, they may invest them in products that generate less fee income.”

Annual report 2025A · The company itself

“Poor investment returns in our asset management and wealth management businesses, due to either general market conditions or underperformance (relative to our competitors or to benchmarks) by funds or accounts that we manage or investment products that we design or sell, affect our ability to retain existing assets and to attract new clients or additional assets from existing clients. This could affect the management and incentive fees that we earn on AUS or the commissions and net spreads that we earn for selling other investment products.”

Annual report 2025A · The company itself

“Net revenues were $58.28 billion for 2025, 9% higher than 2024, reflecting higher net revenues in Global Banking & Markets, partially offset by significantly lower net revenues in Platform Solutions. The increase in net revenues in Global Banking & Markets primarily reflected significantly higher net revenues in Equities, significantly higher Investment banking fees and higher net revenues in Fixed Income, Currency and Commodities (FICC).”

Annual report 2025A · The company itself

“Global equity prices were generally higher compared with the end of 2024, with some equity indices reaching record highs.”

Annual report 2025A · The company itself

“Investment management revenues in the consolidated statements of earnings were $11.75 billion for 2025, 11% higher than 2024, primarily due to higher management and other fees, primarily reflecting the impact of higher average assets under supervision.”

Annual report 2025A · The company itself

“In the future, if market and economic conditions deteriorate, and market-making activity levels decline or investment banking activity levels decline, or credit spreads related to hedges on our relationship lending portfolio tighten, net revenues in Global Banking & Markets would likely be negatively impacted.”

Annual report 2025A · The company itself

“The increase in FICC intermediation net revenues primarily reflected higher client activity.”

Annual report 2025A · The company itself

“Net revenues in Equities were $16.54 billion, 23% higher than 2024, due to significantly higher net revenues in Equities financing, driven by significantly higher net revenues in prime financing and portfolio financing, and higher net revenues in Equities intermediation, primarily driven by higher net revenues in derivatives.”

Annual report 2025A · The company itself

“In the future, if market and economic conditions deteriorate, it may lead to a decline in asset prices, or investors transitioning to asset classes that typically generate lower fees or withdrawing their assets, and net revenues in Asset & Wealth Management would likely be negatively impacted.”

Annual report 2025A · The company itself

“As a result, even if our positions included in VaR were unchanged, our VaR would increase with increasing market volatility and vice versa.”

Annual report 2025A · The company itself

“In addition to our GCLA, we have a significant amount of other unencumbered cash and financial instruments, including other government obligations, high-grade money market securities, corporate obligations, marginable equities, loans and cash deposits not included in our GCLA. The fair value of our unencumbered assets averaged $343.36 billion for the three months ended December 2025, $295.49 billion for the three months ended December 2024, $327.16 billion for the year ended December 2025 and $292.22 billion for the year ended December 2024.”

Annual report 2025A · The company itself

“We have in place a comprehensive and conservative set of liquidity and funding policies. Our principal objective is to be able to fund ourselves and to enable our core businesses to continue to serve clients and generate revenues, even under adverse circumstances.”

Annual report 2025A · The company itself

“We make markets in equity and equity-related products, including ETFs, convertible securities, options, futures and OTC derivative instruments. We also structure and make markets in derivatives on indices, industry sectors, financial measures and individual company stocks.”

Annual report 2025A · The company itself

“Includes prime financing, which provides financing to our clients for their securities trading activities through margin loans that are generally collateralized by securities or cash.”

Annual report 2025A · The company itself

“We manage client assets across a broad range of investment strategies and asset classes, including equity, fixed income and alternative investments. We provide investment solutions, including those managed on a fiduciary basis by our portfolio managers, as well as those managed by third-party managers.”

Annual report 2025A · The company itself

“The vast majority of revenues in management and other fees consists of asset-based fees on client assets that we manage.”

Annual report 2025A · The company itself

“Transactions with Affiliated Funds The firm has formed nonconsolidated investment funds with third-party investors. As the firm generally acts as the investment manager for these funds, it is entitled to receive management fees and, in certain cases, incentive fees from these funds.”

Annual report 2025A · The company itself

“$ in millions Loans Lending Commitments Total As of December 2025 Securities-based $18,079 $784 Securities-based In the table above, the vast majority of securities-based loans included in the other metrics category had a loan-to-value ratio of less than 80% and were performing in accordance with the contractual terms as of both December 2025 and December 2024.”

Annual report 2025A · The company itself

“The CRO business has grown organically by almost 70% since 2022. In 2025, we saw a modest revenue decline, driven by macroeconomic headwinds and constrained funding environments for small biotech companies, resulting in longer decision cycles.”

Annual report 2025A · The company itself

“In 2025, we saw a modest revenue decline, driven by macroeconomic headwinds and constrained funding environments for small biotech companies, resulting in longer decision cycles. Encouragingly, we now see signs of improvement in the order pipeline.”

Annual report 2025A · The company itself

“The decline was mainly due to macroeconomic headwinds, including challenging funding conditions for small biotech companies. As a result, customer decision-making on ordering studies has taken longer than expected.”

Annual report 2025A · The company itself

“Firms are differentiated by investment performance, range of products offered, brand recognition, financial strength, proprietary distribution channels, quality of service and level of fees charged relative to quality of investment products.”

Annual report 2025A · The company itself

“The segment also competes directly with lower cost passive investment strategies, which continue taking share from active managers.”

Annual report 2025A · The company itself

“Below are several key factors impacted by changes in economic, political, and global market conditions and their potential effect on the Company’s business and results of operations: •Credit Spread Risk - Credit spread exposure is reflected in the market prices of fixed income instruments where lower rated securities generally trade at a higher credit spread. If issuer credit spreads increase or widen, the market value of our investment portfolio may decline.”

Annual report 2025A · The company itself

“The profitability and financial condition of the Company substantially depends on the extent to which our actual experience is consistent with assumptions we use in our models and ultimate model outputs. If, based upon these models or other factors, we misprice our products or our estimates of the risks we are exposed to prove to be materially inaccurate, our business, financial condition, results of operations or liquidity may be adversely affected.”

Annual report 2025A · The company itself

“The valuation of our securities and investments and the determination of allowances and credit losses are highly subjective and based on methodologies, estimations and assumptions that are subject to differing interpretations and market conditions. Estimated fair values of the Company’s investments are based on available market information and judgments about financial instruments, including estimates of the timing and amounts of expected future cash flows and the credit standing of the issuer or counterparty.”

Annual report 2025A · The company itself

“During periods of market disruption, it may be difficult to value certain of our securities if trading becomes less frequent and/or market data becomes less observable. There may be certain asset classes that were in active markets with significant observable data that become illiquid due to the financial environment. In addition, there may be certain securities whose fair value is based on one or more unobservable inputs, even during normal market conditions.”

Annual report 2025A · The company itself

“Further, rapidly changing or unprecedented credit and equity market conditions could materially impact the valuation of securities and the period-to-period changes in value could vary significantly. Decreases in value could have a material adverse effect on our business, results of operations, financial condition or liquidity.”

Annual report 2025A · The company itself

“Changes in AUM are driven by the two main factors of net flows and the market return of the funds, which are heavily influenced by the return realized in the equity and bond markets.”

Annual report 2025A · The company itself

“Hartford Funds AUM December 31, 2025 compared to 2024 Hartford Funds AUM increased primarily due to an increase in equity market levels, partially offset by net outflows over the preceding twelve month period. Net outflows were $3.7 billion for the year ended December 31, 2025 compared to net outflows of $3.2 billion for the year ended December 31, 2024.”

Annual report 2025A · The company itself

“Assets supporting pension plans The Company may be required to make additional plan contributions if equity investments in the plan portfolios decline in value.”

Annual report 2025A · The company itself

“From time to time, our capital management plans may include the repurchase of common stock, the paydown of outstanding debt or both.”

Annual report 2025A · The company itself

“Hartford Funds Hartford Funds Segment Assets Under Management ("AUM") of $154,229 as of December 31, 2025 Mutual Fund AUM of $137,548 as of December 31, 2025 Principal Products and Services Mutual Funds Includes approximately 60 actively managed mutual funds across a variety of asset classes including domestic and international equity, fixed income, and multi-strategy investments, principally sub-advised by two unaffiliated institutional asset management firms.”

Annual report 2025A · The company itself

“Exchange-traded funds Includes actively managed ETFs and multifactor ETFs. Actively-managed ETFs include fixed income and domestic equity products utilizing the same investment platform as our mutual funds.”

Annual report 2025A · The company itself

“We face significant competition from other REITs, investment companies, private equity and hedge fund investors, sovereign funds, healthcare operators, lenders, developers, and other institutional investors, some of whom may have greater resources and lower costs of capital than we do. Increased competition and resulting capitalization rate compression make it more challenging for us to identify and successfully capitalize on opportunities that meet our business goals and could improve the bargaining power of property owners seeking to sell, thereby impeding our investment, acquisition, and development activities.”

Annual report 2025A · The company itself

“Risks Related to Our Capital Structure and Market Conditions Volatility, disruption, or uncertainty in the financial markets may impair our ability to raise capital, obtain new financing or refinance existing obligations, and fund acquisition and development activities. Increased or prolonged market disruption, volatility, or uncertainty could have a material adverse effect on our ability to raise capital, obtain new financing or refinance our existing obligations as they mature, and fund acquisition and development activities.”

Annual report 2025A · The company itself

“As the majority owner of Janus Living common stock, we will have a significant economic exposure to shifts in the price of Janus Living common stock, which may not correspond to the financial performance of Janus Living. As a publicly traded security, the market price and liquidity of the market for shares of Janus Living common stock may be significantly affected by numerous factors, including market volatility, some of which are beyond our control and the control of Janus Living and may not be directly related Janus Living operating performance.”

Annual report 2025A · The company itself

“In December 2025, we confidentially submitted a draft registration statement on Form S-11 to the SEC relating to the proposed Janus Living Offering. Although we expect to complete the Janus Living Offering in the first half of 2026, unforeseen developments, including related to market conditions, receipt of regulatory approvals, completion of related financings, completion of the SEC’s review, and other customary closing conditions, could delay or prevent the Janus Living Offering or cause it to occur on terms or conditions that are less favorable or different than anticipated.”

Annual report 2025A · The company itself

“We depend on external sources of capital for future growth; therefore, any disruption to our ability to access capital at times, and on terms reasonably acceptable to us, may affect adversely our business and results of operations.”

Annual report 2025A · The company itself

“Since we have elected REIT status, Host Inc. must finance its growth and fund debt repayments largely with external sources of capital because it is required to pay dividends to its stockholders in an amount equal to at least 90% of its taxable income (other than net capital gain) each year to qualify as a REIT.”

Annual report 2025A · The company itself

“If we lose access to capital markets, we may not be able to meet the cash flow requirements of our depositors, creditors, and borrowers, or have the operating cash needed to fund corporate expansion and other corporate activities. Wholesale funding sources can include securitization, federal funds purchased, securities sold under repurchase agreements, brokered deposits, and long-term debt.”

Annual report 2025A · The company itself

“Rising interest rates, disruptions in financial markets, negative perceptions of our business or our financial strength, negative perceptions of the overall banking industry or of other regional banks, or other factors may impact our ability to raise additional capital, if needed, on terms acceptable to us.”

Annual report 2025A · The company itself

“Instability in global economic conditions and geopolitical matters, as well as volatility in financial markets, could have a material adverse effect on our results of operations and financial condition. Instability in global economic conditions and geopolitical matters, as well as volatility in financial markets, could have a material adverse effect on our results of operations and financial condition.”

Annual report 2025A · The company itself

“We are also required to maintain minimum capital ratios and the Federal Reserve and OCC may determine that Huntington and/or the Bank, based on size, complexity, or risk profile, must maintain capital ratios above these minimums in order to operate in a safe and sound manner. In the event we are required to raise capital to maintain required minimum capital and leverage ratios or ratios above the required applicable minimums, we may be forced to do so when market conditions are undesirable or on terms that are less favorable to us than we would otherwise require.”

Annual report 2025A · The company itself

“As a public company, our economic impact begins with our commitment to creating sustainable, long-term shareholder value through top-tier performance, while maintaining an aggregate moderate-to-low, through-the-cycle risk appetite and a well-capitalized position.”

Annual report 2025A · The company itself

“Börsnotering Den 12 december 2024 börsnoterades Inteas B- och D-aktier på Nasdaq Stockholm. Noteringen innebar att Intea tillfördes totalt 2 028 mkr före emissionskostnader.”

Annual report 2024A · The company itself

“Riskhantering och åtgärdsplan Väsentlig hetsbedömning Riskanalys och värdering Riskidentifiering och klassificering Uppföljning Inteas riskhanteringsprocess Strategiska risker Förändrade fastighetsvärden Högre avkastningsnivåer på marknaden bidrar till sjunkande fastighetsvärden för Intea. Intea har en försiktig och konsekvent syn på fastighetsvärderingen.”

Annual report 2024A · The company itself

“As a clearing member firm providing financing services to certain of our brokerage customers, we are ultimately responsible for their financial performance in connection with various securities and derivatives transactions. Our clearing operations require a commitment of our capital and, despite safeguards implemented by our software, involve risks of losses due to the potential failure of our customers to perform their obligations under these transactions.”

Annual report 2025A · The company itself

“We may incur trading losses relating to these activities since each primarily involves the purchase or sale of securities for our own account. In any period, we may incur trading losses in a significant number of securities for a variety of reasons including: • price changes in securities; • lack of liquidity in securities in which we have positions; and • the required performance of our market making obligations.”

Annual report 2025A · The company itself

“Owning clearing houses exposes us to risks, including risks related to defaults by clearing members, risks related to investing margin and guaranty funds and the cost of operating the clearing houses. There are risks inherent in operating clearing houses, including exposure to the market and counterparty risk of clearing members, market liquidity risks, defaults by clearing members and risks associated with custody and investing margin or guaranty fund assets provided by clearing members to our clearing houses, which could subject our business to substantial losses.”

Annual report 2025A · The company itself

“Accordingly, it is possible that we would be materially and adversely affected in the event of one or more significant defaults. We have contributed our own capital, or ‘Skin in the Game’, to the front of the guaranty fund of each of the 24 clearing houses that could be used in the event of a default.”

Annual report 2025A · The company itself

“Our clearing houses hold a substantial amount of assets as margin or guaranty fund contributions, which comprise U.S. and other sovereign treasury securities. As of December 31, 2025, our clearing houses held $82.6 billion of non-cash margin or guaranty fund contributions in U.S. and other sovereign treasury securities: $72.9 billion of this amount was comprised of U.S.”

Annual report 2025A · The company itself

“As of December 31, 2025, we custody a total of $81.2 billion of clearing members' margin and guaranty funds across all of our clearing houses.”

Annual report 2025A · The company itself

“Further, our clearing houses invest large sums through reverse repo transactions in connection with their clearing operations and hold sovereign securities as security in connection with such investment transactions. In the event that a reverse repo counterparty defaults, the value of the sovereign securities we hold as collateral might not be sufficient to cover our losses.”

Annual report 2025A · The company itself

“Our benchmark contracts offer one of the most globally relevant price markers for these agricultural markets and provide our customers with the tools to manage price and counterparty risk and facilitate price discovery. •Financial Futures and Options: We offer a diverse suite of equity futures and options contracts based on our own indices as well as those created by MSCI® and FTSE®. These contracts range from established global benchmarks, such as the MSCI® Emerging Market Index, to newer products, such as MSCI®’s suite of Environmental, Social and Governance, or ESG, indices and the NYSE FAANG+ Index.”

Annual report 2025A · The company itself

“•Cash Equities and Equity Options: We offer securities trading services through our five registered securities exchanges, including the NYSE. Our securities exchanges are leading providers of transparent, efficient, and high-quality markets for the securities issued by large and small companies, ETFs and equity options.”

Annual report 2025A · The company itself

“•Data and Connectivity Services: Our exchange data services include, among other offerings, proprietary real-time and historical pricing data, as well as order book and transaction information related to our global futures markets and the NYSE exchanges. In addition, we receive a share of revenue from the sale of consolidated U.S. equity and options market data by the National Market System Plans, or NMS Plans.”

Annual report 2025A · The company itself

“Revenues from data and connectivity services fees are largely recurring in nature. •Listings: The NYSE has been the venue of choice for innovators, visionaries and leaders for over 230 years. The NYSE offers a unique hybrid market model that combines leading technology with an accountable market maker to provide human judgment, a community of the world’s greatest companies and premium brand visibility. With approximately 70% of S&P 500 companies listed on the NYSE as of December 31, 2025, we are a leading listing venue across a range of sectors from technology and healthcare, to financials and energy.”

Annual report 2025A · The company itself

“Further, NYSE’s revenue increases when more companies are seeking access to public markets, and on the NYSE specifically.”

Annual report 2025A · The company itself

“Certain of our subsidiaries administer, produce and license a variety of benchmarks and indices across multiple asset classes, which are used globally and are referenced in certain of our trading and clearing products. To ensure continued trading and clearing in these benchmark-related products, and the continued licensing and use of these benchmarks and indices, our subsidiaries must be able to demonstrate that these benchmarks and indices are determined with integrity and are not readily subject to manipulation. Our subsidiaries must also continue to evolve these benchmarks and indices as necessary to maintain their reliability and relevance, and continue to administer, produce and license these benchmarks and indices in compliance with applicable laws and regulations.”

Annual report 2025A · The company itself

“We derive substantially all our revenues from investment management contracts with clients. Under these contracts, the investment management fees paid to us are generally based on the market value of AUM.”

Annual report 2025A · The company itself

“Factors that could decrease AUM, revenues, and net income include the following: Declines in the market value of AUM in client portfolios. We cannot predict whether volatility in the markets will result in substantial or sustained declines in the markets generally or result in price declines in market segments in which our AUM are concentrated.”

Annual report 2025A · The company itself

“Risks Related to Market Dynamics and Volatility •Volatility and disruption in global or regional capital and credit markets, equity, debt, private and commodity markets, as well as adverse changes in the global economy, could negatively affect our AUM, revenues, net income and liquidity. •Our revenues and net income would likely be adversely affected by any reduction in AUM as a result of either a decline in market value of such assets or net outflows, each of which would reduce the investment management fees we earn. •Our revenues and net income from money market and other fixed income assets may be harmed by interest rate volatility, prolonged high or low rates, liquidity, and credit volatility. •Our financial condition and liquidity would be adversely affected by losses on our seed capital and co-investments.”

Annual report 2025A · The company itself

“The lack of soundness of other financial institutions could adversely affect us or the client portfolios we manage. Financial services institutions are interrelated as a result of trading, clearing, counterparty or other relationships. We, and the client portfolios that we manage, have exposure to many different industries and counterparties, and routinely execute transactions with counterparties in the financial services industry.”

Annual report 2025A · The company itself

“Failure to maintain adequate corporate and contingent liquidity may cause our AUM, revenues and net income to decline, as well as harm our prospects for growth. Our ability to meet anticipated cash needs depends upon a number of factors, including our creditworthiness and ability to generate operating cash flows. Failure to maintain adequate liquidity could lead to unanticipated costs and force us to revise existing strategic and business initiatives.”

Annual report 2025A · The company itself

“General Risk Factors Our ability to maintain our credit ratings and to access the capital markets in a timely manner should we seek to do so depends on a number of factors. Our access to the capital markets depends significantly on our credit ratings. We anticipate that the rating agencies will continue to review our ratings regularly based on our results of operations and developments in our business.”

Annual report 2025A · The company itself

“The company has investments in managed investment products that invest in a variety of asset classes, including equities, fixed income products, commodities, derivatives, other similar financial instruments, and alternative investment products. Investments in these products are generally made to establish a track record, meet purchase size requirements for trading blocks or demonstrate economic alignment with other investors in our funds.”

Annual report 2025A · The company itself

“We issued perpetual preferred stock having a value of approximately $4 billion, of which approximately $2.5 billion remains outstanding, which could adversely affect our ability to raise additional capital and may limit our ability to fund other priorities. We issued approximately $4 billion of 5.9% fixed rate perpetual preferred stock in connection with the acquisition of OppenheimerFunds Inc., and we repurchased $1.5 billion of such preferred stock in 2025, leaving approximately $2.5 billion remaining outstanding. This issuance may limit our ability to obtain additional financing for working capital, capital expenditures, debt service requirements, acquisitions and general corporate or other purposes, may restrict our ability to pay dividends to holders of common shares in certain circumstances, may increase our vulnerability to general economic and industry conditions, and will require a significant portion of cash flow from operations to make required dividend payments to preferred shareholders.”

Annual report 2025A · The company itself

“Genomsnittlig årlig substansvärdetillväxt, 5 år Förvaltningskostnad En stadigt stigande utdelning Vårt starka kassaflöde stödjer vår strategiska prioritering att betala en stadigt stigande utdelning. av totalt justerat substansvärde Totalavkastning jämört med SIXRX avkastningsindex Under de senaste 20 åren har en investering i Investor genererat högre totalavkastning jämfört med en investering i den breda aktiemarknaden, mätt som SIXRX avkastningsindex.”

Annual report 2022A · The company itself

“Investors största risk är aktiekursrisken. Koncentrationen av aktiekursexponeringen finns framförallt inom Noterade Bolag.”

Annual report 2022A · The company itself

“Investeringen i EQT AB är noterad och därmed exponerad för aktiekursrisk.”

Annual report 2022A · The company itself

“Exponering per ratingkategori Nominellt belopp, Mkr Genomsnittlig återstående löptid, mån Antal motparter Procent av kreditriskexponeringen AAA 23 042 13,0 13 63 AA 4 142 0,5 39 11 A 9 336 0,3 38 25 Lägre än A 339 10,5 23 1 Totalt 36 859 8,4 113 100 Koncernens totala kreditriskexponering vid utgången av 2022 uppgick till 36 859 (34 302) Mkr.”

Annual report 2022A · The company itself

“Additionally, volatility in the financial markets and elevated interest rates could affect our ability to access the capital markets at a time when we desire, or need, to do so which could have an impact on our flexibility to pursue additional growth opportunities and maintain our desired level of revenue growth in the future.”

Annual report 2025A · The company itself

“An economic downturn resulting from a pandemic, and a disruption of, and/or instability in, the global financial markets or deteriorations in credit and financing conditions may affect our access to capital necessary to fund business operations, including construction and acquisitions, or address maturing liabilities on a timely basis.”

Annual report 2025A · The company itself

“Our access to additional third-party sources of financing will depend, in part, on: •fluctuating global and United States economic conditions, uncertainty in financial markets, and geopolitical tensions; •the market’s perception of our growth potential; •with respect to acquisition financing, the market’s perception of the value of the homes to be acquired; •our current debt levels; •our current and expected future earnings; •our cash flow and cash distributions; and •the market price of our common stock.”

Annual report 2025A · The company itself

“We utilize a significant amount of indebtedness in the operation of our business. As of December 31, 2025 we had $8,458.4 million aggregate principal amount of indebtedness outstanding.”

Annual report 2025A · The company itself

“Risks Related to Our Indebtedness Our cash flows and operating results could be adversely affected by required payments of debt or related interest and other risks of our debt financing.”

Annual report 2025A · The company itself

“IRLAB är ett forskningsoch utvecklingsbolag utan löpande intäkter.”

Annual report 2024A · The company itself

“Eget kapital var den 31 december 2024 32 635 (115 764) TSEK och soliditeten var 24% (65).”

Annual report 2024A · The company itself

“Bolaget finansieras huvudsakligen via kapitalmarknaden eller genom utlicensiering eller försäljning av projekt. Finansieringsstrategin är att löpande tillse att bolaget är tillräckligt finansierat via kapitalmarknaden och/eller framgångsrik affärsutveckling för att kunna driva verksamheten effektivt och fatta rationella affärsbeslut.”

Annual report 2024A · The company itself

“Under 2024 såg vi en viss återhämtning inom biotekniksektorn, men marknaden präglas fortfarande av betydande osäkerhet, bland annat drivet av osäkerheter kring den amerikanska marknadens utveckling under början av 2025. Vi har hanterat detta genom att stärka vår kortsiktiga finansiella position med hjälp av ett förlängt lån från Fenja Capital på 55 miljoner SEK fram till som längst juni 2026, samt genom att säkerställa ytterligare lån från några av våra större aktieägare på totalt 22,4 miljoner SEK.”

Annual report 2024A · The company itself

“Weak financial performance, downgrades in our credit ratings, or disruptions in the financial markets may adversely affect our ability to access capital in the future. We may need new or additional financing in the future to conduct our operations, expand our business, or refinance existing indebtedness, which would be dependent upon our financial performance. Any downgrade in our credit ratings, particularly our short-term rating, would likely impact the amount of commercial paper we could issue and increase our commercial paper borrowing costs. The liquidity of the overall capital markets and the state of the economy, including the food and beverage industry, may make credit and capital markets more difficult for us to access, even though we have an established revolving credit facility.”

Annual report 2026A · The company itself

“In addition, JPMorganChase’s investment portfolio and market-making businesses could suffer losses due to unanticipated market events and conditions, including: •severe declines in asset values •unexpected credit events, credit rating downgrades and large counterparty losses •disruption of trade routes and supply chains globally •events or conditions that cause previously uncorrelated market factors to become correlated (and vice versa) •the inability to effectively hedge risks related to market-making and investment portfolio positions, or •other market risks that may not have been adequately considered when developing, structuring or pricing a financial instrument. Any significant losses in JPMorganChase’s investment portfolio or from market-making activities could reduce its profitability and its liquidity and capital levels, and thereby constrain the growth of its businesses.”

Annual report 2025A · The company itself

“The fees that JPMorganChase earns from managing client assets or holding assets under custody for clients could be diminished by declining asset values or other adverse macroeconomic conditions. For example, higher interest rates or a market downturn could affect the valuation of client assets that JPMorganChase manages or holds under custody, resulting in lower revenue from fees that are based on the amount of assets under management or custody. Similarly, adverse macroeconomic or market conditions could prompt outflows from JPMorganChase funds or accounts, or cause clients to invest in products that generate lower revenue.”

Annual report 2025A · The company itself

“When credit spreads widen, it becomes more expensive for JPMorganChase to borrow. JPMorganChase’s credit spreads could widen or narrow not only due to events and circumstances that are specific to JPMorganChase but also as a result of general economic and geopolitical events and conditions. Changes in JPMorganChase’s credit spreads could negatively affect its earnings on certain liabilities, such as derivatives, that are recorded at fair value.”

Annual report 2025A · The company itself

“JPMorganChase could suffer losses if the value of collateral declines. During periods of market stress or illiquidity, JPMorganChase’s credit risk could increase when: •JPMorganChase fails to realize the estimated value of the collateral it holds •collateral is liquidated at prices that are insufficient to recover the full amount owed to it, or 17 Part I •counterparties are unable to post collateral for operational or other reasons. Furthermore, borrowers may under-maintain or misrepresent the condition or existence of collateral, or at liquidation, collateral could be subject to competing claims, limiting JPMorganChase's ability to recover amounts owed, or disputes with counterparties concerning the valuation of collateral could increase during significant market stress, volatility or illiquidity.”

Annual report 2025A · The company itself

“JPMorganChase could incur significant losses arising from concentrations of credit and market risk. JPMorganChase could be exposed to greater credit and market risk if groupings of its clients or counterparties, or obligors on securities and other financial instruments: •engage in similar or related businesses or in related industries •operate in the same geographic region, or •have business profiles that could cause their ability to meet their obligations to be similarly affected by changes in economic conditions.”

Annual report 2025A · The company itself

“Furthermore, the interconnectivity across credit markets increases the risk that the significant expansion of private credit could worsen losses among non-bank lenders and their borrowers, particularly if stress or defaults spread to broader funding and credit markets. Such developments could impair asset valuations, reduce market-wide liquidity, disrupt borrowers’ ability to refinance, and increase default rates, especially if non-bank lenders have weaker underwriting standards, loans are less liquid, or transparency is limited.”

Annual report 2025A · The company itself

“A reduction in JPMorganChase’s liquidity could be caused by events beyond its control. For example, JPMorganChase’s funding costs could increase and its access to traditional sources of liquidity could be 18 limited during periods of market stress, low investor confidence or significant market illiquidity.”

Annual report 2025A · The company itself

“MARKET RISK MANAGEMENT Market risk is the risk associated with the effect of changes in market factors such as interest and foreign exchange rates, equity and commodity prices, credit spreads or implied volatilities, on the value of assets and liabilities held for both the short and long term.”

Annual report 2025A · The company itself

“Many of the insurance products allow policyholders to withdraw their funds, also referred to as a surrender, under contractually-defined circumstances. We may be forced to sell investments at a loss in connection with these redemption or withdrawal requests, which are not always predictable and often driven by market and economic conditions that are not in our control.”

Annual report 2025A · The company itself

“We believe that competition for investors for our investment vehicles is based primarily on investment performance, investor liquidity and willingness to invest, investor perception of investment managers' drive, focus and alignment of interest, business reputation, duration of relationships, quality of services, pricing, fund terms including fees, and the relative attractiveness of the types of investments that have been or are to be made.”

Annual report 2025A · The company itself

“Several of our competitors have raised, or may raise, significant amounts of capital and have investment objectives that are similar to the investment objectives of our investment vehicles, which may create additional competition for investment opportunities. Some of these competitors may also have lower costs of capital and access to funding sources that are not available to us, which may create competitive advantages for them.”

Annual report 2025A · The company itself

“Parts of our earnings and cash flow are highly variable due to the nature of our business. Parts of our earnings are highly variable from quarter to quarter due to volatility of investment valuations, the investment returns by our funds and other investment vehicles, and the accrual and payment of carried interest and fees earned from our investment activities.”

Annual report 2025A · The company itself

“Investment performance is one of the most significant factors in our ability to raise capital. Poor investment performance for any reason, whether due to market conditions, valuations, pace of realizations, or other factors, including relative to portfolio benchmarks, fee levels, or our competitors’ performance, may also materially adversely affect our ability to fundraise.”

Annual report 2025A · The company itself

“Institutional investors that experience decreasing returns, liquidity pressures, increased volatility, funding shortfalls or difficulty maintaining target asset allocations may materially decrease or temporarily suspend making new investments in our investment funds or with alternate asset managers generally. Such concerns could be exhibited, in particular, by public pension funds, which have historically been among the largest investors in alternative assets. Pension funds have had and in the future may have funding problems that will likely be exacerbated by economic downturns.”

Annual report 2025A · The company itself

“Future results of our investments may be different than, and may not achieve the levels of, any of our historical returns. We have presented in this report certain information relating to our investment returns, such as net and gross internal rates of return (“IRR”), multiples of invested capital (“MOIC”) and realized and unrealized investment values for investment vehicles that we have sponsored, managed or operated. Historical returns of our investment vehicles should not be relied upon as indicative of the future results that you should expect from our investment vehicles and are not indicative of the future results of our insurance subsidiaries or our balance sheet assets.”

Annual report 2025A · The company itself

“Various conditions and events outside of our control that are difficult to quantify or predict may have a significant impact on the valuation of our investments. Global equity markets, which have been and are expected to continue to be volatile, significantly impact the valuation of our equity investments in portfolio companies. For our equity investments that are publicly listed and thus have readily observable market prices, equity markets around the world have a direct impact on valuation, because their values are determined by their listed prices in the public markets.”

Annual report 2025A · The company itself

“Periods of significant and sustained downturns in securities markets, increased equity volatility, reduced interest rates, or deviations in expected policyholder behavior could cause a number of different materially adverse impacts to us, including an increase in the valuation of our liabilities, the cost of providing policy benefits and required capital, and a reduction in the account balances of certain products, with a resulting reduction in fees earned on and profitability of such products.”

Annual report 2025A · The company itself

“During the year ended December 31, 2025, U.S. investment grade corporate bond spreads (BofA Merrill Lynch US Corporate Index) tightened by 3 basis points.”

Annual report 2025A · The company itself

“The non-investment grade credit indices were up during the year ended December 31, 2025, with the S&P/LSTA Leveraged Loan Index up 5.9% and the BofAML HY Master II Index up 8.5%.”

Annual report 2025A · The company itself

“The decrease in transaction and monitoring fees, net is primarily due to a lower level of transaction fees earned in our Capital Markets business line. The decrease in capital markets transaction fees was primarily due to a decrease in the size of capital markets transactions for the year ended December 31, 2025. Overall, we completed 404 capital markets transactions for the year ended December 31, 2025, of which 49 represented equity offerings and 355 represented debt offerings, as compared to 397 transactions for the year ended December 31, 2024, of which 56 represented equity offerings and 341 represented debt offerings.”

Annual report 2025A · The company itself

“Our exposure to market risks for KKR's asset management and strategic holdings businesses, on a GAAP basis, primarily relates to movements in one or more of the fair value of investments, including the effect that those movements have on our management fees, carried interest, and net gains from investment activities. Our exposure to market risks in our insurance segment, on a GAAP basis, primarily relates to the impact of movements in such market risks on our insurance segment’s assets, liabilities, and hedge program.”

Annual report 2025A · The company itself

“As of December 31, 2025, the net market risk liability balance totaled $1.3 billion. As of December 31, 2025, the liability balances for market risk benefits were $1.1 billion for fixed-indexed annuities and $197.5 million for variable and other annuities.”

Annual report 2025A · The company itself

“Changes in interest rates, future index credits, instrument-specific credit risk, projected withdrawal and surrender activity, and mortality on fixed-indexed annuity and interest-sensitive life products can have a significant impact on the value of the embedded derivative. Valuation of Embedded Derivatives – Fixed-Indexed Annuities Fixed-indexed annuity contracts allow the policyholder to elect a fixed interest rate of return or a market indexed strategy where interest credited is based on the performance of an index, such as the S&P 500 Index, or other indexes.”

Annual report 2025A · The company itself

“In the first quarter of 2024, we implemented strategic initiatives that included creating our Strategic Holdings business segment. We continue to believe that we will receive more stable recurring revenues in the future from the growth over time in dividend payments and earnings from companies included in our Strategic Holdings segment.”

Annual report 2025A · The company itself

“The individual markets products we offer are listed below. •Fixed-Rate and Fixed-Indexed Annuities. With an annuity product, the policyholder provides Global Atlantic a cash payment, in exchange for earning interest on a tax deferred basis and the ability based on contractual terms to take a lump sum or periodic withdrawals of their account value.”

Annual report 2025A · The company itself

“We have significant exposure to these markets through our CLO vehicles. In most cases, our CLO holdings are deeply subordinated, representing the CLO vehicle’s substantial leverage, which increases both the opportunity for higher returns as well as the magnitude of losses when compared to holders or investors that rank more senior to us in right of payment.”

Annual report 2025A · The company itself

“This segment primarily generates income from dividends from these businesses. Dividends are presented net of management fees paid to the Asset Management segment.”

Annual report 2025A · The company itself

“VARIABLE INTEREST ENTITIES Consolidated VIEs KKR consolidates certain VIEs in which it is determined that KKR is the primary beneficiary. The consolidated VIEs are predominately CLOs and certain investment funds sponsored by KKR.”

Annual report 2025A · The company itself

“The liquidity situation at year end is satisfactory, with moderate to high risk as Lifecare is still dependent on financing. Financing risk In 2024, Lifecare successfully completed a rights issue and a public retail offering, raising gross proceeds of NOK 106.6 million.”

Annual report 2024A · The company itself

“Rating agencies may downgrade their ratings of CNA, adversely affecting its ability to write insurance at competitive rates or at all and increasing its cost of capital. Ratings are an important factor in establishing the competitive position of insurance companies.”

Annual report 2025A · The company itself

“Hallinnoitavat asiakasvarat kasvoivat 10 prosenttia katsauskauden aikana ja olivat 15,3 (14,0) miljardia euroa. Hallinnoitavia asiakasvaroja kasvattivat sekä 723 (983) miljoonan euron nettorahavirta että positiivinen markkinaarvojen muutos, 643 (1 082) miljoonaa euroa.”

Annual report 2025A · The company itself

“Vuonna 2025 osakemarkkinat tuottivat parhaiten Yhdysvaltojen ulkopuolella. Suomalaisten osakkeiden tuotto oli muutaman vuoden tauon jälkeen erittäin vahva, ja OMXH 25 -indeksi tuotti 35,4 prosenttia.”

Annual report 2025A · The company itself

“Mandatumin liiketoiminta jakautuu neljään osa-alueeseen: varainhoitoon, yritysasiakkaisiin, henkilöasiakkaisiin sekä laskuperustekorkoiseen liiketoimintaan. Varainhoidossa Mandatum tarjoaa laajat palvelut asiakkailleen, joihin kuuluu institutionaalisia sijoittajia ja varakkaita yksityishenkilöitä. Sijoituskohdetarjooma kattaa niin osake-, korko-, yrityslaina- kuin vaihtoehtoisten sijoitusten kohteita.”

Annual report 2025A · The company itself

“Aktierisk omfattar huvudsakligen aktiekursrisk som är den dominerande risken i Mangolds verksamhet. Med aktiekursrisk avses risken för värdeminskning på grund av förändringar i kurser på aktiemarknaden.”

Annual report 2024A · The company itself

“Mangold inleder 2025 med en stabil position och en positiv utveckling inom Private Banking, där den ökade aktiviteten under slutet av föregående år ser ut att hålla i sig. Efterfrågan på våra tjänster inom segmentet är fortsatt god.”

Annual report 2024A · The company itself

“För Mangold uppstår marknadsrisk främst genom handel i eget lager, i åtaganden som likviditetsgarant, genom arbitragehandel samt genom att i undantagsfall ta positioner för att underlätta kundernas affärer.”

Annual report 2024A · The company itself

“Intäktsminskningen är främst hänförlig till ett minskat provisionsnetto.”

Annual report 2024A · The company itself

“Nowonomics är ett pensions- och sparbolag som äger Nowo Fund Management, som förvaltar Nowo Global Fund. Den totala fondförmögenheten för fonden uppgick per den 31 december till 596 (430,0) mkr.”

Annual report 2024A · The company itself

“Mercer’s Wealth business is subject to a number of risks, including risks related to public and private capital market fluctuations, third-party asset managers and custodians, operations and technology risks, trading and execution risks, conflicts of interest, sustainability and greenwashing, asset performance and regulatory compliance, that, if realized, could result in significant damage to our business.”

Annual report 2025A · The company itself

“Mercer’s Investments business is subject to a number of risks, including risks related to litigation (both by clients and by plan participants, particularly when we act in a fiduciary capacity), liquidity and market volatility, an inability to obtain contractual limitations of liability for errors & omissions in certain jurisdictions or parts of our business, third-parties, our operations and technology (including the use of AI), trading and execution errors, conflicts of interest, asset performance and regulatory compliance and scrutiny, which could arise in connection with these offerings.”

Annual report 2025A · The company itself

“Asset classes may perform poorly, or asset managers may underperform their benchmarks, due to poor market performance, a downturn in the global markets, negligence or other reasons, resulting in poor returns or loss of client assets. Changes in the value of equity, debt, currency, real estate, commodities, alternatives or other asset classes, in particular as a result of a downturn in the global markets, could cause the value of assets under management or advisement, and the fees earned by Mercer to decline.”

Annual report 2025A · The company itself

“Revenues for the services provided by our Consulting segment may decline for various reasons, including as a result of changes in economic conditions, the value of equity, debt and other asset classes, our clients’ or an industry's financial condition or government regulation or an accelerated trend away from actively managed investments to passively managed investments.”

Annual report 2025A · The company itself

“In addition, some of Mercer's Investments business generate fees based upon the value of the clients’ assets under management, advisement or administration. Changes in the value of equity, debt, currency, real estate, commodities, alternatives or other asset classes could cause the value of assets under management, advisement or administration, and the fees received by Mercer, to decline. Such changes could also cause clients to withdraw funds from Mercer’s Investments business in favor of other investment service providers.”

Annual report 2025A · The company itself

“Many clients, particularly in the public sector, have sizeable pension deficits and are subject to impact from volatility in the global markets and interest rate fluctuations. A number of Mercer's clients have frozen or curtailed their defined benefit plans and have moved to defined contribution plans resulting in reduced revenue for Mercer's retirement business.”

Annual report 2025A · The company itself

“Revenue for Mercer’s investment management business and certain of Mercer’s defined benefit and contribution administration services consists principally of fees based on assets under management or administration.”

Annual report 2025A · The company itself

“Revenues from investment management services and retirement trust and administrative services are significantly affected by the level of assets under management or administration, which is impacted by securities market performance.”

Annual report 2025A · The company itself

“The Company has significant defined benefit pension obligations to its current and former employees, totaling approximately $11.7 billion, and related plan assets of approximately $13.1 billion, at December 31, 2025 in accordance with U.S.”

Annual report 2025A · The company itself

“Equity Market Along with investments in equity securities and FVO securities, we have exposure to equity market risk through certain liabilities that involve long-term guarantees on equity performance, such as MRBs for variable annuities with guaranteed minimum benefits and certain PABs.”

Annual report 2025A · The company itself

“Based on our analysis of the impact of a 100-basis point change (increase or decrease) in interest rates, as well as a 10% change (increase or decrease) in foreign currency exchange rates and equity market prices, we have determined that such a change could have a material adverse effect on the estimated fair value of certain assets and liabilities from interest rate, foreign currency exchange rate and equity market exposures.”

Annual report 2025A · The company itself

“The assumptions of investment performance and volatility for variable products are consistent with historical experience of appropriate underlying equity and bond indices, such as the Standard & Poor’s Global Ratings (“S&P”) 500 Index.”

Annual report 2025A · The company itself

“We are also one of the largest institutional investors in the U.S. with a general account portfolio invested primarily in fixed income securities (corporate, structured products, municipals, and government and agency) and mortgage loans, as well as real estate, real estate joint ventures (“REJVs”), other limited partnerships and equity securities.”

Annual report 2025A · The company itself

“MetLife Investment Management MIM provides asset management and advisory services to institutional investors worldwide in public and private fixed income, real estate, equity, alternatives, multi-asset solutions and insurance solutions.”

Annual report 2025A · The company itself

“För att stödja våra expansionsplaner och säkerställa finansiell stabilitet genomförde vi under juni 2024 en framgångsrik kapitalanskaffning med avsikten att ta in cirka 200 MSEK. Nyemissionen av units (bestående av aktier och teckningsoptioner av serie 2023:1 TO 2) blev övertecknad, med en teckningsgrad om 98%, där bolaget tog in totalt 336 MSEK via TO 2 och riktad nyemission till toppgaranter.”

Annual report 2024A · The company itself

“Moberg Pharmas aktiekurs har varit volatil sedan bolagets aktie noterades på NASDAQ OMX Nordic Exchange Stockholm och likviditeten i aktien har varierat.”

Annual report 2024A · The company itself

“Bolaget kan i framtiden ha behov av ytterligare kapital för att finansiera sin verksamhet. Sådan finansiering kan kräva anskaffning av medel genom emissioner av finansiella instrument.”

Annual report 2024A · The company itself

“The increase in CFG revenue of 9% reflects increases in both the U.S (7%) and internationally (14%). Transaction revenue increased $144 million compared to the prior year, which primarily reflected: –higher issuance activity for investment-grade bonds, which reflected continued tight credit spreads and investor demand for higher quality credits, and includes the impact of several jumbo transactions in the technology sector; and –higher issuance activity for high-yield bonds as issuers took advantage of favorable conditions, including tight spreads and lower interest rates, primarily to refinance debt.”

Annual report 2025A · The company itself

“(8%) and internationally (8%). The increase in revenue reflected growth across all asset classes, supported by tight credit spreads and strong investor demand.”

Annual report 2025A · The company itself

“Market Risk Market risk refers to the risk that a change in the level of one or more market prices, rates, spreads, indices, volatilities, correlations or other market factors, such as market liquidity, will result in losses for a position or portfolio. We have direct exposure to market risk.”

Annual report 2025A · The company itself

“The results of our Institutional Securities business segment, particularly results relating to our involvement in primary and secondary markets for all types of financial products, are subject to substantial market fluctuations due to a variety of factors that we cannot control or predict with great certainty. These fluctuations impact results by causing variations in business flows and activity and in the fair value of securities and other financial products.”

Annual report 2025A · The company itself

“Periods of unfavorable market or economic conditions, including equity market levels and the level and pace of changes in interest rates and asset valuation, may have adverse impacts on the level of individual investor confidence and participation in the global markets and/or the level of and mix of client assets, including deposits.”

Annual report 2025A · The company itself

“Our liquidity could be negatively affected by our inability to raise funding in the long-term or short-term debt capital markets, our inability to access the secured lending markets, our inability to attract and retain deposits, or unanticipated outflows of cash or collateral by customers or clients.”

Annual report 2025A · The company itself

“Our borrowing costs and access to the debt capital markets depend on our credit ratings. The cost and availability of unsecured financing generally are impacted by (among other things) our long-term and short-term credit ratings.”

Annual report 2025A · The company itself

“Net Revenues Asset Management and Related Fees Asset management and related fees of $6,068 million in 2025 increased 8% compared with the prior year, primarily driven by higher average AUM on higher market levels.”

Annual report 2025A · The company itself

“Asset management revenues are influenced by the level, relative mix of AUM and related fee rates. While higher market levels drove increases in average AUM in the current year period, there were continued net outflows in the Equity asset class, which may be influenced by the structure and performance of our investment strategies and products relative to their benchmarks, offset by higher net inflows in the Alternatives and Solutions and Fixed Income asset classes reflecting client preferences.”

Annual report 2025A · The company itself

“Credit Ratings We rely on external sources to finance a significant portion of our daily operations. Our credit ratings are one of the factors in the cost and availability of financing and can have an impact on certain trading revenues, particularly in those businesses where longer-term counterparty performance is a key consideration, such as certain OTC derivative transactions.”

Annual report 2025A · The company itself

“In periods of market disruption, the observability of prices and inputs, as well as market liquidity, may be reduced for many instruments, which could cause an instrument to be recategorized from Level 1 to Level 2 or from Level 2 to Level 3. In addition, a downturn in market conditions could lead to declines in the valuation of many instruments carried at fair value.”

Annual report 2025A · The company itself

“Asset Management Revenue Sensitivity Certain asset management revenues in the Wealth Management and Investment Management business segments are derived from management fees, which are based on fee-based client assets in Wealth Management or AUM in Investment Management (together, “client holdings”). The assets underlying client holdings are primarily composed of equity, fixed income and alternative investments and are sensitive to changes in related markets. These revenues depend on multiple factors including, but not limited to, the level and duration of a market increase or decline, price volatility, the geographic and industry mix of client assets, and client behavior such as the rate and magnitude of client investments and redemptions.”

Annual report 2025A · The company itself

“Additionally, Wealth Management’s securities-based lending portfolio remains well-collateralized and subject to daily client margining, which includes requiring customers to deposit additional collateral or reduce debt positions, when necessary.”

Annual report 2025A · The company itself

“Credit exposures arising from margin lending activities are generally mitigated by their short-term nature, the value of collateral held and our right to call for additional margin when collateral values decline. However, we could incur losses in the event that the customer fails to meet margin calls and collateral values decline below the loan amount.”

Annual report 2025A · The company itself

“A portion of our revenues comes from clients who use our indexes as the basis for indexed investment products. Such fees are primarily based on a client’s assets under management (“AUM”) or trading volumes and are referred to herein as asset-based fees. Since market movement and investment trends impact our asset-based fees, our revenues from asset-based fees are subject to volatility. For the year ended December 31, 2025, asset-based fees accounted for 43.1% of the total revenues for our Index segment.”

Annual report 2025A · The company itself

“Our clients may seek for a variety of reasons to negotiate to pay us lower asset-based fee percentages, which are sometimes calculated as a percentage of the relevant product’s total expense ratio (“TER”). Additionally, competition is intense among our clients that offer or manage indexed investment products, including ETFs, and low fees are one of the competitive differentiators. Where an investment product’s TER determines our fees, a reduction in the TER may negatively impact our revenues.”

Annual report 2025A · The company itself

“A portion of our revenues comes from clients who use our indexes as the basis for indexed investment products. These fees are primarily based on a client’s assets under management or trading volumes, and if the level of assets under management or trading volumes declines, we expect our fee-based revenue to show a corresponding decline.”

Annual report 2025A · The company itself

“The value of an investment product’s assets may increase or decrease in response to changes in market performance and cash inflows and outflows, which could impact our revenues.”

Annual report 2025A · The company itself

“Additionally, a portion of our revenues comes from products and services that relate to certain investment trends. A decline in the equity markets or movement away from such investment trends, including as a result of changing economic conditions or political or regulatory concerns or scrutiny, could decrease demand for our related products and services, which could have a material adverse effect on our business, financial condition or results of operations.”

Annual report 2025A · The company itself

“Index Clients use our indexes to support many areas of the investment process, including for developing indexed financial products (e.g., ETFs, mutual funds, annuities, futures, options, structured products, over-the-counter derivatives), performance benchmarking, portfolio construction and rebalancing, asset allocation, and creating custom indexes.”

Annual report 2025A · The company itself

“Analytics Our Analytics segment offers risk management, performance attribution and portfolio management content, applications and services that provide clients with an integrated view of risk and return and tools for analyzing market, credit, liquidity, counterparty and climate risk across all major asset classes, including public and private securities, spanning short-, medium- and long-term time horizons.”

Annual report 2025A · The company itself

“Sustainability and Climate The Sustainability and Climate segment offers products and services that help institutional investors understand how sustainability considerations can impact the long-term risk and return of their portfolios and individual security-level investments. Investors commonly use our Sustainability and Climate solutions in their investment processes to help assess financial risks and opportunities, inform their asset allocation and portfolio construction decisions, and support regulatory and client reporting.”

Annual report 2025A · The company itself

“All Other – Private Assets Our private assets offerings provide data and analytics to evaluate fundamental information, measure and compare performance, understand exposures and manage risk across private equity, private credit, real estate, infrastructure and other private markets. These offerings also support comparisons of performance and risk across public and private assets and enhance our multi-asset class and total portfolio capabilities.”

Annual report 2025A · The company itself

“Our products and services support the investment processes of our clients, which relate to, in the aggregate, trillions of dollars in assets.”

Annual report 2025A · The company itself

“A portion of our revenues are from asset-based fees or fees based on trading volumes and some of these revenue streams are concentrated in some of our largest clients, including BlackRock, and in our largest market, the U.S.”

Annual report 2025A · The company itself

“Trading volumes and values are driven primarily by general market conditions and declines in trading volumes or values may affect our market share and impact our pricing. In addition, our Market Services businesses receive revenues from a relatively small number of customers concentrated in the financial industry, so any event that impacts one or more customers or the financial industry in general could impact our revenues.”

Annual report 2025A · The company itself

“Stagnation or decline in the listings market could have an adverse effect on our revenues. The market for listings is dependent on the prosperity of companies and the availability of risk capital. A stagnation or decline in the number of new listings, or an increase in the number of delistings, either due to market factors or our listing standard changes, on The Nasdaq Stock Market and the Nasdaq Nordic and Nasdaq Baltic exchanges could cause a decrease in revenues for future years.”

Annual report 2025A · The company itself

“We may experience fluctuations in our operating results, which may adversely affect the market price of our common stock. Our industry is risky and unpredictable and is directly affected by many national and international factors beyond our control, including: •economic, political and geopolitical market conditions; •evolving market or customer preferences for solutions provided locally or outside of the U.S.; •natural disasters, terrorism, pandemics, war or other catastrophes; •broad trends in finance and technology; •changes in price levels and volatility in the stock markets; •the level and volatility of interest rates; •volatility in commodity markets, including the energy markets; •inflation; •disruptions or delays in our supply chains; •changes in government monetary or tax policy; •the imposition of governmental economic sanctions or tariffs, on countries in which we do business or where we plan to expand our business or sell our products and services; and •the perceived attractiveness of the U.S. or European capital markets.”

Annual report 2025A · The company itself

“Any one of these factors could have a material adverse effect on our business, financial condition and operating results by causing a substantial decline in the financial services markets and reducing trading volumes or values.”

Annual report 2025A · The company itself

“For example, higher overall U.S. trading volumes in 2025 as compared to 2024 led to an increase in our U.S. equities options and U.S. cash equities revenues. Market factors also contributed to higher valuations in Nasdaq Indices, higher overall volumes in Index derivatives and an improving IPO landscape.”

Annual report 2025A · The company itself

“Year Ended December 31, U.S. equity options 2025 2024 2023 Total industry average daily volume (in millions) 55.8 44.4 40.4 Nasdaq PHLX matched market share 10.3% 10.0% 11.3% The Nasdaq Options Market matched market share 3.5% 5.5% 6.1% Nasdaq BX Options matched market share 1.6% 2.1% 3.3% Nasdaq ISE Options matched market share 6.7% 6.9% 5.9% Nasdaq GEMX Options matched market share 3.6% 2.6% 2.4% Nasdaq MRX Options matched market share 3.4% 2.7% 2.0% Total matched market share executed on Nasdaq’s exchanges 29.1% 29.8% 31.0% U.S. equity derivative trading revenues and U.S. equity derivative trading revenues, net increased for the year ended December 31, 2025 compared with the same period in 2024 primarily due to higher industry trading volumes, partially offset by lower capture and lower overall U.S. matched market share executed on Nasdaq’s exchanges.”

Annual report 2025A · The company itself

“Nasdaq Fund Network provides a comprehensive pricing, data, and analytics platform for investment products and provides coverage of unit investments trusts in product and strategy reports available to financial professionals and investors. NCMA submits product and strategy reports to FINRA’s advertising review department prior to distribution.”

Annual report 2025A · The company itself

“This allows them to market and sell the suite of Dorsey Wright powered ETPs, along with designated additional ETPs tracking Nasdaq index-linked strategies, to U.S. based advisors and receive bonus compensation tied to the growth of those ETPs. The sales team also sells Nasdaq index-linked ETPs to institutional investors (such as pensions, endowments, and foundations) and facilitates seeding for newly launched Nasdaq index-linked ETPs and receives bonus compensation tied to revenue generated for Nasdaq from such activities.”

Annual report 2025A · The company itself

“Nordea's TSR, 322 % OMXC25 Index (Copenhagen), 80,5 % OMX Index (Stockholm), 121,9 % HEX25 (Helsinki), 89,3 % +322 % 20252024202320222021202020191 Euro 1) Ompositionering av Nordea hösten 2019. har sammanlagt återförts till våra aktieägare sedan vi påbörjade vår ompositionering hösten 2019 (euro) 15,2 md har betalats i utdelning sedan hösten 2019 (euro) AKTIEÄGARE SAMHÄLLET Bidrar till positiv förändring i våra samhällen Vi intar en aktiv roll i att bidra till långsiktigt välstånd i Norden genom att tillhandahålla mycket mer än bara finansiella produkter och tjänster.”

Annual report 2025A · The company itself

“Private Banking hade en god utveckling under 2025, med stabil tillströmning av nya kunder och rekordhög kundnöjdhet på alla våra hemmamarknader. Trots betydande turbulens på marknaden hade vi ett nettoinflöde på 6,3 md euro.”

Annual report 2025A · The company itself

“Förvaltningsresultatet var fortsatt starkt, och 79procent av de olika kompositen gav aggregerat en överavkastning sett över tre år.”

Annual report 2025A · The company itself

“Detta motverkades till viss del av lägre intäkter från transaktioner på aktiekapital- och obligationsmarknaden.”

Annual report 2025A · The company itself

“Vi organiserade även flera högprofilerade transaktioner på aktiekapitalmarknaden och inom fusioner och förvärv, trots lägre aktivitet på marknaden jämfört med föregående år.”

Annual report 2025A · The company itself

“Intäkterna från vår aktiehandel ökade med 11 procent jämfört med föregående år.”

Annual report 2025A · The company itself

“Detta uppvägdes delvis av ett starkt resultat för vår aktiehandel samt intäkter från kapitalförvaltningsprodukter och utlåning.”

Annual report 2025A · The company itself

“Nettoresultat av poster till verkligt värde ökade med 20 procent till följd av hög efterfrågan och robusta intäkter från marknadsgarantverksamheten.”

Annual report 2025A · The company itself

“Slutligen kan intäkterna komma att påverkas negativt till följd av volatilitet på finansmarknaden, ytterligare räntesänkningar samt lägre transaktionsvolymer och efterfrågan från kunderna.”

Annual report 2025A · The company itself

“Marknaden gynnades också av penningpolitiska lättnader. S&P 500-indexet steg med 16,4 procent under året, STOXX Europe 600 steg med 16,7 procent och NASDAQ OMX Nordic 120-indexet steg med 5,4 procent.”

Annual report 2025A · The company itself

“Vi är marknadsledande bland finanskoncerner ifråga om avkastning. Våra utdelningar – 15,2 md euro de senaste fem åren – stimulerar ekonomisk aktivitet och tillväxt i de nordiska samhällena, samt bidrar till att förmedla kapital till innovation, utbildning och hälsovård.”

Annual report 2025A · The company itself

“The Reach share has during the year provided a total return, including dividends, of 83%, equivalent to a value contribution of NOK 190.1 million to North Energy.”

Annual report 2024A · The company itself

“Additionally, financial market volatility and potential market corrections could disrupt economic stability.”

Annual report 2024A · The company itself

“Our earnings also could be affected by poor investment returns or changes in our clients’ investment preferences driven by factors beyond market volatility or weak economic conditions. Poor absolute or relative investment performance in funds or client accounts that we manage or in investment products that we design or provide could result in declines in the market values of portfolios that we manage and/or administer and could affect our ability to retain existing assets and to attract new clients or additional assets from existing clients.”

Annual report 2025A · The company itself

“Liquidity Risks If we do not manage our liquidity effectively, our business could suffer. Liquidity is essential for the operation of our business. Market conditions, unforeseen outflows of funds or other events could have a negative effect on our level or cost of funding, affecting our ongoing ability to accommodate liability maturities and deposit withdrawals, meet contractual obligations, and fund new business transactions at a reasonable cost and in a timely manner.”

Annual report 2025A · The company itself

“We also manage investment products that, while not obligations of ours, may be exposed to liquidity risks. These products, such as money market and other short-term investments provide clients a right to the return of cash or assets on limited notice. If clients demand a return of their cash or assets, particularly on limited notice, and these investment products do not have the liquidity to support those demands, we could be forced to sell investment securities held by these investment products at unfavorable prices potentially damaging our reputation with the investment community.”

Annual report 2025A · The company itself

“However, our ability to access the capital markets, if needed, will depend on a number of factors, including the state of the financial markets. Heightened interest rates, disruptions in financial markets, negative perceptions of our business or our financial strength, or other factors may impact our ability to raise additional capital, if needed, on terms favorable to us.”

Annual report 2025A · The company itself

“At December 31, 2025, total AUC/A and AUC increased from the prior year primarily driven by favorable markets.”

Annual report 2025A · The company itself

“AUM at the end of 2025 increased from 2024, primarily reflecting favorable markets and net asset inflows.”

Annual report 2025A · The company itself

“Average taxable Securities were $45.9 billion in 2025 and $43.9 billion in 2024. Average nontaxable Securities, which represent securities that are primarily exempt from U.S. federal and state income taxes, were $8.2 billion in 2025 and $6.2 billion in 2024.”

Annual report 2025A · The company itself

“Investment solutions are delivered through separately managed accounts, bank common and collective funds, registered investment companies, exchange traded funds, non-U.S. collective investment funds, and unregistered private investment funds. Asset Management’s capabilities include active and passive equity; active and passive fixed income; cash management; multi-asset and alternative asset classes (such as private equity and hedge funds of funds); and multi-manager advisory services and products.”

Annual report 2025A · The company itself

“TABLE 18: CONSOLIDATED ASSETS UNDER MANAGEMENT BY INVESTMENT TYPE DECEMBER 31, CHANGE ($ In Billions) 2025 2024 2023 2025 / 2024 2024 / 2023 Equities $ 1,015.6 $ 903.1 $ 785.5 12 % 15 % Fixed Income Securities Securities Lending Collateral Total Assets Under Management $ 1,803.2 $ 1,610.4 $ 1,434.5 12 % 12 % The following table presents activity in consolidated AUM by product during the years ended December 31, 2025, 2024 and 2023.”

Annual report 2025A · The company itself

“Det finns flera risker förknippade med bolagets negativa rörelseresultat och finansieringsbehov. Exempelvis finns det en risk att bolagets försäljningstillväxt ej följer plan samt att pågående licensaffärer i Asien inte går till avslut, varpå bolagets intäkter kan bli otillräckliga för att finansiera verksamheten eller bolagets åtaganden.”

Annual report 2024A · The company itself

“Utvecklingen av bolagets aktiekurs beror på ett flertal faktorer. Transaktionsfrekvensen och volymnivåerna på handeln i bolagets stamaktie fluktuerar över tid och det finns en risk att bolagets stamaktie blir illikvid och att det inte kommer att finnas köpare om investerare önskar sälja aktier i bolaget vid en given tidpunkt eller att en försäljning kommer att behöva ske till ett lägre pris än normalt till följd av låg likviditet.”

Annual report 2024A · The company itself

“Finansiell förstärkning: Slutförde en fullt garanterad företrädesemission om 314 MSEK för att nansiera kommersialiseringsinsatser på vägen mot lönsamhet till slutet av 2026.”

Annual report 2024A · The company itself

“In addition, we execute transactions with counterparties in the financial services industry. Financial services institutions are interconnected because of trading, funding, clearing or other relationships. As a result, uncertainty about the stability of other financial services institutions could lead to market-wide losses and defaults.”

Annual report 2025A · The company itself

“Our business and financial performance are vulnerable to the impact of changes in the values of financial assets. As a financial institution, a substantial majority of our assets and liabilities are financial in nature. Examples include loans, securities, servicing rights, deposits and borrowings. Such assets and liabilities will fluctuate in value, often significantly, due to movements in the financial markets or market volatility as well as developments specific to the asset or liability in question.”

Annual report 2025A · The company itself

“In many cases, we mark our assets and liabilities to market and recognize such changes either through net income or OCI. Thus, gains or losses on these assets and liabilities can have a direct impact on our results of operations and financial performance, unless we have effectively hedged our exposures.”

Annual report 2025A · The company itself

“In addition, asset management revenue is earned primarily based on a percentage of the value of the assets being managed and thus is impacted by general changes in market valuations.”

Annual report 2025A · The company itself

“In our asset management business, investment performance is an important factor influencing the level of assets that we manage. Poor investment advice or performance could hurt revenue and growth as existing clients might withdraw funds in favor of better performing products.”

Annual report 2025A · The company itself

“Overall economic conditions may limit the amount that customers are able or willing to invest as well as the value of the assets they do invest. The failure or negative performance of products of other financial institutions could lead to a loss of confidence in similar products offered by us without regard to the performance of our products.”

Annual report 2025A · The company itself

“The strength of this market is dependent on debt capital market conditions.”

Annual report 2025A · The company itself

“The value of the annuity fluctuates in accordance with the experience of the mutual funds chosen by the customer. Customers have the option to allocate all or a portion of their account to our guaranteed option, in which case we credit interest at rates we determine, subject to contractual minimums.”

Annual report 2025A · The company itself

“We bear the GMWB investment risk. Our goal is to hedge the GMWB investment risk through the use of sophisticated risk management techniques.”

Annual report 2025A · The company itself

“Because the revenues of our asset accumulation and management businesses are largely based on the value of AUM and AUA, a decline in domestic and global equity, bond or real estate markets will decrease our revenues. Market turmoil leading to investor withdrawal from markets may reduce AUM, AUA, revenues and net income.”

Annual report 2025A · The company itself

“Our ability to increase and retain AUM is directly related to the performance of our investments as measured against market averages and the performance of our competitors. If we are unable to attract and retain qualified portfolio managers, we may face reduced sales and increased cash outflows in our asset accumulation and asset management businesses.”

Annual report 2025A · The company itself

“Economic Factors and Trends Positive market performance led to an increase in account values in our Retirement and Income Solutions segment in 2025. Since account values are the base by which this business generates revenues, market performance volatility may impact our revenues in future quarters.”

Annual report 2025A · The company itself

“Positive market performance and foreign currency tailwinds led to an increase in AUM in our Principal Asset Management segment in 2025, which was partially offset by operations disposed. Since AUM is the base by which this business generates revenues, market performance and fluctuations in foreign currency exchange rates may impact our revenues in future quarters.”

Annual report 2025A · The company itself

“In addition, 18% of our invested asset portfolio as of December 31, 2025, was invested in privately placed fixed maturities with no readily available market quotes to determine the fair market value. The majority of these assets are valued using a matrix pricing valuation approach that utilizes observable market inputs. In the matrix approach, securities are grouped into pricing categories that vary by sector, rating and average life. Each pricing category is assigned a risk spread based on observable public market data.”

Annual report 2025A · The company itself

“These factors include: the ability of our distribution channels to generate new sales and retain existing business; pricing decisions that take account of competitive conditions, persistency, investment returns, mortality trends, and operating expense levels; investment management performance; equity market returns and interest rate changes. Profitability ultimately depends on our ability to price products and invest assets at a level that enables us to earn a margin over the cost of providing benefits and the expense of acquiring and administering those products.”

Annual report 2025A · The company itself

“Principal Asset Management Segment AUM AUM forms the basis for generating our management fee revenues. However, in Chile, the Cuprum business operates differently, as most fees are collected with each deposit made by mandatory retirement customers, based on a capped salary level rather than asset levels. AUM growth is primarily driven by two factors: market performance and net cash flow.”

Annual report 2025A · The company itself

“Our primary market risk exposures are to interest rates, equity markets and foreign currency exchange rates.”

Annual report 2025A · The company itself

“Disruptions in the global capital and credit markets may adversely affect our operating results and financial condition. To the extent there is turmoil in the global financial markets, this turmoil has the potential to adversely affect: (i) the value of our properties; (ii) the availability or the terms of financing that we have or may anticipate utilizing; (iii) our ability to make principal and interest payments on, or refinance any outstanding debt when due; and (iv) the ability of our customers to enter into new leasing transactions or satisfy rental payments under existing leases.”

Annual report 2025A · The company itself

“Market Risk The profitability of many of our insurance and annuity products, as well as the fees we earn in our investment management business, are subject to market risk. Market risk is the risk of loss from changes in interest rates, equity prices and foreign currency exchange rates.”

Annual report 2025A · The company itself

“The profitability of many of our insurance and annuity products depends in part on the value of the separate accounts supporting these products, which can fluctuate substantially depending on market conditions.”

Annual report 2025A · The company itself

“Market conditions resulting in reductions in the value of assets we manage have an adverse effect on the revenues and profitability of our investment management business, which depends on fees related primarily to the value of assets under management, and could decrease the value of our strategic investments.”

Annual report 2025A · The company itself

“Derivative instruments that we use to hedge and manage foreign exchange, interest rate and equity market risks associated with our products and businesses, and other risks might not perform as intended or expected, resulting in higher-than-expected realized losses and stresses on liquidity and/or regulatory capital.”

Annual report 2025A · The company itself

“In addition, rising interest rates could cause a decline in the market value of fixed income assets the Company manages which in turn could result in lower asset management fees earned.”

Annual report 2025A · The company itself

“Guarantees within certain of our products, in particular our variable annuities and to a lesser extent certain individual life and international insurance products, are market sensitive and may decrease our earnings or increase the volatility of our results of operations or financial position. Certain of our products, particularly our variable annuity products and to a lesser extent certain international insurance products, include guarantees of minimum surrender values or income streams for stated periods or for life, which may be in excess of account values.”

Annual report 2025A · The company itself

“Downturns in equity markets, increased equity volatility, increased credit spreads, or (as discussed above) reduced interest rates could result in an increase in the valuation of liabilities associated with such guarantees, resulting in increases in reserves and reductions in net income.”

Annual report 2025A · The company itself

“Revenues increased $139 million, primarily reflecting: •higher asset management fees, driven by higher average assets under management from the impact of equity market and fixed income appreciation, net inflows and strong investment performance; and •higher service, distribution and other revenues, primarily reflecting the gain on sale of our asset management business in Taiwan and higher revenues from certain consolidated funds (which were fully offset by higher expenses related to noncontrolling interests in these funds).”

Annual report 2025A · The company itself

“The Company estimates that a hypothetical change to its own credit risk of plus 50 and minus 50 basis points (“bps”) would result in an increase and a decrease to OCI of $535 million and $575 million, respectively.”

Annual report 2025A · The company itself

“Market Risk Related to Variable Annuity Products The primary risk exposures of our variable annuity contracts relate to actual deviations from, or changes to, the assumptions used in the original pricing of these products, including capital markets assumptions such as equity market returns, interest rates, market volatility and actuarial assumptions.”

Annual report 2025A · The company itself

“Market Risk Benefits—Market risk benefit liabilities (or assets) represent contracts or contract features that provide protection to the contractholder and expose the insurance entity to other than nominal capital market risk, primarily related to deferred annuities with guaranteed minimum benefits in the Retirement Strategies segment including GMDB, GMIB, GMAB, GMWB and GMIWB.”

Annual report 2025A · The company itself

“The significant inputs to the valuation models for these market risk benefits include capital market assumptions, such as interest rate levels and volatility assumptions, the Company’s market-perceived NPR, as well as actuarially determined assumptions, including contractholder behavior, such as lapse rates, benefit utilization rates, withdrawal rates, and mortality rates.”

Annual report 2025A · The company itself

“The Company issues variable life and universal life insurance contracts which may also include a “no-lapse guarantee” where the Company contractually guarantees to the contractholder a death benefit even when the account value drops to zero, as long as the “no-lapse guarantee” premium is paid. The net amount at risk is generally defined as the current death benefit in excess of the current account balance at the balance sheet date.”

Annual report 2025A · The company itself

“The Company’s primary risk exposures for these contracts relates to actual deviations from, or changes to, the assumptions used in the original pricing of these products, including fixed income and equity market returns, contract lapses and contractholder mortality.”

Annual report 2025A · The company itself

“The Company’s primary risk exposures for these contracts relates to actual deviations from, or changes to, the assumptions used in the original pricing of these products, including equity market returns, interest rates, market volatility and contractholder behavior.”

Annual report 2025A · The company itself

“The Company is also required to exercise this issuance right if its consolidated stockholders’ equity, calculated in accordance with U.S. GAAP but excluding AOCI, falls below $9.0 billion, subject to adjustment in certain cases.”

Annual report 2025A · The company itself

“Change in value of market risk benefits, net of related hedging gains (losses) The Company is required to measure all market risk benefits (e.g., living benefit and death benefit guarantees associated with variable annuities) at fair value. In order to enhance the understanding of underlying performance trends, the Company excludes from adjusted operating income “Change in value of market risk benefits, net of related hedging gains (losses),” which reflects the impact from changes in current market conditions.”

Annual report 2025A · The company itself

“Market experience updates “Market experience updates” represent the immediate impacts from changes in current market conditions on estimates of profitability and the impact of those changes on reserves, primarily related to variable and universal life products. These amounts are excluded from adjusted operating income, which the Company believes enhances the understanding of underlying performance trends.”

Annual report 2025A · The company itself

“(2)Includes revenues from the Company’s general account assets, as well as certain separate account assets of the Company’s insurance and retirement businesses managed by PGIM.”

Annual report 2025A · The company itself

“Plan Assets The investment goal of the domestic pension plan is to generate an above benchmark return on a diversified portfolio of stocks, bonds and other investments. The cash requirements of the plan’s pension obligation, which include a traditional defined benefit formula principally representing payments to annuitants and a cash balance formula that allows lump sum payments and annuity payments, are designed to be met by the bonds and short-term investments in the portfolio.”

Annual report 2025A · The company itself

“(“Prudential Financial” or “PFI”), a global financial services leader and premier active global investment manager with approximately $1.609 trillion of assets under management as of December 31, 2025, has operations in the United States, Asia, Europe and Latin America.”

Annual report 2025A · The company itself

“The PGIM segment provides a comprehensive array of investment management solutions across a variety of asset classes, including public fixed income, public equity, real estate, private credit and other alternatives, and multi-asset class strategies, to institutional and retail clients, as well as the Company’s affiliated insurance and retirement businesses.”

Annual report 2025A · The company itself

“These events could result in increased political, economic, financial and insurance market instability, a lack of available insurance or the availability of insurance on commercially reasonable terms, and volatility in power and fuel markets, which could materially adversely affect our business and results of operations, including our ability to access capital on terms and conditions acceptable to us.”

Annual report unknown yearA · The company itself

“Lack of funding, liquidity, or access to capital could impair our business and financial condition. An inability to maintain adequate funding and liquidity to operate our business could have a significant negative effect on our financial condition.”

Annual report 2025A · The company itself

“If we were to experience a period of sustained downturn in the securities markets, credit market dislocations, reductions in the value of real estate, increases in mortgage and other loan delinquencies, or other negative market factors, our revenues and the value of the assets we own could be adversely impacted. Market uncertainty could also cause clients to move their investments to lower margin products, or withdraw them, which could have an adverse impact on our profitability.”

Annual report 2025A · The company itself

“The asset management fees we are paid are dependent upon the value of client assets in fee-based accounts in our PCG segment, as well as AUM in our Asset Management segment. The value of our fee-based assets and AUM is impacted by market fluctuations and net inflows or outflows of assets.”

Annual report 2025A · The company itself

“A downgrade in our credit ratings could have a material adverse effect on our operations, earnings, and financial condition. If our credit ratings were downgraded, or if rating agencies indicate that a downgrade may occur, our business, financial position, and results of operations could be adversely affected, perceptions of our financial strength could be damaged, and as a result, adversely affect our client relationships. Such a change in our credit ratings could also adversely affect our liquidity and competitive position, increase our borrowing costs, limit our access to the capital and credit markets, trigger obligations under certain financial agreements, cause clients to withdraw bank deposits that exceed FDIC insurance limits from our bank subsidiaries, or decrease the number of investors, clients, and counterparties willing or permitted to do business with or lend to us, thereby curtailing our business operations and reducing profitability.”

Annual report 2025A · The company itself

“Further, net lease REITs must be able to deploy capital with agility and consistency, if we cannot access the capital markets upon favorable terms or at all, we may not be able to acquire investments upon favorable terms or at all and may be required to liquidate investments, including investments that have not yet realized maximum return, which could result in adverse tax consequences and/or adversely affect our ability to meet cash flow and other operational needs.”

Annual report 2025A · The company itself

“Volatility in market and economic conditions may impact the accuracy of the various estimates used in the preparation of our financial statements and footnotes to the financial statements. Various estimates are used in the preparation of our financial statements, including estimates related to asset and liability valuations (or potential impairments) and receivables.”

Annual report 2025A · The company itself

“Our ability to make distributions on our common stock and any outstanding preferred stock and payments on our indebtedness, and to fund acquisitions and capital expenditures will depend on our ability to generate cash in the future. We cannot make any assurances that our business will generate sufficient cash flow from operations or that future borrowings will be available to us in an amount sufficient to enable us to make distributions on our common stock and any outstanding preferred stock, to pay our indebtedness or to fund our other liquidity needs.”

Annual report 2025A · The company itself

“We fund our capital requirements through internally generated cash flow, dispositions, bank debt financing, public and private debt and equity markets, and our private capital business including through joint ventures and other co-investment ventures.”

Annual report 2025A · The company itself

“Treasury Department’s Office of Foreign Assets Control. •We may become subject to liability or face reputational harm due to our offerings. •Changes in the volume of securities issued and traded in domestic and/or global capital markets, asset levels and flows into investment products, high interest rates, changes in interest rates and volatility in the financial markets, and volatility in the energy and commodity markets impact our business, financial condition or results of operations.”

Annual report 2025A · The company itself

“•Since a significant component of our credit-rating and issuance based revenue is transaction-based, and is essentially dependent on the number and dollar volume of rated debt securities issued in the capital markets, unfavorable financial or economic conditions that either reduce investor demand for rated debt securities or reduce issuers’ willingness or ability to issue rated debt securities reduce the number and dollar volume of debt issuances for which Ratings provides credit ratings. •Unfavorable financial or economic conditions that either reduce investor demand for debt or equity securities or reduce issuers’ willingness or ability to issue such securities negatively impact the revenue of certain business lines within Market Intelligence that are linked to debt and equity issuances. •Our Indices business is impacted by market volatility, asset levels or notional values of investment products based on our indices, and trading volumes of certain exchange traded derivatives.”

Annual report 2025A · The company itself

“Table of Contents 2025 Revenue increased 8%, with a favorable impact from foreign exchange rates of 1 percentage point. Transaction revenue increased primarily due to higher corporate bond ratings revenue, partially offset by lower bank loan ratings revenue. An increase in structured finance revenue driven by increased collateralized loan obligations (“CLOs”) issuance also contributed to transaction revenue growth.”

Annual report 2025A · The company itself

“(together with its consolidated subsidiaries, “S&P Global,” the “Company,” the “Registrant,” “we,” “us” or “our”) is a global, diversified, and highly differentiated provider of benchmarks, data, analytics and workflow solutions in the global capital, energy and commodity, and automotive markets. The capital markets include asset managers, investment banks, commercial banks, insurance companies, exchanges, trading firms and issuers; the energy and commodity markets include producers, consumers, traders and intermediaries within energy, chemicals, shipping, metals, carbon and agriculture; and the automotive markets include manufacturers, suppliers, dealerships, service shops and customers.”

Annual report 2025A · The company itself

“Market Intelligence includes the following business lines: •Data, Analytics & Insights — a desktop product suite that provides data, analytics and third-party research for global finance and corporate professionals, which includes the Capital IQ platforms (which are inclusive of S&P Capital IQ Pro, Capital IQ, Office and Mobile products) and a broad range of research, reference data, market data, derived analytics and valuation services covering both the public and private capital markets, delivered through flexible feed-based or API delivery mechanisms.”

Annual report 2025A · The company itself

“Ratings Ratings is an independent provider of credit ratings, research, and analytics. Credit ratings are forward-looking opinions about an issuer’s relative creditworthiness.”

Annual report 2025A · The company itself

“Indices Indices is a global index provider maintaining a wide variety of valuation and index benchmarks for investment advisors, wealth managers and institutional investors.”

Annual report 2025A · The company itself

“Risker relaterade till Bolagets finansiella ställning och framtida kapitalbehov Saniona är ett kliniskt bioläkemedelsföretag och har ådragit sig betydande rörelseförluster sedan det påbörjade sin verksamhet 2011. Bolaget förväntar sig att fortsätta ådra sig betydande rörelseförluster även under överskådlig framtid och vet inte om eller när det kommer att bli lönsamt.”

Annual report 2024A · The company itself

“Om Bolagets rörelseförluster fortsätter eller ökar, och om Bolaget inte lyckas anskaffa ytterligare kapital vid behov, kommer Bolagets rörelsekapital och eget kapital att minska, vilket kan ha en negativ effekt på Bolagets verksamhet och dess aktieägare.”

Annual report 2024A · The company itself

“Eventuella förseningar avseende kliniska prövningar eller produktutveckling, eller uppsägningar av samarbeten i förtid, kan ha en negativ effekt på Bolagets kassaflöde. Det finns en risk att Bolaget inte kommer kunna anskaffa ytterligare kapital, behålla eller ingå nya samarbeten eller erhålla annan medfinansiering på acceptabla villkor eller överhuvudtaget.”

Annual report 2024A · The company itself

“Om Saniona inte kan anskaffa ytterligare kapital, ingå nya samarbeten eller annan medfinansiering finns det även en risk att Bolaget inte kommer kunna fortsätta finansiera sina kliniska program och utvecklingen av sin verksamhet.”

Annual report 2024A · The company itself

“Ift. kapitalandele så vi igennem året, og især i H2-2025 et diversificeret billede, hvor nordiske small cap value aktier var præget af frasalg og negativ stemning, mens de største amerikanske tech/AI selskaber fortsatte deres kursfremgang på trods af meget høje værdiansættelser.”

Annual report 2025A · The company itself

“Ift. kapitalandele så vi igennem året, og især i H2-2025 et diversificeret billede, hvor nordiske small cap value aktier var præget af frasalg og negativ stemning, mens de største amerikanske tech/AI selskaber fortsatte deres kursfremgang på trods af meget høje værdiansættelser.”

Annual report 2025A · The company itself

“Vi havde en forventning til et højre afkast, men markedsudviklingen var ikke gunstig, og resultatet var negativt påvirket af et par udfordrende sager, hvor vi har måtte arbejde med vores lånestruktur. Dette har medført, at vi har måtte bogføre nogle kurstab i regnskabsåret, hvilket gerne skulle skabe grobund for en fremtidig upside i de kommende år når flere af lånene antageligt indfris til pari.”

Annual report 2025A · The company itself

“SIG præsterede et samlet overskud i 2025 på DKK 6,9 mio. efter skat (inklusiv en nedskrivning af selskabets skatteaktiv på DKK 4,0 mio. samt en opskrivning på selskabets ejendomme med DKK 0,5 mio.) svarende til en egenkapitalforrentning på 3,5 %. SIG har som fast målsætning at forrente sin egenkapital med gennemsnitligt 10-15 % per år efter skat over en 5-års periode, hvilket tillige var den oprindelige udmeldte guidance for 2025, og derfor er resultatet ikke tilfredsstillende og under selskabets gennemsnitlige års mål.”

Annual report 2025A · The company itself

“Markedet for kreditobligationer er meget ilikvidt, og det er centralt at man har en portefølje af selskaber med stærke balancer og korte løbetider samt at man ikke er tvunget til at realisere sine positioner. I 2025 har vi oplevet at tre af vores selskabet havde udfordringer, hvorfor vi har måtte bogføre et urealiseret kurstab. Vi arbejder aktivt på at holde vores værdier intakte bl.a. at deltage i selskabernes refinansieringer og rekonstruktioner for at minimere vores risiko.”

Annual report 2025A · The company itself

“Selskabet har i løbet af året frasolgt 11 selskaber, da potentialet blev vurderet indfriet, og der er investeret i 5 nye selskaber i løbet af 2025.”

Annual report 2025A · The company itself

“Resultatet på kapitalandele blev et mindre tab, og det er ikke tilfredsstillende henset til vores forventning om at levere et absolut afkast på minimum 10% årligt. Det er ikke SIG´s strategi at påtage sig en høj risiko på momentum investeringer, og derfor må vi erkende, at vi i 2025 mistede aktieopturen på vækstaktier, da SIG primært investerer i selskaber, som har stærke balancer, lav gæld og er godt disponeret imod tider med lavere aktivitet.”

Annual report 2025A · The company itself

“Selskabets kapitalandele: Selskabet har i løbet af 2025 fastholdt sin samlede eksponering i børsnoterede kapitalandele i selskaber som vurderes billigt prissat relativt til deres fundamentale værdi. Disse selskaber vil ofte have begrænset kursudvikling i en længere periode før potentialet udfolder sig og derfor vil afkastet variere fra år til år.”

Annual report 2025A · The company itself

“Selskabets forventer i 2026 at forrente egenkapitalen med 10-15% svarende til en efter-skat indtjening i niveau DKK 19 - 28 mio. Selskabets langsigtede målsætning er uændret at forrente egenkapitalen med gennemsnitligt 10-15% årligt baseret på selskabets investeringer i ejendomme, obligationer og kapitalandele.”

Annual report 2025A · The company itself

“1% i husleje/værdiregulering på vores ejendomme) i niveauet DKK 12,0 mio., en nettoindtjening på kreditobligationer i niveauet DKK 6,3 mio. (efter betaling af fee til forvalter) svarende til et afkast på 9 % af en samlet vægtet portefølje på DKK 70 mio., en nettoindtjening på DKK 4,5 mio. på kapitalandele svarende til et afkast på 10% af en samlet vægtet eksponering på DKK 50 mio. over året, og en nettoindtjening på DKK 1,5 mio. DKK på pantebreve svarende til at pantebrevsporteføljen i løbet af 2026 stiger til 50 mio. kr.”

Annual report 2025A · The company itself

“Disruption in the capital and credit markets may increase the cost of capital and may adversely affect our ability to access external financings for our growth and ongoing debt service requirements. We depend on free cash flow and external financings, principally debt financings, to fund the growth of our business, execute on our business model, and to ensure that we can meet ongoing maturities of our outstanding debt. Our access to financing depends on our credit ratings, the willingness of lending institutions and other debt investors to grant credit to us 22 Table of Contents and conditions in the capital markets in general, which can impact both our cost of capital and, to a lesser degree, our ability to access capital.”

Annual report unknown yearA · The company itself

“Koncernens ledning har stort fokus på likviditetrisk, eftersom koncernen befinner sig i en utvecklingsfas och ännu saknar tillräcklig intjäningsförmåga för att täcka verksamhetens kostnader genom försäljningsintäkter är likviditetsrisken en väsentlig risk och osäkerhetsfaktor. Företagsledningen upprättar och följer detaljerade kassaflödesprognoser och vidtar åtgärder så som nyemissioner, kostnadsbesparingar och upplåning för att säkerställa tillräcklig likviditet.”

Annual report 2024A · The company itself

“Adverse credit and financial market events and conditions, as well as credit rating downgrades, could, among other things, impede access to or increase the cost of financing, which could have a material adverse impact on our business, results of operations, cash flows and financial condition, and the trading price of our ordinary shares. We rely on access to the credit and capital markets to finance our operations and refinance existing indebtedness.”

Annual report 2025A · The company itself

“There is a risk that equity and bond markets will deteriorate if the global economic climate worsens, which could negatively affect the funded status of our post-employment defined benefit arrangements.”

Annual report 2025A · The company itself

“As of December 31, 2025, our total debt was $13.8 billion.”

Annual report 2025A · The company itself

“The deficit of these employee benefit plans was $30 million as of December 31, 2025. An increase in the value of the liabilities or decrease in the value of pension plan assets may negatively affect our balance sheet and distributable reserves, any of which could have a material adverse effect on our business, results of operations, financial condition and the trading price of our ordinary shares.”

Annual report 2025A · The company itself

“Norge vil være en egenkapitalavkastning på over 13 prosent, utdelingsgrad på om lag 50 prosent og en ren kjerne kapitaldekning som ligger 1–1,25 prosentpoeng over summen av minste- og bufferkrav.”

Annual report 2024A · The company itself

“Sparebanken Norge skal være Norges beste sparebank, og det forplikter. Ingen har bedre forutsetninger enn oss for å å levere på ledende egenkapitalavkastning og de beste kundeopplevelsene i norsk banksektor.”

Annual report 2024A · The company itself

“Bankens investorer i det internasjonale kapital markedet er svært bærekraftsbevisste. De har egne mål for sine porteføljer og treffes også av regulatoriske endringer på bærekraftsområdet.”

Annual report 2024A · The company itself

“(Rakennusteollisuus) Kiinteistömarkkinoilla nähtiin ammattimaisten sijoittajien aktiivisuuden merkittävää elpymistä vuonna 2025. Vuoden kiinteistökauppavolyymi lähes tuplaantui edellisen vuoden pohjalukemista ja nousi 4,4 miljardiin euroon.”

Annual report 2025A · The company itself

“Strategic Risks •We are subject to intense competition, which could negatively affect our profitability; •We are subject to significant pricing pressure and variability in our financial results and our AUC/A and AUM; •Our development and completion of new products and services, including State Street Alpha® and those related to wealth servicing, alternative investment management or digital assets or incorporating artificial intelligence, may impose costs on us, involve dependencies on third parties and may expose us to increased risks; •Acquisitions, strategic alliances, joint ventures and divestitures, and the integration, retention and development of the benefits of these transactions, pose risks for our business; and State Street Corporation | 4 •Competition for qualified members of our workforce is intense, and we may not be able to attract and retain the highly skilled people we need to support our business.”

Annual report 2025A · The company itself

“We are subject to variability in our assets under custody and/or administration and assets under State Street Corporation | 21 management, and in our financial results, due to the significant size of our relationship with many of our institutional clients, and are also subject to significant pricing pressure due to trends in the market for custodial services and the considerable market influence exerted by those clients.”

Annual report 2025A · The company itself

“Our AUM or AUC/A are also affected by decisions by institutional owners to favor or disfavor certain investment instruments or categories. Similarly, if one or more clients change the asset class in which a significant portion of assets are invested (e.g., by shifting investments from emerging markets to the United States), those changes could have a significant effect on our results of operations in the relevant period, as our fee rates often change based on the type of asset classes we are servicing or managing.”

Annual report 2025A · The company itself

“Market disruptions can adversely affect our consolidated results of operations if the value of our AUC/A or AUM decline, while the costs of providing the related services remain constant or increase. They may also result in investor preference trends towards asset classes and markets deemed more secure, such as cash or non-emerging markets, with respect to which our fee rates are often lower.”

Annual report 2025A · The company itself

“If market conditions deteriorate, our investment portfolio could experience a decline in market value, whether due to a decline in liquidity or an increase in the yield required by investors to hold such securities, regardless of our credit view of our portfolio holdings.”

Annual report 2025A · The company itself

“We may need to raise additional capital or debt in order to maintain our credit ratings, in response to regulatory changes, including capital rules, or for other purposes, including financing acquisitions and joint ventures and optimizing capital management. However, our ability to access the capital markets, if needed, on a timely basis or at all will depend on a number of factors, such as the state of the financial markets and securities law requirements and standards.”

Annual report 2025A · The company itself

“Our estimate of the profitability of these arrangements can be adversely affected by declines in or inaccurate projections of the assets under the clients’ management, whether due to general declines in the securities markets or client-specific issues.”

Annual report 2025A · The company itself

“If investors incur substantial investment losses in these pools, receive redemptions as in-kind distributions rather than in cash, or experience significant under- State Street Corporation | 48 performance relative to the market or our competitors’ products, our reputation could be significantly harmed, which harm could significantly and adversely affect the prospects of our associated business units.”

Annual report 2025A · The company itself

“Our investment portfolio continues to have significant concentrations in several classes of securities, including agency residential MBS, commercial MBS and other ABS, and securities with concentrated exposure to consumers. These classes and types of securities experienced significant liquidity, valuation and credit quality deterioration during the financial crisis that began in mid-2007 (the 2008 financial crisis).”

Annual report 2025A · The company itself

“Investment Management Our Investment Management line of business provides a comprehensive range of investment management solutions and products for our clients through State Street Investment Management (previously State Street Global Advisors). Our investment management solutions span across equity, fixed income, liquidity and cash, multi-asset and alternatives strategies, delivered through products such as ETFs, custom indexed, and actively managed funds and mandates.”

Annual report 2025A · The company itself

“Our clients — asset managers and owners, insurance companies, wealth managers, official institutions and central banks — rely on us to deliver solutions that support their business objectives across the investment life cycle.”

Annual report 2025A · The company itself

“A prospective decline in consumer and business confidence and spending, which is often coupled with reductions in the availability of credit or increased cost of credit and interest rates, as well as volatility in the capital and credit markets, may adversely affect the business and economic environment in which we operate and the profitability of our business. We are also exposed to risks associated with the creditworthiness of our customers and suppliers, which during times of high interest rates can be intensified. If the availability of credit to fund or support the continuation and expansion of our customers’ business operations is curtailed or if the cost of that credit is high, the resulting inability of our customers or of their customers to either access credit or absorb the cost of that credit may adversely affect our business by reducing our sales or by increasing our exposure to losses from uncollectible customer accounts.”

Annual report 2025A · The company itself

“Investering i kommersiella fastigheter är en kapitalintensiv verksamhet som ställer stora krav på tillgång till både riskbärande kapital och lånat kapital.”

Annual report 2024A · The company itself

“God markedsavkastning, bedret nysalg og sterk underliggende vekst gjorde at forvaltede midler steg til 459 milliarder kroner innen Fondsforsikring (Unit Linked) ved utgangen av året, en vekst på 21 prosent sammenlignet med fjoråret. Siden 2012 har Unit Linked-midlene i gjennomsnitt vokst med 18 prosent årlig.”

Annual report 2024A · The company itself

“Forvaltningsmidler innen Fondsforsikring (Unit Linked), milliarder kroner +21 % Assets under Management, Unit Linked, NOK billion 2024 ble et år med sterk avkastning til norske innskuddspensjonskunder. Det var en positiv verdiutvikling for samtlige aktivaklasser gjennom året.”

Annual report 2024A · The company itself

“Offensiv og Balansert Pensjon, hadde høy avkastning i 2024. Siste 3 og 5 år har Storebrand levert sterk avkastning i markedet på henholdsvis 7,0 prosent og 10,2 prosent for Offensiv Pensjon, og 5,3 prosent og 7,6 prosent for Balansert pensjon.”

Annual report 2024A · The company itself

“De siste ti årene har Storebrand lykkes med å transformere virksomheten fra kapitalintensive produkter med garantert avkastning, til raskt voksende og selvfinansierende kapitaleffektive produkter. Forvaltningskapitalen er mer enn doblet siden 2012.”

Annual report 2024A · The company itself

“Unit Linked-reservene vokste med 79 milliarder kroner til 459 milliarder kroner i 2024, som tilsvarer 21 prosent. Nettoinnbetalinger og tilførte midler bidro med 15 milliarder kroner, og markedsavkastning og valuta økte forvaltningskapitalen med 64 milliarder kroner.”

Annual report 2024A · The company itself

“Bufferkapitalen, som sikrer kunders avkastning og skjermer egenkapitalen under turbulente markedsforhold, økte til 7,4 prosent (6,1 prosent) av reservene i Norge og til 24,4 prosent (21,2 prosent) i Sverige. Samlet sett utgjorde bufferkapitalen 31 milliarder kroner (ekskl. underverdier på obligasjoner holdt til forfall) ved utgangen av året, en økning på 4,5 milliarder kroner sammenlignet med fjoråret.”

Annual report 2024A · The company itself

“Finansmarkedsrisiko er Storebrands største risiko. På kort sikt kan urolige finansmarkeder, spesielt fallende aksje-, kreditt- og eiendomsmarkeder gi investeringstap, eller fallende renter øke forsikringsforpliktelsen.”

Annual report 2024A · The company itself

“Forvaltningskapitalen for Storebrand kapitalforvaltning økte med 257 milliarder kroner (21 prosent) til 1 469 milliarder kroner. Totalt ble det tilført 33 milliarder kroner (netto) i nye midler, i tillegg til 84 milliarder kroner i avkastning og 94 milliarder kroner knyttet til valutaeffekter og oppkjøp.”

Annual report 2024A · The company itself

“Innskuddspensjon og kapitalforvaltning er eksponert mot aksje- og kredittmarkeder, samt andre aktivaklasser.”

Annual report 2024A · The company itself

“Tilrettelegge for at kunden kan ta bærekraftige valg Tilby spareprodukter og -tjenester som hjelper kunder å ta velinformerte valg om hvordan de skal investere sine sparepenger, samt øke kunnskap om hvordan bærekraft og sparing kan ha en sammenheng, gjennom engasjement, et godt produktutvalg og rådgivning.”

Annual report 2024A · The company itself

“Vi vil regelmessig måle effekten tiltakene har på spare- og investeringsporteføljene. Vi skal: • Engasjere kundene via digitale og betjente kanaler til å bli bevisst på hvilke indirekte klimagassutslipp som er assosiert med ulike porteføljevalg. Vi ønsker at kunder skal ha grunnleggende forståelse av hvordan porteføljens risiko og avkastning forventes å bli påvirket av disse valgene, kunne sammenligne ulike valg av porteføljer opp mot hverandre, og ha tilstrekkelig innsikt i hvilke bærekrafthensyn som tas i de ulike fondene. • Videreutvikle produktutvalget innen eksisterende og nye enkeltfond og fondspakker, hvor fokus vil være på hvilke bærekraftrelaterte egenskaper fondsproduktene har. • Bidra til produktutvikling hos våre fondsprodusenter, basert på kunnskap vi tilegner oss fra egen distribusjon.”

Annual report 2024A · The company itself

“Storebrand tilbyr også kunder økonomisk trygghet og frihet gjennom produkter og tjenester knyttet til sparing og pensjon. Vår evne til å levere gode resultater og kundeopplevelser er avgjørende for å tiltrekke kunder.”

Annual report 2024A · The company itself

“Gjennom Spare- og Investeringsvirksomheten vil vi legge til rette for at spare- og pensjonskundene får rådgivning og informasjon om hvilke klimagassutslipp og andre bærekraftrelaterte egenskaper som er assosiert med ulike porteføljevalg, hvordan porteføljens risiko forventes å bli påvirket av valgene, hvordan sette sammen best egnet portefølje basert på kundens preferanser, samt sammenligning av porteføljens egenskaper mot bransjestandard.”

Annual report 2024A · The company itself

“2025 blev et år, hvor de internationale markeder udviklede sig stærkt, mens det danske aktiemarked haltede efter. OMXC25 endte med stigning på blot 2,7%. Til sammenligning endte DAX med en stigning på 23% og S&P 500 med 16% (i lokal valuta).”

Annual report 2025A · The company itself

“Likviditet og investorinteresse var fortsat begrænset, og kursdannelsen i flere af vores selskaber var fortsat påvirket af lav omsætning og store kursudsving.”

Annual report 2025A · The company itself

“Vi forventer, at volatiliteten i både aktier og renter vil fortsætte, og at udviklingen i smallcap i høj grad vil afhænge af renteniveau, inflationsforløb og risikovillighed samt en gradvis tilbagevenden af likviditet til de mindre aktier.”

Annual report 2025A · The company itself

“Strategic Investments A/S’s investeringer består primært af noterede og unoterede small cap aktier. Markedet for small cap investeringer har igennem 2024 og 2025 været særdeles udfordrende og præget af kursfald, lav investorinteresse og lav likviditet og omsættelighed.”

Annual report 2025A · The company itself

“For smallcap-segmentet var vores forventning, at en normalisering af risikopræmier og forbedret likviditet gradvist kunne skabe bedre forudsætninger for kursmæssig fremgang – men også at udviklingen kunne blive ujævn.”

Annual report 2025A · The company itself

“Trods det udfordrende markedsmiljø lykkedes det dog selskabet at opnå et særdeles tilfredsstillende resultat, der lever op til selskabets langsigtede målsætning om et årligt afkast på 10-15%.”

Annual report 2025A · The company itself

“Vi forventer dog, at lavere renter fra USA og mere stabile inflationsforventninger kan understøtte small cap-segmentet i 2026 og gradvist øge fokus på de mindre selskaber.”

Annual report 2025A · The company itself

“Indtjeningsmæssigt opnåede vi et afkast på 19,3%, hvilket oversteg vores forventninger ved årets start om et resultat i intervallet -10% til +10% samt vor langsigtede målsætning om et årligt afkast på 10–15%.”

Annual report 2025A · The company itself

“Når vi ser på markedet, vurderer vi, at vores tilgang fortsat er relevant, idet behovet for aktiv kapital og støtte er øget i et miljø, hvor investorernes fokus ofte samler sig om de mest likvide aktier.”

Annual report 2025A · The company itself

“Selskabets strategi er baseret på investering i værdipapirer og finansielle instrumenter med henblik på at skabe et højt afkast. Strategien er en blanding mellem aktivistinvestering og investering i small og mid cap aktier, samt hedgefundinvestering i øvrige instrumenter.”

Annual report 2025A · The company itself

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

Annual report 2025A · The company itself

“Failure To Maintain Our Current Credit Ratings Could Adversely Affect Our Cost of Funds, Related Margins, Liquidity, and Access to Capital Markets. Moody’s and Standard & Poor’s routinely evaluate our debt and have given us ratings on our senior unsecured debt, commercial paper program and preferred stock. These ratings are based on a number of factors, which include their assessment of our financial strength, liquidity, capital structure, asset quality, and sustainability of cash flows and earnings.”

Annual report 2025A · The company itself

“Our ability to make scheduled payments on, or to refinance, our debt obligations will depend on our operating and financial performance, which in turn is subject to prevailing economic conditions and to financial, business and other factors beyond our control. The global equity and credit markets have experienced in the past, and may experience in the future, periods of extraordinary turmoil and volatility. These circumstances may materially and adversely impact liquidity in the financial markets at times, making terms for certain financings less attractive or in some cases unavailable. Disruptions and uncertainty in the equity and credit markets, including as a result of bank failures and uncertainty in the banking sector generally, may negatively impact our ability to refinance existing indebtedness and access additional financing for acquisitions, development of our properties and other purposes at reasonable terms or at all, which may negatively affect our business and the market price of our common stock.”

Annual report 2025A · The company itself

“2025 Highlights Commitment to Shareholders ● In July 2025, the Company marked its 53rd year as a REIT and, in October 2025, paid its 212th consecutive quarterly dividend.”

Annual report 2025A · The company itself

“Maintaining a Strong Balance Sheet We maintain a capital structure that we believe allows us to proactively source potential investment opportunities in the marketplace. We have structured our debt maturity schedule to be able to opportunistically access both secured and unsecured debt markets when appropriate.”

Annual report 2025A · The company itself

“We rely on capital markets – Due to the significant capital expenditures required to operate and maintain a safe and efficient railroad, we rely on the capital markets to provide some of our capital requirements. We utilize long-term debt instruments, bank financing, and commercial paper, and we pledge certain amount of our receivables as collateral for credit.”

Annual report 2025A · The company itself

“•If our security measures are breached or unauthorized access to customer data is otherwise obtained, our solutions may be perceived as not being secure, customers may reduce or stop the use of our solutions, and we may incur significant liabilities. •We face intense competition in markets in which we operate—particularly in the CRM market as we transition customers from our legacy CRM application to our Vault CRM application—and if we do not compete effectively, we may lose customers and our business and operating results could be adversely affected. •Defects or disruptions in our solutions could result in diminished demand for our solutions and a reduction in our revenues, and subject us to substantial liability. •If our newer solutions are not successfully adopted by new and existing customers, the growth rate of our revenues and operating results will be adversely affected.”

Annual report 2026A · The company itself

“Our tenants’ ability to raise capital depends on the timely success of their research and development activities, viability of their products and technologies, their financial and operating condition and outlook and the overall financial, economic and legal and regulatory environment. If private investors, the federal government, universities, public markets or other sources of funding are unwilling or unable to fund these tenants because of general economic conditions, adverse market conditions or otherwise, a tenant may not be able to pay rent or meet its other obligations to us and its business may fail.”

Annual report 2025A · The company itself

“Risks Relating to Our Capital Structure Market conditions, the actual and perceived state of the capital markets generally and limitations on our ability to access such markets could negatively impact our business and have an adverse effect on us, including our ability to make required payments on our debt obligations, make distributions to our stockholders or make future investments necessary to implement our business strategy. We are highly dependent on access to the debt and equity capital markets.”

Annual report 2025A · The company itself

“Further, our access to debt and equity capital depends, in part, on the trading prices of our common stock and senior notes, which, in turn, depend upon our financial condition, our growth potential and our current and expected future earnings and cash distributions. If our performance declines or we fail to meet the market’s expectations regarding our performance, our ability to access capital on favorable terms or at all could be adversely impacted.”

Annual report 2025A · The company itself

“The market price and trading volume of our common stock may be volatile. The market price of our common stock has been, and may in the future be, highly volatile and subject to wide fluctuations.”

Annual report 2025A · The company itself

“We may also earn promote revenue within the VIM platform related to the Ventas Fund, a perpetual life investment vehicle focused on investments in research centers, outpatient medical buildings and senior housing communities in North America. Within the Ventas Fund, promote revenue is generally based on the Ventas Fund’s cumulative returns over three-year performance periods.”

Annual report 2025A · The company itself

“Equity •In May 2025, our stockholders approved the increase of authorized common stock from 600 million shares to 1.2 billion shares. •In June 2025, we amended the sales agreement for our at-the-market equity offering program (the “ATM Program”) such that the aggregate gross sales price of common stock available for issuance under the program immediately following the amendment was $2.25 billion. •During the year ended December 31, 2025, we entered into equity forward sales agreements under the ATM Program for 46.2 million shares of our common stock for gross proceeds of $3.2 billion, representing an average price of $69.51 per share, of which 13.9 million shares or approximately $1.1 billion in gross proceeds remained unsettled with maturities through July 2027.”

Annual report 2025A · The company itself

“We fund our capital needs in part through borrowings in the public and private credit markets. Adverse changes in the financial markets, including increases in interest rates or changes in exchange rates, could increase our cost of borrowing, require us to post a significant amount of collateral, and/or make it more difficult for us to obtain financing for our operations or refinance existing indebtedness.”

Annual report 2025A · The company itself

“Det finns en ökad risk när det gäller att säkra ytterligare finansiering eftersom de diversifierade finansieringskällorna har minskat på grund av Viaplay Groups försvagade kreditvärdighet. Som en konsekvens av rekapitaliseringen kan Viaplay Group inte utfärda ytterligare obligationer inom MTN-programmet eller emittera företagscertifikat. Därför utgör revolverande kreditfacilitet (RCF) den enda källan till ytterligare finansiering.”

Annual report 2024A · The company itself

“•Cybersecurity risks could lead to disclosure of confidential information, service disruptions, reputational damage, legal liabilities and financial losses. •Our business may be negatively impacted by the outcome of uncertainties related to litigation. •Global economic conditions and other global events may adversely affect our business. •The market price of our common stock has been, and may continue to be, highly volatile. •Our participation in multiemployer defined benefit pension plans could subject us to liabilities.”

Annual report 2025A · The company itself

“In 2025, S&P, Moody’s and Fitch downgraded certain of our ratings in part due to declines in our linear business, including as a result of the weak operating environment, our leverage ratio, and an increase in secured debt and uncertainty in connection with the previously planned separation of Warner Bros.”

Annual report 2025A · The company itself

“For example, in 2025, S&P, Moody’s and Fitch downgraded certain of our ratings in part due to declines in our linear business, including as a result of the weak operating environment for linear networks, our leverage ratio, and an increase in secured debt and uncertainty in connection with the previously planned separation of Warner Bros.”

Annual report 2025A · The company itself

“Risks Related to Economic and Market Volatility Our business is dependent on our ability to successfully access credit and capital markets on competitive terms and rates. We rely on access to credit and capital markets to support our capital requirements, including expenditures for our utility infrastructure and to comply with future regulatory requirements, to the extent not satisfied by the cash flow generated by our operations. We have historically secured funds from a variety of sources, including the issuance of short-term and long-term debt securities.”

Annual report 2025A · The company itself

“Our access to the credit and capital markets could be limited, or our cost of capital significantly increased, due to any of the following risks and uncertainties: •A rating downgrade; •Failure to comply with debt covenants; •An economic downturn or uncertainty; •Prevailing market conditions and rules; •Political tensions, including civil unrest and election volatility; •Concerns over foreign economic conditions; •Changes in tax policy; •Changes in investment criteria of institutional investors or banks; •War or the threat of war; •Growth in AFUDC during periods of significant construction; and •The overall health and view of the utility and financial institution industries.”

Annual report 2025A · The company itself

“Cash available for distributions to stockholders may be insufficient to make dividend contributions at expected levels and are made at the discretion of the Board If cash available for distribution generated by our assets decreases due to dispositions or otherwise, we may be unable to make dividend distributions at expected levels. Our inability to make expected distributions would likely result in a decrease in the market price of our common stock.”

Annual report 2025A · The company itself

“Downgrades in our credit ratings could have a material adverse effect on our cost and availability of capital We plan to manage the company to maintain a capital structure consistent with our current profile, but there can be no assurance that we will be able to maintain our current credit ratings. Any downgrades in terms of ratings or outlook by any or 43 all of the rating agencies could have a material adverse effect on our cost and availability of capital, which could in turn have a material adverse effect on our results of operations, liquidity, cash flows, the trading/redemption price of our securities and our ability to satisfy our debt service obligations and to pay dividends and distributions to our equity holders.”

Annual report 2025A · The company itself

“Elevated interest rates may also lead purchasers of our common stock to demand a greater annual dividend yield, which could adversely affect the market price of our common stock and could result in increased capitalization rates, which may lead to reduced valuation of our assets.”

Annual report 2025A · The company itself

“Genomsnittsränta, vid förändring av marknadsräntan 2 | Finansiering Wihlborgs är beroende av externa lån för att kunna fullfölja sina åtaganden och genomföra affärer. Oron på kreditmarknaderna under de senaste åren visar hur förutsättningarna för, och tillgången till, krediter snabbt kan förändras. Om Wihlborgs inte kan förlänga eller ta upp nya lån eller om villkoren är väldigt oförmånliga, begränsas möjligheterna att kunna fullfölja åtaganden och genomföra affärer.”

Annual report 2024A · The company itself

“Under hösten genomfördes en framgångsrik emission av en grön säkerställd obligation med ett belopp om 400 mkr och en löptid på tre år. Bolagets tidigare icke-säkerställda gröna obligation på 500 mkr, som emitterades 2021, löstes in.”

Annual report 2024A · The company itself

“Nuvarande osäkerhet på finansmarknaden medför såväl generellt minskad tillgång på kapital på marknaden och ökade kreditkostnader som en avvaktande inställning från beställare.”

Annual report 2024A · The company itself

“ZI will require additional financing to execute its strategy, but adequate sources of funding may not be available when needed or may not be available on favourable terms.”

Annual report 2024A · The company itself

“It is believed that the combined company can leverage Zelluna ASA’s established clinical development capabilities and public listing status to take Zelluna Immunotherapy AS' novel and proprietary cell therapy platform and pipeline to the clinic.”

Annual report 2024A · The company itself

“Finansiella risker De huvudsakliga finansiella riskerna som Tractionkoncernen är exponerad mot är prisrisker, det vill säga risken för värdeförändring i ett finansiellt instrument på grund av förändringar i antingen aktiekurser, obligationskurser, valutakurser eller räntor.”

Annual report 2024A · The company itself

“Access to Capital The company intends to fund short-term and long-term financial obligations as they mature through cash on hand, future cash flows from operations or has the ability to issue additional debt.”

Annual report 2025A · The company itself

“The market for raising new equity and initial public offerings has remained sluggish, but the activity within high-yield bonds have been close to all-time highs.”

Annual report 2024A · The company itself

“At the start of the year, the ECM segment remained sluggish, characterised by a lack of IPOs and other primary capital market activities.”

Annual report 2024A · The company itself

“Changes in global and regional economic conditions may impact our ability to obtain financing or increase the cost of obtaining financing which may adversely impact our operations and financial results. Volatility and disruption in the U.S., European and global credit, capital, and money markets could increase the costs for or make it more difficult for us to obtain financing for our operations, potentially impacting our cash flows or creating financial risks.”

Annual report 2025A · The company itself

“The Board of Directors determines whether to declare cash dividends on our common stock, as well as the timing and amount, based on our financial condition and other factors it deems relevant. We returned approximately $1.6 billion to shareholders in fiscal year 2025, an increase of 1% compared to the prior year, and we remain committed to continuing our history of dividend growth as part of our long-term capital allocation strategy.”

Annual report 2025A · The company itself

“Our share price has been, and may continue to be, volatile, and the value of our Class A common stock may decline.”

Annual report 2025A · The company itself

“Stock prices of many companies, including travel companies and technology companies, have fluctuated in a manner often unrelated to the operating performance of those companies. In the past, stockholders have instituted securities class action litigation following periods of stock volatility.”

Annual report 2025A · The company itself

“I 2024 mottok Aker 11,2 milliarder kroner i kontantutbytte og tilbakebetalt kapital fra sine porteføljeselskaper, en betydelig økning fra 4,4 milliarder kroner i 2023 og 2,8 milliarder kroner i 2022.”

Annual report 2024A · The company itself

“Aker fokuserer på investeringer i færre og større porteføljeselskaper med utsikter til positiv verdiutvikling, god kontantstrøm, avkastning i form av utbytter og verdistigning.”

Annual report 2024A · The company itself

“Förändringen förklaras i huvudsak av det positiva operativa kassaflödet om 45,3 miljarder kronor, vilket motverkades av utdelningen till AB Volvos aktieägare om 36,6 miljarder kronor.”

Annual report 2024A · The company itself

“Further, an economic downturn or recession or market disruption in the capital and credit markets may adversely impact the value of our pension plan assets, our results of operations, our statement of changes in stockholders’ equity and our liquidity. Our funding obligations could change significantly based on the investment performance of the pension plan assets and changes in actuarial assumptions for local statutory funding valuations. Any deterioration of the capital markets or returns available in such markets may negatively impact our pension plan assets and increase our funding obligations for one or more of these plans and negatively impact our liquidity.”

Annual report 2025A · The company itself

“The capital and credit markets are important to our business. Future instability in U.S. and global capital and credit markets, including market disruptions, limited liquidity and interest rate volatility or reductions in the credit ratings assigned to us by independent ratings agencies, could reduce our access to capital markets, increase our costs of borrowing or adversely impact our ability to obtain favorable financing terms in the future.”

Annual report 2025A · The company itself

“Den ryska invasionen av Ukraina har försämrat det säkerhetspolitiska läget i vår omvärld och skapat stor osäkerhet på de finansiella marknaderna, vilket kan påverka Alligators möjlighet att i framtiden finansiera kliniska studier.”

Annual report 2024A · The company itself

“Alma Media uudisti pitkäaikaisen rahoitussopimuksen 36 kk:n maturiteetilla. Rahoitussopimus sisältää 12 / 24 kk:n jatko-option.”

Annual report 2025A · The company itself

“Bolagets belåningsgrad minskade under året med 4,5 procent enheter till 50,7 procent och räntetäckningsgraden steg till 2,2 gånger.”

Annual report 2024A · The company itself

“I maj genomfördes en nyemission om 1,7 MDSEK för att uppnå en mer flexibel och balanserad kapitalstruktur och därmed skapa beredskap för nya investeringsmöjligheter.”

Annual report 2024A · The company itself

“A downgrade or potential downgrade of our credit ratings could adversely impact our borrowing costs and access to credit and capital markets, which could materially adversely affect our financial condition. Rating agencies routinely evaluate us, and their ratings are based on a number of factors, including our cash generating capability, levels of indebtedness, policies with respect to shareholder distributions, the impact of strategic transactions and our financial strength generally, as well as factors beyond our control, such as the state of the economy and our industry.”

Annual report 2025A · The company itself

“Meeting the significant increase in electricity demand from new data centers and other large‑load customers will require substantial investment in new generation and transmission facilities.”

Annual report 2025A · The company itself

“For example, the primary sources of funds for our acquisition of Horizon were those received from our $24 billion of senior notes issued on March 2, 2023, together with the $4 billion drawn down from our term loan facility, of which we repaid $2.2 billion, and while the Company currently has investment grade credit ratings and substantially returned to its pre-acquisition capital structure, when the Company incurred this substantial additional indebtedness the credit rating agencies downgraded our credit ratings.”

Annual report 2025A · The company itself

“Global capital markets have experienced, and may continue to experience, periods of volatility and disruption, including as a result of interest rate fluctuations, inflation, liquidity conditions, credit market stress and geopolitical events. Certain of our assets, including equity investments, are exposed to market fluctuations that, in a sustained or recurrent series of market disruptions, could result in impairments or losses on sale.”

Annual report 2025A · The company itself

“Share Repurchase Program We have a share repurchase program authorized by our Board of Directors. The Repurchase Program was established in April 2012 with $5.0 billion in authorized repurchases, and was increased by $5.0 billion in authorized repurchases in each of November 2014, June 2017, and November 2020, and by $7.5 billion in February 2022 for a total of $27.5 billion in repurchase authorizations. The following table summarizes our share repurchase activity (in millions, except per share data): Shares repurchased 2.7 3.1 Average price per share $ 365.91 $ 325.56 Repurchase costs recorded to accumulated deficit $ 1,000 $ 1,000 At December 31, 2025, the remaining authorized amount for share repurchase under the Repurchase Program was approximately $1.3 billion.”

Annual report 2025A · The company itself

“Capital markets is a global investment bank with expertise in insurance-linked securities, capital raising, strategic advice, restructuring, and mergers and acquisitions. We partner with insurers, reinsurers, investment firms, and corporations in executing innovative risk management products, capital market solutions, and corporate finance advisory services.”

Annual report 2025A · The company itself

“Wealth Solutions includes retirement consulting, pension administration, and investments consulting. Retirement consulting provides clients strategic design advice, actuarial services, risk management solutions including pension risk transfer, and integrated pension administration.”

Annual report 2025A · The company itself

“Our investments advisory team provides corporations, public pensions, endowments and foundations with advice on developing and maintaining investment programs across a broad range of plan types, including defined benefit plans and defined contribution plans. With respect to defined contributions, we offer Master Trusts and Pooled Employer Plans. Our delegated investment solutions provide ongoing management of investment programs in both partial or full discretionary models.”

Annual report 2025A · The company itself

“Furthermore, our investment businesses provide advice to clients on: investment strategy, which can include advice on setting investment objectives, asset allocation, and hedging strategies; selection (or removal) of investment managers; the investment in different investment instruments and products; and the selection of other investment service providers such as custodians and transition managers. For some clients, we are responsible for making decisions on these matters and we may implement such decisions in a fiduciary or agency capacity without assuming title over the underlying funds or assets invested.”

Annual report 2025A · The company itself

“Reinsurance Solutions revenue increased $137 million, or 5%, to $2.8 billion in 2025, compared to $2.7 billion in 2024. Organic revenue growth was 6% in 2025, reflecting growth in treaty, driven by net new business and strong retention, strength in facultative placements, and double-digit growth in insurance-linked securities.”

Annual report 2025A · The company itself

“Wealth Solutions revenue increased $194 million, or 10%, to $2.1 billion in 2025, compared to $1.9 billion in 2024. Organic revenue growth was 5% in 2025 reflecting growth in both Investments and Retirement. Growth in Investments was driven by net asset inflows and market performance and includes the impact of strong organic revenue growth from the divested NFP Wealth business, as defined in Liquidity and Financial Condition, until classified as held for sale in September 2025. Growth in Retirement was driven by continued strong demand for advisory work in the UK and EMEA related to the ongoing impact of regulatory change.”

Annual report 2025A · The company itself

“The Company is exposed to credit risk and fluctuations in the values of its investment portfolio. The Company’s investments can be negatively affected by changes in liquidity, credit deterioration, financial results, market and economic conditions, political risk, sovereign risk, interest rate fluctuations or other factors.”

Annual report 2025A · The company itself

“In addition, the recent and acute volatility among certain financial institutions in the U.S., have raised questions regarding the stability of the banking sector in the U.S. and, while such volatility has not adversely affected our operations, it has had an adverse impact on the equity and credit markets. Any reoccurrence of these conditions has the potential to adversely impact consumer credit availability or the cost of borrowing, which in turn could adversely impact our business.”

Annual report 2025A · The company itself

“Access to credit markets and pricing of the Company’s capital is dependent upon maintaining sufficient credit ratings from credit rating agencies. Strong credit ratings allow the Company to access cost-competitive tier one commercial paper markets.”

Annual report 2025A · The company itself

“A portion of our benefit consulting operation revenue is tied to assets invested by our clients, and when investment returns are adversely affected that portion of our revenue is negatively impacted.”

Annual report 2025A · The company itself

“This involves us, acting as an intermediary, using our capital on hand and short-term borrowings to cover the purchase price of the securities. We place the securities with investors and use the funds we receive from them to repay our obligations. Risks specific to these short-term borrowings include counterparty risk (which is the risk that arises due to uncertainty about a counterparty’s ability to meet its obligations) with respect to the investors. Non-performance by any of our counterparties in these transactions for financial or other reasons could potentially expose us to material losses.”

Annual report 2025A · The company itself

“Credit rating downgrades would increase our financing costs and could subject us to operational risk. If we need to raise capital in the future (for example, in order to maintain adequate liquidity, fund maturing debt obligations or finance acquisitions or other initiatives), credit rating downgrades would increase our financing costs, and could limit our access to financing sources. We would also face the risk of a credit rating downgrade if we do not retire or refinance the debt to levels acceptable to the credit rating agencies in a timely manner.”

Annual report 2025A · The company itself

“Change in estimated acquisition earnout payables - The change in the expense from the change in estimated acquisition earnout payables in 2025 compared to 2024 was due primarily to adjustments made to the estimated fair value of earnout obligations related to revised assumptions due to rising interest rates and increased market volatility and projections of future performance.”

Annual report 2025A · The company itself

“An important way we grow our business is through acquisitions. One method of acquiring companies or otherwise funding our corporate activities is through the issuance of additional equity securities.”

Annual report 2025A · The company itself

“Med den fulltecknade företrädesemissionen om 105 MSEK i Q3 2024, sträcker sig bolagets kassalikviditet fram till sent 2025, väl bortom NDA-ansökan för Orviglance. Kassalikviditeten kan dessutom förlängas väsentligt under 2025 med finansiering från teckningsoptioner och partnerskap.”

Annual report 2024A · The company itself

“Likviden från utnyttjande av emitterade teckningsoptioner serie TO 1 kan ge upp till 45 MSEK i ytterligare finansiering i april 2025.”

Annual report 2024A · The company itself

“In recent years, uncertainty surrounding global growth rates, inflation and the interest rate environment produced volatility in the credit, currency and equity markets.”

Annual report 2025A · The company itself

“The table below shows the Group’s registered and allowed patents: To support this expansion, the Group intends to secure financing for the construction of Phase 2, finalize further improvements to Phase 1, and ramp up production. Management is actively pursuing additional funding and aims to raise capital in the second half of 2025 through a combination of equity and debt financing.”

Annual report 2024A · The company itself

“We have pension and other postretirement benefit plans that provide benefits to many of our employees and retirees. Costs of providing benefits and related- funding requirements of these plans are subject to changes in the market value of the assets that fund the plans. The funded status of the plans and the related costs reflected in the Company’s financial statements are affected by various factors, which are subject to an inherent degree of uncertainty, including economic conditions, financial market performance, interest rates, life expectancies, and demographics.”

Annual report 2025A · The company itself

“Värdeförändringar Under året har en ökad aktivitet på kreditmarknaden noterats och kreditmarginaler har sjunkit de första tre kvartalen för att sedan stabiliseras under resten av året. Kreditmarginalerna motsvarar nu nästan nivåerna från slutet av år 2021.”

Annual report 2024A · The company itself

“Yielden är under 2024 på totalen oförändrad men mindre individuella justeringar av avkastningskravet har gjorts på främst kontor och bostäder. Sett till helåret 2024 har dock yielden justerats marginellt uppåt vilket delvis mitigeras av ett förbättrat kassaflöde.”

Annual report 2024A · The company itself

“Our access to debt, securitization, or derivative markets around the world at competitive rates or in sufficient amounts could be affected by credit rating downgrades, market volatility, market disruption, regulatory requirements, or other factors. Our ability to obtain unsecured funding at a reasonable cost is dependent on our credit ratings or our perceived creditworthiness.”

Annual report 2024A · The company itself

“Our pension obligations are dependent on several factors, including factors outside our control such as changes in interest rates, the market performance of the diversified investments underlying the pension plans, actuarial data and adjustments and an increase in the minimum funding requirements or other regulatory changes governing the plans. Adverse equity market conditions and volatility in the credit market may have an unfavorable impact on the value of our pension assets and our future estimated pension liabilities.”

Annual report 2024A · The company itself

“Autoliv is committed to maintain a “strong investment grade credit rating."”

Annual report 2024A · The company itself

“The reduced availability of financing during periods of economic turmoil, even to borrowers with the highest credit ratings, may limit our ability to access short-term debt markets to meet the liquidity needs of our business.”

Annual report 2026A · The company itself

“To maintain our investment-grade ratings, we are required to meet certain financial performance ratios. A change by the rating agencies in these ratios, an increase in our debt, and/or a decline in our earnings could result in downgrades in our credit ratings.”

Annual report 2025A · The company itself

“Constraints in the banking and capital markets or our vendor credit terms may have a material adverse impact on our liquidity. We need sufficient sources of liquidity to fund our working capital requirements, service our outstanding indebtedness and finance business opportunities.”

Annual report 2026A · The company itself

“Changes in the value of our investment portfolio has in the past and may in the future adversely affect our earnings. The value of our investments may decline due to, among other things, increases in interest rates, downgrades of the bonds and other securities in our portfolio, negative company-specific news, biotechnology market sentiment, instability in the global financial markets that reduces the liquidity of securities in our portfolio, declines in the value of collateral underlying the securities in our portfolio and other factors.”

Annual report 2025A · The company itself

“The Company intends to finance future investments with net cash flow from operating activities and borrowings under its RBL facility and other equity and debt facilities.”

Annual report 2024A · The company itself

“However, any unexpected changes that result in lower revenues or increased costs may necessitate the raising of additional external capital. There can be no guarantee that, if required, BlueNord would be able to access the debt or equity markets on favourable terms, or if necessary be able to adequately restructure or refinance its debt.”

Annual report 2024A · The company itself

“Key to the company’s capital efficiency and capital return requirement is the continued access to financial markets, as was demonstrated during the year by the success of our refinancing of our RBL and bond issue.”

Annual report 2024A · The company itself

“BlueNord maintains a strong relationship with its banking syndicate through continual engagement to underpin its borrowing position and has an active investor relations strategy to support access to the capital markets.”

Annual report 2024A · The company itself

“This in turn enables us to deliver on three key priorities: maximising distributions to shareholders, maintaining a conservative balance sheet and allocating capital to attractive organic growth opportunities.”

Annual report 2024A · The company itself

“We will maximise the value of BlueNord, with near-term shareholder returns and maintaining a conservative balance sheet prioritised, while reinvesting where attractive. • First distribution announced, distribution plan for 2025 and 2026 developed. • Capital structure reset completed, with enhanced USD 1.4 billion reserves based lending facility (RBL) in place, maturity extended, new BNOR16 bond issued, and repayment of BNOR14.”

Annual report 2024A · The company itself

“During the year the Company outlined its planned distributions policy, which aims to distribute between 50 and 70 percent of net operating cash flow between 2024 and 2026. Thereafter the desire is to maintain a meaningful returns profile.”

Annual report 2024A · The company itself

“Bostäder utvecklas under en lång period och kräver en långfristig finansiering. Bonava behöver därför tillgång till långfristig extern finan - siering för att kunna bedriva verksamheten.”

Annual report 2024A · The company itself

“Nettoomsättningen till investerare uppgick till 1 399 (3 871) MSEK, antalet resultatavräknade bostäder uppgick till 465 (1 550).”

Annual report 2024A · The company itself

“These conditions could affect our ability to access credit markets, including to obtain financing for mergers and acquisitions (M&A) or for other general purposes.”

Annual report 2025A · The company itself

“As part of our strategy to maximize stockholder value, we use financial leverage to manage our cost of capital. Our outstanding debt balance was $11.436 billion as of December 31, 2025.”

Annual report 2025A · The company itself

“The failure of any lender under our revolving credit facility (which matures in 2026) (the “Revolving Credit Facility”) could adversely affect our ability to borrow on that facility, which over time could negatively impact our ability to consummate significant acquisitions or make other significant capital expenditures. Tightening conditions in the credit markets in future years could adversely affect the availability and terms of future borrowings or renewals or refinancing.”

Annual report 2025A · The company itself

“Growth within these markets is linked to a number of key factors, including demographic trends, housing demand, housing trends including the size of new homes, interest rates, employment levels, availability of credit, foreclosure rates, consumer confidence, the availability of qualified tradesmen, and the state of the economy in general.”

Annual report 2025A · The company itself

“Additionally, weak global economic conditions and adverse conditions in global financial and capital markets, including fluctuating interest rates and constraints on the availability of credit, have in the past adversely affected, and may in the future adversely affect, the financial condition and creditworthiness of the financial institutions that serve as our lenders and as counterparties to the over-the-counter derivative instruments we use to manage risks and some of our customers, suppliers, and other counterparties, which in turn may negatively impact our financial condition and results of operations.”

Annual report 2025A · The company itself

“BW Energy’s strategy focuses on achieving growth, generating attractive long-term, risk-adjusted returns, and delivering robust cash flow.”

Annual report 2024A · The company itself

“Detta är mer än dubbla anskaffningskostnaden för aktierna. Vi bedömer därutöver att våra dryga 90 procent av aktierna är värda ca 120 miljoner kronor per 31 december 2024.”

Annual report 2024A · The company itself

“Metod Vi är systematiska och fundamentalt värderingsdrivna. Vi söker och är tillgängliga för möjligheter där vi med rimlig säkerhetsmarginal kan fastställa att priset är lägre än det baserat på kassaflöden motiverade långsiktiga värdet.”

Annual report 2024A · The company itself

“Mål Byggmästarens övergripande mål är att skapa långsiktiga värden för sina aktieägare, likväl som för samhälle och andra intressenter. Vi mäter vår prestation som utveckling av substansvärde.”

Annual report 2024A · The company itself

“Our marketable investments include various money market funds and shares of publicly held companies, and may include other investments as well. Weakened financial markets have at times adversely impacted the general credit, liquidity, market prices and interest rates for these and other types of investments.”

Annual report 2025A · The company itself

“We also invest cash in non-marketable equity securities, including shares of privately held entities. The financial market and monetary risks associated with our investment portfolio may have a material adverse effect on our financial condition, liquidity, results of operations or cash flows.”

Annual report 2025A · The company itself

“Other weakened economic conditions, including job losses, high unemployment levels, stock market volatility, and uncertainty about the future, could adversely affect rental rates and occupancy levels.”

Annual report 2025A · The company itself

“Factors which could increase or decrease our future liquidity include but are not limited to volatility in capital and credit markets, changes in costs, changes in governmental regulations, including tariffs and rent control or rent stabilization laws, sources of financing, the minimum REIT dividend requirements, our ability to complete asset purchases, sales, or developments, the effect our debt level and changes in credit ratings could have on our cost of funds, and our ability to access capital markets.”

Annual report 2025A · The company itself

“Changes in valuations in the debt and equity markets could have a negative impact on the assets we hold in our investment portfolio.”

Annual report 2025A · The company itself

“We maintained liquidity reserves of $144 billion and $123.8 billion as of December 31, 2025 and 2024, respectively, as shown in Table 27 below. Included in liquidity reserves are cash and cash equivalents, investment securities and FHLB borrowing capacity secured by loans.”

Annual report 2025A · The company itself

“Credit Ratings Our credit ratings impact our ability to access capital markets and our borrowing costs. For more information, see “Part I—Item 1A.”

Annual report 2025A · The company itself

“En viktig milstolpe var vår omnotering till Stockholmsbörsen, som var ett viktigt steg för att stärka vår marknadsnärvaro och synlighet.”

Annual report 2024A · The company itself

“Further strengthen our balance sheet while delivering outsized shareholder returns. Several years of exceptional performance has significantly strengthened our financial fitness—reducing debt, achieving strong profitability and double‑digit ROIC, surpassing the investment grade threshold and reinstating our dividend. We are fortifying our position through disciplined cost control and continued deleveraging.”

Annual report 2025A · The company itself

“In addition, our ability to sell automotive finance receivables on acceptable terms depends on investor demand and liquidity in the asset-backed securities and whole-loan markets. A reduction in investor demand, widening credit spreads, or changes in underwriting expectations could adversely affect execution, including required discounts, advance rates, and time to sale.”

Annual report 2025A · The company itself

“Any material decline in our access to the capital markets at competitive rates and in sufficient amounts could harm our business, results of operations, and financial condition.”

Annual report 2025A · The company itself

“In addition, changes in the condition of the securitization market could lead us to incur higher costs to access funds in the market or lose access to the market, requiring us to seek alternative means to finance those originations that could be more 21 expensive, or retain credit risk in excess of those required under the Risk Retention Rules (as defined below), which may prevent us from derecognizing the loans and recognizing a gain on sale.”

Annual report 2025A · The company itself

“Investment Managements intäkter minskade främst på grund av uteblivna prestationsbaserade avgifter och lägre förvaltningsarvoden till följd av lägre NAV i förvaltade fonder.”

Annual report 2024A · The company itself

“Det försämrade resultatet beror i huvudsak på lägre prestationsbaserade avgifter inom Property Funds.”

Annual report 2024A · The company itself

“Inom Principal Investments påverkas även värdet på fondinvesteringar med aktieinriktning av börskurser.”

Annual report 2024A · The company itself

“Our customers are financial institutions whose ability to satisfy their contractual obligations may be impacted by volatile securities markets.”

Annual report 2025A · The company itself

“Overview Cboe Global Markets, Inc., the world's leading derivatives and securities exchange network, delivers cutting-edge trading, clearing, and investment solutions to people around the world. Cboe provides trading solutions and products in multiple asset classes, including equities, derivatives, and FX, across North America, Europe, and Asia Pacific.”

Annual report 2025A · The company itself

“Our Business Cboe reports on the following five business segments: •Options. The Options segment includes options on market indices (“index options”), as well as on the stocks of individual corporations (“equity options”) and on ETPs such as exchange-traded funds (“ETFs”) and exchange-traded notes (“ETNs”), which are “multi-listed” options and listed on a non-exclusive basis. These options are eligible to trade, as applicable, on Cboe Options, C2, BZX, EDGX, and/or other U.S. national security exchanges. Cboe Options is the Company’s primary options market and offers trading in listed options through a single system that integrates electronic trading and traditional open outcry trading on the Cboe Options trading floor in Chicago.”

Annual report 2025A · The company itself

“•Futures. The Futures segment includes transaction services provided by CFE, a fully electronic futures exchange, which includes offerings for trading of VIX futures and other futures products, the licensing of proprietary market data, as well as access and capacity services.”

Annual report 2025A · The company itself

“•North American Equities. The North American Equities segment includes U.S. equities and ETP transaction services that occur on fully electronic exchanges owned and operated by BZX, BYX, EDGX, and EDGA, equities transactions that occur on the BIDS Trading platform in the U.S. and the Cboe BIDS Canada platform, and Canadian equities and other transaction services that occur on or through Cboe Canada’s order books.”

Annual report 2025A · The company itself

“The North American Equities segment also includes corporate listing services on Cboe Canada, ETP listings on BZX, the Cboe Global Markets, Inc. common stock listing, and applicable market data fees revenues generated from the consolidated tape plans, the licensing of proprietary equities market data, routing services, and access and capacity services. •Europe and Asia Pacific. The Europe and Asia Pacific segment includes the pan-European derivatives transaction services, ETPs, including exchange traded funds, exchange traded notes, and exchange traded commodities, and international depository receipts that are hosted on MTFs operated by Cboe Europe Equities (Cboe Europe and Cboe NL equities exchanges) and CEDX.”

Annual report 2025A · The company itself

“Derivatives Markets We are one of the largest U.S. derivatives market operators, operating four options markets, Cboe Options, BZX Options, EDGX Options and C2 Options, and a futures market, CFE. The key products traded on our derivatives markets are proprietary products, including our flagship products SPX options and VIX options and futures, and multi-listed products.”

Annual report 2025A · The company itself

“Proprietary Products We are a leader in the volatility space with the volatility-based proprietary products we offer for trading. These volatility-based proprietary products are built through Cboe Labs, a dedicated team centered on the creation, development, and implementation of new ideas and our strategic relationships and license agreements with index providers, including S&P Dow Jones Indices (“S&P”) and the Frank Russell Company and FTSE International Limited (together “FTSE Russell”). We offer proprietary products on our proprietary indices and indices owned by other index providers. Our most frequently traded proprietary products include SPX options and VIX options and futures.”

Annual report 2025A · The company itself

“We hold exclusive U.S. rights to list options on the S&P 500 Index, S&P 100 Index, S&P 500 ESG Index, and S&P Select Sector Indices. Our license with S&P extends through December 31, 2033, with exclusive rights to trade S&P 500 Index options through December 31, 2032.”

Annual report 2025A · The company itself

“Cash and Spot Markets We are one of the largest equities market operators, operating four U.S. equities exchanges, international exchanges in Europe, Canada, and Australia, as well as a number of alternative trading systems and an FX platform. Our four U.S. equities exchanges, BZX, EDGX, BYX and EDGA, which are fully electronic, operate various market and pricing models including price-time and price-time with retail priority, as well as various pricing models, including maker-taker and taker-maker fee structures.”

Annual report 2025A · The company itself

“Our fully electronic Canadian securities exchange, Cboe Canada Inc., offers four order books, NEO-L, NEO-N, NEO-D, and MATCHNow, which operate various market models including maker-taker, taker-maker, large order priority, and frequent call matches with continuous execution opportunities, among others.”

Annual report 2025A · The company itself

“In Europe, we operate a number of market models, including continuous Lit order books, periodic auction order books, dark midpoint order books, a post-closing cross, as well as two BIDS Europe order books.”

Annual report 2025A · The company itself

“Cboe Australia is a regulated stock exchange that is fully electronic. Cboe Australia utilizes a model that charges a different ad valorem fee rate depending on whether a participant is making or taking liquidity.”

Annual report 2025A · The company itself

“Risks Relating to Our Business Loss of our right to exclusively list and trade certain index options and futures could have a material adverse effect on our financial performance. We hold exclusive licenses to list securities index options on the S&P 500 Index, the Russell 2000 Index, and other indices granted to us by the owners of such indices, and additionally hold exclusive rights to our proprietary VIX Index methodology that provides the basis for VIX options and futures. In 2025, approximately 68% of our total revenues less cost of revenues were generated by the options and futures segments, the majority of which was generated by products based on exclusively licensed indices (e.g., SPX options) and products based on our proprietary VIX methodology (e.g., VIX options and futures).”

Annual report 2025A · The company itself

“Our equities and options customers in the United States include trading permit holders and members (as applicable) of Cboe Options, C2, BZX, BYX, EDGX, and EDGA, which are SEC-registered broker-dealers, and the customers of those broker-dealers.”

Annual report 2025A · The company itself

“Our futures customers include banks, futures commission merchants and their customers, hedge funds, asset managers, proprietary trading firms, and Commodity Trading Advisors.”

Annual report 2025A · The company itself

“It may also lead to a decrease in funds invested in commercial real estate assets and development projects. Such developments in turn may reduce our revenue from property management fees and commissions derived from property sales, leasing, valuation and financing, as well as revenues associated with development or investment management activities.”

Annual report 2025A · The company itself

“With $155.5 billion in assets under management as of December 31, 2025, CBRE Investment Management (IM) is one of the leading investment platforms for global real assets. IM invests capital on behalf of pension funds, insurance companies, sovereign wealth funds, and other institutional investors in real estate, infrastructure, master limited partnerships and other assets.”

Annual report 2025A · The company itself

“Adverse credit market conditions may have a material adverse effect on our liquidity or our ability to obtain credit on acceptable terms. In the past, the securities and credit markets have experienced volatility and disruption. The availability of credit, from virtually all types of lenders, has at times been restricted. In the event we need access to additional capital to pay our operating expenses, fund subsidiary surplus requirements, make payments on or refinance our indebtedness, pay capital expenditures or fund acquisitions, our ability to obtain such capital may be limited and the cost of any such capital may be significant, particularly if we are unable to access our existing Revolving Credit Facility.”

Annual report 2025A · The company itself

“For further discussion, see “Business—Environmental Matters” in Item 1 and “ —Our natural gas businesses must compete with…” Evolving investor sentiment related to the use of fossil fuels and initiatives to restrict continued production of fossil fuels may have substantial impacts on our electric generation and natural gas businesses. For example, because Indiana Electric currently relies on coal for a portion of its generation capacity, certain financial institutions may choose not to participate in CenterPoint Energy’s financing arrangements until future coal generation closures satisfy their thresholds for investments.”

Annual report 2025A · The company itself

“As of December 31, 2025, the amount available under our credit facilities was approximately $4.4 billion and cash on hand was approximately $477 million. We expect to utilize free cash flow, cash on hand and availability under our credit facilities as well as future refinancing transactions to further extend the maturities of our obligations.”

Annual report 2025A · The company itself

“De større virksomheder blandt vores kunder har generelt rimeligt nemt ved at tiltrække den nødvendige kapital til finansiering af deres udviklingsprojekter. Det er også hos denne type kunder, vi ser flest nye forsøg med terapier blive igangsat – og der kommer løbende lovende data fra en række af forsøgene i de tidlige forsøgsfaser, hvilket er godt for både branchen og ChemoMetec.”

Annual report 2025A · The company itself

“De større virksomheder blandt vores kunder har generelt rimeligt nemt ved at tiltrække den nødvendige kapital til finansiering af deres udviklingsprojekter, og det er især hos denne type kunder, at der sker opstart af forsøg med nye terapier. Sideløbende med vores fokuserede indsats på markedet for celle- og genterapi har vi over de sidste par år arbejdet målrettet på at videreudvikle vores produktportefølje, så den imødekommer behovene for celletælling og -analyse hos kunderne inden for bioprocessing.”

Annual report 2025A · The company itself

“Some stakeholders, including but not limited to sovereign wealth, pension, and endowment funds, have been divesting and promoting divestment of, or screening out, fossil fuel equities and urging lenders to limit funding to companies engaged in the extraction of fossil fuel reserves. Further, voluntary carbon-related and target-setting frameworks have been developed that may limit the ability of certain sectors, including the oil and gas sector, from accessing capital, and may result in exclusion of the company’s equity or debt from being included as an investment option in portfolios.”

Annual report 2025A · The company itself

“Unfavorable ESG ratings and investment community divestment initiatives, among other actions, may lead to negative investor sentiment toward Chevron and to the diversion of investment to other industries, which could have a negative impact on our stock price and our access to and costs of capital.”

Annual report 2025A · The company itself

“Exchange-traded equity futures contracts are used to limit exposure to a severe equity market decline, which would cause an increase in expected claims and, therefore, an increase in market risk benefit reserves.”

Annual report 2025A · The company itself

“Our access to the credit markets will depend on a variety of factors, such as prevailing economic and credit market conditions, the general availability of credit, the overall availability of credit to our industry, our credit ratings and credit capacity and perceptions of our financial prospects. For example, in the event that the ratings of our commercial paper or our outstanding long-term debt issues were substantially lowered or withdrawn for any reason, or if the ratings assigned to any new issue of long-term debt securities were significantly lowered, particularly if we no longer had investment grade ratings, our ability to access the debt markets may be adversely affected.”

Annual report 2026A · The company itself

“We maintain an investment portfolio with various holdings, investment types, and maturities, including available-for-sale debt and equity investments, the values of which are subject to market volatility.”

Annual report 2026A · The company itself

“Financing Arrangements We provide financing arrangements for certain qualified customers to build, maintain, and upgrade their networks. Cisco Capital, our financing arm, helps customers acquire the technology they need to achieve their business objectives and stay competitive.”

Annual report 2026A · The company itself

“Jag är mycket nöjd över att vi fortsätter leverera ett starkt kassaflöde och har en ännu starkare balansräkning som möjliggjort en höjd utdelning, väl i linje med den övre nivån av vårt målsatta intervall.”

Annual report 2024A · The company itself

“Uncertainty in the financial markets may negatively impact our ability to access additional financing or to refinance our existing 29 Table of Contents debt arrangements on favorable terms or at all, which could negatively affect our ability to fund current and future expansion as well as future acquisitions and development. These disruptions may include turmoil in the financial services industry, volatility in the markets where our outstanding securities trade, and changes in general economic conditions in the areas where we do business.”

Annual report 2026A · The company itself

“Other Risk Factors Facing our Business or Operations We may need additional capital in the future, and it may not be available on acceptable terms or at all. We have historically relied primarily upon cash generated by our business to fund our operations and strategy; however, we have also relied from time to time on access to the capital markets for funding.”

Annual report 2025A · The company itself

“Balance sheet strength. A strong balance sheet is a strategic asset that provides flexibility through price cycles.”

Annual report 2025A · The company itself

“Peer-leading distributions. We believe in delivering value to our shareholders via our return of capital framework, which consists of a growing, sustainable ordinary dividend and share repurchases. This framework is how we plan to return greater than 30 percent of our net cash provided by operating activities to shareholders.”

Annual report 2025A · The company itself

“Asunto-osakeyhtiöiden korjaushankkeita on kuitenkin hidastanut rahoituksen saatavuus.”

Annual report 2025A · The company itself

“Risker och möjligheter Risker och möjligheter Corems övergripande mål är att över tid ge en hög och stabil avkastning på eget kapital och långsiktigt skapa aktieägarvärde. All affärsverksamhet är förenad med ett visst mått av risktagande, risker vilka kan påverka såväl verksamhet och finansiell ställning som resultat.”

Annual report 2024A · The company itself

“Credit rating risks A downgrade of the Company’s credit ratings may give rise to increases in funding costs in respect of future debt and may, among other matters, impair its ability to access debt markets or otherwise raise funds or enter into lines of credit, for example, on acceptable terms. Such a downgrade may result from factors specific to the Company, including increased indebtedness stemming from acquisition activity, or from other factors such as general economic or sector specific weakness, Central Bank monetary policy, governmental fiscal policy or sovereign credit rating ceilings.”

Annual report 2025A · The company itself

“Therefore, volatility or lack of performance in our stock price could affect our ability to attract and retain our key employees.”

Annual report 2026A · The company itself

“Retaining or expanding our current levels of personnel and product and service offerings may require additional funds to respond to business challenges, including the need to develop new products or services and enhancements to our Falcon platform, improve our operating infrastructure, or acquire complementary businesses and technologies. Our failure to raise additional capital or generate the significant capital necessary to expand our operations and invest in new products or services could reduce our ability to compete and could harm our business.”

Annual report 2026A · The company itself

“Economic conditions and the credit markets have historically experienced, and may continue to experience, periods of volatility, uncertainty, or weakness that could impact (1) the availability or cost of debt financing, including any refinancing of the obligations described above, (2) our ability to draw the full amount of our $7.0 billion senior unsecured revolving credit facility under our 2016 Credit Facility ("2016 Revolver"), that, as of February 19, 2026, had $5.2 billion of undrawn availability, or (3) our ability to issue the full amount of the $2.0 billion commercial paper notes ("Commercial Paper Notes") under our unsecured commercial paper program ("CP Program"), that, as of February 19, 2026, had $1.9 billion outstanding. If we are unable to repay or refinance our debt, we cannot guarantee that we will be able to generate enough cash flows from operations or that we will be able to obtain enough capital to service our debt, fund our planned capital expenditures or pay future dividends.”

Annual report 2025A · The company itself

“Risks Relating to Our REIT Status Future dividend payments to our stockholders will reduce the availability of our cash on hand available to fund future discretionary investments, and may result in a need to incur indebtedness or issue equity securities to fund growth opportunities. In such event, the then current economic, credit market or equity market conditions will impact the availability or cost of such financing, which may hinder our ability to grow our per share results of operations.”

Annual report 2025A · The company itself

“Downgrades or potential downgrades in our credit ratings, should they occur, could adversely affect our brand and reputation, businesses, operating results, cash flows and financial condition.”

Annual report 2025A · The company itself

“Adverse developments affecting the capital markets and financial institutions could limit our ability to access capital, increase our cost of capital and impact our liquidity and capital resources. During past economic and housing downturns, the credit markets constricted and reduced some sources of liquidity that were previously available to us.”

Annual report 2025A · The company itself

“Disruptions in the financial and credit markets may adversely impact consumer spending patterns and affect the availability and cost of credit. Our ability to make scheduled payments or to refinance our debt and to obtain financing for acquisitions or other general corporate and commercial purposes will depend on our operating and financial performance, which in turn is subject to prevailing economic conditions and to financial, business, and other factors beyond our control.”

Annual report 2026A · The company itself

“If the value or perceived value of our equity awards declines, experiences significant volatility, or increases such that prospective employees believe there is limited upside to the value of our equity awards, it may adversely affect our ability to recruit and retain key employees.”

Annual report 2025A · The company itself

“Table of Contents Our financial performance is dependent on access to the capital markets by us or some of our customers. We may access debt and capital sources to provide financing for customers and to obtain funds for general corporate purposes, including working capital, acquisitions, capital expenditures, and funding of customer receivables.”

Annual report 2026A · The company itself

“Table of Contents Equity Price Risk Strategic Investments — Our strategic investments include primarily early-stage, privately-held companies that are considered to be in the start-up or development stages and are inherently risky. The technologies or products these companies have under development are typically in the early stages and may never materialize, which could result in a loss of a substantial part of our initial investment in the companies.”

Annual report 2026A · The company itself

“Moreover, an increasing number of financial institutions, funds and other sources of capital have restricted or eliminated their investment in oil and natural gas activities due to their concern regarding climate change. Such restrictions in capital could decrease the value of our business and make it more difficult to fund our operations.”

Annual report 2025A · The company itself

“Our business requires significant capital to find and acquire new reserves. Although we plan to primarily fund these activities from cash generated by our operations, we have also from time to time relied on other sources of capital, including by accessing the debt and equity capital markets.”

Annual report 2025A · The company itself

“From January 1, 2025 through December 31, 2025, the closing price of our common stock on the Nasdaq Global Select Market was as high as $90.75 per share and as low as $54.84 per share.”

Annual report 2025A · The company itself

“Conversion of the Notes will, to the extent we deliver shares upon conversion of such Notes, dilute the ownership interest of existing stockholders, including holders who had previously converted their Notes, or may otherwise depress our stock price. The conversion of some or all of the Notes will dilute the ownership interests of existing stockholders to the extent we deliver shares upon conversion of any of the Notes.”

Annual report 2025A · The company itself

“In April 2025, our Board of Directors authorized and approved a share repurchase program of up to $750.0 million of our outstanding common stock, with a repurchase period ending no later than June 30, 2026, or the 2025 Share Repurchase Program.”

Annual report 2025A · The company itself

“Engagerade medarbetare Attraktivt belägna fastigheter Kapital VärdeskapandeMarknadskrafter Tillgångar Affär Övriga trender: Aktieägare 12% avkastning på eget kapital (mål) Klimatet 50% minskade CO e-utsläpp till 2030 (mål) Medarbetare En inspirerande plats för arbete och utveckling Hyresgäster Rätt lokal på rätt plats Städer En aktiv och närvarande fastighetsägare som bidrar till städernas trygghet och tillväxt Stadsutveckling Fler jobb och ökad inflyttning – ökad efterfrågan på bostäder, skolor, sjukvård, kommunikationer, moderna kontor samt en attraktiv stadskärna.”

Annual report 2024A · The company itself

“Finansielle mål (2025-2027): Overordnet finansiell målsetting Finansielle KPI-er > 14,0 % Egenkapitalavkastning (ROE) < 40,0 % Kostnadsgrad > 16,6 % 1 Ren kjernekapitaldekning (CET1) Gjennom å lykkes med våre strategiske ambisjoner skal vi nå våre finansielle mål, skape lønnsom vekst og ta valg som står seg, også når vi ser i bakspeilet.”

Annual report 2024A · The company itself

“Økningen i netto provisjoner og gebyrer ble drevet av solide resultater på tvers av produktområder, særlig innen betalingsformidlings-, investeringsbankog kapitalforvaltningstjenester, med rekordresultater innen kapitalforvaltningstjenester.”

Annual report 2024A · The company itself

“Our debt securities currently are rated investment grade, and a downgrade of this rating likely would negatively impact our access to the debt capital markets and increase our cost of borrowing. As a result, disruptions in the debt markets or any downgrade of our credit ratings could adversely affect our business operations and financial condition and our ability to return cash to our shareholders.”

Annual report 2026A · The company itself

“The 2030 Notes are convertible at an initial conversion rate of 3.425 shares of the Company's Class A common stock per $1,000 principal amount of the 2030 Notes, which is equivalent to an initial conversion price of approximately $291.97 per share of the Company's Class A common stock.”

Annual report 2025A · The company itself

“Volatility in the financial markets has made it more difficult at times for issuers of high-yield indebtedness, such as us, to access capital markets at favorable terms or at all.”

Annual report 2025A · The company itself

“SCE may finance balancing account undercollections and working capital requirements to support operations and capital expenditures with commercial paper, its credit facilities or other borrowings, subject to availability in the bank and capital markets and within levels authorized by the CPUC. As necessary, SCE will utilize its available liquidity, capital market financings, other borrowings or parent company equity contributions to SCE in order to meet its obligations as they become due, including costs related to the wildfire events.”

Annual report 2025A · The company itself

“Margin and Collateral Deposits Certain derivative instruments, power and energy procurement contracts, and other contractual arrangements contain collateral requirements. Future collateral requirements may differ from the requirements at December 31, 2025 due to the addition of incremental power and energy procurement contracts with collateral requirements, if any, the impact of changes in wholesale power and natural gas prices on SCE's contractual obligations, and the impact of SCE's credit ratings falling below investment grade.”

Annual report 2025A · The company itself

“Claims-paying ability, financial strength and debt ratings by nationally recognized credit rating organizations are important factors in establishing the competitive position of insurance and health benefits companies. We believe our strong credit ratings are an important factor in marketing our products to customers. In addition, if our credit ratings are downgraded or placed under review, our business, cash flows, financial condition and results of operations could be adversely impacted by limitations on future borrowings and a potential increase in our borrowing costs.”

Annual report 2025A · The company itself

“(In Millions, Except As Otherwise Stated Herein) As a result of our investing and borrowing activities, we are exposed to financial market risks, including those resulting from changes in interest rates and changes in market valuations.”

Annual report 2025A · The company itself

“Insights are also collected from our main stakeholders which include customers, investors, banks, unions, non-governmental organizations (NGOs), governments and national authorities.”

Annual report 2024A · The company itself

“Vårt kassaflöde möjliggjorde återköp av totalt 1 008 369 aktier under 2024, samtidigt som vi minskade vår nettoskuld med 92 Mkr.”

Annual report 2024A · The company itself

“The performance of the capital markets affects the values of the assets held in trust under Entergy’s pension and postretirement benefits plans. A decline in the market value of the assets may increase the funding requirements relating to Entergy’s benefit plan liabilities and also result in higher benefit costs.”

Annual report 2025A · The company itself

“Financial strategy and capital management The debt capital markets improved in 2024, marked by tightening credit margins and a more attractive bond market, particularly in the second half of the year. In Q1 2025, we successfully reintroduced Entra in the bond market and established a new long-term bank financing structure.”

Annual report 2024A · The company itself

“Entra targets a loanto-value (LTV) ratio which shall be below 50 per cent over time. The Group’s LTV ratio, measured by effective leverage, which is the LTV metric used for Moody’s credit rating, as at 31 December 2024 was 49.3 per cent, down from 54.0 per cent at year-end 2023.”

Annual report 2024A · The company itself

“Good access to the bond market is an important part of Entra’s financing strategy to have a broad funding base at a favourable cost and hence the Company target to maintain an investment grade rating throughout all parts of the cycle, as Entra have done in the past.”

Annual report 2024A · The company itself

“Sedan bolagets grundande har Eolus värnat om sina aktieägare och deras kapital. Vi har konsekvent haft en hög soliditet och en stark kassa samtidigt som vi levererat pålitlig värdeåterföring till våra aktieägare.”

Annual report 2024A · The company itself

“Eolus ser en ökande efterfrågan på dessa tjänster både från stora institutionella investerare som äger större anläggningar för förnybar energi och från lokala aktörer med mindre anläggningar.”

Annual report 2024A · The company itself

“Our customer base generally suffers when financial markets experience volatility, illiquidity and disruption, and the potential for disruptions going forward presents considerable risks to our business and revenue.”

Annual report 2025A · The company itself

“The performance of the financial markets and interest rates impact our plan expenses, expected returns, and funding obligations.”

Annual report 2025A · The company itself

“Revenue Recognition The majority of our revenues are derived from client access to our multi-asset solutions powered by our platform of connected data and technology that is available over the contractual term (referred to as the "Hosted Platform"). The Hosted Platform is a subscription-based service that provides client access to various combinations of products and services including workstations, portfolio analytics and enterprise solutions.”

Annual report 2025A · The company itself

“Irwin is a leading investor relations and capital markets platform for public companies and their advisors. This acquisition builds on a recent successful partnership between FactSet and Irwin, and expands our ability to address the holistic workflow needs of investor relations professionals with an integrated, modern solution.”

Annual report 2025A · The company itself

“Til trods for en længerevarende stabil udvikling i virksomheden, iværksættelse af strategiske initiativer, som har reduceret de forretningsmæssige og finansielle risici væsentligt samt sat tydelige aftryk i en lang række nøgletal, så har Selskabets ledelse måtte konstatere, at aktien igennem en lang periode har været handlet med en betydelig rabat til de underliggende værdier. Rabatten i forhold til indre værdi udgjorde ultimo september 2025 således ca. 345 mio. kr., hvilket skal ses i forhold til Selskabets samlede børsværdi på ca. 388 mio. kr. på daværende tidspunkt.”

Annual report 2025A · The company itself

“Balder har en investment grade rating från S&P om BBB med stabila utsikter. Ratingen återspeglar bland annat att Balder har en stor fastighetsportfölj som är väldiversifierad både vad gäller fastighetstyper och geografi samt att Balder har stabila hyresintäkter, hög och stabil uthyrningsgrad och en solid räntetäckningsförmåga.”

Annual report 2024A · The company itself

“Kapitaltillskottet möjliggör för Emilshus att utnyttja attraktiva investeringsmöjligheter på den nuvarande marknaden och samtidigt upprätthålla en flexibel och balanserad kapitalstruktur, med syfte att stärka förvaltningsresultatet per stamaktie.”

Annual report 2024A · The company itself

“Many of our customers depend on debt and/or equity financing to fund the initial capital expenditure required to develop, build, and/or purchase a PV solar power system. As a result, an increase in interest rates, or a reduction in the supply of project debt financing or tax equity investments, could reduce the number of solar projects that receive financing or otherwise make it difficult for our customers to secure the financing necessary to develop, build, purchase, or install a PV solar power system on favorable terms, or at all, and thus lower demand for our solar modules, which could limit our growth or reduce our net sales.”

Annual report 2025A · The company itself

“The Group is also exposed to capital markets developments resulting in fluctuations in the market values of investments in shares and non-listed shares.”

Annual report 2024A · The company itself

“Det er Flüggers intention årligt at distribuere overskudskapital, således at kapital, der ikke er nødvendig for at drive forretningen, udloddes til aktionærerne. Formålet er at kunne udbetale et stabilt og relativt højt udbytte i forhold til børskursen og markedsrenten under skyldigt hensyn til selskabets kapitalstruktur.”

Annual report 2026A · The company itself

“In addition, adverse general economic conditions may lead to instability in U.S. and global capital and credit markets, including market disruptions, limited liquidity, and interest rate volatility. If we are unable to access capital and credit markets on terms that are acceptable to us or our lenders are unable to provide financing in accordance with their contractual obligations, we may not be able to make certain investments or acquisitions or fully execute our business plans and strategies.”

Annual report 2025A · The company itself

“The market price of the Common Stock may decline as a result of the Merger, and holders of the Common Stock, including Roku stockholders who become holders of Class A Common Stock as a result of the Merger, could lose the value of their investment in the Common Stock if, among other things, the Company is unable to achieve the expected growth in earnings, the anticipated benefits from the Merger are not realized, the transaction costs are greater than expected or any transaction-related financing is on unfavorable terms.”

Annual report 2026A · The company itself

“Increased volatility and weakness in the financial markets, the further tightening of credit markets or a decrease in our debt ratings assigned by ratings agencies could adversely affect our ability to cost-effectively refinance outstanding indebtedness or obtain new financing.”

Annual report 2026A · The company itself

“Our ability to maintain our investment grade credit ratings could affect our ability to access capital, increase our interest rates, and limit our ability to secure new contracts or business opportunities. Our commercial relationships and competitive positioning rely on maintaining corporate investment grade credit ratings, which are evaluated by major rating agencies.”

Annual report 2025A · The company itself

“Staying ahead of regulatory changes and adapting to new compliance requirements is crucial for maintaining a competitive advantage. •Financial and investment dynamics – Access to capital and investment trends in the energy sector can influence the development and deployment of new power generation projects. Understanding market dynamics and securing funding are key to progressing strategic initiatives.”

Annual report 2025A · The company itself

“Our quarterly financial results have fluctuated in the past and are likely to vary in the future due to a number of factors, many of which are outside of our control. If our quarterly financial results or our predictions of future financial results fail to meet our expectations or the expectations of securities analysts and investors, the trading price of our outstanding securities could be negatively affected.”

Annual report 2026A · The company itself

“As a result, the weighted-average long-term rate of Return on Assets (ROA) decreased to 6.0% at December 31, 2025 from 6.5% at December 31, 2024.”

Annual report 2025A · The company itself

“Genova ska sträva efter att på lång sikt vara en koncern med en kreditvärdering motsvarande ”investment grade”, dels för att attrahera långivare, dels för att uppnå lägsta möjliga upplåningskostnad.”

Annual report 2024A · The company itself

“Our primary customer segments include both small stock investors and institutional stock investors.”

Annual report 2025A · The company itself

“A downgrade in the ratings of our debt could restrict our ability to access the debt capital markets and increase our interest costs. We currently maintain investment credit ratings with nationally recognized statistical rating organizations. Unfavorable changes in the ratings that these rating agencies assign to our debt may ultimately negatively affect our access to the debt capital markets and increase the costs we incur to borrow funds.”

Annual report 2025A · The company itself

“In addition to fixed maturities, the Company has also invested in commercial mortgage loans and limited partnerships with debt-like characteristics that diversify risk and enhance risk-adjusted, capital-adjusted returns on the portfolio.”

Annual report 2025A · The company itself

“Excess cash flow at the Parent Company is primarily comprised of dividends received from the insurance subsidiaries less interest expense paid on its debt and other limited operating activities. Additionally, when stock options are exercised, proceeds from these exercises and the resulting tax benefit are used to repurchase additional shares on the open market to minimize dilution as a result of the option exercises.”

Annual report 2025A · The company itself

“Kunderna fäster stor vikt vid att Green Landscaping Group har en uthållig och stabil verksamhet med god kreditvärdighet.”

Annual report 2024A · The company itself

“Refinansieringsrisk består i att Hexagon inte har tillräcklig finansiering tillgänglig för att refinansiera lån som förfaller, beroende på att befintliga långivare inte vill lämna ytterligare kredit eller att Hexagon stöter på svårigheter att skaffa nya långivare vid en given tidpunkt. Koncernens förmåga att klara den framtida kapitalförsörjningen är till stor del beroende av hur väl Hexagon lyckas i sin försäljning av produkter och tjänster.”

Annual report 2024A · The company itself

“Osakkeenomistajat, sijoittajat ja rahoittajat odottavat yhtiön luovan lisäarvoa ja tuovan tuottoa osinkoina ja osakkeen kurssikehityksenä sekä hallitsevan vastuullisuusriskit ja mahdollisuudet.”

Annual report 2025A · The company itself

“Aktiviteten på sekundärmarknaden för förfallna lån är i hög grad driven av finansiella investerare med begränsad investeringshorisont, innehav som ligger i olika värdepapperiseringsstrukturer samt industriella spelare som önskar sälja befintliga innehav. Industriella spelare kan sälja av olika skäl; som en del av en löpande strategi, till följd av strategiförändringar eller för att tillfredsställa ett behov av likviditet.”

Annual report 2024A · The company itself

“Dividend Payments The Company remains committed to providing returns to investors through cash dividends on its common stock. The Company has paid 389 consecutive quarterly dividends since becoming a public company in 1928.”

Annual report 2025A · The company itself

“Poor financial performance of asset markets and the adverse effects of fluctuating exchange rates could lead to higher pension and post-retirement benefit expenses.”

Annual report 2025A · The company itself

“Failure to maintain our credit ratings could adversely affect our liquidity, capital position, borrowing costs and access to capital markets, as well as our subscription based and other offerings.”

Annual report 2025A · The company itself

“Our ability to access capital markets or failure to maintain our credit ratings may adversely affect our business. Our ability to invest in our business and make strategic acquisitions may require access to the capital markets. If general economic and capital market conditions deteriorate significantly, it could impact our ability to access capital.”

Annual report 2025A · The company itself

“We believe that certain of our customers place importance on our claims paying ability, financial strength, and debt ratings, and we may lose customers and compete less successfully if our ratings were to be downgraded. In 33 addition, our credit ratings impact our ability to obtain future borrowings and investment capital on favorable terms.”

Annual report 2025A · The company itself

“Pension Plans: Adverse financial market conditions and volatility in the credit markets may have an unfavorable impact on the value of the company’s pension trust assets and its future estimated pension liabilities. As a result, the company’s financial results in any period could be negatively impacted.”

Annual report 2025A · The company itself

“The market price of IBM common stock is subject to significant volatility, due to other factors described under this Item 1A. entitled “Risk Factors,” as well as economic and geopolitical conditions generally, trading volumes, speculation by the press or investment community about the company’s financial condition, and other factors, many of which are beyond the company’s control.”

Annual report 2025A · The company itself

“▪The transactions are dilutive to existing stockholders. The issuance of shares of common stock to the U.S. government at a discount to the current market price is dilutive to existing stockholders, and stockholders may suffer significant additional dilution if the conditions to the warrant are triggered and the warrant is exercised. ▪The U.S. government’s equity position reduces the voting and other governance rights of our other stockholders and may limit potential future transactions that may be beneficial to such stockholders.”

Annual report 2025A · The company itself

“Börsportföljen 88,7 Helägda industrirörelser 61,1 övriga innehav 0,2 MINUS NETTOLÅNESKULD ETC —12,3 LATOURS SUBSTANSVÄRDE 137,7 kronor per aktie 215 311 900 PROCENTS TOTALAvKASTNING Sedan starten 1985 har Latouraktien haft en totalavkastning på cirka 311 900 procent. Det kan jämföras med 10 000 procent för SIXRX. Latours börsvärde uppgick till 176,5 (167,8 föregående år) Mdr kr vid utgången av 2024.”

Annual report 2024A · The company itself

“SUBSTANSVÄRDET 215 kr Substansvärde per aktie Latours bedömda substansvärde uppgick vid 2024 års utgång till 215 (198) kronor per aktie, en ökning med 11,0 procent justerat för lämnad utdelning.”

Annual report 2024A · The company itself

“Disruptions in the credit and capital markets could have negative effects on our business that may be difficult to predict or anticipate, including the ability of our clients, vendors, contractors and financing sources to meet their contractual obligations. Although we are unable to quantify the impact it has had on us, we are aware of a limited number of instances in our Research & Development Solutions business during the past several years where cancellations, changes in scope and failure to pay timely were attributable, at least in part, to difficulty in our clients’ ability to obtain financing. In the future such actions by our clients could, if they involve a significant amount of business with us, have a material adverse effect on our results of operations.”

Annual report 2025A · The company itself

“Our smaller biopharmaceutical company customers may rely on funding from venture capital and other sources to drive their business. When this funding is reduced, these customers have been and may in the future be forced to reduce their outsourced R&D and commercialization expenditures or may be unable to pay for services rendered, which could have a material adverse effect on our business and results of operations.”

Annual report 2025A · The company itself

“Uncertain global economic, socioeconomic and political conditions may negatively impact our clients’ ability and willingness to fund their projects, including their ability to raise capital and pay, or timely pay, our invoices. These factors may also cause our clients to reduce their capital expenditures, alter the mix of services purchased, seek more favorable pricing and other contract terms and otherwise slow their spending on our services.”

Annual report 2025A · The company itself

“In an uncertain or downturn economic environment, third parties may find it difficult to obtain sufficient financing to help fund their operations. The inability to obtain financing could adversely affect a third party’s ability to provide materials, equipment or services which could have a material adverse impact on our business, financial condition, and results of operations.”

Annual report 2025A · The company itself

“Disruptions of the credit or capital markets could also adversely affect our clients’ ability to finance projects and could result in contract cancellations or suspensions, project delays and payment delays or defaults by our clients.”

Annual report 2025A · The company itself

“Det kan ikke udelukkes, at långiverne i forbindelse med fald i værdien af de finansierede ejendomme, rentestigninger, uro på de finansielle markeder, nye krav fra EU/Basel eller en vanskelig situation for långiver vil kræve, at Jeudan helt eller delvist indfrier anlægslån eller driskredier, eller ikke vil tilbyde lånefinansiering til Jeudan på tilfredsstillende vilkår.”

Annual report 2025A · The company itself

“Egenkapitalens relative størrelse Ledelsen vurderer som udgangspunkt, at en egenkapitalandel i niveauet -  vil være optimal under de nuværende forhold.”

Annual report 2025A · The company itself

“Styrelsen för John Mattson har beslutat att de finansiella målen omfattar: Genomsnittlig årlig tillväxt i långsiktigt substansvärde per aktie med minst 7 procent, inklusive värdeöverföringar, över en konjunkturcykel.”

Annual report 2024A · The company itself

“As of September 30, 2025, the Company's credit ratings and outlook were as follows: Rating Agency Short-Term Rating Long-Term Rating Outlook S&P A-2 BBB+ Stable Moody's P-2 Baa1 Stable The security ratings set forth above are issued by unaffiliated third-party rating agencies and are not a recommendation to buy, sell or hold securities.”

Annual report 2025A · The company itself

“Den generella nedgången på börsen sedan 2022 samt även signifikant högre räntor sedan dess har skiftat finansmarknadens fokus från tillväxtbolag till bolag med positiva operativa kassaflöden, även om en viss lättnad kunde spåras under 2024. Detta har lett till lägre värdering av många tidigare högt värderade tillväxtbolag.”

Annual report 2024A · The company itself

“Present risks to stable asset prices include, but are not limited to: •A correction in equity or housing markets; •The imposition of further tariffs and other changes to U.S. or global trade policies; •Supply chain issues such as closed factories and disrupted port activity, as well as the impact of the Russia-Ukraine war and the Israel-Hamas war on global transportation and the availability of materials; •Recessionary pressures on other major international economies, such as China, that may impact the broader global and our domestic economy; 27 Table of contents •Labor-supply constraints, including as a result of further changes to U.S. immigration policies and laws and immigration enforcement, leading to slowing job growth and rising wages along with inflation (wage-price spiral); and •Negative real GDP growth, as a result of, in part, the Federal Reserve’s monetary policy to arrest inflationary pressures within the broader economy.”

Annual report 2025A · The company itself

“Damage to our reputation could also adversely impact our credit ratings and access to capital markets.”

Annual report 2025A · The company itself

“Lammhults Design Groups låga nettoskuldsättning och höga soliditet ger oss goda förutsättningar för såväl organisk som förvärvad tillväxt.”

Annual report 2024A · The company itself

“Ekonomisk osäkerhet ökar efterfrågan på kontanter som en säker tillgång. Under tider av finansiell oro tenderar konsumenter att behålla mer kontanter för att känna ekonomisk trygghet.”

Annual report 2024A · The company itself

“With no debt and increased exposure to rising gold prices following the buy out of the Stream Facility and Offtake, the Company expects to generate increased cash flow which will continue to support the exploration programs, planned capital expenditures, growth initiatives and regular dividend payments under the approved dividend policy.”

Annual report 2024A · The company itself

“Company’s access to financing or its own cash balance may also be negatively impacted by liquidity crises. These factors may impact the Company’s ability to obtain equity or debt financing and, where available, to obtain such financing on terms favourable to the Company. Increased levels of volatility and market turmoil could have an adverse impact on the Company’s operations, planned growth, profitability and the trading price of the Company’s Shares.”

Annual report 2024A · The company itself

“As most of the Company’s assets and liabilities are financial in nature, the Company’s performance is sensitive to the performance of the financial markets. Turmoil and volatility in U.S. and global financial markets can be a major contributory factor to overall weak economic conditions, leading to some of the risks discussed herein, including the impaired ability of borrowers and other counterparties to meet obligations to the Company.”

Annual report 2025A · The company itself

“Checking and savings account balances and other forms of customer deposits may decrease when customers perceive alternative investments, such as the stock market, as providing a better risk/return tradeoff.”

Annual report 2025A · The company itself

“Assets under management at period end Trust assets under management (excluding proprietary funds) $ 68,104 $ 65,798 Proprietary mutual funds 16,075 14,461 Total assets under management $ 84,179 $ 80,259 The increase in Institutional Services trust income in 2025 as compared with 2024 reflects higher sales and fund management fees from its global capital markets business.”

Annual report 2025A · The company itself

“The Company’s ability to obtain funding from these sources could be negatively impacted should the Company experience a substantial deterioration in its financial condition or its debt ratings or should the availability of funding become restricted due to a disruption in the financial markets.”

Annual report 2025A · The company itself

“Brokerage services income Brokerage services income, which includes revenues from the sale of mutual funds and annuities, securities brokerage fees and select investment products of LPL Financial, an independent financial services broker, increased $10 million in 2025 as compared with 2024 including higher sales of annuities and a rise in management fees reflecting market performance.”

Annual report 2025A · The company itself

“I expect increasing demand for ready-to-build projects from industrial companies, utilities and infrastructure investment funds.”

Annual report 2024A · The company itself

“Current and potential hotel owners must periodically spend money to fund new hotel investments, as well as to refurbish and improve existing hotels. The availability of funds for new investments and improvement of existing hotels by our current and potential hotel owners depends in large measure on their ability to access the capital markets.”

Annual report 2025A · The company itself

“Credit-market stress and tighter financing conditions could reduce construction demand, slow customer payments, constrain our liquidity, and increase our cost of capital. Demand for aggregates products, particularly in the infrastructure construction market, has historically been negatively affected by federal and state budget challenges and uncertainty over future highway funding levels.”

Annual report 2025A · The company itself

“In 2025, we continued to return value to our shareholders by repurchasing approximately 8.5 million shares of our common stock and increasing our quarterly dividend by approximately seven percent compared to 2024.”

Annual report 2025A · The company itself

“Volatility and disruption in global capital and credit markets, including the bankruptcy or restructuring of certain financial institutions, reduced lending activity by financial institutions, reduced creditworthiness of our customers or suppliers, or decreased liquidity and increased costs in the commercial paper market, might adversely affect the borrowing ability and cost of borrowing for us and our customers and suppliers.”

Annual report 2026A · The company itself

“Table of Contents The trading price of our common stock has been and may continue to be volatile. Our common stock has experienced substantial price volatility in the past and may continue to do so in the future.”

Annual report 2025A · The company itself

“Financing may not be available and could be dilutive. Our capital requirements depend on numerous factors, including the occupancy and turnover rates of our apartment communities, development and capital expenditures, costs of operations and potential acquisitions.”

Annual report 2025A · The company itself

“Dislocations and liquidity disruptions in capital and credit markets could impact liquidity in the debt markets, which could result in financing terms that are less attractive to us and/or the unavailability of certain types of debt financing.”

Annual report 2025A · The company itself

“Våra starka kassaflöden, tillsammans med en robust balansräkning och lågt kapitalbehov gör att vi kan finansiera vår tillväxt med främst egna medel.”

Annual report 2024A · The company itself

“Our ability to fund operations, meet obligations, and pursue strategic initiatives depends on maintaining sufficient liquidity and access to capital markets. We rely on cash generated from operations, committed credit facilities, and debt financing. Adverse conditions in global credit markets, disruptions in banking systems, or a deterioration in our financial performance could limit our ability to obtain financing on acceptable terms or at all.”

Annual report 2025A · The company itself

“Strong Commitment to Shareholder Value Creation As part of our objective to maximize shareholder returns, we maintain a commitment to distributing quarterly recurring dividends equal to 75% of the adjusted profit for the period, declared at the discretion of the Board.”

Annual report 2024A · The company itself

“As a result of renewable hydrogen projects taking longer time to reach final investment decision than anticipated and existing contracts being significantly delayed or cancelled as customers fail to secure funding, Nel has an increased inventory of finished goods and lower backlog for 2025 delivery.”

Annual report 2024A · The company itself

“Med udgangspunkt i den vækst og de attraktive afkast, som NCI Advisory A/S har realiseret i de seneste år, vurderer vi, at fokuserede nicheinvesteringer i bl.a. kreditinstrumenter børe være en større del af investorers porteføljer. Investorernes stigende efterspørgsel gør, at vi mener, og at der er et marked for en børsnoteret aktør med de rette kompetencer og investeringstilbud på det nordiske marked.”

Annual report 2025A · The company itself

“Vores forretning og strategi NewCap Holding A/S erhvervede ultimo regnskabsåret 100% af kapitalandelene i NCI Advisory A/S fra JLB Invest A/S (75%) og CrossingBridge Advisors LLC, USA (25%). Baggrunden for investeringen er at udvikle en børsnoteret kapitalforvaltningsvirksomhed med initiel fokus på langsigtede kreditinvesteringer, og tilstødende og supplerende aktivklasser samt yderligere finansielle aktiv klasser.”

Annual report 2025A · The company itself

“NewCap-koncernen fokuserer på at levere attraktive og risikobalancerede forvaltningsresultater baseret på langsigtede investeringer primært i højrentevirksomhedsobligationer og skræddersyede bilaterale private gældsinvesteringer i Nordeuropa.”

Annual report 2025A · The company itself

“Dow Jones Newswires distributes real-time business news, information, analysis, commentary and statistical data to financial professionals and investors worldwide. It publishes, on average, over 17,000 news items each day, which are distributed via Dow Jones’s market data platform partners, including Bloomberg, London Stock Exchange Group and FactSet, as well as trading platforms and websites reaching hundreds of thousands of financial professionals.”

Annual report 2026A · The company itself

“If our or certain of our subsidiaries’ credit ratings were downgraded, especially below investment grade, financing costs and the principal amount of our indebtedness would likely increase due to the additional risk of our debt and because certain counterparties may require additional credit support as described above.”

Annual report 2025A · The company itself

“An economic downturn or uncertainty, market turmoil, changes in interest rates, changes in tax policy, challenges faced by financial institutions, changes in our credit ratings, or a change in investor sentiment toward us or the utilities industry generally could adversely affect our ability to raise additional capital or refinance debt.”

Annual report 2025A · The company itself

“In addition, as a result of the ADS Contract, and any further agreements we may sign with data center companies, our stock price may experience increased volatility as a result of factors outside our control. For example, our stock price may be negatively affected as a result of any actual or perceived slowdown in the adoption of artificial intelligence technology, the regulation or proposed regulation of such technology, or actual or perceived changes in the strategic or financial position of our data center customers.”

Annual report 2025A · The company itself

“We may need to obtain new or additional financing in the future to expand our business or refinance existing debt. If we are unable to access capital on satisfactory terms and conditions, we may not be able to expand our business or meet our payment requirements under our existing debt. Our ability to obtain new or additional financing will depend on a variety of factors, many of which are beyond our control. We may not be able to obtain new or additional financing because we have substantial debt or because we may not have sufficient cash flow to service or repay our existing or future debt.”

Annual report 2025A · The company itself

“The state of capital markets could adversely affect our liquidity. We rely on the capital markets to provide some of our capital requirements, including the issuance of debt instruments and the sale of certain receivables. Significant instability or disruptions of the capital markets, including the credit markets, or deterioration of our financial position due to internal or external factors could restrict or eliminate our access to, and/or significantly increase the cost of, various financing sources, including bank credit facilities and issuance of corporate bonds.”

Annual report 2025A · The company itself

“Værdipapirporteføljen rummede ved årets udgang 11 likvide, børsnoterede aktier og aktiebaserede investeringsforeninger med en samlet kursværdi på 815 mio. kr.”

Annual report 2025A · The company itself

“North Media placerer en væsentlig del af sit kapitalberedskab i likvide, børsnoterede aktier og aktiebaserede investeringsforeninger med høj omsættelighed, f.eks. det danske C25 eller lignende internationale indeks. Denne tilgang er valgt, fordi aktier over tid forventes at give et højere positivt afkast end bankers renteindtægter.”

Annual report 2025A · The company itself

“We anticipate that we will need additional equity and/or debt financing in the future to refinance our existing debt and to fund our newbuild program. We may be unable to obtain any desired additional financing on terms favorable to us, or at all, depending on market and other conditions.”

Annual report 2025A · The company itself

“Table of Contents Optimize Our Balance Sheet In 2025, we continued to take actions to improve our capital structure as part of our long-term financial strategy. We completed several transactions during the year which are described in detail in Note 9 – “Long-Term Debt”.”

Annual report 2025A · The company itself

“Prognosen för 2025 motsvarar ett förvaltningsresultat om 15,36 kronor per stamaktie, motsvarande en vinstökning om 13 procent jämfört med 2024. Vårt mål är att nå en årlig tillväxt om 12 procent per stamaktie över en femårsperiod och per årsskiftet uppgick den till 11 procent för innevarande femårsperiod.”

Annual report 2024A · The company itself

“Minskningen i belåningsgraden om cirka 5 procentenheter förklaras huvudsakligen av bolagets emission av stamaktier om 1 mdkr i september 2024. Som ovan nämnts syftade emissionen delvis till att minska riskprofilen och sårbarheten i verksamheten för att förbättra handlingsmöjligheterna vid oförutsedda förändringar i makroomgivningen.”

Annual report 2024A · The company itself

“Market risk is the potential loss that may result from market changes associated with the Company's retail operations, merchant power generation, or with an existing or forecasted financial or commodity transactions. The types of market risks the Company is exposed to are commodity price risk, credit risk, liquidity risk, interest rate risk and currency exchange risk.”

Annual report 2025A · The company itself

“Mortgage Banking – Other We sell all of the loans we originate into the secondary mortgage market. To the extent we underwrite our originated loans to the standards and specifications of the ultimate investor, we have no further financial obligations from the issuance of loans, except in certain limited instances where repurchases or early payment defaults occur.”

Annual report 2025A · The company itself

“In order to maximize shareholder returns, the Company will: ■ Maintain production base to preserve asset base integrity and longevity; ■Deliver a sustainable and growing dividend; ■Prioritize excess cash flow and proceeds from divestitures, including the OxyChem Transaction, for deleveraging until principal debt is approximately $14.3 billion, after which available cash will be allocated to opportunistic share repurchases and/or further net debt reduction; ■Enhance its asset base with investments in its cash-generative oil and gas business; and ■Advance integrated technologies in CO2, power and midstream to enable differentiated resource recovery and value.”

Annual report 2025A · The company itself

“The cost of providing pension and postretirement health care benefits to eligible employees and qualified retirees is subject to changes in pension fund values and changing demographics and may increase. We have defined benefit pension plans for certain employees and former employees, which are closed to new participants, and postretirement welfare plans that provide postretirement medical and life insurance benefits to certain employees. The cost of providing these benefits to eligible current and former employees is subject to changes in the market value of our pension and postretirement benefit plan assets, changing demographics, including longer life expectancy of plan participants and their beneficiaries and changes in health care costs.”

Annual report 2025A · The company itself

“An unfavorable movement in FUTURE the share price of Bemobi resulted in the recognition of Otello remains the biggest shareholder in Bemobi, is posan impairment loss of USD 19,356 thousand, and accord- itive about the prospects of the business and actively ingly an operating loss of USD 16,260 thousand (2023: supports Bemobi.”

Annual report 2024A · The company itself

“Going forward, the goal is to maximize the value of our remaining asset RETURNING CASH TO SHAREHOLDERS The Company’s main goal is to maximize the value of its and continue to aggressively return cash to shareholdremaining asset, its stake in Bemobi, and return cash to ers, most likely through a combination of share buybacks its shareholders. During 2024, the Company continued to and dividends. buy back shares, and a total of USD 3,066 thousand in cash was returned to shareholders through the acquisition of 4,313,200 shares.”

Annual report 2024A · The company itself

“Dividend policy and distributable funds According to its dividend policy, Outokumpu aims to distribute a stable and growing dividend over time, while maintaining the flexibility to invest in transformative initiatives that yield a minimum internal rate of return (IRR) of 20% and accounting for market cyclicality.”

Annual report 2025A · The company itself

“Bakkafrost relies on a number of resources: Shareholder capital Salmon farming is a capital-intensive business, and we rely on access to capital to ensure business growth and continuously manage operational risks.”

Annual report 2024A · The company itself

“Disruptions or volatility in global financial markets could limit the Company’s sources of liquidity, or the liquidity of customers, dealers and suppliers.”

Annual report 2025A · The company itself

“Volatility or lack of appreciation in the trading price of our Class A common stock may also affect our ability to attract and retain qualified personnel. Many of our senior personnel and other key personnel hold equity awards that have vested in part or are exercisable, which could adversely affect our ability to retain these personnel.”

Annual report 2025A · The company itself

“Our ability to sell or transfer, convert to cash, or realize value from, any noncash consideration we have received, or may receive in the future, in a timely manner or at all, may be limited by, among other things, applicable securities law and regulations, and global market and macroeconomic conditions, which could adversely impact our business, financial condition, cash flows, and results of operations.”

Annual report 2025A · The company itself

“Uncertainties in the global economic climate and financial markets, or in the business, financial results, or conditions of companies we hold equity in, could adversely impact the valuations of such companies and, therefore, result in an impairment or downward adjustment in the value of our holdings.”

Annual report 2025A · The company itself

“Additionally, we have accepted, and may continue to accept, securities as noncash consideration. Total equity securities received as noncash consideration was $38.9 million, $58.7 million, and $41.7 million during the years ended December 31, 2025, 2024, and 2023, respectively.”

Annual report 2025A · The company itself

“I september genomförde vi en riktad nyemission som stärkte vår balansräkning med 2 000 MSEK. Det var en offensiv åtgärd för att öka vår förmåga att genomföra lönsamma förvärv.”

Annual report 2024A · The company itself

“• Cash earnings per aktie ökade med 10 procent. • EPRA NRV per aktie uppgick till 215,58 SEK. Tillväxt i EPRA NRV per aktie, med återlagd utdelning och justerat för nyemission, uppgick till 10,1 procent. • Pandoxaktiens totalavkastning uppgick till 31 procent.”

Annual report 2024A · The company itself

“Med likviditetsrisk avses risken att Pandox inte kan uppfylla sina betalnings åtaganden på grund av bristande likviditet. • Pandox har tillgång till långsiktig finansiering. • Pandox finanspolicy fastställer miniminivåer avseende outnyttjat kreditutrymme, samt belåningsgrad. • Pandox har en likviditetsreserv för att säkerställa att företaget vid var tid kan uppfylla löpande betalningsförpliktelser. • Pandox har god tillgång till långfristiga kreditfaciliter. • Pandox har en diversifierad portfölj med långivare som består av 15 nordiska och internationella relationsbanker, inklusive AMF Tjänstepension AB. • Pandox har inrättat ett särskilt finansutskott med medlemmar från Pandox styrelse och företagsledning för att hantera viktigare praktiska och strategiska frågor hänförliga till Pandox finansiering.”

Annual report 2024A · The company itself

“Various factors have impacted, and may continue to impact, the price of our Class B Common Stock, including variations in our operating results; changes in our estimates, guidance or business plans; variations between our actual results and expectations of securities analysts, and changes in recommendations by securities analysts; changes by any ratings agency to our outlook or credit ratings; market sentiment about our business, including the viability of our streaming business and views related to its profitability; the activities, operating results or stock prices of our competitors or other industry participants in the industries in which we operate; changes in management; the announcement or completion of significant transactions by us or a competitor; events affecting the stock market generally; and the broader macroeconomic and political environment in the U.S. and internationally, as well as other factors and risks described in this section.”

Annual report 2024A · The company itself

“Der blev 4. februar 2025 offentliggjort et aktietilbagekøbsprogram”

Annual report 2025A · The company itself

“Market Risk––We are subject to foreign exchange risk, interest rate risk, and equity price risk.”

Annual report 2025A · The company itself

“Capital Allocation Framework––Our capital allocation framework is designed to enhance long-term shareholder value and is based on three core pillars: maintaining and, over the long term, growing our dividend, reinvesting in the business and the potential to make share repurchases after de-levering our balance sheet.”

Annual report 2025A · The company itself

“Negative sentiment towards fossil fuels, increased attention to E&S matters, including climate change, and our efforts to report on these matters could adversely affect our business, the market price for our securities and our access to and cost of capital.”

Annual report 2025A · The company itself

“Market Risks The performance of our fixed-income and equity investment portfolios is subject to a variety of investment risks. Our investment portfolio consists principally of fixed-income securities and common equities. General economic conditions and other factors beyond our control can adversely affect the value of our investments, and the amount and realization of investment income, or result in realized or unrealized investment losses.”

Annual report 2025A · The company itself

“We may need to acquire additional capital, from time to time, as a result of many factors, including increased regulatory requirements, unprofitable insurance or investment operations, or significant growth in the insurance premiums that we write, among other factors. If we are unable to obtain capital at favorable rates when needed, whether due to our results, volatility, or disruptions, in debt and equity markets due to factors beyond our control, or other reasons, our financial condition could be materially adversely affected.”

Annual report 2025A · The company itself

“Market Price Risk We are exposed to price risk on equity securities included in our investment portfolio. Our investments in equity securities include companies with which we have entered into collaboration and other strategic arrangements.”

Annual report 2025A · The company itself

“Conversely, significant upturns in such markets or 41 Table of Contents conditions might cause individuals to be less proactive in seeking ways to improve the returns on their trading or investment decisions and, thus, decrease the demand for our products and services.”

Annual report 2025A · The company itself

“Given our heavy emphasis on SBC, the performance of our stock price has in the past had, and could continue to have, a significant impact on our ability to recruit, retain, and motivate highly skilled personnel.”

Annual report 2025A · The company itself

“If our customers default on their obligations, including failing to pay for securities purchased, deliver securities sold, or meet margin calls, we remain financially liable for such obligations, and although these obligations are collateralized, we are subject to market risk in the liquidation of customer collateral to satisfy those obligations.”

Annual report 2025A · The company itself

“Rapid changes in market conditions or in the trading price of individual securities may cause the value of collateral to fluctuate, potentially resulting in the value of the collateral held by us falling below the amount of a customer’s indebtedness.”

Annual report 2025A · The company itself

“The trading price of our Class A common stock has been and might continue to be highly volatile and could continue to be subject to fluctuations in response to one or more of the risk factors described in this report, many of which are beyond our control. For example, on March 10, 2025 (amid a significant downturn in the equity markets driven by recession concerns and macroeconomic uncertainty), the intra-day trading price of our Class A common stock declined by as much as 20%.”

Annual report 2025A · The company itself

“RHV, an investment adviser registered with the SEC under the Advisers Act, serves as the investment adviser to RVI (the “Fund”). The Fund is a recently organized Delaware statutory trust registered under the 1940 Act, as an externally managed, non-diversified, closed-end investment company.”

Annual report 2025A · The company itself

“Driven by earnings growth and continued disciplined capital allocation, we expect ROIC to increase from the current level over the coming years. As experienced in recent years, large platform acquisitions are typically dilutive to margins and ROIC in the short-term, while supporting long-term value creation. → Our beverage categories and growth framework → Our consumers and customers → Operational efficiency → Our production capacity → Acquisitions and partnerships 2021 CSD Enhanced Water Other Beer Alcoholic RTD Wine & Spirits Non alcoholic 2025 2021 2024 Our high-quality beverage portfolio spans both own brands and partner brands across a broad range of alcoholic and non-alcoholic categories.”

Annual report 2025A · The company itself

“We aim to increase distribution to shareholders over time through dividend and share buy-backs.”

Annual report 2025A · The company itself

“The sensitivity analysis of the Group’s fair values of financial assets and liabilities in different market risk scenarios is presented in the following table. The effects represent the instantaneous effects of a one-off change in the underlying market variable on the fair values on 31 December 2025.”

Annual report 2025A · The company itself

“Effective management of investment portfolios and the balance sheet • Balance between expected returns and risks in investment portfolios and the balance sheet is optimised, considering the features of insurance liabilities, internally assessed capital needs, regulatory solvency rules and rating requirements. • Liquidity risks are managed by having an adequate portion of investments in liquid instruments.”

Annual report 2025A · The company itself

“Together with Kioxia, we have funded, and may continue to fund, a portion of the investments required for Flash Ventures through lease financings. Continued availability of lease financings for Flash Ventures is not guaranteed and could be limited by several factors, including investor capacity and risk allocation policies, our or Kioxia’s financial performance, changes to our or Kioxia’s financing strategy, business, ownership or corporate structure and the availability of tools and equipment eligible for lease financing.”

Annual report 2026A · The company itself

“According to its dividend policy, Sanoma aims to pay an increasing dividend, equal to 40–60% of the annual free cash flow. When proposing a dividend to the AGM, the Board of Directors looks at the general macro-economic environment, Sanoma’s current and target capital structure, Sanoma’s future business plans and investment needs, as well as both the previous year’s cash flows and expected future cash flows affecting capital structure.”

Annual report 2025A · The company itself

“Furthermore, if we fail or are perceived to not effectively implement an energy transition strategy, or if investors or financial institutions shift funding away from companies in fossil fuel-related industries, our access to capital or the market for our securities could be negatively impacted.”

Annual report 2025A · The company itself

“Key elements of this rationale include: • Aligned Shareholder Interests: By uniting our complementary strengths with those of Energy Drilling, the merger harmonizes the interests of both shareholder groups, creating a unified platform for long-term value creation. • Increased Scale and Market Presence: The combined entity will be significantly larger, enhancing our attractiveness to investors and improving our positioning in the capital markets. A larger scale supports improved pricing and better access to capital, as well as more favorable debt financing terms.”

Annual report 2024A · The company itself

“Selvaag Boligs ambisjon er å utbetale høye og stabile utbytter til sine eiere. Målet er at utbyttet skal være på minimum 60 prosent av årsresultatet etter skatt og utbetales to ganger i året.”

Annual report 2024A · The company itself

“Senzime befinner sig i ett etableringsskede där förväntade intäkter inte täcker planerade kostnader. Det finns risk att företaget även i framtiden kan komma att behöva anskaffa ytterligare kapital.”

Annual report 2024A · The company itself

“Senzime genomför en nyemission om cirka 86 MSEK till marknadskurs riktad till ett antal befintliga och långsiktiga aktieägare såsom familjen Crafoord, Segulah Medical Acceleration, Fjärde AP-fonden, Carnegie Fonder, Swedbank Robur Fonder, Fredrik Rapp och Professor Sorin J. Brull, samt ett antal nya svenska och internationella institutionella investerare.”

Annual report 2024A · The company itself

“Sitowise finances its business and investments with cash flow and debt financing and needs external financing to implement its growth strategy. External financing can expose Sitowise to risks related to indebtedness and weaken its financial position.”

Annual report 2025A · The company itself

“Vi ser också att oreglerade, alternativa låneerbjudanden har utvecklats, primärt från amerikanska kreditfonder. Det är en utveckling vi följer noggrant. ”Näringslivet fortsätter sina gröna investeringar, vilket inkluderar många infrastrukturinvesteringar.””

Annual report 2024A · The company itself

“Med gynnsamma aktiemarknader var det förvaltade kapitalet i genomsnitt högre än 2023.”

Annual report 2024A · The company itself

“I och med fördelaktiga marknader låg aktiviteten vad gäller räntebärande värdepapper på höga nivåer jämfört med samma period förra året vilket gav ett betydande bidrag till netto resultatet av finansiella transaktioner från division Stora Företag & Finansiella Institutioner.”

Annual report 2024A · The company itself

“Marknadsrisker uppstår också i bankens livförsäkrings - verksamhet samt i pensionsåtaganden för anställda till följd av obalanser i marknadsvärdena av likvida tillgångar och skulder.”

Annual report 2024A · The company itself

“William Paus: Vi tror att kundernas behov av rådgivning och tjänster relaterade till sparande och investeringar kommer att fortsätta att öka stadigt. Vi har en ambitiös plan för att avsevärt stärka vår position på denna marknad.”

Annual report 2024A · The company itself

“Tillvarata den långsiktiga potentialen inom förmögenhets- och kapitalförvaltning 2. Tillväxt inom företagssegmenten 3.”

Annual report 2024A · The company itself

“Mål: En konkurrenskraftig avkastning på kapitalet. SEB strävar efter att över tid nå en uthållig avkastning på eget kapital på 15 procent.”

Annual report 2024A · The company itself

“Tradingverksamheten bedrivs av divisionen Stora Företag & Finansiella Institutioner där SEB är marknadsgarant (market maker) på de internationella valuta-, aktie- och obligationsmarknaderna.”

Annual report 2024A · The company itself

“Uthyrning, totalt 219 000 kvm Geografiskt område Norden, 36% Europa, 17% Orealiserade och realiserade vinster Kv4Kv3Kv2Kv1Kv4Kv3Kv2Kv1Kv4Kv3Kv2Kv1Kv4Kv3Kv2Kv1Kv4Kv3Kv2Kv1 Produkter och tjänster: • Kontor • Hyresbostäder • Life science i Boston, USA • Logistik och kommersiella lagerlokaler i Sverige Marknadsdrivkrafter: • Ekonomisk tillväxt • Ökad efterfrågan på attraktiva kontorslokaler i centrala lägen • Hållbarhet • Finansiella marknader och tillgång till finansiering Bransch-/marknadstrender: • Ökad efterfrågan på högkvalitativa byggnader – ökat intresse för moderna, hållbara och flexibla lokaler med fokus på välbefinnande och serviceutbud • Fortsatt polarisering mellan nya mer attraktiva kontor och mindre moderna fastigheter på både hyresoch investerarmarknaden • Hyresgäster önskar mer flexibla produkter och hyresvillkor Mark Pågående projekt Färdigställda projekt Realiserade vinster, rullande 12 månader Verksamhet Många företag vill öka närvaron på kontoret för att främja företagskulturen och bygga kontakter mellan medarbetare som arbetar tillsammans.”

Annual report 2024A · The company itself

“Vi har en stark finansiell ställning med en balasräkning som skapar flexibilitet och ger oss möjlighet att agera när marknadsmöjligheter uppstår. Vi har ett antal program för finansiering, såväl bekräftade kreditlöften som marknadsfinansieringsprogram, vilket ger oss en god flexibilitet och tryggar långsiktig finansiering.”

Annual report 2024A · The company itself

“Koncernens likvida medel uppgick den sista augusti till 25 MSEK (31). Ej nyttjade krediter uppgick till 176 MSEK (313).”

Annual report 2024A · The company itself

“Styrelsen i Sleep Cycle AB (publ) har antagit en utdelningspolicy med målsättningen att utdelning över tid ska uppgå till mellan 40- 60% av årligt resultat efter skatt.”

Annual report 2024A · The company itself

“While we believe we will have the ability to service our debt and obtain additional financial resources in the future if and when needed, that will depend upon our results of operations and financial position at the time, the then-current state of the credit and financial markets, and other factors that may be beyond our control. Therefore, we cannot give assurances that credit will be available on terms that we consider attractive, or at all, if and when necessary or beneficial to us.”

Annual report 2026A · The company itself

“Solventum could need access to the capital markets to supplement its existing funds and cash generated from operations to satisfy its needs for working capital, to meet capital expenditure and debt service requirements, and for other business initiatives. Solventum’s ability to issue additional debt or enter into other financing arrangements on acceptable terms could be adversely affected by its debt levels, unfavorable changes in economic conditions or uncertainties that affect the capital markets. In the event of adverse capital and credit market conditions, Solventum may be unable to obtain capital market financing on favorable terms, or at all.”

Annual report 2025A · The company itself

“Southern Power's future earnings will depend on the parameters of the wholesale market and the efficient operation of its wholesale generating assets; Southern Power's ability to execute its growth strategy through the development, construction, or acquisition of generating facilities and other energy projects while containing costs; regulatory matters; customer creditworthiness; total electric generating capacity available in Southern Power's market areas; Southern Power's ability to successfully remarket capacity as current contracts expire; renewable portfolio standards; continued availability of federal and I-3 Table of Contents Index to Financial Statements state ITCs and PTCs under current and future tax legislation and U.S. Treasury guidance; transmission constraints; cost of generation from units within the Southern Company power pool; and operational limitations.”

Annual report 2025A · The company itself

“Aksjemarkedet hadde i 2024 et godt år i de fleste land, og særlig sterk var utvikling i USA. Den brede amerikanske S&P 500 indeksen steg med 23%, andre år på rad med avkastning over 20%.”

Annual report 2024A · The company itself

“Markedsrisiko er en felles betegnelse for risikoen for tap som oppstår som følge av endringer i kurser eller priser på finansielle instrumenter. Markedsrisiko oppstår hovedsakelig i forbindelse med bankens investeringer i obligasjoner, sertifikater, aksjer, egenkapitalbevis og aksjefond, og posisjoner i rente- og valutamarkedene.”

Annual report 2024A · The company itself

“Konsernet har et mål om egenkapitalavkastning på 11 prosent.”

Annual report 2024A · The company itself

“Det er imidlertid et stort mulighetsrom knyttet til tilbudet av grønne produkter og tjenester, og dette er et område der banken vil jobbe for å sikre eksisterende og ta nye markedsandeler.”

Annual report 2024A · The company itself

“Porteføljen er utelukkende en bankportefølje, og består i all hovedsak av investeringer i rentepapirer med meget høy kredittrating (AA eller bedre samt norske kommuner og fylkeskommuner), noe som gir begrenset spreadrisiko. markedsrisiko er innenfor bankens vedtatte risikotoleranse.”

Annual report 2024A · The company itself

“I tillegg til innskudd består finansieringen av lån i det norske og internasjonale verdipapirmarkedet, lån fra andre finansinstitusjoner og obligasjoner med fortrinnsrett (OMF) via salg av lån til kredittforetak.”

Annual report 2024A · The company itself

“Dette jobber vi med Slik jobber vi med bærekraft Påvirkninger, risiko og muligheter Taksonomi -engasjement (S3) Forbrukere og sluttbrukere (S4) ØSTLANDET aktiviteter Grønn omstilling (E1) Våre dyktige medarbeidere (S1) Samfunnsansvar og samfunnsengasjement (S3) Forbrukere og sluttbrukere (S4) Vi har et jobbengasjement over snittet i bransjen Vår andel av grønn portefølje utgjør minimum 20,4 prosent av total utlånsportefølje i konsernet Vi er blant landets beste på pris/bok Vi skaper morgendagens relasjonsbank i et raust og engasjerende arbeidsmiljø Vi er en tydelig pådriver for bærekraftig omstilling Vi har ett av de mest attraktive egenkapital bevisene på Oslo Børs Det er vesentlig at vi spiller hverandre gode, at vi lytter og har god dialog i alle relasjoner.”

Annual report 2024A · The company itself

“Banken har som mål å utbetale minst 50 prosent av hvert års konsernoverskudd etter skatt korrigert for renter på hybridkapital og ikkekontrollerende eierinteressers resultat, som utbytte til egenkapitalbeviseierne og som kundeutbytte og gaver fra grunnfondskapitalen.”

Annual report 2024A · The company itself

“Fondssparing og finansielle plasseringer er i et langsiktig perspektiv stadig viktigere for at kundene våre skal oppnå sine spare og investeringsmål. Vi ser at vi kan ha positiv påvirkning på kundene våre gjennom veiledning og gode råd for plassering av sparepenger.”

Annual report 2024A · The company itself

“Styret vedtok midtveis i 2024 en ytterligere oppjustering av det langsiktige lønnsomhetsmålet, til minst 13 prosent egenkapitalavkastning.”

Annual report 2024A · The company itself

“As part of the strategy - and to constantly grow the company's balance sheet - capital is being sought continuously via capital increases/share issues.”

Annual report 2025A · The company itself

“Customer demand for our products may be impacted by weak macroeconomic conditions, inflation, stagflation, recessionary or lower-growth environments, high or rising interest rates, equity market volatility or other negative economic factors in the U.S. or other nations.”

Annual report 2026A · The company itself

“Bankens aktiekursrisk uppstår främst i Handels banken Markets genom kundhandel och i bankens egna aktieinnehav.”

Annual report 2024A · The company itself

“Kreditrisken är beräknad med hjälp av en simulering av utfall avseende fallissemang för koncernens samtliga motparter och exponeringar. Marknadsriskerna består av risken i handelslagerklassificerade tillgångar, ränterisk i övrig verksamhet, marknadsrisker i försäkringsrörelsen och av risken i aktieinnehav i övrig verksamhet.”

Annual report 2024A · The company itself

“Nuvärde av framtida kassaflöden mkr 2024 2023 2024 2023 >10 år Summa Risker i försäkringsavtal Genom försäkringsavtal är banken främst exponerad för marknadsrisk, kreditrisk, likviditetsrisk och försäkringsrisk.”

Annual report 2024A · The company itself

“Marknadsrisk avser den samlade risken att förändringar i riskfaktorer inom finansiella marknader, till exempel förändringar i räntor, aktiekurser och valutakurser, resulterar i värdeförändringar på placeringstillgångar och/eller åtaganden.”

Annual report 2024A · The company itself

“Handelsbanken har, som en del av det finansiella systemet och förvaltare av kunders besparingar, en roll i att möjliggöra samhällets omställning till en hållbar utveckling. Handelsbankens kapitalförvaltning består av fondbolagen Handelsbanken Fonder, Handelsbanken Wealth & Asset Management (HWAM) och Optimix, livbolaget Handelsbanken Liv samt diskretionär förvaltning.”

Annual report 2024A · The company itself

“Finansiella risker, det vill säga marknadsrisker och likviditetsrisker, ska endast förekomma som ett naturligt led i kundaffärer, i samband med Handels bankens finansiering och likviditetshantering och i dess roll som market maker.”

Annual report 2024A · The company itself

“Trots att det genomsnittliga avkastningskravet i vår portfölj har ökat från 5,2 procent till 5,9 procent under de senaste två åren, har vi varje kvartal kunnat redovisa positiva värdeförändringar i våra fastigheter. Detta är till stor del ett resultat av våra strategiska investeringar och framgångsrika förädlingsarbete.”

Annual report 2024A · The company itself

“Yieldnivåerna inom logistiksegmentet har fortsatt att stiga något under 2024, även om den största ökningen skedde under föregående år. Det finns förväntningar om att en viss kompression kan komma att ske i närtid, i takt med att marknadsförhållandena anpassar sig till de sjunkande styrräntorna.”

Annual report 2024A · The company itself

“Bolaget kan därför, beroende på när ett positivt kassaflöde kan uppnås, även i framtiden behöva anskaffa ytterligare kapital. Det finns en risk att bolaget inte kan anskaffa eventuellt kapital när behov uppstår eller att det inte kan anskaffas på för SynAct fördelaktiga villkor, vilket kan påverka bolagets verksamhet och finansiella ställning väsentligt negativt.”

Annual report 2024A · The company itself

“Our level of indebtedness and the ultimate cost of such indebtedness could have a negative impact on our liquidity, cost of future debt financing and financial results, and our credit ratings may be adversely affected as a result of the incurrence of additional indebtedness.”

Annual report 2026A · The company itself

“Additionally, the underlying holdings of our assets under management are also subject to market risk, which may arise from changes in equity prices, credit ratings, foreign currency exchange rates, and interest rates.”

Annual report 2025A · The company itself

“Additionally, from time to time, certain stockholders and bondholders currently invested in fossil fuel energy companies but concerned about the potential effects of climate change may elect in the future to shift some or all of their investments into non-fossil fuel energy related sectors. Institutional investors who provide financing to fossil fuel energy companies have been attentive to sustainability lending, requesting additional action relating to the management of GHG emissions, and some of them may elect not to provide funding for fossil fuel energy companies, although this trend has waned in recent times. Any material reduction in the capital available to the fossil fuel industry could make it more difficult to secure funding for exploration, development, production, transportation, and processing activities, which could impact our and our suppliers’ and customers’ businesses and operations.”

Annual report 2025A · The company itself

“All of our commodity derivatives are with major financial institutions or major energy companies. Should any of these financial counterparties not perform, we may not realize the benefit of some of our hedges under lower commodity prices, which could have a material adverse effect on our results of operations.”

Annual report 2025A · The company itself

“Under 2024 minskade vårt fria kassaflöde till eget kapital med 7 procent.”

Annual report 2024A · The company itself

“Underlåtenhet att uppfylla investerares krav på klimatprestanda 11.”

Annual report 2024A · The company itself

“Framöver är vi fast beslutna att behålla skuldsättningen inom målet på 2,5–3,0× då underliggande EBITDAaL växer, och distribu - era minst 80% av fritt kassaflöde till eget kapital till aktieägarna.”

Annual report 2024A · The company itself

“The financial performance of our Finance segment depends on the quality of loans, leases and other assets in its portfolio. Portfolio quality can be adversely affected by several factors, including finance receivable underwriting procedures, collateral value, geographic or industry concentrations, and the effect of general economic conditions.”

Annual report 2026A · The company itself

“Our access to the debt capital markets and the cost of borrowings are affected by a number of factors including market conditions and the strength of our credit ratings. If we cannot obtain adequate sources of credit on favorable terms, or at all, our business, operating results, and financial condition could be adversely affected.”

Annual report 2026A · The company itself

“Instability in U.S. and global capital and credit markets, including market disruptions, limited liquidity and interest rate volatility, or reductions in the credit ratings assigned to us by independent rating agencies could reduce our access to capital markets or increase the cost of funding our short- and long-term credit requirements.”

Annual report 2025A · The company itself

“United Bankersin rahastojen ja täyden valtakirjan varainhoitostrategioiden tuottokehitys oli vuoden aikana myönteistä. Globaalien pörssien laaja-alainen nousu, korkomarkkinan normalisoituminen ja metsäsijoitusten vakaat tuotot tukivat positiivista kehitystä.”

Annual report 2025A · The company itself

“united bankersin vuosi vastuullisuus united bankersilla konsernitilinpäätös hallinnointi sijoittajille United Bankersin osakemarkkinoille sijoittavat rahastot kehittyivät vuoden aikana positiivisesti ja niistä parhaiten tuottivat UB Suomi (26,7 prosenttia) sekä listattuihin infrastruktuuriyhtiöihin sijoittavat UB Infra (11,8 prosenttia) ja UB EM Infra (8,4 prosenttia).”

Annual report 2025A · The company itself

“Yhdysvalloissa S&P 500 -indeksin osakekohtaisten tulosten ennustetaan nousevan keskimäärin yli 10 prosenttia vuoteen 2025 verrattuna.”

Annual report 2025A · The company itself

“Euroopan osakemarkkinoilla tuloskasvun ennakoidaan yltävän keskimäärin noin 10 prosenttiin, Suomessa peräti 20 prosenttiin.”

Annual report 2025A · The company itself

“Yhdysvalloissa sijoittajien huolena on osakemarkkinoiden indeksipainon keskittyminen poikkeuksellisen harvalukuiseen yhtiöjoukkoon, jossa lähes kaikkien yhtiöiden liiketoiminta liittyy samaan toimialaan – tekoälyyn. S&P 500 -indeksissä kymmenen suurimman yhtiön paino on nyt ennätykselliset 40 prosenttia. Kun markkinaliikkeet ovat vahvasti riippuvaisia vain muutaman osakkeen kurssikehityksestä, nojaa koko pörssin tulevaisuus entistä korostuneemmin tekoälyyn liittyvien kasvuodotusten varaan.”

Annual report 2025A · The company itself

“Euroopassa osakemarkkinoiden näkymät vaikuttavat Yhdysvaltoja vakaammilta. Myönteisten talouskasvunäkymien lisäksi Euroopan osakemarkkinoiden houkuttelevuutta lisää Yhdysvaltoja selvästi alhaisempi arvostustaso.”

Annual report 2025A · The company itself

“United Bankers on asettanut pitkän aikavälin tavoitteekseen hallinnoitavien varojen määrän kasvattamisen yli 10 miljardiin euroon sekä operatiivisen liikevoiton osuuden nostamisen yli 40 prosenttiin liikevaihdosta vuoteen 2028 mennessä. Tavoitteiden saavuttamisessa etenkin hallinnoitavien varojen määrän kasvattaminen on keskiössä, sillä se vaikuttaa vahvasti myös kannattavuuteen.”

Annual report 2025A · The company itself

“Listaamattomaan markkinaan liittyy yleisesti ottaen valtava potentiaali, sillä sen markkina-arvo on merkittävästi listattua markkinaa suurempi. Lisäksi listaamattomat sijoitukset ovat perinteisesti olleet vain suurimpien instituutiosijoittajien ulottuvilla, mutta jatkossa myös muille asiakasryhmille suunnattujen ratkaisujen odotetaan lisääntyvän.”

Annual report 2025A · The company itself

“Our rental fleet is subject to residual value risk upon disposition and may not sell at the prices or in the quantities we expect. The market value of any given piece of rental equipment could be less than its depreciated value at the time it is sold.”

Annual report 2025A · The company itself

“Our stock price is subject to significant fluctuations. From January 1, 2025 to December 31, 2025, our common stock traded between $362.50 and $519.68 per share.”

Annual report 2025A · The company itself