Electricity

“3) Dependence on energy suppliers Ferrochrome production in Germany is the most energy-intensive process in the company and requires the operation of smelting furnaces with high electricity consumption. This location is particularly dependent on German electricity market prices on the futures and spot market. Fluctuations in electricity prices can have a significant impact on production costs and profitability.”

Annual report 2025A · The company itself

“Europe is disadvantaged by high energy cost and disrupted flows created by the 50% USA tariff implemented mid-2025.”

Annual report 2025A · The company itself

“CBAM and new EU safeguard measures have started to show some positive effects early 2026, but the cost of energy and the rise of the carbon compliance cost is going to continue weighing heavily on European producers.”

Annual report 2025A · The company itself

“In South Africa the majority of the electricity supply, price and availability are controlled by one entity, Eskom. Increased electricity prices and/or reduced, or uncertain electricity supply, or allocation may negatively impact Afarak's current operations, which could have an impact on the Group's financial performance.”

Annual report 2025A · The company itself

“2025 Developments Afarak's processing operations in Germany and South African mines are intensive users of energy, primarily electricity. Fuel and energy prices globally have been characterised by volatility and cost inflation.”

Annual report 2025A · The company itself

“Hydrocarbons, including natural gas, are the primary feedstock for the production of hydrogen, carbon monoxide, and syngas. Energy, including electricity, natural gas, and diesel fuel for delivery trucks, is the largest cost component of our business.”

Annual report 2025A · The company itself

“Cost of Sales and Gross Margin Cost of sales of $8.3 billion increased 1%, or $87.3, due to higher energy cost pass-through to customers of $278, higher costs of $73, higher power and fuel costs in our merchant business of $49, and an unfavorable currency impact of $12.”

Annual report 2025A · The company itself

“Furthermore, higher pricing primarily from non-helium merchant products favorably impacted operating results by $55, net of power and fuel costs.”

Annual report 2025A · The company itself

“Approximately 50bp of the decline was attributable to increased energy cost pass-through to customers.”

Annual report 2025A · The company itself

“Gross margin of 31.4% decreased 110 bp from 32.5% in the prior year primarily due to higher costs and increased energy cost pass-through to customers.”

Annual report 2025A · The company itself

“We typically contract to pass-through cost increases in energy and raw materials to customers, but such cost pass-through results in declining margins, and cost variability can negatively impact our other operating results. For example, we may be unable to raise prices as quickly as costs rise, or competitive pressures may prevent full recovery of such costs. In addition, increases in energy or raw material costs that cannot be passed on to customers for competitive or other reasons may negatively impact our revenues and earnings.”

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

“Expenses Our level of profitability is impacted by our expenses, including direct costs to support our revenue such as bandwidth and co-location costs, which includes energy to power our network. We have observed the following trends related to our profitability in recent years: •Co-location costs are a significant portion of our cost of revenue. As we continue to build out our new compute locations to provide us with the ability to scale our platform, we have experienced a significant increase in our co-location costs due to the market dynamics driven by the hyperscalers.”

Annual report 2025A · The company itself

“For example, changes in weather where we operate may increase the costs of powering and cooling computer hardware we use to develop software and provide cloud services.”

Annual report 2025A · The company itself

“In particular, our co-location costs, bandwidth fees, depreciation of network equipment and amortization of internal-use software is expected to increase as we continue to invest in our compute platform to provide us the ability to scale. Due to the market dynamics driven by the hyperscalers, we are also experiencing price increases for co-location, server and memory costs, which will increase our co-location costs and depreciation of network equipment.”

Annual report 2025A · The company itself

“Our deployed network of servers consumes significant energy resources, including those generated by the burning of fossil fuels. While we have invested in projects to support renewable energy development, our customers, investors and other stakeholders may require us to take more steps to demonstrate that we are taking ecologically responsible measures in operating our business.”

Annual report 2025A · The company itself

“Higher interest rates increase capital costs and can reduce capital availability”

Annual report 2025A · The company itself

“This applies to BioMar, Fibertex Personal Care and Fibertex Nonwovens, all of which are dependent upon gas and electricity from the national grid.”

Annual report 2025A · The company itself

“The cost of energy is primarily related to Fibertex Personal Care, Fibertex Nonwovens and BioMar. However, the risk of this impacting the financial position of Schouw&Co. is mitigated via contract mechanisms passing on the cost to the customers, and therefore the residual risk associated with energy is not assessed to affect the financial position of the Group as such.”

Annual report 2025A · The company itself

“This category is only applicable to GPV, HydraSpecma and Borg Automo - tive, as the products of the other businesses do not consume energy in the use phase.”

Annual report 2025A · The company itself

“Climate change and severe weather may also have indirect effects on our business by increasing the cost of, or decreasing the availability of, property insurance on terms we find acceptable, by increasing the costs of energy, maintenance, repair of water and/or wind damage, and snow removal at our properties.”

Annual report 2025A · The company itself

“During periods of high winds and high fire danger in recent fire seasons, PG&E has preemptively shut off power to areas of Central and Northern California. The shutoffs were designed to help guard against fires ignited in areas with high winds and dry conditions. PG&E has warned that it may have to employ shutoffs while the utility company addresses maintenance issues. Future shutoffs of power may impact the reliability of access to a stable power supply at our properties.”

Annual report 2025A · The company itself

“Our properties are subject to increases in operating expenses, including insurance, property taxes, utilities, administrative costs, and other costs associated with security, landscaping, and repairs and maintenance of our properties.”

Annual report 2025A · The company itself

“To meet the compute capacity demands of AI training and inference, as well as traditional cloud computing services, we are entering into significant leasing arrangements with third party operators, which may increase costs and operational complexity.”

Annual report 2025A · The company itself

“Our ability to deploy certain AI technologies critical for our products and services and for our business strategy may depend on the availability and pricing of third-party equipment and other technical infrastructure operations costs, including network capacity, energy, and equipment costs.”

Annual report 2025A · The company itself

“Our ability to scale our technical infrastructure is increasingly constrained by the availability of power, water, and land. For example, energy supply is constrained globally due to the significant increase in demand for and limited availability of energy to power AI compute.”

Annual report 2025A · The company itself

“Table of Contents Technology and Infrastructure Technology and infrastructure costs include payroll and related expenses for employees involved in the research and development of new and existing products and services, development, design, and maintenance of our stores, curation and display of products and services made available in our online stores, and infrastructure costs. Infrastructure costs include servers, networking equipment, and data center related depreciation and amortization, rent, utilities, and other expenses necessary to support AWS and other Amazon businesses.”

Annual report 2025A · The company itself

“Derivative Instruments We enter into energy contracts to secure electricity supply for our existing and future operations, some of which extend 20 years. We may make or receive net cash payments, rather than take delivery of electricity, when our consumption is less than committed quantities due to operational variability.”

Annual report 2025A · The company itself

“Recent global economic challenges, including the current Middle East conflict and relatively high inflation and interest rates in certain regions, which have substantially increased the cost of energy and many of the raw materials we use to produce packaging while also disrupting global supply chains, may continue to put pressure on our business.”

Annual report 2026A · The company itself

“Continued escalation of geopolitical tensions, including the conflict in the Middle East and tensions between China and Taiwan, could result in supply chain disruptions, significant inflationary pressure on raw material prices and other resources (such as energy and natural gas), fluctuations in our customers’ buying patterns given regional shortages of food ingredients and other factors, lower demand by end consumers given rising inflation, enhanced risks to our global technology infrastructure (such as through cyberattack or ransomware attack), exposure to foreign currency fluctuations, credit and capital market disruption which could impact our ability to obtain financing, increased interest rates, the loss of property, and adverse foreign exchange impacts.”

Annual report 2026A · The company itself

“Prices for these raw materials are subject to substantial fluctuations that are beyond our control due to factors such as changing economic conditions (including inflation), currency and commodity price fluctuations, resource availability and other supply chain challenges, transportation costs, geopolitical risks (including the conflict in the Middle East and between Russia and Ukraine), pandemics and other health crises, an increase in the demand for products manufactured from recycled materials, weather conditions and natural disasters, environmental regulations related to greenhouse gas emissions, product circularity, biodiversity and deforestation, human rights due diligence regulations, and other factors impacting supply and demand pressures.”

Annual report 2026A · The company itself

“For example, since the escalation of conflict in the Middle East, global energy markets have been disrupted resulting in higher energy prices which have had an unprecedented impact on the cost of certain raw materials used in the manufacturing and transportation of our products while also disrupting supply chains.”

Annual report 2026A · The company itself

“Impacts on the economic environment, such as inflation or rising interest rates, could materially and adversely affect our customers through disruptions of, among other things, their ability to procure their equipment through their supply chains, their ability to procure power and fuel and their ability to maintain liquidity and deploy network capital, with potential decreases in consumer spending contributing to liquidity risks.”

Annual report 2025A · The company itself

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

Annual report 2025A · The company itself

“Our data centers require and consume significant amounts of power, including electricity generated by the burning of fossil fuels.”

Annual report 2025A · The company itself

“Our costs typically include ground rent (which is primarily fixed under long-term lease agreements with annual cost escalations) and power and fuel costs, some or all of which may be passed through to our tenants, as well as property taxes and repair and maintenance expenses.”

Annual report 2025A · The company itself

“In addition, in many of our international markets, we receive pass-through revenue from our tenants to cover certain costs, including power and fuel costs and ground rent.”

Annual report 2025A · The company itself

“Moreover, we rely on third parties, governmental entities and suppliers to provide sufficient power for our data centers and to support future expansion, which is different than our tower leasing operations. Difficulties in securing contracted energy or obtaining adequate capacity for future data center developments may adversely affect our operations, financial performance and customer relationships.”

Annual report 2025A · The company itself

“Sensitivity of financial instruments to market risks (before taxes) in accordance with IFRS 7 standard 2025 2024 Income statement Equity Income statement Equity +/-10% electricity – – +/- 0.1 – – +/- 0.1 +/-10% change in EUR/DKK exchange rate +/- 1.4 +/- 1.4 +/- 2.2 +/- 2.2 +/-10% change in EUR/NOK exchange rate +/- 1.7 +/- 1.4 +/- 2.7 +/- 2.2 +/-10% change in EUR/SEK exchange rate +/- 6.6 +/- 6.7 +/- 4.5 +/- 5.0 +/-10% change in EUR/USD exchange rate -/+ 1.9 -/+ 1.7 -/+ 1.5 -/+ 1.8 +1%-points parallel shift in interest rates - 0.8 + 1.2 - 1.2 + 1.2 Unexpected and unforeseen disruptions in the supply chain, production and deliveries are significant short-term risks related to operations, as well as sudden and significant changes in the prices of raw materials.”

Annual report 2025A · The company itself

“A strong increase in the market price of electricity is a significant risk for Anora. In Finland, the risk is managed by following Anora’s principles for electricity procurement and by a thirdparty specialist. These principles determine the hedging limits within which the electricity price risk is hedged against.”

Annual report 2025A · The company itself

“In 2025, 81 per cent of all the energy used by Apetit in its production plants was from renewable sources.”

Annual report 2025A · The company itself

“The direct environmental impacts of Apetit’s Food Solutions business are related to energy and water consumption and the treatment of process side streams and waste.”

Annual report 2025A · The company itself

“In the Oilseed Products business, environmental impacts are mainly related to energy consumption and the bleaching clay used in processing.”

Annual report 2025A · The company itself

“In 2025, Apetit’s energy consumption was 0.5 (0.5) MWh per tonne produced.”

Annual report 2025A · The company itself

“The Company’s processing plants are powered principally by electricity, natural gas, and coal.”

Annual report 2025A · The company itself

“The Starches and Sweeteners subsegment results were lower compared to the prior year driven by lower wet mill ethanol and starch margins and higher manufacturing costs.”

Annual report 2025A · The company itself

“Contractual Obligations and Commercial Commitments In 2026, the Company expects capital expenditures of approximately $1.4 billion and dividend payments of $1.0 billion, subject to other strategic uses of capital and the evolution of operating cash flows and the working capital position throughout the year.”

Annual report 2025A · The company itself

“MINSKAD KLIMATPÅVERKAN NYCKELTAL – E1 Mål Utfall vs basår 2024 2023 Scope 1 och 2 växthusgasutsläpp (ton CO 2 e) -42% till 2030 1) –10% 11 909 11 878 13301 3) Scope 3 växthusgasutsläpp i förhållande till mervärde (ton CO 2 e/MSEK) -51,6% till 2030 2) –7% 107 110 116 3) Inköpt energi till verksamheten i relation till omsättning (MWh / MSEK) Kontinuerlig minskning –17% 9,6 9,7 11,3 2.”

Annual report 2024A · The company itself

“UTFALL OCH MÄTETAL ENERGIANVÄNDNING OCH ENERGIMIX Den energi som används i den egna verksamheten är huvudsakligen från elanvändning och en viss del från stationär förbränning. Energianvändning varierar med produktionstakten. Energianvändningen minskade med 3 procent i relation till nettoomsättningen under året.”

Annual report 2024A · The company itself

“Samarbeten pågår med logistikpartners för att använda bränsleeffektiva eller elektriska fordon.”

Annual report 2024A · The company itself

“Trycket att minska användningen av fossila energikällor driver på elektrifieringen av samhället, samtidigt som volatila energipriser ökar efterfrågan på energieffektiva lösningar. För kylning och uppvärmning av fastigheter har HVAC-produkter, i synnerhet värmepumpar, särskilt stor potential att avveckla beroendet av olja och gas.”

Annual report 2024A · The company itself

“Konsten att uppnå den perfekta temperaturen Genom att tillgodose sina kunders behov med global expertis inom temperaturkontroll har Beijer Ref vuxit fram som en ledande aktör inom kylteknik och HVAC-lösningar. Med ett omfattande nätverk av över 150 dotterbolag i 45 länder erbjuder Beijer Ref ett brett utbud av produkter inom kommersiell och industriell kyla, uppvärmning och luftkonditionering.”

Annual report 2024A · The company itself

“BioMar may experience fluctuations in energy supply and pricing across certain markets due to factors such as increased demand or limited availability. These circumstances have the potential to significantly raise costs and, in some instances, restrict production capacity.”

Annual report 2025A · The company itself

“The Group is exposed to changes in energy prices (mainly gas, oil, electricity and environmental taxes) as energy is consumed in the production of aqua feed. Furthermore, the Group is also indirectly exposed as changes in the energy prices are reflected in the transportation costs.”

Annual report 2025A · The company itself

“The inability to access sufficient power could constrain our ability to develop land acquired for digital infrastructure or to deliver the levels of power required by tenants, each of which could negatively impact the value of our funds’ investments.”

Annual report 2025A · The company itself

“Digital infrastructure requires significant upfront and ongoing capital expenditure for land, power, construction and equipment, as well as access to reliable power sources, which may be constrained in key markets. An increase in the price of such inputs can increase build and operating costs and reduce the profitability of such investments.”

Annual report 2025A · The company itself

“BIP targets a diversified mix of core+, core and public-private partnership investments across all infrastructure sectors, including energy infrastructure, transportation, digital infrastructure and water and waste.”

Annual report 2025A · The company itself

“The Public Real Assets platform is managed by Harvest Fund Advisors LLC (“Harvest”), which primarily invests in publicly traded energy infrastructure, renewables and master limited partnerships holding midstream energy assets in North America.”

Annual report 2025A · The company itself

“God tillgång till fossilfri el och låg vattenstress där vi verkar gör att vi kan producera metaller med ett mycket konkurrenskraftig miljö- och klimatprestanda.”

Annual report 2024A · The company itself

“De viktigaste rörelsekostnaderna är personal, förbrukningsvaror, reservdelar, externa tjänster, energi och avskrivningar.”

Annual report 2024A · The company itself

“Externa tjänster bidrog negativt medan lägre energikostnader bidrog positivt.”

Annual report 2024A · The company itself

“Eftersom energi står för en stor del av rörelsekostnaderna utgör förändringar i energipriserna en betydande risk för vårt ekonomiska resultat.”

Annual report 2024A · The company itself

“Vi förväntar oss fortsatt hög prisvolatilitet på elmarknaden, vilket delvis hanteras genom längre elavtal, som aktiveras 2023 och 2024, i Sverige och Finland.”

Annual report 2024A · The company itself

“ökade energiförbrukningen per tillverkad enhet något med 1,6% jämfört med 2023.”

Annual report 2024A · The company itself

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

Annual report 2024A · The company itself

“The increased result in BioSolutions was due to higher sales, reduced energy costs and improved product mix.”

Annual report 2024A · The company itself

“Energy is 9% of total cost in 2024, NOK 537 million.”

Annual report 2024A · The company itself

“On the positive side, spot prices decreased in 2024 for both natural gas and electricity. Reduced energy prices also had a positive impact on several raw materials and chemicals.”

Annual report 2024A · The company itself

“We are strategically working on securing increased grid access and sourcing hydropower-based electricity for the long term. Around 70% of our demand for caustic soda, the main basic chemical input, is secured through captive production based on renewable energy at the biorefinery in Sarpsborg.”

Annual report 2024A · The company itself

“Renewable energy (reduced GHG exposure) Total energy 1,859 GWh, 1,218 GWh from renewable sources. CO 2 emissions from energy is the major emissions source - technology are available to invest in more renewable energy solutions to acheive our scienced based emisson targets.”

Annual report 2024A · The company itself

“In 2024, Borregaard entered into a new 10-year hydropower purchase agreement with an annual contract volume of 88 GWh starting from January 2025. The new contract will further strengthen Borregaard’s portfolio of long-term hydropower contracts in accordance with the Group’s transition plan to reduce greenhouse gas emissions.”

Annual report 2024A · The company itself

“Energy conservation program: 21.7 GJ/TAD cellulose in 2024.”

Annual report 2024A · The company itself

“Additionally, our operating costs and the selling prices of certain of our products are sensitive to changes in energy prices. Our industrial operations utilize significant amounts of electricity, natural gas and coal, and our transportation operations are dependent upon diesel fuel and other petroleum-based products.”

Annual report 2025A · The company itself

“Energy Risk We purchase various energy commodities such as electricity, natural gas, and bunker fuel, which are used to operate our manufacturing facilities and ocean freight vessels. These energy commodities are subject to price risk, including inflationary pressures.”

Annual report 2025A · The company itself

“Energi Risk för energibrist, begränsad tillgång till förnyelsebar energi och ökade energikostnader kan leda till missade klimatmål, ökade kostnader, minskade investeringar och minskad kundnöjdhet.”

Annual report 2024A · The company itself

“Fastighetskostnader Fastighetskostnader påverkar driftnetto och då även marknadsvärdet på vår fastighetsportfölj. Stora delar av fastighetskostnaderna är kopplade till energianvändning.”

Annual report 2024A · The company itself

“En betydande del av Catenas hyresgäster har verksamheter som innebär ytor med kyl och frys – vilket medför en högre energiförbrukning och energiintensitet i fastigheterna. Smarta, energieffektiva lösningar och egen produktion av förnyelsebar energi är här särskilt viktiga hörnstenar.”

Annual report 2024A · The company itself

“Indiana Electric is a “public utility” under the FPA and is subject to regulation by FERC.”

Annual report 2025A · The company itself

“Indiana Electric is an active participant in the MISO energy markets, bidding its owned generation into the Day Ahead and Real Time markets and procuring power for its retail customers at Locational Marginal Pricing as determined by the MISO market.”

Annual report 2025A · The company itself

“Proceeds from the sales of energy from Indiana Electric’s generation facilities that exceed the requirements of retail customers are provided to retail electric customers.”

Annual report 2025A · The company itself

“Additionally, in June 2025, the law was further amended to provide that, effective on or after the date of the amendment’s passage, TDUs may only enter into, renew or extend leases for TEEEF units with a maximum generation capacity of five or fewer MW and that are rapidly deployable. The law prescribes specific and limited use for TEEEF, and Houston Electric’s TEEEF have limited generation capacity, such that in future events customers could still be without power despite deployment of TEEEF resources.”

Annual report 2025A · The company itself

“As a distributor and transporter of natural gas and electricity, and a generator of electricity in Indiana, the Registrants’ revenues, operating costs and capital requirements could be adversely affected as a result of any regulatory action that would require installation of new control technologies or a modification of their operations or that would have the effect of reducing the consumption of natural gas or electricity or prevent the use of certain fuel types.”

Annual report 2025A · The company itself

“Further, Indiana Electric is party to a number of PPAs with third parties. Indiana Electric’s 19 operations may be disrupted or otherwise insufficient if third parties do not deliver required power under our PPAs.”

Annual report 2025A · The company itself

“•Houston Electric’s use of TEEEF is subject to various risks, potential performance issues and allegations about Houston Electric’s procurement and deployment of the resources (including the planning, execution and effectiveness of the same), regulatory and environmental requirements, and timely recovery of capital. ii Natural Gas (CenterPoint Energy and CERC) •Access to natural gas supplies and pipeline transmission and storage capacity are essential components of reliable service for our natural gas business customers. •We are subject to fluctuations in natural gas prices, which could affect the ability of our suppliers and customers to meet their obligations or may impact our operations, which could adversely affect our business, financial condition, results of operations and cash flows. •Our natural gas businesses must compete with alternate energy sources, which could result in less natural gas delivered and have an adverse impact on our businesses, financial condition, results of operations and cash flows.”

Annual report 2025A · The company itself

“Following the February 2021 Winter Storm Event, the Texas legislature passed a law to allow TDUs, such as Houston Electric, to lease and temporarily operate TEEEF during widespread power outages where ERCOT has ordered a TDU to Load Shed or the TDU’s distribution facilities are not being fully served by the bulk power system under normal operations. In response to this legislation, Houston Electric began leasing large (27 MW to 32 MW) TEEEF and medium (5.7 MW) TEEEF.”

Annual report 2025A · The company itself

“CenterPoint Energy’s operating subsidiaries own and operate electric transmission, distribution and generation facilities and natural gas distribution systems. As of December 31, 2025, CenterPoint Energy’s indirect, wholly-owned operating subsidiaries included: •Houston Electric, which provides electric transmission service to transmission service customers in the ERCOT region and distribution service to REPs serving the Texas Gulf Coast area that includes the city of Houston. •CERC Corp., which (i) directly owns and operates natural gas distribution systems in Minnesota and Texas, (ii) indirectly, through Indiana Gas and CEOH, owns and operates natural gas distribution systems in Indiana and Ohio, respectively, and (iii) owns and operates permanent pipeline connections through interconnects with various interstate and intrastate pipeline companies through CEIP; and •SIGECO, which provides energy delivery services to electric and natural gas customers located in and near Evansville in southwestern Indiana and owns and operates electric generation assets to serve its electric customers and optimizes those assets in the wholesale power market.”

Annual report 2025A · The company itself

“Houston Electric (CenterPoint Energy and Houston Electric) Houston Electric is a transmission and distribution electric utility that operates wholly within the state of Texas. Houston Electric does not make direct retail or wholesale sales of electric energy or own or operate any power generating facilities other than TEEEF. Electric Transmission On behalf of REPs, Houston Electric delivers electricity from power plants to substations, from one substation to another and to retail electric customers taking power at or above 69 kV in locations throughout Houston Electric’s certificated service territory.”

Annual report 2025A · The company itself

“Indiana Electric (CenterPoint Energy) Indiana Electric consists of SIGECO’s electric transmission and distribution services, including its electric generation assets and wholesale power operations.”

Annual report 2025A · The company itself

“State and Local Regulation – Electric Generation (CenterPoint Energy) The energy and capacity secured from Indiana Electric’s available generation resources are utilized primarily to serve the needs of retail electric customers residing within Indiana Electric’s franchised service territory.”

Annual report 2025A · The company itself

“Houston Electric owns the transmission and distribution infrastructure in its service territory that delivers electric power to its customers, but it does not own or operate any bulk power generation facilities.”

Annual report 2025A · The company itself

“Indiana Electric owns and operates power generation facilities in addition to the transmission and distribution infrastructure in its service territory.”

Annual report 2025A · The company itself

“The price of fuel and energy needed to run our vehicles and equipment is unpredictable and fluctuates based on events outside of our control, including geopolitical developments, supply and demand fluctuations for fuel and other energy related products, actions by energy producers, war and unrest in oil producing countries, regional production patterns, limits on refining capacities, natural disasters and environmental concerns including the impact of 14 legislative and regulatory efforts to limit GHG emissions. Increases in fuel and energy costs could adversely affect our consolidated financial condition and consolidated results of operations.”

Annual report 2026A · The company itself

“While power prices have stabilized after the extreme volatility observed in 2022, the long-term effects of European energy transition policies, shifting geopolitical alliances, and macroeconomic pressures remain uncertain. These factors affect electricity demand and supply, investment decisions, financing terms, and commodity markets, all of which contribute to the risk landscape for Cloudberry.”

Annual report 2024A · The company itself

“Cloudberry is exposed to various financial risks, including power price volatility, interest rate risk, currency fluctuations, credit risk, and liquidity risk.”

Annual report 2024A · The company itself

“For the impairment test, the Group applies the discounted cash flow (DCF) model to assess the valuation of producing power plants in the Odin portfolio. The impairment test is particularly sensitive to: • Discount rate (WACC): 5.1%, reflecting Danish market conditions. • Future cash flows: Dependent on projected power prices and production volumes. • Expected asset lifetime: Consistent with asset-specific technical and operational assumptions.”

Annual report 2024A · The company itself

“The design and location of these projects will depend on changes in the macroeconomic environment, future energy prices, and regulatory frameworks. We will invest further in countries that offer favorable renewable energy frameworks and competitive energy costs.”

Annual report 2024A · The company itself

“Cloudberry’s turnover, disclosed in compliance with the Taxonomy, is the net turnover from the sale of electricity from wind and hydro energy, and sale of electricity certificates and guarantees of origin originating from hydro and wind generated electricity.”

Annual report 2024A · The company itself

“The Commercial segment owns and manages renewable power assets with long-term cash flows in the Nordics. Revenues primarily come from power production, which is continuously sold through bilateral agreements or on the spot market via Nordpool.”

Annual report 2024A · The company itself

“The Commercial segment owns and manages renewable power assets with long-term cash flows in the Nordics. Revenues primarily come from power production, which is continuously sold through bilateral agreements or on the spot market via Nordpool. The segment is responsible for optimizing the performance of Cloudberry’s operational assets while also driving strategic growth through mergers, acquisitions, and partnerships.”

Annual report 2024A · The company itself

“FERC issued an advance notice of proposed rulemaking in response to the Secretary of the DOE’s direction to FERC to consider the advance notice of proposed rulemaking as a means to standardize and expedite interconnection procedures and agreements for large electric loads. If FERC asserts jurisdiction over the distribution components of large-load customers’ interconnections to the transmission system, or allows large-load customers to directly purchase electricity from wholesale markets, it could have a material adverse effect on CMS Energy and Consumers.”

Annual report 2025A · The company itself

“FERC authorizes certain subsidiaries of CMS Energy, including Consumers, to sell wholesale electricity at market-based rates and to provide certain other wholesale electric services at rates and terms subject to FERC approval. Failure of these subsidiaries to maintain this FERC authority could have a material adverse effect on CMS Energy’s and Consumers’ liquidity, financial condition, and results of operations.”

Annual report 2025A · The company itself

“The MPSC, FERC, other regulatory authorities, or other third parties may prohibit, delay, or impair some or all of CMS Energy’s and Consumers’ planned acquisitions or development of owned or purchased electric generation and storage capacity. Consumers’ planned electric generation capacity, including renewable generation or storage projects, may be adversely impacted by interconnection delays at MISO or in the footprints of other regional transmission organizations, and/or by interconnection costs.”

Annual report 2025A · The company itself

“Consumers has also announced its electric Reliability Roadmap. The Reliability Roadmap includes larger investments in grid hardening, distribution capacity, and automation to deliver better than median reliability to customers given increasingly severe weather and customer adoption of new technologies.”

Annual report 2025A · The company itself

“Additionally, Consumers signed an agreement to purchase power generated by the facilities for 30 years, at a price that reflects the counterparty’s acceptance of the risks and rewards of ownership of the facilities, including FERC licensing obligations. The agreements are contingent upon MPSC and FERC approval, for which Consumers filed in October 2025.”

Annual report 2025A · The company itself

“CMS Energy and Consumers have interests in fossil-fuel-fired power plants, other types of power plants, and natural gas systems that emit greenhouse gases.”

Annual report 2025A · The company itself

“Increases in energy demand have in the past resulted, and could in the future result, in higher energy prices, impacting us and our independent bottlers.”

Annual report 2025A · The company itself

“•CECONY forecasts an average annual increase in peak demand in its service area at design conditions over the next five years for electricity and gas to be approximately 0.7 percent and 0.2 percent, respectively, and an average annual decrease in steam peak demand in its service area at design weather conditions over the next five years to be approximately 0.9 percent.”

Annual report 2025A · The company itself

“O&R forecasts an average annual increase in electric peak demand in its service area at design conditions over the next five years to be approximately 4.1 percent and an average annual increase in gas peak demand in its service area over the next five years at design conditions to be approximately 1.2 percent.”

Annual report 2025A · The company itself

“The electric rate plan provides for electric rate increases of $222 million, $473 million, and $329 million, effective January 2026, 2027, and 2028, respectively, that will be implemented on a shaped bill impact basis resulting in a consistent total bill impact of 2.80% each year with corresponding base rate increases of $234 million, $410 million and $421 million, respectively. The gas rate plan provides for rate changes of $(46) million, $170 million, and $93 million, effective January 2026, 2027, and 2028, respectively, that will be implemented on a shaped bill impact basis resulting in a consistent total bill impact of 2.01% each year with corresponding base rate increases of $28 million, $69 million and $70 million, respectively.”

Annual report 2025A · The company itself

“The Utilities' gas delivery customers and CECONY's steam delivery customers have alternatives, such as electricity and oil.”

Annual report 2025A · The company itself

“Electric Supply Most of the electricity sold by CECONY to its full-service customers in 2025 was purchased through the wholesale electricity market administered by the NYISO.”

Annual report 2025A · The company itself

“Electric Supply The electricity O&R sold to its full-service customers in 2025 was purchased under firm power contracts or through the wholesale electricity market.”

Annual report 2025A · The company itself

“In general, the Utilities recover their costs of purchasing power for full service customers, including the cost of hedging purchase prices, pursuant to rate provisions approved by the state public utility regulatory authority having jurisdiction.”

Annual report 2025A · The company itself

“Electric Sales and Deliveries O&R delivers electricity to its full-service customers who purchase electricity from the company. Under the company's retail choice program, O&R also delivers electricity to its customers who purchase electricity from load serving entities.”

Annual report 2025A · The company itself

“CECONY Electric CECONY provides electric service to approximately 3.7 million customers in all of New York City (except a part of Queens) and most of Westchester County, an approximately 660 square mile service area with a population of more than nine million.”

Annual report 2025A · The company itself

“O&R Electric O&R and its utility subsidiary, Rockland Electric Company (RECO) (together referred to herein as O&R) provide electric service to approximately 0.3 million customers in southeastern New York and northern New Jersey, an approximately 1,300 square mile service area.”

Annual report 2025A · The company itself

“CRH is a significant purchaser of certain materials and resources important to its business, including cementitious materials, bitumen, steel, and energy supplies, all of which it acquires at market rates.”

Annual report 2025A · The company itself

“CRH is not dependent on any one source for the supply of these materials and resources, other than in certain jurisdictions with regard to the supply of gas and electricity.”

Annual report 2025A · The company itself

“In addition, CRH may also be negatively impacted by fluctuations in the price of fuel and principal energy-related raw materials, which accounted for approximately 10% of Total revenues in 2025, consistent with 10% in 2024, with no guarantee that the Company will continue to be able to absorb these inflationary pressures.”

Annual report 2025A · The company itself

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

Annual report 2025A · The company itself

“We depend upon third-party suppliers for power and we are vulnerable to service failures and price increases by such suppliers and to volatility in the supply and price of power in the open market. We rely on third parties to provide power to our data centers, and we cannot ensure that these third parties will deliver such power in adequate quantities, at acceptable levels of power quality, or on a consistent basis.”

Annual report 2025A · The company itself

“Even if we have additional space available for lease at any one of our data centers, our ability to lease this space to existing or new customers could be constrained by our ability to provide sufficient electrical power. As current and future customers increase their power footprint in our data centers over time, the corresponding reduction in available power could limit our ability to increase occupancy rates or network density within our existing data centers.”

Annual report 2025A · The company itself

“Our power and cooling systems are difficult and expensive to upgrade, and we may not be able to efficiently upgrade or change these systems to meet new demands without incurring significant costs that we may not be able to pass on to our customers which could adversely impact our business, financial condition and results of operations.”

Annual report 2025A · The company itself

“A sustained or further increase in inflation could have an adverse impact on our operating expenses incurred in connection with, among others, the property-related contracted services such as repairs and maintenance, utilities, security and insurance. With regard to utilities expense, which is our largest expense category, the vast majority of the expense is passed directly through to our customers which significantly mitigates our exposure to increases in power costs.”

Annual report 2025A · The company itself

“SSAB omstrukturerar hela sin nordiska produktionskedja och investerar 6,2 miljarder kronor i en eldriven ljusbågsugn. Genom att ersätta den traditionella masugnen – som ensam står för 10 procent av Sveriges koldioxidutsläpp – kan landets totala klimatavtryck minskas med tre procentenheter.”

Annual report 2024A · The company itself

“En tillförlitlig försörjning av grön energi, särskilt genom vattenkraft, är avgörande för den gröna omställningen. Vår marknad, med sina rika naturresurser och geografiska läge, erbjuder mycket goda förutsättningar för fossilfri energiproduktion.”

Annual report 2024A · The company itself

“Vår marknad har god tillgång på fossilfri energi och efterfrågan ökar snabbt till följd av industriella investeringar. Detta ställer högre krav på oss som fastighetsägare att optimera verksamheten, utvärdera alternativet med egen förnybar energi och vara en flexibel energikonsument.”

Annual report 2024A · The company itself

“• Ökade investeringskostnader inom innovation och produktion till följd av strängare lagstiftning för tillverk - ningsprocesser och -material, energikällor och produkters miljöprestanda. • Högre kostnader för sålda varor på grund av prishöj - ningar på råvaror, energi och distribution, samt högre koldioxidskatter. • Ökade kostnader för anläggningar på grund av f örändrade väderförhållanden. • Förändrade konsumtionsmönster.”

Annual report 2024A · The company itself

“Dometic har i många år bedrivit ett proaktivt arbete med energisparprogram för att minska energiförbruk - ningen i bolagets anläggningar. Under 2024 minskade den totala energiförbrukningen med −17 procent jäm - fört med basåret 2020, och förbrukningen i förhållande till nettoomsättningen minskade med −11 procent.”

Annual report 2024A · The company itself

“Sedan 2022 har samtliga tillverkningsanläggningar inom Land Vehicles EMEA drivits med förnybar el.”

Annual report 2024A · The company itself

“Marine har uppnått målet att köpa 100 procent förnybar el till de större anläggningarna.”

Annual report 2024A · The company itself

“At the federal level, the Companies’ wholesale rates for electric transmission service are regulated by FERC. Rates for electric transmission services are updated annually according to a FERC-approved formula rate mechanism, and may be subject to additional prospective adjustments and retroactive corrections.”

Annual report 2025A · The company itself

“At the state level, Virginia Power’s retail base rates, terms and conditions for generation and distribution services to customers in Virginia are reviewed by the Virginia Commission in a biennial proceeding that involves the determination of Virginia Power’s actual earned ROE during a historic test period, and the determination of Virginia Power’s authorized ROE prospectively. Under certain circumstances described in the Regulation Act, Virginia Power may be required to refund a portion of its earnings to customers through a refund process and to reduce its rates.”

Annual report 2025A · The company itself

“The construction of the CVOW Commercial Project is dependent on the Companies’ ability to maintain various local, state and federal permits, rights of way and other regulatory approvals and authorizations, including Virginia Commission approval for rider recovery of project costs. In addition, determination of costs allocated by PJM to the project for network upgrades remains subject to change, even after the CVOW Commercial Project is placed in service, as such amounts are driven by the ultimate costs of development of the transmission lines and related facilities that PJM determines is necessary to support various generation facilities within PJM, including the CVOW Commercial Project.”

Annual report 2025A · The company itself

“In accordance with the Virginia Commission’s December 2022 order, the Companies are subject to a cost sharing mechanism in which Virginia Power will be eligible to recover 50% of such incremental costs which fall between $10.3 billion and $11.3 billion with no recovery of such incremental costs which fall between $11.3 billion and $13.7 billion. There is no cost sharing mechanism for any total construction costs in excess of $13.7 billion, the recovery of which would be determined in a future Virginia Commission proceeding.”

Annual report 2025A · The company itself

“Its approximately $65 billion capital expenditure plan for 2026 through 2030 advances its “all-of-the-above” strategy through investments in zero-carbon and renewable generation, grid transformation, generation reliability and transmission and distribution resiliency to meet projected demand growth.”

Annual report 2025A · The company itself

“In addition, Dominion Energy has received license extensions for its regulated nuclear power stations in Virginia and South Carolina and intends to apply for license extensions for Millstone.”

Annual report 2025A · The company itself

“At December 31, 2025, Dominion Energy’s portfolio of assets includes approximately 30.7 GW of electric generating capacity, 10,800 miles of electric transmission lines and 80,400 miles of electric distribution lines.”

Annual report 2025A · The company itself

“Dominion Energy’s nonregulated operations consist primarily of long-term contracted electric generation operations.”

Annual report 2025A · The company itself

“We have limited satellite capacity and any failures or reduced capacity, caused by, among other things, operational and environmental risks, could adversely affect our business, financial condition and results of operations.”

Annual report 2025A · The company itself

“Broadband and Satellite Services ​ We offer broadband satellite technologies and broadband internet products and services to consumer customers. We provide broadband network technologies, managed services, equipment, hardware, satellite services and communications solutions to government and enterprise customers.”

Annual report 2025A · The company itself

“Commodity Price Risk SCE and its customers are exposed to the risk of a change in the market price of natural gas, electric power and transmission congestion. Due to regulatory mechanisms, exposure to commodity prices is not expected to impact earnings but may impact timing of cash flows.”

Annual report 2025A · The company itself

“Edison International's vision is to lead the transformation of the electric power industry and the company is focused on opportunities in delivering clean energy, advancing electrification, building a modernized and more reliable grid, and enabling customers' technology choices. SCE's ongoing focus to drive operational and service excellence is intended to allow it to achieve these objectives safely while controlling costs and customer rates.”

Annual report 2025A · The company itself

“SCE is an investor-owned public utility primarily engaged in the business of supplying and delivering electricity to an approximately 50,000 square mile area across Southern, Central and Coastal California.”

Annual report 2025A · The company itself

“In addition, high power prices in Europe have affected several of Elkem’s end-markets.”

Annual report 2024A · The company itself

“Elkem also signed new long-term power contracts in Norway, securing our future cost position and predictability of supply. Elkem is well-positioned with long-term power contracts in Norway with around 75 per cent of its electricity consumption secured until end of 2029.”

Annual report 2024A · The company itself

“Develop good relationships with reliable suppliers Market Medium High Medium Electrific tion of our society may lead to an increase in demand and thus result in increased power prices. This may a ff ect all Elkem’s locations.”

Annual report 2024A · The company itself

“concrete, steel, aluminium) Actual Yes Yes Negative High Short VC Production of silicon is mainly based in regions (Norway, Iceland, Paraguay) where renewable energy is abundant Actual Yes Yes Positive High Short VC Silicon and silicone products are enablers for the green transition and help reduce emissions through other technologies and products (e.g. EV production, more sustainable construction, renewable power construction and infrastructure) Actual Yes Yes Positive High Short VC Energy Prodcution of silicon and silicone powder is energy intensive Actual Yes Yes Negative High Short OO The use of silicones, siloxanes and silanes generates energy savings and reductions in greenhouse gas emissions that exceed the impacts of production and end-of-life disposal.”

Annual report 2024A · The company itself

“The company develops silicones, silicon products and carbon solutions by combining natural raw materials, renewable energy and human ingenuity.”

Annual report 2024A · The company itself

“Suomessa ja Ruotsissa kantaverkkoyhtiöt ovat arvioineet, että 10–15 vuoden kuluessa sähkönkulutus tulee jopa kaksinkertaistumaan, mistä seuraa merkittäviä investointeja sähköverkkoihin. Heinäkuussa Suomessa astui voimaan uusi sähkömarkkinalaki, joka mahdollistaa jakeluverkkoyhtiöille yli 110 kilovoltin verkkojen rakentamisen ja omistamisen. Muutos tukee sähköverkon kehittymistä, ja sitä pidetään merkittävänä kannustimena jakeluverkkojen investoinneille.”

Annual report 2025A · The company itself

“Ydinliiketoiminnan tilauskanta Power-liiketoimintayksikön tilauskanta oli tilikauden lopussa 245 (158) miljoonaa euroa, mikä on liiketoimintayksikön historian korkein tilauskanta. Tilauskanta nousi 87 miljoonaa euroa eli 55 % vertailuvuoteen verrattuna.”

Annual report 2025A · The company itself

“Mahdollisuus Oma toiminta Lyhyt–keskipitkä Energia Teräksen tuotannon energiaintensiteetin vaikutukset kasvihuonekaasupäästöihin. Todellinen, negatiivinen vaikutus Arvoketjun alkupää Keskipitkä–pitkä Enersensellä on energiaintensiivisiä toimia ja polttoaineen käyttö on yksi suurimmista suorien kasvihuonekaasujen lähteistä.”

Annual report 2025A · The company itself

“Hyvä asema kasvavien markkinoiden ytimessä Olemme valitsemillamme markkinoilla kolmen merkittävimmän toimijan joukossa, ja kehitämme osaamistamme jatkuvasti. Enersensen markkinoilla on vahvaa luontaista kasvua. Kaikissa toimintamaissamme investoidaan voimakkaasti sähkö- ja tietoliikenneverkkojen kapasiteettiin ja toimintavarmuuteen.”

Annual report 2025A · The company itself

“Keskitimme toimintamme kasvaville markkinasegmenteille ja vahvoihin osaamisalueisiimme sähkö- ja tietoliikenneverkoissa sekä puhtaassa energiasiirtymässä.”

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. Liiketoimintayksikön projekteja ja palveluita ovat voimansiirtoverkkojen, sähköasemien, sähkövarastojen sekä tuulivoima- ja aurinkopuistojen suunnittelu, rakentaminen ja kunnossapito.”

Annual report 2025A · The company itself

“Sopimus kattaa koko projektin suunnittelusta rakentamiseen ja käyttöönottoon. Projektin arvo on noin 27 miljoonaa, ja se on suurin yksittäinen sähköasemaprojekti niin Enersensen kuin Fingridin historiassa. • Joulukuussa Enersense ja Viron jakeluverkkoyhtiö Elektrilevi allekirjoittivat kolme puitesopimusta Länsi-Viron sähkönjakeluverkon töistä.”

Annual report 2025A · The company itself

“Each Utility operating company has its own transmission pricing zone and a formula rate template (included as Attachment O to the MISO tariff) used to establish transmission rates within MISO. The terms and conditions of the MISO tariff, including provisions related to the design and implementation of wholesale markets and the allocation of transmission upgrade costs, are subject to regulation by the FERC.”

Annual report 2025A · The company itself

“The resource adequacy construct provided under the MISO tariff confers certain rights and imposes certain obligations upon load-serving entities, including the Utility operating companies, that are served from the transmission systems subject to MISO’s functional control, including the transmission facilities of the Utility operating companies.”

Annual report 2025A · The company itself

“Other Income Statement Items Utility Purchased power includes an increase in 2025 of $34 million in costs, at Entergy Texas, related to the procurement of capacity through MISO’s annual planning resource auction, including the effect of a significant increase in MISO’s seasonal auction clearing price, due in part to the implementation of a reliability-based demand curve, for capacity transactions during the summer months.”

Annual report 2025A · The company itself

“Fuel and Purchased Power Cost Recovery Entergy Arkansas’s rate schedules include an energy cost recovery rider to recover fuel and purchased power costs in monthly bills. The rider utilizes prior calendar year energy costs and projected energy sales for the twelve-month period commencing on April 1 of each year to develop an energy cost rate, which is redetermined annually and includes a true-up adjustment reflecting the over-recovery or under-recovery, including carrying charges, of the energy cost for the prior calendar year.”

Annual report 2025A · The company itself

“Nuclear Waste Policy Act of 1982 Spent Nuclear Fuel Under the Nuclear Waste Policy Act of 1982, the DOE is required, for a specified fee, to construct storage facilities for, and to dispose of, all spent nuclear fuel and other high-level radioactive waste generated by domestic nuclear power reactors. Entergy’s nuclear owner/licensee subsidiaries have been charged fees for the estimated future disposal costs of spent nuclear fuel in accordance with the Nuclear Waste Policy Act of 1982.”

Annual report 2025A · The company itself

“Nuclear plant operations involve substantial fixed operating costs. Consequently, there is pressure on plant owners to operate nuclear power plants at higher capacity factors, though such operations always must be consistent with safety, reliability, and nuclear regulatory requirements. For the Utility operating companies that own nuclear plants, lower nuclear plant capacity factors can increase production costs by requiring the affected companies to generate additional energy, sometimes at higher costs, from their owned or contractually controlled facilities or purchase additional energy in the spot or forward markets in order to satisfy their supply needs.”

Annual report 2025A · The company itself

“Production Cost Allocation Rider Entergy Arkansas has in place an APSC-approved production cost allocation rider for recovery from customers of the retail portion of the costs allocated to Entergy Arkansas as a result of System Agreement proceedings. Generating Arkansas Jobs Act of 2025 In March 2025 the State of Arkansas passed the Generating Arkansas Jobs Act of 2025, now Act 373 (Act 373), that authorizes the recovery of financing costs during construction of generation and transmission investments through a rider separate from the formula rate plan.”

Annual report 2025A · The company itself

“In May 2025, Entergy Louisiana filed an application seeking authorization to implement, over a five-year period, a suite of proposed demand response (DR) offerings and a new tariff (Schedule DRP) providing customer incentive levels to participate in such programs. The proposed programs consist of: (1) for residential customers, smart thermostat DR, battery energy storage DR, and an electric vehicle behavioral charging offering; (2) for agricultural customers, an Agricultural Irrigation Load Control program; and (3) for commercial and industrial customers, an aggregated capacity DR offering.”

Annual report 2025A · The company itself

“Under this proposal, Entergy Texas would own and operate a fleet of generators ranging from 100 kW to 10 MW that would supply a portion of Entergy Texas’s long-term resource needs and enhance the resiliency of Entergy Texas’s electric grid. This fleet of generators would also be available to customers during outages to supply backup electric service as part of a program known as “Power Through.””

Annual report 2025A · The company itself

“Transmission and MISO Markets In December 2013 the Utility operating companies integrated into the MISO RTO. Although becoming a member of MISO did not affect the ownership by the Utility operating companies of their transmission facilities or the responsibility for maintaining those facilities, MISO maintains functional control over the combined transmission systems of its members and administers wholesale energy and ancillary services markets for market participants in the MISO region, including the Utility operating companies.”

Annual report 2025A · The company itself

“In 2025, MISO received approval from the FERC to have an Expedited Resource Addition Study (ERAS) process. ERAS is a temporary process for expediting the study and approval of interconnection projects needed for resource adequacy and/or reliability needs. The Utility operating companies are utilizing the MISO ERAS process to obtain interconnection agreements for fourteen generators on an expedited basis.”

Annual report 2025A · The company itself

“Entergy Arkansas, Entergy Mississippi, and Entergy New Orleans are obligated to make payments to System Energy for their entitlement of capacity and energy on a full cost-of-service basis regardless of the quantity of energy delivered. Payments under the Unit Power Sales Agreement are System Energy’s only source of operating revenue. The financial condition of System Energy depends upon the continued commercial operation of Grand Gulf and the receipt of such payments.”

Annual report 2025A · The company itself

“ENTERGY’S BUSINESS Entergy is an integrated energy company engaged primarily in electric power production and energy delivery to retail customers. Entergy owns and operates power plants with approximately 25,000 MW of electric generating capacity. Entergy delivers electricity to approximately 3.1 million Utility customers in Arkansas, Louisiana, Mississippi, and Texas.”

Annual report 2025A · The company itself

“These generating units consist of steam-turbine generators fueled by natural gas, coal, and pressurized and boiling water nuclear reactors; combustion-turbine generators, combined cycle combustion turbine generators and reciprocating internal combustion engine generators that are fueled by natural gas; and inverter-based resources interconnecting both solar photovoltaic systems and energy storage devices that participate in the MISO wholesale electric market.”

Annual report 2025A · The company itself

“The Utility operating companies sell capacity, energy, and ancillary services on a bilateral basis to certain wholesale customers and offer available electricity production of their owned and controlled generating facilities into the MISO resource adequacy construct (the annual Planning Resource Auction), as well as the MISO day-ahead and real-time energy markets pursuant to the MISO tariff and market rules.”

Annual report 2025A · The company itself

“Unit Power Sales Agreement The Unit Power Sales Agreement allocates capacity, energy, and the related costs from System Energy’s ownership and leasehold interests in Grand Gulf. Entergy Arkansas previously entered into multiple life-of-unit designated power purchase agreements, pursuant to which it sold portions of its Unit Power Sales Agreement energy and capacity to Entergy Louisiana, Entergy Mississippi, and Entergy New Orleans under the MSS-4 replacement tariff.”

Annual report 2025A · The company itself

“Entergy Texas purchases from Entergy Louisiana pursuant to a life-of-unit purchased power agreement a 42.5% share of capacity and energy from the 70% of River Bend subject to retail regulation of the depreciation amount in Entergy Texas’s rates and otherwise subject to federal regulation.”

Annual report 2025A · The company itself

“Entergy Arkansas holds a FERC license that expires in 2053 for two hydroelectric projects totaling 65 MW of capacity.”

Annual report 2025A · The company itself

“Nuclear Operating, Shutdown, and Regulatory Risks (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, and System Energy) Certain of the Utility operating companies and System Energy are expected to consistently operate their nuclear power plants at high capacity factors in order to be successful, and lower capacity factors could materially affect Entergy’s and their results of operations, financial condition, and liquidity. Nuclear capacity factors significantly affect the results of operations of certain Utility operating companies and System Energy.”

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

“Each new facility requires access to significant quantities of electricity. Limitations on generation, transmission and distribution may limit our ability to obtain sufficient power capacity for potential expansion sites in new or existing markets.”

Annual report 2025A · The company itself

“Our IBX data centers are affected by problems accessing electricity sources, such as planned or unplanned power outages and limitations on transmission or distribution of power. Unplanned power outages, including, but not limited to those relating to large storms, earthquakes, fires, tsunamis, cyber-attacks, physical attacks on utility infrastructure, war, and any failures of electrical power grids or internal systems more generally, and planned power outages by public utilities, could harm our customers and our business.”

Annual report 2025A · The company itself

“Because many of our IBX data centers were built a number of years ago, the current demand for power may exceed the designed electrical capacity in these IBX data centers. As power, not space, is a limiting factor in many of our IBX data centers, our ability to fully utilize the space in those IBX data centers may be impacted.”

Annual report 2025A · The company itself

“We also must compete against certain of these competitors to secure the land and power needed for our expansion plans.”

Annual report 2025A · The company itself

“Additionally, increased community scrutiny of data center resource use including land, water and power, may lead permitting authorities to impose stricter requirements, resulting in longer approval processes, higher costs, or project cancellations.”

Annual report 2025A · The company itself

“We expect that we will continue to experience limited availability of water and power and grid constraints in many markets as well as shortages of associated equipment because of the current high demands and finite nature of these resources.”

Annual report 2025A · The company itself

“In countries where there are shortages of power, land and water resources, local governments have and/or will be imposing more stringent regulations and requirements to control the growth and development of data centers in their countries. New builds and further expansion of data center operations in such markets are increasingly being evaluated and approvals (where required) may only be granted where a data center operator is not only able to demonstrate that it is efficient in its use of energy and water but also that its operations have and/or will bring positive and significant environmental, economic and social impact to the country and the local community.”

Annual report 2025A · The company itself

“In addition, power and cooling requirements for most customers are growing on a per unit basis. As a result, customers are consuming an increasing amount of power per cabinet. Although we generally do not control the amount of power our customers draw from installed circuits, we have negotiated power consumption limitations with certain high power-demand customers. This increased power consumption, which we expect to accelerate with the adoption of AI, has driven us to build out our new IBX data centers to support power and cooling needs twice that of previous IBX data centers.”

Annual report 2025A · The company itself

“We could face power limitations in our existing IBX data centers, even though we may have additional physical cabinet capacity available within a specific IBX data center, and in our ability to expand our footprint in existing and new markets.”

Annual report 2025A · The company itself

“The current uncertain economic environment, including challenges related to power and supply chains, could impact our business and the businesses of our customers. We are experiencing an increase in our costs to procure power and supply chain issues globally.”

Annual report 2025A · The company itself

“Our business could be harmed by increased costs to procure power, prolonged power outages, shortages or capacity constraints. Any power outages, shortages, capacity constraints, limits on access or significant increases in the cost of power may have an adverse effect on our business and our results of operations. In each of our markets, we contract with and rely on third parties, third party infrastructure, governments, and global suppliers to provide a sufficient amount of power to maintain our IBX data centers and meet the needs of our current and future customers.”

Annual report 2025A · The company itself

“Acute physical risks and severe weather events, such as heatwaves, droughts, flooding, wildfires and storms, pose threats to our data centers by causing physical damages, power disruptions, and rising electricity costs, which may impact our ability to operate, maintain service and attract and retain customers, thereby affecting our costs and revenues.”

Annual report 2025A · The company itself

“These efforts may increase our costs of electricity above those that would be incurred through procurement of conventional electricity from existing sources or through conventional grids.”

Annual report 2025A · The company itself

“Commodity Price Risk Certain operating costs incurred by us are subject to price fluctuations caused by the volatility of underlying commodity prices. The commodities most likely to have an impact on our results of operations in the event of price changes are electricity, supplies and equipment used in our IBX data centers.”

Annual report 2025A · The company itself

“Equinix was the first data center company to set a goal of 100% clean and renewable energy coverage across our portfolio. In 2024, 96% of our global electricity consumption, and 100% of U.S. and European electricity consumption, was covered by renewable energy sources.”

Annual report 2025A · The company itself

“We closely monitor the cost of electricity at all of our locations. We have entered into various power contracts to purchase power at fixed prices in certain locations in Australia, Brazil, Canada, Chile, Finland, France, Germany, India, Ireland, Italy, Japan, the Netherlands, Peru, Poland, Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom and the U.S.”

Annual report 2025A · The company itself

“As was the case with our recent expansions and acquisitions, our expansion criteria will be dependent on a number of factors, including but not limited to demand from new and existing customers, power availability and capacity, quality of the design, access to networks, clouds and software partners, capacity availability in the current market location, amount of incremental investment required by us in the targeted property, automation capabilities, developer talent pool, lead-time to break even on a free cash flow basis and in-place customers.”

Annual report 2025A · The company itself

“Fossilbaserad energi ersätts med förnybar energi med hjälp av en metod anpassad för respektive anläggning. Bland annat drivs vår fabrik i Lilla Edet i Sverige på biogas, och i Kawerau på Nya Zeeland används geotermisk ånga. Infrastruktur för att övergå till vätgas har installerats vid vår anläggning i Kostheim i Tyskland, och i ett pilotprojekt har vi utfört koldioxidneutral vätgasbaserad mjukpappersproduktion.”

Annual report 2024A · The company itself

“The Evergy Companies are subject to commodity and other risks associated with energy markets. The Evergy Companies are required to maintain generation capacity that satisfies regulatory mandates and are obligated to provide power when required by the SPP or pursuant to contractual obligations. Although the Evergy Companies generally have regulatory mechanisms that allow them to recover the cost of fuel and purchased power 21 Table of Contents necessary to satisfy these requirements, regulatory or legislative actions could limit, eliminate or delay recovery of these expenses after the expenses have been incurred.”

Annual report 2025A · The company itself

“DERIVATIVE INSTRUMENTS Commodity Price Risk The Evergy Companies engage in the wholesale and retail sale of electricity as part of their regulated electric operations. These activities expose the Evergy Companies to market risks associated with the price of electricity, natural gas and other energy-related products. Management has established risk management policies and strategies to reduce the potentially adverse effects that the volatility of the markets may have on the Evergy Companies' operating results.”

Annual report 2025A · The company itself

“Evergy will remain focused on consistently delivering on its affordability, reliability and sustainability objectives and delivering competitive long-term returns to shareholders, 8 Table of Contents including growth in earnings per share and targeting a 50%-60% dividend payout ratio. The core tenets of Evergy's strategy are as follows: •Affordability – maintaining affordable rates while investing in infrastructure and technology to support growth and prosperity; •Reliability – targeting top-tier performance in reliability, customer service and generation; and •Sustainability – advancing an "all-of-the-above" generation portfolio.”

Annual report 2025A · The company itself

“The Evergy Companies engage in the wholesale and retail sale of electricity and the wholesale purchase of electricity as part of their regulated electric operations in addition to energy marketing activities and the management of third-party generation facilities. These activities expose the Evergy Companies to risks associated with the price of electricity and other energy-related products, as well as credit exposure to their counterparties. Exposure to these risks is affected by a number of factors, including the availability and cost of fuel and power that the Evergy Companies purchase on the wholesale markets to serve customer load or to satisfy their regulatory or contractual obligations, the ability or effectiveness of strategies utilized by the Evergy Companies to hedge these risks, the extent to which the Evergy Companies may be required to post collateral for the benefit of third parties and the risk that counterparties fail to fulfill their obligations to the Evergy Companies.”

Annual report 2025A · The company itself

“Collectively, the Evergy Companies have approximately 15,800 megawatts (MWs) of owned generating capacity and renewable power purchase agreements and engage in the generation, transmission, distribution and sale of electricity to approximately 1.7 million customers in the states of Kansas and Missouri.”

Annual report 2025A · The company itself

“Commodity Price Risk The Evergy Companies engage in the wholesale and retail sale of electricity as part of their regulated electric operations in addition to non-regulated energy marketing activities.”

Annual report 2025A · The company itself

“Evergy Metro Evergy Metro's share Electric plant in service Accumulated depreciation Nuclear fuel, net Construction work in progress 2026 accredited capacity-MWs (millions, except MW amounts) Wolf Creek Unit 47 % $ 2,275.4 $ 1,230.0 $ 104.5 $ 153.6 553 La Cygne Units 50 % 1,263.9 541.9 — 16.4 713 Iatan No. 1 Unit 70 % 646.0 277.1 — 6.0 492 Iatan No. 2 Unit 55 % 1,081.9 471.9 — 2.1 491 Iatan Common 61 % 416.0 140.2 — 6.9 n/a Each owner must fund its own portion of the plant's operating expenses and capital expenditures.”

Annual report 2025A · The company itself

“In extreme cases, ISO-NE may require load shed if regional power capacity is insufficient.”

Annual report 2025A · The company itself

“For those customers who do not choose a competitive energy supplier, CL&P purchases power on behalf of, and passes the related cost, without mark-up, through to those customers under standard service (SS) rates for customers with less than 500 kilowatts of demand (residential customers and small and medium commercial and industrial customers), and supplier of last resort service (LRS) rates for customers with 500 kilowatts or more of demand (larger commercial and industrial customers). CL&P charges customers only the amount that it pays generators for producing electricity and does not earn a return on the cost of electricity.”

Annual report 2025A · The company itself

“We also depend on third-party suppliers for power and natural gas.”

Annual report 2025A · The company itself

“A summary of CL&P's retail revenues, grouped by customer bill rate components described above, are as follows: For the Years Ended December 31, CL&P (Millions of Dollars) 2025 2024 Increase/ (Decrease) Return Included in Customer Rates Retail Tariff Sales Revenues Amount % Amount % Supply $ 1,050.0 25 % $ 1,094.1 29 % $ (44.1) pass through costs; no return Local Delivery 1,425.1 34 % 1,354.5 35 % 70.6 includes return on investments Public Benefits 959.3 23 % 709.5 19 % 249.8 pass through costs; required by legislation and regulation Transmission 721.0 17 % 664.6 17 % 56.4 includes return on investments Total Retail Tariff Sales Revenues $ 4,155.4 $ 3,822.7 $ 332.7 Distribution Rate Case and Settlement Agreement: CL&P's distribution rates were established in an April 2018 PURA-approved rate case settlement agreement with rates effective May 1, 2018, and incremental step adjustments effective May 1, 2019 and May 1, 2020.”

Annual report 2025A · The company itself

“CL&P, NSTAR Electric and PSNH also serve New England customers through Eversource's electric transmission business.”

Annual report 2025A · The company itself

“ELECTRIC TRANSMISSION SEGMENT CL&P, NSTAR Electric and PSNH each own and maintain transmission facilities that are part of an interstate power transmission grid over which electricity is transmitted throughout New England. Each of CL&P, NSTAR Electric and PSNH, and most other New England utilities, are parties to a series of agreements that provide for coordinated planning and operation of the region's transmission facilities and the rules by which they acquire transmission services.”

Annual report 2025A · The company itself

“Demand for our cloud and power infrastructure solutions also depends on our customers and third-party data center operators securing sufficient and reliable electrical power and water at acceptable costs and within required timelines. The development and expansion of data center capacity is power-intensive and requires significant water resources for cooling, and both power and water availability have become critical factors in determining deployment speed and location for our customers.”

Annual report 2026A · The company itself

“Limitations on power generation, transmission, and distribution capacity, utility interconnection lead times, planned and unplanned outages, curtailments, and volatility in energy markets can delay the energization of customer facilities, restrict available capacity, increase operating costs, and materially affect project economics and our customers’ ability to deploy our products.”

Annual report 2026A · The company itself

“Escalation of hostilities involving Iran, Israel, and the United States or regional proxy groups could adversely affect regional stability, threaten critical infrastructure such as data centers, impair access to ports and transportation routes including the Strait of Hormuz, and increase fuel, energy, freight, insurance, and security costs. In addition, expanded sanctions, export controls, or other governmental measures affecting the region could impair our ability to conduct business, collect receivables, or repatriate funds.”

Annual report 2026A · The company itself

“Olemme varmoja, että sähkön kysyntä Pohjoismaissa kasvaa datakeskusten, teollisuuden dekarbonisaation ja sähköistämisen myötä sekä laajemman energiasiirtymän seurauksena.”

Annual report 2025A · The company itself

“Vuonna 2025 pohjoismaisille sähkömarkkinoille oli ominaista voimakkaan hintavaihtelun jatkuminen. Lämmin alkuvuosi ja vesivarantojen ylijäämä alensivat pohjoismaisia spot-hintoja vuoden alussa erityisesti pohjoisessa.”

Annual report 2025A · The company itself

“Tärkein syy oli tuotantomäärien väheneminen, mutta myös alhaisemmilla sähkön suojaushinnoilla oli negatiivinen vaikutus. Ydinvoiman ja vesivoiman tuotanto oli jopa 3,9 TWh pienempi kuin viime vuonna.”

Annual report 2025A · The company itself

“Saavutettu sähkönhintamme oli kuitenkin vahva (51,4 euroa/MWh) onnistuneen fyysisen optimoinnin ja suojauksen ansiosta.”

Annual report 2025A · The company itself

“Generation-segmentin tulos laski 893 (1 218) miljoonaan euroon, mikä johtui pääasiassa vesi- ja ydinvoiman tuotantomäärien laskusta sekä alhaisemmista sähkön suojaushinnoista.”

Annual report 2025A · The company itself

“Saavutettu sähkönhinta oli 51,4 euroa/MWh, jossa oli laskua 2 % eli 1,1 euroa/MWh. Hieman alhaisempi saavutettu sähkönhinta johtui alhaisemmista suojaushinnoista, joiden vaikutusta tasoitti onnistunut fyysinen optimointi.”

Annual report 2025A · The company itself

“Fortum ilmoitti 24.3.2025 saaneensa päätökseen laajan selvityksen uuden ydinvoiman kaupallisista, teknologisista ja yhteiskunnallisista edellytyksistä Suomessa ja Ruotsissa. Selvityksen johtopäätös on, että nykyisillä sähkömarkkinanäkymillä uuden ydinvoiman rakentaminen ei ole taloudellisesti järkevää, jos kannattavuus on täysin sähkön markkinahintojen varassa. Fortum jatkaa uuden ydinvoiman kehittämistä pitkän aikavälin vaihtoehtona, jotta yhtiö on valmis vastaamaan ennustettuun asiakaskysynnän kasvuun, mutta ydinvoimalla uutta tarjontaa Pohjoismaihin voidaan saada aikaisintaan 2030-luvun jälkipuoliskolla, mikäli markkina- ja sääntelyolosuhteet ovat oikeat.”

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

“Pohjoismainen sähkön hintariski on edelleen Fortumin suurin yksittäinen avaintekijä ja taloudellinen riski, koska Fortumin tuotanto-omaisuus sijaitsee pääasiassa Pohjoismaissa.”

Annual report 2025A · The company itself

“Sateiden, tuulien ja lämpötilojen muutokset sekä äärimmäiset sääilmiöt voivat vaikuttaa sekä energian tuotantoon että bioenergian tarjontaan ja saatavuuteen.”

Annual report 2025A · The company itself

“Sähkön hinta- ja volyymiriski Fortum altistuu sähkön markkinahinnan muutoksille ja volyymiriskille pääasiassa sähkön- ja lämmöntuotannon kautta.”

Annual report 2025A · The company itself

“Pohjoismaissa ja Puolassa markkinahinnat ja tuotantomäärä vaihtelevat merkittävästi sään, tuotannon ja siirron huoltokatkojen, päästöoikeuksien ja polttoaineiden hintojen sekä sähkön kysynnän määrän mukaan.”

Annual report 2025A · The company itself

“Vuonna 2025 Fortumin koko ydinvoimatuotannon käytettävyys oli 75 prosenttia (2024: 84) ja vesivoiman käytettävyys oli 94 prosenttia (2024: 97).”

Annual report 2025A · The company itself

“4.1.1 Sähkön hinta- ja volyymiriskit Normaalit sähkön pohjoismaiset hinta- ja volyymivaihtelut (esimerkiksi säätilan vaihteluiden aiheuttamat vaikutukset kysyntään ja tarjontaan) muodostavat suurimman tuottoihin kohdistuvan markkinariskin Fortum-konsernissa. Riski aiheutuu sähkön tuotannosta (vesivoima, ydinvoima ja tuulivoima), jota suojataan sähköjohdannaisilla hyödykepörsseissä kuten Nasdaq Commodities tai European Energy Exchange sekä käymällä kauppaa suoraan energia- ja rahoitusmarkkinoilla aktiivisesti toimivien osapuolten kanssa.”

Annual report 2025A · The company itself

“Suojaustaso 31.12.2025 oli noin 75 % Generation-segmentin ennustetusta pohjoismaisesta sähkön myyntivolyymistä kalenterivuodelle 2026 hinnalla 41 EUR/MWh ja noin 55 % kalenterivuodelle 2027 hinnalla 40 EUR/MWh.”

Annual report 2025A · The company itself

“NETOTUS JA SEGMENTTIEN VÄLISET TAPAHTUMAT Generation-segmentti myy tuotettua sähköä Nord Pool -sähköpörssiin ja Consumer Solutions -segmentti ostaa kaiken sähkönsä Nord Pool -sähköpörssistä Pohjoismaissa. Näiden segmenttien myyntien eliminoinnit sisältävät ostot ja myynnit Nord Poolissa, jotka netotettiin konsernitasolla tuntiperusteisiin myynteihin ja ostoihin perustuen 30.9.2025 asti, jonka jälkeen on siirrytty 15 minuutin kaupankäyntijaksoon, paitsi Norjassa jossa jatketaan tuntiperusteisella kaupankäyntijaksolla.”

Annual report 2025A · The company itself

“Hallituksen toimintakertomus Tilinpäätös Muut 227 Tilintarkastuksen kannalta keskeinen seikka Miten seikka on huomioitu tilintarkastuksessa Hyödykejohdannaisten käypä arvo ja suojauslaskenta Katso liitetieto 4, 7, 15 ja 16 tilinpäätöksessä. • Fortumin liiketoiminta on alttiina hintojen vaihtelulle sekä energian tuotannossa, siirrossa että myynnissä käytettävien hyödykkeiden saatavuudelle. Pääasiallisesti riskit liittyvät sähkön hintaan ja volyymiin, päästöjen hintaan sekä polttoaineiden hintaan että saatavuuteen.”

Annual report 2025A · The company itself

“9 Materiaalit ja palvelut milj. euroa 2025 2024 Ostot 1) 2 271 2 531 Ostot osakkuus- ja yhteisyrityksiltä 581 626 Muut 49 138 Yhteensä 2 901 3 295 1)Ostot sisältävät uusiutuvan energian sertifikaattien ostoja 45 miljoonaa euroa (2024: 66) ja CO2-päästöoikeuksien ostoja 57 miljoonaa euroa (2024: 67).”

Annual report 2025A · The company itself

“Ostot osakkuus- ja yhteisyrityksiltä sisältävät ydin- ja vesivoimalla tuotetun sähkön hankinnan omakustannushintaan (sisältäen korkokulut ja tuotantoverot). Materiaalit ja palvelut yhteensä -erä sisältää ydinvoimatuotantoon liittyviä kiinteistöveroja 14 miljoonaa euroa (2024: 6) ja vesivoimatuotantoon liittyviä kiinteistöveroja 14 miljoonaa euroa (2024: 14).”

Annual report 2025A · The company itself

“Fortumin strategiassa on kolme painopistealuetta: • Luotettavan energian toimittaminen • Teollisuuden hiilestä irtautumisen edistäminen • Uusiutuminen ja kehittyminen Ensimmäisenä painopistealueena on toimittaa luotettavaa energiaa tarpeen mukaan ja laajamittaisesti asiakkaille ja pohjoismaiselle energiajärjestelmälle.”

Annual report 2025A · The company itself

“Fortum arvioi vertailukelpoisen liikevoittonsa kasvavan 330 miljoonalla eurolla vuoteen 2030 mennessä verrattuna 930 miljoonaan euroon eli vuoden 2025 kolmannen vuosineljänneksen loppua edeltävien 12 kuukauden tasoon. Kasvu perustuu Fortumin omaan toimintaan, kuten laitosten käytettävyysasteen parantamiseen, toiminnan tehostamiseen ja orgaaniseen kasvuun.”

Annual report 2025A · The company itself

“Fortum tekee valikoidusti kannattavia kasvuinvestointeja ja tutkii pumppuvesivoimalaitosten ja uuden ydinvoiman mahdollisuuksia.”

Annual report 2025A · The company itself

“Vesi-, ydin- ja tuulivoiman vuotuinen tukkumyynnin tuotanto on noin 47 TWh. Vuonna 2025 tukkumyynnin tuotanto oli 41,6 TWh.”

Annual report 2025A · The company itself

“1.1 Johdanto 1.1.1 Tämä on Fortum Fortum on Pohjoismaiden kolmanneksi suurin sähköntuottaja, ja yhtiön sähköntuotannon hiilidioksidin ominaispäästöt ovat Euroopan alhaisimpia.”

Annual report 2025A · The company itself

“Ydintoiminnot Pohjoismaissa koostuvat tehokkaasta vesi-, ydin- ja maatuulivoimaan perustuvasta vähäpäästöisestä sähköntuotannosta sekä sähkön ja kaukolämmön luotettavasta toimituksesta yksityis- ja yritysasiakkaille Suomessa ja Puolassa.”

Annual report 2025A · The company itself

“Tämä saavutetaan solmimalla kumppanuuksia strategisten asiakkaiden kanssa asiakkaiden hiilijalanjäljen pienentämiseksi sekä kehittämällä ja rakentamalla vähäpäästöistä energiaa.”

Annual report 2025A · The company itself

“Fortumin energian kokonaisliikevaihto oli 2,6 miljardia euroa vuonna 2025 (2024: 3,2 ).”

Annual report 2025A · The company itself

“Energiantuotanto Fortumin sähköntuotanto perustuu pääasiassa vähähiiliseen vesivoimaan ja ydinvoimaan, ja pienempi osa tuotannosta tulee tuulivoimasta sekä fossiilisiin polttoaineisiin ja biomassaan pohjautuvasta sähkön ja lämmön yhteistuotannosta.”

Annual report 2025A · The company itself

“Uusien ydinvoimaloiden rakentaminen ja turvallinen käyttö Yhteisomistuksessa oleva Olkiluoto 3 -ydinvoimala Suomessa tuottaa noin 2,6 TWh sähköä vuosittain (Fortumin osuus vuonna 2025).”

Annual report 2025A · The company itself

“Sähköntuotanto ydinenergian avulla olemassa olevissa laitoksissa Fortumin kokonaan omistama ydinvoimala Loviisassa, sekä yhteisomistuksessa olevat voimalat Suomessa ja Ruotsissa tuottavat noin 22 TWh sähköä vuosittain.”

Annual report 2025A · The company itself

“Merkittävimmät luokitusjärjestelmän mukaiset toiminnot ovat sähköntuotanto vesivoimalla, jonka asennettu kapasiteetti on 4,7 GW (50 % kokonaiskapasiteetista) (2024: 4,7 GW, 50 % kokonaiskapasiteetista), ja sähköntuotanto ydinvoimalla, jonka asennettu kapasiteetti on 3,2 GW (35 % kokonaiskapasiteetista) (2024: 3,2 GW, 35 % kokonaiskapasiteetista).”

Annual report 2025A · The company itself

“Fortum myy sähköä, lämmitystä ja jäähdytystä asiakkaille ja kotitalouksille pääasiassa Pohjoismaissa ja Puolassa.”

Annual report 2025A · The company itself

“SÄHKÖN MYYNTI TUKKUMARKKINOILLE JA TEOLLISUUSASIAKKAILLE Fyysisen sähkön myynti tuloutetaan toimitushetkellä. Myynti tukkumarkkinoille tehdään spot-hinnalla eikä se siten sisällä muuttuvia elementtejä. Fortum myy sähköä myös teollisuusasiakkaille ja kunnille kahdenvälisillä sopimuksilla (Power Purchase Agreements, PPAs).”

Annual report 2025A · The company itself

“Fortum myy sähköä myös teollisuusasiakkaille ja kunnille kahdenvälisillä sopimuksilla (Power Purchase Agreements, PPAs). Nämä sopimukset ovat tyypillisesti kiinteähintaisia ja kestoltaan useampia vuosia. Sopimusten kesto voi olla jopa yli kymmenen vuotta.”

Annual report 2025A · The company itself

“SÄHKÖN MYYNTI VÄHITTÄISASIAKKAILLE Fortumin sähkön myyntisopimus kuluttaja- ja yritysasiakkaiden kanssa kattaa sähkön myynnin, kun taas sähkönsiirto tapahtuu paikallisen verkkoyhtiön toimesta. Fortumilla on yksi suoritevelvoite, eli valmius toimittaa sähköä asiakkaalle. Myyntihinta sisältää usein sekä kiinteän että muuttuvan osan, joka muodostuu toimitetun sähkömäärän perusteella.”

Annual report 2025A · The company itself

“Generation-segmentti vastaa myös suojauksista ja arvonluonnista sekä sähkön fyysisillä että finanssimarkkinoilla, palvelee teollisuus- ja kunta-asiakkuuksia vauhdittaen teollisuuden dekarbonisaatiota sekä tarjoaa energiaa suuressa mittakaavassa luotettavasti.”

Annual report 2025A · The company itself

“Consumer Solutions vastaa energiaratkaisujen tarjoamisesta kuluttajille sekä pienille ja keskisuurille yrityksille pääasiassa Pohjoismaissa ja Puolassa.”

Annual report 2025A · The company itself

“Our costs are driven by the location, grade and nature of our ore bodies, and the level of input costs, including energy, labor and equipment.”

Annual report 2025A · The company itself

“MW&E sources its generation services through our wholly owned subsidiary, Freeport-McMoRan Copper and Gold Energy Services LLC, through capacity rights at the Luna Energy Facility in Deming, New Mexico, and other power purchase agreements.”

Annual report 2025A · The company itself

“Bagdad receives electrical power from Arizona Public Service Company.”

Annual report 2025A · The company itself

“The Safford operation’s electrical power is primarily sourced from Tucson Electric Power Company, Arizona Public Service Company and the Luna Energy facility.”

Annual report 2025A · The company itself

“Sierrita receives electrical power through long-term contracts with the Tucson Electric Power Company.”

Annual report 2025A · The company itself

“Chino receives electrical power from the Luna Energy facility and from the open market. We believe the Chino operation has sufficient water sources to support current operations.”

Annual report 2025A · The company itself

“Climax operations receive electrical power through long-term contracts with Xcel Energy and natural gas supply with Spark Energy Gas (with Xcel Energy as the transporter).”

Annual report 2025A · The company itself

“Cerro Verde currently receives electrical power, including hydro-generated power, under long-term contracts with ElectroPerú S.A. and Engie Energía Peru S.A. During 2023, Cerro Verde entered into a new power purchase agreement that is expected to transition its electric power to fully renewable energy sources in 2026.”

Annual report 2025A · The company itself

“El Abra receives electrical power generated from renewable sources under a long-term contract with Engie Energía Chile S.A.”

Annual report 2025A · The company itself

“Table of Contents SOURCES AND AVAILABILITY OF ENERGY, NATURAL RESOURCES AND RAW MATERIALS Our copper mining operations require significant amounts of energy, principally diesel, electricity, coal and natural gas, most of which is obtained from third parties under long-term contracts. In 2025, energy represented 15% of our copper mine site operating costs, including purchases of approximately 275 million gallons of diesel fuel; approximately 8,600 gigawatt hours of electricity at our U.S. and South America copper mining operations (we generate all of our power at our Indonesia mining operation); approximately 550 thousand metric tons of coal for our coal power plant in Indonesia; and approximately 3 million MMBtu (million British thermal units) of natural gas at certain of our U.S. mines.”

Annual report 2025A · The company itself

“Our operations require significant energy, much of which is currently from fossil fuel sources and is obtained from third parties under long-term contracts. Energy represented 15% of our copper mine site operating costs in 2025, and based on currently available information and projected operations, is expected to approximate 17% in 2026. The principal sources of energy consumption at our mining operations are: diesel fuel, which powers mine trucks 70 Table of Contents and other transportation equipment; purchased electricity, which powers core facilities and certain on-site metal processing operations; and coal and natural gas, which provide electricity at certain operations.”

Annual report 2025A · The company itself

“o Increasing deployment of intermittent renewable generation sources coupled with accelerating electricity demand trends driving supply/demand imbalances for utilities and grid operators. ● Higher power prices driving the need for energy management solutions: o Electrification trends causing power demand to exceed supply, driving up power prices. o Investment required to upgrade grid infrastructure and transition to renewable power sources, pushing prices higher. o Higher power prices result in shorter paybacks for solar & storage systems. ● Artificial intelligence adoption accelerating, creating a large market opportunity for backup power: o Significant power requirements for the buildout of data centers to enable AI adoption could drive further grid instability and higher power prices. o Massive capital investment into hyperscale and edge data centers has created a very large market for back-up power that is supply-constrained, providing a significant growth opportunity for our newly introduced large-megawatt C&I products.”

Annual report 2025A · The company itself

“Homes, businesses, and communities are experiencing a deterioration in the reliable supply of electricity due to a number of factors including: climate change impacts driving more severe and volatile weather leading to increased power outages; a capacity constrained legacy power infrastructure that’s still predominantly a one-way system; power infrastructure being impaired by under-investment making it more susceptible to power outages; regulatory and legislative actions focused on carbon intensity, coupled with the continued adoption of more intermittent renewable power sources; and a dramatic increase in power demand that could outpace supply growth due to accelerating power requirements of data centers and artificial intelligence, electrification trends, and the re-industrialization of North America.”

Annual report 2025A · The company itself

“Generac has developed a full ecosystem of energy management products and solutions to address the challenges of higher power prices by generating power on-site, improving energy efficiency, and optimizing energy consumption for end users.”

Annual report 2025A · The company itself

“The key sustainability issues in the glass industry revolve around the energy consumption of glass production and further processing, the recyclability of glass and the emissions generated by the value chain. A significant part of Glaston’s value chain emissions are related to customers’ heat treatment processes, which consume significant amounts of electricity.”

Annual report 2025A · The company itself

“Uncertainty in market signals can lead to increased glass processing costs, for example, as a result of higher electricity prices. The risk was estimated to have a moderate financial effect and likelihood in the medium term.”

Annual report 2025A · The company itself

“Energy consumption and mix E1-5 The most significant climate impacts of Glaston’s operations are related to the use of sold machines, especially the electricity consumption of tempering machines. The tempering process, in which glass is heated to over +600 degrees Celsius and quickly cooled to room temperature, is energy-intensive. Glaston’s product development focuses on improving the energy efficiency of machines.”

Annual report 2025A · The company itself

“Energiasiirtymään liittyvä sähköverkon rakentaminen pysyy vilkkaana.”

Annual report 2025A · The company itself

“Virossa liikevaihtoa tuovat erityisesti rataliiketoimintaan liittyvät hankkeet. Virossa on tavoitteena sähköistää suurin osa maan rataverkosta.”

Annual report 2025A · The company itself

“Markkinanäkymissä on kuitenkin merkittäviä eroja eri liiketoiminta-alueiden välillä. Liiketoimintamahdollisuuksia nähdään erityisesti sähköverkkorakentamisessa ja kiertotaloudessa, joiden kysynnän arvioidaan kasvavan tasaisesti kaikilla markkinoilla.”

Annual report 2025A · The company itself

“• Listautumisannin tavoitteena oli mahdollistaa laajentumista uusille infrarakentamisen alueille ja maantieteellisesti erityisesti Ruotsissa. • GRK suunnittelee kasvustrategiansa mukaisesti käyttävänsä osakeannista kerättäviä varoja myös kasvaakseen epäorgaanisesti. • GRK on rekrytoinut osaamista sähköverkkorakentamiseen ja perusti GRK Suomi Oy:hyn sähköverkkoihin keskittyvän Power-nimisen liiketoiminta-alueen, jossa keskitytään pääosin sähkön siirtoverkkojen ja sähköasemien rakentamiseen. • GRK on vahvistanut osaamistaan infra-alan sähköpalveluissa Virossa ostamalla A-Kaabel OÜ:n.”

Annual report 2025A · The company itself

“Siten tavoitteeksi asetettiin halu vahvistaa GRK:n osuutta vihreän siirtymän hankkeissa sekä laajentua uusille infrarakentamisen alueille, kuten sähköverkkorakentamiseen.”

Annual report 2025A · The company itself

“GRK Suomi Oy ja GRK Eesti AS toteuttavat kahta merkittävää hanketta, joissa sähköistetään Viron pääraiteita.”

Annual report 2025A · The company itself

“har påvirket vores væsentligste inputpriser på både råvarer, emballage, energi og fragt”

Annual report 2026A · The company itself

“Se hele ESG rapporten her: ESG rapport 2025/26 Harboes langsigtede mål og resultater i 2025/26 År Mål Baseline år Baseline værdi Resultat 2025/26 Resultat 2024/25 Net zero værdikæde 2035 Carbon-neutral produktion (Scope 1, 2) 2024/25 16.766 ton CO2e (Lokationsbaseret) 32.209 ton CO2e (Markedsbaseret) 15.279 ton CO2e (Lokationsbaseret) 28.704 ton CO2e (Markedsbaseret) 16.766 ton CO2e (Lokationsbaseret) 32.209 ton CO2e (Markedsbaseret) 2035 Reducere værdikædens totale CO2e med 40% ift.”

Annual report 2026A · The company itself

“Prisudvikling på bl.a. råvarer, emballager, energi, fragt og introduktion af nye eller forhøjede afgifter kan påvirke indtjeningen væsentligt.”

Annual report 2026A · The company itself

“Der ventes en fortsat intensiv konkurrence, som vil sætte indtjeningen under pres, ligesom prisudviklingen på råvarer, hjælpematerialer, søfragt og energi mv. kan påvirke resultaterne.”

Annual report 2026A · The company itself

“Samtidig er Harboe eksponeret mod markedsudviklingen på de internationale markeder, herunder risiko for stigende energiog fragtpriser, geopolitisk uro og reguleringsmæssige regimer og forretningspraksis, som kan påvirke handelsvilkår, godkendelser, importregulering, logistik mv.”

Annual report 2026A · The company itself

“Also, energy availability and energy price changes as well as acute weather hazards may have impact on consumer confidence and frequency of sauna use and result in changing customer behavior.”

Annual report 2025A · The company itself

“Biggest increases were in consumption from nuclear sources, 11%, and renewable energy consumption, 6%, while the total fossil energy consumption decreased by 5%. The increase in nuclear power is a result from the increase in production volumes and business, as nuclear power is widely used in different Harvia Group companies.”

Annual report 2025A · The company itself

“In Germany, a new state-of-the art coating system was installed at the EOS factory in Driedorf to support production capacity. This was complemented by a new hybrid thermal power plant, which became operational in late 2025 and significantly reduces the factory’s energy footprint.”

Annual report 2025A · The company itself

“Another major project was the comprehensive modernization of a paint shop line in our German factory, resulting in substantially improved energy eciency and the transition from oil to emission-free energy source.”

Annual report 2025A · The company itself

“Risk of cost increase from dependency of energy Rising prices can substantially increase costs of production processes in own operations and upstream.”

Annual report 2025A · The company itself

“Non-renewable energy production 1.6 2.2 -27% Renewable energy production 1.7 1.2 42% Total energy consumption from activities in high climate impact sectors per net revenue from activities in high climate impact sectors (MWh/EUR million) 78.4 86.8 -10% The total energy use of Harvia Group increased by 3% in 2025 compared to 2024.”

Annual report 2025A · The company itself

“Harvia’s energy efficient operations can realize both energy source and resource efficiency opportunities by reducing overall energy consumption and shifting to cleaner, more cost-stable energy inputs.”

Annual report 2025A · The company itself

“This addresses supply chain disruption risks and fosters a climate-resilient supply chain. - Energy and emissions: Prioritizing emission-free and renewable energy sources, reducing energy consumption in production facilities, optimizing transportation, and promoting cleaner combustion.”

Annual report 2025A · The company itself

“The rising demand for compute-intensive technologies—particularly those that support artificial intelligence—is contributing to increased energy consumption across the technology sector, presenting decarbonization challenges for leading solutions providers such as HPE.”

Annual report 2025A · The company itself

“Furthermore, our data centers depend on predictable and reliable energy and networking capabilities, the cost or availability of which could be adversely affected or disrupted by a variety of factors, including, but not limited to, the effects of climate change. 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.”

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

“As a centerpiece of our strategy, it accelerates multi-generation IT transformation through a unified cloud-native and AI-driven experience that empowers customers to access, analyze, and extract value from their data across public clouds, data centers, colocation facilities, and at the edge. The HPE GreenLake cloud is designed to deliver a seamless hybrid experience with true pay-per-use consumption and automated scalability.”

Annual report 2025A · The company itself

“In Hybrid Cloud, we are investing in a comprehensive portfolio of storage and private cloud technologies and capabilities that are focused on enabling customers to transform through the power of data and AI, modernize their IT infrastructure and simplify hybrid operations, delivering a cloud operational experience via the HPE GreenLake cloud. We continue to invest in the storage portfolio aligned with customers’ evolving data and AI needs.”

Annual report 2025A · The company itself

“Inte minst i Tyskland där den elintensiva industrin drabbats hårt av höga elpriser, vilket påverkar investeringsviljan i ny kapacitet negativt.”

Annual report 2024A · The company itself

“Genom att utnyttja grön energi kommer Lesina-anläggningen att minimera CO -utsläppen i samband med devulkaniseringsprocessen.”

Annual report 2024A · The company itself

“Esimerkiksi sähkölaitteiden latausverkostojen laajuus ja fossiilittoman sähkön saatavuus niiden virransyöttöön vaihtelevat suuresti alueittain ja maittain.”

Annual report 2025A · The company itself

“Yhtiön omassa toiminnassa näitä oletuksia ovat: • Uusiutuvan sähkön osuus kasvaa vaiheittain sataan prosenttiin maailmanlaajuisesti, ja vihreää vetyä käytetään laajasti samalla, kun korkeapäästöisistä energialähteistä luovutaan vaiheittain tai niitä vähennetään merkittävästi. • Henkilö- ja raskaan liikenteen ajoneuvoissa siirrytään sähköistämiseen ja vedyn käyttöön, ja teollisissa prosesseissa siirrytään vähähiilisiin vaihtoehtoihin. • Energiatehokkuus paranee maailmanlaajuisesti samalla, kun energian kysyntä tasoittuu talouden kasvusta riippumatta. • Hiilen hinnoitteluun liittyvät mekanismit, sääntely ja hallitusten kannustinohjelmat edistävät päästövähennyksiä ja ajoneuvokannan sähköistämistä.”

Annual report 2025A · The company itself

“Konserni käyttää sähkötermiinejä Suomessa energiakustannusten tasaamiseen. Sähkötermiinit eivät johda fyysisen sähkön toimitukseen, vaan ainoastaan kiinteän ja vaihtuvan hinnan välinen erotus realisoituu kassavirtana.”

Annual report 2025A · The company itself

“– Lisääntyvästä sääntelystä johtuvat toimet päästöjen vähentämiseksi aiheuttavat kustannuksia koko arvoketjulle. – Oman tuotannon fossiilisten energialähteiden korvaaminen sähköenergialla vaatii merkittäviä investointeja. – Lihantuotanto on pääosin paikallista sopimustuotantoa ja riippuvaista alkutuotannon toimintaedellytyksistä sekä raakaaineiden kysynnästä. – Vastuullisuusohjelman mukainen sitoutuminen SBTi:n tavoitteisiin – Investointien keskipitkän aikavälin suunnittelu teollisen toiminnan ja energian sekä maaperäisten päästövähennystoimien osalta – Strateginen sitoutuminen paikallisen lihantuotannon tukemiseen – Koulutukset ja alkutuotannon yhteistyöryhmät sopimustuottajien ilmasto-osaamisen kasvattamiseksi – Next Generation -ohjelma uusien maatalousyrittäjien ilmastoosaamisen kasvattamiseksi – Tutkimushankkeet liittyen maatalouden ja eläintuotannon aiheuttamien ilmastovaikutusten hillintään Energia Raaka-aineet ja toimittajat, oma toiminta, asiakkaat ja kumppanit riski keskipitkä – Riskinä on vähäpäästöisen ostoenergian rajoitettu saatavuus ja korkea hinnoittelu sekä se, etteivät tilat mahdollisesti pysty investoimaan uuteen teknologiaan. – Investointitarve aiheuttaa kustannusten nousua ja hintojen heilahtelua koko arvoketjussa.”

Annual report 2025A · The company itself

“Konserni altistuu hyödykeriskeille, jotka liittyvät hyödykkeen saatavuuteen ja hinnanvaihteluihin. Liha-raaka-aineiden lisäksi fyysinen sähkönkulutus on yksi konserniyhtiöiden merkittävimmistä hyödykeriskeistä.”

Annual report 2025A · The company itself

“El är fortsatt dyrt i Europa till följd av höga priser på fossil kraft.”

Annual report 2024A · The company itself

“Trots det var elpriserna i norra Sverige 30 procent lägre än snittet de senaste tjugo åren, bland annat till följd av ovanligt höga vattenflöden.”

Annual report 2024A · The company itself

“Till skillnad mot stål och betong är produktion av trävaror mycket energieffektiv, en viktig aspekt i en värld där det råder brist på energi.”

Annual report 2024A · The company itself

“PM52 är den pappersmaskin som har marknadens lägsta klimatavtryck Resultatkommentar El är fortsatt dyrt i Europa till följd av höga priser på fossil kraft. Trots det var elpriserna i norra Sverige 30 procent lägre än snittet de senaste tjugo åren, bland annat till följd av ovanligt höga vatten flöden .”

Annual report 2024A · The company itself

“Utbygganden av förnybar energi har minskat vårt beroende av fossilkraft men också gjort elpriset mer volatilt. Samtidigt har prisskillnaderna inom Sverige ökat till följd av nedlagd kärnkraft och begränsningar i överföringskapacitet mellan norra och södra Sverige.”

Annual report 2024A · The company itself

“Svenska elpriser var under 2024 lägre än föregående år.”

Annual report 2024A · The company itself

“I december skadades fastbränslepannan vid Bravikens Pappersbruk. Pappersproduktionen stod still under ett par dagar men startades sedermera upp med högre energikostnader som följd.”

Annual report 2024A · The company itself

“Holmens säkrar delar av elförbrukningen vid pappersbruken. För 2025 finns prissäkringar motsvarande 85 procent av full produktion, för 2026 45 procent och för 2027 10 procent.”

Annual report 2024A · The company itself

“Pappersproduktionen är elintensiv och merparten av den fossilfria elenergi som används köps in externt medan våra kartongbruk till stor del är självförsörjande på förnybar värme- och elenergi.”

Annual report 2024A · The company itself

“Holmen använder stora mängder energi i våra pappers- och kartongbruk och den absoluta majoriteten av den energi vi använder är fossilfri. Genom investeringar i fossilfri teknik och etablering av vindkraft har vi ökat vår förnybara elproduktion med drygt 40 procent de senaste 20 åren.”

Annual report 2024A · The company itself

“Virke, el och kemikalier är de mest väsentliga insatsvarorna och prisförändringar påverkar lönsamheten.”

Annual report 2024A · The company itself

“Försäljning Förändring Pris Leveranser Kartong och Papper +/-1 % 153 59 Trävaror +/-1 % 37 11 Virke egen skog +/-1 % 20 14 Vatten och vindkraft +/-1 % 6 5 Insatsvaror Förändring Pris Virke +/-1 % 52 El* +/-1 % 3 Kemikalier +/-1 % 20 Övriga rörliga kostnader +/-1 % 8 Leveranskostnader +/-1 % 22 Personal +/-1 % 30 Övriga fasta kostnader +/-1 % 21 * Med hänsyn tagen till elprissäkringar för 2025.”

Annual report 2024A · The company itself

“Inom Holmen har investeringar i fossilfri teknik drastiskt minskat de fossila utsläppen från våra industrier och vi är idag i stort fossilfria i vår egen produktion samtidigt som vi är en betydande producent av förnybar vatten- och vindkraft.”

Annual report 2024A · The company itself

“Med lokal vedråvara från egen skog och en fördelaktig energisituation har Holmen en stark position för vidare utveckling av vårt erbjudande.”

Annual report 2024A · The company itself

“Holmens elproduktion utgörs av reglerbar vattenkraft från våra 21 hel- eller delägda kraftverk. Omställningen av energisystemet till mer väderberoende energikällor medför utmaningar då tillgången till effekt måste säkerställas årets alla timmar. Ju mer väderberoende produktion som tillförs elsystemet desto mer reglerförmåga behövs för att hålla systemet i balans. Vattenkraftverk kan generera både baskraft och reglerkraft, det vill säga den kraft som behövs för att möta variationer i efterfrågan.”

Annual report 2024A · The company itself

“Prisrisken för denna konsumtion hanteras genom fysiska fastprisavtal och finansiella säkringar. Samtidigt säljer koncernen el från vatten- och vindkraft via elnätet.”

Annual report 2024A · The company itself

“I stort sett all elförbrukning för pappersproduktionen var prissäkrad 2024.”

Annual report 2024A · The company itself

“Dessutom använder vi vattnet som rusar i älvarna och vinden som blåser över träd topparna till att producera förnybar energi.”

Annual report 2024A · The company itself

“Holmens förnybara energiproduktion domineras av den planerbara vattenkraften från våra 21 hel- eller delägda kraftverk. Vattenkraft ger trygg elförsörjning och bidrar med stor samhällsnytta i omställningen mot mer förnybara energikällor.”

Annual report 2024A · The company itself

“Holmen levererade 1,7 TWh förnybar vatten- och vindkraftsel under 2024. Tillsammans med den förnybara elenergin som produceras vid koncernens bruk motsvarar vår produktion av vattenoch vindkraft idag cirka 60 procent av Holmens samlade elanvändning.”

Annual report 2024A · The company itself

“Elproduktionen i våra bruk produceras i form av mottryckskraft som genereras tillsammans med den ånga som används i bruken. Holmen levererade också drygt 1,7 TWh vatten- och vindkraftsel under 2024. Tillsammans med elproduktionen i våra produktionsanläggningar motsvarar det 60 procent av vår samlade elanvändning.”

Annual report 2024A · The company itself

“For example, increases in energy demand and supply disruptions caused by the conflict in Ukraine have resulted in significantly higher energy prices, particularly in Europe. Additionally, the conflict in the Middle East has added to the volatility in energy costs. Persistent high energy prices and the potential for further supply disruptions, may have an adverse impact on our business.”

Annual report 2025A · The company itself

“will reduce end-customers’ operational costs of electrolysis significantly. As electricity costs are around 75% of the levelized cost of hydrogen production, a significant reduction of electricity needed over a 30-year lifetime is  generation electrodes represent a sustainable technology enabling the green hydrogen transition.”

Annual report 2024A · The company itself

“We aim for carbon neutrality in our supply chain set-up, this includes initiatives regarding local sourcing of materials and products, emission reduction plans and use of renewable energy.”

Annual report 2024A · The company itself

“For example, higher prices for transportation, energy and other inputs, as well as more protracted air permitting processes, could cause delays and higher costs to implement capital projects.”

Annual report 2025A · The company itself

“We have significant exposure to energy costs, in particular gas, electricity and other fuel costs. Energy prices have fluctuated dramatically in the past and may continue to increase and/or fluctuate in the future.”

Annual report 2025A · The company itself

“Input costs were lower, driven by lower recovered fiber and wood costs, partially offset by higher energy and chemical costs.”

Annual report 2025A · The company itself

“Cost of products sold decreased $54 million and was impacted by lower volumes, lower operating costs and lower input costs, primarily for energy costs.”

Annual report 2025A · The company itself

“Energieffektivitet är därför centralt i framtagandet av ITABs belysningsprodukter och -system. Med stigande energipriser samt krav på kraftigt minskade koldioxidutsläpp och användande av återvinningsbara material ser ITAB stora möjligheter i att samarbeta nära koncernens kunder och bidra med stort värde i omställningen till mer ekonomiska och hållbara lösningar.”

Annual report 2024A · The company itself

“Råvarupriser ITAB är beroende av råvaror såsom råmaterial och energi i sin produktion. Prisvariationer och leveransstörningar för dessa råvaror kan på kortare och längre sikt påverka produktionskostnader.”

Annual report 2024A · The company itself

“25 % samlet energireduktion i domicil”

Annual report 2025A · The company itself

“Opstrøms og alle egne aktiviteter E1: Modvirkning af klimaændringer Forsyningsselskaberne udleder drivhusgasser, når de producerer og distribuerer varme og elektricitet, som forbruges i Jeudans ejendomme.”

Annual report 2025A · The company itself

“Fra gas til ernvarme: Primo 2025 var tre af Jeudans udlejede ejendomme opvarmet med naturgas. En af disse ejendomme blev konverteret til ernvarme i juli-august, og baseret på forbrugsdata fra 2024 vil dee reducere drivhusgasudledningen med 71 ton COe årligt.”

Annual report 2025A · The company itself

“Varmeforbruget består af 83 % målt forbrug fra Jeudans Energistyringssystem. Elforbruget består af 24 % målt forbrug fra 619 ernaflæste hovedmålere registreret i Jeudans Energistyringssystem, mens de resterende 76 % er baseret på branchenøgletal fra Energistyrelsen, da Jeudan ikke har adgang til kundernes individuelle elaaler.”

Annual report 2025A · The company itself

“Osäkerheten kring framtida energipriser och framtida regleringar gör att energieektiva fastigheter minskar både driskostnader och risk, oavsett politiska beslut.”

Annual report 2024A · The company itself

“Risken kopplad till fastighetskostnader ligger framför allt i ökningar som K2A inte kan kompensera för genom hyreshöjningar, index eller vidarefakturering. Under de senaste åren har förutsättningarna i omvärlden förändrats – hög inflation och volatila energipriser leder till att K2A behöver säkerställa hantering av detta.  Fokus på hyresförhandlingar i syfte att öka marginaler.  Energieffektiva miljöcertifierade fastigheter.  Strukturerat och fokuserat arbete för att effektivisera och minska energianvändning.  Installation av solceller där det är möjligt.  Implementering av individuell mätning av el- och vattenförbrukning vilket möjliggör att kunderna bär faktiska kostnader för användningen.  Underhållsplaner för samtliga fastigheter.”

Annual report 2024A · The company itself

“Långsiktiga fysiska risker såsom kallare väder kan ge ökad el- och värmeanvändning.”

Annual report 2024A · The company itself

“ Bevakning av ändringar i lagkrav, riktlinjer och policyer.  Utvärdering av produktionsmetoder för ökad cirkularitet och resurseffektivitet.  Miljöcertifiering av nyproduktion och befintligt fastighetsbestånd.  Endast inköp av el från förnybara energikällor till samtliga fastigheter.  Installation av solceller på nybyggnadsprojekt samt komplettering på befintliga fastigheter.”

Annual report 2024A · The company itself

“Komponenttien saatavuusongelmat sekä työvoiman ja energian kallistuminen voivat nostaa valmistuskustannuksia ja lisätä kustannusten hallinnan ja niiden lopputuotteiden hintoihin siirtämisen haasteita.”

Annual report 2025A · The company itself

“Energy demand is rising as a result of growing electrification, further propelled by the electrification of fleets. The key challenge is to ensure grid capacity without exceeding infrastructure limits.”

Annual report 2025A · The company itself

“As of the end of 2025, all energy consumed at Kempower’s Finnish locations was 100% carbon-free.”

Annual report 2025A · The company itself

“KlaraBos driftkostnader utgörs huvudsakligen av kostnader för el, värme, vatten och renhållning. Förändrade drift- och underhållskostnader kan ge en negativ effekt på koncernens verksamhet, finansiella ställning och resultat.”

Annual report 2024A · The company itself

“Natur1 Leverandører Energi 100 % av årlig innkjøp av elektrisitet fra fornybar energi innen 2030.”

Annual report 2024A · The company itself

“Nedstrøms Bidrar direkte Kort sikt Energi Faktisk negativ påvirkning Sammensetting og produksjon av KONGSBERGs produkter, sammen med bruk av servere og IT-infrastruktur, resulterer i et betydelig energiforbruk. Egen virksomhet Bidrar direkte Kort sikt Energi Risiko Mangel på energi, eller begrenset tilgang til den, kan hindre våre vekstambisjoner, ettersom energi er avgjørende for produksjonen av våre produkter og tjenester.”

Annual report 2024A · The company itself

“In the short term (1 year), Koskisen may invest in energy efficiency and renewable energy, improving its ability to adapt quickly to rising energy prices and potential energy supply disruptions.”

Annual report 2025A · The company itself

“Rising prices of fossil fuels and energy, as well as taxes and fees related to these, directly increase operational costs. The high price of biofuels also affects operational costs.”

Annual report 2025A · The company itself

“The increase in the production volumes of low-carbon products increases absolute energy consumption, but correspondingly, relative energy efficiency improves, enabled by existing and future technology investments. Most of the energy used by Koskisen is based on the use of renewable wood-based fuel generated as a side stream of its own production.”

Annual report 2025A · The company itself

“we signed a power purchase agreement (PPA) with Vattenfall to source 100% of our electricity from two wind farms”

Annual report 2025A · The company itself

“From 2025, CPH operates entirely on renewable energy following the power purchase agreement (PPA) secured with Vattenfall in 2024.”

Annual report 2025A · The company itself

“Since the start of 2025, all the airport’s electricity has come from renewable sources, and we have initiated a number of measures to reduce energy consumption and make operations more energyefficient.”

Annual report 2025A · The company itself

“Fabrikens drivs dels av fossilfri energi från ett närliggande elbolag, dels från Ragnars egen solcellsanläggning som driftsattes i år. Tidigare har samtliga armaturer bytts ut till LED-belysning vilket i sig minskat inköpt energi med närmare 20 procent de senaste två åren.”

Annual report 2024A · The company itself

“The significance of the risk of fire is reduced by the fact that individual plants or production lines have  •  on how to respond to a fire or other hazardous situations. •  policies for injuries, property damage, business interruption, third-party liability, environmental damage and  Procurement risks • Rising fuel, electricity and other procurement costs could have a negative impact on L&T’s profitability. • Supply chain management, the diversification of propulsion sources and the improvement of efficiency.”

Annual report 2025A · The company itself

“Raw Materials and Energy Costs – Energy is the single largest cost item in the production and distribution of industrial gases. Most of Linde’s energy requirements are in the form of electricity, natural gas and diesel fuel for distribution.”

Annual report 2025A · The company itself

“Most of Linde’s energy requirements are in the form of electricity, natural gas and diesel fuel for distribution. The company mitigates electricity, natural gas, and hydrocarbon price fluctuations contractually through pricing formulas, surcharges, cost pass–through and tolling arrangements.”

Annual report 2025A · The company itself

“Its primary products in its industrial gases business are atmospheric gases (oxygen, nitrogen, argon, and rare gases) and process gases (hydrogen, helium, carbon dioxide, carbon monoxide, electronic gases, specialty gases, and acetylene).”

Annual report 2025A · The company itself

“Due to the power shortages in Ecuador, mining and milling activities were modified in order to allocate available power from the national grid and self-generation to ensure process plant availability.  The average ore grade milled was 11.3 grams per tonne with average recovery at 87.1%, both improvements from the third quarter of 2024.  The Company sold a total of 131,175 oz of gold, consisting of 88,650 oz in concentrate and 42,525 oz as doré at an average realized gold price of $2,664 per oz sold for total revenues from gold sales of $349 million.”

Annual report 2024A · The company itself

“Following increased rainfall in Ecuador since the start of 2025, power supply from the national grid has normalized. Notwithstanding this, the Company expects to complete the commissioning of four additional diesel generators purchased in 2024 by the end of the first quarter of 2025 which will allow the FDN process plant to run slightly below capacity in the event of recurrence of power disruption from the national grid.”

Annual report 2024A · The company itself

“Unit costs are anticipated to be higher compared to 2024 and are primarily attributable to increased royalties and employee profit sharing resulting from the increase in the assumed gold price from $1,900 per oz to $2,500 per oz, an increase in power tariffs, and an increase in sustaining capital expenditures.”

Annual report 2024A · The company itself

“The impacts of climate change may lead to changes in the price and availability of goods and services required for Fruta del Norte’s operations, which depend on the regular supply of electricity, consumables such as diesel, and other supplies to operate efficiently. The Company’s operations also depend on service providers to transport these consumables and other goods to Fruta del Norte and to transport doré and concentrate produced by the Company to refiners and smelters, respectively. The effects of extreme weather described above and changes in legislation and regulation on the Company’s suppliers and their industries may cause limited availability or higher price for these goods and services, which could result in higher costs or production disruptions.”

Annual report 2024A · The company itself

“Muutokset Luotean asiakkaiden kilpailutusperusteissa kohti yksinomaisesti hinnoitteluperusteista valintaa voivat vaikuttaa yhtiön ja koko markkinan kokoon negatiivisesti. • Markkinoilla ja markkinaympäristössä tapahtuvat muutokset, kuten materiaalien hintojenmuutokset voivat vaikuttaa liiketoimintoihin ja liiketoiminnan kasvuun negatiivisesti.”

Annual report 2025A · The company itself

“Jatkuvien toimintojen osalta Luotean tuottamat energiatehokkuusratkaisut vaikuttavat myönteisesti asiakkaiden kiinteistöjen sähkön kulutukseen samalla vähentäen energian käytöstä syntyneitä päästöjä. Luotea uskoo vahvan kysynnän energiankulutuksen hallintapalveluille jatkuvan ja odottaa kasvua tähän liittyvässä palveluliiketoiminnassaan.”

Annual report 2025A · The company itself

“Luotea altistuu liiketoiminnassaan materiaalien, raaka-aineiden ja tuotantohyödykkeiden hinnoittelun ja toimitusten vaihteluille.”

Annual report 2025A · The company itself

“Hankintariskit • Polttoaine-, sähkö- ja muiden hankintakustannusten nousu voi heikentää Luotean kannattavuutta. • Hankintaketjun hallinta ja kaluston käyttövoimien hajauttaminen sekä hinnoittelun ja tehokkuuden parantaminen. • Asiakassopimukset, jotka mahdollistavat hinnankorotukset tuotantokustannusten noustessa.”

Annual report 2025A · The company itself

“Luotean liiketoimintayksiköt ovat riippuvaisia energiasta esimerkiksi logistiikan ja kiinteistötoimintojen osalta. Tästä syntyy myös huomattava määrä hiilidioksidipäästöjä.”

Annual report 2025A · The company itself

“We purchase large quantities of natural gas, electricity and steam which we use as energy to fuel our facilities and purchase large quantities of natural gas liquids and crude oil derivatives which we use as feedstocks.”

Annual report 2025A · The company itself

“For some of our raw materials and utilities there are a limited number of suppliers, and in some cases, the supplies are specific to the particular geographic region in which a facility is located. It is also common in the chemical industry for a facility to have a sole, dedicated source for its utilities, such as steam, electricity and gas. Having a sole or limited number of suppliers may limit our negotiating power, particularly in the case of rising raw material costs.”

Annual report 2025A · The company itself

“Prices for energy are subject to market forces largely beyond our control and can be volatile.”

Annual report 2025A · The company itself

“Utility interruptions or curtailments (electricity, natural gas, or water) can further constrain output or alter our product and geographic mix, particularly at energy-intensive facilities.”

Annual report 2025A · The company itself

“Cement production requires large amounts of energy, including electricity and fossil fuels. Therefore, the cost of energy is one of our largest expenses.”

Annual report 2025A · The company itself

“Energy Costs Energy costs, including diesel fuel, natural gas, electricity, coal and petroleum coke, represent significant production costs of the Company. The Company may be unable to pass along increases in the costs of energy to customers in the form of price increases for the Company’s products.”

Annual report 2025A · The company itself

“We have designed and built our own data centers and key portions of our technical infrastructure, and a substantial portion of our technical infrastructure is also provided by third parties. Our ability to provide and continue to innovate our products and services depends on the continued availability of components, power, and network capacity.”

Annual report 2025A · The company itself

“Further, our ability to continue to develop and effectively deploy AI technologies is dependent on access to specific third-party equipment, technology, and other technical and physical infrastructure, such as processing hardware, network capacity, models, computing power, and related energy requirements, as to which we cannot control the availability or pricing, especially in a highly competitive environment.”

Annual report 2025A · The company itself

“In addition, as the amount and types of information shared on our products continue to grow and evolve, as the usage patterns of our global community continue to evolve, and as our internal operational demands continue to grow, especially with the deployment of AI technologies, we will need an increasing amount of technical infrastructure, including network capacity, computing power, and related energy requirements, to continue to satisfy our needs.”

Annual report 2025A · The company itself

“•Any of our future construction, development or expansion projects will be subject to significant development and construction risks, which could have a material adverse impact on related project timetables, costs and our ability to complete the projects. •Our insurance coverage may not be adequate to cover all possible losses that our properties could suffer.”

Annual report 2025A · The company itself

“Our business is particularly sensitive to energy prices and a rise in energy prices could harm our operating results. We are a large consumer of electricity and other energy and, therefore, higher energy prices may have an adverse effect on our results of operations. Accordingly, increases in energy costs may have a negative impact on our operating results.”

Annual report 2025A · The company itself

“Additionally, higher electricity and gasoline prices that affect our customers may result in reduced visitation to our properties and a reduction in our revenues.”

Annual report 2025A · The company itself

“Our operations are dependent on a reliable and uninterrupted supply of electrical power, gas, and water to our manufacturing facilities. Any power shortages, capacity constraints, prolonged outages, or significant or unexpected increases in the cost of power could have a material adverse effect on our business, results of operations, or financial condition.”

Annual report 2025A · The company itself

“The availability, reliability, and cost of electrical power are critical to the operation and expansion of our datacenters. In many regions, electricity generation, transmission, and distribution infrastructure is experiencing increasing demand and capacity constraints. Limitations in power availability, delays in obtaining power connections, outages, shortages, increased energy costs, or requirements imposed by utilities, regulators, or other market participants could restrict our ability to develop or expand datacenter capacity.”

Annual report 2026A · The company itself

“A catastrophic event that results in the destruction or disruption of any of our critical business or systems, or the infrastructure or systems they rely on, such as power grids, could harm our ability to conduct normal business operations or adversely affect our results of operations.”

Annual report 2026A · The company itself

“We continue to align our datacenter locations and server capacity to meet the evolving needs of our customers, particularly given the growing demand for AI services. Our datacenters depend on the availability of permitted and buildable land, predictable energy, networking supplies, and servers, including graphics processing units and other components.”

Annual report 2026A · 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 cost structure for AI products and services is subject to significant uncertainty, including with respect to model training and inference costs, the availability and pricing of components, and energy costs.”

Annual report 2026A · The company itself

“Increasing real estate taxes, utilities and insurance premiums, as well as changes in the terms and conditions of our insurance policies, may negatively impact operating results. As a result of our substantial real estate holdings, the cost of real estate taxes, utilities and insurance for our apartment communities represents a significant component of expense.”

Annual report 2025A · The company itself

“Property Operating Expenses Property operating expenses include costs for property personnel, building repairs and maintenance, real estate taxes, insurance, utilities, landscaping and other operating expenses.”

Annual report 2025A · The company itself

“The following table reflects our property operating expenses by segment for the years ended December 31, 2025 and 2024 (dollars in thousands): Increase (decrease) % Change Same Store $ 772,898 $ 757,841 $ 15,057 2.0 % Non-Same Store and Other 64,909 62,251 2,658 4.3 % Total $ 837,807 $ 820,092 $ 17,715 2.2 % The increase in property operating expenses for our Same Store segment for the year ended December 31, 2025 as compared to the year ended December 31, 2024 was primarily driven by increases in personnel expense of $7.2 million, utilities expense of $5.3 million, building repair and maintenance expense of $2.5 million, and marketing expense of $1.5 million, partially offset by a decrease in property tax expense of $2.2 million.”

Annual report 2025A · The company itself

“Slutsatsen från Midsonas scenarioanalys är att vid ett 4°C scenario kommer de fysiska riskområdena för Midsona och bristen på resurser som bränsle- och energiförsör jning, nyckelråvaror som certifierade råvaror och vatten försörjning att eskalera avsevärt vilket kommer att kräva ytterligare åtgärder.”

Annual report 2024A · The company itself

“The war continues to disrupt commodity markets, including for wheat, energy and energy-related commodities, and continues to contribute to supply chain disruption and inflation.”

Annual report 2025A · The company itself

“We are exposed to commodity price and implied volatility risk as a result of market-making activities in commodity products related primarily to electricity, natural gas, oil and precious metals. Commodity exposures are subject to periods of high price volatility as a result of changes in supply and demand. These changes can be caused by weather conditions, physical production and transportation, or geopolitical and other events that affect the available supply and level of demand for these commodities.”

Annual report 2025A · The company itself

“We have identified the following transition risks emerging from the transition to a low-carbon economy: •Transition to Low-Carbon Technologies: the use of Recirculating Aquaculture Systems (RAS), which benefits a reduction in water withdrawal, could increase the energy-intensity of farming operations, as these systems are more energy demanding compared to flow-through systems.”

Annual report 2024A · The company itself

“Energy consumption and mix Energy source 2024 (MWh) 2023 (MWh) (1) Fuel consumption from coal and coal products 0 0 (2) Fuel consumption from crude oil and petroleum products 389 454 334 739 (3) Fuel consumption from natural gas 141 997 120 700 (4) Fuel consumption from other fossil sources 0 0 (5) Consumption of purchased or acquired electricity, heat, steam, and cooling from fossil sources 163 139 233 720 (6) Total fossil energy consumption (MWh) (calculated as the sum of lines 1 to 5) 694 589 689 159 Share of fossil sources in total energy consumption (%) 68% 76% (7) Consumption from nuclear sources (MWh) 20 068 53 808 Share of consumption from nuclear sources in total energy consumption (%) 2% 6% (8) Fuel consumption for renewable sources, including biomass (also comprising industrial and municipal waste of biologic origin, biogas, renewable hydrogen, etc.)”

Annual report 2024A · The company itself

“Renewable Energy Deployment: We are in the process of installing solar panels at several processing plants and have purchased renewable electricity to cover 30% of the group energy needs in 2024. This initiative is in line with our objective to transition to a low-carbon economy.”

Annual report 2024A · The company itself

“Our sustainability efforts are closely monitored through the following key performance indicators: •Reduction in Carbon Footprint: 39% •Increase in Energy Efficiency: Farming 15%, Sales & Marketing 5% and Feed 23% The implementation of our climate change actions depends on the availability and allocation of resources.”

Annual report 2024A · The company itself

“Klimatpåverkan från vår produktion kommer främst från användningen av elektricitet och fossila bränslen i produktionsprocesser, uppvärmning, ventilation och kylning. Målet är att kontinuerligt minska energianvändningen och göra anläggningarna och processerna mer energieffektiva. Detta är ett viktigt steg i strävan efter vårt mål för Scope 1 & 2 till 2030.”

Annual report 2024A · The company itself

“Användning & Service Möjligheter • Energieffektiva produkter i kombination med expertis inom ett brett spektrum av applikationer samt ökade intäkter från mjukvara och service genom en växande installerad bas och ett växande kundbehov av att nå sina kortsiktiga och långsiktiga mål kopplade till total ägandekostnad, resursanvändning och växthusgasutsläpp.”

Annual report 2024A · The company itself

“Energy disruptions can have an adverse impact on our results of operations and financial position due to production delays or additional costs to ensure business continuity through reliable sources of on-site power generation. Energy transmission and supply may be impacted by wildfires, such as those that occurred in Australia in 2020, which may interrupt electrical power transmission lines to mine sites, and that may pose risks to on-site facilities and energy generators, fuel dispensing systems and supplies.”

Annual report 2025A · The company itself

“Producing gold is an energy-intensive business, currently resulting in a significant carbon footprint.”

Annual report 2025A · The company itself

“Our mining operations and development projects require significant amounts of energy.”

Annual report 2025A · The company itself

“Power for the operation is sourced through the local power grid under a long-term power purchase agreement with Bluewaters Power. The power supply contract with Bluewaters expires in 2031 and includes an option to extend.”

Annual report 2025A · The company itself

“Water supply at Cadia is sourced from the Cadiangullong Dam, Upper Rodds Creek Dam, Flyers Creek Weir, Cadia Creek Weir, Orange Sewage Treatment Plant treated effluent, on-site groundwater bores, Belubula River, and site runoff. Cadia sources all of its power from the National Electricity Market. Cadia is currently under an electricity supply agreement and holds a power purchase agreement.”

Annual report 2025A · The company itself

“Table of Contents Ahafo South sources all of its power from the National Electricity Market. Ahafo South is currently under an electricity supply agreement and holds a power purchase agreement. Power for the operation is sourced through the local power grid under a long-term power purchase agreement with the Volta River Authority. The power supply contract with Volta River Authority expires in 2028 and includes an option to extend.”

Annual report 2025A · The company itself

“Power is either purchased in the open market or supplied by the power plants owned and operated by NGM.”

Annual report 2025A · The company itself

“NKT sourced 100% renewable electricity in 2025 based on on-site renewable energy generation and EACs.”

Annual report 2025A · The company itself

“The overall energy transition, electrification of society, and need to transmit and interconnect grids continues to be a key structural growth driver for high-voltage power cable solutions.”

Annual report 2025A · The company itself

“These developments have increased the demand for DC technology relative to AC.”

Annual report 2025A · The company itself

“Due to the increased demand for longer-distance transmission, NKT foresees power cable solutions based on DC technology to constitute the majority of awards going forward.”

Annual report 2025A · The company itself

“With robust demand and known supply additions, NKT expects the balance between supply and demand to remain favourable in the short term, before becoming more balanced at the end of the decade.”

Annual report 2025A · The company itself

“The market for medium-voltage power cables remained robust, as the energy transition and ongoing electrification of society continued to positively influence the level of investments made by distribution system operators. This supported the demand in the power distribution grid segment throughout the year.”

Annual report 2025A · The company itself

“The new factory, including an extrusion tower adjacent to the existing facility in Karlskrona, the expansion of the Cologne factory, and a new market-leading cable-laying vessel are all expected to become operational in 2027.”

Annual report 2025A · The company itself

“As a result, NKT in 2024 decided to invest in increased capacity across multiple medium-voltage production facilities. In 2025 the investments continued to progress according to plan, with the new capacity in Sweden and Czech Republic becoming operational in the first quarter of the year. Furthermore, the additional capacity in Denmark is expected to ramp up during the first half of 2026, while the investments in Portugal are expected to become operational at the end of 2026.”

Annual report 2025A · The company itself

“Specialised in high-voltage power cable solutions for on- and offshore installation On- and offshore power cable services and wide range of accessories for medium- and high-voltage power cable systems Applications Focused on low-and medium-voltage power cable technology and building wires NKT’s three business lines provide customers with full turnkey solutions across voltage levels and have the following main focus areas: Business line organisation 1 Revenue (standard metal prices) in 2025 (% of total NKT revenue) and Operational EBITDA in 2025 (% of total NKT operational EBITDA).”

Annual report 2025A · The company itself

“Solutions serves the global high-voltage power cable market. The business provides technology-leading solutions across voltage levels and technical specifications.”

Annual report 2025A · The company itself

“Applications covers NKT’s medium-and low-voltage power cable offerings, as well as a minor position within telecom power cables. The product offering is tailored to broadly support both the growing electricity demand in European power grids and the construction sector.”

Annual report 2025A · The company itself

“Executive Vice President, Head of Distribution Applications Service & Accessories offers a variety of both offshore and onshore power cable accessories and services to maximise the utilisation, reliability, and long-term performance of power cable systems. NKT provides power cable services for both offshore and onshore markets and is a trusted partner throughout the lifecycle of a power cable system.”

Annual report 2025A · The company itself

“Minskningen har skett som ett resultat av leverantörens omfattande energieffektiviseringar och dess övergång till förnybar el i sin produktion av plastgranulat.”

Annual report 2024A · The company itself

“I Nolato gäller detta främst inköp av el. För produktionen använder Nolato huvudsakligen elenergi. Energikostnaden under 2024 var 316 miljoner kronor varav 96,9 procent utgjordes av el.”

Annual report 2024A · The company itself

“Semiconductor manufacturing consumes a significant amount of energy. The markets indicate the increased cost of energy alongside growing demand for products with a low carbon footprint.”

Annual report 2024A · The company itself

“The semiconductor manufacturing process is energyintensive, particularly through electricity consumption, and contributes to significant emissions. This impact is inherent to our fabless business model, which relies on external manufacturing partners.”

Annual report 2024A · The company itself

“Ambisjoner innen fornybar energi Tilgang til rimelig fornybar energi har vært sentralt for vår virksomhet i 120 år og det er avgjørende for at vi skal nå vår ambisjon om å være en pionér i det grønne skiftet for aluminium.”

Annual report 2024A · The company itself

“Energikostnadene består av fyringsolje, kull og elektrisitet, og utgjør om lag 35 prosent av samlede kontante driftskostnader.”

Annual report 2024A · The company itself

“Kostnads- og inntektsforhold De viktigste kostnadene i produksjon av primæraluminium er alumina, kraft og karbon, som til sammen utgjør om lag 80–85 prosent av de samlede driftskostnadene for elektrolysemetall i 2024.”

Annual report 2024A · The company itself

“Tilgang til konkurransedyktig fornybar kraft er grunnlaget for levering av lavkarbonaluminium til en konkurransedyktig kostnad på lang sikt, og er en viktig faktor for Hydros plassering i 28. persentil på den globale kostnadskurven for primæraluminium i 2024.”

Annual report 2024A · The company itself

“Rundt 80 prosent av elektrisiteten som brukes i Hydros produksjonskapasitet for primæraluminium er basert på fornybar kraft.”

Annual report 2024A · The company itself

“Hydros oppstrømsvirksomhet er i hovedsak long alumina, aluminium og produktpremier, og short energi (kraft, gass og kull), kaustisk soda, petroleumskoks, bek, BRL og NOK. Mens råvareprisene er pålydende i USD og EUR, er den underliggende eksponeringen primært mot faktorene som driver kostnadskurven ved den relevante prispersentilen i de respektive markedene.”

Annual report 2024A · The company itself

“Hydro Energy er en stor fornybarprodusent og markedsaktør som utvikler forretningsmuligheter for det grønne skiftet.”

Annual report 2024A · The company itself

“Hydro leverer aluminiumsprodukter med lavt karbonutslipp til kunder over hele verden, støttet av en integrert verdikjede med lave kostnader, drevet av fornybar energi.”

Annual report 2024A · The company itself

“The past year has been characterized by significant global uncertainties, including heightened political tensions, volatile energy markets, and the ongoing impact of climate change.”

Annual report 2024A · The company itself

“Energy costs and supply chain disruptions have been particular areas of focus.”

Annual report 2024A · The company itself

“Energy prices decreased in 2024 but are still on a high level compared to historical averages. Cost of pulpwood has increased, but the prices are expected to remain stable at current level.”

Annual report 2024A · The company itself

“Norske Skog faces a competitive risk related to fluctuations in energy prices. The energy prices in Europe are mainly driven by supply and demand for energy.”

Annual report 2024A · The company itself

“Prices remained steady, though raw material costs rose, offset by lower energy costs. • Packaging paper: The West-European recycled containerboard market consumed 20 million tonnes in 2024, with a 3.4% demand increase .”

Annual report 2024A · The company itself

“The cost of raw materials, both pulpwood and recovered paper, have increased while energy costs decreased during 2024.”

Annual report 2024A · The company itself

“The group Is also exposed to movements in the prices of key input factors such as energy, recovered paper, wood and chemicals.”

Annual report 2024A · The company itself

“Norske Skog’s energy intensive manufacturing processes in all mills require substantial energy sources.”

Annual report 2024A · The company itself

“During a panel discussion with Minister of Trade and Industry, Cecilie Myrseth, Carsten Dybevig, VP of Communication and Public Affairs at Norske Skog, outlined four key strategies to boost Norway’s energy-intensive industries: - Secure competitive power contracts for industrial players - Prioritize energy efficiency to release more energy for other uses - Maintain the CO2 compensation scheme (offsetting the CO2 surcharge in energy prices) to prevent carbon leakage - Enhance investment incentives for the green mainland industry BCTMP AT SAUGBRUGS Norske Skog plans to enter the pulp market, and initiated a main study aiming to enter the bleached chemi-thermomechanical pulp (BCTMP) market by starting production at Norske Skog Saugbrugs in Halden.”

Annual report 2024A · The company itself

“Additionally, the integration of the new line with the mill’s existing and newly built bioenergy capabilities enhances operational efficiency and supports our sustainability goals.”

Annual report 2024A · The company itself

“We have prioritised investments in renewable energy and energy efficiency, such as the 50 MW incineration plant at Norske Skog Bruck and our participation in France’s largest bioenergy plant, which boasts a capacity of 125 MW.”

Annual report 2024A · The company itself

“The recycled containerboard production will be fully based on recycled fibre and will utilise green energy generated from the new waste-to-energy facility at the Bruck industrial site and a new biomass plant at the Golbey industrial site.”

Annual report 2024A · The company itself

“Norske Skog has invested in low-emission energy generation in Norske Skog Bruck and Norske Skog Golbey and will continue to evaluate opportunities going forward to reduce exposure to low emission energy prices in the market.”

Annual report 2024A · The company itself

“NP3s fastighetskostnader utgörs framför allt av taxebundna kostnader, fastighetsskötsel, reparationer och planerat underhåll. Taxebundna kostnader, som exempelvis kostnader för el, värme och vatten, samt fastighetsskatt ingår vanligen som hyrestillägg i NP3s hyresintäkter och vidarefaktureras helt eller delvis till hyresgästerna.”

Annual report 2024A · The company itself

“De ökade kostnaderna kan i sin helhet härledas till ökade mediakostnader. Trots ett fortsatt framgångsrikt arbete med energieffektivisering, som historiskt sett nästan alltid tagit ut indexrelaterade kostnader, var NP3s taxebundna kostnader 12 kr högre per kvadratmeter uthyrbar area jämfört med 2023. Till övervägande del beror detta på fortsatt stora höjningar av fjärrvärmepriser, även om det till viss del motverkades av en ovanligt varm höst.”

Annual report 2024A · The company itself

“Då bolaget i hög grad haft sin elhandel prissäkrad har NP3 fortsatt varit relativt förskonade mot dessa kostnadsökningar och då en stor del av dessa kostnader debiteras hyresgästerna får även de ta del av effekten av vår prissäkring.”

Annual report 2024A · The company itself

“While retail rates are generally designed to allow retail sellers of electricity and natural gas to pass through price fluctuations and other changes to costs, the Company may not be able to pass through all such changes to customers. For example, serving retail power customers in ISOs that have a capacity market exposes the Company to the risk that capacity costs can change and may not be recoverable, or the Company may engage in sales of power at fixed prices.”

Annual report 2025A · The company itself

“In the markets in which the Company operates, the Company’s retail electric providers charge end-use customers a price for electricity that includes pass through charges assessed by the local utility. Capital intensive transmission and distribution projects by utility companies recently approved by certain state utility commissions have resulted in increases to such pass-through charges and raised public concerns about overall consumer affordability.”

Annual report 2025A · The company itself

“In addition, in certain of the markets in which NRG operates, energy transmission congestion may occur and the Company may be deemed responsible for congestion costs associated with power sales or purchases, or retail sales, particularly where the Company’s load is not co-located with its retail sales obligations.”

Annual report 2025A · The company itself

“The Company typically enters into hedging agreements, including contracts to purchase or sell commodities at future dates and at fixed prices, to manage the commodity price risks inherent in its business. The Company’s risk management policies and hedging procedures may not mitigate risk as planned, and the Company may fail to fully or effectively hedge its commodity supply and price risk.”

Annual report 2025A · The company itself

“NRG does not typically hedge the entire exposure of its operations against commodity price volatility. To the extent it does not hedge against commodity price volatility, the Company's results of operations and financial position may be improved or diminished based upon movement in commodity prices.”

Annual report 2025A · The company itself

“Electricity Prices — The price of electricity is a key determinant of the profitability of the Company. Many variables such as the price of different fuels, weather, load growth and unit availability all coalesce to impact the final price for electricity and the Company's profitability.”

Annual report 2025A · The company itself

“NRG also buys energy and fuel on a short-term or spot market basis. Prices sometimes rise or fall significantly over a relatively short period of time. The price NRG can obtain for the sale of energy may not rise at the same rate, or may not rise at all, to match a rise in fuel or delivery costs.”

Annual report 2025A · The company itself

“NRG relies on power transmission and distribution facilities that it does not own or control and that are subject to transmission constraints within a number of the Company's core regions. NRG depends on transmission and distribution facilities owned and operated by others to deliver power to its customers.”

Annual report 2025A · The company itself

“Commodity Price Risk Commodity price risks result from exposures to changes in spot prices, forward prices, volatilities, and correlations between various commodities, such as natural gas, electricity, coal, oil, and emissions credits. NRG manages the commodity price risk of the Company's load servicing obligations and merchant generation operations by entering into various derivative or non-derivative instruments to hedge the variability in future cash flows from forecasted sales and purchases of power and fuel.”

Annual report 2025A · The company itself

“The projects include a 415 MW peaker plant at T.H. Wharton, expected to be operational in June 2026, plus a 689 MW combined cycle generating facility at Cedar Bayou 5, and a 443 MW peaker plant at Greens Bayou 6, both of which are expected to be operational in mid-2028.”

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

“NRG sold 154 TWhs of electricity and 1,857 MMDth of natural gas in 2025, making it one of the largest competitive energy retailers in the U.S.”

Annual report 2025A · The company itself

“Plant Operations As of December 31, 2025, the Company owns a diversified wholesale generation portfolio with approximately 12 GW of fossil fuel, and renewable generation capacity at 23 plants.”

Annual report 2025A · The company itself

“NRG, through its subsidiaries, filed and received approval from the PUCT for loan proceeds for three separate projects, totaling more than 1,500 MWs of capacity. Specifically, on July 31, 2025, the Company entered into a $216 million loan agreement with the PUCT under the TEF (the “First TEF Loan”) to support the development of T.H. Wharton, a 415 MW facility.”

Annual report 2025A · The company itself

“The price came in at the FERC-approved cap of $329.17/MW-day for the entire PJM footprint of which NRG cleared approximately 1,008 MWs from the Company’s PJM generation fleet. NRG’s expected capacity revenues from the BRA for the 2026/2027 delivery year is approximately $121 million.”

Annual report 2025A · The company itself

“On December 17, 2025, PJM announced the results of its BRA for the 2027/2028 delivery year. The price came in at the FERC-approved cap of $333.44/MW-day for the entire PJM footprint of which NRG cleared approximately 1,077 MWs from the Company’s PJM generation fleet.”

Annual report 2025A · The company itself

“NRG may engage in trading activities, including the trading of power, natural gas, fuel, emissions allowances, environmental attributes and credits, weather, and other physical and financial commodity related products that are not directly related to the operation of the Company's generation facilities or the management of related risks.”

Annual report 2025A · The company itself

“The Company is exposed to market risks through its retail and wholesale operations, which involve the purchase of electricity and natural gas for resale, the sale of energy, capacity and related products, and the purchase and sale of fuel, transmission services and emission allowances.”

Annual report 2025A · The company itself

“Furthermore, Nucor steel mills use significant amounts of electricity as 100% of our mills utilize EAF technology for our steel melting operations and the decarbonization of electricity generation may lead to high power costs and uncertainty in reliability. Significant changes to the regional power grids serving our steel mills and/or new rulemaking or legislation affecting the operation of these power grids may negatively affect our business, results of operations, financial condition and cash flows.”

Annual report 2025A · The company itself

“Process Gases – Universal Industrial Gases provides the capability to build and operate our own air separation units to serve our steel mills, providing us with an alternative to long-term service contracts with outside providers. Where economies of scale and regional market conditions warrant, we can also sell excess output from these plants on a merchant basis.”

Annual report 2025A · The company itself

“Our steelmaking operations utilize EAFs for 100% of their production. The total energy consumed by Nucor includes electricity, natural gas, and other carbon raw material inputs. For the scrap melting process, electricity is the primary energy source, with natural gas combustion serving as the fuel for reheat furnaces and other pre-heating operations. Our DRI facilities in Trinidad and Louisiana are also large consumers of natural gas.”

Annual report 2025A · The company itself

“Nucor enters into contracts for the purchase of scrap and scrap substitutes, iron ore, electricity, natural gas, and other raw materials and related services.”

Annual report 2025A · The company itself

“The pay-fixed, receive-floating nature of these arrangements also offsets a portion of our exposure to higher prices for electricity over the life of the contract.”

Annual report 2025A · 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

“Data centers depend on access to clean water and predictable energy. Power or water shortages, land or permitting constraints, or regulations that limit energy, water, or land availability, could impair the ability of our customers to expand their data center capacity and consume our products and services, which may in turn negatively impact our business.”

Annual report 2026A · The company itself

“Our business could be negatively impacted by concerns around the high absolute energy requirements of our GPUs, despite their much more energy efficient design and operation relative to alternative computing platforms.”

Annual report 2026A · The company itself

“Sen aiheuttamat jännitteet, Ukrainan sota ja ilmastonmuutoksen aiheuttamat sääilmiöt vaikuttavat muun muassa raaka-aineiden ja pakkausmateriaalien sekä energian hintoihin ja saatavuuteen markkinoilla sekä kuluttajaluottamukseen.”

Annual report 2025A · The company itself

“Iranin sodan pitkittyminen voi nostaa energian hintoja ja sen myötä logistiikkakustannuksia ja materiaalien valmistuskustannuksia.”

Annual report 2025A · The company itself

“If we are unable to secure data center capacity at affordable rates or do not accurately plan for and manage our infrastructure capacity requirements, our profitability may decline.”

Annual report 2026A · The company itself

“We have faced, and may continue to face, challenges with securing reliable and cost-effective power sources for our data center energy demands, which are constrained globally due to the significant increase in demand for and limited availability of energy to power AI compute. These constraints on available power sources could disrupt operations at affected data centers or restrict our capacity to grow, adversely impacting our business, operating results, financial condition and prospects.”

Annual report 2026A · The company itself

“In addition, power prices can be volatile, including due to extreme weather events and market structure in certain regions, and increases in energy costs can adversely affect our margins, particularly where customer pricing is fixed or committed.”

Annual report 2026A · The company itself

“Høydepunkter i 2024 Det var en nedgang i strømprisene fra de relativt høye nivåene i 2023, og prisvolatiliteten var høy.”

Annual report 2024A · The company itself

“Produksjonsvolumet var betydelig høyere enn i 2023 og utgjorde totalt 2.666 GWh, noe som kan tilskrives høyere tilsig, en lang flomsesong i Øst-Norge (NO1) og høyere enn normale nedbørsmengder i Sørvest-Norge (NO2).”

Annual report 2024A · The company itself

“Til tross for en nedgang fra 2023 grunnet fallende priser bidro økte volumer til at 2024-tallene ble Orkla Energis tredje beste resultat noensinne.”

Annual report 2024A · The company itself

“Markedsprisene falt for flere råvarer og innsatsfaktorer, blant annet prisene på vegetabilsk olje, tilsetningsstoffer, sukker og energi.”

Annual report 2024A · The company itself

“Kraftprisene i Norge var lavere i 2024 enn i 2023, noe som hadde en negativ innvirkning på Hydro Powers resultatutvikling.”

Annual report 2024A · The company itself

“Årsrapport 2024 Finansielle investeringer Hydro Power Hydro Power består primært av eiendeler bestående av flere leasede vannkraftverk i Sauda (85 % eierandel) og et heleid og et deleid (50 %) vannkraftverk i Sarpsfossen.”

Annual report 2024A · The company itself

“Branschen för förnybar energi hade motvind under 2024, allteftersom räntor som låg kvar på en fortsatt hög nivå, inflation och låga elpriser pressade ner värderingar och aktiekurser inom sektorn.”

Annual report 2024A · The company itself

“Årets resultat påverkades av lägre elpriser jämfört med föregående år, vilket delvis kompenserades av en högre elproduktion till följd av övertagandet av vindkraftsparken Karskruv för kommersiell drift i slutet av 2023.”

Annual report 2024A · The company itself

“Proportionella intäkter och andra intäkter Proportionella intäkter uppgick till 30,7 MEUR (36,2 MEUR) för året, och påverkades främst av lägre elpriser jämfört med föregående år, vilket delvis kompenserades av högre elproduktion till följd av övertagandet av vindkraftsparken Karskruv för kommersiell drift i slutet av 2023.”

Annual report 2024A · The company itself

“Vårt strategiska fokus ligger fortsatt på att utöka och optimera vår portfölj av kassaflödesgenererande tillgångar för att fortsätta att öka vår långsiktiga elproduktion.”

Annual report 2024A · The company itself

“Realiserat elpris uppgick till 34 EUR per MWh för året, av detta utgjorde intäkter från ursprungsgarantier och prissäkringar 2 EUR.”

Annual report 2024A · The company itself

“Bolaget tilldelas och säljer ursprungsgarantier för hela bolagets elproduktion, vilka används för att garantera att elen har producerats från förnybara energikällor.”

Annual report 2024A · The company itself

“Orrön Energy förbereder för att bolagets största vindkraftsparker ska kunna tillhandahålla stödtjänster till elnätet, för att skapa ytterligare intäktsströmmar vid sidan av traditionell elproduktion. Vindkraftsparken Metsälamminkangas (MLK) har levererat stödtjänster till elnätet sedan det tredje kvartalet 2024, och har genererat intäkter för detta sedan det fjärde kvartalet 2024.”

Annual report 2024A · The company itself

“Demand for Outokumpu’s ferrochrome remained solid, supported by its low emissions and European origin, which continued to be a key differentiator amid geopolitical uncertainty.”

Annual report 2025A · The company itself

“Identified transition events in Outokumpu’s climate-related scenarios include: • evolving climate change policies, increasing regulation and reporting requirements; • increased price of CO2 emissions and the related rising electricity price; • increased cost of raw materials and uncertainty about availability of energy and lowemission raw materials at affordable prices; • viability and effectiveness of decarbonization technologies in the coming years; • risk of losing customers and market share; on the other hand, customers switching to low-emission steel could have a positive impact.”

Annual report 2025A · The company itself

“The Treasury function (“Treasury”) is responsible for managing foreign exchange, metal, interest rate, liquidity and refinancing as well as emission allowance price risk.”

Annual report 2025A · The company itself

“Overall, Outokumpu’s energy spend decreased around 5%–10% compared to last year.”

Annual report 2025A · The company itself

“The key inputs Outokumpu sources from its partners are scrap metal, metals required for stainless steel production, such as nickel and molybdenum, and low-emission energy to run its energy-intensive manufacturing operations.”

Annual report 2025A · The company itself

“While energy cost and availability pose business risks, opportunities exist in enhancing energy efficiency and adopting new energy technologies.”

Annual report 2025A · The company itself

“Cost of sales includes expenses related to materials and supplies, energy, maintenance and freight.”

Annual report 2025A · The company itself

“Outokumpu manages energy price risk centrally and mitigates the risks by guidance from the Energy Procurement policy. Energy price risk is hedged with long-term agreements, fixed price supply contracts, partial ownerships in power utilities and derivatives.”

Annual report 2025A · The company itself

“Outokumpu is further committed to the science-based target by 2030 and to reducing its transition risk by implementing lowcarbon technologies, and increasing the use of clean energy in its product portfolio.”

Annual report 2025A · The company itself

“Most of the impact arises from the nature of Outokumpu’s key activity, stainless steel production, which is energyintensive. Outokumpu has, however, reduced that impact significantly over the years, which now presents a competitive advantage by being able to provide low-carbon footprint stainless steel. Outokumpu identified the following climate transition risks, related to Outokumpu’s business model and strategy: • new regulations and technologies needed for the transition, which could increase production costs, • availability and price of low-emission raw materials and energy, • energy cost constituting a substantial part of the total steel manufacturing costs, and the vulnerability of energy-intensive operations to fluctuations in energy prices.”

Annual report 2025A · The company itself

“Två andra betydande källor till växthusgaser i produktionen är energianvändning och transporter.”

Annual report 2024A · The company itself

“2021–2023 var målet att minska energiintensiteten med 15 procent fram till 2023, jämfört med basåret 2015. För affärsplaneperioden 2024–2026 skärpte vi målet till en minskning med 30 procent fram till 2026, jämfört med basåret 2015. Utfallet för 2024 var en reduktion med 22 procent.”

Annual report 2024A · The company itself

“De senaste åren har det skett kraftiga prisökningar på material och energi. Vi har under det senaste året dock noterat att materialpriserna stagnerat och även noterat en viss prisnedgång främst på energi.”

Annual report 2024A · The company itself

“Med cirka 90 procent av Peabs klimatpåverkan inom våra industriella verksamheter fokuserar vår klimatfärdplan bland annat på energieffektivisering, minskade transporter och att påverka beställarna att ställa krav på förnybara bränslen, energisnål utrustning och el/förnybar energi på byggarbetsplatserna samt att använda produkter och material med minskar klimatavtryck.”

Annual report 2024A · The company itself

“I Sverige och Finland köper verksamheten till övervägande del el med ursprungsgaranti, vilket garanterar att elen är förnybart producerad.”

Annual report 2024A · The company itself

“Fuel, electricity and natural gas are also important commodities for our businesses due to their use in our and our business partners’ 4 Table of Contents facilities and the vehicles delivering our products.”

Annual report 2025A · The company itself

“These commodity derivatives include agricultural products, energy and metals. Commodity derivatives that do not qualify for hedge accounting treatment are marked to market each period with the resulting gains and losses recorded in corporate unallocated expenses as either cost of sales or selling, general and administrative expenses, depending on the underlying commodity.”

Annual report 2025A · The company itself

“QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK Financial Instrument Market Risk We and certain of our subsidiaries are exposed to market risks produced by changes in the prices of crude oil, refined petroleum products, NGL, natural gas, renewable feedstocks and renewable fuels, and electric power, as well as fluctuations in interest rates and foreign currency exchange rates.”

Annual report 2025A · The company itself

“Volatility in energy and fuel prices further impacts operational costs.”

Annual report 2025A · The company itself

“Posti works closely with vehicle manufacturers who are pioneering in cleaner, more efficient transportation solutions, and with energy suppliers who are helping in the transition to renewable sources.”

Annual report 2025A · The company itself

“Critical solutions in succeeding in Posti’s 2030 target and the 2040 net-zero target relate to the technological development of clean vehicles in the market in terms of range of e-vans, for example, and whether the price of clean vehicles and renewable fuels settles at a more competitive level with the price of fossil fuels. The same applies to the price and availability of fossil-free energy and electricity in all Posti’s operating countries.”

Annual report 2025A · The company itself

“The Group employs price-secured electricity products to reduce the price risk related to electricity procurement. The centralized power purchase agreement covers an estimated annual electricity consumption of 61,000 MWh. Approximately 80% of the forecasted consumption for the next two years is hedged; 30% of the forecasted consumption for the third year is hedged.”

Annual report 2025A · The company itself

“These priorities are reflected in Posti’s long-term climate transition plan to reach net-zero emissions by 2040. Posti’s interim target is fossil-free road transport and facility energy 2030.”

Annual report 2025A · The company itself

“Energi • Negativ påverkan • Positiv påverkan • Risk • Möjlighet Bolagets produkter och datalagring medför hög energiförbrukning och medför klimatpåverkan. Risker kopplade till stigande energipriser, kan medföra finansiella konsekvenser för bolaget.”

Annual report 2024A · The company itself

“ProfilGruppen tillhör det södra elområdet SE4 där det i dagsläget finns en klart förhöjd risk, jämfört med övriga elområden, avseende både tillgänglig kapacitet och prisfluktuationer.”

Annual report 2024A · The company itself

“Inom överskådlig tid bedömer vi att det inte finns någon bättre lokalisering för elenerigiförsörjning än den vi har. Vi är dock beroende av politiska beslut och enskild distributör.”

Annual report 2024A · The company itself

“Energi Koncernens användning av energi uppgår totalt till cirka 56 GWh, detta inkluderat energi från el och gasol.”

Annual report 2024A · The company itself

“För att kunna hantera det volatila elpriset har vi både vidtagit interna energieffektiviseringsåtgärder samt infört en indexering gentemot våra kunder.”

Annual report 2024A · The company itself

“Intäkter fördelade efter kundernas branschtillhörighet 2024 2023 Transport 730,4 841,4 Allmän industri 493,0 546,1 Bygg 416,1 473,6 Inredning 358,7 205,7 El 242,3 328,9 Grossister och övriga 31,3 43,4 2 271,8 2 439,1 Intäkter fördelade efter produkternas förädlingsgrad 2024 2023 Vidareförädlade produkter 1 698,2 1 850,7 Grossister och övriga 573,6 588,4 2 271,8 2 439,1 Information om geografiska marknader Försäljning sker i huvudsak till kunder i Europa där marknadsbetingelserna är likartade.”

Annual report 2024A · The company itself

“The February 2025 BGS auction resulted in a significant cost increase for electricity supplied by PSE&G and all other New Jersey electric distribution companies that was reflected in customers’ rates beginning June 1, 2025. The cost increases were in large part due to higher prices from the PJM capacity market (base residual auction).”

Annual report unknown yearA · The company itself

“Macroeconomic considerations, including inflationary levels, gas and electric supply prices that are passed through to customers and other pressures could factor into our regulators’ assessment in approving the size, duration and timing of cost recovery of certain of these programs.”

Annual report unknown yearA · The company itself

“Insufficient supply to meet forecasted demand has caused increases in energy and capacity prices which, in turn, have caused the customer rates by which we recover electric supply costs to materially increase. This has resulted in continuing affordability concerns that have caused regulators and other policymakers to consider ways to reduce utility rates, including proposing to mitigate electric rate increases, and create increased regulatory uncertainty for utility investment initiatives and programs.”

Annual report unknown yearA · The company itself

“Our generation business currently involves the establishment of forward sale positions in the wholesale energy markets on long-term and short-term bases. If the realized value of our generation falls outside of the level at which we would receive PTCs, to the extent that we have contracted obligations in excess of energy we have produced, an increase in market prices could reduce profitability.”

Annual report unknown yearA · The company itself

“A portion of PSEG Power’s nuclear generation output has been sold forward under fixed price financial power sales contracts. Forward financial sales offset physical sales in the PJM RTO spot market.”

Annual report unknown yearA · The company itself

“PSE&G earns revenues from its regulated rate tariffs under which it provides electric transmission and electric and natural gas distribution to residential, commercial and industrial (C&I) customers in its service territory.”

Annual report unknown yearA · The company itself

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

Annual report 2026A · The company itself

“Consumption of purchased or acquired electricity, heat, steam, and cooling from fossil sources”

Annual report 2025A · The company itself

“Looking ahead, limitation on grid connections, availability and the cost of reliable supply of low carbon electricity in certain areas in Europe could become constraints or delaying factors in achieving the plans for conversion to electricity.”

Annual report 2025A · The company itself

“Increased demand for energy efficient insulation material With increasing electricity and energy demand due to population growth and the green transition, there is a significant business opportunity from both regulatory and market factors for ROCKWOOL to provide products that enhance energy efficiency.”

Annual report 2025A · The company itself

“ We work with approx. 9,200 registered and active suppliers  85% of sales do not cross customs borders  400 km is the average transport distance for insulation in Europe Energy and natural capital  2,185 kt of primary raw materials (sand, stone, cement) consumed in 2025  5,155 GWh of energy consumed in 2025 Human and intellectual capital  More than 13,000 people employed, with 48% in Western Europe, 31% in Eastern Europe and Russia, 11% in North America, and 10% in Asia and others  R&D based on inhouse experts and engineers Manufacturing capital  40 factories  Board approval for five additional factories (France, India, Sweden, United States, United Kingdom)”

Annual report 2025A · The company itself

“As part of an energy-intensive industry, ROCKWOOL faces specific climate-related risks on both the regulatory and technological fronts. Key innovations in our melting and product technology and multiple other initiatives to transition to lowercarbon energy sources are among the main contributors to achieving the decarbonisation goals reflected in the sciencebased targets we announced in 2020.”

Annual report 2025A · The company itself

“In 2025, we invested 389 MEUR in decarbonisation related to new electric production lines, upgrades and conversions as well as signing two new power purchase agreements, in Poland and Spain.”

Annual report 2025A · The company itself

“ROCKWOOL is taking steps to decarbonise the production process by introducing key innovations in our melting technology. This involves switching from coke or gas to electricity in existing factories, and primarily building new factories based on electricity.”

Annual report 2025A · The company itself

“ROCKWOOL’s energy strategy includes the use of power purchase agreements to help ensure stable supply and to mitigate future fluctuations in energy prices. In 2025, two power purchase agreements for part of our business in Poland and Spain were signed.”

Annual report 2025A · The company itself

“For økonomien i Rogaland er energipriser og investeringer knyttet til olje, gass og elektrisitet en viktig økonomisk faktor. Satsinger innen energioptimalisering sammen med oljeskattepakken gyldig ut 2025 medfører et høyere aktivitetsnivå enn normalt for mange bedrifter tilknyttet olje- og gassnæringen.”

Annual report 2024A · The company itself

“För att minska exponeringen mot elpriserna använder bolaget elprissäkringar. Det säkrade priset 2024 var något högre än 2023 varför koncernens elkostnad ökade.”

Annual report 2024A · The company itself

“INSATSVAROR ÖVERSIKT STRATEGI VERKSAMHETEN HÅLLBARHETSREDOVISNING ÅRSREDOVISNING ÖVRIGT El är en viktig kostnadspost El är koncernens tredje största rörliga kostnadspost. All el som kom från externa leverantörer, cirka 220 GWh under 2024, köptes till marknadspris direkt över el-börsen Nord Pool. Marknadspriserna fortsatte att sjunka något.”

Annual report 2024A · The company itself

“För att uppnå en stabil elkostnad säkras framtida elpriser enligt en fastställd strategi. Vid utgången av år 2024 hade Rottneros prissäkrat 33 procent av elförbrukningen 2025–2033.”

Annual report 2024A · The company itself

“As we scale our operations, the volume and nature of data processed by our offerings continue to evolve, including as a result of the deployment of AI technologies, and our infrastructure capacity requirements, including network capacity, computing power and energy requirements, may increase as a result. Additionally, increased energy consumption, including as a result of AI adoption, 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

“Developing, testing and deploying AI technologies may also increase the cost profile of our offerings due to the computing costs required.”

Annual report 2026A · The company itself

“One of the larger drivers of natural gas demand is electric generation. Natural gas-fired electric generation within Southern California (and demand for natural gas supplied to such plants) competes with electric power generated throughout the western U.S.”

Annual report 2025A · The company itself

“As more plants are built, supplies of energy and related products may exceed demand, competitive pressures may increase and wholesale electricity prices may decline or become more volatile. Without long-term power sales agreements, our revenues may be subject to increased volatility, and we may be unable to sell the power that SI Partners’ facilities can produce at favorable prices or at all, any of which could materially adversely affect our results of operations, financial condition, cash flows and/or prospects.”

Annual report 2025A · The company itself

“Because changes in SDG&E’s and SoCalGas’ cost of natural gas and/or electricity are recovered in rates, changes in these costs are offset in the changes in revenues and therefore do not impact earnings, other than potential impacts related to the GCIM for SoCalGas that we describe below.”

Annual report 2025A · The company itself

“BUSINESS OVERVIEW We are a holding company whose principal businesses are regulated utilities in California and Texas. Our businesses invest in and operate electric and gas utilities and other energy infrastructure that provide energy services to customers.”

Annual report 2025A · The company itself

“Service to SDG&E’s customers is supported by its electric transmission and distribution system, which includes substations and overhead and underground lines. These electric facilities are primarily in the San Diego, Imperial and Orange counties of California and in Arizona and Nevada and consisted of 2,018 miles of transmission lines, 24,210 miles of distribution lines and 158 substations at December 31, 2025.”

Annual report 2025A · The company itself

“Oncor Oncor is a regulated electricity transmission and distribution utility that operates in the north-central, eastern, western and panhandle regions of Texas. Oncor delivers electricity to end-use consumers through its electrical systems and also provides transmission grid connections to merchant generation facilities and interconnections to other transmission grids in Texas. Oncor’s transmission and distribution assets are located in over 120 counties and more than 400 incorporated municipalities, including the cities of Dallas and Fort Worth and surrounding suburbs, as well as Waco, Wichita Falls, Odessa, Midland, Tyler, Temple, Killeen and Round Rock, among others.”

Annual report 2025A · The company itself

“At December 31, 2025, Oncor’s transmission system included approximately 18,418 circuit miles of transmission lines, a total of 1,333 transmission and distribution substations, and interconnection to 230 third-party generation facilities totaling 63,670 MW. Transmission revenues are provided under tariffs approved by either the PUCT or, to a small degree related to limited interconnections to other markets, the FERC.”

Annual report 2025A · The company itself

“Electricity Distribution. Oncor’s electricity distribution business is responsible for the overall safe and reliable operation of distribution facilities, including electricity delivery, power quality, security and system reliability. These responsibilities consist of the ownership, management, construction, maintenance and operation of the electricity distribution system within its certificated service area. Oncor’s distribution system receives electricity from the transmission system through substations and distributes electricity to end-users and wholesale customers through 3,874 distribution feeders at December 31, 2025.”

Annual report 2025A · The company itself

“Sharyland Utilities Sharyland Utilities is a regulated electric transmission utility that owns and operates, at December 31, 2025, approximately 64 miles of electric transmission lines in south Texas, including a direct current line connecting Mexico and assets in McAllen, Texas. Sharyland Utilities is responsible for providing safe, reliable and efficient transmission and substation services and investing to support infrastructure needs in its service territory, which we discuss below in “Regulation – Utility Regulation – ERCOT Market.””

Annual report 2025A · The company itself

“Sempra has the following three reportable segments which reflect how the CODM oversees operational and financial performance: ▪Sempra California ▪Sempra Texas Utilities ▪Sempra Infrastructure SDG&E and SoCalGas each have one reportable segment.”

Annual report 2025A · The company itself

“Sedan flera år tillbaka är all inköpt el från förnybara energikällor. För de mest energikrävande processerna såsom snöproduktion, drift av fastigheter och liftar arbetar vi med att systematiskt kartlägga och analysera vår elanvändning för att driva processer med så låg användning som möjligt.”

Annual report 2024A · The company itself

“Det är en mer slitstark och tålig snö som står emot vädrets påverkan bättre än natursnö, men det är en vatten- och energikrävande aktivitet att producera kanonsnö och produktionen står för den största delen av det vatten som används inom verksamheten.”

Annual report 2024A · The company itself

“Vid beräkning av känsligheten av en elpris-förändring har endast hänsyn tagits till den del av elförbrukningen som direkt påverkas av förändringar i marknadspriset. SkiStar använder sig av en portföljförvaltning för upphandling av elpriser, enligt beslutad säkringsstrategi.”

Annual report 2024A · The company itself

“We incur energy costs in our mill operations and the cost of natural gas, oil, electricity and purchased biomass fuel is subject to fluctuations. In our recycled mills, we primarily use natural gas and electricity, supplemented at certain mills with fuel oil. In our virgin fiber mills, we primarily use biomass and natural gas, supplemented at times with fuel oil, and, at a limited number of facilities, coal, to generate steam used in the pulping and paper making processes and to generate some or all the electricity used on site.”

Annual report 2025A · The company itself

“Price fluctuations in, or shortages in the availability of, energy, transportation and raw materials could adversely affect our business.”

Annual report 2025A · The company itself

“Smurfit Westrock’s production processes are energy-intensive, making production costs also sensitive to the price of energy (primarily gas and electricity), which have historically been volatile.”

Annual report 2025A · The company itself

“Smurfit Westrock’s main energy exposure is to the cost of gas and electricity. Smurfit Westrock’s energy costs increased by 45% in the year ended December 31, 2025, when compared to the year ended December 31, 2024, which was primarily a result of 2025 being the first full year of costs after the Combination with WestRock.”

Annual report 2025A · The company itself

“Energiprisrisker Energiprisförändringar medför risker för vårt finansiella resultat. Bolaget har delvis säkrat elinköpspriset i enlighet med en policy som godkänts av styrelsen.”

Annual report 2024A · The company itself

“Våra infrastruktur- och produktionsmaskiner drivs huvudsakligen av el, men även bränsleolja och diesel används inom gruvdrift, grävning och transporter. Propangas används under vintern för uppvärmning av gruvans ventilationsluft.”

Annual report 2024A · The company itself

“Energiförbrukningen (bild 5) inkluderar hela gruvområdets bränsle- och elförbrukning.”

Annual report 2024A · The company itself

“FINANCIAL, ECONOMIC, AND MARKET RISKS The electric generation and energy marketing operations of the traditional electric operating companies and Southern Power and the natural gas operations of Southern Company Gas are subject to changes in energy prices and fuel costs. The generation, energy marketing, and natural gas operations of the Southern Company system are subject to changes in energy prices and fuel costs, which could increase the cost of producing power, decrease the amount received from the sale of energy, and/or make electric generating facilities and natural gas distribution systems less competitive.”

Annual report 2025A · The company itself

“Alabama Power and Georgia Power have multiple contracts covering their nuclear fuel needs for uranium, conversion services, enrichment services, and fuel fabrication with remaining terms up to 10 years.”

Annual report 2025A · The company itself

“Through the 2022 IRP and the 2023 IRP Update, the Georgia PSC has certified resources totaling approximately 13 GWs, approximately nine GWs of which are new generation and battery energy storage facilities that are being, or are expected to be, constructed by Georgia Power. The certified costs of these Georgia Power projects total $19.5 billion, and these projects are projected to be placed in service through 2030.”

Annual report 2025A · The company itself

“Southern Power seeks opportunities to execute its strategy to create value through various transactions including acquisitions, dispositions, sales and purchases of partnership interests, development and construction of new generating facilities, and entry into PPAs, primarily with investor-owned utilities, IPPs, municipalities, electric cooperatives, and other load-serving entities, as well as commercial and industrial customers.”

Annual report 2025A · The company itself

“With the inclusion of investments associated with facilities under construction, as well as other capacity and energy contracts, Southern Power's average investment coverage ratio at December 31, 2025 was 97% through 2030 and 89% through 2035, with an average remaining contract duration of approximately 12 years.”

Annual report 2025A · The company itself

“The traditional electric operating companies and Southern Power each engage in a long-term planning process to estimate the optimal mix and timing of new generation assets required to serve future load obligations. Southern Company Gas engages in a long-term planning process to estimate the optimal mix and timing of building new pipelines, replacing existing pipelines, and entering new markets and/or expanding in existing markets.”

Annual report 2025A · The company itself

“Southern Power Southern Power develops, constructs, acquires, owns, operates, and manages power generation assets, including battery energy storage projects, and sells electricity at market-based rates (under authority from the FERC) in the wholesale market.”

Annual report 2025A · The company itself

“In addition, Alabama Power markets and sells outdoor lighting services and other customer-focused utility services.”

Annual report 2025A · The company itself

“PowerSecure develops distributed energy and resilience solutions and deploys microgrids for commercial, industrial, governmental, and utility customers.”

Annual report 2025A · The company itself

“OVERVIEW Business Activities Southern Company is a holding company that owns all of the common stock of three traditional electric operating companies, Southern Power, and Southern Company Gas and owns other direct and indirect subsidiaries. The primary businesses of the Southern Company system are electricity sales by the traditional electric operating companies and Southern Power and the distribution of natural gas by Southern Company Gas. Southern Company's reportable segments are the sale of electricity by the traditional electric operating companies, the sale of electricity in the competitive wholesale market by Southern Power, and the distribution of natural gas and other complementary products and services by Southern Company Gas.”

Annual report 2025A · The company itself

“Southern Power sells wholesale electricity at market-based rates across various U.S. utility markets, primarily to investor-owned utilities, IPPs, municipalities, and other load-serving entities, as well as commercial and industrial customers.”

Annual report 2025A · The company itself

“•The traditional electric operating companies – Alabama Power, Georgia Power, and Mississippi Power – are vertically integrated utilities providing electric service to retail customers in three Southeastern states in addition to wholesale customers in the Southeast. •Southern Power develops, constructs, acquires, owns, operates, and manages power generation assets, including battery energy storage projects, and sells electricity at market-based rates in the wholesale market.”

Annual report 2025A · The company itself

“Försening i omställningen till fossilfri ståltillverkning SSAB har påbörjat arbetet med att ställa om till fossilfri ståltillverkning, att ersätta masugnar med elektriska ljusbågsugnar.”

Annual report 2024A · The company itself

“Råvaru- och energiprisrisker: Råvaror och energi prissätts på marknaden och priserna varierar i allmänhet beroende på tillgången på råvaror och energi samt efterfrågan på stål. För att begränsa dessa risker har SSAB som mål att utveckla råvaruförsörjningen, inklusive olika skrotkvaliteter, och att säkerställa dubbla försörjningskällor där så är möjligt.”

Annual report 2024A · The company itself

“El är den största energikällan och står för cirka 50 % av den totala energianvändningen. El används främst till att driva de elektriska ljusbågsugnarna vid de amerikanska anläggningarna.”

Annual report 2024A · The company itself

“Merparten av prisrisken för el säkras genom derivat och fysisk leverans.”

Annual report 2024A · The company itself

“Accordingly, we are at risk in the event of an energy disruption, including power outages, power unavailability or inability to obtain power at a reasonable price or with sufficient desired environmental attributes. Prolonged blackouts, curtailments or disruptions caused by, among other things, natural disasters or by political or environmental considerations would substantially disrupt our production.”

Annual report 2025A · The company itself

“Electricity is a significant input required in our EAF steel operations, representing approximately 4% of steel production costs of goods sold in 2025, 2024, and 2023. We have entered into fixed price electricity contracts for the Butler Flat Roll Division, Columbus Flat Roll Division, Roanoke Bar Division and Steel of West Virginia, while our Structural and Rail Division and Engineered Bar Products Division have a combination of fixed pricing and market 19 Table of Contents pricing for the various components of the electrical services (demand charge, energy charge, riders, etc.). Our Sinton Flat Roll Division purchases electricity at current market prices.”

Annual report 2025A · The company itself

“The cost and availability of electricity, natural gas, oil and other energy resources are subject to volatile market conditions. We consume large amounts of energy to melt scrap, reheat semi-finished products for rolling into finished products and perform other steps necessary to our production process.”

Annual report 2025A · The company itself

“Thereafter ​ ​ 2,650,147 ​ ​ 4.7 ​ ​ - ​ ​ ​ ​ ​ Total debt outstanding ​ $ 4,253,448 ​ ​ 4.2% ​ $ 33,162 ​ ​ 5.5% ​ ​ Fair value ​ $ 4,108,867 ​ ​ ​ ​ $ 33,162 ​ ​ ​ ​ ​ Commodity Risk In the normal course of business, we are exposed to the market risk and price fluctuations related to the sale of our products and to the purchase of raw materials used in our operations, such as metallic raw materials, electricity, water, natural gas and its transportation services, fuel, air products, zinc, and electrodes.”

Annual report 2025A · The company itself

“Kasvu oli seurausta muihin laajan tuloksen eriin kirjatusta konsernin Pohjolan Voima Oy -osakeomistuksen käyvän arvon noususta, joka johtui pääasiassa sähkön koreammista hintaennusteista.”

Annual report 2025A · The company itself

“Ensi- ja toissijaisten hiilineutraalien biopolttoaineiden kasvava kysyntä saattaa kasvattaa energiakustannuksia.”

Annual report 2025A · The company itself

“Riippuvuus ulkopuolisista energiantuottajista altistaa Stora Enson myös energian markkinahintojen muutoksille.”

Annual report 2025A · The company itself

“Ilman näitä kuluja oikaistu liiketulos olisi parantunut, sillä sekä muuttuvat kustannukset – erityisesti energia ja kemikaalit – että kiinteät kustannukset laskivat merkittävästi. Kustannusten alenemisen taustalla olivat sisäisten tehostamistoimenpiteiden myönteiset vaikutukset, jotka ylittivät korkeampien puukustannusten kielteisen vaikutuksen.”

Annual report 2025A · The company itself

“• Pakkausratkaisujen jatkojalostus • Sellu ja biopohjaiset ratkaisut keskittyen ligniiniin, puuvaahtoihin ja biokemikaaleihin Muut raaka-aineet • Pitkäaikaiset suhteet tärkeimpiin toimittajiin keskeisimpien raaka-aineiden toimitusvarmuuden varmistamiseksi • Suuri, maailmanlaajuinen toimittajakanta tärkeimmille raaka-aineille, kuten kemikaaleille, täyteaineille ja energialähteille Osaavat ja sitoutuneet työntekijät • Turvallisuus etusijalla • Vahva suorituskykykulttuuri sekä huippuosaajien houkutteleminen ja sitouttaminen tulevaisuuden osaamisen varmistamiseksi Varmennettu 31 Sidosryhmien edut ja näkemykset (SBM-2) Stora Enson sidosryhmävuorovaikutus perustuu sekä järjestelmälliseen että epävirallisempaan vuorovaikutukseen, jota täydentää säännölliset kyselyt esimerkiksi asiakas- ja työntekijätyytyväisyydestä.”

Annual report 2025A · The company itself

“Rising utility costs, increased theft, higher labor expenses, and intense price competition are forcing retailers to improve in-store productivity. Theft, in particular, is becoming a major concern, directly impacting retailers’ bottom lines and making it an issue they can no longer ignore.”

Annual report 2024A · The company itself

“Rising operational costs, including energy prices and labor wages, are putting pressure on profitability.”

Annual report 2024A · The company itself

“We can create opportunities also through our own activities by increasing the energy efficiency of our operations.”

Annual report 2025A · The company itself

“Material climate-related risks for Suominen’s own activities include sustainability-related investment needs, increasing energy prices, increases in water stress and drought conditions, and impacts of extreme weather events on our sites.”

Annual report 2025A · The company itself

“Consumption of purchased or acquired electricity, heat, steam, and cooling from fossil sources (MWh) 116,366** 111,486 6.”

Annual report 2025A · The company itself

“Consumption of purchased or acquired electricity, heat, steam, and cooling from renewable sources (MWh) 92,920 111,348 10.”

Annual report 2025A · The company itself

“Risker U+E Svedbergs Group står inför en finansiell risk kopplad till högre energipriser på grund av konflikter och inflation i Europa. Oroligheterna i regionen kan leda till störningar i energileveranser och -produktion, vilket får energipriserna att öka. Det kan påverka driften, eftersom högre energikostnader påverkar koncernens lönsamhet och driftskostnader.”

Annual report 2024A · The company itself

“Risker U+E Med tanke på den energiintensiva tillverkningen kan förändringarna i energipriset få stor inverkan på det finansiella resultatet inom koncernen och hos våra leverantörer.”

Annual report 2024A · The company itself

“Ökade energipriser kan leda till högre priser hos våra leverantörer, vilket kan få negativa ekonomiska effekter för Svedbergs Group.”

Annual report 2024A · The company itself

“Påverkan, risker och möjligheter Styrning Påverkan i värdekedjan Policyer med bäring på klimatförändringar Policy för begränsning av klimatförändringar, anpassning och energi Mål Energianvändning i samband med tillverkning av Svedbergs Groups produkter står för en stor del av koncernens samlade utsläpp. Det gäller både de produkter som köps in från externa leverantörer och de som tillverkas internt i koncernen. Särskilt energiintensiv är tillverkningen av produkter som består av glas och porslin.”

Annual report 2024A · The company itself

“Vi har möjlighet att erbjuda både fasta och mobila tjänster till hushållen. Med investeringarna i 5G kan vi erbjuda attraktiva mobila bredbandserbjudanden för att tillgodose hushållens bredbands - behov.”

Annual report 2024A · The company itself

“Den nuvarande utmanande makroekonomiska och geopolitiska miljön påverkar också Tele2, främst genom volatila energikostnader, inflationstryck och ett något avvaktande kundsentiment.”

Annual report 2024A · The company itself

“Möjliga konsekvenser för Tele2 inkluderar ökade kostnader på grund av högre produktionskostnader i värdekedjan, samt högre kostnader relaterade till en ökad efterfrågan på förnybar energi. • Otillförlitlig kapacitet i elnätet. Möjliga konsekvenser för Tele2 inkluderar affärsstörningar på grund av strömavbrott eller energibrist, vilket kan orsaka oförutsedda kostnader och potentiella intäktsförluster.”

Annual report 2024A · The company itself

“Tele2s nätverksutrustning avger strålning och skapar elektromagnetiska fält, och för att hantera detta utformas Tele2s nätverk för att ligga inom de tillämpliga lagkraven och riktlinjerna i de länder där företaget är verksamt.”

Annual report 2024A · The company itself

“Under 2024 var energi - kostnaderna cirka 10% högre organiskt jämfört med föregående år, främst till följd av mottaget elstöd i Sverige under 2023.”

Annual report 2024A · The company itself

“Den kraftiga ökningen av energipriser de senaste åren utgör en betydande finansiell risk för Tele2. Prognoser om fortsatta prishöjningar och energikostnadsfluktuationer kommer sannolikt att påverka företagets balansräkning, då energi är en kritisk del i verksamheten.”

Annual report 2024A · The company itself

“För att kunna nå nettonollutsläpp i hela värdekedjan måste Ericssons kunder och leverantörer övergå till att använda utsläppsfri el för driften av näten, en utmaning som till stor del ligger utanför Ericssons direkta kontroll.”

Annual report 2024A · The company itself

“In addition, decreases in the retail or wholesale prices of electricity from utilities or other renewable energy sources could make our products less attractive to customers and lead to an increased rate of customer defaults.”

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

“Rising energy costs, energy price volatility and supply chain disruptions linked to energy use may impact financial performance across the value chain.”

Annual report 2025A · The company itself

“Emerging technologies such as artificial intelligence were also recognized for their potential to increase energy demand and related environmental impacts.”

Annual report 2025A · The company itself

“Energy was also identified as having an actual negative impact as growing digital demand drives energy use in own operations and supplier infrastructure.”

Annual report 2025A · The company itself

“Energy-related risks arise from both physical and transition perspectives including energy price volatility, changes in energy markets, and increasing demand for renewable energy.”

Annual report 2025A · The company itself

“Transition risks primarily relate to increasing renewable energy costs, as demand is expected to outpace supply in the medium term.”

Annual report 2025A · The company itself

“Emerging technologies considered in Tieto’s strategy, including artificial intelligence (AI), may increase energy demand and thus pose a potential risk to energy efficiency and emission reduction performance.”

Annual report 2025A · The company itself

“In 2024 the company reported the following results (including the Tech Services business): 87% reduction in scope 1 and 2 (target 90% by 2026), 99% share of renewable electricity (target 100% by 2026) and 46% of suppliers had set science-based climate targets (target 70% by 2026).”

Annual report 2025A · The company itself

“The company is transitioning to 100% renewable energy sources across its operations, achieved through procuring renewable energy for heating and cooling as well as sourcing certified renewable electricity (RECs/ GoOs).”

Annual report 2025A · The company itself

“UPM is a large producer and consumer of electricity in Finland and separately hedges part of its electricity sales and purchases. Based on UPM’s estimated unhedged net electricity sales position in Finland in 2026, a €10/MWh change in average electricity market price in Finland would impact annual comparable EBIT by approximately €40 million.”

Annual report 2025A · The company itself

“Fluctuations in the prices of major inputs as well as changes in their availability The main inputs required in the manufacturing of UPM’s products are wood, fibre, chemicals, energy and water.”

Annual report 2025A · The company itself

“Use of sold products We considered our products that are powered or charged with grid power. The calculation formula is ∑(number of products sold in the reporting period x total lifetime expected use hours of product x average power consumption x country-specific emission factor for electricity). Due to the long life cycles of our products, which can reach even 20 years, this category is our largest emission category.”

Annual report 2025A · The company itself

“Opportunity Downstream Short, medium and long term Energy Vaisala has a negative impact on the environment through energy consumption in the value chains, especially when it's from non-renewable sources. Actual negative impact Upstream, The material negative impacts related to climate change mitigation and energy do not originate from and are not connected to Vaisala's strategy or business model but are connected to the electronics value chains in general.”

Annual report 2025A · The company itself

“The new Vaisala DMP1 probe provides precise measurements in demanding dry processing conditions, such as those found in lithium-ion battery production, where humidity control is critical to the performance of manufactured batteries. For the growing power industry, Industrial Measurements introduced an enhanced version of its OPT100 DGA monitor for transformer online monitoring.”

Annual report 2025A · The company itself

“Commodity Price Risk and Oversight Our business is subject to the inherent risks of market fluctuations in the price of commodities for energy-related products we market or purchase in futures markets including electricity, natural gas, uranium, coal, environmental credits and other energy commodities in competitive wholesale markets. Factors that influence these market fluctuations are dependent upon many factors outside of our control including seasonal changes in supply and demand, weather conditions, market liquidity, governmental, regulatory, and environmental policies.”

Annual report 2025A · The company itself

“We conduct integrated power generation and retail electricity activities, focusing on power generation, wholesale electricity sales and purchases, retail sales of electricity and natural gas to end users and commodity risk management.”

Annual report 2025A · The company itself

“We own and operate nuclear generation facilities in Texas, Ohio, and Pennsylvania.”

Annual report 2025A · The company itself

“Jämförelsevis låga elpriser under 2024 har medfört att elintäkterna minskar. Elproduktionen har varit i stort sett oförändrad, 298 GWh under 2024 mot 292 GWh under 2023, varför elkostnaderna endast är marginellt lägre.”

Annual report 2024A · The company itself

“Som input till elpris används ett medelpris grundat på förväntningar på framtida elpris baserat på styrelsens och ledningens bästa bedömning utifrån extern, oberoende marknadsrapport. Detta pris ligger till grund för beräkning av kassaflöde för perioden 2025–2030.”

Annual report 2024A · The company itself

“• Säkerställa en stark balansräkning. • Egen produktion av förnybar elenergi ger lägre priskänslighet på el. Infrastruktur och stadsutveckling Förändring av lagar och regler Utbud och efterfrågan • Förändringar och byggnation av infrastruktur eller annat som kan påverka våra fastigheters attraktivitet negativt. • Förändringar av lagar, regler och myndighetskrav, kring exempelvis miljö, gestaltning, skattefrågor, avgifter med mera, som leder till ökade kostnader och ökad administration. • Minskad efterfrågan på exempelvis kommersiella lokaler, hyresrätter eller bostadsrätter. • Utdragna planprocesser och brist på tillgång till mark. • Äger och förvaltar fastigheter i attraktiva områden som kännetecknas av tillväxt och stark efterfrågan. • Närhet och täta relationer med hyresgäster. • Följer marknadsutvecklingen och har beredskap för förändringar i efterfrågan. • Flexibel aärsmodell med möjlighet att ställa om och anpassa utbud, upplåtelse form och villkor, etc, vid förändrad efterfrågan.”

Annual report 2024A · The company itself

“Driftkostnader Redovisningsprincip Wallenstams driftkostnader utgörs av kostnader som uppkommer i samband med fastighetsförvaltning så som fastighetsskötsel, el, vatten, renhållning, reparationer, bränslekostnader, underhåll, fastighetsskatt och övriga driftkostnader. Driftkostnaderna redovisas i den period de avser.”

Annual report 2024A · The company itself

“Several trends are increasing demand for this application expertise: (i) the need for efficient transport and treatment solutions due to the increase in water scarcity and electricity costs, (ii) the increase in both the type and amount of contaminants found in the water supply, (iii) the need to increase system resilience and efficiencies due to aged infrastructure and affordability, (iv) increasing environmental regulations, and (v) the need to reduce carbon emissions generated from transporting and treating water.”

Annual report 2025A · The company itself

“It is estimated that approximately 4% of the world's electricity is used to move and transport water.”

Annual report 2025A · The company itself

“Our manufacturing and operating costs fluctuate with volatility in the prices of commodities, parts, raw materials, energy, utilities, freight, logistics, and labor.”

Annual report 2025A · The company itself

“High gas and power price volatility could impact earnings for the year through optimisation possibilities of our gas storage and sourcing contracts”

Annual report 2025A · The company itself

“Power sales GWh 19,244 19,967”

Annual report 2025A · The company itself

“These factors include, but are not limited to, changes in temperature, wind conditions, wake and blockage effects, precipitation levels, the development in power, coal, carbon, gas, oil, currency, inflation rates, and interest rate markets, the ability to uphold hedge accounting, changes in legislation, regulations, or standards, the renegotiation of contracts, changes in the competitive environment in our markets, reliability of supply, and market volatility and disruptions from geopolitical tensions.”

Annual report 2025A · The company itself

“The development is driven by: · ramp-up of generation from Greater Changhua 2b and 4 and Revolution Wind · wind speeds expected to be in line with historical average, while 2025 was below · the positive effect from construction agreement at Hornsea 3 · lower expensed project development costs and fixed costs · partly offset by a step down in subsidy level for Borkum Riffgrund 2, and Gode Wind 1 and 2 stepping out of subsidy · lower expected power prices and lower earnings from trading activities.”

Annual report 2025A · The company itself

“Despite wind speeds being lower than last year, earnings from our offshore sites amounted to DKK 24.3 billion, representing an increase of approx. DKK 0.5 billion compared with last year, which in part was driven by higher availability rates, ramp-up generation at Gode Wind 3, and compensation for grid delay at Borkum Riffgrund 3.”

Annual report 2025A · The company itself

“Around 10 % of Ørsted’s revenue from 2026-2030 is exposed to power price risk.”

Annual report 2025A · The company itself

“Revenue risk primarily comes from our intermittent power generation from wind and solar PV assets in the UK, the US, and north-western Europe. The largest risk factors are production volume and energy prices.”

Annual report 2025A · The company itself

“We are also exposed to secondorder risks arising from power price hedges not fully matching our actual revenue exposure (position and intermittency risks).”

Annual report 2025A · The company itself

“Revenue from power sales decreased by DKK 1.3 billion to DKK 4.8 billion due to lower power prices and lower revenue from our power trading activities, only partly offset by the higher power volumes sold.”

Annual report 2025A · The company itself

“Currently, the most significant environmental impact is caused by the consumption of electricity associated with IT equipment, servers and gaming.”

Annual report 2025A · The company itself

“Lägre energikostnader och elstöd uppgick under året till cirka 55 MSEK.”

Annual report 2024A · The company itself

“Lägre elkostnader, cirka 15 MSEK, bidrog också positivt.”

Annual report 2024A · The company itself

“Lägre energikostnader bidrog med cirka 10 MSEK.”

Annual report 2024A · The company itself

“I den egna verksamheten är det bränslekonsumtionen av företagsägda bilar samt elkonsumtion, fjärrvärme och -kyla för kontoren de största utsläppskällorna.”

Annual report 2023A · The company itself

“Även användningen av kylmedia för att kyla vissa av våra produkter ger upphov till utsläpp av växthusgaser.”

Annual report 2023A · 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

“Generally, demand for electricity peaks in winter and summer. Typically, when winters are warmer than expected and summers are cooler than expected, demand for energy is lower, resulting in less demand for electricity than forecasted.”

Annual report 2025A · The company itself

“Commodity Price Risk AES generally seeks to hedge its exposure to commodity price risk; however, certain generation businesses may retain limited unhedged positions due to short‑term sales structures or contractual mismatches between supply and obligations. As a result, a portion of operating results may be exposed to changes in market prices for electricity, fuels, and environmental credits.”

Annual report 2025A · The company itself

“In Colombia, we operate under a shorter-term sales strategy with spot market exposure for uncontracted volumes. Because we own hydroelectric assets there, contracts are not indexed to fuel.”

Annual report 2025A · The company itself

“Utilities Our utility businesses consist of AES Indiana and AES Ohio in the U.S., and four utilities in El Salvador. AES' six utility businesses distribute power to 2.7 million customers and AES' two utilities in the U.S. also include generation capacity totaling 4,056 MW.”

Annual report 2025A · The company itself

“Our hydro assets are mainly contracted through medium to long-term PPAs with distribution companies, while a small volume of our hydro plants are contracted with unregulated users. Our hydro assets in Panama have PPAs with distribution companies expiring up to December 2030 for a total contracted capacity of 350 MW.”

Annual report 2025A · The company itself

“AES Indiana offers electricity in the MISO day-ahead and real-time markets.”

Annual report 2025A · The company itself

“AES Ohio has the exclusive right to provide transmission and distribution services to its customers, and procures retail standard service offer ("SSO") electric service on behalf of residential, commercial, industrial, and governmental customers through a competitive bid auction process.”

Annual report 2025A · The company itself

“From July 2025 onwards, Bulgarian distribution companies serving the regulated market are sourcing their electricity needs exclusively from a special segment of the market where NEK is the main supplier through their energy mix (consisting of NEK-owned HPPs, NPP Kozlodui, state owned TPP Maritza East 2, and AES Maritza).”

Annual report 2025A · The company itself

“Bulgaria has 17 GW of installed capacity enabling the country to meet and exceed domestic demand and export energy. Installed capacity is primarily composed of solar (34%), thermal (31%), hydro (19%), and nuclear (12%) generation.”

Annual report 2025A · The company itself

“Panama's current total installed capacity is 5,077 MW, composed of thermal (43%), hydroelectric (36%), solar (14%), and wind (7%) generation.”

Annual report 2025A · The company itself

“Mexico has an installed capacity of 92 GW, composed of thermal (64%), hydroelectric (14%), solar (8%), wind (8%), and other fuel (6%) generation.”

Annual report 2025A · The company itself

“Colombia Electricity supply in Colombia is concentrated in one main system, the SIN, which encompasses one-third of Colombia's territory and provides electricity to 99% of the country's population. As of December 31, 2025, the SIN's installed capacity was 21,040 MW, composed of hydroelectric (63%), thermal (30%), and other renewables (7%) generation. The marked seasonal variations in Colombia's hydrology result in price volatility in the short-term market.”

Annual report 2025A · The company itself

“The Vietnam power market is divided into three regions (North, Central, and South), with total installed capacity of approximately 82 GW. The fuel mix in Vietnam is composed primarily of coal (32%), hydroelectric (29%) and renewables generation, including solar, wind, and biomass (26%). EVN, the national utility, owns 38% of installed generation capacity.”

Annual report 2025A · The company itself

“The Salar de Atacama has its own powerhouse that generates the energy necessary for the entire operation of the facilities.”

Annual report 2025A · The company itself

“La Negra is supplied electricity from a local company and has rights to a well in the Peine community for its water supply.”

Annual report 2025A · The company itself

“Silver Peak is supplied electricity from a local company and we currently have two operating fresh water wells nearby that supply water to the facilities.”

Annual report 2025A · The company itself

“JBC is supplied electricity from the National Electric Power Company of Jordan.”

Annual report 2025A · The company itself

“Our Magnolia facilities are supplied electricity from a local company and we currently have several operating freshwater wells nearby that supply water to the facilities.”

Annual report 2025A · The company itself

“For instance, our manufacturing plants and operations may be impacted by extreme temperatures and weather, subjecting us to potential brownouts and blackouts, increased energy costs and capital investments needed to maintain ideal operating temperatures.”

Annual report 2025A · The company itself

“Higher inflation, as well as the cost of fuel, energy and domestic and international shipping costs, food and other essential or discretionary items, 22 raw material prices and labor rates, has and may continue to rise, which could adversely impact the costs of producing, procuring and shipping our products.”

Annual report 2025A · The company itself

“As a result, ITC and ATC can implement new rates each calendar year without filing a request with FERC. However, new rates are subject to challenge by either FERC or customers.”

Annual report 2025A · The company itself

“Alliant Energy operates as a regulated investor-owned public utility holding company, and its purpose-driven strategy is to serve its customers and build stronger communities. Alliant Energy’s primary focus is to provide regulated electric and natural gas service to approximately 1,010,000 electric and approximately 435,000 natural gas customers in the Midwest through its two public utility subsidiaries, IPL and WPL.”

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

“Under året upphandlades förnybar fjärrvärme för hela Kielos fastighetsbestånd, vilket förväntas ge ett stort genomslag på det finska beståndets koldioxidutsläpp, med en beräknad minskning om 55 procent från dagens nivå. Inom det svenska fastighetsbeståndet ökade andelen upphandlad förnybar fjärrvärme.”

Annual report 2024A · The company itself

“Fastighets kostnader Ökade driftskostnader, såsom el, snöröjning och värme påverkar bolagets resultat negativt. Priset påverkas av politiska beslut samt utbud och efterfrågan.”

Annual report 2024A · The company itself

“Achievement of these targets is dependent on many factors, including the pace and extent of development and deployment of low- to zero-carbon energy technologies and carbon capture technologies, the cost of those technologies, and support of such technologies by regulators; natural gas and energy prices; operational performance of low- to zero-carbon resources; new transmission infrastructure; the ability to maintain system reliability; customer demand for energy including carbon-free energy; and constructive energy and economic policies, including those that address investment in energy infrastructure, global climate-related risks, incentives for clean energy technologies, and environmental regulations.”

Annual report 2025A · The company itself

“In addition, rising energy and capacity prices, which are largely outside of our control, could impact customer affordability and satisfaction.”

Annual report 2025A · The company itself

“We expect to make significant capital expenditures to maintain and improve our electric and natural gas utility infrastructure and to comply with existing environmental regulations. We estimate that we will invest up to $33.1 billion (Ameren Missouri – up to $22.2 billion; Ameren Illinois – up to $8.3 billion; ATXI – up to $2.6 billion) of capital expenditures from 2026 through 2030.”

Annual report 2025A · The company itself

“Our electric generation and electric and natural gas transmission and distribution facilities, including natural gas storage facilities, are subject to operational risks. Our financial performance depends on the successful operation of electric generation and electric and natural gas transmission and distribution facilities, including natural gas storage facilities.”

Annual report 2025A · The company itself

“COMPETITION Generation & Marketing subsidiaries face competition for the sale of available power, capacity and ancillary services. The principal factors of impact are electricity and fuel prices, new market entrants, construction or retirement of generating assets by others and technological advances in power generation.”

Annual report 2025A · The company itself

“Total natural gas delivered to the plants (in billions of cubic feet) 164 155 146 Average delivered price per MMBtu of purchased natural gas $ 3.71 $ 3.05 $ 2.69 Nuclear I&M has made commitments to meet the current nuclear fuel requirements of the Cook Plant. I&M has made and will make purchases of uranium in various forms in the spot, short-term, mid-term and long-term markets.”

Annual report 2025A · The company itself

“AEP's regulated subsidiaries have approved recovery mechanisms in retail jurisdictions that recover the cost of prudently incurred fuel, purchased power and other expenses.”

Annual report 2025A · The company itself

“Expenses and Other and Income Tax Expense changed between years as follows: •Purchased Electricity, Fuel and Other Consumables Used for Electric Generation expenses increased $184 million primarily due to an increase in recoverable fuel and purchased power costs and an increase in Rockport Plant, Unit 2, merchant generation fuel costs.”

Annual report 2025A · The company itself

“Energy Marketing and Risk Management Activities (Applies to all Registrants except AEPTCo) The Registrants engage in power, capacity, and to a lesser extent, natural gas marketing as major power producers and participants in electricity and natural gas markets. The Registrants also engage in power, capacity, coal, natural gas and, to a lesser extent, heating oil, gasoline and other commodity risk management activities focused on markets where the AEP System owns assets and on adjacent markets.”

Annual report 2025A · The company itself

“The service areas of AEP’s public utility subsidiaries cover portions of the states of Arkansas, Indiana, Kentucky, Louisiana, Michigan, Ohio, Oklahoma, Tennessee, Texas, Virginia and West Virginia. Transmission networks are interconnected with extensive distribution facilities in the territories served. The public utility subsidiaries of AEP have traditionally provided electric service, consisting of generation, transmission and distribution, on an integrated basis to their retail customers.”

Annual report 2025A · The company itself

“COMPETITION The Vertically Integrated Utilities primarily generate, transmit and distribute electricity to their retail customers in their service territories. These sales are made at rates approved by the state utility commissions of the states in which they operate, and in some instances, approved by the FERC, and are not subject to competition from other vertically integrated public utilities.”

Annual report 2025A · The company itself

“TRANSMISSION AND DISTRIBUTION UTILITIES GENERAL This segment consists of the transmission and distribution of electricity for sale to retail and wholesale customers through assets owned and operated by AEP Texas and OPCo. The Transmission and Distribution Utilities own and operate transmission and distribution lines and other facilities to deliver electric power.”

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

“(Applies to all Registrants) AEP sells power from its generation facilities into the spot market and other competitive power markets on a contractual basis. AEP also enters into contracts to purchase and sell electricity, natural gas, emission allowances, renewable energy credits and coal as part of its power marketing and energy trading operations.”

Annual report 2025A · The company itself

“•Transmission Revenues increased $23 million primarily due to the following: •An $18 million increase due to continued transmission investment. •A $6 million increase due to the June 2025 FERC order related to the treatment of NOLCs in transmission formula rates. •Other Revenues increased $6 million primarily due to increased rent received from associated companies. Expenses and Other and Income Tax Expense changed between years as follows: •Purchased Electricity, Fuel and Other Consumables Used for Electric Generation expenses decreased $8 million primarily to the following: •An $18 million decrease due to the prior year amortization of Excess ADIT through the West Virginia ENEC. •A $17 million decrease due to the impact to the West Virginia ENEC as a result of the June 2025 FERC NOLC order.”

Annual report 2025A · The company itself

“The major components of the increase in Revenues were as follows: •Retail Revenues increased $264 million primarily due to the following: •A $148 million increase due to a revenue refund provision recorded in 2024 associated with the Turk Plant and SWEPCo’s 2012 Texas Base Rate Case. •A $106 million increase in rider revenues. •Transmission Revenues increased $50 million primarily due to the following: •A $35 million increase due to continued transmission investment.”

Annual report 2025A · The company itself

“The FERC also regulates the Registrants’ wholesale transmission operations and rates. Retail transmission rates are based upon the FERC OATT rate when retail rates are unbundled in connection with restructuring.”

Annual report 2025A · The company itself

“Retail and Wholesale Supply and Delivery of Electricity The Registrants recognize revenues from customers for retail and wholesale electricity sales and electricity transmission and distribution delivery services. The Registrants recognize such revenues on the statements of income as the performance obligations of delivering energy to customers are satisfied.”

Annual report 2025A · The company itself

“The FERC regulates wholesale power markets and wholesale power transactions. The Registrants’ wholesale power transactions are generally market-based.”

Annual report 2025A · The company itself

“The Company’s risks associated with price increases for chemicals, electricity and other commodities are reduced through contractual arrangements and the expected ability to recover price increases through rates, in the next general rate case proceeding or other regulatory mechanism, as authorized by each regulatory jurisdiction.”

Annual report 2025A · The company itself

“Miljö- och klimatpåverkan • Förnybar energi: Apotea använder endast förnybar energi i verksamheten och har en takplacerad solcellsanläggning på logistikcentret i Morgongåva. • Optimerad paketstorlek: Genom anpassade packmaskiner undviker Apotea onödigt tomrum i paketen, vilket höjer fyllnadsgraden och minskar klimatpåverkan från transporter.”

Annual report 2024A · The company itself

“Nedströms är påverkan främst kopplad till användningen av sålda produkter med så kallat inbyggda koldioxidutsläpp från energiförbrukning.”

Annual report 2024A · The company itself

“Faktisk negativ påverkan Energi- och bränsle förbrukning Negativ påverkan genom växthusgasutsläpp från energi- och bränsleförbrukning i egen drift i produktionsanläggningar, lager, försäljningsoch serviceenheter samt fordon för transport och service till kunder.”

Annual report 2024A · The company itself

“Total minskning av utsläppen i egen verksamhet (scope 1 & 2) med 19 procent sedan basåret 2021. Övergången till förnybar energi i bolagets anläggningar resulterade i fortsatt lägre utsläpp under 2024.”

Annual report 2024A · The company itself

“Vuonna 2024 yhtiön käyttämästä sähköstä 100 % tuli fossiilivapaista lähteistä.”

Annual report 2024A · The company itself

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

Annual report 2024A · The company itself

“A total of 39,969 MWh of energy (natural gas and electricity) was consumed to power offices, data centers and for car charging.”

Annual report 2024A · The company itself

“While higher prices may have a negligible financial impact on Atea, they pose a risk to achieving its climate targets of 100% renewable electricity by 2025 and 100% renewable energy by 2030.”

Annual report 2024A · The company itself

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

Annual report 2024A · The company itself

“However, our increase in sales since the base year and a limited access to renewable energy on main customer markets pose a big challenge in terms of reaching our targets for the use phase of our products (scope 3).”

Annual report 2024A · The company itself

“Increased fuel/energy taxes increase operational costs.”

Annual report 2024A · The company itself

“Competition Although our regulated distribution operations are not currently in significant direct competition with any other distributors of natural gas to residential and commercial customers within our service areas, we do compete with other natural gas suppliers and suppliers of alternative fuels for sales to industrial customers. We compete in all aspects of our business with alternative energy sources, including, in particular, electricity.”

Annual report 2025A · The company itself

“In residential and commercial customer markets, our distribution operations compete with other energy products, such as electricity and propane. Our primary product competition is with electricity for heating, water heating, and cooking.”

Annual report 2025A · The company itself

“Investoinnit energiatehokkaisiin ratkaisuihin, energian talteenottoon sekä uusiutuvan energian käyttöönottoon esimerkiksi biokaasulaitos, aurinkosähköpuisto ja tuulivoimahanke ovat keskeisiä energiaan liittyvien ilmastovaikutusten hallintakeinoja.”

Annual report 2025A · The company itself

“Moreover, rising energy prices could impact our merchandise distribution, commercial delivery, utility and product costs.”

Annual report 2025A · 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

“Boozt använder energi till el samt uppvärmning och kylning av lageranläggningar, kontor och butiker, där hanteringscentret står för den största energianvändningen. Hanteringscentret drivs enbart på förnybar energi från vattenkraft och den energi som genereras av solcellspanelerna som installerades på anläggningens tak 2018.”

Annual report 2024A · The company itself

“10% Sverige Beräknade CO2e Energianvändning på bolagets anläggningar USA står för 90% av koncernens energianvändning för 2024 (exklusive Ryssland och Mexico, vilka exkluderas då de båda är svåra att mäta och bedöms förbruka relativt lite).”

Annual report 2024A · The company itself

“Miljöpåverkan av fastigheter Kontoren och anläggningarna för instrumentproduktion i Sverige är belägna i byggnader med installerad geoenergi, vilket ersätter värme- och kylmaskiner. Värmeelementen drivs av miljömärkt el som är 100 procent producerad från förnybara energikällor.”

Annual report 2024A · The company itself

“Vi installerar el, värme, sanitet, rör, ventilation och många andra tekniska lösningar.”

Annual report 2024A · The company itself

“Våra vanligaste tjänster El Värme och sanitet Ventilation Automation Säkerhet och brandsäkerhet Energilösningar för samhällets omställning Energy Management Fastighetsautomation GreenHub fossilfri service Solpaneler Elbilsladdning Vi erbjuder även Projektledning och design Critical Power Teknisk Facility Management Industrirör Kraft Sprinkler Kyla Lösningar för framtiden Tillsammans med våra kunder skapar vi lösningar nu och för framtiden.”

Annual report 2024A · The company itself

“Vi håller en hög takt på dessa investeringar med ambitionen att på sikt bli självförsörjande avseende fastighetsel. En stark förvaltningsorganisation med en central energisamordnare arbetar med att öka tempot väsentligt för att minska vår förbrukning av el och värme samt hantera vår ökande produktion av egentillverkad el via solceller.”

Annual report 2024A · The company itself

“Similarly, when energy costs rise, our transportation, freight, and other operating costs, such as distilling and bottling expenses, also could increase.”

Annual report unknown yearA · The company itself

“the increase in the electricity grid emission factor, which impacted Category 11 – use of sold products”

Annual report 2025B · From the report

“Consumption of purchased or acquired electricity, heat, steam, and cooling from fossil sources”

Annual report 2025A · The company itself

“Climate change may also have indirect effects on our business by making property insurance unavailable or by increasing the cost of (i) property insurance on terms we find acceptable, (ii) real estate taxes or other assessments, (iii) energy and (iv) property maintenance.”

Annual report 2025A · The company itself

“Hållbar konsumtion och produktion (SDG 12): Som teknikleverantör med omfattande energiförbrukning har Carasent ett ansvar att minimera miljöpåverkan. Under 2024 har koncernen säkerställt att Scope 2-utsläpp uteslutande består av fossilfri energi, och även ett av de mest väsentliga Scope 3-utsläppen vilket är elförbrukningen i hyrda serverhallar.”

Annual report 2024A · 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

“we signed three new power purchase agreements in Sweden, Norway and Finland”

Annual report 2025B · From the report

“The increased costs of energy in 2021 and 2022, which are a fundamental factor in the business of some tenants, and are paid by CeMat and then re-invoiced, may also be a risk in 2026 should the tenants become insolvent.”

Annual report 2025A · The company itself

“CeMat '70 engages in the letting of premises and land, and the provision of utilities, including power, water and natural gas, and facility services etc. to its tenants.”

Annual report 2025A · The company itself

“Income statement Revenue for 2025 amounted to DKK 164.7 million (2024: DKK 39.4 million), comprising rental income of DKK 30.1 million (2024: DKK 28.1 million) and sales of utilities, including power and water, and facility services, etc. to tenants of DKK 9.2 million (2024: DKK 11.3 million).”

Annual report 2025A · The company itself

“We use raw materials, primarily natural gas, and utilities, such as electricity, in the manufacture of our nitrogen products. We purchase raw materials and utilities from third party suppliers.”

Annual report 2025A · The company itself

“Products We offer Spectrum Internet products with speeds up to 1 gigabits per second (“Gbps”) across our entire footprint and multi-gigabit speeds in a portion of our footprint.”

Annual report 2025A · The company itself

“Fallande energikostnader och dämpade prisökningar på varor har lett till en snabb nedgång i inflationen under året, vilket har sänkt både den totala inflationen och kärninflationen till nivåer under Danmarks Nationalbanks mål på 2%.”

Annual report 2024A · The company itself

“Den ökning av klimatutsläpp i Cibus som redovisas för 2024 jämfört med året innan beror framför allt på använda emissionsfaktorer för att beräkna utsläpp från den del av hyresgästers energiförbrukning som inte är fossilfri. Emissionsfaktorer för residualmix har på samtliga marknader stigit 2024 jämfört med 2023.”

Annual report 2024A · The company itself

“Fastighetssektorn bidrar till en stor del av världens koldioxidutsläpp. I Cibus domineras den av energiinköp för uppvärmning och elförbrukning i våra fastigheter.”

Annual report 2024A · The company itself

“Insatskostnaderna, däribland för råvaror, förpackningar, frakt- och energi har ökat väsentligt och utgör en risk för negativ påverkan på Cloettas lönsamhet.”

Annual report 2024A · The company itself

“Rörelsens kostnader – förändring Mkr 5000 5500 6000 6500 7000 7500 8000 20242023 Personalkostnader Fordon Energi Av- och nedskrivningar Underhåll Leasing Annonsering, promotion, försäljning och marknadsföring Övrigt -1 -248 Råvaror, förpackningar och färdiga varor kompensera för alla insatskostnader i absoluta termer, även inklusive förpackningar, frakt- och energikostnader, genom prisökningar mot kunderna samt genom kostnadsbesparingar och genom att minska den övergripande energiförbrukningen.”

Annual report 2024A · 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

“Additionally, AI datacenters require access to clean water and predictable sources of energy. Any shortages of these resources or regulations limiting energy, water, or land availability could decrease development and growth of our AI datacenter customers and, in turn, negatively impact our business.”

Annual report 2026A · The company itself

“Today, 69% of our energy consumption is from renewable sources. When electricity isn't sourced from renewables, Coloplast uses renewable energy certificates (RECs).”

Annual report 2025A · The company itself

“Transition to renewable energy is one of our decarbonisation levers, focusing on eliminating natural gas use. Our approach involves phasing out natural gas, primarily through electrification, and where viable using renewable energy sources, such as geothermal or district heating.”

Annual report 2025A · The company itself

“Residential Connectivity Broadband We offer broadband services in the United States over our hybrid fiber-optic and coaxial (“HFC”) network, as well as through direct fiber-to-the-premises connections for certain customers, and internationally in the United Kingdom and Italy by leveraging networks owned by third-party telecommunications providers.”

Annual report 2025A · The company itself

“•Deploying fiber-to-the-premises with symmetrical speed offerings ranging up to 10 gigabits per second to residential customers who request that service, subject to local construction constraints, and up to 100 gigabits per second to business customers, with up to 400 gigabits per second to certain business customers. •Executing on our multi-year strategy to evolve our existing HFC network, including the rollout of DOCSIS 4.0 in select markets, which allows for multigigabit symmetrical speeds.”

Annual report 2025A · The company itself

“GREENELY AB (PUBL) Greenely är ett svenskt företag som erbjuder en energihanteringsplattform för konsu - menter, kombinerat med en timbaserad eltariff och virtuell kraftverksteknik (VPP) för bostäder. Företagets integrerade mobilapplikation gör det möjligt för hushåll att optimera sin energiförbrukning, minska kostnaderna och delta i nätbalanseringstjänster. Greenelys plattform låter konsumenterna effektivt hantera sin energianvändning samtidigt som de bidrar till den övergripande stabiliteten ielsystemet.”

Annual report 2024A · The company itself

“Our production facilities also use electricity, natural gas, and diesel fuel in addition to renewable energy sources in their operations.”

Annual report 2026A · The company itself

“The increased cost of product sold is primarily due to (i) $58.3 million in tariffs, largely on aluminum imports under Section 232, (ii) $58.2 million of unfavorable fixed cost absorption related to decreased production levels as compared to Fiscal 2025, and (iii) a $14.6 million increase in brewery costs, including maintenance and utilities.”

Annual report 2026A · The company itself

“Äkilliset ja odottamattomat energian hintojen muutokset.”

Annual report 2025A · The company itself

“Tuotantokustannusten nousu muuttuvien raaka-aineita koskevien markkinalähtöisten vaatimusten (esim. energia, vesi) ja tuotantovaatimusten (esim. kierrätys) vuoksi.”

Annual report 2025A · The company itself

“Förvaltning med fokus på energi Introduktion Affärsmodell, mål och strategi Fastighetsrörelsen Finans Risker och möjligheter Bolagsstyrning Finansiella rapporter Hållbarhetsrapport Fastighetsförteckning och översikt Hållbara, energi- och resurseffektiva lokaler är grundläggande i Corems arbete för miljö och klimathänsyn. Andra prioriterade områden är fossilfri energi, miljöcertifiering av byggnader och ett strukturerat arbete för att motverka klimatrisker.”

Annual report 2024A · The company itself

“Fossilfrihet och tillskapande av förnybar energi All energi som används i Corems verksamhet ska senast år 2030 vara helt fossilfri. Under 2024 var 96 procent av den energi Corem använde fossilfri.”

Annual report 2024A · The company itself

“2025 ska all fastighets energi och alla drivmedel vara 100 procent fossilfria.”

Annual report 2024A · The company itself

“Factors such as supply chain disruptions, manufacturing interruptions or delays, or the failure to accurately forecast customer demand, could affect our ability to meet customer demand, lead to higher costs, or result in excess or obsolete inventory; if we are unable to obtain the necessary equipment, raw and batch materials, natural resources, utilities and other essentials required in our products or processes, our business will be negatively impacted Corning’s business relies on the timely supply of raw materials, precious metals, natural resources or utilities including energy and industrial water, equipment, parts and components, services and related products to meet the changing technical and volume requirements of its customers, which depends in part on the timely delivery of materials, equipment and services, from suppliers and contract manufacturers.”

Annual report 2025A · The company itself

“Companies that provide utilities, water, transportation, natural gas and other resources and services across our supply chain, are critical to our manufacturing operations and are vulnerable to cyber-attacks.”

Annual report 2025A · The company itself

“Fuel – Our fuel solutions are used by customers to pay and control spending for fuel for vehicles and fleets. Our fuel solutions are fuel type agnostic (fossil fuel, electricity, etc.).”

Annual report 2025A · The company itself

“With continued growth in global demand for electricity and water stress in certain regions, we may have difficulty securing long-term utility contracts for new buildings or incur additional costs due to onsite generation and storage requirements.”

Annual report 2025A · The company itself

“The relative unavailability of electricity in some emerging market countries also influences demand for our electricity generating products, such as our diesel generators. If these countries add energy capacity by expanding their power grids at a rate equal to or faster than the growth in demand for energy, the demand for our generating products could also decrease or increase less than would otherwise be the case.”

Annual report 2025A · The company itself

“Positive Trends •We expect demand within markets served by our Power Systems business to remain strong, including the power generation and industrial markets. •We anticipate our aftermarket business will remain stable, driven primarily by demand in our Engine and Power Systems businesses.”

Annual report 2025A · The company itself

“In addition, if gasoline, natural gas, electricity, and other energy costs remain at the current elevated levels or increase further, and credit card, home mortgage, and other borrowing costs increase with rising interest rates, our guests may have lower disposable income and reduce the frequency of their dining occasions, may spend less on each dining occasion or may choose more inexpensive food options.”

Annual report 2026A · The company itself

“Our restaurants’ operating margins are also affected by fluctuations in the price of utilities such as electricity and natural gas, whether as a result of inflation or otherwise, on which the restaurants depend for their energy supply.”

Annual report 2026A · The company itself

“We may also experience increased costs for energy, transportation, raw materials, production, and insurance, including higher premiums or deductibles.”

Annual report 2026A · The company itself

“For example, prolonged or escalating conflicts in the Middle East could disrupt our supply chain and increase energy, transportation, and commodity costs, as well as cause shipping delays.”

Annual report 2026A · The company itself

“Demant consumed 28,363 MWh off-site renewable electricity”

Annual report 2025A · The company itself

“Potential increases in cost of energy related to increased demand”

Annual report 2025A · The company itself

“The first vessels to be introduced are likely to be large dual-fuel freight ferries (RoRo) or electric ferries planned for deployment on the English Channel.”

Annual report 2025A · The company itself

“Terminal tractors are practically designed for electrification, running short distances within defined boundaries, with predictable charging windows during operational breaks.”

Annual report 2025A · 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

“E1-5 Energy consumption and mix Energy consumption and mix 1 Fuel consumption from coal and coal products (MWh) 2 Fuel consumption from crude oil and petroleum products (MWh) 3 Fuel consumption from natural gas (MWh) 4 Fuel consumption from other fossil sources (MWh) 5 Consumption of purchased or acquired electricity, heat, steam and cooling from fossil sources (MWh) 6 Total fossil energy consumption (MWh) (calculated as the sum of lines 1 to 5) Share of fossil sources in total energy consumption (%) 7 Consumption from nuclear sources (MWh) Share of consumption from nuclear sources in total energy consumption (MWh) 8 Fuel consumption for renewable sources, including biomass (also comprising industrial and municipal waste of biologic origin, biogas, renewable hydrogen etc) (MWh) 9 Consumption of purchased or acquired electricity, heat steam and cooling from renewable sources (MWh) 10 The consumption of self-generated non-fuel renewable energy (MWh) 11.”

Annual report 2024A · The company itself

“The project is expected to be funded 50 percent by the U.S. Department of Energy under the Advanced Reactor Demonstration Program and is intended to be operated by a subsidiary of NextEra Energy, one of the nation’s major nuclear operators.”

Annual report 2025A · The company itself

“The Company purchases natural gas, primarily to generate electricity, and purchases electric power to supplement internal generation.”

Annual report 2025A · The company itself

“The reliable and safe operation of our power generating facilities, electric transmission and distribution systems and natural gas infrastructure in our communities continues to be foundational to serving our customers, our financial results and our credibility with stakeholders. Operational excellence is especially critical to successfully navigate effective storm response and to efficiently provide the continuity of service our customers demand, regardless of weather or circumstance.”

Annual report 2025A · The company itself

“Duke Energy is working to meet growing and evolving customer energy needs while balancing reliability, costs and other priorities including the need to modernize its fleet and the regulatory constructs.”

Annual report 2025A · The company itself

“Nuclear energy is a reliable and clean energy source and nuclear tax incentives allowed, including nuclear production tax credits, are expected to reduce the cost of the energy transition for our customers.”

Annual report 2025A · The company itself

“The Duke Energy Registrants sell electricity into the spot market or other competitive power markets on a contractual basis.”

Annual report 2025A · The company itself

“Duke Energy’s long-term strategy requires extensive capital investment in generation and transmission facilities.”

Annual report 2025A · The company itself

“Driftskostnader utgörs till stor andel av taxebundna kostnader såsom kostnader för el, sophämtning, vatten och värme. Flera av dessa varor och tjänsters kostnader ökar vid ökade råvarukostnader och begränsningar i utbud.”

Annual report 2024A · The company itself

“Important in our value proposition for customers is our ability to produce improved results while reducing their water and energy use.”

Annual report 2025A · The company itself

“In addition, Institutional markets a lease program comprised of energy-efficient dishwashing machines, detergents, rinse additives and sanitizers, including full machine maintenance.”

Annual report 2025A · The company itself

“Specialty’s cleaning and sanitation programs are customized to meet the needs of the market segments it serves and are designed to provide highly effective cleaning performance, promote food safety, reduce labor, water and energy costs and enhance user and guest safety.”

Annual report 2025A · The company itself

“Part 2 – 2.1 Elmera Group at a glance Our business Numbers in thousands Full year 2024 Full year 2023 Electrical deliveries Consumer segment 657 667 Electrical deliveries Business segment 130 127 Electrical deliveries Nordic segment 118 125 Total number of electrical deliveries* 905 920 Number of mobile subscriptions 111 115 Deliveries * Number of deliveries excl. Extended Alliance deliveries.”

Annual report 2024A · The company itself

“Polymers, aluminium and energy were more favorable from improved hedges, as well as lower spot prices, although some of these effects were balanced out by increased board costs.”

Annual report 2024A · The company itself

“Elopak’s global footprint reduces risk of energy price movements and supply, and external expertise is leveraged to manage energy price risks in key locations.”

Annual report 2024A · The company itself

“Det finns en stor efterfrågan på eldistributionsmarknaden på grund av bristande kapacitet i Sverige.”

Annual report 2024A · The company itself

“Eltels Power-verksamhet i Danmark fortsatte att växa snabbt tack vare växande marknadsmöjligheter, medan vår Communication-verksamhet minskade något på grund av minskande nätverksinvesteringar på en pressad marknad.”

Annual report 2024A · The company itself

“Våra tjänster, som innefattar mobilt arbete på olika  använder både fossila bränslen och biobränslen. 14 procent av fordonen är helt elektriska.”

Annual report 2024A · The company itself

“Förbättra vinsten i vår kärnverksamhet Communication och Power.”

Annual report 2024A · The company itself

“Vår unika expertis inom både kommunikation och el skiljer oss från andra aktörer på marknaden. Denna konkurrensfördel gör det möjligt för oss att leverera komplexa och kompletta lösningar som kräver kompetens inom både kommunikation och el, såsom datacenterprojekt.”

Annual report 2024A · The company itself

“Nischaktör i Tyskland. »Mer på sidan 15. • Kraftdistribution och -överföring • Smarta elnät • E-Mobility • Förnybar energi • Datacenter • Design, konstruktion, underhåll, uppgraderingar och kompletta lösningar • Norden • Tyskland • Litauen • Nätägare och operatörer • Industrikunder • Offentlig sektor • Energiföretag 39% NETTOOMSÄTTNING MEDARBETARE FTE, medelantal Vad är ”smarta elnät”?”

Annual report 2024A · The company itself

“Utrullningsprojekt för smarta elnät levererades snabbare än förväntat vilket ökade lönsamheten.”

Annual report 2024A · The company itself

“On the other hand, because certain of our construction and service offerings are designed to improve energy efficiency in our clients’ operations, or to assist in the generation of new sources of renewable energy, such as wind, solar, and geothermal generation, decreases in the costs of traditional energy sources such as electricity, oil, and natural gas, including as a result of recessionary pressure and reduced demand, may lower our customers’ demand for efficiency improvements and alternative energy sources, which could have an adverse effect on our financial position, results of operations, and cash flows.”

Annual report 2025A · The company itself

“At the same time, the availability or price of electricity may adversely impact the buildout of certain of our customers’ projects, including data centers, which could adversely impact our business, financial position, and results of operations.”

Annual report 2025A · The company itself

“2024 var vårt första hela år med 100 procent fjärrvärme i Strömsund, vilket minskade vår värmeanvändning med 48 procent.”

Annual report 2024A · The company itself

“Under 2024 ser vi den fulla effekten av vår konvertering till fjärrvärme vid vår anläggning i Strömsund som minskat vårt värmebehov med 48 procent.”

Annual report 2024A · The company itself

“Processing and production: The raw materials are processed into essential components for construction and property management, such as construction materials, building components, insulation, software and hardware.”

Annual report 2024A · The company itself

“Specifically in Norway, about 80 per cent of the energy consumption in buildings is derived from electricity.”

Annual report 2024A · The company itself

“(MWh) - - - Consumption of purchased or acquired electricity, heat, steam, and cooling from renewable sources (MWh) 7 910 9 728 10 144 The consumption of self-generated non-fuel renewable energy (MWh) Total renewable energy consumption (MWh) 7 910 9 728 10 144 Share of renewable sources in total energy consumption (%) 77.4% 76.3% 76.1% Total energy consumption (MWh) 10 216 12 747 13 328 Energy intensity for high impact sectors‌ 1 Energy consumption per unit of net revenue‌ 2 (MWh/NOK million) 2023 2024 Change % Total energy consumption per unit of net revenue 3.60 4.52 25% 1 High climate impact sectors are those listed in NACE Sections A to H and Section L.”

Annual report 2024A · The company itself

“Under 2024 steg elefterfrågan i EU med 1,2 procent efter att ha stagnerat under 2022–2023. Förseningar av storskaliga industri- och vätgassatsningar pressade samtidigt ned elprisprognoserna i norra Europa.”

Annual report 2024A · The company itself

“Politiska villkor sätter förutsättningar för utveckling av projekt för förnybar energi, men branschen påverkas även av konjunktur, ränteläge, elpriser och valutakurser.”

Annual report 2024A · The company itself

“Vi leverer også energi indirekte, gjennom salg av tredjepartsvolumer og eierandeler i andre selskaper som Ørsted A/S og Scatec ASA.”

Annual report 2024A · The company itself

“Oljeproduksjon fra egen virksomhet MWh 627.045.713 Gassproduksjon fra egen virksomhet MWh 570.710.880 MWh 1.197.756.593 Gass til strøm fra felles kontrollerte ordninger MWh 1.981.193 Ikke-fornybar energiproduksjon fra finansielle investeringer MWh 13.621 Ikke-fornybar energi levert til strømnettet MWh 1.994.814 Fornybar energiproduksjon fra egen virksomhet og felles kontrollerte ordninger MWh 2.801.647 Fornybar energiproduksjon fra finansielle investeringer MWh 2.043.135 Fornybar energi levert til strømnettet MWh 4.844.782 Energiintensitet per nettoinntekt fra våre aktiviteter17 var 370 MWh/million USD i 2024.”

Annual report 2024A · The company itself

“Equinor-konsernets virksomhet er å utvikle, produsere og markedsføre ulike former for energi, avledede produkter og tjenester, samt annen virksomhet.”

Annual report 2024A · The company itself

“Since 2021, Fossberg Kraft has successfully sold and operates 9 hydropower plants (of which 6 are constructed by Fossberg Kraft). This year, we completed the construction and sale of the two hydropower plants Skjeggfoss and Haugsvær (which we also now operate on behalf of the owner), with a combined capacity of more than 10 GWh/year.”

Annual report 2024A · The company itself

“Renewables Fossberg Kraft specializes in the development, construction, and operation of small-scale hydropower plants in Norway. Since its inception, the company has successfully sold nine small-scale hydropower plants, of which six was constructed by Fossberg Kraft.”

Annual report 2024A · The company itself

“Public utilities, such as water and electric power providers, are fundamental for the consistent operation of our 14 Table of Contents communities. Any delayed delivery or prolonged interruption of these services may cause tenants to terminate their leases or may result in a reduction of rents and/or increase in our costs or other issues.”

Annual report 2025A · The company itself

“The group consumes energy, particularly electricity in its stores and warehouses. There are indirect emissions of greenhouse gases related to the consumption of electricity and district heating.”

Annual report 2024A · The company itself

“Product groups containing electric goods are identified based on customs tariff codes. Emissions are calculated for all product groups where electric products constitute 50 per cent or more of purchasing cost.”

Annual report 2024A · The company itself

“In addition, changes in federal, state and local legislation and regulation on climate change could result in increased operating costs (for example, increased utility costs) and/or increased capital expenditures to improve the energy efficiency of our existing stores and could also require us to spend more on our new stores without a corresponding increase in revenue.”

Annual report 2025A · The company itself

“Additionally, we may face significant increases in our use of power and data storage and may experience a shortage of capacity and increased costs associated with such usage.”

Annual report 2025A · The company itself

“Commodity energy prices – We have market risk for changes in prices of oil, gasoline, diesel fuel, natural gas, and electricity, largely due to our consumption of fuel in our vehicles and utility costs at our facilities.”

Annual report 2025A · The company itself

“They can also experience significant fluctuation in the cost of energy consumed in their production processes and in the cost of fuel consumed to transport their products.”

Annual report 2025A · The company itself

“Kopplat till miljö avser detta främst tillhandahållande av material vid renoveringar, material- och markanvändning vid nyproduktion samt vatten- och energianvändning i den dagliga driften av fastigheter. Hur effektivt Balders verksamhet använder dessa resurser påverkar i senare led exempelvis klimatutsläpp, avfallsmängder och biologisk mångfald.”

Annual report 2024A · The company itself

“Fastpartner har gjort bedömningen att dessa värderingsinstitut ger de bästa långsiktiga förutsättningarna för rättvisande och trovärdiga bedömningar av fastigheternas marknadsvärden. l l l EXPONERING MOT DRIFT KOSTNADS- FÖRÄNDRING En stor kostnadspost för Fastpartner är driftkostnaderna i form av bland annat el, värme, kyla och vatten. Stigande priser på el- och uppvärmningskostnader ger ökade kostnader för Fastpartner.”

Annual report 2024A · The company itself

“En stor del av driftkostnaderna debiteras hyresgästerna direkt eller vidaredebiteras av Fastpartner till självkostnadspris. Fastpartners exponering mot driftkostnadsförändringar är således relativt begränsad.”

Annual report 2024A · The company itself

“Fjärrvärme och fjärrkyla ska vara allokerad, klimatkompenserad eller miljövänlig.”

Annual report 2024A · The company itself

“The following table shows research and development expense for the years ended December 31, 2025, 2024, and 2023: Research and development $ 233,421 $ 191,375 $ 152,307 $ 42,046 22 % $ 39,068 26 % % of net sales 4.5 % 4.5 % 4.6 % Research and development expense in 2025 increased compared to 2024 primarily due to (i) higher employee compensation expense resulting from an increase in headcount, (ii) higher depreciation and maintenance costs resulting from our significant investments in R&D facilities and equipment, and (iii) higher utility costs.”

Annual report 2025A · The company itself

“BUSINESS The Companies FE and its subsidiaries are principally involved in the transmission, distribution, and generation of electricity.”

Annual report 2025A · The company itself

“FirstEnergy's Stand-Alone Transmission segment, which consists of FE's ownership in FET and KATCo, representing $5.4 billion in FirstEnergy-owned rate base as of December 31, 2025, includes transmission infrastructure owned and operated by the Transmission Companies and used to transmit electricity. The segment’s revenues are primarily derived from forward-looking formula rates, pursuant to which the revenue requirement is updated annually based on a projected rate base and projected costs, which is subject to an annual true-up based on actual rate base and costs.”

Annual report 2025A · The company itself

“FirstEnergy’s electric operating companies comprise one of the nation’s largest investor-owned electric systems, serving over six million customers in the Midwest and Mid-Atlantic regions.”

Annual report 2025A · The company itself

“Energiintensiv produktion af råvarer til vådvarer”

Annual report 2026A · The company itself

“The decision whether to purchase a vehicle may be affected significantly by slowing economic growth, geopolitical events, and other factors (including the cost of purchasing and operating cars, trucks, and utility vehicles, the availability and cost of financing, cost of fuel, and EV charging availability and cost).”

Annual report 2025A · The company itself

“Emissionsreduktioner relateret til egne aktiviteter, scope 1 og 2 Drivhusgasemissioner fra Gabriels egne aktiviteter, scope 1 og 2, relaterer sig til brug af elektricitet og varme (fjernvarme og gas), hvoraf det største forbrug og de væsentligste emissioner kan henføres til produktionsog lagerfaciliteter og hovedkontoret samt brændstof til biler i koncernen.”

Annual report 2025A · The company itself

“De snabbt fluktuerande energipriserna påverkar energimarknaden globalt och har lett till en ökad medvetenhet om hur energi används. Detta har i sin tur resulterat i förändrade vanor och nya användarmönster både bland hushåll och företag.”

Annual report 2024A · The company itself

“Idag är GARO en ledande leverantör inom elbilsladdning och elinstallationsmaterial i Europa och fortsätter att utveckla framtidens produkter och lösningar genom smart teknik där elsäkerhet, användarvänlighet och hållbarhet är i fokus.”

Annual report 2024A · The company itself

“GAROs kärnkompetens är att utveckla och producera innovativa produkter och helhetslösningar för elinstallationsmarknaden.”

Annual report 2024A · The company itself

“Our installed base generates approximately 25% of the world’s electricity. We build, modernize, and service power systems to help our customers electrify their operations and economies, meet power demand growth, improve system reliability and resiliency, and navigate the energy transition through limiting and reducing emissions.”

Annual report 2025A · The company itself

“Hydro Power - provides a portfolio of solutions and services for hydropower generation for both large hydropower plants and small hydropower solutions.”

Annual report 2025A · The company itself

“We also use substantial quantities of carton board, corrugated, plastic, and metal packaging materials, operating supplies, and energy.”

Annual report 2026A · The company itself

“Achieved 99% renewable electricity across all sites”

Annual report 2025A · The company itself

“Geopolitiska förändringar från politiska beslut, makroekonomiska händelser eller händelser globalt eller i närregionen kan leda till brist på eller ökade kostnader för insatsvaror. ökade elkostnader eller ett försämrat säkerhetsläge som påverkar bolagets verksamhet eller marknader.”

Annual report 2024A · The company itself

“The environmental impact of operating the portfolio is attempted to be reduced through minimizing energy consumption where it is economically justifiable and where it can lead to a reduction in operating costs.”

Annual report 2025A · The company itself

“We make investments in and finance entities that engage in the production, storage and transportation of numerous commodities, including many of the commodities referenced above.”

Annual report 2025A · The company itself

“Andra viktiga prioriteringar är att bygga långsiktiga partnerskap inriktade på cirkularitet med leverantö - rer och kunder för att höja återvinningsgraden samt att köpa in grön energi och gröna metaller.”

Annual report 2024A · The company itself

“Inköp av koldioxidsnålt primäraluminium och att öka användningen av ren el är också en viktig del.”

Annual report 2024A · The company itself

“Ett utmärkt exempel är vår senaste investering i USA, där en ny elektrisk smältugn som drivs helt av 100 procent grön el håller på att tas i bruk.”

Annual report 2024A · The company itself

“Samtidig bidrar vår produksjon og transport av bøker og andre varer, i tillegg til drift av digitale tjenester, til energiforbruk og klimagassutslipp (E1) og dermed negative påvirkninger på klimaet.”

Annual report 2024A · The company itself

“suppliers are key to providing the fundamental inputs to produce Lundbeck’s high-quality products, e.g., energy and raw materials”

Annual report 2025A · The company itself

“In 2024, we changed to 100% renewable electricity in all our plants”

Annual report 2025A · The company itself

“In addition, we have implemented a hedging policy to manage the risks associated with energy price volatility.”

Annual report 2025A · The company itself

“The surge in European natural gas price led to a widening gas premium over oil products, causing fuel switching from natural gas to oil products for power generation in Europe, leading to increased oil consumption.”

Annual report 2022A · The company itself

“In addition, as we increase the roll-out of our Zeus electric fracturing systems, we might face challenges to source sufficient electric power or there might not be adequate infrastructure to support the operation of our systems.”

Annual report 2025A · The company itself

“Moreover, the adoption of AI tools by our tenants may lead to infrastructure requirements that our buildings currently do not accommodate, such as increased power needs for high-performance computing. Infrastructure upgrades may require significant capital expenditures and could potentially impact the environmental footprint of our building operations.”

Annual report 2025A · The company itself

“These events also have indirect effects on our business by increasing the costs of energy, maintenance, and snow removal at our properties.”

Annual report 2025A · The company itself

“Hexatronic är en ledande leverantör av fiberoptiska kablar, dukter och nätverksprodukter till kunder runt om i världen. Koncernen tillhandahåller också utbildning samt installations- och driftstjänster.”

Annual report 2024A · The company itself

“Additionally, the owners generally pay monthly program fees based on the underlying hotel's sales or usage, as reimbursement for the costs related to our: (i) advertising and marketing programs; (ii) internet, technology and reservation systems; and (iii) quality assurance programs. Owners are also responsible for various other fees and charges, including payments for participation in our Hilton Honors guest loyalty program, training, consultation and procurement of certain goods and services.”

Annual report 2025A · The company itself

“Franchisees also pay a royalty fee, generally based on a percentage of the hotel’s monthly gross room revenue and, in some cases, may also include a percentage of gross food and beverage revenues and other revenues, as applicable. Additionally, franchised properties generally pay monthly program fees based on the underlying property's sales or usage, as reimbursement for the costs related to our: (i) advertising and marketing programs; (ii) internet, technology and reservation systems; and (iii) quality assurance programs.”

Annual report 2025A · The company itself

“The 12 costs of running a hotel, including personnel costs, rent, property taxes, insurance and utilities, tend to be more fixed than variable. As a result of such fixed costs, in a negative economic environment, the rate of decline in earnings can be higher than the rate of decline in revenues.”

Annual report 2025A · The company itself

“Our Hotels: Creating Sustainable Stays We remain focused on our goal of reducing emissions, water and waste intensity at the hotels we operate. These efforts are supported by utility cost savings measures including building automation system technologies, HVAC controls and turnkey LED lighting, fueled by utility incentives wherever possible, to strengthen the return on investment and deliver cost savings to owners while enhancing the guest experience.”

Annual report 2025A · The company itself

“Many of the expenses associated with owning and operating hotels, such as debt-service payments, property taxes, insurance, utilities, and employee wages and benefits, are relatively inflexible.”

Annual report 2025A · The company itself

“Other markets such as Arizona may experience prolonged variations in temperature or precipitation that may limit access to the water needed to operate our hotels or significantly increase energy costs, which may subject those hotels to additional regulatory burdens, such as limitations on water usage or stricter energy efficiency standards.”

Annual report 2025A · 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

“Howmet sells many products to industries that are cyclical, such as the aerospace and commercial transportation industries, and the demand for our products is sensitive to, and quickly impacted by, demand for the finished goods manufactured by our customers in these industries, which may change as a result of changes in regional or worldwide economies, currency exchange rates, interest rates, inflation, energy prices or other factors beyond our control.”

Annual report 2025A · The company itself

“Additionally, Howmet and its customers and suppliers utilize natural gas, electricity and other fuels to operate their facilities. Significant increased energy costs and/or costs to transition to renewable energy sources, as a result of new laws, such as carbon pricing or product energy efficiency requirements, or as a result of customer requirements, could be passed along to the Company and its suppliers.”

Annual report 2025A · The company itself

“Utdelning i % av nettovinst från löpande verksamhet Miniminivå utdelningsandel Utdelning och utdelningsandel 0,00 1,00 2,00 3,00 4,00 5,00 2024 1) 2023202220212020 Kr % –17% Energianvändning Energianvändningen per kvadratmeter ska minska med 16 procent från 2019 till och med 2025. kWh/kvm 93 av index 100 Professionella medarbetare Hufvudstaden ska ha branschens mest engagerade och professionella medarbetare med stort kundfokus och hög affärsmässighet.”

Annual report 2024A · The company itself

“Fastighetskostnader Fastighetskostnader består till stor del av taxebundna kostnader och påverkas av säsongsvariationer. Generellt är kostnaderna högre under vinterhalvåret.”

Annual report 2024A · The company itself

“Upphandling av elkraft görs på termin för att minska känsligheten för svängningar i energipriserna.”

Annual report 2024A · The company itself

“The segment’s adjusted EBIT increased significantly, supported by increased sales prices, lower transportation and energy costs as well as actions to improve profitability.”

Annual report 2025A · The company itself

“Transportation and energy costs remained close to the previous year’s level.”

Annual report 2025A · The company itself

“Renewable electricity and energy efficiency continue to be key actions in operationalizing Huhtamaki’s sustainability targets.”

Annual report 2025A · The company itself

“Instalco erbjuder tekniska helhetslösningar inom el, VS, ventilation, industri, automation och teknikkonsult för den nordeuropeiska marknaden. Vi kombinerar det lokala företagets närhet till kunden med eektivt samarbete och moget ledarskap.”

Annual report 2024A · The company itself

“► 100 procent förnybar el. ► 100 procent självförsörjning av förnybar och hållbart producerad el (produktion av förnybar el minst lika stor som den el som koncernen förbrukar).”

Annual report 2024A · The company itself

“Egen produktion av energi innebär även att Intea i stor utsträckning är finansiellt säkrat för framtida elprisuppgångar.”

Annual report 2024A · The company itself

“Intea arbetar aktivt med energieffektivisering i sina fastigheter och uppgraderar de tekniska systemen löpande för att tillse mer effektiv fastighetsdrift. Genom Inteas förvärv av vattenkraftverk skapas en hedge mot elmarknaden och minskar utsattheten för prisförändringar på el.”

Annual report 2024A · The company itself

“Styrning och regelverk Intea Kraft BOLAGSSTYRNING FINANSIELLA RAPPORTER Lund, Landsdomaren 6, Vuxenpsykiatri 51 INTEA ÅRSREDOVISNING 2024 Intea Kraft Intea förvärvade under åren 2022 och 2023 tolv vattenkraftverk med målsättningen att kunna producera minst lika mycket el som koncernen förbrukar. Under året har ett mindre kraftverk i Trälshult, Laholm avyttrats och idag äger Intea elva vattenkraftverkt inom elområde 3 (SE 3).”

Annual report 2024A · The company itself

“We purchase certain commodities, such as natural gas, electricity, petroleum-based products and certain crop related items. We generally purchase these commodities based upon market prices that are established with the vendor as part of the purchase process.”

Annual report 2025A · The company itself

“Total energiförbrukning (MWh) 5 Förnybar energi (MWh) 7 232 8 192 8 433 Icke-förnybar energi (MWh) 6 653 6 557 8 512 1) Sedan 2022 inkluderas tjänsteresor, hotellnätter, inköpta varor och tjänster (inklusive IT-utrustning, papper, kaffe, te och leasade datacenter), bränsle- och energirelaterade aktiviteter samt medarbetares pendling.”

Annual report 2024A · The company itself

“ABB avyttrade den resterande delen av Power Grids och knoppade av Accelleron till aktieägarna.”

Annual report 2022A · The company itself

“We purchase significant amounts of electricity and water for cooling from suppliers that are subject to environmental laws, regulations and permit requirements.”

Annual report 2025A · The company itself

“We have in the past been, and may continue to be, adversely affected by changes in national and global macroeconomic conditions, such as inflation, rising interest rates, tax rates, availability of capital markets, consumer spending rates, energy availability and costs, supply chain challenges (including changes in tariffs), labor shortages, geopolitical conflicts, the negative impacts caused by pandemics and public health crises, and growing recession risk.”

Annual report 2026A · The company itself

“We may also be subjected to decreased availability or less favorable pricing for water or energy as a result of such change, which could impact our manufacturing and distribution operations.”

Annual report 2026A · The company itself

“Kostnader för bränslen och drivmedel Produktion Ökad kostnad: • Koldioxidskatt • Energiskatt • Förnybart Energieffektivt Attraktiv produkt Ökat kundvärde Hanteras enligt: • Aktiv produkt-/ produktions-/ metodutveckling 2.”

Annual report 2024A · The company itself

“Flera av bolagen har även en betydande elförbrukning.”

Annual report 2024A · The company itself

“Our manufacturing operations utilize electricity, natural gas and petroleum-based fuels. To help ensure we use energy efficiently and cost-effectively, we maintain energy efficiency improvement programs at our manufacturing sites. Our contracts with energy suppliers vary as to price, payment terms, quantities and duration.”

Annual report 2025A · The company itself

“In the case of hotel properties, the risks also include elevated or increased inflation and utilities that may not be offset by increases in room rates.”

Annual report 2025A · The company itself

“The occurrence of natural disasters, severe weather conditions and the effects of climate change, including extreme temperatures or changes to meteorological or hydrological patterns, can delay new development or redevelopment projects, decrease the attractiveness of locations, increase investment costs to repair or replace damaged properties (or make repair or replacement impossible), increase operation costs, including the cost of energy at our properties, increase costs for future property insurance, negatively impact the tenant demand for lease space and cause substantial damages or losses to our properties, which could exceed any applicable insurance coverage.”

Annual report 2025A · The company itself

“KCC’s carbon intensity (EEOI) was 6.6 for the year, at a similar level to 2023, mainly due to higher speed and aging coatings for the CLEANBU fleet.”

Annual report 2024A · The company itself

“In addition, we purchase and use significant quantities of plastics, resin, cardboard, glass, paper and metal to package our products, and we use other inputs, such as electricity, natural gas, and water, to operate our facilities.”

Annual report 2025A · The company itself

“In addition, we purchase and use significant quantities of plastics, resin, cardboard, glass, paper and metal to package our products, and we use electricity, diesel fuel, and natural gas in the manufacturing and distribution of our products.”

Annual report 2025A · The company itself

“Management expects to benefit from lower unit costs due to the economies of scale inherent in our operations. Opportunities for lower unit costs include, but are not limited to: lower utility costs; more efficient staffing of hotel and gaming operations; and centralized transportation, marketing and sales, and procurement.”

Annual report 2025A · The company itself

“Our business may be materially and adversely impacted by changes in U.S. or global economic conditions, including recessions, economic downturns, inflation, deflation, fluctuations in interest rates, consumer spending rates, energy availability and commodity prices, and the effects of governmental initiatives to manage economic conditions.”

Annual report 2025A · The company itself

“We manufacture and market a broad range of heat pumps, furnaces, air conditioners, packaged heating and cooling systems, equipment and accessories to improve indoor air quality, comfort control products, replacement parts and supplies and related products for both the residential replacement and new construction markets in North America.”

Annual report 2025A · The company itself

“In North America, we manufacture and sell unitary heating and cooling equipment used in light commercial applications, such as low-rise office buildings, restaurants, retail centers, distribution, churches and schools.”

Annual report 2025A · The company itself

“Our commercial refrigeration products include condensing units, unit coolers, fluid coolers, air-cooled condensers, air handlers and refrigeration rack systems. These products preserve food and other perishables in supermarkets, convenience stores, restaurants, warehouses and distribution centers.”

Annual report 2025A · The company itself

“Duro Dyne and Supco manufacture and sell a robust portfolio of HVAC parts and supplies that complement our existing residential and commercial offerings, such as air distribution accessories, switches and controls, and other engineered components and accessories with HVACR applications.”

Annual report 2025A · The company itself

“Lifcos inverkan och risker uppstår i den egna verksamheten samt upp- och nedströms i värdekedjan genom användning av fossila bränslen i bland annat produktionsprocesser, uppvärmning av lokaler och transporter.”

Annual report 2024A · The company itself

“Transporter och energiförbrukning i värdekedjan I värdekedjans alla led ingår transporter, energiförbrukning och arbetskraft som centrala resurser.”

Annual report 2024A · The company itself

“These changes may also result in water scarcity, energy constraints, and infrastructure damage affecting our facilities, vendors, or logistics.”

Annual report 2026A · The company itself

“Production Costs and Cash Cost Production costs in the quarter and year were lower than in the prior year comparable periods primarily due to decreases in zinc and copper sales volumes partially offset by higher electricity and labour costs.”

Annual report 2024A · The company itself

“This decrease was mainly due to lower copper and zinc sales volume and higher unit production costs primarily driven by higher electricity and labour costs.”

Annual report 2024A · The company itself

“The project is close to relevant infrastructure and in a region with attractive electricity prices. Environmental impact assessments for the wind farm and for the grid connection route are finalised without any red flags.”

Annual report 2024A · The company itself

“Malmbergs grundades 1981 och är en svenskägd elgrossist. Företaget har utvecklats med stor framgång och blivit en ledande leverantör av elmateriel på den nordiska marknaden.”

Annual report 2024A · The company itself

“Malmbergs bedriver verksamhet inom tre olika produktområden: Elmateriel, GDS-produkter och Tillfällig El/Bygg-Ström.”

Annual report 2024A · The company itself

“On the other hand, fluctuations in energy and raw material prices, as well as disruptions in supply chains, were moderate, which stabilized production costs and their predictability, as in the previous year.”

Annual report 2025A · The company itself

“Elevated energy prices have increased and may in the future increase our production and transportation costs.”

Annual report 2025A · The company itself

“Energy consumption in retail stores, warehouses, and offices is a key driver of greenhouse gas emissions”

Annual report 2026A · The company itself

“The profitability of our Company-owned and operated restaurants depends in part on our ability to anticipate and react to changes in commodity costs, including food, paper, supplies, fuel and utilities, as well as distribution and other operating costs, including labor.”

Annual report 2025A · The company itself

“Actual (-) Availability of energy, especially clean energy, will become increasingly important. However, affordable access to clean energy might be restricted, particularly in remote customer locations, and with significant differences between countries.”

Annual report 2025A · The company itself

“Intermediate Short – Medium The availability of energy, especially low-carbon energy, will become increasingly important. However, access to affordable low-carbon energy might be restricted, particularly in remote customer locations and with significant differences between countries.”

Annual report 2025A · The company itself

“Metso’s most significant planned investments in decarbonizing its own operations focus on electrifying foundries and metal casting processes within its facilities in China and India.”

Annual report 2025A · The company itself

“The company covers its energy consumption mostly with its own production and supplements it with purchases from the market.”

Annual report 2025A · The company itself

“Fluctuations in the prices of electricity, natural gas, and chemicals, or problems with availability, could reduce profitability.”

Annual report 2025A · The company itself

“ÅRSREDOVISNING 2024 8 VD har ordet Luften gick ur den svenska privata solcellsmarknaden 2024. Högre räntor, lägre elpriser och minskade subventioner var några anledningar.”

Annual report 2024A · The company itself

“In addition, we also purchase and use a significant amount of diesel fuel, natural gas, electricity and carbon dioxide in our operations.”

Annual report 2025A · The company itself

“If we or our suppliers are required to comply with these laws and regulations, or if we choose to take additional voluntary steps to reduce or mitigate our impact on the climate, we may experience increased costs for energy, production, transportation, and raw materials, increased capital expenditures, or increased insurance premiums and deductibles, each of which could adversely impact our operations.”

Annual report 2025A · The company itself

“Nettoomsättning per land, 2024  Sverige, 82% Danmark, 9% Finland, 4% Norge, 3% Övriga länder, 2% Nettoomsättning per kundsegment, 2024 󰐆 Metall och gruva, 14% Papper och massa, såg, 13% El- och värmeproduktion, 13% Övrig tillverkning, 9% Fordon, 9% Vatten och avlopp, 4% Läkemedel och medicin teknik, 4% Livsmedel, 3% Andra industrisegment, 23% Övriga sektorer, 8% Nettoomsättning per produktområde, 2024 󰍭 Lager, 15% Ventiler, 14% Tekniska tätningar och industrigummi, 10% Hydraulik och pneumatik, 8% Pumpar, elmotorer och växlar, 8% Transmission, 7% Mätteknik, 5% Filter, rengöring och rörsystem, 4% Maskiner och system, 3% Smörjning och kemikalier, 3% Andra komponenter, 9% Reparationer och renovering, 11% Relaterade tjänster, t ex utbildning, installation och kalibrering, 3% Värdeskapande återförsäljare ~75% Service, reparation och underhåll ~15% Lokal tillverkning, montering, egna varumärken ~10% Eftermarknad ~90% OEM ~10% Kundfördelning 1) Momentum Groups erbjudande 1) Tillverkare Värdeskapande återförsäljare Våra kunder Affärsöversikt”

Annual report 2024A · The company itself

“Natural gas, electricity and, to a lesser extent, oil are the primary sources of energy for our manufacturing operations. In addition, rare earth minerals and other commodities are used in our manufacturing operations.”

Annual report 2025A · The company itself

“Increases in the cost of commodities used in our manufacturing operations and any difficulty in obtaining any of the aforementioned resources could negatively affect our financial results.”

Annual report 2025A · The company itself

“Scope 2-udledninger omfatter indkøbt el og fjernvarme til afbenyttelse i bygninger og på byggepladser samt el til biler. Forbrugstal for el i Danmark trækkes direkte fra Eloverblik mens elforbrug uden for Danmarks grænser baseres på data fra leverandør- og fakturaopgørelser.”

Annual report 2025A · The company itself

“IoT-baserad övervakning gav detaljerad insikt i maskinanvändning, energiförbrukning och prestanda, vilket möjliggjorde betydande energibesparingar och snabb avkastning på investeringen (ROI) inom 18 månader.”

Annual report 2024A · The company itself

“Energiintensitet från egen konsumtion (MWH/Mkr) 4,49 4,28 GRI 301-2 Återvunnet insatsmaterial Andel av återvunnet insatsmaterial i % 2024 2023 % av återvunnet insatsmaterial 32,6% 13,7% Nederman mäter andelen återvunnen stål, alumunium och plast som används i våra produkter.”

Annual report 2024A · The company itself

“In order to meet cost-efficiency comparisons with diesel, these developments will require low-cost electrolysis combined with low-cost clean energy.”

Annual report 2024A · The company itself

“Värdeminskningen under perioden förklaras främst av ökade avkastningskrav och högre taxebundna kostnader samtidigt som framtida hyresintäkter har bedömts högre, vilket har påverkat värdet positivt.”

Annual report 2024A · The company itself

“Consumption of purchased or acquired electricity, heat, steam, and cooling from renewable sources (MWh) 11,947.7”

Annual report 2025A · The company itself

“The Information, Communication, and Technology sector inherently relies on energy throughout its value chain, and Netcompany reduces this impact by utilising renewable energy supply for our own operations and ongoing dialogues with both suppliers and clients to identify the best solutions for the defined business needs. Netcompany is not exposed to any energy-related pricing risks.”

Annual report 2025A · The company itself

“The increase in energy consumption during the year was primarily driven by higher fuel consumption resulting from growth in the Group’s vehicle fleet, supported by improved fuel data quality and more complete reporting. This was partly offset by a reduction in non-renewable electricity consumption, as electricity sourced from renewable energy increased and 100% of eligible electricity consumption was covered by Energy Attribute Certificates.”

Annual report 2025A · The company itself

“We pursue a high level of renewable energy coverage as a key action to mitigate climate change and are maturing our efforts across the Group.”

Annual report 2025A · The company itself

“Vi tryggar tillgången till rent vatten och möjliggör för samhällen att växa hållbart genom att bygga och modernisera infrastrukturen för fjärrvärme, vatten och avlopp.”

Annual report 2024A · The company itself

“Vårt erbjudande omfattar projektering och installation av fjärrvärme, vatten och avlopp. Vi utför också olika markentreprenader.”

Annual report 2024A · The company itself

“Erbjudandet omfattar design, planering, konstruktion och underhåll av eldistributionsnät upp till 400 kV.”

Annual report 2024A · The company itself

“Vi projekterar, installerar och underhåller också kraft- och elförsörjning till järnvägar och tunnelbana.”

Annual report 2024A · The company itself

“Due to the potential for significant volatility in market prices for fuel, electricity, transmission rights and environmental and other energy-related commodities, NEE's inability or failure to manage properly or hedge effectively the commodity risks within its portfolio could materially adversely affect NEE's business, financial condition, results of operations and prospects. There can be significant volatility in market prices for fuel, electricity, transmission rights and environmental and other energy-related commodities, both in general and across geographies.”

Annual report 2025A · The company itself

“If power transmission or natural gas, nuclear fuel or other commodity transportation operations are unavailable or disrupted, the ability for subsidiaries of NEE, including FPL, to sell and deliver power or natural gas may be limited.”

Annual report 2025A · The company itself

“A majority of NEER's revenues are derived from sales of energy, capacity, credits and ancillary products under long-term PPAs to customers located in wholesale electricity markets.”

Annual report 2025A · The company itself

“As of December 31, 2025, approximately 95% of NEER's net generating capacity was committed under long-term contracts.”

Annual report 2025A · The company itself

“While the majority of NEER's revenue is derived from the output of its generation facilities, NEER is also an active competitor in several regions in the wholesale full requirements business and in providing structured and customized power and fuel products and services to a variety of customers.”

Annual report 2025A · The company itself

“3 Scope 1 och 2 Vårt klimatarbete har basen i energieffektivisering, att sänka energiåtgången samt koldioxidutsläppen och hushålla med våra gemensamma resurser. Utöver våra mål avseende kontinuerligtminskadenergianvändningochreduktionavkoldioxidutsläpparbetarviaktivt med att eliminerafossilt bränsle föruppvärmningideproduktionsenheterdärviägerbyggnaderna.Förverksamheterdärvihyrbyggnadernaförviendialog med respektive fastighetsägare om installation av fossilfria alternativ.  Med kravpåkvalitets-ochmiljöcertifiering i alla bolag säkerställervi ettkontinuerligtarbeteförgodkvalitetochminskad miljöpåverkansamtidigtsomvibyggerbortriskeriarbetsmiljön.”

Annual report 2024A · The company itself

“NIBEClimateSolutionsharunder2024,trotsdenkraftigainbromsningen i värmepumpsmarknaden i Europa och parallellt med genomförandet av åtgärdsprogrammet, planenligt och på ett imponerande sätt genomfört planerade produktlanseringar och investeringariutvecklingochproduktion. Inom värmepumpssegmentet har flera nya modeller med det naturligaköldmedietR290(propan)introduceratsliksomnyastyrfunktionervilkadrarnyttaavArtificiellIntelligens,AI.Påmarknaden förkommersiellafastigheterharbland annatettheltnyttventilationssortimentundervarumärketNIBE Flowintroducerats.”

Annual report 2024A · The company itself

“Delmålet är att minska energianvändningenmed40%framtill2030 jämförtmed2019sombasår(mätt somMWh/Mkriomsättning).”

Annual report 2024A · The company itself

“See below for information on our owned generating facilities: Facility Name Location Fuel Type Generating Capacity (MW)(1) R.M. Schahfer Wheatfield, IN Steam - Coal 722 Michigan City Michigan City, IN Steam - Coal 455 Sugar Creek West Terre Haute, IN CCGT 665 R.M. Schahfer Wheatfield, IN Natural Gas 155 Oakdale Carroll County, IN Hydro 9 Norway White County, IN Hydro 7 Rosewater(2) White County, IN Wind 102 Indiana Crossroads Wind(2) White County, IN Wind 302 Dunns Bridge I(2) Jasper County, IN Solar 265 Indiana Crossroads Solar(2) White County, IN Solar 200 Cavalry Solar and Storage(3) White County, IN Solar and Storage 200 Dunns Bridge II(3) Jasper County, IN Solar and Storage 435 Fairbanks Solar Sullivan County, IN Solar 250 Gibson Solar Gibson County, IN Solar 200 Total MW Capacity 3,967 (1)Represents current net generating capability of each fossil fuel and hydro generating facility.”

Annual report 2025A · The company itself

“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

“Natural gas, electricity, and other fuels are our primary energy sources.”

Annual report 2025A · The company itself

“Strømforbruget på de danske pakketerminaler steg brutto med 13%”

Annual report 2025A · The company itself

“Ikke fordelte indtægter / omkostninger -22,7 -23,6 -10,9 -5,1 -2,2 -4,5 -9,5 -7,9 -2,9 -3,3 EBIT 66,2 -74,9 36,9 -1,7 32,4 -1,4 -134,1 3,0 44,1 12,1 Overskudsgrad 5,1% -5,8% 10,3% -0,6% 9,5% -0,5% -39,4% 1,0% 12,9% 3,8% Koncernens kvartalsskema - EBIT Resultater Bekey Dayli BoligPortal Virksomheder Fremgang drevet af nyt forretningsområde Karman Connect lancerede i 2025 et nyt forretningsområde på det danske marked, Consumer Services, der forbinder private forbrugere med udbydere af bl.a. forsikringer, og internet, samt el- og varmeløsninger.”

Annual report 2025A · The company itself

“LIQUIDITY STANDARDS Northern Trust is subject to the U.S. liquidity coverage ratio (LCR) requirement, which is designed to ensure that covered banking organizations, including the Corporation and the Bank, maintain an adequate level of unencumbered high-quality liquid assets equal to their expected net cash outflow for a 30-day time horizon under a prescribed regulatory liquidity stress scenario. As of December 31, 2025, the Corporation and the Bank were in compliance with applicable LCR requirements.”

Annual report 2025A · The company itself

“Consumption of purchased or acquired electricity, heat, steam and cooling from fossil sources (MWh) NA- 24,187 6. Total fossil energy consumption from fossil sources (MWh) (calculated as the sum of lines 1 to 5) NA- 9,497,243 Share of fossil sources in total energy consumption (%) NA- 99% 7.”

Annual report 2024A · The company itself

“the share of renewable electricity for production sites dropped from 100% in 2024 to 86% in 2025”

Annual report 2025A · The company itself

“100 % Electricity from renewable sources”

Annual report 2025B · From the report

“As a pure biology player, our production is solely rooted in fermentation.”

Annual report 2025A · The company itself

“Delivering groundwork, concrete, and steel structures to support both rail-related and broader infrastructure projects. • Electro, Catenary, and Signaling Systems.”

Annual report 2024A · The company itself

“Average lease operating expense per Boe Average lease operating expense per Boe decreased in 2025, compared to 2024, primarily due to operational efficiencies in the Permian Basin and lower energy costs in Oman.”

Annual report 2025A · The company itself

“In addition, if AI-related technologies fail to achieve the effectiveness or adoption levels currently anticipated, including due to insufficient available power or other utilities, or if our customers delay or scale back their AI deployments, demand for our AI-related products and solutions and returns on associated investments could be materially lower than we currently expect.”

Annual report 2025A · The company itself

“Near-term risks and uncertainty factors Near-term risks and uncertainty factors related to instability in the markets include cost inflation, salary inflation and labour markets constraints, uncertain product availability due to material and supply chain constraints, and electricity shortages.”

Annual report 2025A · The company itself

“A project to electrify the steam production process at the Turku plant is expected to be completed during the year, which, once finalised, will significantly reduce emissions.”

Annual report 2025A · The company itself

“Energy at our packaging mills is obtained through self-generated or purchased fuels and electricity. Fuel sources include by-products of the containerboard manufacturing and pulping process (including black liquor and wood waste), natural gas, purchased wood waste, and other purchased fuels.”

Annual report 2025A · The company itself

“Our crafting facilities in Thailand have been powered by 100% renewable electricity since 2020.”

Annual report 2025A · The company itself

“Utsläpp direkt kopplade till hyresgästernas energianvändning i fastigheter per kvadratmeter har minskat med 7 procent från föregående år.”

Annual report 2024A · The company itself

“Samhällets elektrifiering kan skapa effektbrist och energibrist kan uppstå (marknadsrisk).”

Annual report 2024A · The company itself

“Hotelloperatören ansvarar för hotellets drift, inköp och förbrukning av el, vatten, värme och kyla.”

Annual report 2024A · The company itself

“På kostnadssidan finns personal för reception, städning och restaurang samt annat som behövs i driften, till exempel energi och värme.”

Annual report 2024A · The company itself

“Inflation Brister och störningar i ekonomin som leder till kostnadsinflation i investeringar och/eller drift av hotellfastigheter och hotell. • Ökat fokus på styrning och uppföljning av större investeringsprojekt. • Planerade inköp i större volymer. • Modell med rörliga intäkter i Hyresavtal där hyresintäkterna ökar när hyresgästerna höjer sina priser på hotellrum och andra hotelltjänster . • Möjlighet att kompensera för höjda insatspriser genom att höja priser på hotellrum och andra hotelltjänster i Egen drift.”

Annual report 2024A · The company itself

“Koncernen tager sin del af ansvaret for at bidrage til løsningen af disse udfordringer og har derfor fokus på at begrænse risikoen for den negative påvirkning af miljøet og klimaet, som koncernens dattervirksomheder måtte have gennem energiforbrug. Koncernen vurderer, at den væsentligste risiko forbundet med miljø og klima er energiforbruget som følge af virksomhedens aktiviteter.”

Annual report 2025A · The company itself

“Energy Matters and Sources and Availability of Raw Materials Our primary energy source for both of our business segments is electric power.”

Annual report 2026A · The company itself

“Forbrug af købt eller erhvervet elektricitet, varme, damp og køling fra fossile kilder”

Annual report 2025A · The company itself

“Der er sket en stigning i andelen af energi fra vedvarende energikilder fra 11 % til 23 % i 2024/25.”

Annual report 2025A · The company itself

“Effekten af disse tiltag afhænger af en række forhold uden for vores direkte kontrol, fx tilgængeligheden af biobrændstoffer, udviklingen i el-mikset og markedets udbud af eldrevne køretøjer.”

Annual report 2025A · The company itself

“Other factors that could increase customer rates include increases in the Utility’s pass-through commodity costs, cost shifts resulting from self-generation of electricity by customers, decreased gas system load, technological developments, changes in federal or state subsidies, a decrease in the volume of sales, or load growth that is slower or fails to reduce other customers’ bills to the extent PG&E Corporation and the Utility forecast.”

Annual report 2025A · The company itself

“The healthcare sector consumes energy and resources from the perspective of procurement and property, but the carbon footprint can be decreased by reducing energy consumption, using renewable energy and optimising operations. The use of digital solutions, such as remote services and remote work, reduces commuting and travel and, consequently, emissions. The transition plan draft also takes into account guidance for customers to use remote services.”

Annual report 2025A · The company itself

“APS is exposed to the impact of market fluctuations in the price and transportation costs of electricity, natural gas, and coal to the extent that unhedged positions exist. We have established procedures to manage risks associated with these market fluctuations by utilizing various commodity derivatives, including exchange traded futures and over-the-counter (“OTC”) forwards, options, and swaps.”

Annual report 2025A · The company itself

“Among other strategies, APS intends to achieve this goal through various methods such as relying on Palo Verde, one of the nation’s largest producers of carbon-free energy; seeking a balanced energy mix; managing demand with a modern interactive grid; promoting customer technology and energy efficiency; and optimizing regional resources.”

Annual report 2025A · The company itself

“Western Energy Imbalance Market and Wholesale Market In 2016, APS began to participate in the WEIM, a voluntary, real-time optimization market operated by the CAISO. The WEIM allows for rebalancing supply and demand in 15-minute blocks and dispatching generation every five minutes, instead of the traditional one-hour blocks. APS continues to expect that its participation in the WEIM will lower its fuel and purchased-power costs, improve situational awareness for system operations in the Western Interconnection power grid, and improve integration of APS’s renewable resources.”

Annual report 2025A · The company itself

“In addition, APS is participating in the Western Resource Adequacy Program administered by Western Power Pool and is transitioning to full binding participation in 2027 or 2028.”

Annual report 2025A · The company itself

“Table of Contents BUSINESS OF ARIZONA PUBLIC SERVICE COMPANY APS currently provides electric service to approximately 1.4 million customers.”

Annual report 2025A · The company itself

“In 2025, the share of APS’s energy supply derived from clean resources was approximately 58%, which includes energy from nuclear, renewables, and DSM as well as PPAs with clean resources.”

Annual report 2025A · The company itself

“Nuclear Palo Verde Generating Station — Palo Verde is a 3-unit nuclear power plant located approximately 50 miles west of Phoenix, Arizona. APS operates the plant and owns 29.1% of Palo Verde Units 1 and 3 and approximately 23.9% of Unit 2. In addition, APS leases approximately 5.2% of Unit 2, resulting in a 29.1% combined ownership and leasehold interest in that unit. APS has a total entitlement from Palo Verde of 1,146 MW.”

Annual report 2025A · The company itself

“The PPL Electric transmission business, operating under a FERC-approved PJM Open Access Transmission Tariff, is subject to competition pursuant to FERC Order 1000 from entities that are not incumbent PJM transmission owners with respect to the construction and ownership of transmission facilities within PJM.”

Annual report 2025A · The company itself

“Competition Pursuant to authorizations from the Commonwealth of Pennsylvania and the PAPUC, PPL Electric operates a regulated distribution monopoly in its service area. Accordingly, PPL Electric does not face competition in its electricity distribution business.”

Annual report 2025A · The company itself

“Rates and Regulation Transmission PPL Electric's transmission facilities are within PJM, which operates the electricity transmission network and electric energy market in the Mid-Atlantic and Midwest regions of the U.S. PJM serves as a FERC-approved Regional Transmission Operator (RTO) to promote greater participation and competition in the region it serves.”

Annual report 2025A · The company itself

“Table of Contents Distribution PPL Electric's distribution base rates are calculated based on a return on rate base (net utility plant plus a cash working capital allowance less plant-related deferred taxes and other miscellaneous additions and deductions).”

Annual report 2025A · The company itself

“PPL Electric's electricity generation costs are established based upon the results of a competitive solicitation process. In November 2024, the PAPUC approved PPL Electric's default service plan for the period of June 1, 2025 through May 31, 2029, which included a total of eight solicitations for electricity supply held semiannually in February and July. Through December 31, 2025, two auctions of the plan were completed.”

Annual report 2025A · The company itself

“RIE's distribution base rates are calculated based on a return on rate base (net utility plant plus a cash working capital allowance less plant-related deferred taxes and other miscellaneous additions and deductions).”

Annual report 2025A · The company itself

“Table of Contents LRS RIE is required by the RIPUC and by statute to provide LRS to all customers who have not elected to receive their electric supply from a non-regulated power producer or any customer who, for any reason, has stopped receiving generation service from a non-regulated power producer. The charge for LRS is the sum of the applicable LRS charges in addition to all appropriate Retail Delivery charges as stated in the applicable tariff.”

Annual report 2025A · The company itself

“LG&E, headquartered in Louisville, Kentucky, is a wholly-owned subsidiary of LKE and a regulated utility engaged in the generation, transmission, distribution and sale of electricity and distribution and sale of natural gas in Kentucky. LG&E is subject to regulation as a public utility by the KPSC, and certain of its transmission activities are subject to the jurisdiction of the FERC under the Federal Power Act.”

Annual report 2025A · The company itself

“Table of Contents KU, headquartered in Lexington, Kentucky, is a wholly-owned subsidiary of LKE and a regulated utility engaged in the generation, transmission, distribution and sale of electricity in Kentucky and Virginia.”

Annual report 2025A · The company itself

“Table of Contents Pennsylvania Regulated Segment (PPL) The Pennsylvania Regulated segment consists of PPL Electric, a regulated public utility engaged in the distribution and transmission of electricity. (PPL and PPL Electric) PPL Electric delivers electricity to approximately 1.5 million customers in a 10,000-square mile territory in 29 counties within eastern and central Pennsylvania.”

Annual report 2025A · The company itself

“PPL Electric also provides electricity to retail customers in this territory as a PLR under the Customer Choice Act.”

Annual report 2025A · The company itself

“Rhode Island Regulated Segment (PPL) The Rhode Island Regulated segment consists primarily of the regulated electricity transmission and distribution operations and regulated distribution and sale of natural gas conducted by RIE. Table of Contents RIE is engaged in the regulated transmission, distribution and sale of electricity and regulated distribution and sale of natural gas in Rhode Island. RIE provides electric service to approximately 515,000 customers and natural gas service to approximately 280,000 customers.”

Annual report 2025A · The company itself

“Kentucky Pennsylvania Rhode Island Regulated Regulated Regulated For the year ended December 31, 2025: Operating Revenues (in billions) $ 3.8 $ 3.1 $ 2.2 Net Income (in millions) $ 674 $ 639 $ 85 Electricity delivered (GWh) 31,368 37,186 7,165 Natural gas delivered (Bcf) 47 — 40 At December 31, 2025: Regulatory Asset Base (in billions) (a) $ 13.6 $ 11.1 $ 4.3 Service area (in square miles) 8,000 10,000 1,200 Customers (in millions) 1.4 1.5 0.8 (a)Represents capitalization for Kentucky Regulated and rate base for Pennsylvania Regulated and Rhode Island Regulated.”

Annual report 2025A · The company itself

“LG&E provides electric service to approximately 443,000 customers and provides natural gas service to approximately 336,000 customers in Louisville and 16 surrounding counties, covering approximately 700 square miles.”

Annual report 2025A · The company itself

“KU provides electric service to approximately 553,000 customers in 77 counties in central, southeastern and western Kentucky and approximately 28,000 customers in five counties in southwestern Virginia, covering approximately 4,800 non-contiguous square miles.”

Annual report 2025A · The company itself

“PLR The Customer Choice Act requires electric distribution companies, including PPL Electric, or an alternative supplier approved by the PAPUC, to act as a PLR of electricity supply for customers who do not choose to shop for supply with a competitive supplier and provides that electricity supply costs will be recovered by the PLR pursuant to PAPUC regulations. In 2025, the following average percentages of PPL Electric's customer load were provided by competitive suppliers: 40% of residential, 81% of small commercial and industrial and 98% of large commercial and industrial customers.”

Annual report 2025A · The company itself

“Enkelt uttryckt innebär det att hyresgästerna ansvarar för kostnader som el, skatt, försäkringar och underhåll.”

Annual report 2024A · The company itself

“We believe we have a competitive advantage due to: (i) the strategic locations of our buildings and land sites; (ii) the multidisciplinary expertise of our teams; (iii) the depth of our customer relationships; (iv) our ability to secure and grow access to power; (v) our procurement capabilities that enable us to secure high-demand data center equipment; and (vi) our ability to procure high demand construction materials at a lower cost.”

Annual report 2025A · The company itself

“A key enabler of these conversions is our energy procurement strategy. By leveraging our scale and relationships with utilities and energy providers, we are advancing on our strategy to secure reliable access to power that enhances the value of our land portfolio and enables us to convert select logistics sites into energy-ready data center developments and capture meaningful value creation consistent with our broader redevelopment strategy.”

Annual report 2025A · The company itself

“We could be subject to increases in property or other taxes, repair and maintenance costs, payroll, utility costs, insurance premiums, workers compensation, and other operating expenses due to various factors such as inflation, labor shortages, commodity and energy price increases, weather, increases to minimum wage rates, supply chain disruptions, and changes to governmental safety and real estate use limitations and other governmental actions.”

Annual report 2025A · The company itself

“Our manufacturing processes and operations depend on the continued availability of energy and raw materials, the costs of which are subject to worldwide supply and demand as well as other factors beyond our control, including potential legislation related to reducing greenhouse gas emissions, the introduction of tariffs, creating a carbon tax or implementing a cap and trade program which could create increases in costs and price volatility.”

Annual report 2025A · The company itself

“Additionally, if traditional utilities are unable to meet the electricity demand of certain industries, such as technology or manufacturing companies, while maintaining affordability of electric power to end consumers, it could alter existing operating models and could result in a reduction in demand for our services.”

Annual report 2025A · The company itself

“Negative economic conditions in the electric power, energy or communications industries can also result in reduced spending by, or the loss of, one or more of our customers, including as a result of, among other things, consolidation, competition, capital constraints, concerns regarding the affordability of electricity to end consumers or a decrease in demand for electric power required by large load facilities.”

Annual report 2025A · The company itself

“För entreprenad- special- och beredskapstransporter används både egna och hyrda diesellok. Det senaste loket Effishunter, som har så kallade Steg V-motorer med bättre miljöprestanda, har Railcare drivit på för att etablera i Sverige. järnväg måste stärkas, samtidigt som det den hållbara omställningen, ger goda möjligheter för behövs investeringar i ny infrastruktur.”

Annual report 2024A · The company itself