Employment

“In an economic downturn characterized by higher unemployment, lower family income, lower corporate earnings, lower business investment and lower consumer spending, the demand for financial and insurance products could be adversely affected. This adverse effect could be particularly significant for companies such as Aflac that distribute supplemental, discretionary insurance products primarily through the worksite in the event that economic conditions result in a decrease in the number of new hires and total employees.”

Annual report 2025A · The company itself

“In the U.S., competition exists for sales associates and brokers with demonstrated ability. Further, low rates of unemployment, such as those currently reflected in the U.S. employment market, tend to make it more difficult for Aflac U.S. to maintain its network of sales associates.”

Annual report 2025A · The company itself

“Arbetsmarknaden har däremot visat en fortsatt svag utveckling. Arbetslösheten steg från 6,6 procent i slutet av 2023 till 7,1 procent i december 2024, delvis till följd av ökat antal varsel och färre lediga tjänster. Samtidigt har antalet konkurser ökat med nästan 23 procent jämfört med 2023 och med 61 procent jämfört med 2022.”

Annual report 2024A · The company itself

“= Ökad bevakning = Oförändrad bevakning = Minskad bevakning Omvärld Risk Riskhantering Exponering Makro Verksamheten påverkas av makroekonomiska faktorer såsom ekonomiskt klimat, inflation, andel nybyggnation av kommersiella byggnader samt förändringar i infrastruktur och demografi. En ekonomisk nedgång som leder till högre arbetslöshet, sämre betalningsförmåga hos hyresgäster samt en ökad inflation skulle kunna få en negativ påverkan på bolagets resultat och ställning.”

Annual report 2024A · The company itself

“Förvaltning Risk Riskhantering Exponering Hyresintäkter En ekonomisk nedgång, inflation, konkurrens mellan kommersiella lokaler samt förändringar i infrastruktur och demografi kan leda till ökade vakanser eller lägre hyresnivåer som får en negativ påverkan på bolagets hyresintäkter.”

Annual report 2024A · The company itself

“Kundförluster En ekonomisk nedgång som leder till högre arbetslöshet, sämre betalningsförmåga hos hyresgäster samt en ökad inflation kan resultera i att hyresgäster inte kan fullgöra sina betalningar enligt underliggande hyresavtal.”

Annual report 2024A · The company itself

“The demand for property and casualty insurance generally rises as the overall level of economic activity increases and generally falls as such activity decreases, affecting both the commissions and fees generated by our Risk Capital segment. The economic activity that impacts property and casualty insurance is most closely correlated with employment levels, corporate revenues, and asset values.”

Annual report 2025A · The company itself

“Borrowers default for a variety of reasons, including a reduction of income, unemployment, divorce, illness, inability to manage credit, rising interest rate levels and declining home prices.”

Annual report 2025A · The company itself

“For example, in our mortgage business, the failure of general wages to keep pace with economic inflation, or increases in unemployment due to prolonged recessionary conditions, could prevent borrowers from being able to afford their mortgage payments and thereby increase the frequency of claims beyond our modeled results. Global recessionary conditions, including inflation, the slow recovery of certain sectors from the pandemic, predicted slow growth rates across key markets and other factors, will impact the insurance and reinsurance industry.”

Annual report 2025A · The company itself

“The frequency and severity of claims we incur is uncertain and will depend largely on general economic factors outside of our control, including, among others, changes in unemployment and home prices affordability.”

Annual report 2025A · The company itself

“Deteriorating economic conditions, potentially due to prolonged recessionary conditions increasing levels of unemployment and inflation, could adversely affect the performance of our mortgage insurance portfolio and could adversely affect our results of operations and financial condition.”

Annual report 2025A · The company itself

“Political, economic and social factors may materially adversely affect our business and financial results 20 Trade, including the imposition of tariffs or other trade restrictions, monetary and fiscal policies, and political and economic conditions may substantially change, and credit markets may experience periods of constriction and volatility. A slowdown in the economy or other negative changes, including in employment levels (as a result of AI or otherwise), the level of interest rates or the level of inflation, may have a negative impact on our businesses.”

Annual report 2026A · The company itself

“Our business is also impacted by employment levels across our clients, as we have varied contracts throughout our business that blend base fees and per-employee fees.”

Annual report 2026A · The company itself

“Our United States pays per control metric, which represents the approximate growth in the number of employees on ADP clients' processed payrolls in the United States when measured on a same-store-sales basis for a subset of Employer Services clients ranging from small to large businesses, grew 1% for the year ended June 30, 2026 as compared to the year ended June 30, 2025. PEO average worksite employees increased 2% for the year ended June 30, 2026, as compared to the year ended June 30, 2025.”

Annual report 2026A · The company itself

“The group’s continued growth was attrib - utable to increased demand for efficient and automated logistics solutions, primarily driven by changing customer demand, labor shortages, a growing need for energy efficiency and demand for high-density warehousing.”

Annual report 2022A · The company itself

“Efterfrågan på bostäder påverkas av makroekonomiska faktorer såsom det allmänna ekonomiska läget, inflation och räntenivåer, sysselsättningsnivån, takten i nyproduktion av bostäder, förändringar i infra - struktur och demografiska trender.”

Annual report 2024A · The company itself

“Det pågående kriget i Ukraina, ett negativt investeringsklimat, stigande arbetslöshet, byråkrati och höga energikostnader fortsätter att dämpa det ekonomiska klimatet.”

Annual report 2024A · 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

“Unfavorable changes in demographics, credit markets, including rising mortgage and other interest rates, consumer confidence, household incomes, inflation, housing affordability, or housing inventory levels and occupancy, or a weakening of the U.S. economy or of any regional or local economy in which we operate could adversely affect consumer spending, result in decreased demand for our products, and adversely affect our business.”

Annual report 2025A · The company itself

“Further, deteriorating economic and political conditions in our major markets, such as inflation, increased unemployment, decreases in disposable income, declines in consumer confidence, uncertainty about economic stability, political unrest, wars or other armed conflicts, or economic slowdowns or recessions, could cause a decrease in demand for our products.”

Annual report 2025A · The company itself

“Like other lenders, we face the risk that our customers will not repay their loans. A customer’s ability and willingness to repay us can be adversely affected by decreases in the income of the borrower or increases in their payment obligations to other lenders, whether as a result of a job loss, higher debt levels or rising cost of servicing debt, inflation outpacing wage growth, or by restricted availability of credit generally. We may fail to quickly identify and reduce our exposure to customers that are likely to default on their payment obligations, whether by closing credit lines or restricting authorizations. Our ability to manage credit risk also is affected by legal or regulatory changes (such as restrictions on collections, bankruptcy laws, minimum payment regulations and re-age guidance), competitors’ actions and consumer behavior, and depends on the effectiveness of our collections staff, techniques and models.”

Annual report 2025A · The company itself

“Rising credit losses or leading indicators of rising credit losses (such as higher delinquencies, higher rates of nonperforming loans, higher bankruptcy rates, lower collateral values, elevated unemployment rates or changing market terms) may require us to increase our allowance for credit losses, which would decrease our profitability if we are unable to raise revenue or reduce costs to compensate for higher credit losses, whether actual or expected.”

Annual report 2025A · The company itself

“Table of Contents General economic factors, domestically and internationally, may adversely affect our business, financial condition, and results of operations. Higher energy and gasoline costs, inflation, levels of unemployment, healthcare costs, consumer debt levels, foreign-currency exchange rates, unsettled financial markets, weaknesses in housing and real estate markets, reduced consumer confidence, changes and uncertainties related to government fiscal, monetary and tax policies including changes in interest rates, tax rates, duties, tariffs, or other restrictions, sovereign debt crises, pandemics and other health crises, and other economic factors could adversely affect demand for our products and services, require a change in product mix, or impact the cost of or ability to purchase inventory.”

Annual report 2025A · The company itself

“A significant portion of our HOKA brand and UGG brand products are premium, discretionary purchases, and demand for these products is sensitive to macroeconomic factors, including inflation, wages and employment, consumer debt, declines in net worth driven by market conditions, interest rates, tariffs, and public health issues such as a pandemic.”

Annual report 2026A · The company itself

“Samtidigt är bristen på läkare, sjuksköterskor, socionomer och psykologer redan en utmaning i hela Europa. Situationen drivs av demografiska faktorer; stora pensionsavgångar och en minskande andel av befolkningen i arbetsför ålder, som förstärks av låg nyrekrytering och av att legitimerad vårdpersonal allt oftare väljer sysselsättning utanför hälsooch sjukvården.”

Annual report 2024A · The company itself

“Tillgången på resurser och att hitta rätt kompetens är en utmaning. De stigande lönenivåerna gör det ännu mer utmanande att attrahera och behålla rätt personer.”

Annual report 2024A · The company itself

“Positive outlook for the Norwegian economy Entra is well-positioned within a stable Norwegian economy, supported by low unemployment and positive prospects for employment growth and mainland GDP growth. It is difficult to predict how escalating geopolitical tensions and trade conflicts may impact inflation, interest rates, and overall economic conditions.”

Annual report 2024A · The company itself

“The unemployment rate remains low at 2.2 per cent, and the growth in employment is expected to pick up in 2025. The solid fiscal position of Norway, with an all-time high sovereign wealth fund, has supported an expansionary fiscal policy, smoothened business cycles and stabilised the performance of the Norwegian economy. Monetary policy is expected to provide further stimulus through rate cuts in 2025 and 2026. Combined, this points to a pick-up in economic activity in 2025.”

Annual report 2024A · The company itself

“High or rising rates of unemployment and interest, declines in income, home prices or investment values, lower consumer confidence, economic uncertainty and reduced access to credit adversely affect demand for many of our products and services, and consequently our revenue and results of operations, as consumers may postpone or reduce their spending and use of credit, and lenders may reduce the amount of credit offered or available.”

Annual report 2025A · The company itself

“Conversely, certain of our businesses, such as our unemployment claims management business within the Workforce Solutions segment, are countercyclical and may experience negative impacts on revenue and operating profit during periods of improving economic conditions or lower unemployment.”

Annual report 2025A · The company itself

“Demand for our services tends to be correlated to general levels of economic activity and to consumer credit and small business commercial credit decisioning and portfolio review, marketing, identity validation and fraud protection activity, employee hiring and onboarding activity, and activity in provisioning support services in the U.S. by government agencies.”

Annual report 2025A · The company itself

“Our operations, revenues and operating income may be adversely impacted by, for example, increases in unemployment rates, rising interest rates, changing demographics, decreases in the volume of housing market transactions, recessions, perceptions about the safety of our stores, changes in local zoning laws, consequences from climate change, public health emergencies, as well as earthquakes, hurricanes and other natural disasters, terrorist acts, civil disturbances or acts of war.”

Annual report 2025A · The company itself

“igen den høje beskæftigelse og gode økonomiske vilkår som gør det muligt for rigtig mange familier at realisere deres boligdrømme. København (22% over 2024) og Århus (62 % over 2024) trak igen i 2025 godt op i statistikken, hvilket er bemærkelsesværdigt da det sker på baggrund af solide prisstigninger igennem en årrække.”

Annual report 2025A · The company itself

“Transaktionsmiljøets vilkår har været relativt sunde, igen i 2025 på baggrund af en stærk dansk økonomi, høj beskæftigelse og et mere roligt og stabilt renteniveau.”

Annual report 2025A · The company itself

“Accordingly, such customers have historically been, and may in the future become, disproportionately affected by adverse macroeconomic conditions. Sustained high levels of unemployment or financial stress due to the global macroeconomic conditions, including elevated interest rates and inflation, may increase delinquencies, defaults, non-payments, foreclosures and bankruptcies with respect to our loans and earned wage access products and may reduce customer engagement with our investment and other 28 Table of Contents financial services.”

Annual report 2026A · The company itself

“Minskad efterfrågan på bolagets lokaler och bostäder kan leda till ökad vakansnivå. Efterfrågan kan påverkas negativt av externa drivkrafter i form av makroekonomiska faktorer såsom konjunktur- och sysselsättningsutveckling som en följd av högre räntenivåer och inflation eller politiska beslut, Konsekvenser kan vara ökade vakanser, framför allt avseende kommersiella kunder, vilket leder till minskade intäkter och ökade kostnader för beläggning av vakans, såsom anpassning av lokaler och renoveringar.”

Annual report 2024A · The company itself

“The general pricing of high street properties is influenced by several factors, among which are current inflation and expectations for future inflation, current interest rate levels and expectations for future interest rates, future property investors' demands for net yield for similar properties, the extent of new construction of various property types, demand for premises, general and local population development, general economic development, particularly economic growth, employment development, development in German private consumption, development in retail stores' turnover and earnings, and changes in the public sector's activity level and demand for premises.”

Annual report 2025A · The company itself

“Rutiner for å avhjelpe negativ påvirkning Tilstrekkelig lønn I alle våre markeder har de siste årene vært preget av relativt høy prisvekst, høyt rentenivå og lav arbeidsledighet.”

Annual report 2024A · The company itself

“Solvensmargin, godkjent partiell internmodell: Sum tellende kapital til å dekke solvenskapitalkrav dividert med solvenskapitalkravet. godt tilbud til kundene og høy kundetilfredshet. Kundebevaringen i Norge holdet seg på et høyt og stabilt nivå.”

Annual report 2024A · The company itself

“Global and Economic Risks •Changes in U.S., global or regional political or economic conditions can harm our business, such as inflation, tariffs, rising interest rates and unemployment rates, as well as the markets in which we and our employees, consumers, customers, suppliers and manufacturers operate.”

Annual report 2025A · The company itself

“These factors include, but are not limited to: •changes in general economic conditions, including inflation, interest rates, supply chain disruptions, low consumer confidence, tariffs, increases in unemployment levels and depressed real estate prices resulting from the severity and duration of any downturn in the U.S. or global economy and financial markets; •conditions that negatively shape public perception of travel or result in temporary closures or other disruption at our hotel properties, including travel-related accidents, outbreaks of pandemic or contagious diseases, such as COVID-19; •geopolitical activity, political and social unrest and governmental action and uncertainty resulting from U.S. and global political and social trends and policies, including potential barriers to travel, trade and immigration; •wars, geopolitical conflict, political instability or civil unrest, terrorist activities or threats and resulting heightened travel security measures, any of which may foreclose travel to certain locales or decrease the appeal of travel among the general population; •the impact of U.S.”

Annual report 2025A · The company itself

“Den ekonomiska cykelns påverkan på marknaden för förfallna lån Stark ekonomisk tillväxt Sämre ekonomisk tillväxt Utbudet av förfallna lån Mer utlåning ger större kreditstock (större utbud) Sämre ekonomi leder till generellt mindre utlåning (mindre utbud) Lägre andel lån med betalningsstörningar (mindre utbud) Ökad andel förfallna lån (större utbud) Återbetalningskapaciteten på fordringar Lägre arbetslöshet ger låntagare med bibehållen betalningsförmåga (större återbetalningskapacitet) Högre arbetslöshet ger låntagare med minskad betalningsförmåga (lägre återbetalningskapacitet) (1) EuropeanBankingAuthority,RiskandDataAnalysis, https://www.eba.europa.eu/risk-and-data-analysis/data Års- och hållbarhetsredovisning 2024 | Marknad 12 Innehåll Året i korthet Vd-ord Om Hoist Finance Strategi och finansiella mål Marknad Den europeiska transaktionsmarknaden för förfallna lån Marknadsdrivkrafter Tre pelare Våra medarbetare Vår aktie Riskhantering Förvaltningsberättelse Bolagsstyrningsrapport Räkenskaper Hållbarhetsrapport Årsredovisningens undertecknande Revisionsrapporter Femårsöversikt Definitioner Aktieägarinformation Tre typer av köpare på marknaden för förfallna lån Köparna på marknaden för förfallna lån kan delas in i tre typer; finansiella investerare, specialiserade kredithanteringsföretag samt reglerade banker och finansinstitut.”

Annual report 2024A · The company itself

“Deterioration of labor relations, labor availability or increases in labor costs could harm the Company’s business. The Company's ability to meet its labor needs while controlling its costs is subject to external factors such as labor laws and regulations, labor availability, unemployment levels, prevailing wage rates, benefit costs, changing demographics, immigration laws, regulations, and enforcement policies, and the Company's reputation within the labor market.”

Annual report 2025A · The company itself

“Our industry is influenced by the cyclical relationship between the supply of and demand for hotel rooms. Lodging demand growth typically is related to the vitality of the overall economy, in addition to local 5 Table of Contents market factors that stimulate travel to specific destinations. Trends in economic indicators such as gross domestic product (“GDP”) growth, business investment, corporate profits and employment growth are key indicators of the relative strength of lodging demand.”

Annual report 2025A · The company itself

“higher employment rates”

Annual report 2025A · The company itself

“The increasing number of permits in the detached market was driven by positive underlying macro-economic indicators such as declining interest rates, higher employment rates and rising housing prices.”

Annual report 2025A · The company itself

“JPMorganChase’s consumer businesses are particularly affected by U.S. and global economic conditions, including: •the distribution of personal and household income •unemployment or underemployment •changes in housing prices •the level of inflation and its effect on prices for goods and services •consumer and small business confidence levels •prolonged periods of exceptionally high or low interest rates, or significant changes to interest rates •changes in the value of collateral such as residential real estate and vehicles, and •changes in consumer spending or in the level of consumer debt. High unemployment levels could reduce personal and household income, which could degrade consumer credit performance if consumers struggle to service their debts. Adverse economic conditions could also lead to an increase in delinquencies, an increase in the allowance for credit losses or higher net charge-offs, which could reduce JPMorganChase’s earnings.”

Annual report 2025A · The company itself

“K2A:s hyresintäkter påverkas av en mängd olika faktorer såsom utveckling i ekonomin på de delmarknader där K2A verkar, utbud av hyres- och studentbostäder, befolkningstillväxt, sysselsättning samt hur väl K2A lyckas utveckla fastighetsbeståndet.”

Annual report 2024A · The company itself

“Uthyrningsgrad och hyresnivåer styrs bland annat av den allmänna konjunkturutvecklingen, produktionstakten av nya fastigheter, förändringar i infrastruktur samt befolkningstillväxt och syssel sättningsgrad. Förändringen av dessa faktorer kan leda till ökad vakansgrad med risk för att hyresnivåerna sjunker.”

Annual report 2024A · The company itself

“Slow economic growth, inflation, or high unemployment in the markets in which we operate could constrain consumer spending, and declining consumer purchasing power could adversely impact our profitability.”

Annual report 2025A · The company itself

“Many factors related to corporate spending and discretionary consumer spending, including economic conditions affecting disposable consumer income such as unemployment levels, fuel prices, interest rates, changes in tax rates and tax laws that impact companies or individuals, and inflation can significantly impact our operating results.”

Annual report 2025A · The company itself

“At the time of the Company’s analysis regarding the determination of the allowance for loan losses as of December 31, 2025 uncertainties existed about the impact of inflationary pressures and potential increases in unemployment on the discretionary income and purchasing power of consumers, which could impact their ability to service existing debt obligations; the volatile nature of global markets and international economic conditions that could impact the U.S. economy, including the effect of international trade policies on domestic businesses and consumers; uncertainty related to Federal Reserve positioning of monetary policy and the potential impacts on future economic growth; shifts in immigration policies and enforcement; changes to government funding and reductions in federal workforce; downward pressures on commercial real estate values and the impacts on the ability of commercial borrowers to refinance maturing debt obligations; and the extent to which borrowers may be negatively affected by general economic conditions.”

Annual report 2025A · The company itself

“In the Nordic countries, weak economic development caused caution among organizations when making procurement decisions. Employment development, particularly in Finland and in Sweden, was weak, and vacancy rates in office real estate markets remained high across all our main market areas.”

Annual report 2025A · The company itself

“Risks Related to Our Real Estate Investments and Our Operations Unfavorable market and economic conditions could adversely affect occupancy levels, rental revenues and the value of our properties. General economic conditions in the U.S. have fluctuated in recent years, and concerns persist regarding negative macroeconomic conditions, such as inflation and the labor market. Unfavorable market and economic conditions may significantly affect our occupancy levels, our rental rates and collections, the value of our properties and our ability to acquire or dispose of properties on economically favorable terms.”

Annual report 2025A · The company itself

“Factors that may affect our occupancy levels, our rental revenues and/or the value of our properties include the following, among others: • downturns in global, national, regional and local economic conditions, particularly increases in unemployment or decreases in job growth in our markets; • declines in mortgage interest rates and home pricing, making alternative housing options more affordable; • government or builder incentives with respect to home ownership, making alternative housing options more attractive; • local real estate market conditions, including oversupply of apartments or other housing available for rent, or a reduction in demand for apartments in the area; • declines in the financial condition of our residents or commercial tenants, which may make it more difficult for us to collect rents from some residents or commercial tenants; • declines in market rental rates; • declines in household formation; and • increases in operating costs, if these costs cannot be passed through to our residents or commercial tenants.”

Annual report 2025A · The company itself

“In particular, our performance is disproportionately influenced by job growth and unemployment. To the extent the economic conditions, job growth and unemployment in any of these markets deteriorate or any of these areas experiences natural disasters, the value of our portfolio, our results of operations and our ability to make payments on our debt and to make distributions could be adversely affected.”

Annual report 2025A · The company itself

“The non-payment rate among account holders may increase due to, among other factors, changes to underwriting standards, risk models not accurately predicting the creditworthiness of a user, worsening economic conditions, such as recessions, economic downturns or government austerity programs, increases in prevailing interest rates, and high unemployment rates.”

Annual report 2025A · The company itself

“General economic factors that are beyond the Company’s control impact the Company’s forecasts and actual performance. These factors include interest rates; recession; inflation; stagflation; deflation; supply chain constraints; unemployment trends; sanctions, trade restrictions, military interventions and the threat or possibility of war; terrorism or other global or national unrest; and political or financial instability.”

Annual report 2025A · The company itself

“The ability of borrowers to repay loans is often weakened as a result of economic downturns, higher inflation and unemployment.”

Annual report 2025A · The company itself

“Our business and that of other insurers may be adversely affected by a downturn in general economic conditions and other forces beyond our control. Issues such as unemployment rates, the number of vehicles sold, technological advances, home ownership trends, inflation or deflation, tariffs, consumer confidence, and construction spending, among many other factors, will have a bearing on the amount of insurance that is purchased by consumers and small businesses and the costs that we incur.”

Annual report 2025A · The company itself

“The residential homebuilding industry is sensitive to changes in economic conditions and other factors, such as the level of employment, consumer confidence, consumer income, product affordability, availability of financing, inflation, and interest rate levels.”

Annual report 2025A · The company itself

“Changes in purchase power and customer behaviour Changes in purchase power and consumer behaviour may occur due to factors such as the general economic situation, confidence in the economy, employment rate, inflation, energy prices, and interest rates.”

Annual report 2026A · The company itself

“A variety of macroeconomic, political, and geopolitical factors, driven in some cases by governmental policy decisions, individually or in the aggregate, could adversely affect the operating environment for retailers and service providers, including increasing the potential for a recession. These factors include federal budgetary and spending policies, actions taken by the Board of Governors of the Federal Reserve System (the "U.S. Federal Reserve"), inflationary pressures, changes in interest rates, energy price changes, labor availability and shortages (including those influenced by governmental immigration policies), supply chain disruptions, tightening credit markets, decreases in consumer confidence and discretionary spending, increases in unemployment and broader uncertainty in the macroeconomic outlook and capital markets.”

Annual report 2025A · The company itself

“The models and approaches used to manage credit risk may not accurately predict future charge-offs and our ability to avoid high charge-off rates also may be adversely affected by general economic conditions including unemployment, the availability of consumer credit and the competitive environment, as well as events that may be difficult to predict, such as a general downturn in economic conditions (like the one that occurred in 2022) or public health threats (like the COVID-19 pandemic).”

Annual report 2025A · The company itself

“De svake resultatene knyttet til uføredekninger skyldes fortsatt høy uførhet i det norske samfunnet, de svenske dekningene hadde tilfredsstillende resultater.”

Annual report 2024A · The company itself

“Den største risikoen er knyttet til forsikringsdekning for uførhet. Dekningene utløser utbetaling fra Storebrand når personer blir arbeidsuføre, altså at Storebrand har risiko ved økt uførehyppighet eller høyere erstatningsnivå enn forventet.”

Annual report 2024A · The company itself

“Den største sosiale bærekraftrisikoen er at trender i samfunnet gir økt uførhet. Også klimarelatert overgangsrisiko kan gi økt uførhet som en konsekvens av at overgangen mot nullutslipp gir økt arbeidsløshet.”

Annual report 2024A · The company itself

“Videre har Storebrand siden 2022 hatt et tydelig og målrettet fokus på å redusere uførhet og utenforskap, og arbeidet med flere pilotprosjekter for forebyggende tjenester.”

Annual report 2024A · The company itself

“Innen uføreforsikring var hovedmålsetningen i 2024 å sluttføre pilotering av de forebyggende tjenestene og bruke innsikt for videreutvikling, operasjonalisering og skalering av tjenestetilbudet. I 2025 har vi mål om å skalere opp og tilgjengeliggjøre tjenestene for 50 000 forsikrede.”

Annual report 2024A · The company itself

“Vuoden kolmannella ja neljännellä neljänneksellä kokonaiskysyntä heikkeni vertailukaudesta, mikä johtui erityisesti matalammasta ylähengitystieinfektioiden esiintyvyydestä sekä työterveyspalveluiden kysynnän vaimeasta kehityksestä. Yritysten varovaisuus epävarmassa taloudellisessa ympäristössä näkyi rajatummassa palveluiden käytössä ja sopimuskattavuudessa, ja Suomen työllisyystilanteen heikkeneminen vaikutti työterveyspalveluiden kysyntään vuoden jälkipuoliskolla.”

Annual report 2025A · The company itself

“Ruotsissa makrotalouden heikkous sekä korkea työttömyys painoivat kysyntää koko vuoden ajan.”

Annual report 2025A · The company itself

“Table of Contents We are focused on increasing our presence in markets with favorable job formation and income growth, high propensity to rent, strong relative affordability for rental versus homeownership, and a favorable demand/supply ratio for multifamily housing.”

Annual report 2025A · The company itself

“Our ability to lease our properties at favorable rates is adversely affected by increases in supply in the multifamily and other rental markets and is dependent upon the overall level in the economy, which is adversely affected by, among other things, job losses and unemployment levels, recession, debt levels, housing markets, stock market volatility, any federal government shutdown and uncertainty about the future.”

Annual report 2025A · The company itself

“If residents do not experience increases in their income or if they experience decreases in their income or job losses, we may be unable to increase or maintain rent and/or delinquencies may increase.”

Annual report 2025A · The company itself

“The following factors, among others, may affect the income generated by our apartment communities: ● the national and local economies; ● local real estate market conditions, such as an oversupply or increasing supply of apartment homes; ● tenants’ or prospective tenants’ perceptions of the safety, convenience, and attractiveness of our communities and the neighborhoods where they are located; ● our ability to provide adequate management, maintenance and insurance; ● rental expenses, including real estate taxes and utilities; ● competition from other apartment communities or alternative housing options; 25 Table of Contents ● changes in interest rates and the availability of financing; ● changes in governmental regulations and the related costs of compliance; and ● changes in tax and housing laws, including the enactment of rent control laws or other laws regulating multifamily housing.”

Annual report 2025A · The company itself

“Our patient volumes, revenues and financial results depend significantly on the universe of patients with health insurance, which to a large extent is dependent on the employment status of individuals in our markets. Worsening of economic conditions, including inflation and rising interest rates, may result in a higher unemployment rate which may increase the number of individuals without health insurance. As a result, our facilities may experience a decrease in patient volumes, particularly in less intense, more elective service lines, or an increase in services provided to uninsured patients.”

Annual report 2025A · The company itself

“The Jobs vertical faced continued market headwinds throughout 2024, significantly impacting volumes, with challenges most evident in Sweden and Finland.”

Annual report 2024A · The company itself

“Svängningarna på den svenska arbetsmarknaden har under det senaste året varit ovanligt stora, både om man jämför olika regioner, branscher och jämfört med tidigare bedömningar. Det tyder på en fortsatt stor osäkerhet på arbetsmarknaden, där många branscher visserligen lider av kompetensbrist men samtidigt inte har tillräcklig framtidstro för att våga satsa på rekrytering fullt ut.”

Annual report 2024A · The company itself

“The staff leasing market has been changing in recent years, and for example, in 2023 the entire market decreased by 5%. The general decline in the number of employees in Finland has also affected the general demand for temporary workers.”

Annual report 2025A · The company itself

“The general economic and market development and the employment rate have a significant impact on the demand for products and services.”

Annual report 2025A · The company itself

“Sales of more traditional workplace products and services followed the general economic and employment situation, decreasing from the comparison period.”

Annual report 2025A · The company itself

“The demand for Wulff’s products and services is essentially influenced by the general development of the economy and the market, as well as the employment rate.”

Annual report 2025A · The company itself

“There are no guarantees that new products will prove to be commercially successful. * The Company’s future results are subject to vulnerability with respect to materials and fluctuations in the costs and availability of purchased components, compounds, raw materials, energy, and labor due to shortages, increased demand and wages, strikes or other labor disruptions, logistics, supply chain interruptions, manufacturing site disruptions, regulatory developments, natural disasters, and other disruptive factors.”

Annual report 2025A · The company itself

“Despite downbeat sentiment, retail sales (excluding food and fuel) expanded 3% year-on-year in October and November, supported by a resilient labour market and real wage gains.”

Annual report 2025A · The company itself

“Demografisk utveckling, arbetslöshet, integration och det förändrade säkerhetsläget är alla exempel på externa faktorer som påverkar efterfrågan på AcadeMedias breda utbud av pedagogiska inriktningar. Vår verksamhets förutsättningar styrs också av den nationella skol- och utbildningspolitiken i de länder där vi verkar, samt av kommunernas ekonomi och prioriteringar.”

Annual report 2024A · The company itself

“Konjunkturens utveckling påverkar behovet av vuxenutbildning. Svensk ekonomi befinner sig fortsatt i en lågkonjunktur och arbetslösheten ökar. Enligt Arbetsförmedlingen var 348 000 personer inskrivna arbetslösa i slutet av juni 2024, en ökning med nära 26 000 personer jämfört med året innan.”

Annual report 2024A · The company itself

“Factors like unemployment, consumer debt, and financial market volatility can decrease consumer confidence and spending, particularly affecting leisure travel, which forms a substantial part of our business.”

Annual report 2025A · The company itself

“In addition, because of the impact to the business environment due to civil unrest, high cost of living, taxes, and other increased region-specific costs of doing business in certain of our markets and submarkets, such as those located in the states of California and Washington, tenants may choose not to renew or re-lease space.”

Annual report 2025A · The company itself

“Året inleddes med svag försäljning till följd av konjunkturen och omfattande strejker inom industrin under det första kvartalet.”

Annual report 2024A · The company itself

“These changes in loss cost trends or loss development factors could be due to changes in actual versus expected claims and losses, difficulties in predicting changes, such as changes in inflation, unemployment, or other social or economic factors affecting claims, including judicial and legislative actions, and changes in the tort environment.”

Annual report 2025A · The company itself

“Furthermore, changes in consumer economic variables, such as the number and size of personal bankruptcy filings, the rate of unemployment, decreases in property values, and the level of consumer confidence and consumer debt, may substantially affect consumer financials, which, in turn, could impact client activity in our businesses.”

Annual report 2025A · The company itself

“Samtidigt innebär personalbrist, ekonomisk osäkerhet och större fokus på vårdens klimat- och miljöpåverkan ett ökat tryck på hälso- och sjukvården.”

Annual report 2024A · The company itself

“En av de största utmaningarna för hälso- och sjukvården globalt är den åldrande befolkningen. I tillägg råder det generell personal brist och brist på personal med rätt kompetens i vården.”

Annual report 2024A · The company itself

“The combination of increasing insurable values (due to inflation, including wage inflation), a tight labor market and low unemployment is likely contributing to increases in client insured exposures.”

Annual report 2025A · The company itself

“We believe these favorable net new business trends should continue for 2026, however, worsening economic conditions or a reversal in the number of workers employed, could cause fewer new liability and core workers’ compensation claims to arise in future quarters.”

Annual report 2025A · The company itself

“Change Net earnings, as reported $ 183 $ 175 5 % Provision for income taxes 66 63 Depreciation 40 38 Amortization 22 14 Change in estimated acquisition earnout payables 2 — Total EBITDAC 313 290 8 % Net (gains) on divestitures (2) — Acquisition integration 9 3 Workforce and lease termination related charges 12 7 Acquisition related adjustments 4 — Levelized foreign currency translation — — EBITDAC, as adjusted $ 336 $ 300 12 % Net earnings margin, before reimbursements, as reported 11.6 % 12.1 % - 51 bpts EBITDAC margin, before reimbursements, as adjusted 21.2 % 20.7 % + 54 bpts Reported revenues before reimbursements $ 1,585 $ 1,451 Adjusted revenues - before reimbursements - see page 37 $ 1,583 $ 1,450 Fees - In 2025, new business production was strong, while client retention remained excellent relative to 2024.”

Annual report 2025A · The company itself

“As of December 31, 2025, approximately 61% of our employees were frontline workers, predominantly in hourly roles such as customer care, claims administration, mobile repair and logistics; and approximately 38% were in managerial roles, predominantly salaried employees engaged in an array of business and support functions.1 For full-year 2025, our global turnover rate was 11%, reflecting our blended workforce of frontline and managerial roles; turnover for managerial roles was 5%, and turnover for frontline employees was 14%, which is typically higher given the nature of the roles. Year-over-year, the turnover rate for frontline employees improved by 3 percentage points, while the turnover rate for managerial employees remained unchanged.2 Overall, this is attributed to ongoing actions to identify and remediate talent risks and enhance the employee experience, as well as stabilization in key labor markets.”

Annual report 2025A · The company itself

“Achieving our store development and expansion goals, domestically and in international markets, will depend upon our ability to identify and obtain suitable sites for new and expanded stores in a timely manner and at acceptable costs, the hiring and training of qualified personnel, effective utilization of our supply chain and hub network, and the integration of new stores into existing operations, among other factors. Furthermore, we open new stores only after evaluating customer buying trends and market demand/needs, all of which could be adversely affected by persistent unemployment, wage cuts, small business failures and microeconomic conditions unique to the automotive industry.”

Annual report 2025A · The company itself

“Although 2024 continued to be a challenging year of macroeconomic uncertainty, inflation reduced significantly leading to several rounds of central banks interest rate cuts, and despite the macro-economic challenges, no meaningful increase in the low unemployment rates were observed, particularly across B2 Impact footprint. This positively impacted the Group, both from a customer collections perspective as well as reducing our internal costs.”

Annual report 2024A · The company itself

“Consumer demand for the products and services that we offer could be, or could continue to be, affected by a number of factors, including: real GDP growth, inflation, recession, consumer confidence, employment levels, effects of government closures, cost of living, uncertainty over the availability of government benefits, tax rates, availability of consumer financing, interest rates, housing market conditions, foreign currency exchange rates, the price of oil, gas and other commodities and other macroeconomic trends.”

Annual report 2026A · The company itself

“The turnover rate in the retail sector is relatively high, creating an ongoing need to recruit and train new employees. Our ability to maintain sufficient numbers of qualified employees depends on a number of factors, such as employee engagement, our reputation, our ability to train and develop our employees, our ability to connect with and promote available talent pools, our development and maintenance of employee-desired policies and practices, unemployment rates, competition from other employers, availability of qualified personnel and our ability to offer appropriate compensation and benefit packages.”

Annual report 2026A · The company itself

“The Company’s institutional clients consist of the following: • Pensions, Foundations and Endowments BlackRock is among the world’s largest managers of pension plan assets with $3.9 trillion, or 62%, of long-term institutional AUM managed for defined benefit, defined contribution and other pension plans for corporations, governments and unions at December 31, 2025. The market landscape continues to shift from defined benefit to defined contribution, and BlackRock's defined contribution channel represented $2.1 trillion of total pension AUM.”

Annual report 2025A · The company itself

“Adverse changes in the macroeconomic environment or the credit quality of our sellers could cause some sellers who utilize Square Loans to cease operations or to experience a decline in their payment processing volume, thereby rendering them unable to make payment on the Square Loans and/or extend the repayment period beyond the contractual repayment terms. Similarly, economic factors such as interest rate changes, market volatility or rising unemployment rates could negatively impact loan repayment rates, increase our risk of loss, and materially and adversely impact our business, results of operations, and financial condition.”

Annual report 2025A · The company itself

“Eksterne markedsanalyser som viser hvor attraktiv Bouvet er som arbeidsgiver, er viktige for å avdekke områder det må jobbes med for å tiltrekke kvalifiserte medarbeidere.”

Annual report 2024A · The company itself

“De senaste sex åren har invånarantalet sjunkit i Blekinge län och prognoser pekar på en fortsatt nedgång framöver, främst till följd av utflyttning och att antalet dödsfall överstiger antalet födslar. För att vända på denna utveckling satsar regionen och kommunerna på att attrahera nya invånare genom bostadsutveckling, anpassad utbildning och internationell rekrytering.”

Annual report 2024A · 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

“Development risks These are potential problems connected with the sale of dwellings and retail units due to lower demand as a result of changes in the economic situation, including a tightening of accessibility to mortgages from banks and an increase in unemployment.”

Annual report 2025A · The company itself

“Increases in delinquency and default rates, housing and stock price declines, increases in the unemployment rate, and other economic factors, can result in increases in allowances for credit losses and related credit loss expense, as well as write-downs on such loans.”

Annual report 2025A · The company itself

“Decreases in demand for our products would decrease our sales and profitability. Factors that can affect demand include competitors’ products, advertising and pricing actions, inflationary pressures, rates of unemployment, consumer confidence, health care costs, including increased costs as a result of changes in federal regulations, significant shifts in government policies, the deterioration of economic or trade relations between countries or regions, commodity costs, fuel and other energy costs and other economic factors affecting consumer spending behavior, including gasoline and home heating oil pricing, reduced unemployment benefits in periods of high unemployment, restrictions on travel and access to public spaces, and changes in tax policies, other effects of governmental shutdowns or a lapse of appropriations or fear of exposure to or actual impacts of a widespread disease outbreak.”

Annual report 2025A · The company itself

“Arbetslösheten steg till 8,4% under året då företag minskade sina verksamheter för att anpassa sig till den lägre efterfrågan.”

Annual report 2024A · The company itself

“Arbetslösheten nådde 8,4% under 2024 då antalet lediga jobb minskade och företag skar ner på personalstyrkan som en följd av den avtagande efterfrågan.”

Annual report 2024A · The company itself

“Arbetslösheten har ökat något från de låga nivåerna i 2022 till 4%, medan inflationen sjönk till 3,2% i slutet av 2024.”

Annual report 2024A · The company itself

“Higher levels of unemployment, inflation, recessionary conditions, geopolitical developments, changes in trade agreements, tax rates and other changes in tax laws and other economic factors could adversely affect the demand for Cintas' products and services.”

Annual report 2026A · The company itself

“Forward-looking economic assumptions include real GDP, unemployment rate, interest rate curve, and changes in collateral values.”

Annual report 2025A · The company itself

“These factors may include subdued spend, depressed sentiment, value-seeking behaviors, and reductions in the discretionary income available to purchase our products among consumers, elevated unemployment, changing prices, inflation, other unfavorable global and regional economic conditions, demographic trends in the U.S., global supply chain disruptions and constraints, geopolitical events and tensions, wars, and military conflicts, including the conflict in the Middle East.”

Annual report 2026A · The company itself

“Reductions in workforce by our customers can also cause unanticipated increases in the health care and other benefit costs of our Health Care Benefits segment. For example, our business associated with members who have elected to receive benefits under Consolidated Omnibus Budget Reconciliation Act (known as “COBRA”) typically has an MBR that is significantly higher than our overall Commercial MBR.”

Annual report 2025A · The company itself

“As a result, the availability and affordability of such insurance, and accordingly the number of patients with commercial insurance, is affected by changes in the economic and political landscape that may affect employment status, the ability of employer health plans to offer commercial insurance and to avoid offering commercial insurance, and changes to laws, rules and regulations that impact the healthcare marketplace, including, among other things, the ACA exchanges. For example, the expiration of certain enhanced premium tax credits available to patients who purchase health insurance on the ACA exchanges is expected to have an adverse impact on the affordability of commercial insurance plans, leading to a smaller percentage of patients covered by such plans.”

Annual report 2025A · The company itself

“Furthermore, during economic uncertainty, our customers have had job losses and may continue to have issues gaining timely access to sufficient health insurance or credit, which could result in their unwillingness to purchase products or impair their ability to make timely payments to us.”

Annual report 2025A · The company itself

“Alla de tio städer där vi verkar har mål för befolkningstillväxt, och kommunerna fokuserar på inflyttning som ett sätt att tillsätta de tusentals lediga jobben i norra Sverige.”

Annual report 2024A · The company itself

“Årsberetning Generelle opplysninger I 2024 var norsk økonomi preget av avtakende inflasjon, en forsiktig styrking av den norske kronen og en svak økning i arbeidsledighet etter hvert som effektene av innstrammingen i pengepolitikken gjorde seg gjeldende i markedet.”

Annual report 2024A · The company itself

“Til tross for svak vekst i første halvår 2024 holdt arbeidsledigheten seg relativt stabil. Ved utgangen av 2024 var den registrerte arbeidsledigheten 2,0 prosent, mot 1,9 prosent i desember 2023.”

Annual report 2024A · The company itself

“Factors that could reduce, and in many cases have reduced, our customers’ disposable income include but are not limited to high unemployment or underemployment levels or decline in real wages; inflation; pandemics; higher fuel and energy costs (including those related to the conflict in the Middle East); healthcare, housing and product costs; higher interest rates, consumer debt levels, and tax rates; lack of available credit; tax law changes that negatively affect credits and refunds; and decreases in, or elimination of, government assistance programs or subsidies such as unemployment and food/nutrition assistance programs (for example, changes to the work requirement minimum standards for qualification enacted in 2025, and beginning in January 2026, certain states’ exclusion of historically covered product categories), student loan repayment forgiveness, health insurance subsidies, and economic stimulus payments.”

Annual report 2026A · The company itself

“Some of these factors include unemployment, inflation, consumer debt, fluctuations in transportation costs, increased food costs, declines in asset prices, mortgage markets, taxation, energy prices, changes in interest rates and credit availability, and consumer confidence in the current and future political and economic environment.”

Annual report 2025A · The company itself

“En värld där alla kan kommunicera Vi möjliggör för personer med funktions nedsättningar att göra det de tidigare kunnat eller aldrig trodde var möjligt Introduktion Värdeskapande Vårt sammanhang för att skapa värde Fallstudie: Samhällsnytta och ekonomiska fördelar med kommunikationshjälpmedel  Uppnå social hållbarhet Erbjudande Hållbarhet Årsredovisning Innehåll En värld där alla kan kommunicera Dynavox Group finns för att göra Power to be You möjligt för hundratusentals människor med kommunikationsnedsättningar. Ökad tillgång till kommunikationshjälpmedel gör det inte bara möjligt för fler människor att arbeta, studera, utveckla nya färdigheter och leva ett mer självständigt liv, utan innebär betydande kostnadsbesparingar för samhället.”

Annual report 2024A · The company itself

“Factors that have contributed, and may continue to contribute, to a reduction in enrollment include: reductions in workforce by existing customers; a reduction in Medicaid membership due to the implementation of more stringent eligibility redetermination protocols by state agencies; a general economic upturn that results in fewer individuals being eligible for Medicaid programs; a general economic downturn that results in business failures and high unemployment rates; employers no longer offering certain healthcare coverage as an employee benefit or electing to offer coverage on a voluntary, employee-funded basis; participation on Public Exchanges; federal and state regulatory changes, including Medicaid community engagement requirements; changes in procurement practices or funding structures by government agencies; failure to obtain new customers or retain existing customers; premium increases and benefit changes; our exit from a specific market or health plan offering; negative publicity and news coverage; and failure to attain or maintain nationally recognized accreditations.”

Annual report 2025A · The company itself

“Unfavorable changes in macroeconomic conditions for any reason, including declining consumer confidence, inflation, high unemployment, lower demand for certain services, reduced personal income, and recession, among others, may lead the Exchange's customers to modify coverage, not renew policies, or even cancel policies, which could adversely affect the premium revenue of the Exchange, and consequently our management fee revenue.”

Annual report 2025A · The company itself

“In the event of a recession, continued geopolitical uncertainty or other negative economic effects, including slowing job growth in key markets, the Company could incur reductions in rental and occupancy rates, property valuations and increases in costs.”

Annual report 2025A · The company itself

“Our income could be adversely impacted if we are unable to adjust our purchases and supply chain management to reflect any supply chain or transportation disruptions or changes in customer demand and market fluctuations, geopolitical disruptions, severe weather events, increases in demand outpacing supply capabilities, labor shortages, seasonality or cyclicality.”

Annual report 2025A · The company itself

“Safety in our facilities Potential Negative Impact Genmab recognizes there is a systemic potential negative impact around safety in our facilities due to potential work-related accidents, illnesses or fatalities that can arise in a laboratory setting. • • • • Equal Treatment and Opportunities for All Own Workforce - Equal Treatment and Opportunities for All Career development through training and skill building Actual Positive Impact Genmab’s focus on continuous learning fosters growth, collaboration, and morale while strengthening its ability to attract and retain top talent. • • • • Equal opportunity promoting innovation Actual Positive Impact Genmab’s team members encompass over 75 nationalities.”

Annual report 2025A · The company itself

“Additionally, global equity prices were generally higher compared with the end of 2024. In the U.S., the rate of unemployment remained low and the pace of growth in consumer spending declined compared with 2024.”

Annual report 2025A · The company itself

“The most significant inputs to the forecast model for consumer loans included unemployment rates and delinquency rates.”

Annual report 2025A · The company itself

“Growth is moderating as employment and wage growth slow, while opportunities continue in the small to mid-size segment and in employee-paid supplemental health offerings as employers seek cost relief.”

Annual report 2025A · The company itself

“The Company’s investment portfolio, Hartford Funds business, and insurance businesses are sensitive to changes in economic, political and global capital market conditions, such as the effect of a weak economy, including: •labor supply shortages •low labor force participation •lower family income •high unemployment •changes in interest rate levels •changes in credit spreads •equity market disruptions •rising inflation •changes in foreign currency exchange rates •a weak real estate market •lower business investment •lower consumer spending In an economic downturn, these factors may adversely affect the demand for insurance and financial products, insurance loss costs, valuation and returns on the investment portfolio, and lower the Company's profitability in some cases, including adverse impacts to our net investment income and operating results.”

Annual report 2025A · The company itself

“Economic conditions, including macroeconomic uncertainties and inflationary pressure, workforce burnout, and public health conditions and other factors, have exacerbated workforce competition, personnel shortages and capacity constraints.”

Annual report 2025A · The company itself

“Our facilities may experience growth in total uncompensated care as a result of a number of factors, including conditions impacting the overall economy and unemployment levels.”

Annual report 2025A · The company itself

“If we experience reductions in the volume of patients with private health insurance coverage, our revenues may be reduced.”

Annual report 2025A · The company itself

“We are subject to increased exposure to adverse conditions affecting the geographies in which our properties are located, including: (i) downturns in local economies or increases in unemployment rates; (ii) changes in local real estate conditions, including increases in real estate taxes and property insurance premiums; (iii) increased competition; (iv) decreased demand; (v) changes in political administrations, or federal, state, and local legislation, including changes affecting business or property taxes; (vi) local climate events and natural disasters and other catastrophic events, such as pandemics, earthquakes, hurricanes, windstorms, flooding, wildfires, and mudslides and other physical climate risks, including water stress and heat stress; and (vii) failures of regional banks.”

Annual report 2025A · The company itself

“Detta försämrade arbetsmarkna - den och medförde att arbetslösheten steg till cirka 8,5 procent.”

Annual report 2024A · The company itself

“Generellt kan viktiga makroekonomiska indikatorer som inflation, räntor och arbetslöshet påverka, men inte begränsa sig till, Intrums nuvarande resultat och utsikter när det gäller dess erbjudande av kredithanteringstjänster, investeringar samt värdering av tillgångar, skulder och möjligheter att försvara sin marknadsposition eller till och med utöka sin närvaro.”

Annual report 2024A · The company itself

“High unemployment and changes in the tax code and the government programs that are administered by tax authorities have caused, and could in the future cause, a significant decrease in the number of tax returns filed, which may have a significant effect on the number of tax returns we prepare and file.”

Annual report 2026A · The company itself

“I närtid prioriterar Hultafors Group att i första hand expandera inom personlig skyddsutrustning (PPE), en kategori där slitage och trender inom design och mode driver en konstant efterfrågan.”

Annual report 2024A · The company itself

“In addition, increases in unemployment levels and other adverse changes in economic conditions in our markets may adversely affect the creditworthiness of potential residents, which may decrease the overall number of qualified residents for our properties within such markets. Fluctuating global and United States economic conditions, uncertainty in financial markets, and elevated interest rates may materially negatively impact our residents, and our business could be negatively impacted.”

Annual report 2025A · The company itself

“Increases in unemployment levels and other adverse changes in economic conditions in our markets could result in substantial resident defaults.”

Annual report 2025A · The company itself

“Arbejdsmarkedet har fortsat været stærkt ind i  og frem til august , hvor beskæigelsen nåede et historisk højt niveau på ca.  mio. lønmodtagere. Der er tegn på, at beskæigelsen topper i , hvoreer der forventes en mindre tilbagegang i vækstraten i  som led i en teknisk normalisering eer flere år med ekstraordinært høj vækst.”

Annual report 2025A · The company itself

“Trots att den ekonomiska tillväxten, mätt som BNP-utveck - ling, var svag under både 2023 och 2024 har arbetsmarknaden stått emot att dras med. Under 2024 blev det dock tydligt att de svaga ekonomiska åren satt avtryck även på arbetsmarknaden, med svag utveckling av sysselsättningen som följd.”

Annual report 2024A · The company itself

“Kuluttajien ostovoiman heikkeneminen inflaation ja korkeana pysyneen korkotason myötä sekä kasvaneet epävarmuudet työllisyystilanteessa varjostivat kuluttajien luottamusta ja ostopäätöksiä.”

Annual report 2024A · The company itself

“Suomessa vuoden ensimmäisellä vuosineljänneksellä sopeutettiin toimintaa sen hetken heikkoon tilauskantaan ja näkymään. Muutosneuvotteluissa Saurus päätti 8 henkilön työsuhteen ja toteutti henkilöstön lomautuksia.”

Annual report 2025A · The company itself

“A number of factors may adversely affect the labor force available or increase labor costs, including labor shortages from high employment levels and related competition or labor stoppages due to disputes or strikes.”

Annual report 2025A · The company itself

“Suomessa ja Ruotsissa vaikea työllisyystilanne on tuonut tilapäistä helpotusta Siivouspalveluiden työvoiman saatavuuteen. Vaihtuvuus on muutaman viimeisen vuoden aikana painunut ennätysalhaiselle tasolle.”

Annual report 2025A · The company itself

“Luotean on saanut käsityksen työntekijöihin kohdistuvista vaikutuksista ja riskeistä muun muassa säännöllisen vuoropuhelun, erityisryhmien tunnistamisen, työturvallisuusriskien - ja havaintojen arvioinnin sekä 2024 ihmisoikeusriskitarkastelun perusteella.”

Annual report 2025A · The company itself

“If our clients reduce their headcounts, they will have fewer employee lives covered under their health plans, which may reduce premiums and the commission or supplemental compensation Mercer may receive.”

Annual report 2025A · The company itself

“Revenue is also affected by competition due to the introduction of new products and services, broad trends in employee demographics, including levels of employment and the effect of government policies and regulations.”

Annual report 2025A · The company itself

“Construction spending is affected by economic conditions, changes in interest rates, inflation, employment levels, demographic and population shifts, and changes in construction budgets by federal, state and local governments.”

Annual report 2025A · The company itself

“Our success depends in part on our System’s ability to effectively attract, recruit, develop, motivate and retain qualified individuals to work in McDonald’s restaurants and to maintain appropriately-staffed restaurants in an intensely competitive labor market.”

Annual report 2025A · The company itself

“Our Group Benefits segment quarterly claims experience may vary, as seasonal illnesses affect mortality and morbidity, and due to utilization rate fluctuation in our non-medical health businesses.”

Annual report 2025A · The company itself

“Our results of operations have been in the past and may, in the future, be materially affected by global financial market and economic conditions, including, in particular, by periods of low or slowing economic growth in the United States and other major markets, both directly and indirectly through their impact on client activity levels.”

Annual report 2025A · The company itself

“Konjunkturen och konsumenternas köpkraft påverkas av faktorer utanför koncernens kontroll, bland annat räntenivåer, valutakurser, inflationsnivå, skatter, arbetslöshetsnivå och andra ekonomiska faktorer.”

Annual report 2024A · The company itself

“Arbetsmarknaden visar fortsatt tecken på svaghet. Vid utgången av december 2024 uppgick arbetslösheten i Sverige till 7,1 procent, en ökning från 6,6 procent året innan och den högsta nivån på tre år.”

Annual report 2024A · The company itself

“Efterfrågan på arbetskraft var fortsatt dämpad och arbetslösheten låg på 8,8 procent i genomsnitt.”

Annual report 2025A · The company itself

“We are impacted by industrial production, inflation, unemployment, and consumer spending. We have been and may in the future be, materially impacted by adverse developments in these aspects of the economy.”

Annual report 2025A · The company itself

“Macroeconomic factors that are particularly correlated to Northern Trust’s loan portfolio are GDP growth, unemployment, non-farm employment, corporate profits, consumer spending, personal income, commercial real estate prices, housing price index, credit spreads, and market volatility.”

Annual report 2025A · The company itself

“Udviklingen påvirkes af ledige lejemål, lejernes betalingsevne og effektiviteten i ejendomsadministrationen.”

Annual report 2025A · The company itself

“Statistics Finland reports that in December 2025 there were 51,000 more unemployed people than in December 2024. Unemployment is now at its highest level since 2009.”

Annual report 2025A · The company itself

“There is a high level of uncertainty surrounding future global economic conditions due to a number of factors, including the impact of fluctuating interest rates, geopolitical uncertainty, including the international impacts of the ongoing wars in Ukraine and increasing tensions between China and the United States, commodity market volatility, potential changes to international trade agreements, the imposition of tariffs and the threat of additional tariffs, and labor shortages in certain regions of the world.”

Annual report unknown yearA · The company itself

“In addition, reductions in employment levels of our existing employer customers may result in a reduction in membership levels and premium income for our specialty benefits products.”

Annual report 2025A · The company itself

“In our Benefits and Protection segment, premium and fee growth is a key indicator of earnings growth. Higher levels of unemployment may impact new sales in our businesses and reduce in-group growth in our Specialty Benefits business in the short-term.”

Annual report 2025A · The company itself

“Our revenues and operating cash flow can be negatively impacted by reductions in employment and population levels, household and disposable income, and other general economic factors that lead to a reduction in demand for self-storage space in each of the markets in which we operate.”

Annual report 2025A · The company itself

“Norges Bank indikerer lavere renter, noe som er kjærkomment for mange. Aktiviteten i næringslivet ser bra ut for året, arbeidsledigheten er lav og det er høy aktivitet i boligmarkedet.”

Annual report 2024A · The company itself

“Arbeidsledigheten i Rogaland var ved utgangen av året på 1,8 %, tilsvarende 4 700 personer. Samtidig er det rekordmange ubesatte stillinger i regionen med ca 4 000 fordelt på de fleste yrkesgrupper. Enkelte sektorer sliter med å få tak i kvalifisert arbeidskraft, særlig innen helse, pleie og omsorg, men også ingeniørfag/ IKT og industriarbeid opplever mange ubesatte stillinger.”

Annual report 2024A · The company itself

“På motsatt side er arbeidsledighetstallene for Norge og pengemarkedsrenten justert opp, noe som trekker tapsavsetningene opp.”

Annual report 2024A · The company itself

“Patientrekrytering är en viktig faktor för timingen av kliniska studier och kan bland annat påverkas av patientpopulationens storlek och karaktär, allvarligheten i den sjukdom som undersöks samt konkurrerande kliniska prövningar. Förseningar i rekryteringen kan resultera i ytterligare utvecklingskostnader och Bolaget kanske inte kan säkerställa medverkan i sina kliniska studier under hela behandlingen.”

Annual report 2024A · The company itself

“Vi har gode grunner til å være optimistiske når det nå både er lempet på egenkapitalkravet i boliglånsforskriften og samtidig varslet rentekgutt og lønnsvekst. Samtidig vet vi at boligbehovet er stort på grunn av lav boligbygging over tid.”

Annual report 2024A · The company itself

“Ekonomin återhämtade sig långsamt, med nedgången i inflationen och en bibehållen låg arbetslöshet och en relativt hög lönetillväxt.”

Annual report 2024A · The company itself

“Arbeidsmarkedet har holdt seg sterkt og arbeidsledigheten har holdt seg lav til tross for at enkelte bransjer og regioner har opplevd lavere aktivitetsnivå. Inflasjonen har kommet ned, men i noe mindre grad enn hos våre viktigste handelspartnere og ikke nok til at Norges Bank så det som forsvarlig å sette ned styringsrenten.”

Annual report 2024A · The company itself

“Arbeidsmarkedet i regionen har holdt seg svært sterkt og arbeidsledigheten har kun økt marginalt.”

Annual report 2024A · The company itself

“Husholdningenes kjøpekraft steg i 2024, drevet av god lønnsvekst og lavere prisvekst. Sysselsettingen økte gjennom 2024 og arbeidsledigheten holdt seg lav, selv om den steg noe.”

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

“Positiv påvirkning Tilgang til produkter og tjenester for alle Bidrar til sosial og finansiell inkludering, blant annet at sårbare grupper (unge, enslige forsørgere, lavtlønnede) kan skaffe seg egen bolig, refinansiering og øvrig finansiell rådgivning Nedstrøm Negativ påvirkning Ekskludering ved økt digitalisering Mange tjenester og mye kommunikasjon foregår på digitale flater.”

Annual report 2024A · The company itself

“Arbeidsledigheten har holdt seg lav, selv om den har steget noe.”

Annual report 2024A · The company itself

“Kredittforverringen måles ved utviklingen i økonomisk PD, som representerer bankens vurdering av kundens misligholdsrisiko. En betydelig kredittforverring defineres når kundens PD har økt med over 150 prosent til et PD nivå over 0,60 prosent.”

Annual report 2024A · The company itself

“Fremtidig misligholdsnivå anslås basert på utviklingen i pengemarkedsrente og arbeidsledighet.”

Annual report 2024A · The company itself

“76 prosent av bankens utlånsportefølje består av lån til husholdninger, som over de siste par årene har blitt negativt påvirket av økt rentenivå, inflasjon og noe økt arbeidsledighet. Dette har svekket privatøkonomi og gjeldsbetjeningsevne for enkelte husholdninger.”

Annual report 2024A · The company itself

“Forventningene fremover er nå noe mer positive som følge av lavere inflasjon, forventning om rentenedsettelser fra Norges Bank og et lønnsoppgjør i 2025 hvor det forventes reallønnsvekst.”

Annual report 2024A · The company itself

“Ifølge statistikk fra NAV over helt ledige arbeidstakere ligger arbeidsledigheten i fylkene i bankens primære markedsområde ved utgangen av kvartalet på 1,8 prosent, som både er et lavt nivå historisk sett og i tillegg under lands gjennomsnittet på 2,0 prosent.”

Annual report 2024A · The company itself

“Reaaliansioiden kasvusta huolimatta yksityinen kulutus polki paikallaan ja työttömyys nousi arviolta 9,7 %:iin vuonna 2025.”

Annual report 2025A · The company itself

“Demand for the Company’s products depends, in part, on the general economic conditions affecting the industries and markets in which it does business, including, but not limited to, construction and housing, general industrial, automotive, aerospace and outdoor, and can be significantly reduced in an economic environment characterized by high unemployment, high interest rates, cautious consumer spending, inflation, lower corporate earnings, and lower business investment.”

Annual report 2026A · The company itself

“Factors such as job loss, inflation, interest rate changes, taxation, credit access, public health crises, trade disputes, and geopolitical instability can all impact consumer behavior, including spending and routines, potentially affecting demand for our products.”

Annual report 2025A · The company itself

“Arbetsmarknaden försvagades ytterligare, och arbetslösheten steg till 8,4 procent under året.”

Annual report 2024A · The company itself

“Adverse economic conditions, such as a prolonged U.S. or international general economic downturn, including periods of increased inflation, stagflation, unemployment levels, tax rates, interest rates, energy prices, or declining consumer confidence, or the adverse impacts of implemented or threatened tariffs or trade wars could reduce consumer spending.”

Annual report 2026A · The company itself

“Many factors related to corporate spending and discretionary consumer spending, including economic conditions affecting disposable consumer income such as unemployment levels, fuel prices, interest rates, changes in tax rates, tax laws that impact companies or individuals, and inflation, can significantly impact our operating results.”

Annual report 2025A · The company itself

“These health plans and care programs are designed to address the complex needs of the populations they serve, including the chronically ill, people with disabilities and people with a higher risk of medical, behavioral and social conditions. UnitedHealthcare Community & State administers benefits for the unique needs of children, pregnant women, adults, seniors and those who are institutionalized or are nursing home eligible.”

Annual report 2025A · The company itself

“Changes in the demand for commodities and their respective prices could result in: •Higher working capital requirements, particularly related to natural gas inventory, accounts receivable, and cash collateral postings; •Reduced profitability to the extent that lower revenues, higher fuel costs, increased bad debt, and higher interest expense are not recovered through rates; •Higher rates charged to our customers, which could impact our competitive position; •Reduced demand for energy, which could impact revenues and operating expenses; •Reduced growth prospects from renewable energy projects related to lower cost alternative energy sources and a limited number of purchasers of electricity; and •Shutting down of generation facilities if the cost of generation exceeds the market price for electricity.”

Annual report 2025A · The company itself

“Lisäksi Suomen heikko talouskasvu ja työllisyyden heikentyminen heijastuvat henkilöautojen kysyntään.”

Annual report 2025A · The company itself

“Som ett led i ett åtgärdsprogram för att återskapa lönsamhet inom Wästbygg Gruppen lades ett varsel den 22 augusti. Förhandlingar med de fackliga organisationerna avslutades under september och resulterade i en minskning med cirka 50 tjänster.”

Annual report 2024A · The company itself

“I&M is subject to a semi-annual Indiana jurisdictional earnings test.”

Annual report 2025A · The company itself

“Drought, governmental restrictions, overuse of sources of water, the protection of threatened species or habitats, contamination or other factors may limit the availability of ground and surface water.”

Annual report 2025A · The company itself

“In particular, a significant deterioration in economic conditions, including economic slowdowns or recessions, increased unemployment levels, inflationary pressures, or disruptions to credit and capital markets could lead to decreased consumer confidence and consumer spending, thus reducing consumer demand for our products and sales of used barrels.”

Annual report unknown yearA · The company itself

“The A&H operations primarily offer personal accident and supplemental medical coverages including accidental death, business/holiday travel, specified disease, disability, medical and hospital indemnity, and income protection.”

Annual report 2025A · The company itself

“The common denominator for the Nordic countries is their strong financial position, thanks to high personal savings, strong public finances and robust job creation, which continue to persist.”

Annual report 2025A · The company itself

“Omvärldsfaktorer såsom konjunktur, befolkningstillväxt och utbud av likvärdiga lokaler påverkar i sin tur dessa faktorer.”

Annual report 2024A · The company itself

“I Sverige har arbetslösheten och antal konkurser ökat markant, med konkurser upp 65 procent jämfört med 2022.”

Annual report 2024A · The company itself

“The U.S. unemployment rate was 4.4% as of December 31, 2025, up from 4.1% as of December 31, 2024.”

Annual report 2025A · The company itself

“In addition to the macroeconomy, burnout among nurses post- Covid may be adding to the hospitals’ expenses as well as challenging their ability to uphold surgical procedure volumes.”

Annual report 2024A · The company itself

“There are risks inherent in doing business in Asia, and internationally in general, including: • changes in, or impositions of, legislative or regulatory requirements or restrictions, including tax and trade laws in the U.S., and in the countries in which we manufacture or sell our products, and governmental action or restrict our ability to sell to foreign customers where sales of products may require export licenses; • trade restrictions imposed by the U.S. related to goods imported from regions in China with records of forced labor and other human rights issues; • changes in U.S. laws, or the interpretation and enforcement of these laws, regarding investment in China or other countries; • fluctuations in the value of the U.S.”

Annual report 2025A · The company itself

“Væksten var afdæmpet, inflationen målt ved KPIF lå i intervallet 2-3%, og ledigheden var fortsat relativt høj.”

Annual report 2025A · The company itself

“BoligPortal forventer i 2026 vækst gennem lancering af nye digitale services i et fortsat udfordrende boligmarked med skævvridning mellem udbud og efterspørgsel, De finansielle forventninger til 2026 er baseret på følgende antagelser: • Videreudvikling og lancering af services til Pro-Universet • Fortsat vækst i Data Insights • Flere boliger og abonnementer på Bostadsportal.se • Implementering af AI-baserede funktioner og services De væsentligste risici forventes at være rekrutterings-begrænsninger i et jobmarked med lav arbejdsløshed, fastfrysning af lejeboligmarkedet i Danmark drevet af den økonomiske udvikling, som kan påvirke efterspørgslen fra lejere og Data Insights kunder negativt, manglende vækst i svensk økonomi, samt væsentlige ændringer i konkurrenceforhold i Danmark og Sverige.”

Annual report 2025A · The company itself

“Strategian päämäärinä on kestävän taloudellisen kasvun lisäksi vastuullisuuden edistäminen koko arvoketjussa, ilmastotoimien vauhdittaminen, edistyneiden tuotteiden ja palveluiden innovointi resurssitehokkuuden parantamiseksi, monimuotoisen osaamisen houkutteleminen ja osaamisen kehittäminen sekä työterveyden ja -turvallisuuden edistäminen.”

Annual report 2025A · The company itself

“Avskräcka • System för att avskräcka potentiella attacker • Övervakning 24/7 Upptäcka • Förutse och identifiera incidenter och intrång Fördröja • Fördröja utvecklingen av en attack och dess effekter Agera • Agera snabbt som ett svar på en säkerhetsincident Återställ • Återgå till det normala efter en säkerhetshändelse Drivkrafter som påverkar säkerhetsmarknaden • Ökade konfliktnivåer • Banbrytande användning av teknik och data • Ökade förmögenhetsskillnader och högre löneinflation • Företag prioriterar säkerhet högre • Mer sofistikerade inköp av heltäckande säkerhetslösningar • Övergång till teknik- och datadrivna säkerhetslösningar • Ökad konkurrens från icke-traditionella säkerhetsleverantörer • Ökat fokus på hållbarhet • Strängare reglering av data- och teknikanvändande Politiska • Högre politisk volatilitet och konflikter Tekniska • Ökande sammanlänkning mellan fysisk och cybersäkerhet • Alltmer sofistikerade cyberattacker och större angreppsytor Ekonomiska • Högre löneinflation • Organiserade säkerhetstjänster på tillväxtmarknader • Högre grad av urbanisering Makroekonominska drivkrafter Den övergripande efterfrågan på säkerhetstjänster ökar med några specifika drivkrafter som påverkar marknaden.”

Annual report 2024A · The company itself

“Arbeidsledigheten i bankens markedsområde ligger under nasjonalt nivå.”

Annual report 2024A · The company itself

“Our business and operating results have been and will continue to be affected by economic conditions regionally or globally, including new or increased tariffs and other barriers to trade, including escalation of trade and tariff tensions between the United States (“U.S.”), China, the EU, and other countries, changes to fiscal and monetary policy, inflation, slower growth or recession, higher interest rates, labor disruptions, the cost and availability of consumer and business credit, end demand from consumer and industrial markets, significant bank failures, government shutdowns, and concerns as to sovereign debt levels including credit rating downgrades and defaults on sovereign debt.”

Annual report unknown yearA · The company itself