Data centres

“We leverage our technology to address the computational, visual data processing and AI workload acceleration needs in the data center market.”

Annual report 2025A · The company itself

“Some customers in AI markets may be unable to secure access to internal and external infrastructure, including availability of sufficient data center capacity or energy for the buildout of data centers that use our products. In addition, construction delays in the scheduled buildout of data centers could impact the timing of customer demand. Such delays in the buildout of data centers could have a material adverse effect on our business, financial condition and future growth strategy.”

Annual report 2025A · The company itself

“Data centers depend on access to clean water and reliable energy. Customers’ ability to obtain sufficient energy capacity to meet demand is a complicated, multi-year process that involves regulatory and technical challenges. If customers cannot secure sufficient power or water, or experience outages or shortages of these resources, they may be unable to expand their data center capacity and may reduce or stop purchases from us.”

Annual report 2025A · The company itself

“For instance, tariffs on hardware required for data centers could raise costs for our customers, potentially causing them to delay or cancel AI infrastructure investments.”

Annual report 2025A · The company itself

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

Annual report 2025A · The company itself

“For data centers, we offer AI accelerators, microprocessors (CPUs), graphic processing units (GPUs), data processing units (DPUs), AI Network Interface Cards (AI NICs) and field programmable gate arrays (FPGAs).”

Annual report 2025A · The company itself

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

Annual report 2025A · The company itself

“Our CPUs for server platforms currently include the AMD EPYC™ Series processors. EPYC CPUs, which are based on the x86 architecture, are server-specific processors designed for high-performance computing, enterprise IT, supercomputing, and large data centers. Our 5th generation AMD EPYC family of server processors delivers improved performance and efficiency for AI, cloud and enterprise workloads.”

Annual report 2025A · The company itself

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

Annual report 2025A · The company itself

“Our three reportable segments are: •the Data Center segment, which primarily includes AI accelerators, CPUs for servers, GPUs, APUs, DPUs, AI NICs, FPGAs and SoC products for data centers; •the Client and Gaming segment, which primarily includes CPUs, APUs, chipsets for desktops and notebooks, discrete GPUs, and semi-custom SoC products and development services; and •the Embedded segment, which primarily includes embedded CPUs, APUs, FPGAs, SOMs, and adaptive SoC products.”

Annual report 2025A · The company itself

“Our AMD Pensando™ DPUs and comprehensive networking software stack offload data center infrastructure services from the host CPU and are used by large Infrastructure as a Service (IaaS) cloud providers to accelerate workload performance for hosted virtualized and bare-metal offerings.”

Annual report 2025A · The company itself

“Customers Our Data Center Segment customers consist primarily of hyperscale data centers, original equipment manufacturers (OEMs), original design manufacturers (ODMs), system integrators and independent distributors in both domestic and international markets.”

Annual report 2025A · The company itself

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

Annual report 2025A · The company itself

“We offer products that are used in different end markets and the demand for our products can vary among our Data Center, Client, Gaming and Embedded end markets.”

Annual report 2025A · The company itself

“We are also seeing additional investment opportunities from data center growth in our utility service areas, above and beyond existing rate base projections. Our utilities have many natural advantages that are attractive to large technology companies, such as proximity to fiber networks and the presence of ample land and water. We have worked to proactively identify sites that are well-positioned to support new data centers, capitalizing on our deep relationships with technology companies.”

Annual report 2025A · The company itself

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

Annual report 2025A · The company itself

“The focus of our strategy is to partner with large corporations to deliver the electricity they need when they need it. We are very well-positioned as a leading provider of renewable energy to data center companies, particularly in the U.S., and to large mining companies outside the U.S. These customers want to work with AES due to our track record of providing customized solutions that best serve their specific needs and delivering our projects on time and on budget.”

Annual report 2025A · The company itself

“For corporate customers, this includes advanced 24/7 carbon‑free energy offerings tailored to support large energy‑intensive operations, such as hyperscale data centers, by combining renewables, storage, and load‑siting solutions.”

Annual report 2025A · The company itself

“The expansion of advanced manufacturing and data centers has the potential to significantly accelerate the demand for electricity in the U.S. power markets. AES Indiana and AES Ohio have an obligation to serve customers who are located in our service territory and are working with several companies to provide solutions for the electric service needs of data centers and advanced manufacturing facilities. We see these relationships growing with the expansion of their use within our service territory.”

Annual report 2025A · The company itself

“We are devoting significant resources to develop and deploy our own competing cloud computing offering. The rapid development and deployment of new compute infrastructure—both hardware and software—bears the risk of bugs and unforeseen failures that could affect our reputation and ability to execute our strategies.”

Annual report 2025A · The company itself

“In particular, the capital requirements of the cloud computing industry can at times be significant.”

Annual report 2025A · The company itself

“For example, we are investing significant resources in our cloud computing solutions and platform, working on expanding capacity, adding additional sites and developing increased cloud computing features and functionality. Success in these efforts is not guaranteed and will largely depend on our ability to create products that are competitive in the enterprise market, source additional co-location facilities, manage an uncertain supply chain for server related hardware and adapt our offerings to new or emerging technologies and changes in customer requirements, including those related to AI workloads.”

Annual report 2025A · The company itself

“This is particularly true with respect to our AI and cloud computing solutions, as a small number of very large competitors have established themselves as incumbents in these industries and exert significant purchasing power and priority access to servers, memory, co-location capacity and power.”

Annual report 2025A · The company itself

“Our business strategy depends on the ability to source adequate transmission capacity, co-location facilities and the equipment we need to operate our network; failure to have access to those resources could lead to loss of revenue and service disruptions. To operate and grow our globally distributed network serving our portfolio of services, we are dependent in part upon transmission capacity provided by third-party telecommunications network providers and co-location facilities to house our servers and equipment to support our operations. We may be unable to purchase the bandwidth and space we need from these providers due to limitations on their resources, increasing energy costs or other reasons outside of our control, including market dynamics driven by hyperscalers, significant cost increases in servers and memory, and shortages of data center space and power.”

Annual report 2025A · The company itself

“We will need to continue to focus on effectively managing our bandwidth costs to maintain or improve current levels of profitability. •Network build-out and supporting service costs represent another significant portion of our cost of revenue. These costs include maintenance and supporting services, as well as partner program costs, incurred as we continue to build out our compute platform and maintain our global network, and costs of third-party cloud providers used for some of our operations. We have seen some of these costs increase in recent years as a result of our network expansion, and particularly the build out of our compute platform.”

Annual report 2025A · The company itself

“These decreases were partially offset by higher purchases of property and equipment related to network expansion, primarily for our compute infrastructure.”

Annual report 2025A · The company itself

“In 2025, we continued to expand Akamai's compute platform to include additional data centers to provide access to powerful dedicated compute, storage and networking services in major metros that lack cloud computing options and availability, enabling organizations to place compute-intensive workloads as close as possible to end users.”

Annual report 2025A · The company itself

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

Annual report 2025A · The company itself

“In recent years, we have invested in our network, particularly as part of building out our compute infrastructure, which increased our capital expenditures and resulting depreciation expense. We plan to continue investing in our faster growing Cloud Infrastructure Services, including support for a new enterprise cloud computing customer and our new AIC.”

Annual report 2025A · The company itself

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

Annual report 2025A · The company itself

“As of December 31, 2025, our massively distributed global infrastructure was comprised of core and distributed compute sites, more than 4,300 edge points-of-presence in over 130 countries and approximately 700 cities, and our underlying global network integrated with roughly 1,200 network partners. With this scale and distribution, Akamai has visibility and insight into traffic volumes, congestion, attack patterns, vulnerabilities and other activities across the internet's complex intersections of networks and systems.”

Annual report 2025A · The company itself

“Table of Contents Cloud Computing Akamai provides a continuum of cloud computing services for developers to build and deliver distributed, low-latency applications. We empower businesses to build and deploy massively scalable applications, distribute them to reduce latency and reach underserved locations and work to optimize and secure experiences and data from the core to the digital touchpoint.”

Annual report 2025A · The company itself

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

Annual report 2025A · The company itself

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

Annual report 2025A · The company itself

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

Annual report 2025A · The company itself

“The increase in cloud computing solutions revenue in 2025 as compared to 2024 was due to growth in Cloud Infrastructure Services, which includes compute, storage, cloud-native and networking solutions, along with the Akamai EdgeWorkers serverless products and partner solutions running on our compute platform.”

Annual report 2025A · The company itself

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

Annual report 2025A · The company itself

“Fler och fler människor är online, strömningstjänsterna byggs ut och AI har kommit på bred front under 2024. Detta har lett till en betydande ökning av efterfrågan på datacenter, men även till ett behov av servrar med mycket högre kapacitet, speciellt gällande AI-tillämpningar, vilket även betyder mer energiintensiva servrar. Denna typ av datacenter kan inte använda luftkylning, som traditionella datacenter, utan måste designas med vätskekylning. Denna nya kylningsdesign breddar Alfa Lavals leveransomfattning och ökar marknadspotentialen betydligt i denna växande bransch, vilket ger Alfa Laval en ännu viktigare roll i att göra datacentren så energieffektiva som möjligt.”

Annual report 2024A · The company itself

“The addition of large load growth customers may increase the concentration of sales, and increase revenue and earnings volatility. We may not be able to adequately protect against the risks inherent in relying on rapid growth within a small number of large customers in a single industry.”

Annual report 2025A · The company itself

“Table of Contents Laws, regulations, and opposition to data centers may impact our business - Federal, state or local legislation, rulemaking, or siting standards that specifically restrict or delay the zoning, siting or operation of data centers could reduce or defer expected load growth and impair cost recovery for associated infrastructure. Community opposition to data centers—driven by concerns about land use, water consumption, generation emissions, noise, or traffic—could result in permitting delays, litigation, project cancellations, or additional mitigation costs, reducing expected load growth.”

Annual report 2025A · The company itself

“The ability to serve significant new commercial or industrial customers on contract rates, including data centers, may require certain regulatory approvals, and the activities and costs related to the construction, acquisition or contracts for additional generation capacity and transmission required to meet the high demands of such customers could be significant. The individual customer rates for large load growth customers are subject to regulatory approvals and our regulatory authorities may change the rates we can charge and the costs that can be recovered.”

Annual report 2025A · The company itself

“Risks Related to Data Center and Other Large Load Growth Customers Demand from data centers and other large load growth customers may impact our business - Our ability to manage the development and implementation of complex business opportunities related to the growing demand for data centers may be limited by financial, operational, or regulatory factors. We may enter into agreements requiring significant capital investment in generation and transmission capacity for large load growth customers before realizing any potential returns.”

Annual report 2025A · The company itself

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

Annual report 2025A · The company itself

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

Annual report 2025A · The company itself

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

Annual report 2025A · The company itself

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

Annual report 2025A · The company itself

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

Annual report 2025A · The company itself

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

Annual report 2025A · The company itself

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

Annual report 2025A · The company itself

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

Annual report 2024A · The company itself

“A disruption of the data centers or cloud-computing or other technology services or systems that we utilize could have a materially adverse effect on our business, operations, financial condition or results of operations We host our applications and serve our clients with data centers that we operate, and with data centers that are operated, and cloud-computing and other technology services and systems that are provided, by third-party vendors. These data centers or cloud-computing and other technology services and systems have failed, become disabled or been disrupted, and may do so in the future.”

Annual report 2026A · The company itself

“The increasing complexity of global supply chains, combined with geopolitical tensions, structural shifts in the technology component landscape, and acute constraints in the global memory chip (RAM) market  driven by data centre demand  means that securing reliable access to critical components is an operational and strategic priority. 17BRisk 18BThere is a risk that Bang & Olufsen is unable to secure timely access to critical components required for manufacturing. Global RAM shortages impact production continuity, product launch timelines, the company's ability to meet product demand or require costly spot market sourcing.”

Annual report 2026A · The company itself

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

Annual report 2025A · The company itself

“For example, the changing political and regulatory environment in certain jurisdictions in which Aladdin clients are based has required BlackRock to open data centers in those jurisdictions in order to host client data in the client’s home location. Operating data centers in foreign jurisdictions may expose BlackRock to increased operational complexity, as well as additional regulatory risks associated with the compliance requirements of such jurisdictions.”

Annual report 2025A · The company itself

“In so doing, it relies in part on certain third-party service providers, including for cloud hosting and technologies supporting cloud-based operations. For example, Aladdin’s data architecture depends on third-party providers of technology solutions, including the ability of such parties to scale and perform in response to Aladdin’s growth. In addition, the analytical capabilities of Aladdin depend on the ability of a number of third parties to provide data and other information as inputs into Aladdin’s analytical calculations.”

Annual report 2025A · The company itself

“BlackRock has a number of key strategic partnerships, including with Microsoft. For instance, the Aladdin infrastructure and environment for BlackRock and its external Aladdin clients are hosted on Microsoft Azure and Amazon Web Services.”

Annual report 2025A · The company itself

“For example, our real estate and infrastructure funds have in recent years substantially increased their exposure to digital infrastructure investments, which has supported strong performance for such funds. Such performance would be difficult to replicate if demand for digital infrastructure were substantially reduced, including as a result of economic slowdown or regulatory impediments.”

Annual report 2025A · The company itself

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

Annual report 2025A · The company itself

“The digital infrastructure sector is also highly competitive, with pressure from various data center operators and hyperscalers building their own facilities. In addition, digital infrastructure assets have recently faced and continue to face increasing opposition from local communities and organizations.”

Annual report 2025A · The company itself

“Continued and significant strength in digital infrastructure investments supported performance in the year, which was partially offset by more challenging fundamentals in life sciences office, student housing and select logistics holdings.”

Annual report 2025A · The company itself

“Such performance would be difficult to replicate if demand for digital infrastructure were substantially reduced, including as a result of economic slowdown, regulatory impediments or changes in the needs or strategies of a relatively small number of key customers on behalf of which our funds have undertaken development. Digital infrastructure demand is highly concentrated in a small number of large counterparties.”

Annual report 2025A · The company itself

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

Annual report 2025A · The company itself

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

Annual report 2025A · The company itself

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

Annual report 2025A · The company itself

“We have historically depended on a small number of end customers, OEMs, their respective contract manufacturers (“CMs”) and certain distributors for a majority of our business and revenue. For fiscal year 2025, sales to distributors accounted for 48% of our net revenue. We believe aggregate sales, through all channels, to our top five end customers accounted for approximately 40% of our net revenue for fiscal year 2025.”

Annual report 2025A · The company itself

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

Annual report 2025A · The company itself

“We offer a broad portfolio of integrated IT solutions that include the following on-premise, hybrid, and cloud capabilities: •Hybrid Infrastructure: We assess our customers application infrastructure need, design flexible, resilient, and efficient solutions and manage the solution throughout its lifecycle. Our broad portfolio of hardware and software products, encompassing both on and off-premise solutions, enables us to provide well-integrated solutions, including converged and hyper-converged infrastructure, physical and virtualized servers, software defined automation and orchestration solutions, hybrid storage, energy-efficient power and cooling, and data center networking. •Digital Experience: We build end-to-end solutions that deliver access to applications that improve our customers’ productivity regardless of device or location.”

Annual report 2025A · The company itself

“The Company sells cloud computing solutions which include Software as a Service (“SaaS”) and Infrastructure as a Service (“IaaS”). SaaS solutions, commonly referred to as subscription licenses, utilize third-party partners to offer the Company’s customers access to software in the cloud that enhances office productivity, provides security, or assists in collaboration. IaaS solutions utilize third-party partners to enable customers to access data center functionality in a cloud-based solution, including storage, computing, and networking.”

Annual report 2025A · The company itself

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

Annual report 2025A · The company itself

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

Annual report 2025A · The company itself

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

Annual report 2025A · The company itself

“A significant portion of our revenue is concentrated among a small number of customers. For example, in fiscal 2025, our five largest customers contributed approximately 50% of our revenue, a cloud provider customer accounted for approximately 18% of our revenue, and a service provider accounted for approximately 11% of our revenue.”

Annual report 2025A · The company itself

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

Annual report 2025A · The company itself

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

Annual report 2025A · The company itself

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

Annual report 2025A · The company itself

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

Annual report 2025A · The company itself

“Industry and Market Customers We sell our product and service solutions through direct and indirect sales channels to the following customer and market segments: Table of Contents •Cloud Providers. Our cloud provider customers – also referred to in our markets as web-scale, hyper-scale or neo-scale providers – include internet content providers and providers of internet services and infrastructure, including data centers, cloud compute, Software as a Service (“SaaS”), storage, AI, and web hosting services.”

Annual report 2025A · The company itself

“Ciena’s revenue from a certain cloud provider includes $851.6 million, $532.3 million, and $561.4 million for fiscal 2025, fiscal 2024, and fiscal 2023, respectively. The cloud provider purchased products from the Networking Platforms, Platform Software and Services, and Global Services operating segments for each of the periods presented.”

Annual report 2025A · The company itself

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

Annual report 2026A · The company itself

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

Annual report 2026A · The company itself

“We also make significant investments to increase or maintain capacity and to develop and implement new technologies in our infrastructure and operations, including those provided by third-party providers on which we rely.”

Annual report 2026A · The company itself

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

Annual report 2026A · The company itself

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

Annual report 2026A · The company itself

“Our switching portfolio encompasses campus switching as well as data center switching. Our switches offer enhanced security and reliability and are designed to scale efficiently as our customers grow.”

Annual report 2026A · The company itself

“Our data center switching offerings, led by the Nexus 9000 series, provide the foundation for mission-critical data centers, delivering high availability, scalability, and security across hybrid environments. Central to this portfolio is the integration of Cisco Silicon One architecture, establishing a unified silicon foundation that delivers high performance and energy efficiency.”

Annual report 2026A · The company itself

“Our service provider routing portfolio includes AI Infrastructure solutions for service provider customers, including our hyperscaler customers. We are focused on transforming connectivity to the Internet and the cloud environment by efficiently meeting the growing demand for low-latency and higher speeds.”

Annual report 2026A · The company itself

“Sales to the service provider and cloud market, including sales of AI infrastructure solutions to large cloud and hyperscaler customers, are especially volatile and may be concentrated among a limited number of customers, and weakness in orders from this industry may harm our results of operations or financial condition. Sales to the service provider and cloud market are often characterized by large and sporadic purchases.”

Annual report 2026A · The company itself

“Certain of our largest customers, including hyperscalers, have the technical and financial resources to design their own networking equipment, semiconductors and software, or to purchase directly from contract manufacturers, rather than purchase these technologies from us.”

Annual report 2026A · The company itself

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

Annual report 2026A · The company itself

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

Annual report 2026A · The company itself

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

Annual report 2026A · The company itself

“Datacom transceivers and components for datacom transceivers 800G/1.6T transceivers, CPO, VCSELs, EMLs, silicon photonics, ICs, isolators, and thermoelectric coolers; 400G/lane components supporting 3.2T and 6.4T.”

Annual report 2026A · The company itself

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

Annual report 2026A · The company itself

“(“Coherent,” the “Company,” “we,” “us,” or “our”), is a vertically integrated manufacturing company that develops, manufactures, and markets lasers, transceivers, and other optical and optoelectronic devices, modules, and systems, as well as engineered materials, for use in the data center, communications and industrial markets.”

Annual report 2026A · The company itself

“General Description of Business Coherent develops, manufactures, and markets lasers, transceivers, and other optical and optoelectronic devices, modules, and systems, as well as engineered materials, for use in datacenter & communications, as well as industrial applications, including precision manufacturing, energy, semiconductor & display capital equipment, and instrumentation.”

Annual report 2026A · The company itself

“Datacenter & Communications •Transceivers, co-packaged optics, optical circuit switches, and other systems, subsystems, modules, and semiconductor devices for datacenter and communications applications. •VCSELs, EELs, pump lasers, and other components, optics and ICs for datacenter and communication applications.”

Annual report 2026A · The company itself

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

Annual report 2026A · The company itself

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

Annual report 2026A · The company itself

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

Annual report 2026A · The company itself

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

Annual report 2025A · The company itself

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

Annual report 2025A · The company itself

“These products may be sold as individual components or as part of integrated optical connectivity solutions designed for various network applications, including hyperscale data centers. Examples of enterprise network solutions include the Edge8® platform, which provides high-density pre-connectorized cabling solutions for data center applications, supporting a path to speeds of 400G and beyond.”

Annual report 2025A · The company itself

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

Annual report 2025A · The company itself

“Corning’s Optical Communications and Display segments generate a significant amount of the Company’s profits and cash flow; any significant decrease in pricing, volume or market share could have a material and negative impact on our financial results Corning’s ability to generate profits and operating cash flow could be significantly impacted by the profitability of these businesses, which are subject to pricing pressure, industry competition, potential over-capacity or under capacity, development of new technologies and operational and regulatory risks.”

Annual report 2025A · The company itself

“The CrowdStrike Falcon Platform: Built to Innovate and Scale Our platform approach allows us to rapidly innovate, build, and deploy highly integrated modules that address critical customer problems and access additional market opportunities. Our Falcon platform is composed of two tightly integrated proprietary technologies: our lightweight sensor and our Security Cloud.”

Annual report 2026A · The company itself

“Ongoing improvements to cloud infrastructure may be more expensive than we anticipate, and may not yield the expected savings in operating costs or the expected performance benefits. In addition, we may be required to re-invest any cost savings achieved from prior cloud infrastructure improvements in future infrastructure projects to maintain the levels of service required by our customers.”

Annual report 2026A · The company itself

“We currently host our Falcon platform and serve our customers using a mix of third-party data centers, primarily Amazon Web Services, Inc., or AWS, and our data centers, hosted in colocation facilities.”

Annual report 2026A · The company itself

“For example, because of the importance of AWS’ services to our business and AWS’ position in the cloud-based server industry, any renegotiation or renewal of our agreement with AWS may be on terms that are significantly less favorable to us than our current agreement. If our cloud-based server costs were to increase, our business, results of operations and financial condition may be adversely affected.”

Annual report 2026A · The company itself

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

Annual report 2026A · The company itself

“We built the Falcon platform entirely in and for the cloud, enabling collection and analysis of a massive, crowdsourced dataset from all of our customers to stop breaches. Our platform is designed to be redundant, resilient, and high-performing. Delivering security from the cloud enables agility, ease of use, and protection for workloads on a variety of endpoints wherever they are located.”

Annual report 2026A · The company itself

“We also have strong demand for our data center products extending out six to eight quarters.”

Annual report 2025A · The company itself

“Power Systems Segment Power Systems segment sales and EBITDA as a percentage of consolidated results were: Years ended December 31, 2025 2024 2023 Percent of consolidated net sales (1) 18 % 16 % 14 % Percent of consolidated EBITDA (1) 31 % 23 % 16 % (1) Measured before intersegment eliminations The Power Systems segment is organized around the following product lines: •Power generation - We are a global OEM offering standby and prime power generators ranging from 2 kilowatts to 3.5 megawatts, as well as controls, paralleling systems and transfer switches, for customers with data center, consumer, commercial, industrial, health care, prime rental fleet and defense applications. We also provide turnkey solutions for distributed generation and energy management applications using diesel, natural gas, battery energy storage systems and newer alternative sustainable fuels such as hydrotreated vegetable oil and renewable natural gas.”

Annual report 2025A · The company itself

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

Annual report 2025A · The company itself

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

Annual report 2025A · The company itself

“For example, data centers in Virginia Power’s service territory, particularly in Loudoun County, Virginia, have been a source of significant increase in demand which is expected to continue over the next decade.”

Annual report 2025A · The company itself

“We primarily host our platform and support our operations on data centers provided by AWS, a third-party provider of cloud infrastructure services, in a limited number of locations. We have experienced, and expect that in the future we will continue to experience, interruptions, delays, and outages in service and availability due to a variety of factors, including infrastructure changes, human or software errors or misconduct, natural disasters, cybersecurity events, website hosting disruptions, and capacity constraints.”

Annual report 2025A · The company itself

“We also have integrations with or otherwise utilize or rely on PayPal, Stripe, Olo, Google Maps, Amazon Web Services ("AWS"), and a variety of other third-party vendors.”

Annual report 2025A · The company itself

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

Annual report 2025A · The company itself

“•Our Climate & Sustainability Technologies segment is responding to our customers' demand for increased energy efficiency and sustainability in food retail merchandising solutions, including the growing adoption rates for centralized CO2 refrigeration systems, as well as increasing demand for sustainable heating and cooling solutions, including in residential and commercial heat pumps and liquid cooling infrastructure for data centers, and in sustainability-driven growing global demand for aluminum beverage cans.”

Annual report 2025A · The company itself

“We expect demand conditions to trend favorably in 2026 primarily driven by continued strong demand in CO2 refrigerant systems, expected recovery in refrigerated door cases and services, as well as a favorable outlook for heat exchangers due to accelerating demand in data center cooling applications and continued improvement in European residential heat pumps.”

Annual report 2025A · The company itself

“•Our Imaging & Identification segment supplies precision marking and coding, product traceability, brand protection and digital textile printing equipment, as well as related consumables, software and services to the global packaged and consumer goods, pharmaceutical, industrial manufacturing, textile and other end-markets. •Our Pumps & Process Solutions segment manufactures specialty pumps and flow meters, fluid transfer connectors, highly engineered precision components, instruments and digital controls for rotating and reciprocating machines, polymer processing equipment, measurement, inspection, and control technologies, serving single-use biopharmaceutical production, diversified industrial manufacturing applications, chemical production, plastics and polymer processing, midstream and downstream oil and gas, clean energy markets, thermal management, wire and cable, food and beverage, semiconductor production and medical applications and other end-markets. •Our Climate & Sustainability Technologies segment is a provider of innovative and energy-efficient equipment, components, solutions, services and parts for the commercial refrigeration, heating and cooling and beverage can-making equipment end-markets.”

Annual report 2025A · The company itself

“Our heat exchanger business manufactures energy-efficient brazed plate heat exchangers used for residential climate control applications, including heat pumps, as well as industrial heating and cooling applications, including an increasing opportunity in data center cooling applications.”

Annual report 2025A · The company itself

“The organic revenue growth was primarily driven by single-use biopharma components, thermal connectors used in liquid cooling of data centers, as well as precision components and digital controls for midstream natural gas compression and power generation, partially offset by expected declines in our polymer processing equipment business as customers shift focus to optimizing the significant capacity investments made over the last several years.”

Annual report 2025A · The company itself

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

Annual report 2025A · The company itself

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

Annual report 2025A · The company itself

“These projects frequently require electrical and mechanical systems to meet special needs such as critical systems power supply, fire protection systems, special environmental controls and high-purity air systems, sophisticated electrical and mechanical systems for data centers, new production lines in manufacturing plants, and office arrangements in existing office buildings.”

Annual report 2025A · The company itself

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

Annual report 2025A · The company itself

“Tietoliikenneverkkoihin liittyvä markkinaympäristö pysyi edelleen vakaana Suomessa operaattoreiden investoidessa valokuiturakentamiseen ja nopeutuvassa tahdissa datakeskusten tietoliikenneyhteyksiin.”

Annual report 2025A · The company itself

“Datakeskusinvestoinnit kiihtyivät, ja niiden myötä datankäyttö ja sähkönkulutus tulevat kasvamaan merkittävästi. Datakeskusten kehittäminen lisää ennennäkemättömällä tavalla tietoliikenneyhteyksien, sähköverkkojen, sähköasemien, uusiutuvan energian ja kaukolämpöyhteyksien kysyntää.”

Annual report 2025A · The company itself

“Powerliiketoimintayksikön tilauskanta oli vuoden päättyessä ennätyskorkealla tasolla.”

Annual report 2025A · The company itself

“Datakeskusinvestoinnit kiihtyvät ja lisäävät kaikkien liiketoimintayksiköidemme kysyntää merkittävästi. Erityisesti sähköverkon kapasiteettiin investoidaan voimakkaasti datakeskusten luoman kysynnän vuoksi. Olemme jo toteuttaneet tietoliikenneyhteyksiä ja kaukolämmön talteenottoa datakeskuksille, ja huippuosaamisemme sähköasemissa, akkuvarastoissa, sähkönsiirtoverkoissa sekä uusiutuvassa energiassa kiinnostaa datakeskustoimijoita.”

Annual report 2025A · The company itself

“Power Power-liiketoimintayksikkö tarjoaa ratkaisuja yhteiskunnan sähköistymiseen ja uusiutuvaan energiaan asiakkailleen, joita ovat energiantuotannossa tai -siirrossa toimivat yritykset sekä datakeskukset.”

Annual report 2025A · The company itself

“Liiketoimintayksikkö suunnittelee, rakentaa ja ylläpitää kiinteitä ja langattomia tietoliikenneverkkoja sekä niihin liittyvää infrastruktuuria tietoliikenneoperaattoreille, tietoliikenneinfrastruktuurin omistajille ja datakeskuksille.”

Annual report 2025A · The company itself

“Power-liiketoimintayksikkö tarjoaa ratkaisuja yhteiskunnan sähköistymiseen ja uusiutuvaan energiaan asiakkailleen, jotka toimivat energiantuotannossa tai -siirrossa sekä datakeskuksissa.”

Annual report 2025A · The company itself

“Connectivity Connectivity-liiketoimintayksikkö on tietoliikenneyhteyksien elinkaarikumppani. Liiketoimintayksikkö suunnittelee, rakentaa ja ylläpitää sekä kiinteitä että langattomia tietoliikenneverkkoja tietoliikenneoperaattoreille, tietoliikenneinfrastruktuurin omistajille ja datakeskuksille.”

Annual report 2025A · The company itself

“The LPSC staff’s testimony discussed the significant projected benefits associated with the data center project; however, both the LPSC staff and such intervenors also identified purported risks associated with constructing the requested resources based on the terms and conditions under which the customer would be taking service.”

Annual report 2025A · The company itself

“Entergy Mississippi will need generation and transmission resources to reliably serve all Entergy Mississippi customers, including the data centers.”

Annual report 2025A · The company itself

“The large customer supply and service agreements also contain provisions which cover Entergy Mississippi’s incremental investment costs in the event of early termination. Entergy Mississippi anticipates recovering the incremental cost to serve the customer through the revenues it is collecting under the large customer supply and service agreements.”

Annual report 2025A · The company itself

“In May 2024 the MPSC approved Entergy Mississippi’s revisions to its formula rate plan to comply with state legislation passed in January 2024 allowing Entergy Mississippi to make interim rate adjustments, including the collection of a return on construction work in progress on a cash basis, to recover the non-fuel related annual ownership cost of certain facilities that directly or indirectly provide service to customers who own certain data processing center projects as specified in the legislation.”

Annual report 2025A · The company itself

“Because of the significant demand and energy needs associated with these facilities, which generally involve large levels of maximum demand for sustained periods throughout the day and throughout the year, extending service to these facilities often requires investment in incremental generation and transmission facilities, with a resulting risk of stranded costs if expected demand does not materialize and this risk is not mitigated through appropriate commercial terms, which are subject to negotiations with the customer.”

Annual report 2025A · The company itself

“Extending service to large-scale data center customers also may carry significant potential benefits to the Utility operating companies’ existing customer base as well as significant economic development benefits for the states and communities in which the new data centers are sited. These benefits include the potential for substantial contributions to the Utility operating companies’ fixed costs, which may have the effect of reducing electricity rates for all customers, as well as creating new jobs, tax revenues to local governments, indirect economic benefits, and similar benefits.”

Annual report 2025A · The company itself

“Large-scale data center customers often have sustainability goals and commitments that may require the sourcing of power for these facilities from renewable or emissions-free resources, such as solar, wind, or nuclear resources, or installation of carbon capture or other technologies to reduce emissions.”

Annual report 2025A · The company itself

“Many of these data center customers are willing to contribute a significant portion of the cost of these facilities in order to access these sustainable or emissions-free resources, including through subscriptions to renewable tariff offerings by the Utility operating companies, which arrangements have the potential to lower the costs of such resources as reflected in the rates of the Utility operating companies to the benefit of their other customers. This interest of prospective large-scale data center customers in sustainable and clean generating resources coincides with Entergy’s own sustainability objectives and informs the Utility operating companies’ strategies and resource planning solutions to serve these prospective customers’ needs.”

Annual report 2025A · The company itself

“Often it is therefore necessary and appropriate for the Utility operating companies, in the electric service agreements negotiated with these customers, to include terms that provide for the prospective customer to contribute significant funds, through contributions in aid of construction or through minimum bill revenues, toward the cost of these incremental investments and that include other terms and safeguards to balance reasonably the interests of existing customers with the interests of the prospective customer. Such safeguards take many forms but may include minimum payment obligations, lengthy contract durations, customer advances for construction, and credit and collateral requirements, among other terms.”

Annual report 2025A · The company itself

“Additionally, any future laws and regulations regarding large-scale data centers, including those relating to energy use, efficiency standards and source of power, could adversely affect Entergy and the Utility operating companies serving these customers, and the effects of such laws and regulations could be heightened by these companies’ increasing exposure to the data center industry.”

Annual report 2025A · The company itself

“Further, the terms and conditions of the MISO tariff, including provisions related to the design and implementation of wholesale markets, the allocation of transmission upgrade costs, the MISO-wide allowed base rate of return on equity, and any required MISO-related charges and credits are subject to regulation by the FERC. The operation of the Utility operating companies’ transmission system pursuant to the MISO tariff and their participation in the MISO wholesale markets, and the resulting costs, may be adversely affected by regulatory or market design changes relating to, among other issues, significant current and expected load growth to serve new large-scale data centers, as well as liability under, or any future inability to comply with, existing or future regulations or requirements.”

Annual report 2025A · The company itself

“The MISO tariff provisions governing the rights and obligations associated with the resource adequacy construct provided under the MISO tariff are subject to change and have recently undergone significant changes, some of which are the subject of pending litigation and/or appeals. Due to their magnitude and, with respect to the changes already made, the speed with which they have been implemented, these changes carry risk, including compliance risk, and may result in material additional costs being passed through to the Utility operating companies’ customers in retail rates, including but not limited to additional capacity costs incurred in the annual MISO Planning Resource Auction, and these risks may be exacerbated by significant new load additions, including large-scale projects to serve data centers, whether by the Utility operating companies or by other MISO load-serving entities.”

Annual report 2025A · The company itself

“In addition, a large volume of parties and individual generation resources, including large-scale projects to serve data centers, are presently seeking to interconnect to the transmission system MISO administers and over which MISO exercises functional control. Due to the resources and time required to study and evaluate these numerous interconnection requests, including the effects of speculative requests and requests that are withdrawn at late stages of the process, the current MISO interconnection queue to review new requests is subject to significant delays or periods in which MISO does not accept new interconnection requests.”

Annual report 2025A · The company itself

“The Utility operating companies also may not realize anticipated or expected growth in industrial or large-scale data center sales or electrification opportunities to help such customers achieve their environmental sustainability goals.”

Annual report 2025A · The company itself

“In recent years, the capital intensive nature of Entergy’s business has increased even further as a result of the capital expenditures required to build the infrastructure to serve multiple large-scale data centers in its utility service area.”

Annual report 2025A · The company itself

“Entergy expects that these customers will represent a high percentage of total sales, revenues, and cash flow with respect to the applicable Utility operating company for the foreseeable future. This creates business industry and credit concentration risks which Entergy and its subsidiaries may not be able to fully mitigate.”

Annual report 2025A · The company itself

“Any of these situations may result in lower than anticipated revenue or the early termination or non-renewal of these customers’ electric service agreements or renewal on terms less favorable to the associated Utility operating company.”

Annual report 2025A · The company itself

“If these projects are significantly delayed or become subject to cost overruns or cancellation, Entergy and the Utility operating companies could incur additional costs and termination payments or face increased risk of potential write-offs of their investments in these projects or incur other costs or risks, including MISO market risks or charges.”

Annual report 2025A · The company itself

“To the extent that any such changes in law or regulation impact data centers or facilities that power data centers, these risks may be heightened by Entergy’s and the Utility operating companies’ increasing reliance on large-scale data center customers for revenue and load growth.”

Annual report 2025A · The company itself

“Renewables Entergy Arkansas Special Rate Contract and Arkansas Cypress Solar In September 2025, Entergy Arkansas filed an application with the APSC seeking approval of a long-term special rate contract between Altitude, LLC, a subsidiary of Alphabet, Inc. (Google) and Entergy Arkansas for the sale of electricity to a new large-scale data center in West Memphis, Arkansas.”

Annual report 2025A · The company itself

“Entergy Louisiana Additional Generation and Transmission Resources In October 2024, Entergy Louisiana filed an application with the LPSC seeking approval of a variety of generation and transmission resources proposed in connection with establishing service to a new data center to be developed by a subsidiary of Meta Platforms, Inc. in north Louisiana, for which an electric service agreement has been executed. The filing requested LPSC certification of three new combined cycle combustion turbine generation resources totaling 2,262 MW, each of which will be enabled for future carbon capture and storage, a new 500 kV transmission line, and 500 kV substation upgrades.”

Annual report 2025A · The company itself

“In February 2025, Entergy Louisiana filed supplemental testimony with the LPSC stating that the third combined cycle combustion turbine resource presented in the October 2024 application (Waterford 5 Power Station) would be sited at Entergy Louisiana’s Waterford site in Killona, Louisiana, alongside existing Entergy Louisiana generation resources. The testimony also notes that Entergy Louisiana is negotiating with the customer in response to the customer’s request to increase the load associated with its project in north Louisiana.”

Annual report 2025A · The company itself

“Entergy Mississippi Additional Generation and Transmission Resources In March 2024, Entergy Mississippi executed a large customer supply and service agreement to serve two data center campuses located in Madison County, Mississippi in which Amazon Web Services is investing. In February 2025, Entergy Mississippi also executed a large customer supply and service agreement to serve a data center campus located in Warren County, Mississippi in which Amazon Web Services is investing.”

Annual report 2025A · The company itself

“•Entergy and its subsidiaries’ ability to successfully execute on their business strategies, including their ability to execute on their growth strategies and to complete strategic transactions, is subject to significant risks, and, as a result, they may be unable to achieve some or all of the anticipated results of such strategies. •The success of certain Utility operating companies’ investments in new generation and transmission assets to support large-scale data centers depends on a limited number of such customers, the continued demand for electricity to power data centers and the successful completion of the associated generation and transmission projects. Any reduction in the demand for electricity to power data centers or delays or unexpected costs associated with such projects may harm the growth prospects, future operating results and financial condition of Entergy and these Utility operating companies.”

Annual report 2025A · The company itself

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

Annual report 2025A · The company itself

“In October 2024, Entergy Louisiana filed an application with the LPSC requesting approval of certain generation and transmission assets proposed in connection with service to a new large-scale data center being developed by a subsidiary of Meta Platforms, Inc. in north Louisiana.”

Annual report 2025A · The company itself

“Electricity sales to industrial customers, in particular, benefit from steady economic growth and favorable commodity markets; however, industrial sales are or may be sensitive to changes in laws, regulations, trade-related governmental actions, including tariffs and other measures, such as new laws or regulations relating to data centers or other large loads, or conditions in the markets in which its customers operate.”

Annual report 2025A · The company itself

“Entergy and its subsidiaries anticipate a high level of load growth in their industrial and large commercial customer segments, including from large-scale data centers owned by a small number of large customers. Entergy and its subsidiaries may be unsuccessful in capturing such opportunities or the opportunities to serve these new large customers may not materialize to the degree, extent, or duration currently expected.”

Annual report 2025A · The company itself

“The above risks are heightened by the number and size of the capital projects that Entergy and the Utility operating companies currently plan to undertake to serve load growth driven primarily by large-scale data centers.”

Annual report 2025A · The company itself

“The capital plan of certain Utility operating companies includes significant investments in generation facilities to serve the rapid growth in load demand from large customers and large-scale data centers, which facilities will emit CO2 or other greenhouse gases and amplify these risks for Entergy and those Utility operating companies.”

Annual report 2025A · The company itself

“With respect to the obligations of counterparties to large customer electric service agreements, Entergy has heightened exposure to a small number of large-scale data center customers which makes recovery of Entergy’s significant investments in transmission and generation assets to power those new large-scale data centers subject to a significant degree to the success of those customers. The contractual and credit and collateral protections included in the agreements with these customers may prove insufficient to protect Entergy under certain circumstances, such as in the event of a bankruptcy of the customer or a guarantor of its obligations.”

Annual report 2025A · The company itself

“The capital plan of certain Utility operating companies includes significant investments in generation facilities in the near term to serve the rapid growth in load demand from large customers and large-scale data centers, which heightens Entergy’s and those Utility operating companies’ exposure to these risks.”

Annual report 2025A · The company itself

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

Annual report 2025A · The company itself

“Further, overall electric load growth, especially as a result of artificial intelligence (“AI”)-driven data center demand, continues to increase.”

Annual report 2025A · The company itself

“The U.S. is expected to need significant new power generation capacity as domestic power demand is expected to increase up to 3.5% annually through 2040, a significant portion of which is expected to be driven by data center growth.”

Annual report 2025A · The company itself

“Further, demand for solar energy in key markets, such as the United States and India, may be affected by the nature and extent of commitments to the renewable energy transition at the local and global levels. Notwithstanding these considerations, utility and corporate demand for energy and overall electric load growth, especially as a result of AI-driven data center demand, continue to increase.”

Annual report 2025A · The company itself

“Customer concentration is particularly pronounced in our Cloud and Power Infrastructure businesses, where a limited number of hyperscale cloud providers, colocation companies, and large enterprise data center operators represent a substantial portion of demand. Hyperscale customers typically have substantial purchasing power and negotiating leverage, which they may use to obtain favorable pricing, extended payment terms, volume flexibility, or other concessions that could reduce our margins or adversely affect our cash flows.”

Annual report 2026A · The company itself

“In addition, certain hyperscale customers have developed, or may develop, internal design, engineering, or manufacturing capabilities that compete with our offerings. These customers may choose to reduce their reliance on third-party providers like us over time, which could result in reduced order volumes, loss of programs, or increased pricing pressure.”

Annual report 2026A · The company itself

“In particular, demand for our cloud and power infrastructure solutions serving data center applications is significantly influenced by continued investment in AI, machine learning, and high-performance computing infrastructure by our customers, particularly hyperscale cloud providers.”

Annual report 2026A · The company itself

“For example, cloud-based service providers are cyclically different from our traditional customers, creating changes to our historical revenue patterns and increasing the complexity of the management of our working capital requirements.”

Annual report 2026A · The company itself

“Our Cloud and Power Infrastructure businesses are particularly subject to rapid technology evolution. The data center infrastructure industry is characterized by frequent platform transitions, increasing rack power densities, adoption of liquid and hybrid cooling technologies, evolving power delivery architectures and voltage standards, and changing interconnect, security, and manageability requirements.”

Annual report 2026A · The company itself

“The emergence of new technologies, industry standards, or customer requirements may render our existing power delivery systems, cooling solutions, integration capabilities, inventory, or manufacturing processes less competitive or obsolete. Our acquisition and implementation of new technologies and equipment, and the expansion of our product and solutions offerings, may require significant expense or capital investment, which could reduce our operating margins.”

Annual report 2026A · The company itself

“Our Cloud and Power Infrastructure businesses may require elevated working capital commitments, including customer-specific materials, specialized test equipment, and inventory for customer programs with longer lead times, which can increase our exposure to demand variability and project delays.”

Annual report 2026A · The company itself

“Government authorities in the United States and other jurisdictions have enacted, proposed, or are considering laws and regulations relating to data center development and permitting, energy and water consumption, grid reliability, and environmental and community impacts. These regulatory developments may result in new requirements, delays, or restrictions on the development, expansion, or operation of data centers or related infrastructure by our customers and third-party facility operators.”

Annual report 2026A · The company itself

“Such regulatory actions could increase our customers’ costs, delay or reduce their planned infrastructure investments, limit the scale or geographic location of data center deployments, or otherwise constrain their ability to deploy or expand AI, machine learning, and high-performance computing infrastructure. Given our Cloud and Power Infrastructure businesses’ exposure to data center development activity, any sustained reduction or delay in data center investment resulting from regulatory developments could materially and adversely affect demand for our products and services, our results of operations, and our financial condition.”

Annual report 2026A · The company itself

“Our CPI segment supports the scalable and reliable deployment of mission‑critical digital infrastructure, combining end‑to‑end power, thermal, and integrated infrastructure technologies with global engineering, manufacturing, and lifecycle services. CPI delivers coordinated, system‑level solutions for high‑density data center and cloud deployments, helping customers move faster, improve reliability, and manage increasing power and thermal complexity through an integrated, globally scaled operating model.”

Annual report 2026A · The company itself

“One of our competitive strengths is our ability to leverage technology from one industry and apply it to a different application within another industry. For example, we leverage our experience in our data center-related 6 Table of Contents businesses to support power and compute applications in our automotive business.”

Annual report 2026A · The company itself

“To remain competitive, we must continually invest in engineering capabilities, validation and testing infrastructure, supply chain enablement, specialized integration capabilities, and capital equipment to support evolving customer specifications and density requirements.”

Annual report 2026A · The company itself

“Our new CPI segment is focused on delivering integrated compute systems, power, and cooling technologies that support large-scale cloud, data center, and AI-enabled infrastructure deployments.”

Annual report 2026A · The company itself

“We partner with customers across a diverse set of industries including data center, healthcare, industrial, automotive, communications, and lifestyle.”

Annual report 2026A · The company itself

“the rapid expansion of data centres are all expected to drive sustained demand for key commodities”

Annual report 2025A · The company itself

“Table of Contents •If our internal enterprise IT networks, our operational networks, our research and development networks, our back-end labs and cloud stacks hosted in our data centers or PoPs, colocation vendors or public cloud providers are compromised, public perception of our products and services may be harmed, our customers may be breached and harmed, we may become subject to liability, and our business, operating results and stock price may be adversely impacted. •We have incurred indebtedness and may incur other debt in the future, which may adversely affect our financial condition and future financial results. •We generate a majority of billings, revenue and cash flow from sales outside of the United States, which may expose us to risks associated with international operations and may adversely affect our business, financial condition and results of operations.”

Annual report 2025A · The company itself

“Our global and scalable cloud network includes over 190 PoPs to deliver a seamless secure access experience.”

Annual report 2025A · The company itself

“In order to sustain our growth in certain of our existing and new markets, we may acquire or expand existing data centers, lease new facilities or acquire suitable land, with or without structures, to build new data centers or office buildings. These projects expose us to risks which could have an adverse effect on our results of operations and financial condition.”

Annual report 2025A · The company itself

“Moreover, business models based on a subscription cloud-based software service have become increasingly in demand by our end-customers and adopted by other providers, including our competitors. While we have introduced additional cloud-based solutions and will continue to do so, most of our platform is currently deployed on premise, and therefore, as customers demand that solutions be provided through a subscription cloud-based business model, we are making additional investments in our infrastructure and personnel to be able to more fully provide our platform through a subscription cloud-based model in order to maintain the competitiveness of our platform. Such investments involve expanding our data centers, servers and networks, and increasing our technical operations and engineering teams and this results in added cost and risks associated with managing new business models, such as obligations to deliver certain functionality and features and to meet certain service level agreements related to cloud-based solutions.”

Annual report 2025A · The company itself

“FortiCloud is our private cloud software as a service (“SaaS”) platform, powered by FortiStack, which is our secure SaaS platform operating as a private cloud service provider and leveraging software and hardware to optimize and secure all layers. •FortiAI—FortiAI provides a dual-layered defense across the Fortinet Security Fabric through the AI for Security and Security for AI framework.”

Annual report 2025A · The company itself

“Sähkön osuuden energian kokonaiskulutuksesta odotetaan kasvavan merkittävästi pitkällä aikavälillä. Sähkön kysynnän kasvuvauhtiin vaikuttavia tekijöitä ovat makrotaloudellinen ja väestökehitys, energiatehokkuuden parantaminen ja energiaintensiivisten alojen – kuten eri teollisuudenalojen, datakeskusten, liikenteen, lämmityksen ja jäähdytyksen – dekarbonisaatio suoran sähköistämisen ja pitkällä aikavälillä vihreän vedyn avulla.”

Annual report 2025A · The company itself

“Espoon Clean Heat -ohjelma edistyy merkittävästi: olemme nyt ottaneet käyttöön oman sähköistetyn kaukolämmöntuotannon Espoon ja Kirkkonummen datakeskuskohteissa, joissa hyödynnämme tulevaisuudessa myös Microsoftin tulevien datakeskusten hukkalämpöä. Lisäksi Espoon Nuijalan sähköpohjainen kaukolämpölaitos on aloittanut tuotannon.”

Annual report 2025A · The company itself

“We believe that gas power plays an essential role in the energy transition, serving as a fundamental source of reliable and dispatchable power to support industrialization, grid stability needs, and rising electricity demand from hyperscalers and data centers.”

Annual report 2025A · The company itself

“Demand remains strong for large scale transmissionrelated equipment to interconnect renewables and move bulk power. We also continue to benefit from higher growth in orders from other transmission activities to connect new power sources, to electrify industries including data centers playing a key role in the development of artificial intelligence (AI), and to modernize existing grid infrastructure.”

Annual report 2025A · The company itself

“Because we manufacture and sell products used in AI infrastructure, our performance and the market price of our common stock are frequently linked to AI investment trends and sector sentiment, which has resulted in, and may continue to result in, significant volatility.”

Annual report 2025A · The company itself

“The recent introduction of our large-megawatt diesel generator line-up has substantially increased our served addressable market, allowing us to participate in the supply-constrained data center market which is expected to grow significantly over the coming years due to the mass adoption of artificial intelligence.”

Annual report 2025A · The company itself

“At the same time, power demand is expected to meaningfully accelerate due to (i) the rapid adoption of artificial intelligence and related data center energy requirements, (ii) the re-industrialization of North America, and (iii) the electrification of a wide range of consumer and commercial products, including transportation, HVAC systems, and other major appliances.”

Annual report 2025A · The company itself

“Substantial capital investments in new data centers and accelerating adoption of artificial intelligence. As a result of the development of artificial intelligence and the expected benefits of this technology, there is significant capital investment being made to build out data center infrastructure, which is expected to further accelerate adoption of artificial intelligence capabilities. Backup power solutions are a necessary part of this substantial investment in data centers.”

Annual report 2025A · The company itself

“As society becomes increasingly dependent on digital products, services, and capabilities, data centers and their related infrastructure are becoming mission-critical in nature and will therefore require complete resiliency coverage for their power utilization, making backup power generation equipment an essential component of these systems.”

Annual report 2025A · The company itself

“Given the significant data center opportunity, we expect to increase our manufacturing, test cell, and packaging capacity even further to be able to win market share and serve data center customers globally.”

Annual report 2025A · 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

“C&I also provides back-up power solutions for data centers including delivery of large backup power generators, project management, installation commissioning and training.”

Annual report 2025A · The company itself

“We substantially rely upon AWS services to operate our integrated platform, and any disruption of or interference with our use of AWS would adversely affect our business, results of operations and financial condition. A substantial portion of our cloud infrastructure is provisioned through AWS, which hosts several of our products and our integrated platform.”

Annual report 2025A · The company itself

“We also expect to increasingly rely on third-party cloud computing and hosting providers, such as AWS, as we transition to the public cloud.”

Annual report 2025A · The company itself

“Table of Contents We use AWS primarily for cloud-based server capacity, storage and other infrastructure offerings.”

Annual report 2025A · The company itself

“The scalability and flexibility of our infrastructure depends on the functionality and bandwidth of our data centers, peering sites and servers.”

Annual report 2025A · The company itself

“Our scalable infrastructure platform was built to allow for economies of scale and enable next-generation hosting architecture for our customers, while investing in faster, denser and more efficient data centers, improved network connectivity and resiliency, both domestically and internationally.”

Annual report 2025A · The company itself

“Cloud technologies are also critical to the operation of our systems and platforms and our reliance on cloud technologies is growing. Service disruptions have resulted, and may result in the future, in delays in accessing, or the loss of, data that is important to our businesses and may hinder our clients’ access to our platforms. There have been a number of widely publicized cases of outages in connection with access to cloud computing providers, such as an incident in October 2025 that affected many businesses worldwide, including us.”

Annual report 2025A · The company itself

“Starka marknader för Data Center och Harsh Environment Marknaden för Data Center är stark. Här driver utvecklingen av AI på investeringar i fler datacenter, vilket även ger en positi effekt för Fiber Solutions.”

Annual report 2024A · The company itself

“Fler anslutna enheter, expansionen av plattformar online, AI-applikationer, den ökade användningen av sensorer och IoT bidrar till ökade datavolymer. Ökade datavolymer driver investeringar i fibernät, och det växande behovet av datacenter är en tydlig indikator.”

Annual report 2024A · The company itself

“Övergången till molnet och efterfrågan på SaaS-lösningar (Software as a Service), AI (Artificiell Intelligens) och digitaliseringen driver på utbyggnaden av datacenter över hela världen.”

Annual report 2024A · The company itself

“För att hantera den ökande mängden data krävs allt fler datacenter, där kapaciteten förväntas flerfaldigas under de kommande åren.”

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

“Allt är Vi tillhandahåller produkter och service för datacenter Fokusområde Data Center Fokusområde Data Center tillhandahåller ett brett utbud av specialisttjänster för datacentermarknaden. Vi designar infrastruktur och kabellösningar, planerar installationer samt bistår med support och driftstjänster, allt för att installationer ska kunna göras på ett säkert och effektivt sätt. utformat med redundans för att säkerställa kontinuerlig tillgång till data och datorresurser.”

Annual report 2024A · The company itself

“Det skräddarsydda utbudet för datacenter omfattar fiberoptiska kablar och kablage med hög kapacitet, kabelhanteringslösningar samt inneslutningar för varma och kalla zoner, design, planering och installation av datacenter.”

Annual report 2024A · The company itself

“• I juli 2024 tecknade Hexatronic en avsiktsförklaring om att förvärva delar av isländska Endor, verksamt inom tjänster för datacenter.”

Annual report 2024A · The company itself

“Ett stort amerikanskt teknikföretag på Fortune 20-listan sökte en betrodd partner för att utrusta nästa generations datacenter, en så kallad hyperscale som ska hantera enorma mängder data.”

Annual report 2024A · The company itself

“Den övervägande delen av de externa intäkterna kommer från försäljningen av Fiber Solutions. Utöver detta driver koncernen verksamhet inom fokusområdena Harsh Environment och Data Center, där strategin framåt är att växa dessa områden genom välplanerade satsningar och förvärv av nya intressanta företag .”

Annual report 2024A · The company itself

“In addition, the increasing use and development of AI has increased demand for AI-related projects, including data center power solutions and semiconductor applications. The growth and development of this rapidly-evolving industry is difficult to predict. Changes in demand can affect the timing and amounts of customer investments in our products, which could materially affect the Company and its financial condition and results of operations.”

Annual report 2025A · The company itself

“For example, in the last few years, the demand for high-end GPUs for model training increased dramatically and has resulted and may continue to result in a significant shift in data center customer spend.”

Annual report 2025A · The company itself

“The loss of key customers, a substantial reduction in sales to them, or changes in the timing of their orders can lead to a reduction in our revenue, increase the volatility of our results and harm our results of operations and financial condition. Industry trends, such as the increase in AI workloads and shift of data center workloads to the public cloud, have increased the significance and purchasing power of certain customers, particularly hyperscalers, in some of our data center-focused businesses. Our competitive position can be eroded, as it has been in the last few years, to the extent we are not effective in addressing the particular needs of these customers in this rapidly evolving and increasingly competitive environment.”

Annual report 2025A · The company itself

“Expanding privacy legislation and compliance costs of privacy-related and data-protection measures could adversely affect our customers and their products and services, particularly in cloud, Internet of Things and AI applications, which could in turn reduce demand for our products used for those workloads.”

Annual report 2025A · The company itself

“Private Placement Share Sale Agreements In Q3 2025, we entered into two agreements for the issuance and sale of shares of our common stock in private placements to support our strategic investments in advanced manufacturing, AI infrastructure and long-term growth initiatives: ▪on August 18, 2025, we entered into an agreement with SoftBank Group to issue and sell to SoftBank Group 87 million shares of our common stock at $23.00 per share, representing an aggregate cash purchase price of $2.0 billion. The issuance and sale of the shares was completed on September 26, 2025; and ▪on September 15, 2025, we entered into an agreement with NVIDIA to issue and sell to NVIDIA 215 million shares of our common stock at $23.28 per share for an aggregate cash purchase price of $5.0 billion.”

Annual report 2025A · The company itself

“Our software portfolio is a key differentiator for our DCAI business, enabling customers to unlock the full potential of our platforms across cloud, edge, and enterprise deployments. In 2025, we accelerated delivery of data center software and developer tools, focusing on AI, HPC, and platform optimization. In addition, we expanded support for leading AI frameworks—including PyTorch, TensorFlow, Hugging Face, and vLLM—optimized for our server CPUs, GPUs and accelerators.”

Annual report 2025A · The company itself

“▪Intel 3, a derivative node of Intel 4 that delivers enhanced performance over Intel 4, first went into high-volume manufacturing in 2024. Intel Xeon 6 Scalable server processor offerings are manufactured using this node. This node represented a modest portion of our internal processor production and products by revenue in 2025, with its percentage contribution expected to increase in 2026. ▪Intel 18A, currently our most advanced leading-edge node, first went into high-volume manufacturing in late 2025 and delivers significant improvements in performance per watt and density scaling over Intel 3.”

Annual report 2025A · The company itself

“DCAI delivers workload-optimized solutions based upon our x86 architecture for data centers, including CPUs, AI accelerators, NICs, IPUs and custom ASICs, enabling performance and scalability for cloud, enterprise, telecommunication and HPC environments.”

Annual report 2025A · The company itself

“▪DCAI revenue increased $794 million from 2024, primarily driven by higher server revenue due to higher hyperscale customer-related demand, which contributed to an increase in server volume of 9%.”

Annual report 2025A · The company itself

“For example, we have designed a significant portion of our software and computer systems to utilize data processing and storage capabilities provided by public cloud providers. If any public cloud service that we use is unavailable to us for any reason, our customers may not be able to access certain of our cloud products or features, which could significantly impact our operations, business, and financial results.”

Annual report 2026A · The company itself

“We rely on our network infrastructure, data hosting, public cloud, and software-as-a-service providers, and internal technology systems for many of our development, marketing, operational, support, sales, accounting, and financial reporting activities.”

Annual report 2026A · The company itself

“At the end of 2023, only an estimated 25% of tech workloads were running in a cloud environment. By 2028, Gartner expects this to have risen to 70% as this will be seen as a necessity and a source of innovation. Not only will it be needed to be competitive but indeed to survive. This next wave of cloud migrations will include the more complicated and business-critical applications.”

Annual report 2024A · The company itself

“There is a gradual shift taking place in the nature of the demand for managed services. As businesses seek greater resilience, face a war for talent, and need to digitise and experience cost pressures, strategic managed services are increasingly a top management priority. Leveraging the substantial investment that it has carried out in its Cloud and Application Services, Itera expects to see a gradual improvement in its profitability once the volume of migration and modernisation engagements reaches critical mass.”

Annual report 2024A · The company itself

“Keysight is enabling rapid advances in AI through solutions to increase the efficiency of AI compute clusters and to accelerate the deployment of new interconnect technologies that deliver greater speed and capacity in AI data center infrastructure.”

Annual report 2025A · The company itself

“Our customers are expected to continue to make R&D investments in certain next-generation technologies and applications, including evolution of 5G, early 6G, high-speed data center networks and infrastructure, satellite networks, artificial intelligence (“AI”), industrial internet of things (“IoT”), defense modernization, and next generation electric vehicles and autonomous vehicles.”

Annual report 2025A · The company itself

“High-performance computing (“HPC”) and data centers, supported by increasing adoption of AI, are contributing to industry growth and these trends are expected to continue to influence industry investment during fiscal year 2027. AI-related demand is driving innovation and investment at the leading edge and we believe our portfolio of products is uniquely positioned to support leading-edge semiconductor manufacturing and ongoing AI infrastructure buildout.”

Annual report 2026A · The company itself

“Backlog Our backlog, primarily consisting of sales orders where written customer requests have been received, increased from $7.86 billion as of June 30, 2025, to $12.57 billion as of June 30, 2026, due to strong demand driven by the AI infrastructure buildout.”

Annual report 2026A · The company itself

“However, beginning in the first quarter of fiscal year 2025, network equipment manufacturers normalized inventory levels; and since then, we have seen increasing demand from AI and cloud customers as they continue to expand their data centers, driven in part by the continued advances in cloud and AI infrastructure. This demand is outpacing our current supply which has required us to make decisions on supply allocation. We are investing in manufacturing capacity, both internally and with contract manufacturers, to meet demand.”

Annual report 2026A · The company itself

“Our increased efforts toward building frontier AI models have driven a significant further expansion in our computing needs and we expect our computing needs to continue to expand as a result.”

Annual report 2025A · The company itself

“Historically, the increases in our computing needs have been driven by growth in our user base as well as engagement with products like video and VR.”

Annual report 2025A · The company itself

“A substantial portion of our technical infrastructure is provided by third parties. Any disruption or failure in the services we receive from these providers could harm our ability to handle existing or increased traffic and could significantly harm our business.”

Annual report 2025A · The company itself

“We have designed and built our own data centers and key portions of our technical infrastructure through which we serve our products, and we plan to continue to significantly expand the size of our infrastructure primarily through data centers, subsea and terrestrial fiber optic cable systems, and other projects.”

Annual report 2025A · The company itself

“We own 30 data center locations globally and we also lease some data centers at selected locations.”

Annual report 2025A · The company itself

“We have made and are continuing to make significant capital and operational investments to develop, train, deploy, and support AI models and related cloud-based services, including building and expanding datacenters, acquiring necessary components, and securing energy resources. These investments are being made at significant scale and on an accelerated timeline, require substantial and increasing capital expenditures and continued access to capital, and are in advance of fully developed revenue streams.”

Annual report 2026A · The company itself

“The investments we are making in cloud and AI infrastructure and devices will continue to increase our operating costs and may decrease our operating margins. We continue to identify and evaluate opportunities to expand our datacenter locations and increase our server capacity to meet the evolving needs of our customers, particularly given the growing demand for AI services.”

Annual report 2026A · The company itself

“Our success depends on our ability to develop, deliver, and maintain competitive cloud-based and AI products and services that achieve broad customer adoption and sustainable revenue growth. Our ability to succeed depends on our ability to develop and deliver differentiated products and services that meet evolving customer needs, achieve broad adoption, maintain customer trust, and generate sustainable revenue and growth.”

Annual report 2026A · The company itself

“Our increasing user traffic, our growth in services, and the complexity of our products and services demand more infrastructure capacity and computing power. We have spent and will continue to spend substantial amounts to build, purchase, or lease datacenters and equipment and to upgrade our technology and network infrastructure. Our infrastructure capacity depends on the availability of permitted and buildable land, predictable and affordable energy, networking supplies, and servers, including graphics processing units and other components. These demands continue to increase as we introduce new products and services and support the growth and the augmentation of existing services, and scale further the incorporation of AI features and/or functionality.”

Annual report 2026A · The company itself

“Azure is a comprehensive set of cloud services that offer developers, IT professionals, and enterprises freedom to build, deploy, and manage applications on any platform or device. Customers can use Azure through our global network of datacenters for computing, networking, storage, mobile and web application services, AI, and Internet of Things.”

Annual report 2026A · The company itself

“Azure AI offerings provide a competitive advantage as companies seek ways to optimize and scale their business with AI. We offer supercomputing power for AI at scale to run large workloads, complemented by our rapidly expanding portfolio of AI cloud services (including the latest models) and hardware, which includes custom-built silicon and strong partnerships with chip manufacturers.”

Annual report 2026A · The company itself

“Highlights from fiscal year 2026 compared with fiscal year 2025 included: • Microsoft Cloud revenue increased 27% to $214.4 billion. • Commercial remaining performance obligation increased 84% to $678 billion. • Microsoft 365 Commercial cloud revenue increased 17%. • Microsoft 365 Consumer cloud revenue increased 28%. • LinkedIn revenue increased 11%. • Dynamics 365 revenue increased 18%. • Azure and other cloud services revenue increased 41%. • Windows OEM and Devices revenue decreased slightly. • XBOX content and services revenue decreased 5%. • Search advertising (formerly Search and news advertising) revenue excluding traffic acquisition costs increased 12%.”

Annual report 2026A · The company itself

“Fiscal Year 2026 Compared with Fiscal Year 2025 Revenue increased $50.1 billion or 18% driven by growth in Microsoft Cloud.”

Annual report 2026A · The company itself

“Intelligent Cloud Revenue increased $31.5 billion or 30%. • Server products and cloud services revenue increased $31.0 billion or 31% driven by Azure and other cloud services. Azure and other cloud services revenue grew 41% driven by demand for services across the platform with continued growth across all workloads.”

Annual report 2026A · The company itself

“In some cases, these parties are significant customers of Azure and other cloud services.”

Annual report 2026A · The company itself

“Leading the blue revolution strategy board statements financial statements analytical appendices With access to 20% of global Atlantic salmon farming data, it puts us in a unique position to take advantage of advancements in Artificial Intelligence across our integrated value chain. Our cloud-based platform enhances decision-making via Big Data analytics, data science, KPI reporting, and AI.”

Annual report 2024A · The company itself

“Certain Vendor Products are concentrated among a small number of suppliers, and we also rely on major cloud and infrastructure providers to host and deliver certain products and services, so an adverse negotiation, dispute or renewal outcome with, or our inability to replace, a key supplier or to obtain comparable data or services on acceptable terms could affect our costs or ability to deliver products and services.”

Annual report 2025A · The company itself

“Under året har den starka tillväxten inom datacentermarknaden bidragit till en betydande ökning av försäljningen av evaporativa befuktningspads, som används för temperaturkontroll.”

Annual report 2024A · The company itself

“Nettoomsättningen ökade med +29%, varav den organiska tillväxten uppgick till +27%, drivet av leveranser av tidigare annonserade stora ordrar och en ökad produktionstakt.”

Annual report 2024A · The company itself

“Introduktion Årsstämma 2024 I september tillkännagavs en strategisk allians med ZutaCore, en ledare inom direct-to-chip, vattenfri vätskekylning för datacenter. Målet är att hantera AI-genererad värme mer effektivt och hållbart genom att integrera Munters SyCool-system med ZutaCores avancerade 2-fas vätskekylningsteknik. Samarbetet kommer att fokusera på att hantera AI-genererad värme samtidigt som att riskerna förknippade med vattenläckage elimineras.”

Annual report 2024A · The company itself

“Data Center Technologies är en marknadsledande innovatör av avancerade klimatlösningar för kylning av datacenter. Med en diversifierad produktportfölj och omfattande applikationskunskap skapar vi hållbara klimatlösningar för datacenteroperatörer över hela världen.”

Annual report 2024A · The company itself

“Definitioner Omsättning och resultat Orderingång och nettoomsättning Övrigt Goodwill Under året uppgick orderingången till MSEK 14 259 (14 116), drivet av stark tillväxt inom FoodTech och en stabil utveckling i AirTech.”

Annual report 2024A · The company itself

“Introduktion Strategi Vårt strategiska hjul Megatrender Marknad Kunder Innovation Effektivitet och kvalitet Medarbetare Verksamheten Bolagsstyrning Hållbarhetsrapport Finansiell information Övrigt Prioriterade tillväxtområden är • Batteriindustrin • Kylning av datacenter • Den globala värdekedjan för livsmedelsproduktion • Serviceverksamhet och komponenter • Clean Technologies Hur vi gör Hållbarhetsfokus Munters erbjuder energieffektiva klimatkontrollsystem som minskar kundernas användning av el och vatten.”

Annual report 2024A · The company itself

“Luftbefuktning är ett annat fokusområde som växer genom industriella investeringar inom segment som datacenter, elektronik och fordon.”

Annual report 2024A · The company itself

“Strategi DCT är en teknologiledande leverantör av avancerade kylsystem för datacenter. Med rötter i nischad expertis har DCT utvecklats till en global innovationsledare.”

Annual report 2024A · The company itself

“Geoclima, en italiensk tillverkare av luft- och vattenkylda kylaggregat. Genom förvärvet av Geoclima kompletterar Munters Data Center Technologies (DCT) sitt produktutbud inom kylning av datacenter, vilket förbättrar förmågan att erbjuda helhetslösningar till hela datacentermarknaden.”

Annual report 2024A · The company itself

“The 2024 Plan informs future generation investments required to ensure reliability for NIPSCO's customers and incorporated factors such as anticipated load growth from data centers and other economic development opportunities, new EPA emissions rules, and evolving MISO resource accreditation rules.”

Annual report 2025A · The company itself

“In 2025, we entered into the ADS Contract, a customized agreement under which NIPSCO will provide electric service to ADS by procuring power from GenCo, which will develop related generation assets, and we expect our data center operations to continue to grow.”

Annual report 2025A · The company itself

“Our electric generation strategy may require additional investment to meet our MISO obligations and may require significant future capital expenditures, operating costs and charges to earnings that may negatively impact our financial position, financial results and cash flows. In recent years, MISO has implemented new capacity accreditation rules and continues to put forth new plans and proposals relating to its accreditation requirements. Recent MISO accreditation changes have affected generation resources, with solar, wind, and battery storage being more significantly impacted than natural gas. It is possible that, under future MISO rules, the capacity accreditation for the capacity resources we construct (potentially including the significant capacity resources we plan to construct to serve ADS and any additional data center customers) will be eliminated or reduced, in which case we would need to replace or supplement the accredited generation capacity we plan to build.”

Annual report 2025A · The company itself

“In addition, we expect to incur significant additional indebtedness in order to construct the generation and transmission assets needed to serve ADS and any future data center customers.”

Annual report 2025A · The company itself

“However, ADS has the right to terminate the ADS Contract for convenience following certain notice periods. If ADS terminates or defaults under the ADS Contract or elects not to renew the ADS Contract after the initial term, we may not be able to replace ADS’ demand or otherwise fully utilize the assets constructed in connection with the ADS Contract.”

Annual report 2025A · The company itself

“If ADS elects to reduce the committed capacity under the ADS Contract or to terminate the ADS Contract during its initial term, we will not receive the full earnings we expect to receive over the life of the ADS Contract. Although the ADS Contract provides for reimbursement for our investment in the Contract Assets and related expenses in the event of a reduction in the committed capacity or early termination, the amount of any reimbursement is capped under the ADS Contract, with the amount of the caps being based on cost estimates determined as of signing.”

Annual report 2025A · The company itself

“Termination of the ADS Contract during its initial term or exercise by ADS of its one-time option to reduce capacity also may cause us reputational harm, which could, among other things, negatively affect our ability to source and execute contracts with additional data center customers.”

Annual report 2025A · The company itself

“Many factors, including those outside our and our data center customers’ control, could cause our data center customers to terminate their data center contracts or exercise any applicable options to reduce capacity. These factors also could contribute to an overall lessening of demand from data center customers.”

Annual report 2025A · The company itself

“Under the ADS Contract, if the Contract Assets are delivered into service late or do not achieve certain other performance-related milestones, ADS is entitled to liquidated damages, which would be offset against NIPSCO’s billings to ADS and reduce the rate of return earned under the ADS Contract. In addition, our actual costs to construct the Contract Assets may exceed the budget contemplated by the ADS Contract, which could result from delays in construction or from other factors.”

Annual report 2025A · The company itself

“NIPSCO’s and GenCo’s operations under the ADS Contract will be regulated by the IURC in a different way from the regulatory mechanisms applicable to NIPSCO’s historical operations.”

Annual report 2025A · The company itself

“The 2024 Plan informs future generation investments required to ensure reliability for NIPSCO’s customers and incorporates factors such as anticipated load growth from data centers and other economic development opportunities, EPA emissions rules, and evolving MISO resource accreditation rules.”

Annual report 2025A · The company itself

“In this regard, we executed the ADS Contract in September 2025.”

Annual report 2025A · The company itself

“Additionally, operational, financial or regulatory conditions or other factors may result in our inability to effectively develop and implement our strategy with respect to the complex business opportunities associated with growing interest in data centers from existing and potential customers.”

Annual report 2025A · The company itself

“Our business requires substantial capital expenditures for investments in, among other things, capital improvements to our electric generating facilities, electric and natural gas transmission and distribution infrastructure, natural gas storage and other projects, including projects for environmental compliance. In particular, in addition to the capital projects we plan to undertake to support our base business, in connection with the ADS Contract, we expect to construct, through GenCo, 400 MW of new battery storage and a new power generation facility consisting of two 1,300 MW CCGTs, which are expected to reach commercial operation between 2028 and 2032, as well as related transmission and distribution assets.”

Annual report 2025A · The company itself

“We advanced our Data Center strategy significantly by creating our GenCo affiliate, whose goal is to build capacity to serve large load customers.”

Annual report 2025A · The company itself

“We expect to incur significant indebtedness to fund our construction of the Contract Assets. Doing so will reduce our ability to incur further indebtedness to pursue other strategic opportunities, such as partnerships with other large data center customers or strategic mergers and acquisitions, while at the same time maintaining our investment grade credit ratings, which may require us to rely to a greater degree on equity financing in connection with future data center contracts and also may increase our reliance on equity financing for future investments in our existing traditionally regulated utility business, each of which could lead to substantial dilution of our existing shareholders.”

Annual report 2025A · The company itself

“If we enter into additional data center contracts, we expect that we would need to develop additional generation assets to serve our new data center customers. In order to fund the development of these assets which may be significant, we would be required to obtain significant additional financing, for which we may consider other funding sources, structures, or partnerships such as JVs or off-balance sheet arrangements in the form of BTAs to support maintenance of our investment grade credit ratings.”

Annual report 2025A · The company itself

“We expect to make capital investments totaling approximately $21.0 billion during the 2026-2030 period to support our base business (exclusive of investments relating to the ADS Contract), including capital investments to support our generation transition strategy, and to invest approximately $7.0 billion during that period to develop the Contract Assets in connection with the ADS Contract, as set forth in the table below.”

Annual report 2025A · The company itself

“We also engage in wholesale electric and transmission transactions, and enter into customized agreements to provide electric service to data center customers.”

Annual report 2025A · The company itself

“ADS Contract and Data Center Strategy: ADS Contract In September 2025, NIPSCO entered into an agreement with ADS, a wholly-owned subsidiary of Amazon.com, Inc., under which NIPSCO will provide electricity to ADS' data centers. Under the ADS Contract, which is pending IURC approval, NIPSCO will provide electric service to ADS pursuant to a capacity commitment beginning in 2027 and increasing annually to 2,400 MW by the end of 2032 and will construct up to 3,000 MW of dispatchable generation to provide such electric service.”

Annual report 2025A · The company itself

“ADS will be a significant customer of our electric utility operations. For example, the generating capacity of the Contract Assets, when fully delivered into service, is expected to be approximately equivalent to the generating capacity of all NIPSCO’s existing generating assets.”

Annual report 2025A · The company itself

“Data Center Strategy We continue to experience strong demand from potential data center customers in our northern Indiana service territory and are engaged in negotiations with potential counterparties.”

Annual report 2025A · The company itself

“Megatrends shaping the power cable industry and NKT's strategic rationale Rising electrification and power demand Electricity demand is expected to grow steadily through 2060, increasing by 140% globally. Worldwide electricity consumption is expected to increase from 32 PWh per year in 2024 to 77 PWh per year by 2060 driven by decarbonisation, electrified heating and transport, data-driven industries, and digital infrastructure including data centres and the use of artificial intelligence (AI).”

Annual report 2025A · The company itself

“NKT continues to see an increased electricity demand driven by charging stations for electric vehicles, data centres, heat pumps, and the general electrification and digitalisation of society.”

Annual report 2025A · The company itself

“After a strategic realignment of NKT’s industrial footprint to establish focused centres of excellence, the Applications business line has made significant investments in medium-voltage production capacity while continuing its activities within low-voltage power cables and building wires. The Distribution name underscores the business line’s expertise in power cables for electric grids, renewable power generation, data centres, and industrial networks.”

Annual report 2025A · The company itself

“Optical Networks -liiketoiminnan liikevaihto oli 3 019 miljoonaa euroa vuonna 2025. Liikevaihto kasvoi 1 383 miljoonaa euroa eli 85 % verrattuna vuoteen 2024, jolloin liikevaihto oli 1 636 miljoonaa euroa.”

Annual report 2025A · The company itself

“Tekoäly- ja pilvipalveluasiakkaiden ja toimintakriittisten yritysten, mukaan lukien puolustusteollisuus, kysyntä kasvoi, kun taas viestintäpalveluiden tarjoajien kysyntä pysyi enimmäkseen vakaana.”

Annual report 2025A · The company itself

“IP Networks -liiketoiminnon liikevaihto kasvoi vuonna 2025, kun kasvu myynnissä tekoäly- ja pilvipalveluasiakkaille ja toimintakriittisille yrityksille, mukaan lukien puolustusteollisuus, tasoitti lievää laskua myynnissä viestintäpalvelujen tarjoajille.”

Annual report 2025A · The company itself

“Hankinta parantaa merkittävästi Nokian mittakaavaa ja kannattavuutta optisissa verkoissa ja se vauhdittaa Nokian kasvustrategiaa datakeskuksissa ja vahvistaa sen asemaa sekä Pohjois-Amerikassa että internet-toimijoiden keskuudessa.”

Annual report 2025A · The company itself

“EUR 2025 2024 Muutos % Viestintäpalvelujen tarjoajat 15 313 15 085 2 % Tekoäly- ja pilvipalveluasiakkaat ja toimintakriittiset yritykset ja puolustusteollisuus 3 085 2 180 42 % Lisenssinsaajat 1 501 1 928 -22 % Muut (1) -10 27 -137 % Yhteensä 19 889 19 220 3 % (1) Vuosi 2025 sisältää segmenttien välisten tuottojen eliminoinnit, kohdistamattomat erät sekä tiettyjä muita eriä.”

Annual report 2025A · The company itself

“The Company is advancing opportunities to meet growing demand, including from data centers, other large load customers, and electrification.”

Annual report 2025A · The company itself

“The electricity industry is expected to experience a surge in demand driven primarily by new manufacturing, industrial and data center facilities (including to support the expected increase in demand for AI and generative AI (“GenAI”)). The U.S. Energy Information Administration's 2023 Annual Energy Outlook, combined with external forecasts, shows the potential for 500 TWh of incremental load across the U.S. through 2030, as compared to 2023. ERCOT's current long term load forecast shows peak demand increasing from 86 GW in 2024 to 139 GW in 2030.”

Annual report 2025A · The company itself

“Senate Bill 6 — On June 20, 2025, the Governor of Texas signed SB 6 into law, which includes various provisions that concern how both ERCOT, transmission and distribution utilities, and power generation companies plan for and serve large loads (defined as 75 MWs and above) in the ERCOT market. SB 6 improves load forecasting accuracy by requiring criteria for inclusion into the forecast and by requiring financial commitments upon a request for a large load customer seeking interconnection to begin engineering studies.”

Annual report 2025A · The company itself

“PJM’s Reforms to Large Load Additions — On September 15, 2025, PJM began a formal stakeholder process called the Critical Issue Fast Path (“CIFP”) to address large load additions. Discussed reforms include changes to the PJM demand response program, improvements to load forecasting, and an expedited interconnection pathway for qualified large load projects.”

Annual report 2025A · The company itself

“Long-Term Incentive Plan), assumed by NRG pursuant to merger between NRG and Vivint Winter Storm Uri A major winter and ice storm that had widespread impacts across North America occurring in February 2021 6 PART I Item 1 — Business General NRG Energy, Inc., or NRG or the Company, serves electricity, natural gas, and smart-home technology solutions to approximately 8 million residential customers (comprised of 6 million retail energy and 2 million smart home), in addition to large commercial and industrial, data center, and wholesale customers.”

Annual report 2025A · The company itself

“These solutions include system power, natural gas, demand response, distributed and backup generation, energy storage, energy management, renewable and low-carbon products and carbon management, energy efficiency, and bring your own power (“BYOP”) arrangements for large loads.”

Annual report 2025A · The company itself

“Furthermore, NRG may face competition from other energy service providers, other energy industry participants, or nationally branded providers of consumer products and services — including providers that may be better equipped to satisfy the large and rapid load growth expected of manufacturing, industrial, and data center customers — who have, and may in the future, develop businesses and offerings that compete with NRG.”

Annual report 2025A · The company itself

“Additionally, since some of our products are part of a complex data center buildout, supply constraints or availability issues with respect to any one component have had and may have a broader revenue impact. For example, our ability to sell certain products has been and could be impeded if components necessary for the finished products are not available from third parties.”

Annual report 2026A · The company itself

“The availability of data centers, energy, and capital to support the buildout of NVIDIA AI infrastructure by our customers and partners is crucial, and any shortage of these and other necessary resources could impact our future revenue and financial performance.”

Annual report 2026A · The company itself

“Introduced with the Blackwell architecture, our data-center-scale offerings feature extreme co-design where the infrastructure’s chips, networking, systems, software, and algorithms are holistically architected and optimized to maximize performance and scale. Hundreds of thousands of GPUs can be interconnected to function as a single giant computer. This type of data center architecture and scale is needed for the development and deployment of modern AI and accelerated computing applications.”

Annual report 2026A · The company itself

“The Compute & Networking segment includes our Data Center accelerated computing and networking platforms and AI solutions and software, and Automotive platforms and autonomous and electric vehicle solutions including software.”

Annual report 2026A · The company itself

“Data Center The NVIDIA Data Center platform is focused on accelerating compute-intensive workloads, such as AI, data processing, graphics, robotics, and scientific computing, delivering superior total cost of ownership relative to conventional CPU-only approaches.”

Annual report 2026A · The company itself

“In fiscal year 2025, we launched the NVIDIA Blackwell architecture, a full set of data center scale infrastructure that includes GPUs, CPUs, DPUs, interconnects, switch chips and systems, and networking adapters. Blackwell excels at processing cutting edge generative AI and accelerated computing workloads with market leading performance and efficiency.”

Annual report 2026A · The company itself

“We also offer or plan to offer standalone software solutions, including NVIDIA AI Enterprise, NVIDIA Omniverse, NVIDIA DRIVE, and other software products.”

Annual report 2026A · The company itself

“Market demand for PSG products continues to be driven by vehicle electrification, renewable energy expansion, modernization of global power infrastructure, and the rapid scaling of AI and high‑performance computing systems.”

Annual report 2025A · The company itself

“Business Strategy Developments We are focused on increasing profitable revenue through differentiated technologies to address the high-growth megatrends in automotive, industrial and other markets which include AI data centers.”

Annual report 2025A · The company itself

“2025 Significant Activities Acquisitions On January 14, 2025, we completed the acquisition of the Silicon Carbide Junction Field-Effect Transistor ("SiC JFET") technology business from Qorvo US, Inc., and certain of its subsidiaries, for $118.8 million in cash. We believe the acquisition complements our EliteSiC power portfolio within the PSG reportable segment and enables us to help address the need for high energy efficiency and power density in the AC-DC stage in power supply units for AI data centers.”

Annual report 2025A · The company itself

“Markets Product Development onsemi is focused on innovation to create intelligent power and sensing technologies that solve the most challenging customer problems. Our product development efforts are directed towards the following: •addressing the need for solutions to manage and optimize the growing power demands and distribution within AI data centers; •powering the electrification of the automotive industry with our intelligent power technologies that allow for lighter and longer-range electric vehicles and enable efficient fast-charging systems; •propelling the sustainable energy evolution with our intelligent power technologies for the highest efficiency solar strings, industrial power and storage systems; •enhancing the automotive mobility experience with our intelligent sensing technologies with imaging and depth sensing that make AD, ADAS, and advanced vehicle safety possible; and •enabling robotics, humanoids, automation, and data exchange (Industry 4.0) with our intelligent sensing technologies for smarter factories and buildings.”

Annual report 2025A · The company itself

“We offer intelligent power and intelligent sensing solutions that drive electrification, energy efficiency, safety, and automation in automotive, industrial, and other end-markets, including AI data center.”

Annual report 2025A · The company itself

“In our other market which includes AI data center products, our intelligent power technologies enable energy efficiency in a market in which energy needs are growing at an exponential rate, and AI data center operators are focused on reducing energy consumption. We believe we have one of the most comprehensive portfolios of products and technologies for this market to address the complete power tree, and we are well positioned to benefit as new generation of AI data center processors and racks enter the market.”

Annual report 2025A · The company itself

“PSG PSG provides a broad portfolio of discrete, module, and integrated semiconductor devices designed to enable high‑efficiency and high‑power conversion across AI data centers, energy infrastructure, automotive and industrial. Our offerings include power switching devices, signal conditioning products, and circuit‑protection technologies that support increasing demands for performance, power density and system reliability.”

Annual report 2025A · The company itself

“AMG AMG designs and develops a comprehensive range of analog and mixed-signal solutions including power‑management, sensor‑interface, connectivity, and standard products that serve automotive, industrial automation, AI data center, computing, and mobile end markets.”

Annual report 2025A · The company itself

“Our extensive range of power technologies are used to help power AI data centers and we expect this part of our business to grow.”

Annual report 2025A · The company itself

“Commitments and Contingencies Purchase Commitments The Company has commitments with various third parties to purchase cloud hosting services. Under one of its third-party cloud services agreements, as amended, the Company has committed to spend at least $1.95 billion over ten contract years through September 30, 2033, among other things.”

Annual report 2025A · The company itself

“Palantir Cloud The Company’s Palantir Cloud subscriptions grant customers the right to access the software functionality in a hosted environment controlled by Palantir and are sold together with stand-ready O&M services, as further described below. The Company agrees to provide continuous access to its hosted software platforms throughout the contract term. Revenue associated with Palantir Cloud subscriptions is generally recognized over the contract term on a ratable basis, which is consistent with the transfer of control of the Palantir Cloud subscription to the customer.”

Annual report 2025A · The company itself

“A growing portion of our revenue is generated from offerings priced on a consumption or usage basis, including certain of our observability and AI-related offerings. Pricing on this basis may result in significant near-term revenue growth as customers scale their usage but also creates exposure to customer optimization behavior, where customers who have rapidly increased usage subsequently seek to reduce, optimize, or reconfigure their consumption or usage to lower costs. This dynamic has been observed in the industry with cloud-native customers and, more recently, with AI-native customers, whose data volumes and usage patterns can fluctuate significantly.”

Annual report 2026A · The company itself

“We must also continually adapt our products and strategy in response to changes in network infrastructure requirements, including the expanding use of cloud computing and third-party service providers.”

Annual report 2026A · The company itself

“We rely on data center facilities operated by third-party cloud service providers, and any limitations on capacity, or interference with our use could adversely affect our business, financial condition, and results of operations. We rely on data center facilities operated by third-party cloud service providers to host and operate our cloud-based products and services.”

Annual report 2026A · The company itself

“Demand for cloud computing infrastructure and specialized computing resources, including for AI and machine learning workloads, has increased significantly across industries, and our third-party providers may prioritize other customers or uses, limit our access to capacity, or be unable to meet our requirements.”

Annual report 2026A · The company itself

“For example, in January 2026, we completed the acquisition of Chronosphere, Inc.”

Annual report 2026A · The company itself

“(“Embrace”), a privately-held Real User Monitoring (“RUM”) company that we expect will add RUM capabilities to our observability platform; and in July 2026, we entered into a definitive agreement to acquire Console Systems, Inc. (“Console”), a privately-held company providing an AI-native platform that enables agentic workflows across enterprise operations, which we expect to deepen our agentic capabilities in Cortex.”

Annual report 2026A · The company itself

“Our platforms and services help secure enterprise users, networks, clouds, endpoints, AI apps and agents, and identities by delivering comprehensive cybersecurity backed by AI and automation, and provide real-time visibility and monitoring across cloud infrastructure, applications and AI workloads.”

Annual report 2026A · The company itself

“•Cloud Security. We deliver comprehensive security across the cloud application development lifecycle through Cortex Cloud®, delivered as a scalable SaaS offering. As a comprehensive Cloud Native Application Protection Platform (“CNAPP”) combined with CDR, Cortex Cloud secures multi- and hybrid-cloud environments for applications, data, generative AI (“GenAI”) ecosystem, and the cloud native technology stack across the full development lifecycle, from code to cloud to security operations.”

Annual report 2026A · The company itself

“Chronosphere, our next-generation observability platform, delivers real-time visibility and monitoring across cloud-native infrastructure, applications, and AI workloads. Purpose-built to handle the massive data volumes of the AI era, Chronosphere enables organizations to maintain system resilience and uptime with high cost-efficiency and reliability. Our observability platform provides comprehensive visibility into complex digital environments and automated troubleshooting of issues.”

Annual report 2026A · The company itself

“Available as a stand-alone, cloud-based service or an add-on to Cortex XDR or to Cortex XSIAM. Cortex Cloud, the next generation of Prisma Cloud, merges CNAPP with CDR for real-time cloud security. The solution allows you to harness the power of AI and automation to prioritize cloud risks with runtime context, enable remediation at scale, and stop attacks as they happen.”

Annual report 2026A · The company itself

“•Chronosphere Platform. Our observability platform enables Site Reliability Engineering (“SRE”) teams to efficiently identify and resolve customer-facing issues faster, while managing cloud-native complexity. It provides control over observability costs and access to a purpose-built, highly scalable observability SaaS platform for cloud-native environments.”

Annual report 2026A · The company itself

“We also sell our VM-Series virtual firewalls and Cloud NGFW via various cloud marketplaces. For example, our VM-Series virtual firewalls are sold on Amazon’s AWS Marketplace, Microsoft’s Azure Marketplace, Alphabet’s Google Cloud Marketplace, and Oracle Corporation’s Oracle Cloud Marketplace either directly to end-customers or as part of the respective cloud hosting service provider’s offerings under a usage-based licensing model.”

Annual report 2026A · The company itself

“Table of Contents The business and capital investment plans of PPL depend, in part, on the continued growth and viability of data centers and large load customers in its service territories. PPL is anticipating increases in load demand, creating a business need for new power generating resources and transmission facilities. Much of this demand is driven by interconnecting with and providing power to data centers and large load customers to serve an increasingly digital economy and to support artificial intelligence.”

Annual report 2025A · The company itself

“The regulated utility businesses are capital intensive and require significant investments in energy generation (in the case of LG&E and KU) and transmission, distribution and other infrastructure projects, including providing service to new data centers and large load customers, constructing projects for environmental compliance and maintaining system reliability.”

Annual report 2025A · The company itself

“Extending service to these facilities necessitates significant capital expenditures, which in turn requires sufficient access to sources of capital. These additional capital needs, the increased concentration of business within a single industry based on emerging technologies, and uncertainties regarding the actual capacity required to satisfy the projected new demands of these new industries creates risks for PPL.”

Annual report 2025A · The company itself

“PPL is anticipating increases in load demand, creating the need for new power generating resources and transmission facilities. A substantial portion of this demand is driven by the current and projected power needs of data centers to serve an increasingly digital economy and to support artificial intelligence.”

Annual report 2025A · The company itself

“While load has modestly decreased in the past due to a decline in larger industrial customers, greater EE and other factors, a significant increase in load is anticipated due to the increasing adoption of EVs, the expansion of data centers and other large users in our area, ongoing growth in the number of customers, other sources of electrification and other factors, which will collectively drive the need for increased system investment.”

Annual report unknown yearA · The company itself

“PJM continues to face significant resource adequacy challenges, driven by a lack of sufficient supply to meet electric demand, which has increased significantly over the past several years and is expected to continue to increase going forward. Increasing demand is caused by data centers, EV adoption, electrification and other factors.”

Annual report unknown yearA · The company itself

“A significant input into PJM’s transmission planning process is its regional load forecast, which is adjusted on an annual basis. PJM’s regional load forecast has increased significantly over the past few years, reflecting increased expectations of large customer growth and in January 2026, PJM provided an annual update of its load forecast in the PSEG zone and across PJM to reflect continued expectations of large customer growth.”

Annual report unknown yearA · The company itself

“It also offers appliance services and repairs to customers throughout its service territory and invests in regulated solar generation projects and regulated energy efficiency (EE) and related programs in New Jersey. • PSEG Power—A Delaware limited liability company formed in 1999 as a result of the deregulation and restructuring of the electric power industry in New Jersey. PSEG Power earns revenues primarily by selling energy and capacity from its nuclear generation units and from the sale of wholesale natural gas through a full-requirements contract with PSE&G. PSEG Power also enters into bilateral contracts for energy, gas and other energy-related contracts to optimize the value of its portfolio of generating assets and its gas supply obligations.”

Annual report unknown yearA · The company itself

“In addition, we are exploring opportunities for the potential sale of power from our nuclear facilities pursuant to long-term agreements with large power users, such as data centers.”

Annual report unknown yearA · The company itself

“We empower our customers’ technology roadmaps to enable advancements in megatrends such as artificial intelligence, high-performance computing and advanced connectivity.”

Annual report 2025A · The company itself

“The market for semiconductors has grown significantly over the last several decades, with several trends particularly benefiting our business: •Emerging Technologies: The proliferation of artificial intelligence ("AI"), high performance and cloud computing, 5G, next generation automotive vehicles and the IoT, which we believe will continue to drive demand for semiconductors and our position therein.”

Annual report 2025A · The company itself

“These innovations address the challenges of miniaturization, signal integrity, thermal and power management for high-performance computing and high-frequency connectivity.”

Annual report 2025A · The company itself

“Our strategy centers on several key factors: •Maintain and strengthen position in high growth, innovation-driven markets: We recognize that our products and solutions play a crucial role in the manufacturing of technologies related to artificial intelligence and data centers, high-performance computing, 5G networks, IoT, Advanced Driver Assistance Systems ("ADAS") and electric vehicles ("EVs"). Our offerings are expertly designed to meet the challenges posed by future technologies, addressing critical factors such as processing speed and performance, signal integrity, thermal and power management and miniaturization.”

Annual report 2025A · The company itself

“Our go-to-market strategy is focused on leveraging our existing portfolio of products and services as well as introducing new products and services to meet the demands of our customers in a continually changing technological landscape. To successfully execute this strategy, we must emphasize the aspects of our core business where demand remains strong, identify and capitalize on organic growth, and innovate by developing new products and services that will enable us to expand beyond our existing technology categories.”

Annual report 2025A · The company itself

“Laird Technologies (Thermal, electromagnetic interference (“EMI”), Power Management) Laird Technologies is a global leader in high-performance thermal and electromagnetic shielding solutions with a broad portfolio catering to diverse markets. Our advanced components and materials deliver innovative solutions that manage heat and protect devices from EMI, addressing the demands of modern electronic applications such as high-performance computing, AI, 5G telecommunications, smart vehicles and internet of things ("IoT") devices.”

Annual report 2025A · The company itself

“Advanced Flex Technologies (“AFT”) AFT develops and supplies based flexible solutions for advanced electronics used in consumer devices, AI, data center, automotive, aerospace, and industrial applications. Our polyimide films and flexible copper-clad laminate materials as well as acrylic and epoxy based laminate systems are engineered to meet the electrical, thermal, mechanical, and chemical requirements of demanding flexible electronic and insulation applications.”

Annual report 2025A · The company itself

“◦Phase Change: For AI and high-performance computing ("HPC") processors, phase change TIMs enable faster processing speeds and improved reliability.”

Annual report 2025A · The company itself

“The PCB sector, which serves as the backbone of electronic interconnections, is undergoing transformation driven by the rise of AI, HPC and advanced electronics, which demands high density interconnect (HDI), high layer count multi-layer board ("HLC MLB") and flexible PCB designs. Such designs require essential products like high-performance substrates, advanced circuit metallization chemistries, dielectrics and photoresists that enable the fabrication of these next-generation PCBs.”

Annual report 2025A · The company itself

“These development efforts may require significant investments in talent and infrastructure, including access to specialized resources such as graphical processing units.”

Annual report 2025A · The company itself

“Table of Contents Our cloud service infrastructure is run on our cloud services providers (“CSPs”), which are currently Amazon Web Services and Google Cloud Platform. We have experienced, and expect in the future that we may experience from time to time, interruptions, delays, or outages in service availability due to a variety of factors, including outages at our CSPs.”

Annual report 2025A · The company itself

“Additionally, demand for certain of our products is increasingly influenced by AI-related deployments and our customers’ and partners’ ability to timely build complex data center infrastructure. AI as a new demand driver is evolving rapidly, and the expected timing and magnitude of demand related to AI are difficult to predict.”

Annual report 2026A · The company itself

“The Datacenter end market is comprised primarily of products for datacenters, cloud service providers, and private cloud customers.”

Annual report 2026A · The company itself

“Datacenter represents a large and growing end market comprised primarily of products for public or private cloud environments and enterprise customers. We provide the Datacenter end market with an array of high-performance enterprise SSDs.”

Annual report 2026A · The company itself

“Fewer companies now hold greater market share for certain applications and services, such as cloud storage and computing platforms, mobile, social media, shopping and streaming media. As a result, the competitive landscape is changing, giving these companies increased leverage in negotiating prices and other terms of sale, which could negatively impact our profitability.”

Annual report 2026A · The company itself

“At the same time, demand related to datacenters emerged as a strong growth driver, particularly toward the latter part of the year.”

Annual report 2025A · The company itself

“During the year, the data center market emerged as a clear growth segment, and Sitowise secured several multidisciplinary wins in this area.”

Annual report 2025A · The company itself

“Sales efforts will remain on segments showing above average demand, such as industry, energy and data centers, public-sector properties, and defense and security critical sites.”

Annual report 2025A · The company itself

“Företagets differentierade högprecisionslasrar och RF-riktantennsteknologi är inriktade på att möta två långsiktiga sekulära trender: accelerationen av AI och den ökande användningen av millimetervåg (mmWave).”

Annual report 2024A · The company itself

“De fyra största hyperskalföretagen planerar att öka sina investeringar i datacenterinfrastruktur med 45 % under 2025.”

Annual report 2024A · The company itself

“Optiska lösningar erbjuder den nödvändiga bandbredden, effektiviteten och skalbarheten för att möta de växande kraven från moderna AI-arbetsbelastningar och dataintensiva applikationer.”

Annual report 2024A · The company itself

“En live-demonstration visade Ayar Labs optiska I/O-lösning med CW-WDM MSA-kompatibel SuperNova™-ljuskälla som drivs av Sivers avancerade DFB-lasermatris. När komplexiteten och storleken på AI-modeller ökar skapar traditionell sammankopplingsteknik dataflaskhalsar som tvingar GPU:er och andra acceleratorer att stå stilla, vilket begränsar beräkningsprestanda, ökar strömförbrukningen och driver upp kostnaderna. Ayar Labs optiska I/O-lösning eliminerar dessa flaskhalsar, vilket gör det möjligt för kunder att maximera beräkningseffektiviteten och prestandan för sin AI-infrastruktur samtidigt som de sänker kostnader, latens och strömförbrukning.”

Annual report 2024A · The company itself

“Sivers hjälper kunder inom viktiga marknader så som AI-datacenter, satellitkommunikation, försvar och telekominfrastruktur att effektivt lösa viktiga affärsutmaningar och samtidigt minska sin miljöpå - verkan.”

Annual report 2024A · The company itself

“Dessa trender driver stark efterfrågan inom våra två kärnmarknader – AI-datacenter genom vår fotonikverksamhet, och satellitkommunikation (SATCOM) genom vår trådlösa verksamhet.”

Annual report 2024A · The company itself

“Samhället digitaliseras snabbt och med det ökar även behovet av att lagra allt större mängder av information. Datacenter utgör grundläggande infrastruktur för kritisk ny teknik, bland annat molntjänster och artificiell intelligens (AI). Medan uppförandet av datacenter har varit en stark marknad i flera år har en ökad medvetenhet om – och investeringar i – teknik för AI ökat efterfrågan betydligt de senaste åren.”

Annual report 2024A · The company itself

“Även om ökad efterfrågan har spelat en viss roll, har mycket av Skanskas framgång på marknaden handlat om beredskap för efterfrågeuppgången och en förmåga att möta kundernas krav, särskilt med tanke på snäva tidsramar. För datacenterprojekt är tidsaspekten särskilt viktig: ju tidigare de färdigställs desto tidigare kan de tas i bruk och bli lönsamma. Det innebär att det krävs snabb leverans av varje projekt.”

Annual report 2024A · The company itself

“Under 2024 levererade Skanska ett antal nya datacenter till större kunder och bokade nya ordrar på totalt närmare 23 miljarder kronor i USA. I slutet av 2024 hade vi 15 projekt i USA som antingen var under uppförande eller förbereddes för projektstart.”

Annual report 2024A · The company itself

“Natural gas supplies have continued to grow; however, this growth has been accompanied by LNG export growth. Forward curves project prices will remain in the mid- to high-$3 per mmBtu range through 2030; however, short-term price volatility is expected and future prices could be materially impacted by various factors, including unexpected geopolitical events, increased demand for natural gas, including to fuel electric generation to serve data centers and other large load customers, and government policies related to natural gas and energy, including infrastructure development, production, and exports.”

Annual report 2025A · The company itself

“Earnings in the electricity business will also depend upon maintaining and growing sales and pricing of large load customers such that incremental costs are met with adequate incremental revenues, considering, among other things, recent trends driving projected growth in electricity consumption including the increasing digitization of the economy and growth in data centers, an increase in industrial activity in the Southern Company system's electric service territory, and continued electrification of transportation. Historically, the traditional electric operating companies have entered into large load contracts that support economic development and benefit existing customers; since 2023, the traditional electric operating companies have contracted with new data centers and other large load customers covering approximately nine GWs of electric load, with each contract individually representing a maximum annual electric load greater than 100 MWs, that have been signed by the parties and/or reviewed by the state regulatory commissions.”

Annual report 2025A · The company itself

“Since 2023, the traditional electric operating companies have contracted with new data centers and other large load customers covering approximately nine GWs of electric load, with each contract individually representing a maximum annual electric load greater than 100 MWs, that have been signed by the parties and/or reviewed by the state regulatory commissions. These new contracts fully ramp up over several years after commencement of service. Some of these contracts are already in effect.”

Annual report 2025A · The company itself

“The traditional electric operating companies are projecting a significant increase in demand for electricity sales, largely driven by data centers and other large load customers. Serving the projected increased load demand from these new customers while continuing to serve existing customers safely, reliably, and affordably requires investing in generation, transmission, and distribution systems and pricing sales to these new customers such that the related incremental costs are met with adequate incremental revenues from these new customers.”

Annual report 2025A · The company itself

“Sweco noterade även ökande efterfrågan inom segment som försvar och säkerhet, läkemedelsindustrin och datacenter.”

Annual report 2024A · The company itself

“Inom byggnadssegmentet redovisade datacentersegmentet och segmentet för life sciences god efterfrågan, medan bostadssegmentet och det kommersiella segmentet var svaga.”

Annual report 2024A · The company itself

“Utöver de affärsmöjligheter som skapas av Europas gröna omställning ser Sweco även tillväxt inom segment som försvar och säkerhet, datacenter, sjukvårdsanläggningar och läkemedel. Sweco fortsätter att stödja sina kunder i dessa segment och bolaget har en bra position för att skapa fortsatt tillväxt för verksamheten.”

Annual report 2024A · The company itself

“Bland kunderna finns några av Europas största elnätsoperatörer, utvecklare och producenter av förnybar energi samt energiintensiva industrier såsom datacenter, stål, cement och papper.”

Annual report 2024A · The company itself

“Demand in the digital data networks market can fluctuate significantly, depending on the underlying demand in the networking, data center, and wireless infrastructure industries. The overall market trends of increased data connectivity and continued movement to artificial intelligence (“AI”) and cloud applications have had a favorable impact on demand.”

Annual report unknown yearA · The company itself

“The Industrial Solutions segment’s products are used in the following end markets: ● Digital data networks (28% of segment’s net sales)—We deliver products and solutions that are used in a variety of equipment architectures within the networking, data center, and wireless infrastructure industries. Additionally, we deliver a range of connectivity solutions for the Internet of Things, smartphones, tablet computers, virtual reality, and artificial intelligence/machine learning applications to help our customers meet their current challenges and future innovations.”

Annual report unknown yearA · The company itself

“As AI infrastructure drives rapid load growth, Megapack helps to, among other things, increase utilization of existing generation and transmission capacity, resulting in a more efficient use of the electric grid.”

Annual report 2025A · The company itself

“In addition, as we continue to develop our artificial intelligence services and products, we may face many additional challenges, including the availability and cost of energy, processing power limitations and the substantial power requirements for our data centers.”

Annual report 2025A · The company itself

“We depend on various technology, software, products and services from third parties or available as open source, including data centers and API technology, payment processing, payroll and other technology and professional services, some of which are critical to the features and functionality of our platform.”

Annual report 2025A · The company itself

“A significant portion of our business relies upon hardware and services that are hosted, managed and controlled by third-party co-location providers for our data centers, and we are dependent on these third parties to provide continuous power, cooling, Internet connectivity and physical and technological security for our servers. In the event that these third-party providers experience any interruption in operations or cease business for any reason, or if we are unable to agree on satisfactory terms for continued hosting relationships, we would be forced to enter into a relationship with other service providers or assume some hosting responsibilities ourselves.”

Annual report 2025A · The company itself

“Since our marketplace is mainly a digital business, a main risk in our supply chain is related to the use and stability of data centres. This is a key priority in our cybersecurity programme and is handled in close collaboration with supply chain partners.”

Annual report 2024A · The company itself

“Most of the computing infrastructure for our Shared Registration System is located at, and most of our customer information is stored in, data centers we own or lease. These data centers, which are concentrated in the same geographic region, are vulnerable to damage or interruption, including from natural disasters, such as fires, earthquakes, hurricanes, and floods, power loss, hardware or system failures, physical or electronic break-ins, human error or interference.”

Annual report 2025A · The company itself

“Additionally, the rapid increase in demand for compute and network hardware, including servers, chips, memory and other technology, caused by new demand from AI companies, is increasing our costs for some of these goods and could increase our capital and operating costs.”

Annual report 2025A · The company itself

“This portion of the industry is on a significant growth trajectory. Examples of companies in this space include Digital Realty, Equinix, Compass, and QTS.”

Annual report 2025A · The company itself

“Risks Related to Our Customers and Our Industry We rely on the continued growth of our customers’ critical infrastructure systems, in particular data center and communication infrastructure, to grow our business, operations and revenue, and any decreases in demand in these infrastructures could lead to a decrease in demand for our product offerings. A substantial portion of our business depends on the continued growth of our current and potential customers’ data centers and communication infrastructure demand.”

Annual report 2025A · The company itself

“A customer’s decision to purchase certain of our products or solutions, particularly products new to the market or long-term end-to-end solutions, may involve a lengthy contracting, design and qualification process. In particular, customers deciding on the design and implementation of large deployments may have lengthy and unpredictable procurement processes that may delay or impact expected future orders, including customers canceling orders based on unforeseen changes to their businesses.”

Annual report 2025A · The company itself

“In 2025, Vertiv spent $441.7 on engineering, research and development (“ER&D”).”

Annual report 2025A · The company itself

“Strategic Priorities Our businesses are focused on the following strategic priorities: ■Maintain Customer Focus ◦Enhance the customer experience through best in-class tools, commercial, technical, delivery, and service execution. ◦Nurture strong customer relationships. ◦Create superior customer value enabling demand and margin expansion. ■Achieve Operational Excellence ◦Continuous process improvement mindset to achieve speed, efficiency, efficacy, and scalability. ◦Achieve pervasive and efficient development and deployment of advanced IT tools and automation. ◦Adopt a rigorous management operating process and cadence. ■Build a High-Performance Culture ◦Foster a culture of accountability, collaboration, and speed. ◦Develop a widespread sense of urgency and reward performance. ◦Deliver on commitments and execute agreed plans rooted in performance achievement, talent development and growth mindset. ■Foster Innovation ◦Be a market leader in our technology and service domains and continue to differentiate through our new products.”

Annual report 2025A · The company itself

“Business Overview Vertiv is a global leader in critical digital infrastructure for applications in data centers, communication networks, and commercial and industrial environments. As businesses, industries, and communities become more connected, we pioneer and deliver end-to-end power and cooling technologies to help our customers stay resilient, optimized, and future-ready. With our industry-leading innovative technologies and global services network, we are fueling the revolution of the digital world — keeping technology ecosystems running efficiently and without interruption.”

Annual report 2025A · The company itself

“Our Business Vertiv has the most complete portfolio of critical digital infrastructure offerings. We design, manufacture, sell, install, maintain, and service critical digital infrastructure technologies and rapidly deployable customized solutions to meet the specific business requirements and needs of a diverse group of customers.”

Annual report 2025A · The company itself

“Our Customers Our customers operate in some of the world's most critical industries. We primarily serve customers across three main end markets: (1) data centers (including hyperscale/cloud, colocation, neocloud and enterprise), (2) communication networks and (3) commercial and industrial applications.”

Annual report 2025A · The company itself

“Large customers, such as larger communication network, cloud/hyperscale, neocloud, and colocation data center providers, comprise a material portion of our customer base and generally have greater purchasing power than smaller customers.”

Annual report 2025A · The company itself

“The increase in sales was primarily driven by higher sales volumes and the positive impacts from foreign currency of $49.6. Product sales increased $1,961.8, which included positive impacts from foreign currency of $37.5.”

Annual report 2025A · The company itself

“a single hyperscale data centre has annual electricity consumption equivalent to 350,000-400,000 electric cars”

Annual report 2025A · The company itself

“Battery storage, data centres and AI use supporting demand Technological developments, such as AI services and cloud computing, are also driving demand for electricity. In large economies like the EU, China, and the USA, data centres account for 2-4 percent of electricity demand today, according to the IEA. Further, a single hyperscale data centre has annual electricity consumption equivalent to 350,000-400,000 electric cars.”

Annual report 2025A · The company itself

“Nevertheless, there remain strong fundamental drivers of wind power deployment in the USA, in particular the fast-growing electricity demand linked to the rise of AI and the buildout of data centres, which should ultimately help shape consumer behaviour and influence decision-makers.”

Annual report 2025A · The company itself

“Emerging technologies such as distributed renewable energy technologies, energy efficiency, electric vehicles, distributed generation, energy storage devices, fuel cells, nuclear small modular reactors, and linear generators could have a significant impact on the energy industry. Additionally, large-scale cryptocurrency mining, AI data centers, and increased industrial electrification are becoming increasingly prevalent in certain markets, including ERCOT, and many of these facilities are "behind-the-meter."”

Annual report 2025A · The company itself

“Business Environment and Outlook Electricity Demand Electricity demand drivers including the rise of large scale data centers, the electrification of oil field operations, and electric vehicle load building are contributing to a projected fast paced load growth in the regions we serve.”

Annual report 2025A · The company itself

“Our ability to combine a diversified and dependable generation fleet with a scaled retail platform and disciplined wholesale risk management capabilities remains a core competitive advantage and supports more stable and predictable cash flows across commodity price cycles. •Long-term contracts entered in 2025 underwrite higher base profitability in the future. ◦In September 2025, we announced that we had entered into a 20-year power purchase agreement (PPA) (with options to extend for up to an additional 20 years) with Amazon Web Services (AWS) to supply 1,200 MW of carbon-free power from our Comanche Peak Nuclear Power Plant.”

Annual report 2025A · The company itself

“◦In January 2026, we announced that we had entered into 20-year PPAs with Meta Platforms, Inc. (Meta) to supply 2,609 MW of carbon-free power and capacity from our PJM nuclear power plants, including 2,176 MW of operating energy and capacity and 433 of uprate energy and capacity to be constructed.”

Annual report 2025A · The company itself

“WE is incurring significant engineering, design, and equipment costs in advance of receiving approval of the tariffs as well as necessary regulatory and other approvals for the needed generation, distribution, and transmission projects. If any of these projects are canceled for any reason, including due to lower than forecasted demand or for failure to receive necessary regulatory approvals and/or siting or environmental permits, significant cancellation penalties under the equipment purchase orders and construction contracts could occur. In addition, if any construction work or investments have already been recorded as an asset, an impairment loss may need to be recorded. We may not be allowed to recover these penalties, other costs incurred, or impairment losses in customer rates, which could have a material adverse effect on our results of operations.”

Annual report 2025A · The company itself

“Operating income $ 405.3 $ 393.0 $ 12.3 Other income, net 2.8 1.0 1.8 Interest expense 123.1 99.7 (23.4) Income before income taxes 285.0 294.3 (9.3) Income tax benefit (122.9) (82.4) 40.5 Net loss attributed to noncontrolling interests 3.2 4.1 (0.9) Net income attributed to common shareholders $ 411.1 $ 380.8 $ 30.3 Operating Income Operating income at the non-utility energy infrastructure segment increased $12.3 million during 2025, compared with 2024, driven by these items at WECI: •A $26.4 million increase in operating income from new investments in several WECI renewable generation facilities made in late 2024 and early 2025. •A $7.5 million positive impact due to lower transmission congestion that increased energy market prices.”

Annual report 2025A · The company itself

“We face risks related to providing service to our large-scale customers, including potential customers under our proposed VLC and Bespoke Resources Tariffs, which could impact our business, results of operations, and financial condition. We are engaged in discussions with a small number of customers to provide power to large-scale data centers being constructed to support AI and other technology capabilities. Because of the significant demand and energy needs associated with these facilities, extending service to these facilities requires investment in incremental electric infrastructure. Subject to pending regulatory approvals from the PSCW, WE has made and will continue to make significant infrastructure investments in new solar and battery projects, natural gas power plants, and other generation and distribution assets to power and serve these large-scale data centers and other projects.”

Annual report 2025A · The company itself

“Yksityisellä sektorilla datakeskushankkeiden määrä kasvoi voimakkaasti.”

Annual report 2025A · The company itself

“Yksityisen sektorin investoinnit uusiutuvaan energiaan ja digitaaliseen infrastruktuuriin kasvoivat, ja markkinanäkymä on vahva. Globaali vahva investointisykli erityisesti digitaaliseen infrastruktuuriin kasvattaa energia- ja teollisuusrakentamisen investointeja myös Suomessa.”

Annual report 2025A · The company itself

“Teollisen rakentamisen markkina, erityisesti datakeskusmarkkina, kehittyi vahvasti Suomessa vuonna 2025. YIT investoi systemaattisesti sekä Infra- että Rakennussegmenttien kyvykkyyksiin, vahvistaen asemaansa Suomen johtavana datakeskusrakentajana.”

Annual report 2025A · The company itself

“Strategiakaudella segmentti keskittyy erityisesti kasvaviin teollisuuden investointeihin, talotekniikan kyvykkyyksien vahvistamiseen ja kasvuun CEE-maissa. • Tavoitteena on saavuttaa vähintään 4 prosentin vuosittainen kasvu (päivitetty 6.2.2026, aiempi tavoite 2 prosenttia), vähintään 6 prosentin oikaistu liikevoittoprosentti sekä toimia jatkuvasti negatiivisella sitoutuneella pääomalla.”

Annual report 2025A · The company itself

“Dependence on external data centres introduces vulnerability to potential power outages, which could disrupt payroll services and damage client trust.”

Annual report 2024A · The company itself

“As a digital service provider, the company’s environmental footprint is largely tied to the operation of data centres and office facilities.”

Annual report 2024A · The company itself

“Purchased Goods & Services – Emissions from data center services are estimated based on invoices and energy usage data from third-party providers.”

Annual report 2024A · The company itself

“Data from enterprise assets, including status, condition, location, utilization, and preferences, is analyzed in the cloud to provide prioritized actionable insights and optimize activities. The need to transform workflows is being driven by secular trends in technology, which include the creation of digital twins, cloud-based data analytics, automation, mobility, computer vision, artificial intelligence and machine learning.”

Annual report 2025A · The company itself

“We have expanded our capabilities over the last few years to include helping our clients to digitally transform how their capital projects are planned, managed and executed, from plant and asset construction to public infrastructure, power grids and data centers.”

Annual report 2025A · The company itself

“Developing, testing and deploying AI systems and third-party AI models may continue to increase the cost of our solutions, including due to the nature of the computing costs involved in such systems.”

Annual report 2025A · The company itself

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

Annual report 2025A · The company itself

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

Annual report 2025A · The company itself

“(2)71% of our annual rental revenue from advanced technologies tenants is from investment-grade or publicly traded large cap tenants.”

Annual report 2025A · The company itself

“Teknologiainfra struktuurin haavoittuvuus Yhtiön omien IT-ratkaisujen tai asiakkaille suunnattujen palvelujen häiriintyminen riittämättömän skaalautuvuuden tai joustavuuden vuoksi sekä palvelujen häiriintyminen odottamattomien teknisen infrastruktuurin katkosten (mukaan lukien tietokeskukset ja -verkot) vuoksi.”

Annual report 2025A · The company itself

“Digitaalisen liiketoiminnan osalta keskeisiä ovat energiaan ja infrastruktuuriin liittyvät riippuvuudet (esim. datakeskus- ja pilvipalvelut), ja mahdollisten painotuotteiden osalta materiaalit, paino ja jakelu.”

Annual report 2025A · The company itself

“Energiankulutusta syntyy työsuhdeautojen ja toimitilojen lisäksi erityisesti digitaalisten palveluiden edellyttämästä palvelinkapasiteetista, jonka tarve kasvaa teknologisen kehityksen, kuten tekoälyn lisääntyvän hyödyntämisen, myötä.”

Annual report 2025A · The company itself

“(Applies to all Registrants) AEP is experiencing current and projected load demands that exceed historical experience, creating a business need for new power generating resources and transmission facilities. Much of this demand is driven by interconnecting with and providing power to data centers and other large load customers to serve an increasingly digital economy and to support AI.”

Annual report 2025A · The company itself

“These risks are compounded by the fact that a significant percentage of our data center customer leases expire every year.”

Annual report 2025A · The company itself

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

Annual report 2025A · The company itself

“More recently, we have invested in strategic data center assets, including through our acquisition of CoreSite Realty Corporation (“CoreSite”) in late 2021 (the “CoreSite Acquisition”), which we believe can drive strong, recurring growth and also meaningfully enhance the value of our existing communications tower real estate through emerging edge compute opportunities in the future.”

Annual report 2025A · The company itself

“During the course of acquiring or building communications sites and other communications infrastructure assets, including data center facilities and related assets, in our existing markets and expansion into new markets, we are subject to a number of risks and uncertainties, including not meeting our return on investment criteria and financial objectives, increased costs, assumed liabilities and the diversion of managerial attention.”

Annual report 2025A · The company itself

“We also hold other telecommunications infrastructure, fiber and property interests that we lease primarily to communications service providers and third-party tower operators, and, as discussed further below, we hold a portfolio of highly interconnected data center facilities and related assets in the United States that we provide for the leasing of space primarily to enterprises, network operators, cloud providers and supporting service providers.”

Annual report 2025A · The company itself

“We own and operate data center facilities and related assets in the United States, which consist of specialized and secure buildings that house networking, storage and communications technology infrastructure, including servers, storage devices, switches, routers and fiber optic transmission equipment. These buildings are designed to provide the power, cooling and network connectivity necessary to efficiently operate this equipment. Data centers located at points where many communications networks converge can also function as interconnection hubs where customers are able to connect to multiple networks, cloud companies and other service providers to exchange traffic and interoperate with each other.”

Annual report 2025A · The company itself

“Our data centers segment represented 10% of our total revenues for the year ended December 31, 2025.”

Annual report 2025A · The company itself

“The business model for our data center business contains certain differences from our business model for our tower leasing operations, including those relating to customer base, competition, contract terms (including requirements for service level agreements regarding data center uptime and network performance), upfront capital requirements, ongoing capital improvements, expenditures required for maintenance of data center power, cooling and network equipment, landlord demographics, deployment and ownership of certain network assets, operational oversight requirements and government regulations.”

Annual report 2025A · The company itself

“We own and operate data center facilities and related assets, and as of December 31, 2025, our data center portfolio consisted of 30 operating data center facilities across eleven United States markets, across 3.7 million net rentable square feet (“NRSF”).”

Annual report 2025A · The company itself

“Our data center business also competes with a variety of companies offering similar data center solutions and services, including space, power, interconnection and development services.”

Annual report 2025A · The company itself

“Vårt utvecklingsarbete grundar sig på datadrivet beslutsfattande, i allt från användarbeteende och produkt-telemetri till löpande feedback från kunder. Detta gör att vi kan iterera snabbt, distribuera nya funktioner responsivt och optimera varje kontaktpunkt i användarens arbetsgång.”

Annual report 2024A · The company itself

“Additionally, in 2025 Aon launched its proprietary Data Center Lifecycle Insurance Program designed to support data center projects from construction through ongoing operations by bringing together traditionally fragmented risk classes into a single coordinated insurance solution.”

Annual report 2025A · The company itself

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

Annual report 2025A · The company itself

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

Annual report 2025A · The company itself

“On March 1, 2025, we completed the acquisition of the international business of GLP Capital Partners Limited and certain of its affiliates, excluding its operations in Greater China (“GCP International”), and existing capital commitments to certain managed funds (such acquisition of GCP International and the capital commitments, the “GCP Acquisition”). The GCP Acquisition added complementary logistics and digital infrastructure investment capabilities and expanded our geographic presence.”

Annual report 2025A · The company itself

“•Digital Infrastructure: Our digital infrastructure team manages a fully vertically-integrated global business, combining competitive investment management with in-house data center development and operational expertise. Ada Infrastructure, our dedicated data center operating platform, includes professionals from established hyperscalers and operators. We aim to maximize value and deliver enhanced risk-adjusted returns at scale for investors by leveraging our fully integrated approach, offering differentiated sourcing, underwriting, technical insights and operational expertise.”

Annual report 2025A · The company itself

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

Annual report 2025A · The company itself

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

Annual report 2025A · The company itself

“Arista’s cognitive campus portfolio was driven by customers seeking the same quality and operational efficiency available in the data center across their enterprise networks.”

Annual report 2025A · The company itself

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

Annual report 2024A · The company itself

“Cloud provides infrastructure hosting across hybrid environments. The offering includes consulting, outsourcing, and end-to-end cloud services. In addition to market-leading cloud solutions from Microsoft, Arribatec Cloud operates its own public cloud, hosted in Norwegian data centres, to support the use cases where compliance and local sovereignty and control is a key requirement.”

Annual report 2024A · The company itself

““Hybrid Platforms” are the data center and network infrastructure through which organizations process, store, and distribute information. The category includes both on-premise infrastructure and cloud solutions, as well as “hybrid” solutions that integrate the two.”

Annual report 2024A · The company itself

““Managed services”: Atea is a managed service provider that helps customers operate their IT environments either on-premise or from the cloud. Atea’s managed services enable customers to dedicate less time and resources to IT operations and instead focus on their core objectives.”

Annual report 2024A · The company itself

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

Annual report 2024A · The company itself

“We are a supplier of IT infrastructure, delivering hardware and software from leading global vendors, and providing consulting and technical services to support our customers with the design, implementation and operation of their IT environments.”

Annual report 2024A · The company itself

“CCM 8.1 Data processing, hosting and related activities. Atea provides a wide variety of services to customers through data centers.”

Annual report 2024A · The company itself

“Our strategy to digitize Autodesk involves increasing our use of cloud- and web-based technologies and applications to leverage customer data to improve our offerings for the benefit of our customers. To accomplish this strategy, we must collect and otherwise process customer data, which may include personal data and personal information of users from different jurisdictions globally.”

Annual report 2026A · The company itself

“Hög motståndskraft på plattformen och i våra tjänster säkerställs bland annat genom att vi har parallella, geografiskt separerade datacenter, kontinuerlig central övervakning samt regelbundet testar tjänsterna i enlighet med ett heltäckande testramverk.”

Annual report 2024A · The company itself

“Across industrial and energy markets, digital is both an enabler and a driver, unlocking new levels of efficiency and productivity in operations, while simultaneously generating significantly incremental demand for power to support digital-intensive industries, including data centers. In 2025, we booked $1 billion of orders tied to data center applications. We now expect to book approximately $3 billion of data center-related orders between 2025 and 2027 – underscoring the relevance of our power solutions in this fast-growing market.”

Annual report 2025A · The company itself

“IET solutions unlock the ability to transform, transfer, and transport energy efficiently, while capturing and reducing emissions, with customers that are industrial, upstream, midstream, and downstream, onshore and offshore, and small-to-large scale operators. Midstream and downstream customers include LNG plants, pipelines, storage facilities, and a wide range of engineering, procurement, and construction companies, as well as industrial sector customers such as data centers, utilities, marine, cement, steel and refinery and petrochemical producers.”

Annual report 2025A · The company itself

“Fenagy säkrade sina två största enskilda beställningar på industriella värmepumpar, varav den ena avser en kombinerad industriell värmepump och kylare som kommer att användas i ett datacenter.”

Annual report 2024A · The company itself

“IPS operates globally and provides a range of professional design, qualification/validation, construction and construction/project management consulting services for manufacturing, research laboratory and support facilities within the pharmaceutical, biotech and life sciences, technology, data center, industrial, commercial and retail industries sectors.”

Annual report unknown yearA · The company itself

“MEC is a regulated electric and natural gas utility company headquartered in Iowa, serving electric and natural gas customers primarily in Iowa and also in portions of Illinois, South Dakota and Nebraska. MEC’s diverse retail customer base operates in the electronic data storage, agricultural, manufacturing and government service centers industries.”

Annual report unknown yearA · The company itself

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

Annual report 2025A · The company itself

“BioArctic har de senaste åren fokuserat på att utveckla bolagets BrainTransporter-teknologi som möjliggör att BrainTransporter-teknologin möjliggör en ny generation behandlingar av hjärnans sjukdomar BioArctics BrainTransporter-teknologi möjliggör en aktiv transport av biologiska läkemedel in i hjärnan vilket har potential att både kraftigt förstärka effekten och minska risken för biverkningar. Under 2024 kunde BioArctic presentera validerande prekliniska resultat för BrainTransporter-teknologin, vilket visar att bolaget är på väg att lösa en av de största utmaningarna inom utvecklingen av nya läkemedel mot sjukdomar i centrala nervsystemet.”

Annual report 2024A · The company itself

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

Annual report 2025A · The company itself

“SBM-1 Strategi, forretningsmodell og verdikjede Bouvet er et ledende konsulentselskap som bistår virksomheter med å utvikle effektive og brukerorienterte løsninger innen tjenesteområdene teknologi, rådgivning og design.”

Annual report 2024A · The company itself

“Technology We provide products and platforms to the financial services industry and have several information processing systems that serve as the core foundation of our technology platform. We are committed to maintaining high levels of quality service through our skilled technical employees and the use of our technology within an environment that seeks continual improvement. Our technology strategy is designed to provide high levels of availability, scalability, reliability, and flexibility, leveraging a hybrid model consisting of private and public cloud services as well as traditional data center services.”

Annual report 2026A · The company itself

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

Annual report 2025A · The company itself

“Core EDA Our Core EDA products and solutions are essential in the design and verification of semiconductor chips, including analog, digital, mixed-signal, memory, radio-frequency (“RF”), and silicon photonics, and are widely used across multiple industries including automotive, aerospace and defense, consumer electronics, data centers, industrial, medical, and mobile.”

Annual report 2025A · The company itself

“These IP solutions are embedded in silicon chips deployed across high-volume markets, including automotive, hyperscale, mobile computing, and consumer products such as mobile phones and AI chips.”

Annual report 2025A · The company itself

“This acquisition complements our existing protocol and interface IP, memory interface IP, and SerDes IP at advanced nodes, enhancing our ability to address SoC design challenges across markets such as automotive, data center, mobile, internet of things (“IoT”), and consumer electronics.”

Annual report 2025A · The company itself

“The customers for these services primarily consist of semiconductor and systems companies developing products for the consumer, hyperscale computing, 5G communications, mobile, automotive, aerospace and defense, industrial and life science vertical sectors.”

Annual report 2025A · The company itself

“Energianvändning och klimatpåverkan från datacenter Carasents produkter hostas i datacenter, vilket innebär en betydande energiförbrukning. Datacenter förbrukar stora mängder elektricitet för att driva servrar och kyla ned dem. Hur stor klimatpåverkan detta har beror på vilken energimix som används i de länder där servrarna är placerade.”

Annual report 2024A · The company itself

“Our portfolio includes environmentally friendly refrigerants, high temperature heat pumps for use in industrial and commercial applications, natural refrigerant heat pumps for residential buildings and a connected ecosystem for homes including solar photovoltaic, batteries and a differentiated digital platform, all supported by extensive service and aftermarket offerings. In addition, to address the cooling demands from the growth in data centers and the increasing intensity of performance requirements, we developed Carrier QuantumLeapTM, an integrated solution that combines traditional and liquid cooling with advanced building and server management systems. This approach delivers an efficient, differentiated offering to enhance data center performance for our customers.”

Annual report 2025A · The company itself

“We serve a wide range of customers, including in the residential, commercial, education, healthcare, technology, retail, hospitality, data center, and infrastructure markets, among others.”

Annual report 2025A · The company itself

“Table of Contents Power & Energy Sales by Application (Millions of dollars) 2025 2024 $ Change % Change Oil and Gas $ 7,502 $ 6,980 $ 522 7 % Power Generation 10,275 7,756 2,519 32 % Industrial 4,071 3,990 81 2 % Transportation 5,295 5,362 (67) (1 %) External Sales 27,143 24,088 3,055 13 % Inter-Segment 5,058 4,766 292 6 % Total Sales $ 32,201 $ 28,854 $ 3,347 12 % Power & Energy’s total sales were $32.201 billion in 2025, an increase of $3.347 billion, or 12 percent, compared with $28.854 billion in 2024. The increase was primarily due to higher sales volume of $2.401 billion and favorable price realization of $592 million.”

Annual report 2025A · The company itself

“This segment consists of CBRE’s enterprise facilities management, local facilities management, property management, digital infrastructure services and flexible workplace solutions/workplace experience business lines.”

Annual report 2025A · The company itself

“Our digital infrastructure business line provides technical services, including services support infrastructure and facilities management services for data centers in the rapidly growing hyperscale market, as well as the colocation and enterprise markets.”

Annual report 2025A · The company itself

“Cloud technologies are critical to the operation of our systems and platforms and our reliance on cloud technologies is growing. We have experienced, and could, in the future, experience cloud service disruptions that lead to delays in accessing data that is important to our businesses. Such disruptions, such as the broad-reaching cloud platform outages that impacted multiple industries in recent years, can and have hindered our clients’ access to our platforms.”

Annual report 2025A · The company itself

“In 2025, Chevron advanced work on its first power project for data centers, which is expected to be supplied with gas from the Permian Basin in West Texas.”

Annual report 2025A · The company itself

“Our CRE construction portfolio primarily consists of multifamily, warehouse, office, and data center property types.”

Annual report 2025A · The company itself

“We may issue additional equity and/or debt as part of strategic partnerships with third parties, as was the case in connection with our partnership with Google Cloud.”

Annual report 2025A · The company itself

“Core Technologies and Insights Our Core Technologies and Insights practice helps clients build agile and relevant organizations that apply the power of AI, cloud, data and IoT to help them perform better and innovate faster. Our clients can harness data securely in cloud-first architectures, enabling them to become highly resilient enterprises that are capable of quickly adapting to market dynamics.”

Annual report 2025A · The company itself

“Xenergics lösning kan även ge betydande energibesparingar i datacenter och andra AI-applikationer.”

Annual report 2024A · The company itself

“Concejos ägarandel: 4,5 % XENERGIC AB Xenergic är ett svenskt företag som har utvecklat en ny typ av cache-minne (arbetsminne) som minskar strömförbrukningen för olika typer av integre - rade kretsar (datachip). Xenergics minnen används för att temporärt lagra filer och snabba upp beräkningarna i högpresterande mikroprocessorer. Xenergics innovation kretsar kring en helt ny arkitektur och design av minnen som ger stora energibesparingar för olika typer av elektronik produkter med betydligt längre batteritid som största vinst.”

Annual report 2024A · The company itself

“As of January 2026, the company forecasts an average annual increase in hourly electric peak demand in its service area at design conditions over the next five years to be approximately 4.1 percent primarily due to anticipated load growth from commercial customers, including data centers, and electric vehicles, offset in part by energy efficiency programs.”

Annual report 2025A · The company itself

“Demand for electric equipment is increasing due to the anticipated demand growth, in part driven by data centers, efforts to meet clean energy goals and in order to prepare for more frequent extreme weather events at a time when manufacturing capacity and supply are decreasing.”

Annual report 2025A · The company itself

“Demand associated with data centers and AI applications may be subject to technological change, shifts in customer behavior, regulatory developments, or changes in capital investment cycles and may not grow at the pace currently anticipated by the market. Our results of operations, growth opportunities, and the price of our common stock could be adversely impacted if the demand for energy driven by the data economy does not continue or fails to achieve current market expectations.”

Annual report 2025A · The company itself

“This includes the demand and perceived value of certain attributes of our generation, such as reliability or clean energy, as well as the overall demand for energy in the markets in which we operate. Recently, we have benefited from increased demand for our generation as a result of the developing data economy, including demand driven by data centers and AI and other high-performance computing applications, evidenced by the execution of long-term contracts with technology companies as well as increased interest in prospective contracts from our customers.”

Annual report 2025A · The company itself

“På sikt utgör Data Quality-ultraljud en avgörande tillväxtmöjlighet för ContextVision, med potential att positionera företaget som en ledande aktör inom datadriven diagnostik.”

Annual report 2024A · The company itself

“Revenue Recognition The Company generates revenue from the sale of subscriptions to customers using its cloud-based platform.”

Annual report 2025A · The company itself

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

Annual report 2026A · The company itself

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

Annual report 2026A · The company itself

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

Annual report 2026A · The company itself

“Rapid growth in AI-related data centers and other high‑intensity computing is materially increasing regional electricity demand and straining grids, which—together with extreme weather conditions, intermittent renewable generation, and other market constraints—can reduce power availability, increase prices (including scarcity pricing), and cause outages. Reduced power reliability could disrupt our drilling, completion, and production activities; impair midstream operations; hinder remote monitoring and data integrity; and force suspensions or shutdowns or unplanned spending on backup power and communications, any of which could have a material adverse effect on our business and results of operations.”

Annual report 2025A · The company itself

“Any delays or unexpected costs in the development of our existing space and developable land and new properties acquired for development may delay and harm our growth prospects, future operating results and financial condition. At December 31, 2025, we had approximately 9.7 million square feet of space under active development and approximately 4.7 million square feet of space held for future development.”

Annual report 2025A · The company itself

“We are in the business of owning, acquiring, developing and operating data centers. A reduction in the demand for data center space, power or connectivity would have a greater adverse effect on our business and financial condition than if we owned a portfolio with a less specialized use.”

Annual report 2025A · The company itself

“Any failure of our physical or information technology or operational technology infrastructure or services could lead to significant costs and disruptions. Our business depends on providing customers with highly reliable services, including with respect to power supply, physical security, cybersecurity, and maintenance of environmental conditions.”

Annual report 2025A · The company itself

“In the ordinary course of business, we enter into agreements with our customers pursuant to which we provide data center space, power, environmental controls, physical security and connectivity products to our customers. These contracts typically contain indemnification and liability provisions, in addition to service level commitments, which could potentially impose a significant cost on us in the event of losses arising out of certain breaches of such agreements, services to be provided by us or our subcontractors or from third-party claims.”

Annual report 2025A · The company itself

“At December 31, 2025, we owned approximately 9.7 million square feet of space under active development and approximately 4.7 million square feet of space held for future development. We intend to continue to add new space to our development inventory and to continue to develop additional space from this inventory.”

Annual report 2025A · The company itself

“In addition, as of December 31, 2025, customer agreements representing 23.3% of the square footage of the properties in our portfolio, excluding month-to-month leases and space held for development, were scheduled to expire through 2027, and an additional 16.8% of the net rentable square footage, excluding space held for development, was available to be leased.”

Annual report 2025A · The company itself

“Additionally, a customer’s decision to lease space and power in one of our data centers and to purchase additional products typically involves a significant commitment of resources and due diligence on the part of our customers regarding the adequacy of our facilities.”

Annual report 2025A · The company itself

“Introduktion Marknad Strategi och affär Ekonomisk redovisning Finansiella rapporter Hållbarhetsrapport Nyckeltal Introduktion Marknad Strategi och affär Ekonomisk redovisning Finansiella rapporter Hållbarhetsrapport Nyckeltal Case: Västra stranden i Luleå Västra Stranden i korthet 4 nya miljöcertifierade fastigheter Kontor, bostäder (74 lägenheter), butiker och andra tjänster Total uthyrningsbar yta – 18 000 kvm 250 parkeringsplatser, laddstationer för elbilar och andra mobilitetslösningar Första hyresgästen – Försäkringskassan – 5 000 kvm, 300 anställda Grön rekreationsyta “Vi är en stor fastighetsägare i Luleå och har ett ansvar att bidra till stadens tillväxt.”

Annual report 2024A · The company itself

“Gulf Coast and in Europe to expand capacity of specialty amines and alkoxylation chemistries to serve fast-growing energy transition, pharmaceutical, home care, cleaning and agriculture end-markets. •The Industrial Solutions business further advanced applications in data center cooling with DOWFROSTTM LC heat transfer fluid, which is specifically formulated for liquid-cooled, direct-to-chip applications and provides exceptional corrosion protection and freeze protection and ensures a long life-span of the system. •The Polyurethanes & Construction Chemicals business continued to scale key projects aligned with its long-term sustainability goals.”

Annual report 2025A · The company itself

“Investments in innovation for growth are focused on addressing market needs such as thermal management in high-performance computing and artificial intelligence applications, industrial power systems and electric vehicle electronics; silicone and hybrid chemistry materials to replace fluorinated materials; high-performance materials for building and infrastructure end-markets; and innovative ingredients imparting improved haptics and performance for personal care formulations.”

Annual report 2025A · The company itself

“The Company's capital strategy is aligned with industry trends to expand investments focused on growth in certain end-markets, including electronics, infrastructure and mobility.”

Annual report 2025A · The company itself

“The business supports manufacturers and operators across a large variety of end-markets, notably coatings; crop protection; consumer health; data centers; detergents and cleaners; electronics; inks; lubricants and fluids; and oil and gas.”

Annual report 2025A · The company itself

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

Annual report 2025A · The company itself

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

Annual report 2025A · The company itself

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

Annual report 2025A · The company itself

“We are proud of the constructive regulatory outcomes that we advocated for our customers as we prepare for growth in energy demand driven by ongoing migration into our attractive service territories, continued electrification and onshoring from domestic industries, data center growth and other investments, including those related to support the broader utilization of AI.”

Annual report 2025A · The company itself

“At times, demand can exceed available generation capacity and emerging large loads – such as hyperscale data centers and industrial facilities – present unique risks due to their high demand, rapid fluctuations, and unpredictable operational profiles, which can further strain bulk power system reliability and grid stability.”

Annual report 2025A · The company itself

“Our products and services support innovative technology and mega trends, including, for example, data centers. These markets have experienced and may continue to experience the abrupt introduction of disruptive technologies, which may, in turn, negatively impact our end markets.”

Annual report 2025A · The company itself

“Stakeholder expectations surrounding the responsible use of AI continue to grow as data center growth associated with new AI technologies can create negative environmental and social impacts. This includes increased use of natural resources such as electricity and water, as well as impacts to communities located near AI data 30 Table of Contents center operations.”

Annual report 2025A · The company itself

“Light & Heavy ​ Light & Heavy serves customers across industrial and institutional markets. Within Light & Heavy, our markets include food and beverage, manufacturing and transportation, institutional clients, including commercial buildings, hospitals, universities and hotels, and global high technology serving customers, including data centers and microelectronics.”

Annual report 2025A · The company itself

“At an operating segment level, Light & Heavy organic sales increased 2% in 2025 reflecting double-digit growth in global high-tech, improved growth in downstream and solid manufacturing sales growth, which more than offset soft end-market demand in basic industries. Global high-tech reported strong double-digit sales growth driven by data centers and microelectronics.”

Annual report 2025A · The company itself

“Electricity Industry Trends The electric power industry is undergoing urgent and fundamental changes in how energy infrastructure is planned and built, driven by new sources of demand, such as electric vehicles, data centers, and building electrification; technological innovations that support clean energy adoption, such as distributed generation and energy storage; and government actions to reduce GHG emissions. These factors, coupled with the increasing impacts of climate change, are altering the way in which electricity is generated and delivered.”

Annual report 2025A · The company itself

“Berlins erhvervsliv er orienteret mod fremtiden Startup og fokus på avanceret teknologi, AI og digitalisering Stærk tiltrækning af investeringer og innovation i 2025 Berlins strategiske satsning på fremtidsorienterede erhvervsområder har markeret byen som et centralt omdrejningspunkt for både iværksættere og investorer i Tyskland. I 2025 blev en tredjedel af alle finansieringsrunder – altså investeringsrunder, hvor startups rejser kapital fra investorer for at kunne udvikle og skalere deres forretning – afholdt i Berlin. Det understreger byens betydning for det nationale startup-miljø.”

Annual report 2025A · The company itself

“Our customer segmentsThis is Elanders In a world characterized by, among other things, a growing middle class, the consumption of electronics is on the rise, both for companies and consumers. This goes for everything from computers, surveillance systems and TVs to heat pumps and data centers.”

Annual report 2024A · The company itself

“Datacenter – vi ser en ökande efterfrågan på att etablera mycket stora datacenter i Norden där vi kan kombinera vår kompetens inom kommunikation och elkraft.”

Annual report 2024A · The company itself

“Eltel kan kombinera sin expertkunskap inom kommunikation och elkraft till att uppfylla behoven hos datacenterkunder med högspännings- och höghastighetsuppkopplingar. Detta kombinerade erbjudande är ofta unikt på de nordiska marknaderna och gör det möjligt för Eltel att vara en fullserviceleverantör för datacenterkunder.”

Annual report 2024A · The company itself

“Under 2024 utvecklade Eltel Finland hur företaget paketerar sin expertkunskap inom el och kommunikation till datacenterkunder. Jag är stolt över vårt arbete med att öka lönsamheten under året genom att hantera utmaningar i svåra projekt och effektivisera våra interna processer.”

Annual report 2024A · The company itself

“Det råder stark tillväxt i efterfrågan från bland annat datacenteretableringar och tillverkningsindustri.”

Annual report 2024A · The company itself

“I september 2024 tillkännagav EQT Infrastructure försäljningen av en minoritetsandel i EdgeConneX, samtidigt som de förblir största aktieägaren. EQT strävar efter att ytterligare accelerera EdgeConneX förmåga att möta den växande efterfrågan på avancerade datacenterlösningar och positionera företaget i framkant av den globala AI- och digitala infrastrukturrevolutionen. #01 Detta är EQT #02 Finansiella rapporter #03 Hållbarhetsnoter #04 Bolagsstyrning #05 Ytterligare information People #01 Detta är EQT #02 Finansiella rapporter #03 Hållbarhetsnoter #04 Bolagsstyrning #05 Ytterligare information People Medarbetarna är nyckeln till EQT:s framgång Med betydande tillväxt i antalet medarbetare och EQT:s geografiska närvaro under de senaste fem åren är EQT:s värderingar viktigare än någonsin.”

Annual report 2024A · The company itself

“Additionally, we cannot be certain that we will be able to successfully execute combo-development projects, LNG export initiatives, midstream growth projects, data center development or other strategic projects at the pace and scale that we project, which may delay or reduce our production, reserves, revenues or expected benefits therefrom.”

Annual report unknown yearA · The company itself

“As the only large-scale, integrated natural gas producer in the United States, we believe we are well positioned to excel during times of market volatility and to serve growing sources of demand, including power generation, industrial consumption, domestic data center development and LNG exports.”

Annual report unknown yearA · The company itself

“We rely on the efficient and uninterrupted operation of complex information technology systems and networks, some of which are managed internally within the Company and some of which are outsourced to third parties. As part of our technology transformation, we upgraded a significant portion of the information technology systems used to operate our business and replaced them with cloud-based solutions. Our information technology applications and systems consist primarily of outsourced, cloud-based infrastructure, platforms and software-as-a-service solutions not under our direct management or control.”

Annual report 2025A · The company itself

“Further, the transition of our applications and systems infrastructure to cloud-based technologies may expose us to additional cyber threats, as most of our data has migrated from legacy Equifax systems to cloud-based solutions hosted by third parties.”

Annual report 2025A · The company itself

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

Annual report 2025A · The company itself

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

Annual report 2025A · The company itself

“Business Overview: Enabling Innovation for the Digital World Equinix (Nasdaq: EQIX) is the world's digital infrastructure company, shortening the path to boundless connectivity anywhere in the world to enable the innovations that enrich our work, life and planet. Equinix combines a global footprint of International Business ExchangeTM (IBX®) and xScaleTM data centers in the Americas, Asia-Pacific, and Europe, the Middle East and Africa ("EMEA") regions, infrastructure and interconnection offerings, and digital ecosystems required to serve a large and diverse set of customers around the world.”

Annual report 2025A · The company itself

“Our footprint consists of 280 data centers worldwide, including: •IBX Data Centers are our carrier-neutral colocation data centers, providing our customers with the secure, reliable and robust environments (including space and power) necessary to aggregate and distribute information and connect digital and business ecosystems globally. IBX data centers provide access to vital ecosystems where enterprises, network, cloud and SaaS providers, and business partners, can directly and securely interconnect to each other.”

Annual report 2025A · The company itself

“•xScale Data Centers are designed to serve the unique core workload deployment needs of a targeted group of hyperscale companies, which include the world's largest cloud service providers. Hyperscalers require infrastructure to support demanding workload requirements for cloud and AI initiatives. With xScale data centers, which are developed and operated through our joint venture partnership arrangements, hyperscale customers add to their core hyperscale data center deployments and existing customer access points at Equinix, allowing streamlined expansion with a single global vendor.”

Annual report 2025A · The company itself

“These solutions are typically billed based on the outbound connections from a customer and generate MRR. •Equinix Fabric® provides secure, on-demand, software-defined interconnection. Built specifically for digital infrastructure, Equinix Fabric enables businesses to connect globally to their choice of thousands of networking, storage, compute and application service providers in the industry’s largest infrastructure ecosystem. As the foundation of Equinix’s interconnection capability, Equinix Fabric also enables customers to quickly and easily connect between the physical and virtual digital infrastructures they have deployed in Equinix data centers globally. •Equinix Fabric Cloud Router makes it easy to connect applications and data across different clouds.”

Annual report 2025A · The company itself

“We offer professional solutions to our customers where we consult on data center solutions and assist with implementations. We also offer managed services in certain locations where we manage the data center infrastructure for our customers.”

Annual report 2025A · The company itself

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

Annual report 2025A · The company itself

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

Annual report 2025A · The company itself

“We offer the following solutions: •premium data center colocation; •physical and virtual interconnection and data exchange solutions; •edge solutions for deploying networking, security and hardware; and •remote expert support and professional services.”

Annual report 2025A · The company itself

“Our business is primarily based on a recurring revenue model comprised of colocation, interconnection and managed infrastructure offerings. We consider these offerings recurring because our customers are generally billed 50 Table of Contents on a fixed and recurring basis each month for the duration of their contract, which is generally one to five years in length, and thereafter automatically renews in one-year increments. Our recurring revenues have comprised more than 90% of our total revenues during the past three years.”

Annual report 2025A · The company itself

“Key components of our strategy include: Solving multicloud application delivery and security challenges Our F5 BIG-IP family delivers essential application delivery and security services, ensuring applications operate efficiently and securely. It is optimized for traditional applications whether deployed on premises, in co-located data centers, or in cloud environments.”

Annual report 2025A · The company itself

“Our global technology infrastructure supports our operations and is designed to facilitate reliable and efficient processing and delivery of data and analytics to our clients. As part of our hybrid cloud strategy, we operate two fully redundant, physically separated data centers in the U.S. that provide client services, while also using market-leading cloud providers to run products and services to best benefit from the cloud's elasticity, resiliency, security, and regionalization. We currently use several cloud providers; however, one supplier provided the majority of our cloud computing support for fiscal 2025.”

Annual report 2025A · The company itself

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

Annual report 2025A · The company itself

“Our purchase obligations primarily relate to a third-party data center hosting agreement, subscription arrangements, and service agreements.”

Annual report 2025A · The company itself

“Supply Plan Supply Chain While supply lead times have not fully returned to levels prior to the COVID-19 pandemic, FirstEnergy continues to monitor the situation in light of demand increases across the industry, including due to data center usage, and the imposition of tariffs and retaliatory tariffs that have been, and may be, imposed by the U.S. government in response.”

Annual report 2025A · The company itself

“Secretary of Energy, is also considering whether to develop regulations intended to speed interconnection of AI data centers and “hybrid” data center/electric generation facilities (collectively, “large loads”) to the transmission system. Final regulations, if any, from FERC are expected in the second quarter of 2026. To the extent the new regulations promulgated by FERC do not permit transmission utilities to fully recover costs associated with transmission network upgrades required to serve new large loads, our strategy of investing in transmission could be adversely affected.”

Annual report 2025A · The company itself

“On January 16, 2026, the PJM board along with various federal and state officials, expressed interest in extending the price collar through mid-2030. In addition, the parties to the Statement of Principles suggested that PJM should conduct a “backstop” auction to procure additional generation capacity, with the costs to be allocated first to “new” data centers and second to existing PJM loads. If the PJM capacity auctions continue to clear at the auction cap, and if PJM conducts a “backstop” capacity auction that clears at a high price point, customer resistance to the resulting market driven increases on the generation portion of their bills could lead to increased pressure for state and federal utility regulators to limit the needed capital investment in transmission and distribution systems required for safe, reliable and resilient service to customers, which may impair our ability to earn a fair and equitable return on our investments and execute our strategy.”

Annual report 2025A · The company itself

“At the same time, our planning could be adversely affected if electricity usage by data centers is ultimately lower than projected, which could reduce anticipated load growth.”

Annual report 2025A · The company itself

“Secretary of Energy directed FERC to conduct a rulemaking procedure to develop regulations that would speed interconnection to the transmission system of large loads, including “Artificial Intelligence” data centers and “hybrid” data center/electric generation facilities.”

Annual report 2025A · The company itself

“Our increasing user traffic and complexity of our products and services demand more computing power. We have invested substantial amounts and expect to continue investing (as necessary) in access to data centers and equipment and in moving more of our workload into cloud services, upgrading our technology and network infrastructure to handle increased traffic on our websites, and delivering our products and services through emerging channels, such as mobile applications.”

Annual report 2025A · The company itself

“We have expanded our scientific focus to use data science and AI to aid in the discovery of new targets and biomarkers and bolster our in-depth precision medicine and translational laboratory capabilities.”

Annual report 2025A · The company itself

“Our strategy of prioritising high-value markets, optimising operational efficiencies, and investing in assets, tech and data, has driven sustainable and long-term growth.”

Annual report 2024A · The company itself

“This growth includes our strategic collaboration with VoltaGrid, for which we have secured manufacturing capacity for 400 megawatts of modular natural gas power systems for delivery in 2028 to support the development of data centers in the Eastern Hemisphere.”

Annual report 2025A · The company itself

“Excludes gross real estate of $158 million related to six lab buildings and two outpatient medical buildings classified as held for sale.”

Annual report 2025A · The company itself

“Business Hewlett Packard Enterprise is a global technology leader focused on developing intelligent solutions that allow customers to capture, analyze and act upon data seamlessly from edge to cloud. We enable our customers to accelerate business outcomes by driving new business models, creating new customer and employee experiences, and increasing operational efficiency today and into the future. Our customers range from small-and-medium-sized businesses to large global enterprises and governmental entities.”

Annual report 2025A · The company itself

“Our long-term go-to-market strategy is focused on leveraging our portfolio composed of hardware, software, and services as we deliver global edge-to-cloud platform as-a-Service (“aaS”) to help customers accelerate outcomes by unlocking value from their data, everywhere.”

Annual report 2025A · The company itself

“AI-produkterbjudande med produktifiering av stora språkmodeller och dokumenthantering, är en molnpartner med öppna plattformar och teknologipartner för det industriella metaversumet. NVIDIA förbättrar Hexagons öppna dataekosystem genom att integrera accelererad databehandling, AI och simuleringsteknologier i Hexagons digital reality-lösningar.”

Annual report 2024A · The company itself

“The gas turbines market includes industrial gas turbines and oil and gas, which represented approximately 11% of the Company’s revenue in 2025.”

Annual report 2025A · The company itself

“Products of the Electrical Solutions segment have applications in the non-residential, light industrial, heavy industrial, datacenter, electric transmission and distribution, and renewables markets. Electrical Solutions segment products are typically used in and around industrial, commercial and institutional facilities by electrical contractors, maintenance personnel, electricians, utilities, and telecommunications companies.”

Annual report 2025A · The company itself

“The increase includes 7.2% growth in organic net sales, driven by a mid single digit percentage increase in price realization and a low single digit percentage increase in unit volumes. This was partially offset by a 0.1% decline from foreign currency exchange. Volume growth was driven primarily by strength in the datacenter and light industrial markets, partially offset by softness in the non-residential and heavy industrial markets.”

Annual report 2025A · The company itself

“The increase in organic net sales was driven by a low single digit percentage increase in unit volumes and a low single digit percentage increase in price realization. Volume growth was driven primarily by strength in renewables markets and datacenter balance-of-system products, while industrial markets were solid and non residential markets were soft.”

Annual report 2025A · The company itself

“As part of our strategic growth plan, we expect to invest in our existing businesses, including records and information management storage and services businesses in our higher-growth markets, data centers, digital solutions, ALM business and other complementary businesses, and in new businesses, business strategies, products, services, technologies and geographies.”

Annual report 2025A · The company itself

“Expanding our Global Data Center Business requires significant capital. In addition, we may be required to commit significant operational and financial resources in connection with the organic growth of our Global Data Center Business substantially in advance of such newly developed data centers generating revenue.”

Annual report 2025A · The company itself

“Our Global Data Center Business depends on providing customers with highly reliable facilities, power infrastructure and operations solutions, and we will need to retain and hire qualified personnel to manage our data centers. Service interruptions or significant equipment damage could result in difficulty maintaining service-level commitment obligations that we owe to certain of our customers.”

Annual report 2025A · The company itself

“On October 1, 2024, the Company completed the acquisition of Mikros Technologies LLC (“Mikros Technologies”) for consideration transferred of $63 million. Mikros Technologies is a leader in the engineering and manufacturing of liquid cooling solutions for thermal management.”

Annual report 2025A · The company itself

“The Intelligent Infrastructure segment is focused on the modern digital ecosystem including artificial intelligence (“AI”) infrastructure and includes revenues from customers primarily in the capital equipment, cloud and data center infrastructure, and networking and communications industries.”

Annual report 2025A · The company itself

“Over the last several years, we have pursued a new digital strategy across all aspects of our operations, and we intend to continue to accelerate our implementation of this strategy in the future. Effective implementation of our digital strategy has required, and will require, significant investments in our digital platforms, including information technology systems, and significant development and expansion of our digital capabilities, including data science, data analytics, artificial intelligence, machine learning, natural language processing, and other developing and emerging platforms.”

Annual report 2025A · The company itself

“Nedstrøms Ikke relevant for muligheter Mellomlang sikt Energi Faktisk negativ påvirkning Vi leverer løsninger som er avhengige av datasentre, som er bruker av betydelige mengder energi.”

Annual report 2024A · The company itself

“Området Space & Surveillance leverer et bredt spekter av utstyr, systemer og tjenester tilknyttet rom- og maritim-overvåkning, i mer enn 40 land. Vi utvikler og produserer småsatellitter gjennom vårt datterselskap Kongsberg NanoAvionics.”

Annual report 2024A · The company itself

“In 2025, Konsolidator expanded its data handling capabilities by offering a data warehouse based on Microsoft’s Fabric environment, utilizing Microsoft Power BI as the front-end.”

Annual report 2025A · The company itself

“Markkinaa kasvattavat laaja-alaisesti julkiset väylähankkeet, teollisuuden investoinnit kuten datakeskukset sekä muut turvaluokitellut ja julkaisemattomat hankkeet.”

Annual report 2025A · The company itself

“Puhdas siirtymä pitää sisällään energiantuotantoon liittyvät investoinnit, muut teollisuuden tuotantolaitokset ja datakeskukset.”

Annual report 2025A · The company itself

“Energian osalta maanalisiin kalliotilojen käyttökohteita rakennetaan muun muassa sähkönsiirtoyhteyksille ja -asemille, kaukolämpö- ja jäähdytysvesi järjestelmille sekä energiavarastoille. Myös datakeskusten tekniikkaa sekä konesaleja sijoitetaan usein kalliotiloihin.”

Annual report 2025A · The company itself

“MARKKINASSA ISOJA HANKKEITA POIKKEUKSELLISEN PALJON TEOLLISUUDEN INVESTOINNIT Yksityinen sektori on erittäin aktiivinen etenkin datakeskus- ja teollisuushankkeissa.”

Annual report 2025A · The company itself

“Yksityissektorilla on kuitenkin merkittävä rooli portfoliossamme. Asiakkaat ovat tyypillisesti isoja teollisuusyrityksiä tai JULKINEN 63 % kansainvälisiä toimijoita, jotka vastaavat datakeskushankkeista.”

Annual report 2025A · The company itself

“In addition, the fact that we offer limited product lines creates the risk that our customers may view us as less important to their business than our competitors that offer additional products and/or product capabilities, including new products that take advantage of “big data” or other new technologies such as machine learning and AI. This may impact our ability to maintain or expand our business with certain customers.”

Annual report 2026A · The company itself

“In addition, our products are used to cool a wide variety of industrial processes, including data centers, machine tooling, and other critical cooling applications.”

Annual report 2025A · The company itself

“The transportation rates Boardwalk Pipelines is able to charge customers are heavily influenced by market trends (both short and longer term), including the continued availability of supply from key supply basins, the competition between producing basins, competition with other pipelines for supply and markets, the demand for gas by end-users such as electric power generators, petrochemical facilities, artificial intelligence data centers and LNG export facilities and the price differentials between the gas supplies and the market demand for the gas (basis differentials).”

Annual report 2025A · The company itself

“Heavy nonresidential construction demand remained steady in 2025 across key geographies due to rapid expansion in data centers, a recovery in warehousing and distribution, and early-stage momentum in energy and advanced manufacturing. The Company expects 2026 demand in these nonresidential segments to remain strong.”

Annual report 2025A · The company itself

“Subsequent to our fiscal 2026 year end, on February 2, 2026, we completed the previously announced acquisition of Celestial AI, Inc. (“Celestial”), a provider of a Photonic FabricTM technology platform purpose-built for next-generation scale-up interconnect. The acquisition of Celestial is expected to accelerate our connectivity strategy for next-generation AI and cloud data centers.”

Annual report 2026A · The company itself

“The acquisition of Celestial further extends our interconnect portfolio with the addition of their Photonic FabricTM solutions and XConn further extends our switch portfolio with the addition of their peripheral component interconnect express (“PCIe”) and compute express link (“CXL") switches.”

Annual report 2026A · The company itself

“Custom ASICs We develop custom semiconductor solutions tailored to individual customer specifications that deliver system-level differentiation for next-generation artificial intelligence, data center, compute, networking, carrier, storage, aerospace and defense applications.”

Annual report 2026A · The company itself

“Interconnects We offer a complete portfolio of high-speed interconnect semiconductor solutions for inside cloud data centers, between cloud data centers and in carrier networks.”

Annual report 2026A · The company itself

“The PAM DSPs are key enablers for inter-connecting servers, routers, switches, storage and other infrastructure equipment that process, store and transport data traffic inside data centers.”

Annual report 2026A · The company itself

“Our Bravera HDD controllers integrate Marvell’s industry-leading read channel technologies to enable higher volumetric densities at low power profiles and are being used by all the current HDD makers.”

Annual report 2026A · The company itself

“Table of Contents Our Markets and Products Our product solutions serve two end markets: (i) data center and (ii) communications and other.”

Annual report 2026A · The company itself

“Table of Contents The following table summarizes net revenue disaggregated by end market (in millions, except percentages): Year Ended January 31, 2026 % of Total February 1, 2025 % of Total February 3, 2024 % of Total Data center $ 6,100.3 74 % $ 4,164.2 72 % $ 2,216.7 40 % Communications and other 2,094.3 26 % 1,603.1 28 % 3,291.0 60 % Total $ 8,194.6 $ 5,767.3 $ 5,507.7 Our portfolio of solutions integrate multiple analog, mixed-signal and digital intellectual property components incorporating hardware, firmware and software technologies and our system knowledge to provide our customers highly integrated solutions for their end products.”

Annual report 2026A · The company itself

“Our AEC DSPs are utilized in active electrical cables to enable high-bandwidth copper data transmission within data centers, specifically for scale-up and scale-out AI and general-purpose server connectivity.”

Annual report 2026A · The company itself

“Our Ethernet controllers and network adapters are optimized to accelerate and simplify data center and enterprise networking.”

Annual report 2026A · The company itself

“Fibre Channel Products Our QLogic Fibre Channel product family comprises of host bus adapters (“HBAs”) and controllers for server and storage system connectivity.”

Annual report 2026A · The company itself

“The OCTEON DPUs and processors are targeted for use in a wide variety of carrier, data center, and enterprise equipment, including routers, switches, security UTM appliances, content-aware switches, application-aware gateways, wireless access points, 3G/4G/5G wireless base stations, storage arrays, smart network interface controllers, network functions virtualization (“NFV”) and software-defined networking (“SDN”) infrastructure.”

Annual report 2026A · The company itself

“The LiquidSecurity product family is a high-performance hardware-based transaction security solution for cloud data center and enterprise applications.”

Annual report 2026A · The company itself

“Table of Contents Storage Controllers We offer a broad portfolio of storage controllers for hard disk drives (“HDDs”) and solid-state-drives (“SSDs”) across all high-volume markets.”

Annual report 2026A · The company itself

“We integrate several of our Bravera HDD controller IPs with our flash technologies to deliver optimal solutions for data center, enterprise and client computing markets.”

Annual report 2026A · The company itself

“Microchip is an industry leader in product families including storage controllers, memory controllers and switches designed to address high-performance compute, storage, and connectivity requirements in AI data center and enterprise infrastructure. Our storage controller portfolio includes Microchip Adaptec® and Microsemi® branded storage controllers, SAS/SATA expanders, and accelerators that enable reliable SAS/SATA and NVMe® storage connectivity, data protection, and workload offload.”

Annual report 2026A · The company itself

“Our memory controller portfolio includes Compute Express Link™ (CXL™) and PCIe® memory expansion and management devices that support disaggregated and scalable memory architectures.”

Annual report 2026A · The company itself

“Our switch and retimer portfolio includes PCIe® Gen 3, Gen 4, Gen 5, and Gen 6 solutions, including Switchtec™ branded products, that provide high-speed, low-latency interconnect, signal conditioning, and fabric expansion for server, storage, accelerator, and networking platforms.”

Annual report 2026A · The company itself

“Table of Contents Solid State Drives (“SSDs”): SSD storage products incorporate NAND, a controller, and firmware to offer significant performance and features over hard disk drives, including smaller form factors, faster read and write speeds, higher reliability, and lower power consumption needed to address the growing demands of data-centric workloads, ever-increasing expectations of client users, and the stringent requirements of automotive and industrial applications.”

Annual report 2025A · The company itself

“Data Center DRAM: CDBU sales to OEM data center customers are driven by server and storage demand to support mid-tier cloud and enterprise customers, and our sales consisted primarily of DDR5 and DDR4. Data Center SSDs and NAND: The rapid proliferation of AI, cloud computing, and big data are fueling demand for high-performance and high-capacity storage in data centers.”

Annual report 2025A · The company itself

“A significant portion of our revenue is concentrated with certain customers and end markets. In 2025, over half of our total revenue came from our top ten customers. Among our end markets, approximately one-half of our total revenue was concentrated in the data center end market.”

Annual report 2025A · The company itself

“For example, DC to DC solutions are used to convert and control voltages within a broad range of electronic systems, such as cloud-based and on-premises CPU servers and workstations, AI systems, memory, storage solutions, notebooks, infotainment, power sources, home appliances, network infrastructure and satellite communications.”

Annual report 2025A · The company itself

“We believe that the application of our products in the storage and computing, enterprise data, automotive, industrial, communication and consumer end markets will continue to account for the majority of our revenue.”

Annual report 2025A · The company itself

“Growth in global revenue reflected increases in both MA and MIS, both in the U.S. and internationally.”

Annual report 2025A · The company itself

“Purchase Obligations Purchase obligations generally include multi-year agreements with vendors to purchase goods or services and mainly include data center/cloud hosting fees and fees for information technology licensing and maintenance. As of December 31, 2025, these purchase obligations totaled approximately $650 million, of which approximately 60% is expected to be paid in the next twelve months and another approximate 40% expected to be paid over the next two subsequent years, with the remainder to be paid thereafter.”

Annual report 2025A · The company itself

“The following table presents key drivers for our Capital Markets Technology business: Year Ended December 31, 2025 2024 2023 (in millions) ARR $975 $868 $799 Quarterly annualized SaaS revenues Capital Markets Technology revenues increased for the year ended December 31, 2025 compared with the same period in 2024. The increase was primarily due to higher revenues related to data center growth and higher subscription revenues from new sales and price increases to existing clients.”

Annual report 2025A · The company itself

“We rely on third parties for regulatory, data center, cloud computing, data storage and processing, connectivity, data content, clearing, maintaining markets and exchange liquidity and other services.”

Annual report 2025A · The company itself

“Occupancy expense increased for the year ended December 31, 2025 compared with the same period in 2024 primarily due to colocation data center growth.”

Annual report 2025A · The company itself

“The growth in our industry and the markets we compete in is driven by the increasing demand for data, which in turn drives the need for storage and data management solutions.”

Annual report 2026A · The company itself

“Additionally, cloud service providers offer storage on demand without requiring capital expenditure, which meets rapidly evolving business needs and has altered the competitive landscape.”

Annual report 2026A · The company itself

“We offer customers a variety of consumption models, including cloud-based storage services and storage-as-a-service (STaaS) delivered on-premises. As these business models continue to evolve, we may face challenges in competing effectively, generating significant revenues, or maintaining the profitability of our consumption-based offerings.”

Annual report 2026A · The company itself

“Well positioned to address these complexities, NetApp empowers Intelligent Data Infrastructure for our customers through our solutions, which seamlessly connect, manage and protect data across any environment. Our first-party native integration with all major hyperscalers—Amazon Web Services (AWS), Microsoft Azure, and Google Cloud—combined with decades of data management leadership, uniquely enables customers to harness these shifts for competitive advantage.”

Annual report 2026A · The company itself

“Our customers and their customers use our solutions to transmit and store sensitive data. We do not generally have the ability to review the information or content they upload and store, nor do we control the substance of this information or content.”

Annual report 2026A · The company itself

“Our customers, including data centers, SaaS providers, cloud computing services and internet infrastructure and bandwidth providers, rely on our products for their data storage needs.”

Annual report 2026A · The company itself

“Increasing digitalisation is driving higher energy demand across the digital value chain”

Annual report 2025A · The company itself

“We lease cloud hosting capacity at extensive and scalable facilities across Europe”

Annual report 2025A · The company itself

“We continue the previous years’ focus on alignment with key suppliers, such as data centres, while also enhancing data management and reporting.”

Annual report 2025A · The company itself

“Read more about CBAM https://netcompany.com/cbam/ Executive summary Financial review Corporate governance Sustainability statements Financial statements Case CBAM E3 IRO-1 Water and marine resources 86 Water and marine resources E3 In our reporting on water and marine resources, we examine how water withdrawal at the data centres we rely on could affect water availability for local communities. To do so, we screen our assets, colocation arrangements, and broader value-chain activities for any material impacts on water withdrawal or consumption. We utilise two types of data centres: ■ Colocation data centres: We lease the space and own the business-critical equipment, enabling us to service clients efficiently with their hosting needs ■ Co-host data centres, including hyper-scale cloud: We lease cloud hosting capacity at extensive and scalable facilities across Europe Data centre operations are integral to our core business activities.”

Annual report 2025A · The company itself

“Även digitaliseringen med till exempel fler datacenter ställer krav på högre kapacitet i elnäten.”

Annual report 2024A · The company itself

“Under 2024 fattade vi viktiga strategiska beslut genom att dels bredda kundkretsen till industriföretag, dels expandera erbjudandet till geografiskt närliggande fylken.”

Annual report 2024A · The company itself

“Resultatet visade sig snabbt genom att vi fick i uppdrag av Green Mountain, som bygger och driver datacenter, att ansvara för deras kraftförsörjning.”

Annual report 2024A · The company itself

“Klas Eldebrandt, chef Kraft Vi elektrifierar Google i Norge Nett-Tjenesters största projekt hittills är byggandet av en växelstation till ett av världens största datacenter. Datacentret ligger i Telemark och drivs av Google.”

Annual report 2024A · The company itself

“NEE cannot predict the impact of changing FERC rules or policies of the RTOs and ISOs, such as existing or potential future rules governing economic dispatch, generator and load interconnection procedures, transmission planning requirements, cost allocation methodologies and cost recovery policies, or the effect of changes in levels of wholesale supply and demand, which are typically driven by factors beyond NEE's control.”

Annual report 2025A · The company itself

“Customer growth and customer usage are affected by a number of factors outside the control of NEE and FPL, such as mandated energy efficiency measures, demand side management requirements, installation of distributed generation technologies and economic and demographic conditions, such as population changes, job and income growth, housing starts, new business formation, expanded use of data centers, inflation and the overall level of economic activity.”

Annual report 2025A · The company itself

“•FPL will implement tariffs for large-load customers with new or incremental load of 50 MW or greater and with a load factor of at least 85%.”

Annual report 2025A · The company itself

“8.1 Data processing, hosting, and related activities The identified activity "8.1 Data processing, hosting, and related activities" is eligible for taxonomy reporting as it encompasses Nordic's cloud service, nRF Cloud, which provides data hosting and processing. This platform is integral to supporting IoT applications through efficient connection, management, and monitoring of devices across our products' entire lifecycle.”

Annual report 2024A · The company itself

“I en första fas investeras 25 mdkr i projektet och när anläggningen når full drift beräknas den sysselsätta cirka 1 750 personer. • I Östersund investeras det 18 mdkr i ett datacenter som drivs av förnybar energi och samtidigt levererar värme till storskalig livsmedelsodling. Bakom investeringen står bolagen EcoData- Center och WA3RM som tillsammans väntas skapa nära 1 000 nya arbetstillfällen. • I Sundsvall planerar företaget Liquid Wind att bygga en produktionsanläggning för e-metanol med planerad byggstart 2026.”

Annual report 2024A · The company itself

“However, the steel products segment had increased volumes in 2025 compared to 2024, reflecting stabilized demand in the warehouse construction market in 2025 after a pull back in demand in 2024, and growing demand from data center construction.”

Annual report 2025A · The company itself

“General Development of Our Business in Recent Years Consistent with our strategy to Grow the Core, Expand Beyond and Live our Culture, Nucor has invested significant capital in recent years to expand our product portfolio to include more value-added steel mill products and capabilities, improve our cost structure, enhance our operational flexibility and increase our exposure to markets with attractive growth prospects, such as data centers and renewable energy.”

Annual report 2025A · The company itself

“In April 2024, Nucor acquired Southwest Data Products, Inc. ("SWDP"), a manufacturer and installer of data center infrastructure for $115 million. SWDP provides Nucor with expanded capabilities in airflow containment structures, as well as new product capabilities that include manufacturing cabinets/enclosures and caging for data centers and installation services.”

Annual report 2025A · The company itself

“Steel products segment In the steel products segment, Nucor produces steel joists and joist girders, steel deck, galvanized torque tubes used in solar arrays, hollow structural section (“HSS”) steel tubing, electrical conduit, fabricated concrete reinforcing steel, cold finished steel, steel fasteners, steel grating and expanded metal, wire and wire mesh, metal building systems, insulated metal panels, steel racking for warehouse systems and data centers, overhead doors, and utility towers and structures for communications and energy transmission.”

Annual report 2025A · The company itself

“In April 2024 we acquired Southwest Data Products, Inc. to expand and enhance NRG's ability to serve the rapidly growing data center market with steel racking and other products. NRG's added capabilities now include airflow containment structures, cabinet/enclosures, caging and other products for both new data centers and data center retrofits.”

Annual report 2025A · The company itself

“Our steel products businesses primarily serve the nonresidential construction and infrastructure markets. Our door technologies businesses also serve the garage door repair and replacement market. • Vulcraft/Verco – The Vulcraft/Verco group is the nation’s leading producer of open-web steel joists, joist girders and steel decking, which are used primarily for nonresidential building construction.”

Annual report 2025A · The company itself

“Sales of steel joists, joist girders and steel decking are dependent on the nonresidential building construction market. The majority of steel joists, joist girders and steel decking are used extensively as part of the roof and floor structural support systems in warehouses, data centers, manufacturing buildings, retail stores, shopping centers, schools, hospitals, and, to a lesser extent, in multi-story buildings and apartments.”

Annual report 2025A · The company itself

“Insulated metal panels (“IMP”) – We believe the Nucor Insulated Panels Group, which includes industry-leading brands, CENTRIA and Metl-Span, broadens the value-added solutions that the Nucor Buildings group can provide to targeted end markets such as warehousing, distribution and data centers. We expect these end-use markets to continue to grow in the coming years. IMPs facilitate cost-effective climate control in the built environment and reduce energy usage and overall operations related greenhouse gas (“GHG”) emissions for owners and lessees. • Racking – Nucor Racking Group (“NRG”) produces and installs standard and custom designed steel racking systems for warehouse applications, including rack supported buildings and warehouses designed to leverage emerging automatic storage and retrieval (ASRS) technology.”

Annual report 2025A · The company itself

“Demand was strong in several key end markets, including infrastructure, data centers, energy, and advanced manufacturing, while interest rate sensitive markets such as automotive and residential construction experienced softer conditions.”

Annual report 2025A · The company itself

“In terminal operations in Finland, we have succeeded in significantly increasing our clientele, particularly in green transition-related electrification and data centre projects, which have good growth prospects.”

Annual report 2025A · The company itself

“As we have become a more data-centric company, our processors and other products are being used in additional and new and critical application areas that create new or increased cybersecurity, privacy or safety risks. This includes applications that gather and process large amounts of data, such as the cloud or Internet of Things, and critical infrastructure and automotive applications.”

Annual report 2025A · The company itself

“We rely on third parties to provide us with operational and technical services, such as hosting of our cloud computing and storage needs. The services largely depend on the uninterrupted operation of data centers and the ability to protect computer equipment and information stored in these data centers against damage that may be caused by, among other things, natural disaster, fire, power loss, telecommunications or Internet failure, acts of terrorism, and other similar damaging events.”

Annual report 2025A · The company itself

“If our cloud infrastructure buildout takes longer than expected, our cloud revenue forecasts will be affected.”

Annual report 2026A · The company itself

“Our data center expansion depends on access to suitable, permitted build sites; reliable and predictable power sources; networking hardware; and server availability, including graphics processing units, memory devices and other critical components. Data centers in geographies that we rely on may be unavailable on commercially reasonable terms or at all.”

Annual report 2026A · The company itself

“To grow our OCI business, which requires increased computing capacity, we must incur significant capital and operating expenditures to increase our existing data center capacity and to establish data centers in new geographic locations. In connection with these investments, we have entered, and expect to continue to enter, into long-term lease commitments with third-party data center providers and other significant commitments with suppliers of chips and other data center infrastructure.”

Annual report 2026A · The company itself

“Additionally, we have approximately 181 data center locations globally, substantially all of which are leased and used to deliver our Oracle Cloud offerings.”

Annual report 2026A · The company itself

“Efterfrågan från sektorer som transport, industri, datacenter och AI förstärker ytterligare behovet av ren, pålitlig och hållbar energi.”

Annual report 2024A · The company itself

“For example, artificial intelligence technologies are rapidly developing and our business may be adversely affected if we cannot successfully integrate such technologies into our internal business processes and product and service offerings, or if we cannot effectively position our products to serve the needs of artificial intelligence technology providers, including data center infrastructure, in a timely, cost-effective, compliant and responsible manner.”

Annual report 2026A · The company itself

“The technology infrastructure supporting our payments platform is designed to simplify the storage and processing of large amounts of data and facilitate the deployment and operation of large-scale global products and services whether hosted by third-party cloud service providers or our own data centers.”

Annual report 2025A · The company itself

“We continue to make multi-year investments in our technology infrastructure, including those associated with cloud-related initiatives, intended to support the scalability, resiliency, and efficiency of our payments platform.”

Annual report 2025A · The company itself

“Additionally, the future demand from these customers may not be realized to the extent currently projected and significant uncertainties exist regarding the future energy demand associated with data centers and AI. The difficulty in forecasting these demands and the 36 Table of Contents additional risk of these arrangements could lead to stranded costs and other effects that could have material adverse impacts on APS’s financial condition, results of operations, and cash flows.”

Annual report 2025A · The company itself

“The capital expenditures table presented in the “Liquidity and Capital Resources” section of Management’s Discussion and Analysis of Financial Condition and Results of Operations in Part II, Item 7 of this report includes new APS transmission projects, along with other transmission costs for upgrades and replacements, including those for data center and semi-conductor manufacturing development.”

Annual report 2025A · The company itself

“Recent industry trends and projections of load growth reflect significant demand from data centers to support AI as well as onshoring of manufacturing, such as advanced semiconductor manufacturing. These data centers and large manufacturers may locate their operations within service territories other than our own. If they do choose to locate within our service territory, we may not be able to provide sufficient electric service within the time period they require due to capital or other constraints.”

Annual report 2025A · The company itself

“Based on our current estimates, our consolidated land and other real estate investments, including options and CLPs, have the potential to support the development of $37.3 billion ($42.6 billion on an O&M basis) of TEI of newly developed buildings.”

Annual report 2025A · The company itself

“Our real estate development and redevelopment strategy is primarily focused on monetizing land and redevelopment sites in the future through development of logistics facilities to hold for long-term investment and for contribution or sale to a co-investment venture or third party, depending on market conditions, our liquidity needs and other factors. We may increase our investment in the development, renovation and redevelopment business and we expect to complete the build-out and leasing of our current development portfolio. We may also develop, renovate or redevelop properties within existing or newly formed co-investment ventures, or develop and redevelop properties into data centers.”

Annual report 2025A · The company itself

“Our development business provides the opportunity to profitably build modern logistics facilities that address the evolving requirements of our customers while deepening our presence in our target markets. We are also selectively expanding our development activities to include data centers in certain markets, by focusing on procuring power and securing build-to-suit lease transactions.”

Annual report 2025A · The company itself

“QPR ProcessAnalyzer on ainoa prosessilouhintaratkaisu, joka on suunniteltu Snowflake AI Data Cloud -ympäristöön ja on lisäksi saatavilla applikaationa Snowflake Marketplace -sovelluskaupassa.”

Annual report 2024A · The company itself

“RISKS RELATED TO NEW INITIATIVES •Our growth depends in part on our ability to extend our technologies and products into new and expanded product areas, and industries and applications beyond mobile handsets. Our research, development and other investments in these new and expanded product areas, industries and applications, and related technologies and products, as well as in our existing technologies and products, and new technologies, may not generate operating income or contribute to future results of operations that meet our expectations. •We may engage in acquisitions and other strategic transactions or make investments, or be unable to consummate planned strategic acquisitions, which could adversely affect our results of operations or fail to enhance stockholder value.”

Annual report 2025A · The company itself

“We expect to continue to invest in research and development in a variety of ways in an effort to extend the demand for our products and technologies and to utilize that research and development in industries and applications beyond mobile handsets (such as automotive and IoT), including continuing the development of new modem and multimedia technologies and other technologies (such as ADAS/AD and XR), developing alternative technologies for certain specialized applications, participating in the formulation of new voice and data communication standards and technologies and assisting in deploying digital voice and data communications networks around the world.”

Annual report 2025A · The company itself

“We are also investing in research and development of data center products.”

Annual report 2025A · The company itself

“In particular, our future growth depends in part on our ability to succeed in new and expanded product areas, and industries and applications beyond mobile handsets, including in automotive, IoT and data center; our ability to develop leading and cost-effective technologies and products for these new and expanded product areas, industries and applications; and third parties incorporating our technologies and products into devices used in these product areas, industries and applications.”

Annual report 2025A · The company itself

“We engage in acquisitions and other strategic transactions that we believe are important to the future of our business. We routinely acquire businesses and other assets, including patents, technology and other intangible assets, enter into joint ventures or other strategic transactions, and purchase minority equity interests in or make loans to companies, including those that may be private and early-stage.”

Annual report 2025A · The company itself

“Our strategic activities are generally focused on furthering our growth and diversification strategy in industries and applications beyond mobile handsets, opening or expanding opportunities for our products and technologies, and supporting the development and introduction of new products or services.”

Annual report 2025A · The company itself

“Our Data Center business is developing and commercializing next-generation solutions for data centers.”

Annual report 2025A · The company itself

“A key component of our platform is predictive analytics, which is embedded in our business system and applied to underwriting acquisitions through ongoing portfolio optimization and disposition decisions. Predictive analytics helps us identify opportunities, evaluate investments, monitor asset performance, and proactively manage portfolio risks over time. Table of Contents Our predictive analytics platform uses machine learning models trained on proprietary financial and leasing data across more than 15,500 properties, combined with millions of external data points stored in our data warehouse.”

Annual report 2025A · The company itself

“We have and may continue to make investments and utilize transaction structures that are outside of our traditional business, including entering into new asset classes, such as casinos, data centers, power centers, retail parks, loans, and vertical farms, and entering into (or expanding our use of) new transaction structures, such as strategic co-investment ventures, joint ventures, funds, lending, and increased exploration of sale-leaseback transactions.”

Annual report 2025A · The company itself

“(2)"Other" primarily includes 27 properties classified as agriculture with $35.8 million in annualized base rent, 14 properties classified as office with $33.4 million in annualized base rent, 21 properties classified as country clubs with $27.9 million in annualized base rent, and three properties classified as data centers with $24.6 million in annualized base rent, as well as one land parcel under development.”

Annual report 2025A · The company itself

“commercial construction should benefit from larger investments in data centres, logistics and similar projects”

Annual report 2025A · The company itself

“Manufacturing-related building activity is expected to be generally subdued through most of 2026, while commercial construction should benefit from larger investments in data centres, logistics and similar projects.”

Annual report 2025A · The company itself

“•We have transitioned an important portion of our technology to a cloud-based infrastructure, which is complex, time consuming, and involves substantial expenditures. Our utilization of cloud services is critical to developing and providing products and services to our customers, scaling our business for future growth, maintaining data and otherwise operating our business; any such implementation involves risks inherent in the conversion to a new system, including loss of information and potential disruption to our normal operations.”

Annual report 2025A · The company itself

“In particular, increased energy consumption, including as a result of AI-related growth, climate-related events, energy market volatility, and power grid disruptions, may increase the operational costs related to inputs across our value chain, including for data centers.”

Annual report 2026A · The company itself

“In addition, the markets and monetization strategies for certain offerings, including Agentforce and Data 360, remain relatively new and uncertain and may present additional risks and challenges.”

Annual report 2026A · The company itself

“Data 360. Data 360 is Salesforce’s hyperscale, trusted data engine that gives AI agents their context and serves as the foundation for how customers unify our service offerings making their data actionable for both humans and agents.”

Annual report 2026A · The company itself

“Technology, Development and Operations We primarily deliver our solutions as highly scalable cloud computing application and platform services on a multi-tenant technology architecture. Multi-tenancy is an architectural approach that allows us to operate a single application instance for multiple organizations, treating all customers as separate tenants who run in virtual isolation from each other. This approach allows us to spread the cost of delivering our services across our user base and scale our business faster than traditional software vendors while focusing our resources on building new functionality and enhancing existing offerings.”

Annual report 2026A · The company itself

“Sanoma collaborates with various technology and digital suppliers as content use is increasingly shifting to digital platforms. Data centres provide the infrastructure needed to support the Company’s digital platforms, ensuring the availability, security, and performance of its online services.”

Annual report 2025A · The company itself

“As of December 31, 2025, SLB’s Asset Performance Solutions portfolio primarily consisted of three field production projects in Ecuador. • Data Center Solutions: Designs and manufactures critical infrastructure components — such as modular data center enclosures, cooling systems, and other hardware — for hyperscalers and enterprises. By leveraging scalable, standardized production with rapid lead times, and rigorous quality assurance, Data Center Solutions provides configurable solutions that balance cost efficiency, reliability, and customization to meet accelerating data center demand.”

Annual report 2025A · The company itself

“This business is expanding rapidly as we strengthen strategic partnerships with hyperscalers to leverage our modular data center manufacturing capabilities.”

Annual report 2025A · The company itself

“I början av 2025 förvärvades även Phase 3 Connectors i Storbritannien, som bidrar med effektiva kraftdistri-butionlösningar för evenemang, datacenter och industriella anläggningar.”

Annual report 2024A · The company itself

“Demand for our products may fluctuate significantly and can be difficult to predict due to changes in customer inventory levels, technology transitions, cloud capital spending, the timing of hyperscale deployments, our customers’ capital expenditure budgets and the pace of their AI-related infrastructure investments, the timing of our customers’ monetization of their AI investments and broader economic conditions.”

Annual report 2026A · The company itself

“Our sales cycle for nearline storage solutions could exceed one year and be unpredictable, depending on the time required for developing, testing and evaluating our products before deployment, the size of deployment, and the complexity of system configuration necessary for development. Additionally, our nearline storage solutions are subject to variability of sales primarily due to the timing of IT spending as a reflection of cyclical demand from CSPs based on the timing of their procurement and deployment requirements and their ability to procure other components needed to build out data center infrastructure.”

Annual report 2026A · The company itself

“If they fail to invest in additional capacity or deliver components in the required timeframe, such failure would have an impact on our ability to ramp new products, and may result in a loss of revenue or market share if our competitors did not utilize the same components and were not affected. Further, if our customers experience shortages of components or materials used in their products it could result in a decrease in demand for our products and have an adverse effect on our results of operations.”

Annual report 2026A · The company itself

“PART I ITEM 1.BUSINESS General Seagate is a leading provider of mass-capacity data storage, accelerating the world’s ability to harness the full value of data. For nearly 50 years, our portfolio of advanced storage solutions has helped hyperscale, cloud service providers (“CSPs”), enterprises and consumers protect, create and manage the data that powers their transformation and growth.”

Annual report 2026A · The company itself

“Our Data Center portfolio includes high-capacity HDDs of up to 44TB and storage systems of up to 3.5PB.”

Annual report 2026A · The company itself

“The vast majority of our business is derived from the Data Center markets.”

Annual report 2026A · The company itself

“We have a long and unpredictable sales cycle for nearline storage solutions, which impairs our ability to accurately predict our financial and operating results in any period and may adversely affect our ability to manage inventory and forecast the need for investments and expenditures. Our nearline storage solutions are technically complex and we typically supply them in high quantities to a small number of customers.”

Annual report 2026A · The company itself

“We design and manufacture HDDs, storage systems and related solutions serving two principal end markets: Data Center: Cloud and enterprise environments that rely on scalable, high-capacity storage infrastructure to support AI-enabled computing, business-critical applications and other data-intensive workloads.”

Annual report 2026A · The company itself

“Our Data Center portfolio is sold primarily to CSPs, OEMs, distributors and enterprise organizations. These customers deploy our products across cloud and enterprise environments supporting AI-enabled cloud infrastructure, private data centers and other business-critical applications.”

Annual report 2026A · The company itself

“•We operate in highly competitive markets and our failure to anticipate and respond to technological changes and other market developments, including price competition, could harm our ability to compete and risk the commoditization of our products. •A limited number of our key customers account for a significant portion of our revenue, and we have been, and may in the future be, adversely affected by reduced, delayed, loss of or canceled purchases by one or more of them, including large hyperscale data center companies and CSPs. •We are dependent on sales to distributors and retailers, which may increase price erosion and the volatility of our sales. •We must plan our investments in our products and incur costs before we have customer orders or know about the market conditions at the time the products are produced.”

Annual report 2026A · The company itself

“A limited number of our key customers, including OEMs, large hyperscale data center companies and CSPs, account for a significant portion of our revenue. In fiscal year 2026, one customer accounted for approximately 14% of our consolidated revenue.”

Annual report 2026A · The company itself

“Our results of operations are highly dependent on cloud, enterprise and consumer spending and the resulting demand for our products. Reduced demand, particularly from our key cloud and enterprise customers as a result of a significant change in macroeconomic conditions or other factors, may result in a significant reduction or cancellation of their purchases from us, which has in the past and may in the future materially and adversely impact our business and financial condition.”

Annual report 2026A · The company itself

“Our ability to incorporate AI technology into our products depends on the availability, performance and pricing of third-party hardware and software equipment and technical infrastructure.”

Annual report 2025A · The company itself

“Our Technology and Operations We operate a multi-instance architecture that provides each customer with a dedicated application layer and database. This architecture is designed to support availability, scalability, performance, security and customer control.”

Annual report 2025A · The company itself

“Our cloud infrastructure consists primarily of industry-standard servers, networks and storage components. We deliver our software-as-a-service offering through our own private cloud as well as public cloud service providers, who provide infrastructure-as-a-service, including servers, storage, databases and networking.”

Annual report 2025A · The company itself

“Our data centers, along with our environments hosted by public cloud service providers, have been configured in pairs to provide replication, redundancy and high availability. We currently operate data centers in North America, South America, Europe, Asia and Australia, and we regularly evaluate our data center operations and capacity needs in existing and new geographies.”

Annual report 2025A · The company itself

“With respect to service delivery methods, we entered into agreements with public cloud service providers to achieve greater operational and financial efficiencies. Our strategy of migrating an increasing portion of Company hosted instances to these providers depends on our ability to adequately prepare our operations to facilitate the migration, our customers’ willingness to use public cloud services to host their instances, and customer demand not materially falling short of our commitments with the public cloud service providers.”

Annual report 2025A · The company itself

“Our capital requirements are principally comprised of capital expenditures to support data center capacity expansion, non-contract workforce salaries, bonuses, commissions, and benefits and, to a lesser extent, cancellable and non-cancellable licenses, operating leases and services arrangements that are integral to our business operations. We also acquire technology and businesses to expand our service offerings and functionality.”

Annual report 2025A · The company itself

“At the core of these solutions is the ServiceNow AI Platform, a robust, cloud-based platform that facilitates comprehensive delivery of seamless workflows and drives digital transformation across all departments and personas within an organization.”

Annual report 2025A · The company itself

“Our Platform’s single data fabric and integrated data layer, enabled by our Workflow Data Fabric and RaptorDB products, supports organizations’ operationalization of their AI strategy with speed, scale and security. Our data fabric’s architecture also provides our Platform flexibility to create intuitive, efficient and seamless workflows aligned with business needs.”

Annual report 2025A · The company itself

“RaptorDB RaptorDB is our high-performance database built to manage workloads at scale. RaptorDB processes high volumes of workflow transactions with low latency and consistent throughput, reducing the need for separate data infrastructure supporting more efficient and scalable workflows.”

Annual report 2025A · The company itself

“Workflow Data Fabric Workflow Data Fabric (“WDF”) provides organizations the ability to use and access a variety of data types—structured or unstructured, streaming or static—both within and outside our Platform. Built on the foundation laid by our legacy Automation Engine product, WDF supports data integrations with a large network of certified partners and a broad set of data integration capabilities, including connecting to real-time external data without copying or moving the data from its source. Additionally, WDF provides users of our Platform with an interface, known as a semantic layer, that helps users interpret and use data to complete tasks without requiring technical knowledge of underlying database structures.”

Annual report 2025A · The company itself

“Sleep Cycles plattform processar stora mängder anonymiserad data in i realtid – över 300 000 timmars sömndata per timme. Utifrån denna data och vår analys genomförs löpande produktförbättringar vilket är grunden för bolagets produktutveckling.”

Annual report 2024A · The company itself

“Vi har analyserat över 3 miljarder nätter från mer än 150 länder och bearbetar över 300 000 timmar sömndata varje timme. Detta gör oss till en av de mest omfattande källorna för sömnstatistik i världen.”

Annual report 2024A · The company itself

“Datakeskushankkeita on liikkeellä useita ja realisoituessaan ne voivat muodostaa merkittäviä mahdollisuuksia rakennusyhtiöille.”

Annual report 2025A · The company itself

“Teollisuusrakentamisen näkymät ovat parantuneet ja puhtaan siirtymän investointien, kuten datakeskuksien ja vetyhankkeiden, odotetaan etenevän.”

Annual report 2025A · The company itself

“Our steel fabrication operations consist of seven strategically located New Millennium Building Systems plants that serve the non-residential construction industry throughout the United States. These facilities provide a national operating footprint that enables us to reach the entire domestic market, including large retail chains, e-commerce distribution facilities, data centers, manufacturing facilities, and schools.”

Annual report 2025A · The company itself

“During fiscal year 2026, we advanced our transformation into a total data center infrastructure provider through our Data Center Building Block Solutions® (“DCBBS”), an integrated offering that delivers complete, modular AI infrastructure from validated components and sub-systems, ranging from individual graphics processing units (“GPUs”) and networking switches to complete racks, site infrastructure, management software, and professional services. This complements our Total IT Solutions, which encompass complete servers, storage systems, modular blade servers, workstations, full-rack scale solutions, networking devices, server sub-systems and server management. These turn-key solutions are designed, developed, validated and installed for leading AI data centers.”

Annual report 2026A · The company itself

“In recent years, we have completed larger sales to leading internet data center and cloud customers, large enterprise customers and OEMs.”

Annual report 2026A · The company itself

“This broad portfolio of IP has been optimized to address specific application requirements for the AI/data center, automotive, edge AI, digital home, Internet of things and mobile markets, enabling designers to quickly develop SoCs or multi-die designs in these areas.”

Annual report 2025A · The company itself

“As our digital business grows, we will require an increasing amount of internal and external technical infrastructure, including network capacity and computing power, to continue to satisfy the needs of our players. It is possible that we may fail to scale effectively and grow this technical infrastructure to accommodate increased demands, which may adversely affect the reliable and stable performance of our games and services, therefore negatively impacting our business.”

Annual report 2026A · The company itself

“Leveraging our strategic investments that we have made in data and analytics tools, merchandisers are able to gain a deeper understanding of customer behavior which empowers our teams to respond to changes in consumer preferences and demand as well as scale opportunities across brands with greater speed and efficiency.”

Annual report 2026A · The company itself

“Aktiviteter inom den egna verksamheten inkluderar produktförpackning, drift av datacenter, fasta och mobila nätverksoperationer samt stödjande funktio - ner såsom HR, kundservice och support, affärsstrategi och drift.”

Annual report 2024A · The company itself

“8.1 Databehandling, hosting och relaterade aktiviteter Denna aktivitet omfattar datacentertjänster som genererar intäkter, och investeringar tagna under året för att upprätthålla Tele2s datacenter samt vissa direkta produktionskostnader. Aktiviteten inkluderar därmed inte Tele2s tjänster som kräver datacenter för att fungera.”

Annual report 2024A · The company itself

“Some of our product sales are tied to artificial intelligence (“AI”)-related capital expenditures and data center infrastructure. Several factors could result in volatility in AI-related spending, including constraints related to electricity generation and delivery, overbuilt capacity, new AI-focused legal regulations, and a consolidation of competing independent technologies.”

Annual report 2025A · The company itself

“Design and test engineers use our protocol analysis solutions, including traffic generators and emulators, to accurately and reliably monitor and test high data-rate communication interfaces and diagnose operational problems in a wide range of systems and devices to ensure that they comply with industry standards, including in the areas of cloud computing, data storage and networks.”

Annual report 2025A · The company itself

“IT-tjänster, inklusive mjukvara, samt bearbetnings- och lagringskapacitet i molnet köps till stor del in externt.”

Annual report 2024A · The company itself

“Vidare tecknades ett datacenterserviceavtal, där CSC:s datacenterverksamhet i Esbo kommer att överföras till Telias datacenter i Helsingfors.”

Annual report 2024A · The company itself

“MLTP is being formed to serve the growing demand from the AI Data Center equipment market by accelerating the development of test solutions for critical high speed data connections.”

Annual report 2025A · The company itself

“Market Sector Industrial Industrial automation (33% of TI revenue) Aerospace & defense Energy infrastructure Building automation Medical & healthcare Test & measurement Other industrial equipment Appliances Power delivery Robotics Automotive Infotainment & cluster (33% of TI revenue) Advanced driver assistance systems (ADAS) Body electronics & lighting Hybrid, electric & powertrain systems Chassis control & safety Data center Data center compute (9% of TI revenue) Data center networking Rack power & thermal management Personal electronics Mobile phones (21% of TI revenue) PC & notebooks Portable electronics Home theater & entertainment Connected peripherals & printers TV Tablets Wearables (non-medical) Gaming Data storage Communications equipment Wireless infrastructure (3% of TI revenue) Wired networking Broadband fixed line access In addition, we sell calculators, which was about 1% of our revenue.”

Annual report 2025A · The company itself

“Beyond our core businesses, we continue to explore new opportunities related to renewable energy, environmental sustainability, and technology, among others, that can leverage our existing legacy surface and royalty assets.”

Annual report 2025A · The company itself

“For example, in December 2025, we invested $50.0 million in a strategic agreement with a data and energy infrastructure company.”

Annual report 2025A · The company itself

“We may make minority investments, engage in joint ventures or make other strategic alliances with third parties that subject us to risks and uncertainties outside of our control. As part of our business strategy, from time to time, we may make minority investments in the equity securities of companies, engage in joint ventures or make other strategic alliances with third parties that we do not control. For example, in December 2025, we made a minority investment of $50.0 million in Bolt pursuant to a strategic agreement to develop and enable large scale data center campuses and supporting infrastructure across our land. In connection with our investment, we received an equity interest, warrants, and a right of first refusal to supply water to Bolt-affiliated projects and related infrastructure.”

Annual report 2025A · The company itself

“As imaging of seismic data is compute intensive, we control substantial high-performance computing capacity, partly through capacity on our own premises and increasingly through frame agreements with external cloud vendors. This provides us with unconstrained scalability and allows us to run several advanced data processing workstreams in parallel, at the same time as it reduces capital intensity and unit costs.”

Annual report 2024A · The company itself

“By increasingly leveraging machine learning, high performance compute, cloud-based applications and strategic partnerships, we deliver superior data solutions and insights. TGS remains at the forefront, driving visionary excellence in the energy industry.”

Annual report 2024A · The company itself

“Following the divestment of its Tech Services business — including data centres and managed infrastructure — the company’s involvement in critical IT infrastructure has narrowed. However, Tieto continues to handle sensitive information within its core software and digital engineering operations.”

Annual report 2025A · The company itself

“In addition, substantial increases in demand for certain commodities and components by major AI companies, who are able to pay high prices and acquire significant portions of the available supply, have made it difficult and more expensive to obtain certain commodities and components, and such challenges could continue unless there are increases in supply or decreases in demand by such companies for the affected commodities and components.”

Annual report 2026A · The company itself

“Demand grew in all market segments with particularly strong growth in life science and power markets. Growth in the industrial market segment was driven by data center and semiconductor industries as well as orders from industrial OEM's.”

Annual report 2025A · The company itself

“Net sales increased very strongly in the life science and power market segments. In industrial markets, net sales growth was driven by data center and semiconductor industries as well as sales to industrial OEM's.”

Annual report 2025A · The company itself

“The business area is leveraging its solid foundation to accelerate growth with focus on key industries – life science, data centers, semiconductors, battery manufacturing, and power – as well as deepening customer relationships and accelerating services growth.”

Annual report 2025A · The company itself

“Our evolving network infrastructure positions us well to handle increased capacity demands of AI.”

Annual report 2025A · The company itself

“Vi kommer kunna driva utveckling i ett slutet kretslopp baserat på data, uppkoppling, mjukvara och centraldatorteknik.”

Annual report 2024A · The company itself

“Data Science, Artificial Intelligence (“AI”) and Welltower Business System (“WBS”) We collect data related to our portfolio of over 2,500 properties, which allows us key advantages in selecting investment locations, products, price points and partners for our properties, as well as insights into our potential competition, anticipated costs and other metrics. Our data science team, led by doctorate-level statisticians and mathematicians is focused on building and refining proprietary statistical models and algorithms to project financial performance, predict lease-up and occupancy trends, identify specific locations by product type and assess targeted supply-demand dynamics.”

Annual report 2025A · The company itself

“Further, the rapid growth of AI infrastructure, including data centers that use our products, requires substantial energy consumption. Environmental concerns about the energy demands of AI workloads, including actual or perceived environmental issues associated with data center power consumption, could lead to regulatory constraints on data center development, increased sustainability reporting obligations, or shifts in customer or public sentiment regarding AI infrastructure expansion. Any of these developments could adversely affect demand for our products or increase our customers’ costs of deploying storage solutions in AI environments, which could have a material adverse effect on our business.”

Annual report 2026A · The company itself

“We are a leading developer, manufacturer, and provider of data storage devices and solutions based on hard disk drive (“HDD”) technology. HDDs are critical components in the worldwide data infrastructure market, powering the AI-driven digital economy. HDDs provide reliable, cost-effective, high-capacity storage needs for a wide range of applications, ranging from cloud data centers, enterprise storage systems, edge computing, and smart video to client and consumer devices.”

Annual report 2026A · The company itself

“Our broad portfolio of technology and products, sold under the Western Digital® and WD® brands, addresses our customers’ storage needs through multiple end markets: “Cloud,” “Client” and “Consumer”. Cloud. Cloud represents our largest and fastest growing end market comprised primarily of products for public or private cloud environments and enterprise customers. We enable cloud, Internet and social media infrastructure players to build more powerful, cost-effective and efficient data centers.”

Annual report 2026A · The company itself

“We provide the Cloud end market with an array of high-capacity enterprise HDDs. Our high-capacity enterprise HDDs address growing storage demands with high reliability, easy scalability, and lower time to value for our customers — all while delivering a low total cost of ownership for cloud data center and smart video system markets. These drives are primarily for use in data storage systems, in tiered storage models and where data must be stored reliably for years.”

Annual report 2026A · The company itself

“We sell our products to hyperscale cloud service providers, neoclouds, computer manufacturers and OEMs, resellers, distributors and retailers throughout the world, utilizing long-term agreements with certain customers.”

Annual report 2026A · The company itself

“There is significant revenue concentration in our Cloud end market and among our top customers. For the year ended July 3, 2026, the Cloud end market accounted for 89% of our net revenue and our top 10 customers accounted for 73% of our net revenue, with three customers each accounting for 10% or more of our net revenue.”

Annual report 2026A · The company itself

“Our business is subject to variability of sales because it is largely dependent on the buying patterns of our large Cloud customers, driven by their needs for deploying our technology in their data center buildouts, as well as on their ability to procure other products that go into such buildouts. Changes in their demand patterns and in cyclical supply and demand patterns have made it, and could continue to make it, difficult for us to forecast demand.”

Annual report 2026A · The company itself

“Further, Williams has invested in several power innovation projects and continues to evaluate power innovation projects related to data center growth. Additional risks associated with identifying, evaluating, and executing on power innovation projects may include accurately predicting future power needs of data centers due to rapidly changing technology and market dynamics, which could result in underutilized or stranded assets; managing the potential power demand; obtaining or constructing power generation sources, including sourcing turbines and batteries and maintaining other transmission capabilities to meet potential load growth from any data center customer; financing the capital investment needed to build and maintain the necessary infrastructure to support data center development; managing community opposition; managing the possible environmental impact of power innovation projects, and evaluating and complying with evolving regulations related to data center development.”

Annual report 2025A · The company itself

“The industrial market includes original equipment manufacturers, exploration and production firms, agricultural customers, and developers and managers of industrial facilities, such as chemical manufacturers, marine, food and beverage companies, data centers and car washes.”

Annual report 2025A · The company itself

“We are leaders in the translation of digital solutions and data insights to positive outcomes for our customers and for the animals they care for, whether for better identification of health care solutions in pets or improved production capabilities in livestock; •Support a workplace where our colleagues can thrive - We view the strength of our leadership team and our talented colleagues around the world as a critical component of our past and future success.”

Annual report 2025A · The company itself

“Et lavere aktivitetsniveau og et resultat, der er påvirket af hårdere priskonkurrence. – Fortsat gode markedsmuligheder inden for kombinerede funderingsløsninger til data- og logistikcentre, sikring for klimapåvirkning og større industrianlæg.”

Annual report 2025A · The company itself

“Our environmental footprint is currently limited, reflecting our business model with primarily R&D laboratory activities and office-based operations and no products on the market.”

Annual report 2025A · The company itself