Banks and insurance

“A downgrade in the credit ratings of The AES Corporation or its subsidiaries could adversely affect our access to the capital markets, interest expense, liquidity, or cash flow. 69 | 2025 Annual Report If any of the credit ratings of The AES Corporation and its subsidiaries were to be downgraded, our ability to raise capital on favorable terms could be impaired and our borrowing costs could increase.”

Annual report 2025A · The company itself

“We have sought to reduce counterparty credit risk under our long-term contracts by entering into power sales contracts with utilities or other customers of strong credit quality and by obtaining guarantees from certain sovereign governments of the customer's obligations; however, many of our customers do not have or have not maintained, investment-grade credit ratings. Our generation businesses cannot always obtain government guarantees and if they do, the government may not have an investment grade credit rating.”

Annual report 2025A · The company itself

“We have significant amounts of cash, cash equivalents, and other investments, including money market funds, certificates of deposit, U.S. government debt securities, commercial paper, corporate debt securities, government agency debt securities, mortgaged-backed and asset-backed securities, with banks or other financial institutions in the United States and abroad for both our corporate balances and for funds held on behalf of our hosts and guests. We also rely on such banks and financial institutions to help process payments transactions. We have both significant funds flows from and to various financial institutions as a result of our processing of payments from guests to hosts.”

Annual report 2025A · The company itself

“Ratings As of December 31, 2025, each of Athene’s significant insurance subsidiaries is rated “A+” or “A1” by the four rating agencies that evaluate the financial strength of such subsidiaries.”

Annual report 2025A · The company itself

“Our retirement services business is subject to the credit risk of its counterparties, including ceding companies, reinsurers, plan sponsors, and derivative counterparties. Athene and its insurance subsidiaries encounter various types of counterparty credit risk.”

Annual report 2025A · The company itself

“Our retirement services business also has significant investments in nonbank lenders focused on providing financing to individuals or entities. As a result, through these investments, we have significant exposure to credit risk.”

Annual report 2025A · The company itself

“The investment portfolio of our retirement services business may be subject to concentration risk, particularly with respect to single issuers, including Athora, among others; industries, including financial services; and asset classes, including real estate.”

Annual report 2025A · The company itself

“In addition, our growth plans include increasing the distribution of annuity products through banks and broker-dealers.”

Annual report 2025A · The company itself

“The increase in income from retirement services platforms was primarily related to a valuation increase on Venerable in 2025 related to the announcement of a reinsurance transaction with Corebridge Financial, Inc. (“Corebridge”), unfavorable returns on Athene’s investment in Catalina in 2024 not recurring in 2025 due to the distribution of its Catalina common equity interests as a dividend in the third quarter of 2024 and realized losses from the sale of Challenger Limited (“Challenger”) common equity shares in 2024.”

Annual report 2025A · The company itself

“As of December 31, 2025, Apollo managed or advised $392.2 billion of AUM, of which $386.5 billion was Fee-Generating AUM, in accounts owned by or related to Athene (“Athene Accounts”).”

Annual report 2025A · The company itself

“Athene Apollo’s asset management business, through its consolidated subsidiary, ISG, provides a full suite of services for Athene’s investment portfolio, including direct investment management, asset allocation, mergers and acquisitions asset diligence, and certain operational support services, including investment compliance, tax, legal and risk management support. See “Item 1. Business—Our Businesses—Retirement Services” for further details regarding Athene’s retirement services business.”

Annual report 2025A · The company itself

“Table of Contents Origination supports our asset management and retirement services businesses primarily by facilitating capital deployment and portfolio construction. In our asset management business, origination enhances our ability to source assets in line with targeted returns. In our retirement services business, origination supports the creation of assets aligned with the long-duration liabilities.”

Annual report 2025A · The company itself

“Within our retirement services business, capital formation is driven by the origination of long-duration, regulated capital aligned with liability profiles, liquidity characteristics and regulatory capital requirements. Athene generates recurring premium inflows through the issuance of retirement and savings products designed to reflect their long-term nature, regulatory requirements and targeted risk and return objectives. These activities are supported by Apollo’s origination, structuring and investment capabilities.”

Annual report 2025A · The company itself

“Flow Reinsurance Flow reinsurance provides another channel for Athene to source liabilities with attractive crediting rates and offers insurance companies the opportunity to improve their product offerings and enhance their financial results.”

Annual report 2025A · The company itself

“In our retirement services business, we distribute annuity products through a variable cost distribution network, which includes numerous IMOs, banks and broker-dealers, collectively representing numerous independent agents. We must attract and retain such marketers, agents and financial institutions to sell our products.”

Annual report 2025A · The company itself

“Negative public perceptions of Athene and its business have adversely affected, and may continue to adversely affect, its ability to attract and retain customers in its pension group annuity business, which could have a material adverse effect on our business, results of operations, financial condition and cash flows. To the extent these lawsuits continue to spread to customers of other insurance companies, future activity in the overall 57 Table of Contents pension risk transfer industry may be reduced.”

Annual report 2025A · The company itself

“Apollo, through its asset management business, managed or advised $392.2 billion and $331.5 billion of AUM on behalf of Athene as of December 31, 2025 and December 31, 2024, respectively.”

Annual report 2025A · The company itself

“Apollo managed or advised $57.2 billion and $52.4 billion of AUM on behalf of Athora as of December 31, 2025 and December 31, 2024, respectively.”

Annual report 2025A · The company itself

“The soundness of other financial institutions and other third parties, actual or perceived, could adversely affect us. Our ability to engage in routine funding and other transactions could be adversely affected by the stability and actions of other financial services institutions.”

Annual report 2025A · The company itself

“In addition to credit cards, we also offer debit cards, bank lending, treasury management and depository services, auto loans and other consumer lending products in markets across the U.S.”

Annual report 2025A · The company itself

“Funding Our funding sources include deposits, senior and subordinated notes, securitized debt obligations, federal funds purchased, securities loaned or sold under agreements to repurchase and FHLB advances secured by certain portions of our loan and securities portfolios. A key objective in our use of these markets is to maintain access to a diversified mix of wholesale funding sources. Insured deposits in our Consumer Banking business represent our primary source of funding, as they are a relatively stable and low cost source of funding.”

Annual report 2025A · The company itself

“In addition, we routinely execute transactions with counterparties in the financial services industry, including brokers and dealers, commercial banks, investment banks, mutual and hedge funds and other institutional clients, resulting in a significant credit concentration with respect to the financial services industry overall.”

Annual report 2025A · The company itself

“Commercial Loans by Industry Table 19 summarizes our commercial loans held for investment by industry classification as of December 31, 2025 and 2024. Industry classifications below are based on our interpretation of the Federal Loan Classification codes as they pertain to each individual loan. Table 19: Commercial Loans by Industry (Percentage of portfolio) Industry Classification: Finance 42 % 39 % Real Estate & Construction 25 26 Government & Education 8 8 Commercial Services 4 4 Health Care & Pharmaceuticals 3 4 Food & Beverage Manufacturing & Wholesale 3 3 Oil, Gas & Pipelines 2 3 Technology, Telecommunications & Media 2 3 Other 11 10 Total Credit Risk Measurement We closely monitor economic conditions and loan performance trends to assess and manage our exposure to credit risk.”

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

“Our industry is highly competitive and characterized by aggressive price competition. We operate in a highly competitive environment with a broad array of competitors from large integrated banks to venture-capital-backed private companies.”

Annual report 2025A · The company itself

“Bank deposit account fees are primarily recognized pursuant to the Second Amended and Restated Insured Deposit Account Agreement (2023 IDA agreement) with TD Bank USA, National Association and TD Bank, National Association (together, the TD Depository Institutions). Under the 2023 IDA agreement, uninvested cash within eligible brokerage client accounts is swept off-balance sheet to deposit accounts at the TD Depository Institutions. Schwab provides recordkeeping and support services to the TD Depository Institutions for bank deposit account fees.”

Annual report 2025A · The company itself

“Asset Management and Administration Fees Asset management and administration fees include mutual fund, ETF, and CTF service fees and fees for other asset-based financial services provided to individual and institutional clients. Schwab earns mutual fund, ETF, and CTF service fees for shareholder services, administration, and investment management provided to its proprietary funds, and recordkeeping and shareholder services provided to third-party funds.”

Annual report 2025A · The company itself

“We rely on financial institution relationships to provide our platform and custodial services. In particular, customer cash holdings on our platform are held with one or more financial institutions.”

Annual report 2025A · The company itself

“Consumers use Coinbase as a primary account for crypto-enabled financial services, and to engage onchain. •Institutions: Businesses including market makers, asset managers, hedge funds, banks, wealth platforms, registered investment advisors, payment platforms, and public and private corporations.”

Annual report 2025A · The company itself

“Other subscription and services products •Custody: Through Coinbase Prime, we offer an institutional-grade custody platform with a highly secure cold storage solution both within the United States and globally. We charge institutions a separate fee based on the total assets stored in custody on our platform. For example, we serve as a custodian for several Bitcoin and Ethereum ETF issuers.”

Annual report 2025A · The company itself

“Third-Party Coverage and Reimbursement As a medical device company, coverage and reimbursement from Medicare, Medicaid or other governmental healthcare programs or systems and private third-party healthcare payors is an important element of our success.”

Annual report 2025A · The company itself

“As of December 31, 2025, the eight largest private third-party payors in the United States, in terms of the number of covered lives, have issued coverage policies for the category of CGM devices. In addition, we have negotiated contracted rates with all of those third-party payors for the purchase of our current CGM systems by their members.”

Annual report 2025A · The company itself

“•Although many third-party payors have adopted some form of coverage policy for continuous glucose monitoring devices, our products do not always have such coverage, including simple broad-based contractual coverage with third-party payors, and we frequently experience administrative challenges in obtaining coverage or reimbursement for our products. If we are unable to obtain adequately broad coverage or reimbursement for our products or any future products from third-party payors, our revenue may be negatively impacted. •The research and development efforts we undertake independently, and in some instances in connection with our collaborations with third parties, may not result in the development of commercially viable products, the generation of significant future revenues or adequate profitability. •Our products may not achieve or maintain market acceptance.”

Annual report 2025A · The company itself

“Vår tillgång till offentlig och privat finansiering säkerställer långsiktig stabilitet och säkerhet för vår verksamhet. Vårt nätverk spänner över fler än 600 avtal med privata och offentliga försäkringsgivare och betalare, och 90 procent av våra intäkter kommer från dessa källor.”

Annual report 2024A · The company itself

“65+ marknader som betjänas Som världens största leverantör av heltäckande kommunikationslösningar har vi för närvarande mer än 600 aktiva avtal med offentliga och privata finansiärer.”

Annual report 2024A · The company itself

“Nästan alla slutanvändare behöver någon form av ekonomiskt stöd för att få tillgång till kommunikationshjälpmedel.”

Annual report 2024A · The company itself

“Risks related to F-Secure’s business operations and strategy If F-Secure’s agreement with a significant business partner or Channel Partner is terminated or expires, or if F-Secure is unable to continue to work with a business partner or Channel Partner on acceptable terms, or if a channel partner fails to fulfill its obligations, this could significantly reduce F-Secure's revenues, increase its costs, hinder its operations and weaken its ability to provide services or solutions to its customers.”

Annual report 2025A · The company itself

“F-Secure products are sold to consumers through approximately 200 CSPs, retailers, banks, insurance companies and directly through online and app stores.”

Annual report 2025A · The company itself

“We serve consumers directly and through approximately 200+ Service Provider partners (communication service providers, retailers, banks, and insurance companies).”

Annual report 2025A · The company itself

“Channel Partners include, for example, communication service providers, retailers, banks, and insurance companies.”

Annual report 2025A · The company itself

“We also derive a substantial portion of our Scores segment revenues and operating income from our contracts with the three major consumer reporting agencies in the U.S., Experian, TransUnion and Equifax, and other parties that distribute our products to certain markets.”

Annual report 2025A · The company itself

“We rely on relatively few customers, as well as our contracts with the three major consumer reporting agencies, for a significant portion of our revenues and profits. Many of our customers are significantly larger than we are and may have greater bargaining power.”

Annual report 2025A · The company itself

“Our models are continually improved using a proprietary, global data set of transaction data contributed by more than 10,000 institutions that participate in the FICO® Falcon® Intelligence Network.”

Annual report 2025A · The company itself

“Our Scores segment includes our business-to-business (“B2B”) scoring solutions and services which give our clients access to predictive credit and other scores that can be easily integrated into their transaction streams and decision-making processes.”

Annual report 2025A · The company itself

“Scores Our B2B scoring solutions include the FICO® Score, which is the standard measure of consumer credit risk in the U.S. It is used in most U.S. credit decisions, by nearly all major banks, credit card issuers, mortgage lenders, and auto loan originators.”

Annual report 2025A · The company itself

“Table of Contents In addition to the FICO® Score, we offer several other broad-based scores, including specific FICO® Industry Scores. For example, in 2021 we introduced Bankcard and Auto Industry versions of FICO® Score 10.”

Annual report 2025A · The company itself

“We also develop various custom scores for our financial services clients.”

Annual report 2025A · The company itself

“Software Our software harnesses the power of analytics and digital decisioning technology to help businesses automate, improve, and connect decisions across their enterprise. Most of our solutions address customer engagement, including acquisition and pricing, onboarding, servicing and management, and fraud protection.”

Annual report 2025A · The company itself

“•FICO® Originations Solution is an application-to-decision credit originations solution. It enables banks, credit unions, finance companies, online lenders, auto lenders, and other companies to automate and improve the processing of requests for credit.”

Annual report 2025A · The company itself

“•FICO® Strategy Director and FICO® TRIAD® Customer Manager enable businesses to automate and improve risk-based decisions for their existing credit customers. These products help businesses apply advanced analytics in credit account and customer decisions to increase portfolio revenue and reduce risk exposure and losses, while improving customer retention.”

Annual report 2025A · The company itself

“•Software. This segment includes pre-configured analytic and decision management solutions designed for a specific type of business need or process — such as account origination, customer management, customer engagement, fraud detection, and marketing — as well as associated professional services.”

Annual report 2025A · The company itself

“The Company’s scoring services include both business-to-business and business-to-consumer offerings. The Company’s business-to-business scoring services typically include a license that grants consumer reporting agencies the right to use the scoring solutions in exchange for a usage-based royalty.”

Annual report 2025A · The company itself

“Our largest market segment is financial services, representing 92% of our total revenue during fiscal 2025.”

Annual report 2025A · The company itself

“Revenues collectively generated by agreements with these customers accounted for 51%, 45% and 41% of our total revenues in fiscal 2025, 2024 and 2023, respectively, with all three consumer reporting agencies each contributing more than 10% of our total revenues in each of fiscal 2025, 2024 and 2023.”

Annual report 2025A · The company itself

“A significant portion of our revenues are derived from the sales of products and services to the financial services industries.”

Annual report 2025A · The company itself

“We face risks from cyber-attacks and other information or security breaches, including denial of service attacks, hacking, social engineering attacks targeting our colleagues, contractors, and customers, malware intrusion or data corruption attempts, and identity theft that could result in the disclosure of confidential, proprietary, personal and other information, any of which could adversely affect our business or reputation, and create significant legal and financial exposure.”

Annual report 2025A · The company itself

“Item 1: Business General Business Description We are a multi-state diversified regional bank holding company organized under Maryland law in 1966 and headquartered in Columbus, Ohio. Through the Bank, we are committed to making people’s lives better, helping businesses thrive, and strengthening the communities we serve, and we have been servicing the financial needs of our customers since 1866. Through our subsidiaries, we provide full-service commercial and consumer deposit, lending, and other banking and financial services.”

Annual report 2025A · The company itself

“In particular, we have relationships with banks, credit unions and other financial institutions that support certain critical services we offer to our customers. If macroeconomic conditions or other factors cause any of these institutions to fail, consolidate, stop providing certain services, impose new or higher costs for certain services, or institute cost-cutting efforts, or give rise to speculation relating to such events, it may be more difficult to offer, if at all, those services to our customers, in which case our business and financial results may suffer.”

Annual report 2026A · The company itself

“Credit Karma generates revenue from its relationships with financial institutions and other partners, which are subject to particular risks that affect their willingness to offer their products on Credit Karma's platform, such as adverse macroeconomic conditions, evolving limitations on their capacity to offer products on the platform, the introduction of competing products on their platforms, and increasing complexity in the regulatory environment.”

Annual report 2026A · The company itself

“The financial or operational failure of a significant market participant, such as a major financial institution or a CCP, or concerns about the creditworthiness or operational sustainability of one or more market participants, could cause substantial and cascading disruption within the financial markets, including in circumstances where coordinated action by multiple other market participants is required to address the problem. JPMorganChase’s businesses could be significantly disrupted by such an event, especially if it has significant interrelationships with, and credit exposure to, the faltering market participant, or if the event causes other market participants to default, incur significant losses or experience liquidity issues.”

Annual report 2025A · The company itself

“Kamux tarjoaa asiakkailleen kolmansien osapuolten rahoitustuotteita kaikissa autoliikkeissään Suomessa, Ruotsissa ja Saksassa.”

Annual report 2024A · The company itself

“Lisäksi Kamux tarjoaa Suomessa ja Ruotsissa kolmansien osapuolten vakuutustuotteita sekä omaa lisävastuusitoumustuotettaan, Kamux Plussaa, auton odottamattomien korjauskustannusten varalle.”

Annual report 2024A · The company itself

“Kamux tarjoaa asiakkailleen kolmansien osapuolien rahoitusja vakuutuspalveluita, jotka ovat Kamuxin tuloksentekokyvyn kannalta merkittäviä.”

Annual report 2024A · The company itself

“Käytetyn auton myynnin yhteydessä Kamux tarjoaa asiakkailleen komissiopohjaisia palveluita kuten vakuutus- ja rahoituspalveluja sekä lakisääteistä myyjän virhevastuuta laajentavaa Kamux Plus -tuotetta.”

Annual report 2024A · The company itself

“The Company’s diagnostic testing services are primarily billed to third parties, including MCOs, employer plans, and other health insurance providers. A shift toward a higher mix of government and MCO payers may adversely effect revenues due to lower reimbursement rates.”

Annual report 2025A · The company itself

“Third party represents health plans, including MCOs, employer plans, and other health insurance providers, each of which operates on a national, regional, or local basis.”

Annual report 2025A · The company itself

“This includes clinical specialties—such as primary care, oncology, women’s health, autoimmune disease, neurology, infectious disease, endocrinology, gastroenterology, rheumatology, and other specialties—as well as payer and customer organization, including ACOs, MCOs, consumers, employers, physicians, and hospitals and health systems.”

Annual report 2025A · The company itself

“Nedläggningar av bankkontor och outsourcing ökar efterfrågan Bankerna fokuserar på digitala tjänster och ser inte längre kontanthantering som en kärnverksamhet utan outsourcar allt oftare dessa tjänster. 57 procent av bankkontoren i Europa och 23 procent av bankkontoren i USA har stängts sedan 2008.”

Annual report 2024A · The company itself

“Vår verksamhet bygger på toppmodern teknologi och våra logistiksystem, kontanthanteringstjänster och internationella lösningar skräddarsys för behoven hos finansiella institutioner, detaljhandelsföretag och andra kunder.”

Annual report 2024A · The company itself

“Säker och effektiv transport av kontanter och värdeföremål med intelligenta logistiksystem till och från centralbanker, finansiella institutioner, butiker och restauranger och andra företag.”

Annual report 2024A · The company itself

“Omställningen hos centralbanker och nya affärsmodeller för banker gör att efterfrågan på outsourcinglösningar från banker och stora återföräljare har ökat på senare år. Samtidigt växer marknaden mot små och medelstora företag, som fortfarande är i stort beroende av kontanter, när bankerna inte längre vill hantera kontanter.”

Annual report 2024A · The company itself

“Loomis traditionella tjänster riktar sig huvudsakligen till centralbanker, kommersiella banker, detaljhandel, andra kommersiella affärsverksamheter samt till den offentliga sektorn.”

Annual report 2024A · The company itself

“The soundness of other financial institutions and intermediaries affects us. We face the risk of operational failure, termination or capacity constraints of any of the clearing agents, exchanges, clearing houses, or other financial intermediaries that we use to facilitate our securities and derivative transactions. As a result of regulatory changes and the consolidation over the years among clearing agents, exchanges, and clearing houses, our exposure to certain financial intermediaries has increased and could affect our ability to find adequate and cost-effective alternatives should the need arise. Any failure, termination, or constraint of these intermediaries could adversely affect our ability to execute transactions, service our clients, and manage our exposure to risk.”

Annual report 2025A · The company itself

“We deposit our cash in depository institutions as a means of maintaining the liquidity necessary to meet our operating needs, and we also facilitate the deposit of cash awaiting investment in depository institutions on behalf of our clients. Many of these deposits exceed FDIC-insured limits. While we perform extensive diligence on the banks we select to hold these deposits, a failure of one or more of these depository institutions to return these deposits could affect our operating liquidity, result in reputational damage, and impair our financial performance.”

Annual report 2025A · The company itself

“We have exposure to many different industries and counterparties, and we routinely execute transactions with counterparties in the financial industry, including brokers and dealers, commercial banks, investment banks, mutual and hedge funds, and other institutional clients.”

Annual report 2025A · The company itself

“Innskudd fra kunder er bankens viktigste finansieringskilde. Konsernet er også finansiert via det norske penge- og verdipapirmarkedet.”

Annual report 2024A · 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

“Factors that might affect the acceptance of these solutions by P&C primary insurers include the following: • changes in the business analytics industry; • changes in technology; • our inability to obtain or use state fee schedule or claims data in our insurance solutions; • changes in regulation • saturation of market demand; • loss of key customers; • industry consolidation; • failure to execute our customer-focused selling approach; and • insourcing by insurers of the services or analytics we currently provide. A downturn in the insurance industry, pricing pressure or lower acceptance of our solutions by the insurance industry could result in a decline in revenues from that industry and have a material adverse effect on our financial condition, results of operations and cash flows.”

Annual report 2025A · The company itself

“This support spans their product development, new and renewal underwriting, risk selection and segmentation, pricing, and straight through to policy binding and issuance.”

Annual report 2025A · The company itself

“For most P&C insurers in most lines of business, we believe that our estimates of future costs are an essential input to rating decisions.”

Annual report 2025A · The company itself

“In 2025, our clients included all of the top 100 property and casualty ("P&C") insurance providers in the U.S. for the lines of P&C services we offer.”

Annual report 2025A · The company itself

“We also supply information to various clients in other markets, including reinsurance and government agencies.”

Annual report 2025A · The company itself

“Specialty Business Solutions We are a leading software supplier to the global specialty insurance market with particular focus on the London specialty market where we have a long-standing client base.”

Annual report 2025A · The company itself

“Table of Contents Our Customers The customers for the lines of P&C services we offer include the top 100 P&C insurance providers in the U.S., many of the top global reinsurance companies, as well as domestic InsurTech companies and insurers in international markets.”

Annual report 2025A · The company itself

“During the year ended December 31, 2025, approximately 70% of our revenue was derived from solutions provided to U.S. P&C primary insurers.”

Annual report 2025A · The company itself

“Kreditgivningsföretag vars existens baseras på kunders desperata behov av likviditet passar heller inte in i Tractions investeringskriterier.”

Annual report 2024A · The company itself

“Within the Debt Capital Market (DCM), ABGSC focuses on the non-investment grade bond segment.”

Annual report 2024A · The company itself

“Geographic Markets The following revenues commentary discusses the primary drivers of local currency revenue changes by geographic market for fiscal 2025 compared to fiscal 2024: •Americas revenues increased 9% in local currency, led by growth in Banking & Capital Markets, Industrials and Software & Platforms.”

Annual report 2025A · The company itself

“Revenue growth was driven by the United Kingdom and Germany, partially offset by a decline in France. •Asia Pacific revenues increased 4% in local currency, led by growth in Utilities, Banking & Capital Markets, Public Service and Insurance, partially offset by a decline in Chemicals & Natural Resources.”

Annual report 2025A · The company itself

“Importantly, most new client wins were concentrated within both Agillic’s strategic verticals (retail, financial services, media and subscription, and NGOs and charities) and the Nordics where our value and industry expertise resonate most strongly.”

Annual report 2025A · The company itself

“It is also possible that our tenants or venture investments within these industries may be adversely affected by crises involving financial institutions with which they have business relationships. On March 10, 2023, Silicon Valley Bank (“SVB”), the 16th largest bank in the U.S. at the time and headquartered in California, was closed by the California Department of Financial Protection and Innovation, which appointed the FDIC as receiver. SVB was a provider of commercial and private banking products and services to industries including life science, technology, and healthcare.”

Annual report 2025A · The company itself

“A portion of our outstanding U.S. retail deposits are considered brokered deposits for bank regulatory purposes.”

Annual report 2025A · The company itself

“Our U.S. bank subsidiary, AENB, accepts deposits and uses the proceeds as a source of funding, with our direct retail deposits becoming a larger proportion of our funding over time.”

Annual report 2025A · The company itself

“(NYSE: AIG) is a leading global insurance organization. AIG provides insurance solutions that help businesses and individuals in over 200 countries and jurisdictions protect their assets and manage risks through AIG operations, licenses and authorizations as well as network partners.”

Annual report 2025A · The company itself

“In 2009, RiverSource Life established an agreement to protect its exposure to Genworth Life Insurance Company (“GLIC”) for its reinsured LTC. In 2016, substantial enhancements to this reinsurance protection agreement were finalized.”

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

“Our Corporate & Other segment includes our closed blocks of LTC insurance and fixed annuity and fixed indexed annuity (“FA”) business.”

Annual report 2025A · The company itself

“We assist our clients with various matters, including advising on and placing insurance and reinsurance coverage and handling related claims, consulting on various human resources matters, and providing actuarial, investment consulting, asset management, and other services.”

Annual report 2025A · The company itself

“Revenue from Contracts with Customers Disaggregation of Revenue The following table summarizes revenue from contracts with customers by principal service line (in millions): Commercial Risk Solutions $ 8,497 $ 7,861 $ 7,043 Reinsurance Solutions 2,793 2,656 2,481 Total Risk Capital (1) 11,290 10,517 9,524 Health Solutions 3,839 3,335 2,433 Wealth Solutions 2,068 1,874 1,431 Total Human Capital (1) 5,907 5,209 3,864 Eliminations (16) (28) (12) Total revenue $ 17,181 $ 15,698 $ 13,376 (1)Includes inter-segment revenue.”

Annual report 2025A · The company itself

“A substantial majority of the Company’s outstanding trade receivables are not covered by collateral, third-party bank support or financing arrangements, or credit insurance, and a significant portion of the Company’s trade receivables can be concentrated within cellular network carriers or other resellers.”

Annual report 2025A · The company itself

“In the U.S., we employ a sales force to directly sell mortgage insurance products and services to our customers, which include mortgage originators such as mortgage bankers, mortgage brokers, commercial banks, savings institutions, credit unions and community banks.”

Annual report 2025A · The company itself

“The reinsurance segment consists of our reinsurance underwriting units which offer specialty product lines on a worldwide basis, as described in note 4, “Segment Information,” to our consolidated financial statements in Item 8.”

Annual report 2025A · The company itself

“Although we have risk-management models and processes to ensure that we are not exposed to a single counterparty for significant periods of time, given the large number and size of our funds, we often have large positions with a single counterparty. For example, most of our funds have credit lines. If the lender under one or more of those credit lines were to become insolvent, we may have difficulty replacing the credit line and one or more of our funds may face liquidity problems.”

Annual report 2025A · The company itself

“In the event of the insolvency of a prime broker, custodian, counterparty or any other party that is holding assets of our funds as collateral, our funds might not be able to recover equivalent assets in full as they will rank among the prime broker’s, custodian’s or counterparty’s unsecured creditors in relation to the assets held as collateral. In addition, our funds’ cash held with a prime broker, custodian or counterparty generally will not be segregated from the prime broker’s, custodian’s or counterparty’s own cash, and our funds may therefore rank as unsecured creditors in relation thereto.”

Annual report 2025A · The company itself

“For example, we and most of our funds have credit lines. If the lender under one or more of those credit lines 51 Table of Contents were to freeze the account or become insolvent, we may have difficulty replacing the credit line and the affected fund(s) or we may face liquidity challenges, which may adversely affect our business operations or the fund’s ability to close on an investment.”

Annual report 2025A · The company itself

“More frequent and substantive updates to RBC and AAT frameworks could also create additional operational complexity or affect the capital planning or reinsurance strategies of insurers with which we conduct business.”

Annual report 2025A · The company itself

“Table of Contents Insurance company investment portfolios are often subject to internal and regulatory requirements governing the categories and ratings of investment products they may acquire and hold. Many of the investment products we develop for, or other assets or investments we include in, insurance company portfolios will be rated and a ratings downgrade or any other negative action by a rating agency with respect to such products, assets or investments could make them less attractive and limit our ability to offer such products to, or invest or deploy capital on behalf of, insurers.”

Annual report 2025A · The company itself

“Changes in rules and regulations impacting the insurance industry could adversely impact our expansion into the insurance industry, the prospects of Aspida Re, a Bermuda insurance company, and other investments we make in the insurance industry, both in the U.S. and abroad and limit our ability to raise capital for our funds from insurance companies, which could limit our ability to grow.”

Annual report 2025A · The company itself

“Table of Contents Credit Group Through our Credit Group, we serve as one of the largest managers of credit strategies across the non-investment grade credit universe, with $406.9 billion of AUM and over 305 funds as of December 31, 2025. The Credit Group provides solutions for investors seeking to access a wide range of credit assets, including liquid credit, alternative credit and direct lending products. The Credit Group is one of the largest self-originating direct lenders to the U.S. and European middle markets with a growing presence in the APAC region, offering one-stop financing solutions for small-to-medium sized companies and counterparties that we believe are increasingly underserved by traditional bank lenders. Our approach combines structuring expertise and origination capabilities to deliver directly originated fixed and floating rate credit assets, enabling investors to capitalize on illiquidity premiums across the credit spectrum.”

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

“Ares Insurance Solutions: AIS is Ares’ dedicated, in-house team that provides solutions to insurance clients including asset management, capital solutions and corporate development. AIS strives to provide insurers with attractive risk and capital adjusted return profiles that fit within regulatory, rating agency and other counterparty guidelines. Leveraging over 1,650 investment professionals across our investment groups, AIS creates tailored investment solutions that meet the unique objectives of our insurance clients.”

Annual report 2025A · The company itself

“AIS acts as the dedicated investment manager, capital solutions and corporate development partner to Aspida Life Insurance Company (“Aspida Life”) and Aspida Life Re Limited (“Aspida Re,” collectively with Aspida Life, Aspida Holdings Ltd. and its subsidiaries, “Aspida”), which are insurance companies that focus on the U.S. life and annuity insurance and reinsurance markets, respectively. AIS manages $25.9 billion of AUM as of December 31, 2025, of which $16.9 billion is sub-advised by Ares vehicles and included within other strategies.”

Annual report 2025A · The company itself

“Our high-quality institutional investor base includes corporate and public pension funds, insurance companies, sovereign wealth funds, banks, investment managers, endowments and foundations.”

Annual report 2025A · The company itself

“Regulations impacting the insurance industry could adversely affect our business and our operations, and our provision of products and services to insurance companies, including through Aspida, subjects us to a variety of risks and uncertainties. The insurance industry is subject to significant regulatory oversight, both in the U.S. and abroad. Regulatory authorities in many relevant jurisdictions have broad administrative, and in some cases discretionary, authority with respect to insurance companies and/or their investment advisers, which may include, among other things, the investments insurance companies may acquire and hold, marketing practices, affiliate transactions, reserve requirements, capital adequacy including insurance company licensing and examination, agent licensing, establishment of reserve requirements and solvency standards, premium rate regulation, admissibility of assets, policy form approval, unfair trade and claims practices, advertising, maintaining policyholder privacy, payment of dividends and distributions to shareholders, investments, review and/or approval of transactions with affiliates, reinsurance, acquisitions, mergers and other matters.”

Annual report 2025A · The company itself

“The BMA considers us to be the “shareholder controller” (as defined in the Bermuda Insurance Act) of Aspida Re, a Bermuda Class E insurance company. Aspida Re is subject to regulation and supervision by the BMA, and compliance with all applicable Bermuda law and Bermuda insurance statutes and regulations, including but not limited to the Bermuda Insurance Act.”

Annual report 2025A · The company itself

“Throughout the past year, we have provided business critical solutions and services to over 500 large organisations, both new ones that have placed their trust in us as well as long-standing partners who continue to value our expertise.”

Annual report 2024A · The company itself

“We have a significant amount of receivables from certain of the underwriting enterprises with which we place insurance and reinsurance. If those companies experience liquidity problems or other financial difficulties, we could encounter delays or defaults in payments owed to us, which could have a significant adverse impact on our consolidated financial condition and results of operations.”

Annual report 2025A · The company itself

“Brokerage Segment The brokerage segment accounted for 87% of our revenues in 2025.”

Annual report 2025A · The company itself

“We are engaged in providing insurance brokerage, reinsurance brokerage, consulting services, and third-party property/casualty claims settlement and administration services to entities and individuals around the world.”

Annual report 2025A · The company itself

“The brokerage segment (which comprises our retail property/casualty, wholesale, reinsurance, benefits and captive operations) generates revenues through commissions paid by underwriting enterprises and through fees charged to our clients.”

Annual report 2025A · The company itself

“Table of Contents Risk management services are primarily marketed on an independent basis from our brokerage operations, to Fortune 1000 companies, larger middle-market companies, nonprofit organizations, public sector entities, and underwriting enterprises, such as insurance carriers and captives.”

Annual report 2025A · The company itself

“Our brokerage segment operations provide brokerage and consulting services to entities of all types, including commercial, nonprofit, public sector entities and to a lesser extent, individuals, in the areas of insurance and reinsurance placements, risk of loss management and management of employer sponsored benefit programs.”

Annual report 2025A · The company itself

“Our risk management segment operations provide contract claim settlement, claim administration, loss control services and risk management consulting for commercial, nonprofit, captive and public sector entities, and various other organizations that choose to self-insure property/casualty coverages or choose to use a third-party claims management organization rather than the claim services provided by underwriting enterprises.”

Annual report 2025A · The company itself

“In Connected Living, we partner with the mobile eco-system (including carriers, retailers, OEMs and cable MSOs) and financial and other institutions to market our mobile device solutions, with some of the largest OEMs, consumer electronics retailers, appliance retailers (including e-commerce retailers) and cable operators to market our extended service contracts and related services, and with financial institutions, insurers and retailers to market our credit and other insurance products.”

Annual report 2025A · The company itself

“In Global Automotive, we partner with auto dealers and agents, third-party administrators, manufacturers, equipment retailers and large banks and financing companies to market our vehicle protection, commercial equipment products and other related services.”

Annual report 2025A · The company itself

“Distribution and Clients Global Housing establishes long-term relationships with leading mortgage lenders and servicers, manufactured housing lenders, property managers, and financial, insurance and other institutions. Lender-placed insurance products are distributed primarily through mortgage lenders, mortgage servicers and financial and other institutions.”

Annual report 2025A · The company itself

“Net cash provided by operating activities was $1.83 billion and $1.33 billion for Twelve Months 2025 and Twelve Months 2024, respectively. The change in net operating cash flows was largely attributable to growth in our lender-placed and Connected Living businesses, cash payments related to the assumption of a new block of business in Connected Living and lower outflows for inventory in our mobile business.”

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

“Avanza är Sveriges ledande plattform för sparande och investeringar. Avanza erbjuder marknadens bredaste utbud av sparprodukter, konkurrenskraftiga tjänstepensionslösningar samt värdepapperskredit och bolån.”

Annual report 2024A · The company itself

“Avanzas marknadsandel av premieinflödet 11% D) Öka skalbarhet, kostnadseffektivitet och flexibilitet för att stödja fortsatt stark tillväxt Kostnadseffektivitet är avgörande, både för att kunna leva upp till vårt kundlöfte och leverera aktieägarvärde.”

Annual report 2024A · The company itself

“Our activities also contribute to the credit market by assuming risky debt from financial institutions (upstream 'value chain'), thereby supporting the overall financial ecosystem.”

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

“The Group’s customers are an important part of the value chain. B2 Impact engage with a large number of customers with many of them being in a difficult financial situation.”

Annual report 2024A · The company itself

“Stakeholder group Stakeholder description Engagement activities Interest and views Suppliers and business partners Suppliers primarily includes non-performing loan portfolio suppliers (NPLs) and suppliers of services supporting in our day-to-day operations (legal services, leased office locations, IT services & tech solutions).”

Annual report 2024A · The company itself

“Business partners primarily include financial institutions and credit rating agencies.”

Annual report 2024A · The company itself

“Branschen är ett av B3s specialistområden, där bolaget driver kontinuerligt förändringsarbete för att hjälpa företag möta framtiden med konkurrenskraftiga affärsmodeller, effektiva processer och moderna plattformar. B3s konsulter erbjuder expertis inom strategiarbete, arkitektur samt traditionella och agila ledarroller.”

Annual report 2024A · The company itself

“IT, media, underhållning, 8% (8) Medlemsorganisationer, föreningar 6% (6) Handel, 7% (7) Transport/logistik, 7% (6) Telekom, 4% (4) Övrigt, 7% (9) Myndighet, kommun, 16% (13) INTÄKTER PER BRANSCH 2024 Några av B3s kunder Almi, Arbetsförmedlingen, Bliwa, Epiroc, FAR, Filmstaden, Försäkringskassan, Handelsbanken, Hyresgästföreningen, Inera, Jordbruksverket, Lantmäteriet, Länsförsäkringar, Sveriges Lärare, Parks and Resorts, Polismyndigheten, Preem, Region Skåne, Region Stockholm, Sandvik, SEB, SGDS-gruppen, SJ, Skandia, Skatteverket, Skolverket, SMHI, Stena, Sundsvalls kommun, Sveaskog, Svenska kyrkan, Svenskt Näringsliv, SVT, Swedbank, Telenor, Telia, Trafik förvaltningen (SL), Trafikverket, Transportstyrelsen, Valmyndigheten, Vattenfall, Volvo, Västra Götalandsregionen.”

Annual report 2024A · The company itself

“Consumer Real Estate The following modification programs are offered for consumer real estate loans to borrowers experiencing financial difficulties, in addition to borrowers affected by natural disasters. Forbearance and Other Payment Plans: Forbearance plans generally consist of the Corporation suspending the borrower’s payments for a defined period, with those payments then due over a defined period of time or at the conclusion of the forbearance period.”

Annual report 2025A · The company itself

“Credit Card and Other Consumer Credit card and other consumer loans are primarily modified by placing the customer on a fixed payment plan with a significantly reduced fixed interest rate, with terms ranging from 6 months to 72 months, most of which had a 60-month term at December 31, 2025. In certain circumstances, the Corporation will forgive a portion of the outstanding balance if the borrower makes payments up to a set amount. The Corporation makes modifications directly with borrowers for loans held by the Corporation (internal programs) as well as through third-party renegotiation agencies that provide solutions to customers’ entire unsecured debt structures (external programs).”

Annual report 2025A · The company itself

“Commercial Loans Modifications of loans to commercial borrowers experiencing financial difficulty are designed to reduce the Corporation’s loss exposure while providing borrowers with an opportunity to work through financial difficulties, often to avoid foreclosure or bankruptcy. Each modification is unique, reflects the borrower’s individual circumstances and is designed to benefit the borrower while mitigating the Corporation’s risk exposure.”

Annual report 2025A · The company itself

“Credit Card Revenue We offer promotional financing and credit cards issued by third-party banks that manage and directly extend credit to our customers. Approximately 25% of Domestic segment revenue in fiscal 2026, fiscal 2025 and fiscal 2024 was transacted using one of our branded cards.”

Annual report 2026A · The company itself

“Significant consolidation in the health insurance industry has resulted in a few large insurers and pharmacy benefit managers exerting greater pressure in pricing and usage negotiations with drug manufacturers, significantly increasing discounts and rebates required of manufacturers and limiting patient access and usage. Further consolidation among insurers, pharmacy benefit managers and other payors would increase the negotiating leverage such entities have over us and other drug manufacturers.”

Annual report 2025A · The company itself

“BlackRock serves a diverse mix of institutional and retail clients across the globe. Clients include tax-exempt institutions, such as defined benefit and defined contribution pension plans, charities, foundations and endowments; official institutions, such as central banks, sovereign wealth funds, supranationals and other government entities; taxable institutions, including insurance companies, financial institutions, corporations and third-party fund sponsors, and retail intermediaries.”

Annual report 2025A · The company itself

“Assets managed for other taxable institutions, including corporations, banks and third-party fund sponsors for which the Company provides sub-advisory services, totaled $1.2 trillion, or 19%, of long-term institutional AUM at year-end. • Official Institutions BlackRock managed $348 billion, or 5%, of long-term institutional AUM for official institutions, including central banks, sovereign wealth funds, supranationals, multilateral entities and government ministries and agencies at year-end 2025.”

Annual report 2025A · The company itself

“Although we have risk management processes to ensure that we are not exposed to a single counterparty for significant periods of time, given the large number and size of our funds, we often have large positions with a single counterparty. For example, most of our funds have credit lines. If the lender under one or more of those credit lines were to become insolvent, we may have difficulty replacing the credit line and one or more of our funds may face liquidity problems.”

Annual report 2025A · The company itself

“Credit & Insurance Our Credit & Insurance segment (“BXCI”) has approximately 815 employees and manages $443.0 billion of Total Assets Under Management as of December 31, 2025.”

Annual report 2025A · The company itself

“Table of Contents o Realizations were driven by $29.2 billion from private corporate credit, $14.7 billion from infrastructure and asset based credit and $11.5 billion from our insurance platform. o Outflows were driven by $10.0 billion from private corporate credit and $9.9 billion from liquid corporate credit. • In our Multi-Asset Investing segment, an increase of $12.1 billion from $84.2 billion at December 31, 2024 to $96.2 billion at December 31, 2025.”

Annual report 2025A · The company itself

“We invest across asset classes on behalf of our investors, including pension funds, insurance companies and individual investors.”

Annual report 2025A · The company itself

“If we fail to deliver or originate high-quality, high-performing products, strategies or assets that help our insurance company clients meet long-term policyholder obligations, we may not be successful in retaining existing investment partnerships, developing new investment partnerships or originating or selling capital-efficient assets or products. Such failure may have a material adverse effect on our business, results and financial condition.”

Annual report 2025A · The company itself

“This primarily includes Cash App Borrow, Instant Deposit, Interest Income, Paper Money Deposits, ATM, and brokerage services, as well as Square Loans, Savings, Balances, and Square Card.”

Annual report 2025A · The company itself

“These products include lending, deposits, savings, payment acceleration tools, and related financial services. •Square Lending provides a platform of lending products to qualified Square sellers. Square Loans facilitates loans to qualified Square sellers through Square Financial Services.”

Annual report 2025A · The company itself

“•Cash App Borrow: Cash App Borrow provides eligible customers with access to short-term loans for a fixed fee, with repayment made through scheduled installments or as a percentage of amounts received into the customer’s Cash App account. Eligibility and loan terms are determined using proprietary underwriting models that incorporate customer transaction history and other data available within the Cash App ecosystem.”

Annual report 2025A · The company itself

“•Direct deposit capabilities, in alliance with our bank partner and system processor, allow customers to receive their recurring paycheck, tax refund, or government disbursement into their Cash App account, which they can then use to send, spend, store, or invest. •Savings allows customers to designate a separate savings balance, and easily set and track towards financial goals. Customers can add money to their savings balance using their Cash App balance, a linked debit card, or direct deposit through Round Ups on purchases with Cash App Card. •Stock Brokerage: Customers can use Cash App to invest their funds for free in U.S. listed stocks and ETFs for as little as $1. •Tax Preparation: Cash App Taxes provides a seamless, mobile-first solution for consumers to file their taxes for free.”

Annual report 2025A · The company itself

“Bank Regulation Our subsidiary, Square Financial Services, operates as a Utah-chartered industrial loan company governed by the Utah Department of Financial Institutions and the Federal Deposit Insurance Corporation ("FDIC").”

Annual report 2025A · The company itself

“Lending Regulation Various laws and regulations govern lending in the United States and internationally. In the United States, Square Capital, LLC holds and maintains lending and collections licenses with state regulators to support lending products offered across the United States.”

Annual report 2025A · The company itself

“The Bank of New York Mellon Corporation, a Delaware corporation (NYSE symbol: BK), is a global financial services platforms company headquartered in New York, New York, with $59.3 trillion in assets under custody and/or administration and $2.2 trillion in assets under management as of Dec.”

Annual report 2025A · The company itself

“Our two principal U.S. banking subsidiaries are: •The Bank of New York Mellon, a New York state-chartered bank, which houses our Securities Services businesses, including Asset Servicing and Issuer Services and certain Market and Wealth Services businesses, including Payments and Trade and Clearance and Collateral Management, as well as the bank-advised business of Investment Management; and •BNY Mellon, National Association (“BNY Mellon, N.A.”), a national bank, which houses our Wealth Management business and certain activities of our Pershing businesses.”

Annual report 2025A · The company itself

“De största användarna av kuvert inom transaktionspost är företag inom till exempel telekom, bank, försäkring, finans, energi och vatten.”

Annual report 2024A · The company itself

“Business The Broadridge Business Broadridge, a Delaware corporation, is a global financial technology leader powering investing, corporate governance, and communications. We deliver technology-driven solutions to banks, broker-dealers, asset and wealth managers, public companies, investors, and mutual funds, that enable our clients to operate, innovate and grow.”

Annual report 2026A · The company itself

“Clients We serve a large and diverse client base including banks, broker-dealers, mutual funds, retirement service providers, corporate issuers, and wealth and asset management firms. Our clients in the financial services industry include retail and institutional brokerage firms, global banks, mutual funds, asset managers, insurance companies, annuity companies, institutional investors, specialty trading firms, clearing firms, third-party administrators, hedge funds, and financial advisors.”

Annual report 2026A · The company itself

“Our technology connects industry participants across the financial services ecosystem, forming a network that includes capital markets firms, broker-dealers, asset managers, public companies, and investors. The data derived through these connections provides value to participants and is at the heart of our approach – which leverages this data to generate insights that drive innovation, address industry-wide challenges, accelerate product development, and support decision making.”

Annual report 2026A · The company itself

“General Brown & Brown, Inc., a Florida corporation, and its subsidiaries (collectively, “Brown & Brown” or the “Company”) is a diversified insurance agency, wholesale brokerage, insurance programs and service organization that markets and sells insurance products and services, primarily in the property, casualty and employee benefits areas.”

Annual report 2025A · The company itself

“These products and services include specialty property and casualty insurance, financial lines, life and health benefits, reinsurance, travel/accident and health insurance, captive administrative services, warranty services and specialty packages of coverages.”

Annual report 2025A · The company itself

“We are a diversified insurance agency, wholesale brokerage, insurance programs, specialty insurance business and service organization headquartered in Daytona Beach, Florida. As an insurance intermediary, our principal sources of revenue are commissions paid by insurance companies and, to a lesser extent, fees paid directly by customers.”

Annual report 2025A · The company itself

“BTS kunder är verksamma huvudsakligen inom nio branscher: IT, finansiella tjänster, tillverkande industri, professional services, läkemedel & bioteknik, dagligvarubranschen (så kallade Fast-Moving Consumer Goods – FMCG), energi, telekom samt handel & distribution.”

Annual report 2024A · The company itself

“In addition, in our New York market, we have historically leased properties to financial, legal and other professional firms.”

Annual report 2025A · The company itself

“Develop New Products and Expand Lines of Business We plan to continue leveraging our existing e-commerce and logistics infrastructure to increase monetization opportunities by introducing new complementary products and services or expanding into new lines of business. The car purchasing and ownership cycle provides many opportunities to add value for our customers, such as VSCs and auto insurance, and our technology expertise and process automation position us well to provide these services in differentiated ways.”

Annual report 2025A · The company itself

“As part of the integrated purchasing process, customers have the option to protect their vehicle with a vehicle service contract (“VSC”). VSCs provide customers with protection against the costs of certain mechanical repairs after the expiration of their vehicle’s original manufacturer warranty. In most states, customers financing their purchase with us are also offered guaranteed asset protection ("GAP") waiver coverage during checkout to provide customers with protection for the value of the loan.”

Annual report 2025A · The company itself

“Inom verksamhetsgrenen Investment Management finns koncernens fond-, investerings- och kapitalförvaltningsverksamhet.”

Annual report 2024A · The company itself

“Customers Our customers generally include financial institutions, trading platforms, institutional and individual investors, and professional traders.”

Annual report 2025A · The company itself

“Our institutional global FX customers include banks, broker-dealers, hedge funds, asset managers, proprietary trading firms, Commodity Trading Advisors, and corporates.”

Annual report 2025A · The company itself

“We do not have counterparty credit risk with respect to trades matched on our exchanges in the U.S., Canada, and Europe. With respect to listed equities, we deliver matched trades of our customers to the NSCC without taking on 82 Table of Contents counterparty risk for those trades. NSCC acts as a central counterparty on all equity transactions occurring on BZX, BYX, EDGX and EDGA and, as such, guarantees clearance and settlement of all of our matched equity trades.”

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

“A significant portion of our loan origination and servicing business (which we conduct through certain of our wholly-owned subsidiaries) depends upon our relationship with the Federal National Mortgage Association (Fannie Mae), and the Federal Home Loan Mortgage Corporation (Freddie Mac), collectively the GSEs. As an approved seller/servicer for the GSEs, we are required to comply with various eligibility criteria and are required to originate and service loans in accordance with their individual program requirements, including participation in loss sharing and repurchase arrangements.”

Annual report 2025A · The company itself

“We provide services to managed care organizations, health insurers, third-party administrators, employers, union-sponsored benefit plans, workers' compensation plans, government health programs, providers, clinics, hospitals and others.”

Annual report 2025A · The company itself

“Relative to a broad bond market index such as the Barclay’s Aggregate, we are most heavily exposed to the investment-grade corporate bond asset class. Within that asset class, we have a weighting of 28.8% for the financial sector, lower than the 35.9% weighting for the financial sectors of the BofA U.S.”

Annual report 2025A · The company itself

“The Cincinnati Insurance Company also conducts the business of our reinsurance assumed operations, known as Cincinnati Re®. Other subsidiaries of The Cincinnati Insurance Company include: The Cincinnati Life Insurance Company (Cincinnati Life), which provides life insurance policies and fixed annuities; and The Cincinnati Specialty Underwriters Insurance Company (Cincinnati Specialty Underwriters), which offers excess and surplus lines insurance products.”

Annual report 2025A · The company itself

“We offer a broad range of retail and commercial banking products and services to individuals, small businesses, middle-market companies, large corporations, and institutions.”

Annual report 2025A · The company itself

“Credit Risk Credit risk represents the potential for loss arising from the failure of a customer, counterparty, or issuer to perform in accordance with the contractual terms of an obligation. While the majority of our credit risk is associated with lending activities, we do engage with other financial counterparties for a variety of purposes including investing, asset and liability management, and trading activities.”

Annual report 2025A · The company itself

“In addition, we operate trading desks covering secondary loans, corporate bonds, and equity securities, with the objective of meeting secondary liquidity needs of our clients.”

Annual report 2025A · The company itself

“Headquartered in Providence, Rhode Island, we offer a broad range of retail, private banking, wealth management, and commercial banking products and services to individuals, small businesses, middle-market companies, large corporations, and institutions. We help our customers reach their potential by listening to them and by understanding their needs in order to offer tailored advice, ideas, and solutions.”

Annual report 2025A · The company itself

“BrokerTec Americas' matched principal platform facilitates anonymous trading in significant volumes from wholesale market participants, many of which are FICC members and understand that BrokerTec Americas is also a FICC member, such that their trades are expected to be novated promptly to FICC, which will be their ultimate counterparty. A failure of BrokerTec Americas to maintain its membership with FICC could adversely impact the willingness of such participants to continue trading on our platform.”

Annual report 2025A · The company itself

“Credit Risk CME Clearing House Our clearing house acts as the counterparty to all trades consummated on our exchange as well as through a third-party exchange and swaps markets for which we provide clearing services. As a result, we are exposed to significant credit risk of third parties, including clearing firms.”

Annual report 2025A · The company itself

“Our FS segment includes banking, capital markets, payments and insurance companies. Demand in this segment is driven by our clients’ need to modernize legacy technology environments, strengthen operational resilience and adopt cloud, data and AI capabilities to meet evolving customer expectations and regulatory requirements.”

Annual report 2025A · The company itself

“Many of our clients are in the financial services and healthcare industries, so any decrease in growth or significant consolidation in these industries or regulatory policies that restrict these industries may reduce demand for our services.”

Annual report 2025A · The company itself

“På Myra Securitys kundlista finns bland annat tyska regeringen, Europeiska Centralbanken, kommersiella banker och försäkrings bolag tillsammans med större globala e-handelsföretag.”

Annual report 2024A · The company itself

“Tilaajia eli Constin suurimpia asiakkaita ovat kaupungit ja kunnat, suomalaiset eläkevakuutusyhtiöt ja kiinteistösijoittajat sekä taloyhtiöt.”

Annual report 2025A · The company itself

“We provide vehicle sellers with a full range of services to process and sell vehicles primarily over the internet through our Virtual Bidding Third Generation internet auction-style sales technology, which we refer to as VB3. Vehicle sellers consist primarily of insurance companies, but also include dealers, individuals, charities, rental car companies, banks, finance companies, and fleet operators.”

Annual report 2025A · The company itself

“We obtained 81%, 81%, and 83% of the total number of vehicles processed during fiscal 2025, 2024, and 2023, respectively, from insurance company sellers.”

Annual report 2025A · The company itself

“The majority of the vehicles sold on behalf of insurance companies are either damaged vehicles deemed a total loss; not economically repairable by the insurance companies; or are recovered stolen vehicles for which an insurance settlement with the vehicle owner has already been made.”

Annual report 2025A · The company itself

“BluCar We provide financial institutions, fleet and rental car companies with an efficient method to sell their vehicles.”

Annual report 2025A · The company itself

“We have significant amounts of cash, cash equivalents, receivables outstanding and other investments on deposit or in accounts with banks or other financial institutions in the U.S. and international jurisdictions. Among other services, certain banks and other financial institutions are lenders under our credit facilities, hold customer deposits for customers funds payable on demand and hold cash collateral received from customers for derivative transactions as part of our cross-border solution.”

Annual report 2025A · The company itself

“In May 2025, the Company and TPG formed a limited partnership that, through its wholly owned subsidiaries, entered into a definitive agreement to acquire AvidXchange. AvidXchange is a provider of AP automation solutions to lower middle market companies with a focus on several verticals including real estate, homeowners associations, financial institutions and media.”

Annual report 2025A · The company itself

“We serve lodging customers through three primary verticals: workforce, airlines and insurance. We offer lodging solutions to businesses primarily in North America and the U.K. that have employees who travel overnight for work purposes, to airlines and cruise lines globally to accommodate both their traveling crews and stranded passengers and to North American residential property insurance policyholders displaced from their homes due to damage or catastrophe on behalf of property insurance carriers.”

Annual report 2025A · The company itself

“Furthermore, we facilitate payment and foreign exchange solutions for enterprises of all sizes using a global network of bank relationships.”

Annual report 2025A · The company itself

“•STR Benchmarking - Provides hospitality benchmarking, allowing hotels to measure performance against competitors based on occupancy, ADR, and RevPAR. •Debt Solutions - Provides tools for lenders to manage loan portfolios and risk, including portfolio surveillance, concentration risk monitoring, stress testing, and expected credit loss modeling. We also offer SaaS platforms and related professional services under the CoStar Real Estate Manager and Visual Lease brands which provide real estate and lease management technology solutions for lease administration, lease accounting, and transaction management.”

Annual report 2025A · The company itself

“Customers A large number of parties involved in commercial and residential real estate industries and the related business community use the services to obtain information needed to conduct their businesses, including: • Property owners • Government agencies • Real estate agents • Mortgage-backed security issuers • Real estate developers • Appraisers • Sales and leasing brokers • Pension fund managers • Property managers • Reporters • Hospitality owners • Tenant vendors • Design and construction professionals • Building services vendors • Real estate investment trust managers • Communications providers • Investment and commercial bankers • Insurance companies’ managers • Mortgage bankers • Institutional advisors • Mortgage brokers • Investors and asset managers • Retailers Our revenue streams are highly diversified.”

Annual report 2025A · The company itself

“Health Services Clients & Customers The Company’s Health Services clients and customers are primarily employers, insurance companies, unions, government employee groups, health plans, PDPs, Managed Medicaid plans, CMS, plans offered on Private Exchanges and Public Exchanges and other sponsors of health benefit plans throughout the U.S., patients who receive care in the Health Services segment’s medical clinics, virtually or in the home, as well as Covered Entities.”

Annual report 2025A · The company itself

“Pharmacy & Consumer Wellness Customers The success of the Pharmacy & Consumer Wellness segment’s businesses is dependent upon the Company’s ability to establish and maintain contractual relationships with pharmacy benefit managers and other payors on acceptable terms. Substantially all of the Pharmacy & Consumer Wellness segment’s pharmacy revenues are derived from pharmacy benefit managers, managed care organizations (“MCOs”), government funded health care programs, commercial employers and other third-party payors.”

Annual report 2025A · The company itself

“Risks Relating to Our Businesses •We may not be able to accurately forecast health care and other benefit costs. •Adverse economic conditions in the U.S. and abroad can materially and adversely impact our businesses, operating results, cash flows and financial condition. •Each of our segments operates in a highly competitive and evolving business environment. •A change in our Health Care Benefits product mix may adversely affect our profit margins. •Our health care delivery businesses face unique risks. •Negative public perception of the industries in which we operate can adversely affect our businesses, operating results, cash flows and prospects. •We must maintain and improve our relationships with our retail and specialty pharmacy customers and increase the demand for our products and services.”

Annual report 2025A · The company itself

“A substantial portion of our U.S. dialysis patient service revenues are generated from patients on commercial plans who have private payors as their primary payor. The majority of these patients have insurance policies that pay us on terms and at rates that are generally significantly higher than Medicare rates.”

Annual report 2025A · The company itself

“Medicare Advantage We contract with commercial payors that administer MA plans to provide their members with Medicare Part A, Part B and/or Part D benefits.”

Annual report 2025A · The company itself

“Our most significant and valuable contract to sell miles relates to our co-brand credit card relationship with American Express. In 2025, remuneration from American Express totaled $8.2 billion, which we expect to grow to $10 billion over the next few years.”

Annual report 2025A · The company itself

“General and Other Risks Facing Our Business The Credit Risk of Our Counterparties Could Adversely Affect Us We enter into a variety of transactions that expose us to counterparty credit risk. For example, we have exposure to financial institutions and insurance companies through our hedging arrangements, our Senior Credit Facility and our insurance policies.”

Annual report 2025A · The company itself

“Per den 31 december 2024 uppgick belåningsgraden till 52,9 procent, vilket understiger målet om en maximal belåningsgrad på 55 procent.”

Annual report 2024A · The company itself

“Det blev definitionen av Länsförsäkringar (LF) Västernorrlands nya kontor när vi under 2022 tillsammans diskuterade deras strategiska behov. LF är ett företag som erbjuder bank- och försäkringstjänster, och den regionala avdelningen i Västernorrland har varit vår kund i 16 år.”

Annual report 2024A · The company itself

“Vår posisjon og våre konkurransefortrinn DNB er markedsleder med sterke posisjoner i personkundesegmentet og bedriftskundesegmentet. I tillegg har konsernet markedslederposisjonen innen sparing og pensjon, og investeringsbanktjenester.”

Annual report 2024A · The company itself

“Verksamheten finansieras i huvudsak av eget kapital samt räntebärande skulder i form av banklån och i ett fall av direktlån.”

Annual report 2024A · The company itself

“Stora och stabila internationella företag inom finans, informationsoch kommunikationsteknologi (ICT) och e-handel utgör majoriteten av kunderna.”

Annual report 2024A · The company itself

“Nära och långsiktiga relationer med hyresgästerna, som till övervägande del utgörs av större, stabila företag med internationell verksamhet, eftersträvas. Hyresgästerna är huvudsakligen verksamma inom finans, informations-, kommunikations- och teknologisektorn (ICT) samt e-handel.”

Annual report 2024A · The company itself

“Customers – Broadband and Satellite Services ​ Our enterprise customers include, but are not limited to, retailers, financial institutions, aircraft connectivity providers, lottery agencies and companies with multi-branch networks that rely on satellite or terrestrial networks for critical communication across wide geographies, as well as the U.S government.”

Annual report 2025A · The company itself

“Eolus främsta kundgrupper är idag finansiella institutioner och energibolag.”

Annual report 2024A · The company itself

“Merparten av våra kunder är svenska och internationella finansiella investerare, såsom infrastrukturfonder, försäkringsbolag och pensionsfonder. Trenden kommer fortsatt att gälla framåt även för investeringar i storskalig solkraft och energilagring.”

Annual report 2024A · The company itself

“Eolus förhandlar med kunder som vill äga lönsam förnybar elproduktion. I de flesta fall säljer vi det byggklara projektet i denna fas och återinvesterar det realiserade värdet i nya projekt.”

Annual report 2024A · The company itself

“Pensionsfonder har investerat i de privata marknaderna under lång tid, och deras framtida investeringar väntas därför växa i en mer stabil takt. Givet sin storlek och sitt inflytande bland investerare kommer EQT att rikta in sig på att nå en ökad marknadsandel bland offentliga pensionsfonder i USA.”

Annual report 2024A · The company itself

“Business customers use our data and related analytical services to process applications for new credit cards, automobile loans, home and equity loans and other consumer loans, and to manage their existing credit relationships.”

Annual report 2025A · The company itself

“We have a large and diversified group of clients, including financial institutions, corporations, government agencies and individuals.”

Annual report 2025A · The company itself

“The increase in revenue is principally due to growth in diversified markets revenue, primarily from growth in the government, talent solutions and consumer lending verticals, as well as growth in mortgage revenue.”

Annual report 2025A · The company itself

“Customers Our customers include telecommunications carriers, mobile and other network services providers, cloud and IT services providers, digital media and content providers, financial services companies, and global enterprise 8 Table of Contents ecosystems in various industries.”

Annual report 2025A · The company itself

“If any events occurred that impaired the Exchange's ability to grow or sustain its financial condition, including but not limited to reduced financial strength ratings, disruption in the independent agency relationships, significant catastrophe losses, or products not meeting customer demands, the Exchange could find it more difficult to retain its existing business and attract new business. A decline in the business of the Exchange almost certainly could have as a consequence a decline in the total premiums paid and a correspondingly adverse effect on the amount of the management fees we receive.”

Annual report 2025A · The company itself

“We also have an exposure to a concentration of credit risk related to the unsecured receivables due from the Exchange for net management fee and other reimbursements.”

Annual report 2025A · The company itself

“If the Exchange were to fail to maintain acceptable financial strength ratings, its competitive position in the insurance industry could be adversely affected. If a rating downgrade led to customers not renewing or canceling policies, or impacted the Exchange's ability to attract new customers, the premium revenue of the Exchange could be adversely affected, which could reduce our management fee revenue.”

Annual report 2025A · The company itself

“The management fee rate is set at least annually by our Board of Directors and may not exceed 25% of the direct and affiliated assumed premiums written by the Exchange.”

Annual report 2025A · The company itself

“Our earnings are largely generated from management fees based on the direct and affiliated assumed premiums written by the Exchange.”

Annual report 2025A · The company itself

“The Exchange generates revenue by insuring preferred and standard risks, with personal lines comprising 71% of the 2025 direct and affiliated assumed written premiums and commercial lines comprising the remaining 29%.”

Annual report 2025A · The company itself

“Nature of Operations Erie Indemnity Company ("Indemnity", "we", "us", "our") is a publicly held Pennsylvania business corporation that has since its incorporation in 1925 served as the attorney-in-fact for the subscribers (policyholders) at the Erie Insurance Exchange ("Exchange"). The Exchange, which also commenced business in 1925, is a Pennsylvania-domiciled reciprocal insurer that writes property and casualty insurance. Our primary function as attorney-in-fact is to perform policy issuance and renewal services on behalf of the subscribers at the Exchange.”

Annual report 2025A · The company itself

“Table of Contents Erie Insurance Exchange As our primary purpose is to manage the affairs at the Exchange for the benefit of the subscribers (policyholders) through the policy issuance and renewal services and administrative services, the Exchange is our sole customer.”

Annual report 2025A · The company itself

“We maintain cash and cash equivalent balances generally in excess of federally insured limits at a limited number of financial institutions. The failure of one or more of these financial institutions may materially adversely affect our ability to recover our cash balances or our 401(k) assets.”

Annual report 2025A · The company itself

“Certain financial institutions are lenders under our credit facilities, and, from time to time, we execute transactions with counterparties in the financial services industry. In the event that the volatility of the financial markets adversely affects these financial institutions or counterparties, we, or other parties to the transactions with us, may be unable to complete transactions as intended, which could materially adversely affect our business and results of operations.”

Annual report 2025A · The company itself

“Everest is a Bermuda-based reinsurance and insurance organization. As part of the Standard & Poor’s (“S&P”) 500 Index, we are a leading financial services institution focused on diversifying our portfolio and geographic presence.”

Annual report 2025A · The company itself

“The credit policies of PJM may, under certain circumstances, require that losses arising from the default of one member on spot energy market transactions be shared by the remaining participants.”

Annual report 2025A · The company itself

“Table of Contents Firm Types Institutional Buyside Institutional Buyside focuses on multi-asset class solutions, including AI-powered workflows and insights, for global asset managers, asset owners and hedge fund professionals across the investment portfolio lifecycle. This firm type includes workflows for research analysts, portfolio managers, and traders in the front office, as well as performance analysts, risk managers, and client service and marketing professionals in the middle office. Our front office on-platform solutions are designed for research management, order management, portfolio construction, and trade execution capabilities. Our middle office on-platform solutions are designed for performance measurement, attribution, reporting and risk management capabilities, and are complemented by our middle office managed services.”

Annual report 2025A · The company itself

“Buy-side Buy-side clients continue to shift toward multi-asset class investment strategies and investing in their front- and middle office solutions, where we are well-positioned to be a partner of choice. We are able to compete for greater market share given our ability to provide enterprise-wide solutions to our clients by leveraging their portfolio data for multiple asset classes. Buy-side clients primarily include institutional asset managers, wealth managers, asset owners, partners, hedge funds and corporate clients.”

Annual report 2025A · The company itself

“Uncertainty or downturns in the global economy and consolidation in the financial services industry may cause us to lose clients and users Many of our clients are asset and wealth managers, investment and commercial bankers, hedge funds, private equity and venture capital professionals, and other financial services entities.”

Annual report 2025A · The company itself

“We regularly maintain domestic cash deposits in banks that are not subject to insurance protection against loss or exceed the deposit limits. We also maintain cash deposits in foreign banks where we operate, some of which are not 16 Table of Contents insured or are only partially insured. The failure of a bank, or events involving limited liquidity, defaults, non-performance or other adverse conditions in the financial or credit markets impacting financial institutions at which we maintain balances, or concerns or rumors about such events, may lead to disruptions in access to our bank deposits or otherwise adversely impact our liquidity and financial performance.”

Annual report 2025A · The company itself

“Clients in this segment include global financial institutions, U.S. regional and community banks, credit unions and commercial lenders, as well as government institutions and other commercial organizations.”

Annual report 2025A · The company itself

“Clients in this segment include asset managers, private equity firms, sell-side securities brokerage and trading firms, insurers, asset and auto financiers and other commercial organizations.”

Annual report 2025A · The company itself

“FIS provides a number of systemically critical services, including the settlement of funds for financial institutions, other businesses and consumers and receives funds from clients, card issuers, payment networks and consumers on a daily basis for a variety of transaction types. Transactions facilitated by us include debit card, credit card, electronic bill payment, banking payments and check clearing that support consumers, financial institutions and other businesses.”

Annual report 2025A · The company itself

“We also have business operations that store, process or transmit consumer information or have direct relationships with consumers. As such, we are obligated to comply with regulations, including, but not limited to, the FCRA, the Federal Fair Debt Collection Practices Act and applicable privacy requirements, and we are subject to examination and oversight by the CFPB.”

Annual report 2025A · The company itself

“One of our subsidiaries is an SEC-registered broker-dealer in the U.S. and is subject to the financial and operational rules of FINRA, and others are authorized by the FCA to conduct certain regulated business in the U.K. Our transfer agent business is also regulated by the SEC and other regulators around the world.”

Annual report 2025A · The company itself

“(1)Organization FIS is a leading global provider of financial services technology solutions for financial institutions, businesses and developers.”

Annual report 2025A · The company itself

“In transaction processing and services contracts, the nature of the Company's promise to the customer is to stand ready to provide continuous access to the Company's processing platforms and perform an unspecified quantity of transaction processing and outsourced services for a specified term or terms. Accordingly, transaction processing and services are generally viewed as stand-ready performance obligations comprised of a series of distinct daily services.”

Annual report 2025A · The company itself

“The Issuer Solutions Business, which was later rebranded as "FIS Total IssuingTM Solutions," is a global payments technology and financial services provider specializing in issuer processing and a wide range of payment solutions for financial institutions. The Issuer Solutions Acquisition is expected to strengthen FIS’ banking and capital markets solutions by complementing FIS' existing processing capabilities while also extending its suite of payment products.”

Annual report 2025A · The company itself

“Acquisitions of Businesses Acquisition of StoneCastle On December 17, 2025, the Company acquired StoneCastle Cash Management, LLC, INDX Processing, LLC and StoneCastle Trust Co. (collectively, “StoneCastle”), a provider of deposit funding solutions, for $415 million, net of $4 million of acquired cash. StoneCastle is included within the Financial segment and provides its network of depository institutions easy access to stable, cost efficient deposit funding.”

Annual report 2025A · The company itself

“Acquisition of Payfare On March 2, 2025, the Company acquired Payfare, Inc. (“Payfare”), a Canada-based provider of program management solutions powering instant access to earnings and banking solutions for workforces, for a purchase price of $95 million, net of $46 million of acquired cash. Payfare is included within the Financial segment and expands the Company’s embedded finance capabilities.”

Annual report 2025A · The company itself

“The Company’s investment in its merchant alliances was $736 million and $1.2 billion at December 31, 2025 and 2024, respectively, and is reported within investments in unconsolidated affiliates in the consolidated balance sheets. The Company maintained a 40% ownership interest in the Wells Fargo Merchant Services merchant alliance (“WFMS”), which was accounted for as an equity method investment. The Company acquired its ownership, at fair value, in WFMS through its 2019 acquisition of First Data Corporation.”

Annual report 2025A · The company itself

“We provide debit card processing services, which include tokenization, loyalty and reward programs; customized authorization processing; gateway processing to payment networks; ATM managed services and cash and logistics management; and risk management products.”

Annual report 2025A · The company itself

“Additionally, we offer products and services that enable operating efficiencies and management insight by providing financial institutions with the infrastructure they need to process, route and settle non-card-based electronic payments, including ACH, wire and instant payments, and to efficiently manage associated information flows. These products and services provide multiple payment capabilities, including domestic and international wire transfers and real time payments connection to the FedNow Service and RTP Network. PEP+ is an enterprise payment solution that allows financial institutions to automatically receive and originate electronic payments through the ACH network in a straight-through processing manner.”

Annual report 2025A · The company itself

“Issuing We provide credit card processing services; card production services; print services; prepaid card processing services; government payment processing; and student loan processing. Our credit card processing services provide solutions to financial institutions and other issuers of credit, such as group service providers, retailers and consumer finance companies, to enable them to process credit card transactions on behalf of their customers.”

Annual report 2025A · The company itself

“Account processing solutions enable financial institutions to operate systems that process customer deposit and loan accounts, an institution’s general ledger, central information files and other financial information. These solutions also include security, reporting and other features that financial institutions need to process transactions for their customers.”

Annual report 2025A · The company itself

“We serve clients around the globe, including merchants, banks, credit unions, other financial institutions, corporate and public sector clients.”

Annual report 2025A · The company itself

“Processing We provide payment processing products and services to financial institutions, joint ventures, and other third-party resellers such as ISOs, which have direct relationships with merchants. We provide these distribution partners with integrated merchant technology solutions to help them grow their businesses and manage their portfolios.”

Annual report 2025A · The company itself

“Table of Contents Our business is impacted by U.S. and global market and economic conditions. For the foreseeable future, we expect to continue to derive revenue primarily from products and services we provide to the financial services industry and from our merchant acquiring business.”

Annual report 2025A · The company itself

“Ford Credit offers a wide variety of automotive financing products to and through automotive dealers throughout the world. The predominant share of Ford Credit’s business consists of financing our vehicles and supporting our dealers.”

Annual report 2025A · The company itself

“We provide our investment management and related services to retail, institutional and high-net-worth investors in jurisdictions worldwide.”

Annual report 2025A · The company itself

“Through our specialist investment managers, our investment products are offered globally to retail, institutional and high-net-worth clients, which may include, among others, individual investors, institutional investors, sovereign wealth funds, defined benefit and contribution plans, endowments and charitable foundations, healthcare systems and insurance companies.”

Annual report 2025A · The company itself

“We derive substantially all of our operating revenues and income from providing investment management and related services to investors in jurisdictions worldwide through our investment products, which include our funds, as well as institutional and high-net-worth separate accounts, retail separately managed account programs, sub-advised products, and other investment vehicles.”

Annual report 2025A · The company itself

“•Deepen customer value through cross-sell of all of our services: security, privacy, identity, reputation, and financial protection and empowerment: We believe our approximately 500 million users — including 79 million paid customers — represent a significant and underleveraged opportunity to deliver trusted financial solutions. Our Engine marketplace connects consumers with over 600 third-party financial product providers across lending, insurance, credit, and banking, represents a hosted decisioning engine.”

Annual report 2026A · The company itself

“We also operate and distribute embedded finance marketplace solutions that match consumers with personalized third-party offers from our partners, providing convenient access to an expansive breadth of financial solutions that enable customers to borrow, spend, save and achieve better financial outcomes. Our leading marketplace solutions provide valuable distribution, acquisition, growth, and monetization channels for our partners.”

Annual report 2026A · The company itself

“Our cyber safety and financial wellness businesses compete with a broad range of companies, including established security software vendors, operating system and platform providers, companies who specialize in a niche segment of the cyber safety market and which are expanding their portfolios into competing cyber safety products, traditional banks and credit unions, licensed and non-bank digital financial service providers, specialty finance companies, digital wealth management and brokerage platforms, embedded finance providers, financial marketplaces, and other technology companies.”

Annual report 2026A · The company itself

“A significant portion of our revenue is generated through indirect sales and distribution channels, including distributors, resellers, telecom service providers and strategic partners that bundle or incorporate our products into their offerings. In our MoneyLion business specifically, we also depend on channel partners that provide access to consumers – such as news sites, content publishers, product comparison sites and financial institutions – and on product partners that offer financial products through our marketplace platform.”

Annual report 2026A · The company itself

“This includes data centers, telecommunication, retail, banking, energy, healthcare, convenience stores, grocery stores, restaurants, governments, and other commercial & industrial applications.”

Annual report 2025A · The company itself

“Six additional medicines that were created by Genmab... are being developed and marketed by global pharmaceutical and biotechnology companies”

Annual report 2025B · From the report

“Genova ska uppmuntra långsiktiga relationer med såväl banker som andra kreditgivare/investerare och ha som målsättning att vara transparent i syfte att öka berörda parters förståelse för koncernens verksamhet och därmed sin kreditexponering.”

Annual report 2024A · The company itself

“If we are unable to maintain clearing services with these financial institutions and are unable to find a replacement, our business, financial condition and results of operations may be adversely affected.”

Annual report 2025A · The company itself

“Loan Portfolio The table below presents information about gross loans. As of December $ in millions 2025 2024 Corporate $ 30,676 13 % $ 29,972 15 % Commercial real estate 37,409 16 % 29,789 15 % Residential real estate 31,957 13 % 25,969 13 % Securities-based 18,079 8 % 16,477 8 % Other collateralized 98,999 41 % 75,107 37 % Credit cards 19,742 8 % 21,403 11 % Other 3,020 1 % 2,149 1 % Total $ 239,882 100 % $ 200,866 100 % Beginning in the first quarter of 2025, as a result of a decrease in the balance of installment loans (due to the sales of GreenSky and the seller financing loan portfolio in 2024), the remaining installment loans originated by the firm were included in other loans.”

Annual report 2025A · The company itself

“(Group Inc. or parent company), a Delaware corporation, together with its consolidated subsidiaries, is a leading global financial institution that delivers a broad range of financial services to a large and diversified client base that includes corporations, financial institutions, governments and individuals. Founded in 1869, we are headquartered in New York and maintain offices in all major financial centers around the world.”

Annual report 2025A · The company itself

“Additionally, we provide transaction banking services, such as deposit taking, payments solutions and other cash management services, for corporate and institutional clients.”

Annual report 2025A · The company itself

“As of December $ in billions 2025 2024 Alternative investments Industry Consumer & Retail 8 % 9 % Financial Institutions 10 % 7 % Healthcare 9 % 10 % Industrials 11 % 11 % Natural Resources & Utilities 8 % 8 % Real Estate 15 % 19 % Technology, Media & Telecommunications Platform Solutions Substantially all of the revenues in Platform Solutions are from activities related to issuing credit cards to and raising deposits from Apple Card customers and related to businesses that have been exited.”

Annual report 2025A · The company itself

“Business Segments The firm manages and reports its activities in three business segments: Global Banking & Markets, Asset & Wealth Management and Platform Solutions.”

Annual report 2025A · The company itself

“Marketing and Distribution Our funds and ETFs are sold through national and regional broker-dealer organizations, independent financial advisers, defined contribution plans, financial consultants, bank trust groups and registered investment advisers.”

Annual report 2025A · The company itself

“We distribute our insurance products, mutual funds and ETFs through a variety of distribution channels and financial intermediaries, including brokers, independent agents, wholesale agents, reinsurance brokers, broker-dealers, banks, registered investment advisors, affinity partners, our own internal sales force and other third-party organizations. In some areas of our business, we generate a significant portion of our business through third-party arrangements.”

Annual report 2025A · The company itself

“Most of our hospitals offer discounts from established charges to certain large group purchasers of health care services, including managed care plans and private health insurers. Admissions reimbursed by commercial managed care and other insurers were 32%, 32% and 30% of our total admissions for the years ended December 31, 2025, 2024 and 2023, respectively.”

Annual report 2025A · The company itself

“Kreditrisk, det vill säga risken att kunder ej fullföljer sina kreditåtaganden, utgör större delen av Hexagons motpartsrisk. Finansiell kreditrisk är risken att en motpart med vilken Hexagon investerat likvida medel, ingått terminskontrakt eller avtal om andra derivatinstrument går i konkurs.”

Annual report 2024A · The company itself

“Skräddarsydda produkter och tjänster för datacentermarknaden, så som kablar och nätverksprodukter samt design, installation och projektledning. Kunderna utgörs av stora globala molnföretag, samlokaliseringsoperatörer och stora företag så som banker, fordonstillverkare och industriföretag.”

Annual report 2024A · The company itself

“Kunderna utgörs av stora globala molnföretag, samlokaliseringsoperatörer och stora företag så som banker, fordonstillverkare och industriföretag.”

Annual report 2024A · The company itself

“Kunderna sträcker sig från hyperscale, molntjänster och colocation leverantörer till stora företag så som banker, biltillverkare och industriföretag.”

Annual report 2024A · The company itself

“Vi förvärvar portföljer av förfallna konsumentlån från banker och finansiella institut runt om i Europa. Banker och andra långivande institut är inte experter på att omstrukturera och rådge kring förfallna krediter, varför de säljer dessa till specialiserade aktörer som Hoist Finance.”

Annual report 2024A · The company itself

“Hoist Finance är en ledande europeisk förvaltare av portföljer med förfallna krediter och bedriver verksamhet inom förvärv och förvaltning av kreditportföljer på tretton marknader i Europa.”

Annual report 2024A · The company itself

“Koncernens kärnverksamhet ur ett historiskt perspektiv är förvärv av förfallna krediter som härrör från stora internationella banker och andra finansiella institut med vilka koncernen har stabila och långa relationer.”

Annual report 2024A · The company itself

“Financial turmoil affecting the banking system and financial markets or significant financial services institution failures could negatively impact our treasury operations or those of our suppliers, vendors or customers, rapidly and without notice.”

Annual report 2025A · The company itself

“The company’s products, services, systems and networks, including cloud-based systems and systems and technologies that the company maintains on behalf of its customers, are used in critical company, customer or third-party operations, and involve the storage, processing and transmission of sensitive data, including valuable intellectual property, other proprietary or confidential data, and regulated data including personal information of employees, customers and others. These products, services, systems and networks are also used by customers in heavily regulated industries, including those in the financial services, healthcare, critical infrastructure and government sectors.”

Annual report 2025A · The company itself

“Principal markets The Company has identified three main verticals with an accelerating need for biometric identity solutions: banking and payment, enterprise security and public services.”

Annual report 2024A · The company itself

“Further, we may decide not to continue to commercialize a product if the market does not accept the product because it is too expensive or because third parties, such as insurance companies or Medicare, will not cover it for substantial reimbursement.”

Annual report 2025A · The company itself

“We expect that sales of our Omnipod products would be limited if a substantial portion of their sales price is not paid for by third-party payors, including private insurance companies, health maintenance organizations, preferred provider organizations, federal and state government healthcare agencies, intermediaries, Medicare, Medicaid, and other managed care providers.”

Annual report 2025A · The company itself

“Our customers are mainly comprised of individuals, trading desk professionals, retail brokers, hedge funds, mutual funds, financial advisors, proprietary trading firms, and introducing brokers and banks that require global access.”

Annual report 2025A · The company itself

“Our current and potential future competition principally comes from five categories of competitors: • prime brokers who, in an effort to satisfy the demands of their customers for hands-on electronic trading facilities, universal access to markets, smart routing, better trading tools, and lower commissions and financing rates, have embarked upon building such facilities and product and service enhancements; • direct market access and online equity brokers, and online options and futures firms; • zero commission brokers, while technically not offering direct market access, who use simplified interfaces and a limited product offering to attract new market participants; • software development firms and vendors who create global trading networks and analytical tools and make them available to brokers; and • traditional brokers.”

Annual report 2025A · The company itself

“BUSINESS Introduction Intercontinental Exchange, Inc. is a leading global provider of technology and data to a broad range of customers including financial institutions, corporations and government entities. Our products, which span major asset classes including futures, equities, fixed income and U.S. residential mortgages, provide our customers with access to mission critical tools that are designed to increase asset class transparency and workflow efficiency.”

Annual report 2025A · The company itself

“•Fixed Income Execution: Alongside our leading Fixed Income Data and Analytics offerings, ICE Bonds is focused on providing tools to improve efficiency in customers' workflows across fixed income markets.”

Annual report 2025A · The company itself

“En tydlig marknadstrend är att uppdragsgivare, särskilt banker, lägger ut inkassoverksamhet på entreprenad för att kunna fokusera på sin kärnverksamhet.”

Annual report 2024A · The company itself

“Uppströms Nedströms Intressenter i värdekedjan Leverantörer Uppdragsgivare Medarbetare Kunder Samhället Aktieägare Aktiviteter Våra primära leverantörer förser oss med varor och tjänster inom följande kategorier: • IT, vilket omfattar bland annat infrastruktur, hårdvara, programvara och molntjänster. • Inhyrd personal och konsulttjänster • Fastighet • Bud- och posttjänster • Bank- och investeringstjänster • Juridiska tjänster Vi har kring 80 00 uppdragsgivare vilka utgörs av företag i olika storlekar och branscher.”

Annual report 2024A · The company itself

“Servicing erbjuder kredithantering med fokus på sena betalningar samt inkassohantering för främst tredjepartsklienter som behöver hjälp att driva in sena betalningar.”

Annual report 2024A · The company itself

“Vi har omfattande erfarenhet inom sektorer som bank, finans, telekommunikation och energi.”

Annual report 2024A · The company itself

“Intrum har cirka 70000 uppdragsgivare på 20 marknader som täcker fordringar inom bank och finansinstitut, telekom, allmännyttiga företag, e-handel, detaljhandel, försäkring och små och medelstora företag.”

Annual report 2024A · 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

“Grow high demand investment offerings •Prioritize the intersection of market size, secular change, and Invesco’s unique position to drive growth in the highest opportunity regions. •Grow high demand private markets capabilities leveraging our strong retail channel, expanding investment strategies, and partnerships. •Drive profitable organic growth, emphasizing high demand, scalable investment capabilities, and delivery vehicles.”

Annual report 2025A · The company itself

“(the Parent), along with its consolidated entities (collectively, Invesco or the company), is an independent investment management firm dedicated to delivering a superior investment experience. Our comprehensive range of active, passive and alternative investment capabilities has been constructed over many years to help clients achieve their investment objectives. We draw on this comprehensive range of capabilities to provide solutions designed to deliver key outcomes aligned to client needs.”

Annual report 2025A · The company itself

“We offer a broad suite of domestic and global capabilities, ranging from traditional active, passive and quantitative equities, and fixed income (including money market funds for institutional clients) to multi-asset solutions to alternative investments such as real estate, private credit, and absolute return strategies.”

Annual report 2025A · The company itself

“Our retail products are primarily distributed through third-party financial intermediaries, including major wirehouses, direct wealth platforms, regional broker-dealers, insurance companies, banks and financial planners in the Americas, and independent brokers and financial advisors, banks and direct wealth platforms in EMEA and APAC.”

Annual report 2025A · The company itself

“Institutional AUM originate from entities such as individual corporate clients, insurance companies, endowments, foundations, government authorities, universities or charities.”

Annual report 2025A · The company itself

“Other clients include payers, government and regulatory agencies, providers, pharmaceutical distributors, and pharmacies.”

Annual report 2025A · The company itself

“Our prioritised customer segments We have prioritised four global segments where ISS can best leverage its strengths, and our focus on workplace experience creates the greatest value. These segments comprise knowledge-based industries, where attracting and engaging talent is critical to success: Financial services Professional services Technology Life sciences To maximise growth across ISS’s full portfolio, countries may also pursue opportunities outside these global segments, based on local capabilities, market conditions and attractive business cases.”

Annual report 2025A · The company itself

“The Group also owns two niche SaaS companies which mostly have recurring subscription-based revenues: Cicero Consulting, which provides advisory services and solutions to the banking and finance sector, and Compendia, which specialises in products and services for the HR, quality and management disciplines.”

Annual report 2024A · The company itself

“Our two most important industries, financial services and energy, are well established as the main segments for our international growth, with the Nordic region having solid worldwide attractiveness in these areas.”

Annual report 2024A · The company itself

“In 2024, Itera’s revenue from financial services decreased by 5% due to the aforementioned temporary downscaling of a global customer.”

Annual report 2024A · The company itself

“Some examples of large agreements we have signed in 2024 include a renewal of a four-year NOK 200-250 million framework agreement with Kredinor, and a new NOK 300 million agreement with The Directorate of Integration and Diversity (IMDi).”

Annual report 2024A · The company itself

“In addition, I am particularly proud of our long-standing partnership with Gjensidige, which, in the fourth quarter, formalised a new framework agreement under which Itera will be its strategic digitalisation partner for a minimum of three additional years.”

Annual report 2024A · The company itself

“Banking is a confidence sensitive business, so disruption within the financial markets, including negative news, rumors, or misinformation regarding the banking industry or perceived risks of a bank’s safety and soundness, can adversely impact the market price and volatility of our common stock, cause deposit runoff or prompt the loss of important customers or counterparties.”

Annual report 2025A · The company itself

“Damage to our reputation could significantly impact our business and major stakeholders. Our ability to attract and retain customers, clients, investors, and highly skilled management and employees is affected by our reputation.”

Annual report 2025A · The company itself

“Through KeyBank and certain other subsidiaries, we provide a wide range of retail and commercial banking, commercial leasing, investment management, consumer finance, student loan refinancing, commercial mortgage servicing and special servicing, and investment banking products and services to individual, corporate, and institutional clients through two major business segments: Consumer Bank and Commercial Bank.”

Annual report 2025A · The company itself

“We are subject to the risk of defaults by our loan clients and counterparties. Many of our routine transactions expose us to credit risk, including the risk of default of our counterparties, which include other financial institutions, or clients.”

Annual report 2025A · The company itself

“We have exposure to many different industries and counterparties in the financial services industries, and we routinely execute transactions with such counterparties, including brokers and dealers, banks, mortgage originators, hedge funds, insurance companies, and other institutional clients.”

Annual report 2025A · The company itself

“We also specifically depend on the services of various financial intermediaries (including banks, prime brokers, custodians, paying agents and escrow agents), counterparties, administrators and other agents, including to carry out certain credit, securities, derivatives and hedging transactions, subjecting us to the risk that one or more of these counterparties defaults, either voluntarily or involuntarily, on its performance under the applicable contract. We may enter into financial arrangements with a limited number of counterparties, which has the effect of concentrating the transaction volume (and related counterparty default risk) with these counterparties. If such a counterparty defaults, particularly a default by a major investment bank or a default by a counterparty that has a significant number of our contracts, we may be materially adversely affected.”

Annual report 2025A · The company itself

“In 2025, we announced changes to the management of our insurance business to originate longer-duration liabilities and assets, including investing more into non-yielding or lower-yield assets classes like private equity and real assets, expanding outside the United States, and raising more third-party co-investment insurance capital. We believe these changes will expand Global Atlantic’s competitive advantage and enable the generation of higher and more durable returns over the long term; however, our financial results could be adversely impacted in the near- and medium- term as we rotate into longer- duration liabilities and assets.”

Annual report 2025A · The company itself

“Our insurance business operates under the Global Atlantic brand. Global Atlantic is a leading retirement and life insurance company, with an over 20-year track record of providing a broad suite of protection, legacy, and savings products to customers and reinsurance solutions to clients across individual and institutional markets.”

Annual report 2025A · The company itself

“We utilize our balance sheet to support our insurance subsidiaries’ business and capital needs, underwrite commitments in our capital markets transactions, make capital commitments to our investment vehicles, and make acquisitions and other strategic investments for our Strategic Holdings segment. A significant portion of our balance sheet is dedicated to the ownership and operation of our insurance business, which is a capital-intensive, long-duration business.”

Annual report 2025A · The company itself

“We provide a broad range of capital markets services that include acting as an advisor or as an agent, principal, underwriter, syndicator, arranger or other form of intermediary in connection with securities transactions, debt or equity syndications, loan transactions, derivative transactions and other types of financings and financial arrangements.”

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

“Insurance Operating Earnings is the segment profitability measure used to make operating decisions and to assess the performance of the Insurance segment. This measure is presented before income taxes and is comprised of: (i) Net Investment Income, (ii) Net Cost of Insurance, and (iii) General, Administrative, and Other Expenses.”

Annual report 2025A · The company itself

“Third-party clients of our capital markets business include multi-national corporations, public and private companies, financial sponsors, mutual funds, pension funds, sovereign wealth funds, and hedge funds globally.”

Annual report 2025A · The company itself

“Our institutional investor base is diversified by type, including public and corporate pension funds, insurance companies, sovereign wealth funds, endowments, foundations, and investment managers.”

Annual report 2025A · The company itself

“Global Atlantic uses third-party intermediaries to distribute its retirement and preneed business products to individuals.”

Annual report 2025A · The company itself

“KlaraBo hanterar finansierings- och refinansieringsrisken genom att ha en kontinuerlig god dialog med affärsbanker på marknaden och genom att teckna längre kreditavtal med diversifierad förfallostruktur. KlaraBo ser också löpande över möjligheten till alternativa finansieringskällor.”

Annual report 2024A · The company itself

“Our mission: We make CFOs better through reliable data and reporting.”

Annual report 2025A · The company itself

“Table of Contents During fiscal year 2025, we originated approximately 55,900 residential mortgage loans totaling $20.0 billion, compared to 54,600 residential mortgage loans totaling $19.8 billion during fiscal year 2024.”

Annual report 2025A · The company itself

“Title, Insurance and Closing Services We are licensed to provide title insurance, and closing services for residential and/or commercial transactions in 37 states to our homebuyers and others. During fiscal year 2025 and 2024, we provided closing services with regard to approximately 86,300 and 82,400, real estate transactions in 27 and 25 states, respectively.”

Annual report 2025A · The company itself

“Commercial Mortgage Origination Our LMF Commercial subsidiary originates and sells into securitizations first mortgage loans, which are secured by income producing commercial properties. The loans generally are between $5 million and $50 million each.”

Annual report 2025A · The company itself

“Financial Services. Our Financial Services residential and commercial lending businesses compete with other residential and commercial mortgage lenders, including national, regional and local banks and other financial institutions.”

Annual report 2025A · The company itself

“Our Financial Services segment can be adversely affected by reduced demand for our homes. 100% of the residential mortgage loans made by our Financial Services segment in 2025 were made to buyers of homes we built.”

Annual report 2025A · The company itself

“In fiscal year 2025, our financial services subsidiaries provided loans to 84% of our homebuyers who obtained mortgage financing in areas where we offered services. Because of the availability of mortgage loans from our financial services subsidiaries, as well as from independent mortgage lenders, we believe almost all creditworthy potential purchasers of our homes have access to financing.”

Annual report 2025A · The company itself

“Most purchasers of our homes obtain mortgage loans to finance a substantial portion of the purchase price of the homes they purchase. While the majority of our homebuyers obtain their mortgage financing from our Financial Services segment, others obtain mortgage financing from banks and other independent lenders.”

Annual report 2025A · The company itself

“Regulations are becoming stricter, and financial institutions face growing pressure to ensure secure, compliant, and transparent communications. From One-Time Passwords (OTPs) and Two-Factor Authentication (2FA) to automated alerts and educational messages.”

Annual report 2024A · The company itself

“Net Real Solutions, founded in 2001, specializes in SMS marketing, email marketing, and voice services, catering to sectors such as finance, retail, technology, and services, among others.”

Annual report 2024A · The company itself

“CNA’s products and services are primarily marketed through independent agents, retail and wholesale brokers and managing general underwriters to a wide variety of customers, including small, medium and large businesses, insurance companies, associations, professionals 5 Table of Contents and other groups.”

Annual report 2025A · The company itself

“The Company is also subject to credit risk associated with its trade receivables. The Company manages this risk by only selling to a small group of reputable customers with strong financial statements.”

Annual report 2024A · The company itself

“Financial services institutions are interrelated as a result of trading, clearing, counterparty, and other relationships. The Company has exposure to many different industries and counterparties, and routinely executes transactions with counterparties in the financial services industry, including commercial banks, brokers and dealers, investment banks, and other institutional clients. Many of these transactions expose the Company to credit risk in the event of a default by a counterparty or client.”

Annual report 2025A · The company itself

“The banks collectively offer a wide range of retail and commercial banking, wealth management, trust and institutional services to their customers.”

Annual report 2025A · The company itself

“Trust and other fiduciary services are offered by M&T Bank and through its wholly-owned subsidiary, Wilmington Trust Company.”

Annual report 2025A · The company itself

“The Company primarily relies on core customer deposits to be a reasonable cost and stable source of funding for the loans it makes and the operations of its business. Core customer deposits, which include noninterest-bearing deposits, interest-bearing transaction accounts, savings deposits and time deposits of $250,000 or less, have historically provided the Company with a sizeable source of relatively stable and low-cost funds.”

Annual report 2025A · The company itself

“Wilmington Trust, N.A. and its subsidiaries offer various institutional client and wealth management services.”

Annual report 2025A · The company itself

“Commercial and industrial loans increased $2.1 billion from December 31, 2024 to December 31, 2025 reflecting growth that spanned several industry types. Loans to customers in the financial and insurance, services and wholesale industries increased $1.3 billion, or 11%, $524 million, or 5%, and $450 million, or 9%, respectively, from the end of 2024.”

Annual report 2025A · The company itself

“Trust income Trust income primarily includes revenues from two significant businesses managed within the Company's Institutional Services and Wealth Management segment. The Institutional Services business provides a variety of trustee, agency, investment management and administrative services for corporations and institutions, investment bankers, corporate tax, finance and legal executives, and other institutional clients who: (i) use capital markets financing structures; (ii) use independent trustees to hold assets; and (iii) need investment and cash management services.”

Annual report 2025A · The company itself

“M&T Bank, with total consolidated assets of $212.9 billion at December 31, 2025, is a New York-chartered commercial bank with 942 domestic banking offices primarily located in the Northeastern and Mid-Atlantic regions of the U.S., including the District of Columbia, and a full-service commercial banking office in Ontario, Canada. M&T Bank and its subsidiaries offer a broad range of financial services to a diverse base of consumers, businesses, professional clients, governmental entities and financial institutions located in their markets.”

Annual report 2025A · The company itself

“Total uninsured deposits were estimated to be $78.9 billion at December 31, 2025 and $73.0 billion at December 31, 2024.”

Annual report 2025A · The company itself

“Mandatum Oyj:n ei-strategisilla sijoituksilla (lähinnä Saxo Bank A/S) on myös merkittävä vaikutus markkinariskeihin.”

Annual report 2025A · The company itself

“Tuotteiden jakelukanavina toimivat Danske Bank ja syyskuusta 2025 alkaen myös keskinäinen vakuutusyhtiö Pohjantähti.”

Annual report 2025A · The company itself

“Vakuutusyhtiö solmivat yhteistyösopimuksen, jonka myötä Pohjantähti on toiminut syyskuusta 2025 alkaen Mandatumin kumppanina henkilöasiakkaille ja pienyrityksille tarjottavissa henkilövakuutuksissa. Riskihenkivakuutusten myynti edistyikin hyvin, ja henkilöasiakkaille tarjottavien riskivakuutusten turvasumma kääntyi loppuvuodesta kasvuun erityisesti vakuutusyhtiö Pohjantähden kanssa hyvin käynnistyneen yhteistyön myötä.”

Annual report 2025A · The company itself

“Mandatumin strategisten tavoitteiden kannalta keskeisen pääomakevyen liiketoiminnan (eli varainhoito-, yritysasiakas- ja henkilöasiakasliiketoimintojen) tulos ennen veroja kasvoi 5 prosenttia ja oli yhteensä 91,8 (87,8) miljoonaa euroa.”

Annual report 2025A · The company itself

“Mandatum tarjoaa laajat varainhoitopalvelut asiakkailleen, joihin kuuluu suomalaisia ja kansainvälisiä institutionaalisia sijoittajia, yrityksiä ja varakkaita yksityishenkilöitä.”

Annual report 2025A · The company itself

“The Company conducts business through two segments: •Risk and Insurance Services: risk management activities and insurance/reinsurance broking and services, conducted through Marsh Risk and Guy Carpenter. •Consulting: health, wealth and career advice, solutions and products, and specialized management, strategic, economic and brand consulting services conducted through Mercer and Marsh Management Consulting.”

Annual report 2025A · The company itself

“We are a guarantor of certain third-party obligations, including those of certain of our customers and service providers. In this capacity, we are exposed to credit and liquidity risks. We may incur significant losses in connection with transaction settlements if a customer fails to fund its daily settlement obligations due to technical problems, liquidity shortfalls, insolvency or other reasons.”

Annual report 2025A · The company itself

“Our business significantly depends on the continued success and competitiveness of our issuing and acquiring customers and, in many jurisdictions, their ability to effectively manage or help manage our brands. While we work directly with many stakeholders in the payments system (including merchants, governments, fintechs and large digital companies and other technology companies), we are, and will continue to be, significantly dependent on our relationships with our issuers and acquirers and their respective relationships with account holders and merchants to support our programs and services.”

Annual report 2025A · The company itself

“Mastercard is not a financial institution. We do not issue cards, extend credit, determine or receive revenue from interest rates or other fees charged to account holders by issuers (the account holders’ financial institutions), nor do we establish the rates charged by acquirers (the merchants’ financial institutions) in connection with merchants’ acceptance of our products.”

Annual report 2025A · The company itself

“A significant portion of our net revenue is concentrated among our five largest customers. In 2025, the net revenue from these customers was approximately $6.9 billion, or 21%, of total net revenue. The loss of any of these customers or their significant card programs could adversely impact our revenue.”

Annual report 2025A · The company itself

“Distribution The Company sells its human health pharmaceutical products primarily to drug wholesalers and retailers, hospitals, government agencies and managed health care providers, such as health maintenance organizations, pharmacy benefit managers and other institutions.”

Annual report 2025A · The company itself

“MetLife is one of the world’s leading financial services companies, providing insurance, annuities, employee benefits and asset management.”

Annual report 2025A · The company itself

“RIS The RIS segment, based in the U.S., offers a broad range of life and annuity-based insurance and investment products to corporations and their respective employees, other institutions and their respective members, as well as individuals. These products include stable value and pension risk transfer products, institutional income annuities, structured settlements, longevity reinsurance solutions, benefit funding solutions, funded reinsurance solutions and capital markets investment products.”

Annual report 2025A · The company itself

“Our institutional clients include insurance companies, pension plans (including corporate and public plans and those under the Taft-Hartley Act) and defined contribution plans, intermediaries (including sub-advisory relationships), sovereign wealth funds, health service organizations, endowments, foundations, non-profits, family offices, high net worth clients, fund of funds, funds, retail clients, supranationals and central authorities.”

Annual report 2025A · The company itself

“Moody's Analytics. Certain of MA’s subscription products contain credit ratings data and related research produced by MIS, and often are used by MA customers for regulatory compliance purposes, including determination of capital charges and regulatory reporting.”

Annual report 2025A · The company itself

“Business Segments We are a global financial services firm that maintains significant market positions in each of our business segments: Institutional Securities, Wealth Management and Investment Management.”

Annual report 2025A · The company itself

“We incur significant credit risk exposure through our Institutional Securities business segment.”

Annual report 2025A · The company itself

“Institutional Securities provides a variety of products and services to corporations, governments, financial institutions and ultra-high net worth clients.”

Annual report 2025A · The company itself

“Bank Subsidiaries accept deposits, provide loans to a variety of customers, including large corporate and institutional clients, as well as high to ultra-high net worth individuals, and invest in securities.”

Annual report 2025A · The company itself

“Nasdaq operates three broker-dealers: Nasdaq Execution Services, LLC, NFSTX, LLC, and Nasdaq Capital Markets Advisory LLC. Each broker-dealer is registered with the SEC, a member of FINRA and registered in the U.S. states and territories required by the operation of its business.”

Annual report 2025A · The company itself

“Our Nasdaq Verafin solution provides the tools to help more than 2,750 North American financial institutions, including G-SIBs, with regulatory compliance as well as detect, investigate and report money laundering and financial fraud.”

Annual report 2025A · The company itself

“Additionally, we face credit risk from customers, counterparties, clearing agents, and transaction and subscription-based revenues billed in arrears, as these parties may default due to bankruptcy, lack of liquidity, operational failure, or other reasons.”

Annual report 2025A · The company itself

“As we provide technology services to EU financial institutions, the Digital Operational Resilience Act (DORA) imposes financial and legal risks. These include compliance costs for enhancing cybersecurity, performing resilience testing, requiring comprehensive documentation, increased audits, and detailed reporting.”

Annual report 2026A · The company itself

“For example, we provide our open access data retention solutions to customers within the financial services, healthcare, pharmaceutical and government market segments, industries that are subject to various evolving governmental regulations, certifications and controls with respect to data access, reliability and permanence in the U.S. and in the other countries in which we operate.”

Annual report 2026A · The company itself

“Banking Services 10.7%”

Annual report 2025A · The company itself

“partnering with more than 50 banks and serving millions of customers across the Nordic region”

Annual report 2025A · The company itself

“Faroe Islands, Germany, Greece, Netherlands, Norway, Sweden Financial Services Case The Pension Platform for the Next Decade Three structural pressures face pension funds today; ageing demographics, rising digital expectations from customers, and tightening regulations. These demands place significant pressure on existing pension solutions, as expectations cannot be met by simply layering automation, self-service, and AI onto a legacy IT architecture.”

Annual report 2025A · The company itself

“In 2025, the acquisition of SDC A/S, completed through its merger with Netcompany Banking Services (NBS), marked a pivotal step, demonstrating our ability to transform the future of banking in Europe. With NBS’s regulated core banking infrastructure – serving millions of customers and processing billions of transactions – Netcompany now powers scalable, secure, and innovative financial operations for over 50 banks across the Nordics.”

Annual report 2025A · The company itself

“During 2025, we established Netcompany Banking Services A/S by way of merging SDC A/S into Netcompany Banking Services. The transaction was closed on 1 July and valued SDC at DKK 1bn, which was paid in cash on 1 July 2025 by Netcompany Banking Services A/S to SDC’s shareholders.”

Annual report 2025A · The company itself

“The merger of SDC into Netcompany Banking Services during the year extends our product and platform strategy further into the Financial Services Industry. By commercialising traditional bank offerings, through a combination of modern core banking capabilities and innovative platforms, we tap into the largest vertical for IT spending in the private sector – Financial Services.”

Annual report 2025A · The company itself

“A modern banking platform built for scale and innovation Netcompany Banking Services (NBS) is a premier provider of core banking solutions and critical IT infrastructure, partnering with more than 50 banks and serving millions of customers across the Nordic region. As a regulated financial infrastructure operator, NBS processes over 1.6 billion core transactions and 40 million card and instant payments monthly.”

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

“Professional Information Products The Dow Jones segment’s professional information products, which target enterprise customers, combine news and information with technology and tools that inform decisions and aid awareness, research, understanding and compliance. These products consist of its Dow Jones Risk & Compliance, Dow Jones Energy, Factiva and Dow Jones Newswires products.”

Annual report 2026A · The company itself

“Financial Services REA Group’s financial services business encompasses a digital property search and financing experience, mortgage broking services under its Mortgage Choice brand and residential property data services to the financial sector through its PropTrack data services business. REA Group continued to execute on its financial services strategy, with its broker network benefiting from continued investment in core platforms and AI training and tools to support broker productivity. The financial services business generates revenue primarily through commissions from lenders and monthly subscriptions for its data services.”

Annual report 2026A · The company itself

“Realtor.com® also derives revenue from sales of non-listing advertisement, or Media, products to real estate, finance, insurance, home improvement and other professionals that enable those professionals to connect with Realtor.com®’s highly engaged and valuable consumer audience. Media products include sponsorships, display advertisements, text links, directories and other advertising and lead generation services.”

Annual report 2026A · The company itself

“The media business offers unique advertising opportunities on REA Group’s websites to property developers and other relevant markets, including utilities and telecommunications, insurance, finance, automotive and retail.”

Annual report 2026A · The company itself

“The real estate referral-based business model, as well as the RealPRO SelectSM lead generation product, leverage Move’s proprietary technology and platform to connect real estate professionals and other service providers, such as lenders and insurance companies, to pre-vetted consumers who have submitted inquiries via the Realtor.com® website and mobile apps, as well as other online sources.”

Annual report 2026A · The company itself

“Certain sectors of the economy account for a significant portion of the Company’s advertising revenues, including retail, technology and finance.”

Annual report 2026A · The company itself

“Advertising Revenues Advertising revenues increased $22 million, or 6%, for the fiscal year ended June 30, 2026 as compared to fiscal 2025 due to $24 million of higher digital advertising revenues driven by the technology and financial services sectors.”

Annual report 2026A · The company itself

“NEXT Biometrics at a glance NEXT provides advanced fingerprint sensor technology that delivers uncompromised security and accuracy for the best possible user experience in the banking & finance, government ID, access control and laptop & notebook market areas.”

Annual report 2024A · The company itself

“Typical use cases for FAP30 include government and national ID programs, access control and corporate applications.”

Annual report 2024A · The company itself

“Our growth in India was characterized by an increase in the number of outstanding tenders, especially in the banking and finance sectors. This momentum was driven by the generational security upgrade of Aadhaar, triggering vendors to upgrade devices and verify the compliance of integrations.”

Annual report 2024A · The company itself

“The Group has developed products, established its manufacturing platform and sales and marketing to establish a business with significant footprint and customers in key markets such as Banking & Finance, Government ID, Access control, Laptops, and POS solutions.”

Annual report 2024A · The company itself

“Key 2024 developments in NEXT: - Revenues for 2024 of NOK 71.6 million compared to NOK 34.4 million in 2023 - Gross profit of 55% for 2024 compared to 21% in 2023 - Adjusted gross profit of 55% for 2024 compared to 33% in 2023 - Adjusted EBITDA of NOK -35.1 million in 2024 compared to NOK -43.7 million in 2023 - 18 new design-wins in 2024 and accumulated 64 design-wins as per December 2024, which will contribute to future revenues - Break-through in China with launch of new China ID product and FAP30 engineering samples demonstrated to partners and customers 1 Please see section Alternative Performance measures on page 80 for further details”

Annual report 2024A · The company itself

“This MoU is of strategic importance for NEXT. Not only does it ensure the market introduction of the FAP30 sensor, but the device will also target attractive sectors, such as the law enforcement and banking industries in Europe and South Africa, as well as the growing MOSIP (Modular Open Source Identity Platform) market in Asia and Africa.”

Annual report 2024A · The company itself

“Nightingale Healthin verianalyysiteknologiaa voivat hyödyntää niin yksityisen ja julkisen terveydenhuollon toimijat, diagnostiikka-alan toimijat, henkivakuutusyhtiöt, erikoissairaanhoidon palveluntarjoajat kuin lääketieteellisestä tutkimusta tekevät yliopistot ja tutkimuslaitokset.”

Annual report 2025A · The company itself

“ASSET SERVICING Asset Servicing (AS) is a leading global provider of asset servicing and related services to corporate and public retirement funds, foundations, endowments, fund managers, insurance companies, sovereign wealth funds, and other institutional investors around the globe.”

Annual report 2025A · The company itself

“In supporting these targeted segments, Wealth Management provides trust, investment management, custody, and philanthropic services; financial consulting; guardianship and estate administration; family business consulting; family financial education; brokerage services; and private and business banking.”

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

“The enterprise software industry uses them for new AI assistants, chatbots, and agents; the transportation industry for autonomous driving; the healthcare industry for accelerated and computer-aided drug discovery; and the financial services industry for customer support and fraud detection.”

Annual report 2026A · The company itself

“Revenue by Industry Revenue by industry sector: Year Ended December 31, 2025 2024 2023 Pharmaceuticals and Healthcare 15 % 16 % 16 % Food and Beverage 15 % 15 % 15 % Auto 12 % 12 % 12 % Consumer Products 9 % 10 % 8 % Financial Services 8 % 7 % 8 % Retail 8 % 6 % 6 % Technology 8 % 8 % 8 % Travel and Entertainment 7 % 7 % 7 % Government 3 % 4 % 4 % Telecommunications 3 % 3 % 4 % Services 3 % 3 % 2 % Oil, Gas and Utilities 2 % 2 % 2 % Not-for-Profit 1 % 1 % 1 % Education 1 % 1 % 1 % Other 5 % 5 % 6 % Total 100 % 100 % 100 % 25 Operating Expenses The year-over-year change in operating expenses:”

Annual report 2025A · The company itself

“In recent periods, we have increased our focus on commercial customers. In the future, we may increasingly focus on such customers, including in the banking, financial services, healthcare, pharmaceutical, manufacturing, telecommunication, automotive, airlines and aerospace, consumer packaged goods, insurance, retail, transportation, shipping and logistics, energy, mining, and other emerging industries.”

Annual report 2025A · The company itself

“Vilka möjligheter ser ni framåt? – Vid utgången av året var vår belåningsgrad 45,2 procent, vilket ligger i den lägre delen av vår policy på 45–60 procent. Vår ränte täckningsgrad är stabil, och Net debt/EBITDA är på en låg nivå.”

Annual report 2024A · The company itself

“According to the health insurance statistics of the financial sector, over 1.3 million Finns have private medical expenses insurance.”

Annual report 2025A · The company itself

“Revenue from Private Healthcare Services was EUR 465.2 (451.5) million, an increase of 3.0 per cent. Revenue increased especially among insurance company customers and occupational healthcare services.”

Annual report 2025A · The company itself

“These comprehensive care path services are provided by Pihlajalinna to corporate customers, insurance companies, the public sector, and private customers through its nationwide network of medical centers and diverse digital channels.”

Annual report 2025A · The company itself

“Important stakeholders include insurance companies, companies, consumers and the public sector.”

Annual report 2025A · The company itself

“We offer a broad range of deposit, credit and fee-based products and services to serve our customers.”

Annual report 2025A · The company itself

“Among other activities, we currently rely on our status as an FHC to conduct merchant banking activities and securities underwriting and market-making activities.”

Annual report 2025A · The company itself

“PNC has businesses engaged in retail banking, corporate and institutional banking and asset management, providing many of our products and services nationally.”

Annual report 2025A · The company itself

“In providing asset management services, our businesses compete with: •Investment management firms, •Large banks and other financial institutions, •Brokerage firms, •Financial technology companies, •Mutual fund complexes, and •Insurance companies.”

Annual report 2025A · The company itself

“(“PFG”) is a leader in global financial services offering businesses, individuals and institutional clients a wide range of financial products and services, including retirement, asset management and workplace benefits and protection solutions through our diverse family of financial services companies.”

Annual report 2025A · The company itself

“Benefits and Protection Segment Our Benefits and Protection segment activities date back to 1879 when we first began selling individual life insurance products. We expanded our offering to include group insurance products in the 1940s and have continued to expand our product portfolio over time.”

Annual report 2025A · The company itself

“Overview We provide financial products and services through the following reportable segments: ● Retirement and Income Solutions; ● Principal Asset Management and ● Benefits and Protection.”

Annual report 2025A · The company itself

“Through our subsidiaries and affiliates we offer a wide array of financial products and services, including life insurance, annuities, retirement-related products and services, mutual funds and investment management.”

Annual report 2025A · The company itself

“Table of Contents 15.REINSURANCE The Company regularly enters into third-party reinsurance agreements as either the ceding entity or the assuming entity. The Company also enters into affiliated reinsurance agreements as both the ceding and assuming entity for capital management purposes.”

Annual report 2025A · The company itself

“The Company enters into reinsurance agreements as the assuming entity as part of the normal product offering process (e.g., certain pension risk transfer products in the Institutional Retirement Strategies business) or in order to facilitate an acquisition of a block of business.”

Annual report 2025A · The company itself

“Effective September 2023, the Company entered into an agreement with Prismic Life Reinsurance, Ltd. (“Prismic Re”), a wholly-owned subsidiary of Prismic Life Holding Company LP (“Prismic”), to reinsure approximately $9 billion of reserves, representing approximately 70% of the in-force structured settlement annuities business previously issued by PICA, 90% of which is on a coinsurance with funds withheld basis and 10% of which is on a coinsurance basis.”

Annual report 2025A · The company itself

“Table of Contents Effective April 2023, the Company entered into an agreement with The Ohio National Life Insurance Company, now known as AuguStar, an affiliate of Constellation Insurance Holdings, Inc., to reinsure approximately $10 billion of account values of PDI traditional variable annuity contracts with guaranteed living benefits issued by Pruco Life, a wholly-owned subsidiary of Prudential Financial. This block represents approximately 10% of the Company’s remaining legacy in-force traditional variable annuity block by account value.”

Annual report 2025A · The company itself

“Effective April 2022, in connection with the sale of the Full Service Retirement business, the Company entered into separate agreements with external counterparties, Great-West and Great-West Life & Annuity Insurance Company of New York, now known as Empower Annuity Insurance Company of America and Empower Life & Annuity Insurance Company of New York (collectively, “Empower”), respectively, to reinsure a portion of its Full Service Retirement business. The Company ceded 100% of separate account liabilities under modified coinsurance and 100% of general account liabilities under coinsurance of its Full Service Retirement business. The Company’s Full Service Retirement business consists of market value and stable value separate accounts as well as general account products, including stable value accumulation funds and a stable value wrap product known as a synthetic guaranteed investment contract.”

Annual report 2025A · The company itself

“The Company conducts certain activities for which realized investment gains (losses) are a principal source of earnings for its businesses and are therefore included in adjusted operating income, particularly within the Company’s PGIM segment. For example, PGIM’s strategic investing business makes investments for sale or syndication to other investors or for placement or co-investment in the Company’s managed funds and structured products. The realized investment gains (losses) associated with the sale of these strategic investments, as well as the majority of derivative results, are a principal activity for this business and included in adjusted operating income.”

Annual report 2025A · The company itself

“In addition, the realized investment gains (losses) associated with loans originated by the Company’s commercial mortgage operations, as well as related derivative results and retained mortgage servicing rights, are a principal activity for this business and are therefore included in adjusted operating income.”

Annual report 2025A · The company itself

“Asset management and service fees The table below presents asset management and service fees, predominantly related to investment management activities, for the periods indicated: Table of Contents 2025 2024 2023 (in millions) Asset-based management fees $ 3,440 $ 3,386 $ 3,169 Performance-based incentive fees 94 198 45 Other fees 485 506 503 Total asset management and service fees $ 4,019 $ 4,090 $ 3,717 24.RELATED PARTY TRANSACTIONS In September 2023, the Company invested approximately $200 million in Prismic, a Bermuda-exempted limited partnership that owns all of the outstanding capital stock of Prismic Re, a licensed Bermuda-based life and annuity reinsurance company.”

Annual report 2025A · The company itself

“Pulte Mortgage arranges financing through the origination of mortgage loans primarily for the benefit of our homebuyers. We are a lender approved by the Federal Housing Administration ("FHA"), Department of Veterans Affairs ("VA"), and Department of Agriculture ("USDA") and are a seller/servicer approved by Government National Mortgage Association ("Ginnie Mae"), Federal National Mortgage Association ("Fannie Mae"), Federal Home Loan Mortgage Corporation ("Freddie Mac"), and other investors.”

Annual report 2025A · The company itself

“Our Diagnostic Solutions group includes our risk assessment services business, which offers solutions for insurers, and our healthcare IT businesses, which offers solutions for healthcare providers and payers.”

Annual report 2025A · The company itself

“We play a critical role in healthcare decisions for customers across the healthcare ecosystem, including physicians, hospitals, patients and consumers, health plans, government agencies, employers, retailers, pharmaceutical companies and insurers.”

Annual report 2025A · The company itself

“Through these payers, we estimate that we have access to over 90% of insured lives in the United States.”

Annual report 2025A · The company itself

“Diagnostic Solutions Our risk assessment service, ExamOne®, is the largest provider of risk assessment services to the life insurance industry in North America and comprises underwriting support services, including data gathering, paramedical examinations and clinical laboratory testing and analytics, designed to assist life insurance companies objectively to evaluate the mortality 10 Table of Contents risks of applicants.”

Annual report 2025A · The company itself

“Health Plans, Government Agencies and Other Payers Most of the services we perform are paid for by third-party payers, including large national health plans, managed care organizations and other health insurance providers, regional and local health plans and government payers, which includes Medicare and Medicaid. These customers typically reimburse us as a contracted (or out-of-network) provider for services rendered to their members.”

Annual report 2025A · The company itself

“Reimbursement from our five largest health plans totaled approximately 20%, and no one health plan accounted for 10%, of our consolidated net revenues in 2025. Health plans typically negotiate directly or indirectly with a number of diagnostic information services providers, and represent nearly one-half of our total clinical testing volume and approximately 40% of our net revenues from diagnostic information services.”

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

“As of December 31, 2025, 32.2% of our total portfolio annualized base rent comes from properties leased to our investment grade clients, their subsidiaries or affiliated companies.”

Annual report 2025A · The company itself

“We recently began (on an invite-only basis) offering external customers the Robinhood Banking product, which offers depository accounts and related banking services through our partner bank, Coastal Bank. Similar to the structure of the Spending Account program, we act as the service provider for Robinhood Banking to, among other things, facilitate communication between our users and Coastal Bank for which we receive compensation.”

Annual report 2025A · The company itself

“Rogaland Sparebank har et helhetlig finanstilbud til kunder på både bedrifts- og privatmarkedet. I tillegg til utlån, innskudd og betaling tilbyr banken eiendomsmegling, leasing, regnskapstjenester, forsikring og fondssparing.”

Annual report 2024A · The company itself

“Provisjonsinntekter fra bankrelaterte tjenester, herunder provisjonsinntekter innen betalingsformidling, salg av forsikringstjenester og spareprodukter har økt sammenlignet med fjoråret.”

Annual report 2024A · The company itself

“Rogaland Sparebank har en forretningskapital på om lag 40 milliarder kroner og har 150 ansatte i morbanken med tilstedeværelse på sentrale lokasjoner både på Nord-Jæren og i Ryfylke.”

Annual report 2024A · The company itself

“Strata – cloud-based financial analytics, performance management software, and data solutions used by healthcare providers, higher education, and financial institutions for financial planning, decision support, and continuous cost improvement.”

Annual report 2025A · The company itself

“Vertafore – cloud-based software for the property and casualty insurance industry, including agency and distribution management, compliance, AI-enabled workflows, and data solutions.”

Annual report 2025A · The company itself

“Foundry – software technologies and AI-enabled solutions used to deliver visual effects and 3D content for the entertainment and digital design industries. iPipeline – cloud-based software and AI-enabled analytics solutions for the life insurance/annuities and financial services industries. iTradeNetwork – electronic marketplaces and supply chain software that connect food suppliers, distributors, and vendors, primarily in the perishable food sector.”

Annual report 2025A · The company itself

“The key constituents Ratings serves are investors, corporations, governments, municipalities, commercial and investment banks, insurance companies, asset managers, and other debt issuers.”

Annual report 2025A · The company itself

“The markets in which we operate are intensely competitive, and our inability to successfully compete could materially adversely affect our business, financial condition or results of operations. •The markets for credit ratings, financial research, market data and solutions, index-based products, automotive data, energy and commodities analytics and price assessments, and related news and information about these markets are intensely competitive. Our businesses compete domestically and internationally on the basis of a number of factors, including the quality of their offerings, client service, reputation, price, geographic scope, range of products and technological innovation.”

Annual report 2025A · The company itself

“Consolidation of customers, reduced staffing levels of customers or reduced spending by customers could have a material adverse effect on our business, financial condition or results of operations. •Our businesses have a customer base which is largely comprised of members from the corporate, financial services, energy and commodities, and automotive industries.”

Annual report 2025A · The company itself

“Holdings by sector, geographical area and asset class Regarding fixed income and equity exposures, financial institutions and covered bonds have a material weight in the group-wide portfolios, whereas the role of public sector investments is quite limited.”

Annual report 2025A · The company itself

“Sampo operates in the Nordic private insurance market through a number of brands including If, Topdanmark, Volvia, and other white-label partnerships. Its business model is based on high customer satisfaction and leveraging the benefits from digital sales and service capabilities. In total, the Group serves around 3.7 million households in Sweden, Denmark, Norway, and Finland.”

Annual report 2025A · The company itself

“Hastings’ has also revenue from lending business in accordance with IFRS 15 Revenue from Contracts with Customers.”

Annual report 2025A · The company itself

“Successful management of underwriting risks and investment portfolio market risks is the main source of earnings for Sampo Group.”

Annual report 2025A · The company itself

“Auger Site Investigations,som hanterar skadeärenden på rörledningar åt försäkringsbolag, har fortsatt sin goda tillväxt även under 2024. Med en välutvecklad ärendehantering och bred geografisk närvaro i Storbritannien, möter bolaget den ökande efterfrågan som drivs av både eftersatt infrastruktur och klimatförändringar. Försäkringsbolag söker ständigt efter kostnadseffektiva och pålitliga lösningar, vilket Auger kan leverera genom hög kvalitet, effektiva processer och förstklassig service.”

Annual report 2024A · The company itself

“Sarah Ström, Head of Water & Bioeconomy Auger är ett av Sdiptechs framgångsrika bolag inom affärsområdet Water & Bioeconomy Med över 30 års erfarenhet levererar Auger heltäckande skadehanteringslösningar, från initial undersökning och validering till reparation av underjordisk infrastruktur.”

Annual report 2024A · The company itself

“Customers We primarily sell our services to enterprise customers and support enterprise-wide deployments. As of December 31, 2025, we had approximately 8,700 customers across a wide variety of industries.”

Annual report 2025A · The company itself

“Andra viktiga vertikaler är nans, professionella tjänster och detaljhandel.”

Annual report 2024A · The company itself

“I Indien har Sinch en stark bas av företagskunder, framför allt inom nanssektorn, som främst använder bolagets molnbaserade API-tjänster.”

Annual report 2024A · The company itself

“Affärs- och investment bank-tjänster för stora företag och institutioner.”

Annual report 2024A · The company itself

“Vi erbjuder tjänster till pensionsfonder, kapitalförvaltare, hedgefonder, försäkringsbolag, investeringsfonder och banker. Vi erbjuder institutioner tjänster efter handel, rådgivning i frågor som rör kapital, hållbarhet och kapitalförvaltning samt tillgång till kapitalmarknaderna.”

Annual report 2024A · The company itself

“Utlåning till allmänheten ökade med 136 miljarder kronor under året och uppgick till 2 237 miljarder kronor (2 101).”

Annual report 2024A · The company itself

“I våre finanshus får kundene et samlet tilbud av finansielle tjenester, både for privatkunder og næringsliv.”

Annual report 2024A · The company itself

“Vi tilbyr våre tjenester gjennom 41 bankkontorer, digitale flater og effektive kundesentre. Inkludert tjenestene fra datterselskaper og deleide selskaper er vi et komplett finanshus for folk og bedrifter i bygd og by i markeds området.”

Annual report 2024A · The company itself

“Per 31. desember var innskudd fra kunder 128,3 (106,5) milliarder kroner.”

Annual report 2024A · The company itself

“Gjennom bankens datterselskaper, SpareBank 1alliansens tilknyttede produktselskaper og eierandeler i Fremtind forsikring er vi et komplett finanshus for våre person og bedriftskunder.”

Annual report 2024A · The company itself

“PM betjener over 462 000 personkunder og er en total leverandør av bank og forsikringstjenester. Gjennom kjernevirksomhetene, deriblant sparing, finansiering, betalingsformidling, forsikring, skadeforebygging, forvaltning av kapital og investeringer, dekker banken kundenes ulike behov for finansielle tjenester.”

Annual report 2024A · The company itself

“Sparebanken Norge vil videreføre satsing på Frendegruppen for å sikre et attraktivt samarbeidsalternativ utenfor dagens sparebankallianser. Banken vil bli majoritetsaksjonær i Frendeselskapene, herunder Frende Holding AS, Brage Finans AS, Balder Betaling AS og Frende Kapitalforvaltning AS.”

Annual report 2024A · The company itself

“Dette er Sparebanken Vest side 6 SPAREBANKEN VEST ÅRSRAPPORT 2024 1.2 Overordnet strategi og verdiforslag 1.3 Slik leverte vi til kunder, eiere, samfunn og ansatte Visjonen til Sparebanken Vest er: Vi gjør livet på Vestlandet bedre Banken har i hovedsak fire interessegrupper: Kunder, eiere, samfunn og ansatte.”

Annual report 2024A · The company itself

“Sparebanken Vest er et uavhengig børsnotert finanskonsern som i hovedsak driver bank- og finansieringsvirksomhet i fylkene Vestland, Rogaland og Møre og Romsdal.”

Annual report 2024A · The company itself

“BUSINESS OVERVIEW State Street Corporation is one of the world’s leading providers of financial services to institutional investors, including investment servicing, markets and financing solutions and investment management. 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

“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 include institutional investors, such as mutual funds, collective investment funds, UCITS, hedge funds and other investment pools, corporate and public retirement plans, insurance companies, official institutions, foundations, endowments and investment managers.”

Annual report 2025A · The company itself

“As a result of our own business practices and these interdependencies, we and many of our clients have concentrated counterparty exposure to other financial institutions and collective investment funds, particularly large and complex institutions, sovereign issuers, mutual funds, UCITS, private market funds and hedge funds. Although we have procedures for monitoring both individual and aggregate counterparty risk, significant individual and aggregate counterparty exposure is inherent in our business, as our focus is on servicing large institutional investors.”

Annual report 2025A · The company itself

“Additionally, our counterparties, as well as our clients, rely on our financial strength and stability and evaluate the risks of doing business with us. If we experience diminished financial strength or stability, actual or perceived, due to the effects of market or regulatory developments, announced or rumored business developments, consolidated results of operations, a decline in our stock price or a downgrade to our credit rating, our counterparties may be less willing to enter into transactions, secured or unsecured, with us, our clients may reduce or place limits on the level of service we provide to them or seek to transfer the business, in whole or in part, to other service providers or our prospective clients may select other service providers.”

Annual report 2025A · The company itself

“Our businesses may be negatively affected by adverse publicity or other reputational harm. Our relationship with many of our clients is predicated on our reputation as a fiduciary and a service provider that adheres to the highest standards of ethics, service quality and regulatory compliance, as well as a leading provider of the products and services we offer.”

Annual report 2025A · The company itself

“Segmentet har i huvudsak tre kundkategorier; företag, försäkringsbolag och i mindre utsträckning privatpersoner.”

Annual report 2024A · The company itself

“Et solid og ambisiøst klimaarbeid er avgjørende for at Storebrand skal oppnå visjonen om «å skape en fremtid å glede seg til». Som en tilbyder av pensjon-, sparing-, forsikring- og banktjenester til over 55 000 bedriftskunder og 2,2 millioner personkunder – og over 1 400 milliarder kroner i forvaltet kapital – er Storebrand en viktig samfunnsaktør som kan bidra til å akselerere den bærekraftige utviklingen. Det gjør vi ved å være en tydelig samfunnsaktør gjennom dialog med myndigheter og selskaper og gjennom mål og tiltak i egen drift og for våre produkter og tjenester.”

Annual report 2024A · The company itself

“Storebrands merkevareposisjon sier mye om hvorvidt våre kunder opplever Storebrand og våre produkter og tjenester som relevante og tilgjengelige. Vårt mål for 2025 er å øke vår merkevarekjennskap med 2 prosentpoeng blant nordmenn, altså andelen som nevner Storebrand som ett av de tre første selskapene i en bred finanskategori. Videre er vårt mål for 2025 at beslutningstakere i norske bedrifter skal nevne Storebrand som den første av tre selskaper de nevner i en bred finanskategori.”

Annual report 2024A · The company itself

“Betalning, kapitalförvaltning & utlåning Kort/medel/lång Kort/medel/lång Kort/medel/lång 4.4 S4-3:Rutiner för att gottgöra för negativ påverkan och kanaler genom vilka konsumenter och slutanvändare kan uppmärksamma problem Handelsbanken strävar efter att kunder som framför klagomål ska vara mycket nöjda med bemötandet från banken.”

Annual report 2024A · The company itself

“Kreditpolicyn fastslår att banken har låg risktolerans för kreditrisker och strävar efter att bygga upp långsiktiga relationer med kunder som har god återbetalningsförmåga. Detta innebär att koncernen ska vara selektiv i kundurvalet och kreditkunderna ska vara av hög kvalitet.”

Annual report 2024A · The company itself

“Handelsbanken bedriver livförsäkringsverksamhet i dotterbolaget Handelsbanken Liv. Handelsbanken Livs avtal består av fond- och depåförsäkringsavtal, riskförsäkringar i form av främst sjukförsäkring, premiebefrielseförsäkring och dödsfallsförsäkring samt traditionella livförsäkringsavtal.”

Annual report 2024A · The company itself

“Bankens försäkringsrörelse bedrivs av Handelsbanken Liv. Balansposten försäkringsskulder består av försäkringsavtal som överför betydande försäkringsrisk från försäkringstagarna till Handelsbanken Liv och utgörs av traditionella livförsäkringsavtal samt riskförsäkringar i form av främst sjukförsäkring, premiebefrielseförsäkring och dödsfallsförsäkring tecknade av mindre företag och privatpersoner i Sverige.”

Annual report 2024A · The company itself

“Attraktiva finansieringsvillkor och stor andel hållbar finansiering Vi har sedan bolagets start endast använt oss av säkerställd bankfinansiering från nordiska banker. Vi har en nära och kontinuerlig dialog med våra fem banker och upplever ett väldigt stort intresse från dem.”

Annual report 2024A · The company itself

“Palveluliiketoiminta voi käyttää oman ohjelmistomme lisäksi isommille asiakkaille suunnattuja kaupallisia ohjelmistoja.”

Annual report 2024A · The company itself

“Vakuutusasiakkaat sisältävät työterveysasiakkaille ja kuluttaja-asiakkaille tarjottavia palveluita, jotka maksaa vakuutusyhtiö joko lakisääteisestä tai vapaaehtoisesta vakuutuksesta.”

Annual report 2025A · The company itself

“In these and other situations, agents and brokers have an increased influence over policy language and compensation structure which, if we participate on that basis, could adversely impact our ability to profitably manage underwriting risk.”

Annual report 2025A · The company itself

“(together with its consolidated subsidiaries, the Company) is a holding company principally engaged, through its subsidiaries, in providing a wide range of commercial and personal property and casualty insurance products and services to businesses, government units, associations and individuals.”

Annual report 2025A · The company itself

“We market our insurance products primarily through independent agents and brokers.”

Annual report 2025A · The company itself

“Optum Financial, including Optum Bank, serves consumers through nearly 26 million consumer accounts with more than $27 billion in assets under management as of December 31, 2025.”

Annual report 2025A · The company itself

“Serves health plans by improving financial performance and enhancing outcomes through proactive analytics, a comprehensive payment integrity portfolio and technology-enabled and staff-supported risk and quality services.”

Annual report 2025A · The company itself

“Optum Rx serves health benefits providers, large national employer plans, unions and trusts, purchasing coalitions and public-sector entities.”

Annual report 2025A · The company itself

“Sources of Revenue We receive payments for services rendered from private insurers, including managed care plans, the federal government under the Medicare program, state governments under their respective Medicaid programs and directly from patients.”

Annual report 2025A · The company itself

“The business focuses on growing recurring revenue through Data as a Service and Solutions as a Service in core segments: transportation and logistics, energy and utilities, and finance and insurance.”

Annual report 2025A · The company itself

“CASGEVY is broadly reimbursed by third-party payors in the U.S., including the federal government and commercial payors.”

Annual report 2025A · The company itself

“We have secured access for JOURNAVX with all three national pharmacy benefit managers, and as of January 2026, more than 200 million individuals across commercial and government payors have coverage to JOURNAVX, representing two-thirds of U.S. covered lives.”

Annual report 2025A · The company itself

“We promote the use of our medicines directly to healthcare professionals and organizations such as doctors, nurse practitioners, physician assistants, pharmacists, hospitals, and pharmacy benefit managers.”

Annual report 2025A · The company itself

“Revenues from our products depend, to a large degree, on the extent to which the products are purchased by customers, such as wholesalers, pharmacies, and hospitals, and reimbursed by third-party payors, such as government health programs, commercial insurers, and managed health care organizations. Increasingly, these third-party payors are becoming more critical in evaluating and reimbursing medicines.”

Annual report 2025A · The company itself

“Tillsammans med Telenor Group äger koncernen Allente Group AB, en betal-TV och bredbandsoperatör som erbjuder innehåll från flera leverantörer. Viaplay Group äger 50% av Allente Group AB.”

Annual report 2024A · The company itself

“As of December 31, 2025, 79% of our rent is derived from SEC reporting operators providing transparency into tenant performance and credit quality. •Investment-grade balance sheet.”

Annual report 2025A · The company itself

“Powering Credit We have built a strong reputation and brand around our credit products by offering robust security, advanced fraud mitigation and effective dispute management. Over time, we have introduced several innovations that differentiate our credit offerings and drive consumer preference for Visa. For example, we were a pioneer in dual-message technology, which enables real-time transaction authorization, a capability that only a few payments providers globally can provide.”

Annual report 2025A · The company itself

“Table of Contents Issuing Solutions The largest division under our Issuing Solutions business is our Cardholder Engagement solutions, which provide issuers with benefits including airport lounge access, dining reservations, shopping experiences, event tickets, seller offers and access to unique experiences with the goal of driving engagement and spend on Visa payment credentials. We provide a range of other services and digital solutions to issuers, such as account controls, digital issuance and branded consumer experiences. In addition, Visa offers loyalty and benefits solutions to issuers aimed at creating compelling and differentiated cardholder experiences, as well as Buy Now, Pay Later (BNPL) capabilities, which allow shoppers the flexibility to pay for a purchase in equal payments over a defined period of time.”

Annual report 2025A · The company itself

“Core Products Visa’s growth has been driven by the strength of our core products — credit, debit and prepaid. (2) Visa analysis based on third-party studies for the period covering calendar year 2024.”

Annual report 2025A · The company itself

“•We offer a wide range of Visa-branded payment products that our clients, including nearly 14,500 financial institutions, use to develop and offer payment solutions or services, including credit, debit, prepaid and cash access programs for individual, business and government account holders.”

Annual report 2025A · The company itself

“Våra lösningar används inom en rad branscher, såsom energi, försäkring, handel, hotell, trossamfund och sjukvård.”

Annual report 2024A · The company itself

“Figlo tillhandahåller programvara för finansiell planering och bolåneberäkningar på den nederländska marknaden. Deras kunder är finansiella rådgivare, försäkringsbolag och banker.”

Annual report 2024A · The company itself

“FI 2020 52 64 % Vitec Aloc Bank- och finansbranschen i Norden och västra Europa.”

Annual report 2024A · The company itself

“SE 2024 135 98 % Vitec Capitex Finanssystem Bank- och finansbranschen i Sverige och med viss etablering i Norge och Finland.”

Annual report 2024A · The company itself

“SE 1985 283 79 % Vitec Figlo Bank- och finansbranschen i Nederländerna.”

Annual report 2024A · The company itself

“NO 2019 68 96 % Vitec Forsikring Försäkringsbolag i Norge och Sverige.”

Annual report 2024A · The company itself

“Produkterna finns i hjärtat av en mängd verksamheter som energi, försäkring, handel, hotell, trossamfund och sjukvård.”

Annual report 2024A · The company itself

“Equity securities primarily represent investments in common and preferred stocks in companies with potential growth opportunities in different sectors, mainly in the financial institutions and energy sectors.”

Annual report 2025A · The company itself

“Berkley Corporation is an insurance holding company that is among the largest commercial lines writers in the United States and operates worldwide in two segments of the property and casualty business: Insurance and Reinsurance & Monoline Excess.”

Annual report 2025A · The company itself

“As an insurance holding company, our principal assets are the shares of capital stock of our insurance company subsidiaries. We have to rely on dividends from our insurance company subsidiaries to meet our obligations for paying principal and interest on outstanding debt obligations, paying dividends to stockholders and repurchasing our shares and paying corporate expenses.”

Annual report 2025A · The company itself

“A large majority of our retail pharmacy net sales are generated by filling prescriptions for which we receive payment through established contractual relationships with third-party payers and payment administrators, such as private insurers, governmental agencies and pharmacy benefit managers ("PBMs").”

Annual report 2026A · The company itself

“Webstep is a provider of IT consultancy services and offers expertise to solve demanding digitalization and IT projects in the private and public sector, in a number of different industries including banking, finance and insurance, public administration, agriculture and food production, IT and telecommunication, commerce and transportation.”

Annual report 2024A · The company itself

“Financial, Executive and Professional Risks (‘FINEX’) — FINEX encompasses all financial and executive risks, delivering client solutions that range from management and professional liability, employment practices liability, crime, cyber and M&A-related insurances to risk consulting and advisory services. Specialist teams provide risk consulting and risk transfer solutions to a broad spectrum of clients across a multitude of industries, as well as the financial and professional service sectors.”

Annual report 2025A · The company itself

“Health, Wealth & Career The Health, Wealth & Career (‘HWC’) segment provides an array of advice, broking, solutions and technology for employee benefit plans, institutional investors, compensation and career programs, and the employee experience overall. Our portfolio of services supports the interrelated challenges that the management teams of our clients face across human resources and finance.”

Annual report 2025A · The company itself

“Kreditrisken uppstår främst genom exponering mot kunder och partners, det vill säga, att koncernen inte erhåller överenskomna betalningar eller gör en förlust på grund av en motparts oförmåga att möta sitt åtagande gentemot koncernen. Kreditrisken består idag av att bolagets partners, i dagsläget STADA, inte skulle kunna betala vinstdelning för Ximluci ® .”

Annual report 2024A · The company itself

“Segmentit sekä niiden vuoden 2029 loppuun mennessä saavutettaviksi asetetut taloudelliset tavoitteet ovat: Asuminen Suomi, joka keskittyy asuinrakennusten rakentamiseen sekä niihin liittyviin kehityshankkeisiin kuluttajille ja sijoittajille Suomen kasvukeskuksissa.”

Annual report 2025A · The company itself

“Asuminen CEE, joka keskittyy asuinrakennusten rakentamiseen sekä niihin liittyviin kehityshankkeisiin kuluttajille ja sijoittajille itäisen Euroopan kasvualueilla (Puola, Tšekki, Slovakia, Liettua, Latvia ja Viro) tavoitellen merkittävää kasvua strategiakauden aikana. • Tavoitteena on saavuttaa vähintään 15 prosentin vuosittainen kasvu, vähintään 15 prosentin oikaistu liikevoittoprosentti sekä vähintään 25 prosentin sitoutuneen pääoman tuotto.”

Annual report 2025A · The company itself

“Rakennus, joka keskittyy toimitilojen urakoimiseen sekä valikoituun kehittämiseen julkiselle sektorille ja yksityisille sijoittajille Suomessa sekä itäisen Keski-Euroopan maissa.”

Annual report 2025A · The company itself

“Tillväxten drevs av en diversifierad kundbas som spänner över olika branscher och geografiska områden, med stark efterfrågan från teknik- och finanssektorn samt offentlig sektor.”

Annual report 2024A · The company itself

“Yubico ser ett växande intresse från den offentliga och finansiella sektorn, som är bland våra snabbast växande branscher tillsammans med high-techsektorn, med ökande efterfrågan både i USA och Europa.”

Annual report 2024A · The company itself

“Yubico erbjuder lösningar som är skräddarsydda för att uppfylla FFIEC:s krav på efter levnad, vilket har gjort att vissa banker har utfärdat YubiKeys till förmögna privatpersoner för att skydda dem mot lösenordsrelaterade bedrägerier.”

Annual report 2024A · The company itself

“För koncernen finns kreditrisk främst i kundfordringar och avtalstillgångar och EG7s målsättning är att ha en kontinuerlig uppföljning av denna kreditrisk. De historiska kreditförlusterna uppgår till ett ringa belopp i förhållande till koncernens omsättning.”

Annual report 2024A · The company itself

“In addition, we have experienced, and could in the future experience, loss of sales and profits due to delayed payments or insolvency of healthcare professionals, hospitals and other customers and suppliers facing liquidity issues due to the current macroeconomic environment, type and number of conditions being treated or for other reasons.”

Annual report 2025A · The company itself

“We believe a number of factors provide us excellent access on an ongoing basis to leading branded merchandise and make us an attractive channel for many vendors in the market. We are typically willing to purchase less-than-full assortments of items, styles and sizes as well as quantities ranging from small to very large; we are able to disperse merchandise across our geographically diverse network of stores and to target specific markets; we pay promptly according to our payment terms; our practice is to not ask for typical retail concessions (such as advertising, promotional and markdown allowances), delivery concessions (such as drop shipments to stores or delayed deliveries) or performance-based return privileges; and we have an excellent credit rating.”

Annual report 2026A · The company itself