Geopolitical uncertainty

“Raw Materials: In 2025, persistent pricing pressure, tariffs and geopolitical uncertainty prompted producers to adjust capacity and restructure operations. Overall, these market conditions caused supply constraints and inflation, but were offset via negotiated supply contracts and leveraging scale across the supply base.”

Annual report 2025A · The company itself

“Accordingly, the Company’s operations and the execution of its business strategies and plans are subject to global competition and economic and geopolitical risks that are beyond its control, such as, among other things, disruptions in financial markets, economic downturns, military conflicts, terrorism, public health emergencies, political changes and trends such as protectionism, economic nationalism resulting in government actions impacting international trade agreements or imposing trade restrictions such as tariffs and retaliatory counter measures, and government deficit reduction and other austerity measures in locations or industries in which the Company operates.”

Annual report 2025A · The company itself

“The Company operates globally, including in some jurisdictions that pose potentially elevated risks of fraud or corruption or increased risk of internal control issues, and is subject to risks related to international, federal, state, and local treaties, laws, and regulations, including those involving product liability; securities and corporate governance; antitrust and competition; intellectual property; environmental, health, and safety; tax; the FCPA and other anti-bribery and anti-corruption laws; international import and export requirements and trade sanctions compliance; laws and regulations that apply to industries served by the Company, including the False Claims Act, anti-kickback laws, and the Sunshine Act; and other matters.”

Annual report 2025A · The company itself

“Such deterioration in economic conditions could arise from many factors or fears including public health crises, further deterioration in the property market, political instability or risk of government default.”

Annual report 2025A · The company itself

“■The occurrence or threat of extraordinary events, including natural disasters, political disruptions, terrorist attacks, public health issues, and acts of war, could significantly disrupt production, or impact consumer spending As a global company with a large international footprint, we are subject to increased risk of damage or disruption to us and our employees, facilities, suppliers, distributors, or customers. Extraordinary events, including natural disasters, resulting from but not limited to climate change, political disruptions, terrorist attacks, public health issues and acts of war may disrupt our business and operations and impact our supply chain and access to necessary raw materials or could adversely affect the economy generally, resulting in a loss of sales and customers.”

Annual report 2025A · The company itself

“Maersk continued vessel re-routing around the Cape of Good Hope, which extended sailing distances and increased fuel use”

Annual report 2025A · The company itself

“2025 was marked by persistent macroeconomic uncertainty and geo political disruption, including prolonged Red Sea challenges that reshaped global trade lanes and volatility in US trade, driven by shifting trade policies. Even though freight rates remained under pressure, A.P.”

Annual report 2025A · The company itself

“Geopolitics as a dominant force 2025 was another year with geopolitics in focus, and 2026 looks no different. US trade policy will likely remain high on the agenda, and so will relationships with traditional allies and adversaries alike.”

Annual report 2025A · The company itself

“Elsewhere, armed conflicts and tensions remain high: Despite peace negotiations, the war in Ukraine enters its fifth year in February 2026, while the situation in the Middle East, including the Red Sea region, remains fragile, even with a peace deal between Israel and Hamas.”

Annual report 2025A · The company itself

“Military conflicts or extensive naval blockades that obstruct major network routes, restrict freedom of navigation or trigger sanctions, limiting trade in key markets.”

Annual report 2025A · The company itself

“APM Terminals has divested its stake in the Tianjin joint venture.”

Annual report 2025A · The company itself

“Maersk continuously monitors and assesses geopolitical developments through internal and external intelligence, adjusting its approach to safeguard operations and customer commitments. This includes reducing exposure to critical suppliers, developing alternative sourcing strategies and maintaining flexible network and capacity options.”

Annual report 2025A · The company itself

“Osäkerhetsfaktorer Rysslands invasion i Ukraina den 24 februari 2022 är en historisk händelse som innebär en väsentligt förhöjd och långvarig osäkerhet efter en lång period av fred och geopolitisk stabilitet i Europa. Risken för krig i Sverige och andra länder i Europa är förhöjd och kommer sannolikt så vara under överskådlig framtid.”

Annual report 2024A · The company itself

““We continued to show our technical authority in global marine casualty management, with expert opinions on highly topical challenges in the industry, from maritime risks in the Red Sea, to navigating the disruptions in the Panama Canal, and exploring ongoing challenges to the LOF and LSAC for the salvage industry.”

Annual report 2024A · The company itself

“Business discontinuity Operating in volatile sectors such as the Oil & Gas and the Maritime business and sectors with high governmental support or regulation, ABL Group has been and is exposed to risks coming from market fluctuations and political changes. To mitigate this risk, ABL Group has continued in 2024 to diversify in terms of countries to operate in and the spread of sectors across those countries and regions to balance out country or sector-specific fluctuations and to ensure business continuity and overall financial stability.”

Annual report 2024A · The company itself

“Risk G1 Business conduct Legal non-compliances arising from corruption and/or bribery: The nature of ABL Group’s business and having operations all over the world, particularly in some countries at higher risk of corruption and bribery mean that we have identified a potential negative impact when it comes to these topics. ABL Group is aware of and takes very seriously the potential negative impacts that corruption and bribery could lead to including environmental damage, increased costs for our clients, and unfair competition.”

Annual report 2024A · The company itself

“In regions or industries considered high-risk, such as China and Saudi Arabia, these policies are particularly relevant and applicable.”

Annual report 2024A · The company itself

“Health emergencies or pandemics; acts of terrorist violence; political, social and civil unrest; regional and international war and other hostilities and international responses to these wars and hostilities; natural disasters, sea level rise, floods, droughts and water scarcity, heat waves, wildfires and storms, and earthquakes; or the threat of or perceived potential for these events; and other acts of god have had and could in the future have significantly negative impacts on us. These events could adversely affect our clients’ levels of business activity and precipitate sudden and significant changes in regional and global economic conditions and cycles.”

Annual report 2025A · The company itself

“Concentrating our delivery capability in these locations presents a number of operational risks, including those discussed in this risk factor, many of which are beyond our control and which have been and may in the future be exacerbated by increasing geopolitical tensions. Sovereignty initiatives or other nationalist trends in our markets may result in local sourcing initiatives, conflicting local or regional requirements, or other developments that may make it more difficult or costly to operate in or negatively impact demand for our solutions and services in those markets.”

Annual report 2025A · The company itself

“•Political and economic factors such as pending elections, the outcome of recent elections, changes in leadership among key executive or legislative decision makers, revisions to governmental tax or other policies and reduced tax revenues can affect the number and terms of new government contracts signed or the speed at which new contracts are signed, decrease future levels of spending and authorizations for programs that we bid, shift spending priorities to programs in areas for which we do not provide services and/or lead to changes in enforcement or how compliance with relevant rules or laws is assessed. •Our ability to work for the U.S. government is impacted by the fact that we are an Irish company.”

Annual report 2025A · The company itself

“The sanctions environment has resulted in new sanctions and trade restrictions, which may impair trade with sanctioned individuals and countries, and negative impacts to regional trade ecosystems among our clients, ecosystem partners, and us. For example, as a result of the sanctions imposed in response to the invasion of Ukraine by Russia, we are restricted from offering certain of our services to clients in some locations.”

Annual report 2025A · The company itself

“Our results of operations are affected by economic conditions, including macroeconomic conditions, the overall inflationary environment, new and rapidly changing technologies, and levels of business confidence. We continue to see significant economic and geopolitical uncertainty in many markets around the world, which has impacted and may continue to impact our business.”

Annual report 2025A · The company itself

“We are subject to U.S. laws and regulations, including the Export Administration Regulations (EAR) administered by the Bureau of Industry and Security (BIS) of the U.S. Department of Commerce, which restrict the export of certain products and technologies to certain countries, including China, Russia, and Belarus, among others. These restrictions may limit our ability to sell certain products or technologies in these markets or to certain customers.”

Annual report 2025A · The company itself

“Geopolitical tensions, such as the Ukraine-Russia, Israel-Hamas and Venezuela conflicts, could escalate and expand, which in turn could have negative impacts on the global economy and financial markets.”

Annual report 2025A · The company itself

“Also, in addition to restrictions imposed by the United States or China on exports or imports from one another, geopolitical changes between China and Taiwan could disrupt the operations of our Taiwan-based third-party wafer foundries, manufacturing facilities and subcontractors, and materially adversely affect delivery of products and our business, financial condition and/or operating results.”

Annual report 2025A · The company itself

“The U.S. has been and may continue to be involved in armed conflicts that could have a further impact on our sales and our supply chain.”

Annual report 2025A · The company itself

“Samtidigt har året präglats av ett fortsatt utmanande omvärldsläge med geopolitiska spänningar och en svag konjunktur. Till följd av detta har den globala tillväxten varit dämpad, och marknaden har på flera håll påverkats av låg efterfrågan och investeringsvilja.”

Annual report 2024A · The company itself

“Først en periode med Covid-19-pandemi og efterfulgt af høj inflation, stigende renter og fortsat hård konkurrence fra online-handelen. Den fortsatte geopolitiske usikkerhed har sammen med et højere pris- og renteniveau igennem mange måneder medført en negativ forbrugertillid, og forbrugerne har holdt igen med forbruget.”

Annual report 2026A · The company itself

“Our ability to attract and retain guests is crucial and can be impacted by external factors such as pandemics, natural disasters, political instability, climate change, and economic downturns, as well as business-specific factors like competition, brand perception, and platform usability.”

Annual report 2025A · The company itself

“Our financial performance is dependent on the strength of the travel and hospitality industries, which can be significantly impacted by events beyond our control such as extreme weather, natural disasters, pandemics or public health crises, economic downturns, political unrest, wars, and changes in travel-related policies.”

Annual report 2025A · The company itself

“The success of our activities is affected by general economic, political and market conditions, including inflation, foreign exchange rates, interest rates, tax rates, economic uncertainty or contraction, political instability, warfare or acts of terrorism, public health crises, changes in laws, policy - and regulatory-related changes resulting from U.S. government actions and regulatory priorities, trade barriers including announced or expected tariffs, changes in export controls, the actual or perceived failure or financial difficulties of financial institutions, reduced consumer confidence and spending and economic and trade sanctions.”

Annual report 2025A · The company itself

“Geopolitical destabilization, 11 Table of Contents the escalation of international tensions and warfare have impacted and could continue to impact global currency exchange rates, resources from our suppliers, availability or pricing of energy and other inputs, our ability to compete effectively and our ability to operate or grow our business.”

Annual report 2025A · The company itself

“Additionally, we have offices and employees located in regions that historically have and may again experience periods of political instability, warfare or acts of terrorism, public health crises, changes in laws, trade barriers, and economic and trade sanctions. Adverse conditions in these countries or actions by them to adopt policies that are unfavorable to other countries in which we operate have in the past and may in the future affect our operations, including by causing disruptions to our workforce, supply chains, networks, financial systems and other critical infrastructure, which could adversely affect our business, results of operations, financial condition and cash flows.”

Annual report 2025A · The company itself

“For example, approximately six percent of our global employees are located in Israel, and have in the past been impacted by the Israel-Hamas war or other hostilities in and around or involving Israel. Any escalations or conflicts impacting Israel, including periodic escalations, could cause harm to our employees or otherwise impair their ability to work for extended periods of time.”

Annual report 2025A · The company itself

“Furthermore, nation state and hacktivist attacks against us or our customers have in the past and may in the future intensify during periods of heightened geopolitical tensions or armed conflict, such as the ongoing war in Ukraine, the Israel-Hamas war and the escalation of military conflict between Israel and Iran, as well as broader military confrontations involving the United States.”

Annual report 2025A · The company itself

“For example, approximately six percent of our global employees are located in Israel and have been and may continue to be impacted by hostilities in the region, including being required to report for military duty, which could impact our ability to operate and successfully complete ongoing initiatives.”

Annual report 2025A · The company itself

“For example, the Israel-Hamas War and other hostilities in the Middle East have and could continue to impact our workforce in Israel, as employees have been and may continue to be required to report for military service or have other competing priorities.”

Annual report 2025A · The company itself

“Some jurisdictions, particularly the European Union (the "EU"), are also exploring broader “digital sovereignty” frameworks placing operational, ownership, and control requirements that must be met to provide services to certain markets or sectors. These measures have gathered steam over the past year based on the emergence of geopolitical tensions, including between the US and Europe.”

Annual report 2025A · The company itself

“Table of Contents Global Economic Conditions Global macroeconomic and geopolitical conditions continue to impact our customers, as well as our business and revenue growth rates. We, along with our customers, continue to manage through an uncertain period of fluctuating inflation, regulatory policies and resources that may negatively impact business, economic and political uncertainty, decreased consumer confidence and pressure on prices during contract renewals, uncertain energy supplies, heightened geopolitical tensions and conflict, potential for supply chain disruptions, changes in legislation and regulations, including U.S. and international tax laws, volatility and increasing tensions related to changing trade policies, including announced or expected tariffs, fluctuations in foreign exchange rates and elevated interest rates. To the extent these macroeconomic conditions continue, the impact may adversely affect our business, operations and financial results.”

Annual report 2025A · The company itself

“An increase and/or escalation of geopolitical tension and conflicts can have major impacts on global supply chains”

Annual report 2025A · The company itself

“Also in 2025, the year was characterised by geopolitical tensions and macroeconomic uncertainty. External forces continued to test our businesses’ resilience and the supply chains worldwide.”

Annual report 2025A · The company itself

“At the early stage of the year, 2026 appears to be characterised by uncertainty as extreme as in 2025. The global economy remains in a stage of anxiety, which, in combination with geopolitical tensions, may impact international markets of importance to Schouw&Co.’s sales.”

Annual report 2025A · The company itself

“Geopolitical tensions An increase and/or escalation of geopolitical tension and conflicts can have major impacts on global supply chains. Trade sanctions, regulations and tariffs can hinder or disrupt supply, demand and logistics and heavily affect and constrain companies working internationally.”

Annual report 2025A · The company itself

“The geopolitical tensions and the apparent risk of trade constraints are adding to an uncertain and volatile outlook. GPV has established a task force to be able to navigate the situation in the best possible way, but any material impact from the memory supply situation or the geopolitical tensions, including the possible implementation of tariffs for the products that GPV produces, is not included in the guidance.”

Annual report 2025A · The company itself

“The geopolitical tensions continue to cause significant market uncertainties.”

Annual report 2025A · The company itself

“While demand in the European market appears to remain moderate due to continued global economic uncertainty and geopolitical tensions, Fibertex Nonwovens expects revenue growth in 2026 compared with 2025.”

Annual report 2025A · The company itself

“Additionally, geopolitical or trade disputes (including as a result of China-Taiwan and U.S.-Taiwan relations) between the U.S. and China, or China and any other nation in which we conduct operations may lead to further restrictions on trade and/or obstacles to conducting business in China.”

Annual report 2025A · The company itself

“Accordingly, our business is subject to risks related to the differing legal, political, social and regulatory requirements and economic conditions of many jurisdictions.”

Annual report 2025A · The company itself

“The occurrence or threat of extraordinary events, including domestic and international terrorist attacks, may disrupt our operations and increase costs. Chemical-related assets may be at greater risk of future terrorist attacks than other possible targets in the U.S. and around the world. As a result, we are subject to existing federal rules and regulations (and may be subject to additional legislation or regulations in the future) that impose site security requirements on chemical manufacturing facilities, which increase our overhead expenses.”

Annual report 2025A · The company itself

“National or international disputes, political instability, terrorism war or armed hostilities, could impact our results of operations. Geo-political events, national or international disputes, political instability, terrorism or other acts of violence, war or armed hostilities may cause damage or disruption to our operations, international commerce and the global economy. Such geo-political instability and uncertainty could have a negative impact on our ability to conduct business in certain regions based on trade restrictions, embargoes and export control law restrictions, and logistics restrictions, and could increase the costs, risks and adverse impacts from these new challenges.”

Annual report 2025A · The company itself

“Albemarle Corporation and Subsidiaries The U.S. government and other nations have imposed significant restrictions on most companies’ ability to do business in Russia as a result of the military conflict between Russia and Ukraine. It is not possible to predict the broader or longer-term consequences of this conflict, which could include further sanctions, embargoes, regional instability, energy shortages, geopolitical shifts and adverse effects on macroeconomic conditions, security conditions, currency exchange rates and financial markets. We currently do not sell our products into Russia nor have assets or any operations in the country, however, a significant escalation or expansion of economic disruption or the conflict’s current scope could have a material adverse effect on our results of operations due to its impact in the countries in which we do conduct business.”

Annual report 2025A · The company itself

“At this time, the current situation in the Middle East has resulted in our business operations continuing as normal with some shipping and raw material delays. However, the geo-political climate remains volatile and a disruption could occur at any time, potentially causing a financial impact to our business.”

Annual report 2025A · The company itself

“Med några få undantag förväntas våra slutmarknader växa, trots den oupphörliga geopolitiska turbulensen.”

Annual report 2024A · The company itself

“Att ersätta all fossil energi under några decennier och samtidigt utöka energikapaciteten är en enorm utmaning, kanske den största i mänsklighetens historia. 2024 stötte energiomställningen på bakslag i form av geopolitiska spänningar, osäkerheter angående politiska val samt sådana ekonomiska frågor som inflation, höjda räntor och brist på finansieringsmekanismer.”

Annual report 2024A · The company itself

“Geopolitical events, tariffs and trade policies, and military conflicts have and could in the future materially affect our business, financial condition and results of operations. Geopolitical events, wars, military actions, terrorism, or major public health crises have and could in the future harm or disrupt international commerce and the global economy, and could materially adversely affect our business.”

Annual report 2025A · The company itself

“Additionally, China’s territorial conflicts with other neighboring countries may impact our operations and sales in China.”

Annual report 2025A · The company itself

“As we launch our products in different regions at different times, our products may be acquired and reverse engineered by potential competitors in regions where infringement is more difficult to pursue.”

Annual report 2025A · The company itself

“Fluctuations in geo-political stability, trade relations, or regulatory environments in key regions may disrupt business operations”

Annual report 2025A · The company itself

“Fluctuations in geo-political stability, trade relations, or regulatory environments in key regions may disrupt business operations, and market access, leading to potential financial losses and reputational damage for ALK.”

Annual report 2025A · The company itself

“Catastrophic losses are caused by wind and hail, wildfires, tornadoes, hurricanes, tropical storms, earthquakes, severe freeze events, volcanic eruptions, terrorism, cyberattacks, civil unrest, industrial accidents and other such events.”

Annual report 2025A · The company itself

“The risk of cyberattacks could be exacerbated by geopolitical tensions, including hostile actions taken by state-sponsored and terrorist organizations.”

Annual report 2025A · The company itself

“Widespread disruptive or destabilizing events may have an adverse effect on our business Disruptive or destabilizing events such as a large-scale pandemic, the occurrence of terrorism, military actions, political and social unrest, declines in trust in government and businesses or other events may result in loss of life, property damage, and disruptions to commerce and reduced economic activity. Some of the assets in our investment portfolio may be adversely affected by declines in the equity markets, changes in interest rates, reduced liquidity and economic activity caused by such events. Additionally, such events could have a material effect on sales, liquidity and operating results.”

Annual report 2025A · The company itself

“Reserve reestimates, which decreased reserves by $376 million in 2024 and represented 11.9% of the underwriting income, were primarily due to catastrophe reserve releases in homeowners and non-catastrophe reserve releases in personal auto lines, partially offset by increased reserves in other personal lines and commercial lines driven by transportation network company coverage no longer offered.”

Annual report 2025A · The company itself

“Globaalin epävarmuuden lisääntyminen ja geopoliittiset riskit toimintamaissamme voivat vaikuttaa merkittävästi palvelujen kysyntään ja myös aiheuttaa merkittäviä tuotantohäiriöitä liiketoiminta prosesseissa.”

Annual report 2025A · The company itself

“Our systems are vulnerable to damage, interference, or interruption from modifications or upgrades, terrorist attacks, state-sponsored attacks, natural disasters or pandemics, geopolitical tensions or armed conflicts, export controls and sanctions, tariffs and non-tariff trade barriers, the effects of climate change, power and transmission availability challenges, utility outages, telecommunications failures, computer viruses, software bugs, cyber attacks, supply-chain attacks, computer denial of service attacks, phishing schemes, or other attempts to harm or access our systems.”

Annual report 2025A · The company itself

“Our operating results have fluctuated, and may in the future fluctuate, as a result of a number of factors, many outside of our control, including the cyclical nature and seasonality in our business and geopolitical events.”

Annual report 2025A · The company itself

“Furthermore, many of the outsourced tasks are or will be performed in developing countries that may be at a heightened risk for geopolitical uncertainty, which could result in service interruptions.”

Annual report 2025A · The company itself

“In addition to the judgments discussed above, the following factors also have the potential to impact our assumptions and thus the expected future cash flows and, therefore, our impairment conclusions: general macroeconomic conditions; governmental actions, including FDA regulatory actions and inaction; changes in category growth (decline) rates as a result of changing adult nicotine consumer preferences; success of planned new product expansions; competitive activity; unfavorable outcomes with respect to litigation proceedings, including actions brought against us alleging patent infringement; and income and excise taxes.”

Annual report 2025A · The company itself

“Price, Availability and Quality of Tobacco, Other Raw Materials, Ingredients and Component Parts Shifts in crops (such as those driven by economic conditions, adverse weather patterns and natural disasters), government restrictions and mandated prices, production control programs, economic trade sanctions, import duties and tariffs, international trade disruptions, labor disruptions, inflation, geopolitical instability, climate and environmental changes and disruptions due to man-made or natural disasters may increase the cost or reduce the supply or quality of tobacco and other raw materials, ingredients and component parts used to manufacture our operating companies’ products.”

Annual report 2025A · The company itself

“In addition, our ability to receive inbound inventory efficiently and ship completed orders to customers also may be negatively affected by natural or human-caused disasters (including public health crises) or extreme weather (including as a result of climate change), geopolitical events and security issues, labor or trade disputes, tariff policy changes, and similar events.”

Annual report 2025A · The company itself

“Table of Contents Our computer and communications systems and operations in the past have been, or in the future could be, damaged or interrupted due to events such as natural or human-caused disasters (including public health crises) or extreme weather (including as a result of climate change), geopolitical events and security issues (including terrorist attacks and armed hostilities), computer viruses, physical or electronic break-ins, operational failures (including from energy shortages), and similar events or disruptions.”

Annual report 2025A · The company itself

“Decisions by our current suppliers to limit or stop selling or licensing merchandise, content, components, or services to us on acceptable terms, or delay delivery, including as a result of one or more supplier bankruptcies due to poor economic conditions, natural or human-caused disasters (including public health crises), geopolitical events, labor and trade disputes, or for other reasons, may result in our being unable to procure alternatives from other suppliers in a timely and efficient manner and on acceptable terms, or at all.”

Annual report 2025A · The company itself

“While we have experienced industry-wide shortages of certain raw materials in the past, including following the Middle East conflict that began in February 2026, we have been able to manage supply disruptions by working closely with our suppliers and customers. Supply shortages, along with other factors, can lead and have in the past led to increased raw material price volatility.”

Annual report 2026A · The company itself

“Demand for our products and services depends on consumer demand for our packaging products, including packaged food, beverages, healthcare, personal care, agribusiness, industrial, and other consumer goods. Geopolitical events, such as increased trade barriers or restrictions on global trade, political, financial, or social instability, wars, civil or social unrest, natural disasters, or health crises, could result in general economic downturns, such as a recession or economic slowdown, and could adversely affect our business operations and financial results.”

Annual report 2026A · The company itself

“The current Middle East conflict has negatively impacted the global economy, and it is not possible to predict the broader or longer-term consequences of this conflict.”

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

“Geopolitical instability, including as a result of the conflict in the Middle East, evolution, scope, and sophistication of cyber-attacks, accessibility of our data by third parties through interconnected networks, and work-from-home arrangements heighten the risk of cyber-attacks.”

Annual report 2026A · The company itself

“Our operations are subject to acts of sabotage, terrorism, cyber attacks, and other disruptive acts. Like other electric and natural gas utilities, our energy centers, fuel storage facilities, transmission and distribution facilities, and enterprise information systems may be affected by malicious acts, terrorist activities and other intentionally disruptive acts, including physical and cyber attacks, which could disrupt our ability to produce or distribute our energy products or subject us to significant liability.”

Annual report 2025A · The company itself

“These factors include depressed economic conditions, a recession, increasing interest rates, inflation, sanctions, trade restrictions, tariffs or trade wars, government or federal agency shutdowns, political 30 Table of Contents instability, war, terrorism, and extreme volatility in the debt, equity, or credit markets.”

Annual report 2025A · The company itself

“Our business is subject to the effects of geopolitical conditions, weather, natural disasters and other catastrophic events. Geopolitical conditions, terrorist attacks, military conflicts, supply chain issues, natural disasters, severe weather, widespread health emergencies or pandemics, information or cybersecurity incidents (including intrusion into or degradation or unavailability of systems or technology by cyberattacks), operational incidents and other catastrophic events can have a material adverse effect on our business.”

Annual report 2025A · The company itself

“Political and social conditions, including geopolitical instability (such as from tensions involving China and the United States), fiscal and monetary policies (including developments related to the U.S. federal deficit, debt ceiling, government shutdowns and other budgetary issues), trade wars and tariffs, labor shortages, regional or domestic hostilities, economic sanctions and the prospect or occurrence of more widespread conflicts could also negatively affect our business, operations and partners, consumer and business spending, including travel patterns and business investment, and demand for credit.”

Annual report 2025A · The company itself

“Furthermore, as a corporation with headquarters and operations located in the United States and a brand name referring to the United States, a negative perception of the United States arising from its political or other positions could harm the perception of our company and our brand.”

Annual report 2025A · The company itself

“Political developments, including those relating to recent shifts in trade policy and heightened geopolitical tensions, have resulted in and may further result in an increase in the number, complexity and scope of laws and regulations, heightened legislative and regulatory uncertainty, changes to supervisory and enforcement priorities, and increased risk of fragmentation in global financial regulation.”

Annual report 2025A · The company itself

“Terrorism Risk Insurance Act (TRIA), enacted in 2002 to support insurance coverage for certain terrorist acts in the U.S. The program was continued under the Terrorism Risk Insurance Program Reauthorization Act of 2019 (TRIPRA) through December 31, 2027 and is intended to provide reinsurance coverage from the federal government in limited circumstances for certified acts of terrorism that exceed a certain threshold of industry losses.”

Annual report 2025A · The company itself

“MARKET CONDITIONS Deterioration of economic conditions, geopolitical tensions, changes in market conditions or weakening global capital markets have affected and may continue to materially affect our businesses, results of operations, financial condition and liquidity.”

Annual report 2025A · The company itself

“Adverse economic conditions may result from a variety of factors including domestic and global economic and political developments, including changes in interest rate levels, plateauing or decreasing economic growth and business activity, recessions, social inflation, inflationary or deflationary pressures in developed economies, including the United States (U.S.), civil unrest, pandemics, geopolitical tensions, changes to international trade and/or tariff policies, foreign investment restrictions, military action or armed conflicts and corresponding sanctions imposed by the U.S. and other countries, and new or evolving legal and regulatory requirements on business investment, data protection, cybersecurity and artificial intelligence, hiring, migration, labor supply and global supply chains.”

Annual report 2025A · The company itself

“Estimating reserves is further complicated by unexpected claims or unintended coverages that may emerge due to unexpected events, such as pandemics or geopolitical conflicts. These emerging issues may increase the size or number of claims beyond our intent at the time of underwriting and may not become apparent for many years after a policy is issued.”

Annual report 2025A · The company itself

“Events such as hurricanes, windstorms, hailstorms, flooding, earthquakes, landslides, wildfires, solar storms, earth sinking, tsunamis, war or other military action, acts of terrorism, explosions and fires, cyberattacks, product defects, pandemics, mass torts, civil unrest and other catastrophes have adversely affected our business in the past and could do so in the future.”

Annual report 2025A · The company itself

“Our foreign operations expose us to risks that may affect our operations. Through our operations, licenses and authorizations and network partners, we provide insurance solutions that help businesses and individuals in approximately 200 countries and jurisdictions protect their assets and manage risks. A substantial portion of our business is conducted outside the U.S., and we intend to continue to grow our business in strategic markets. Operations outside the U.S. have in the past been, and may in the future be, affected by elevated climate risks, regional economic downturns, changes in foreign currency exchange rates and foreign interest rates, geopolitical events or upheaval, sanctions policies, changes to international trade and/or tariff policies, nationalization and other restrictive government or regulatory actions, which could also affect our other operations.”

Annual report 2025A · The company itself

“Our largest terrorism concentrations are in New York City, and estimated losses are largely driven by the Property and Workers’ Compensation lines of business. Our exposure to terrorism risk in the U.S. is mitigated by the Terrorism Risk Insurance Program Reauthorization Act (TRIPRA) in addition to limited private reinsurance protections.”

Annual report 2025A · The company itself

“Third parties performing regulated activities on our behalf, such as sales and servicing of insurance products, pose a heightened risk as we may be held accountable for their conduct in circumstances where it fails to comply with applicable law. Some of the third-party providers we use are located outside the U.S., which exposes us to business disruption and political risks inherent to conducting business across multiple jurisdictions.”

Annual report 2025A · The company itself

“As owners and operators of critical infrastructure, we face a heightened risk of physical attack and cyber attacks from internal or external sources, including nation-state cyber actors. Our water and wastewater systems have been, and may in the future be, vulnerable to disability or failures as a result of physical or cyber attacks, acts of war or terrorism, vandalism and other causes. Our operational and information technology systems are also vulnerable to unauthorized external or internal access, due to hacking, viruses, social engineering attacks, acts of violence, war or terrorism, and other causes.”

Annual report 2025A · The company itself

“With respect to TSMC in particular, tensions across the Taiwan Strait or other geopolitical events could disrupt TSMC’s operations, which would adversely affect our ability to manufacture certain products and as a result, could adversely affect our business and results of operations.”

Annual report 2025A · The company itself

“Our security measures or those of our third-party service providers or strategic partners may not detect or prevent security breaches, cyberattacks, defects, bugs or errors. Further, geopolitical tensions and conflicts have escalated the volume and sophistication of cyberattacks. Because the tactics and techniques used by threat actors to obtain unauthorized access to or sabotage systems change frequently and, in some cases, are not recognized until they are launched or even later, we may be unable to anticipate these techniques or to implement adequate preventative measures in advance, and security breaches may remain undetected for an extended period of time.”

Annual report 2025A · The company itself

“The Company and its global supply chain are dependent on complex information technology systems and are exposed to information technology system failures or network disruptions caused by natural disasters, accidents, power disruptions, telecommunications failures, acts of terrorism or war, computer viruses, physical or electronic break-ins, ransomware or other cybersecurity incidents, or other events or disruptions.”

Annual report 2025A · The company itself

“In addition, attacks against the Company and its customers can escalate during periods of geopolitical tensions or conflict.”

Annual report 2025A · The company itself

“Since the Russian invasion of Ukraine in 2022, the U.K. government has instituted a new sanctions regime targeting Russia. The sanctions imposed include prohibitions on providing financial services (including insurance and reinsurance) to persons connected with Russia in relation to certain restricted goods and services, and the freezing of assets owned or controlled by designated persons.”

Annual report 2025A · The company itself

“Since 2022, the EU has imposed significant sanctions on the Russian Federation in response to its invasion of Ukraine. These sanctions are similar to those imposed by the U.K. and U.S. Given the evolving situation, we are closely monitoring developments and the sanctions imposed, to ensure our European entities remain in compliance with any sanctions measures imposed.”

Annual report 2025A · The company itself

“Certain U.S. policies and actions have created geopolitical risks which are not possible to manage or predict, some of which may result in uncertainty in the global markets. Recent U.S. policies and actions, such as actions relating to Venezuela and Greenland, may jeopardize certain global alliances and create geopolitical uncertainty. While the long-term impact of these policies is currently unknown, these policies and other geopolitical tensions have resulted in, or could result in, volatile global capital markets, sanctions, trade restrictions and harm countries’ relationships.”

Annual report 2025A · The company itself

“Adverse developments in the financial markets, resulting from inflation, global recessionary pressures, geopolitical conflict, liquidity conditions among other factors, can increase uncertainty and heighten volatility in the credit and equity markets.”

Annual report 2025A · The company itself

“Disruption to the financial markets and weak economic conditions resulting from situations such as supply/demand imbalances, inflation and political unrest may adversely and materially impact our investments, financial condition and results of operation.”

Annual report 2025A · The company itself

“Our reinsurance group currently purchases a combination of per event excess of loss, per risk excess of loss, proportional retrocessional agreements and other structures that are available in the market. Such arrangements reduce the effect of individual or aggregate losses on, and in certain cases may also increase the underwriting capacity of, our reinsurance group.”

Annual report 2025A · The company itself

“These events and factors include, but are not limited to, equipment failure, raw material shortages, natural disasters, adverse weather conditions, accidents, explosions, fires, environmental events, strikes or other labor or industrial disputes, war or acts of terrorism, cybersecurity attacks, or other unexpected outages.”

Annual report 2025A · The company itself

“Growth in new geographies outside the U.S. can expose the Company to volatile economic, political, and regulatory risks that may negatively impact its operations and ability to achieve its growth strategy.”

Annual report 2025A · The company itself

“Geopolitical Risks The Company faces risks related to international conflicts, acts of terrorism, war, other geopolitical events, such as the ongoing Russia-Ukraine conflict, maritime piracy, and other economic disruptions.”

Annual report 2025A · The company itself

“ADM’s assets and operations could be subject to extensive property damage, business disruption, loss in value, nationalization, and expropriation as a result of geopolitical conflicts, acts of terrorism (e.g. purposeful adulteration of the Company’s products), war, and piracy, as well as any sanctions or embargoes resulting from these events.”

Annual report 2025A · The company itself

“For example, ADM’s assets and operations located in the region affected by the conflict between Russia and Ukraine are at an increased risk of property damage, inventory loss, business disruption, and expropriation.”

Annual report 2025A · The company itself

“The Company’s business is affected by, among other things, geopolitical and market risks, including fluctuations in agricultural commodity cash prices and derivative prices, transportation costs, energy prices, interest rates, foreign currency exchange rates, and equity markets, as well as operational and other disruptions, and compliance and regulatory exposures.”

Annual report 2025A · The company itself

“Our businesses are materially affected by conditions in the global financial markets and economic and political conditions throughout the world that are outside our control. These conditions may affect the level and volatility of securities prices and the liquidity and value of investments, and we may not be able to or may choose not to manage our exposure to these conditions. This could in turn materially reduce our revenue, earnings and cash flow and adversely affect our financial prospects and condition.”

Annual report 2025A · The company itself

“Table of Contents Global financial markets have experienced heightened volatility in recent periods, including as a result of economic and political events in or affecting the world’s major economies, such as the ongoing war between Russia and Ukraine and conflicts in the Middle East. Sanctions imposed by the U.S. and other countries, including on Iran and in connection with hostilities between Russia and Ukraine and the tensions between China and Taiwan, have caused additional financial market volatility and affected the global economy.”

Annual report 2025A · The company itself

“In recent periods, geopolitical tensions, including between the U.S. and China, have escalated. Further escalation of such tensions and the related imposition of sanctions or other trade barriers may negatively impact the rate of global growth, particularly in China, where growth has slowed.”

Annual report 2025A · The company itself

“Table of Contents Economic sanction laws in the U.S. and other jurisdictions may prohibit us and our affiliates from transacting with certain countries, individuals and companies, which could negatively impact our business, financial condition and operating results. Economic sanction laws in the U.S. and other jurisdictions may restrict or prohibit us or our affiliates from transacting with certain countries, territories, individuals and entities.”

Annual report 2025A · The company itself

“Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) administers and enforces laws, executive orders and regulations establishing U.S. economic and trade sanctions, which restrict or prohibit, among other things, direct and indirect transactions with, and the provision of services to, certain foreign countries, territories, individuals and entities. These types of sanctions may significantly restrict or completely prohibit lending activities in certain jurisdictions, and if we were to violate any such laws or regulations, we may face significant legal and monetary penalties, as well as reputational damage.”

Annual report 2025A · The company itself

“The U.K.’s divergence from the EU (“Brexit”) could adversely affect our business and our operations. Following the U.K.’s divergence from the EU on January 31, 2020 and a transitional period, EEA “passporting rights” which previously facilitated certain EEA investor-facing activities by AML and AMUKL, are no longer available.”

Annual report 2025A · The company itself

“In addition, we may face an increased risk of such misconduct to the extent our investment in foreign markets, particularly emerging markets, increase. Such markets may not have established laws and regulations that are as stringent as in more developed nations, or existing laws and regulations may not be consistently enforced.”

Annual report 2025A · The company itself

“Certain of our investments may be subject to review and approval by CFIUS or any non-U.S. equivalents thereof, which may have outsized impacts on transaction certainty, timing, feasibility and cost, and may prevent us from maintaining or pursuing investment opportunities that we otherwise would have maintained or pursued. CFIUS or any non-U.S. equivalents thereof may seek to impose limitations, conditions or restrictions on or prohibit one or more of our investments, which may adversely affect the ability of our funds to execute on their investment strategy with respect to such transaction as well as limit our flexibility in structuring or financing certain transactions.”

Annual report 2025A · The company itself

“Our funds invest in companies in many different industries, each of which is subject to volatility based upon a variety of factors, including economic, market, and geopolitical factors.”

Annual report 2025A · The company itself

“AM Lux and its EU branches were established to enable Ares to continue certain regulated activities in the EU post Brexit, such as the management and marketing of funds (including funds managed by affiliates of AM Lux) to European investors. The TCA remains the principal framework governing relations between the U.K. and the EU but it does not substantively address financial services, including reciprocal market access into the EU by U.K. firms, under equivalence arrangements or otherwise. Progress on a comprehensive regulatory cooperation agreement has been limited, and U.K.-based financial firms face ongoing uncertainty over access to EU markets, pending any further developments in the equivalence regime or bilateral arrangements.”

Annual report 2025A · The company itself

“Weak domestic or global economic conditions and continuing economic uncertainty, fear or anticipation of such conditions, a recession, geopolitical pressures, including international trade disputes, changes in tariff policies, global pandemics, a reduction in information technology and network infrastructure spending or a deterioration of the financial performance, condition or prospects of our customers, could adversely affect our business, financial condition, results of operations and prospects in a number of ways, including longer sales cycles, reduced demand or lower prices for our products and services, higher default rates among our channel partners, reduced unit sales and lower or no growth.”

Annual report 2025A · The company itself

“Shelter in place orders, factory closures or reductions in staffing at our manufacturing sites would result in material disruptions, increased lead times and supply shortages of our products. Due to their existence in foreign locations, our contract manufacturers may also be subject to or become subject to new or increased tariffs which, if sufficiently high, may affect the profitability of these operations and may require relocation to new locations, moves which may require bearing associated costs.”

Annual report 2025A · The company itself

“Geopolitical tensions and conflicts, such as the Russia-Ukraine conflict, and deteriorating U.S.-China relations, may create a greater risk of cyberattacks against our company and our manufacturers, suppliers, logistics providers, banks and other business partners.”

Annual report 2025A · The company itself

“In recent years, certain jurisdictions have tied these approvals to concerns about international relationships, including, e.g., concerns about entities with components sourced from or tested in China. Complying with new regulations or obtaining certifications, especially as standards evolve, may be costly and disruptive to our business and also may affect our ability to sell our products where these standards or regulations apply, which in turn may prevent us from sustaining our net revenues or achieving profitability.”

Annual report 2025A · The company itself

“The U.S. government also recently introduced regulations that require notification of or prohibit certain transactions by the Company with entities in China or with certain linkages to China. These regulations could apply to certain intracompany activities with our China and Hong Kong subsidiaries or other activities with entities in China or with linkages to China. These regulations could also limit the ability of others to transact certain business with the Company if those transactions involve or 37 benefit, directly or indirectly our operations in China. Where these new rules apply to a given transaction, it might limit our ability to carry out our long-term business strategy.”

Annual report 2025A · The company itself

“Any deterioration in relations between Taiwan and China could lead to additional sanctions or export controls on China, on specific individuals or entities, or otherwise in the region which could impact our ability to sell to certain of our customers, source components from China, or otherwise negatively impact our business. The United States may also continue to leverage the use of “secondary tariffs” and/or “secondary sanctions” to achieve certain foreign policy goals, or increase its enforcement of such tools, which may directly or indirectly affect our business (see also the “Escalated or escalating U.S. tariffs, as well as countermeasures taken by affected countries may have a negative effect on global economic conditions, financial markets and our business, as may retaliatory actions by other countries, including China, in response to these U.S. policies” risk factor above).”

Annual report 2025A · The company itself

“Continued geopolitical tensions, including the ongoing war in Ukraine, increased security concerns in the Baltic Sea, conflicts in the Middle East, and trade tensions between the major economies continue to cause high uncertainty and rapidly evolving operating environment and may reduce overall economic growth, impact energy prices, disrupt vessel traffic and cause cost increases, disrupt the supply chain, and change trade flows. The prolongation and possible expansion of geopolitical tensions could negatively impact commercial activities in Aspo’s market areas.”

Annual report 2025A · The company itself

“Economic growth is expected to slowly revive throughout the year in our core markets, however, the markets are expected to continue challenging in the early part of the year. Geopolitical uncertainty and global trade tensions are also expected to have a negative impact on economic growth and global trade going forward.”

Annual report 2025A · The company itself

“If we experience a business continuity event, such as an earthquake, hurricane, flood, terrorist incident, military conflict, pandemic, security breach, cybersecurity incident, power loss, telecommunications outage or other systems failure, or other disaster, our ability to continue operations will depend on an effective business continuity and disaster recovery plan, including the safety and continued availability of our personnel, including key executives, vendors and other third parties, and the proper functioning of our telecommunications and other systems and operations, including our device care centers and other facilities. An extended period of such conditions may strain our business continuity and disaster recovery plan, introduce additional operational risk, including cybersecurity and fraud risks, negatively impact employee morale, result in negative publicity, reputational harm and the loss of profitability and clients.”

Annual report 2025A · The company itself

“The risk of business disruption is more pronounced in certain geographic areas across the world, including the cities in which our device care centers, data centers and operations personnel are located; major metropolitan centers, such as Atlanta, where our headquarters is located; and certain catastrophe-prone areas, such as Miami, where we have a significant employee base. This risk is heightened in certain countries and regions in which we operate that are subject to higher potential threat of terrorist incidents, military conflicts, political instability and data breaches.”

Annual report 2025A · The company itself

“As we continue to scale our global operations and grow our international labor force within Global Capability Centers, our business becomes increasingly exposed to these and other risks, including where certain countries or regions have experienced economic or political instability.”

Annual report 2025A · The company itself

“The value and availability of devices may also be impacted by adverse foreign trade relationships and an escalation of U.S.-China and China-Taiwan trade tensions.”

Annual report 2025A · The company itself

“The global capital and credit markets have experienced periods of uncertainty, volatility and disruption, including from geopolitical and macroeconomic tensions, a U.S. government shutdown, the possibility of a default on U.S. debt obligations, changes to U.S. and foreign tax and trade policies, the imposition of tariffs or other trade restrictions, other government actions and foreign currency fluctuations.”

Annual report 2025A · The company itself

“In addition, we are exposed to, among other factors, fluctuations in currency values, changes in relationships between U.S. and foreign governments, war or other hostilities, and other regulations that may materially affect our earnings.”

Annual report 2025A · The company itself

“These suppliers could fail to provide equipment on a timely or cost-effective basis, or fail to meet our performance expectations, for a number of reasons, including difficulties in obtaining export licenses for certain technologies, inflationary pressures, inability to secure component parts, general business disruption, natural disasters, safety issues, economic and political instability, including the outbreak of war and other hostilities, and public health emergencies.”

Annual report 2025A · The company itself

“As a critical infrastructure service provider, we believe that we are a particularly attractive target for such cyberattacks, including from nation states and highly sophisticated, state-sponsored, or otherwise well-funded actors, and we experience heightened risk from time to time as a result of geopolitical events.”

Annual report 2025A · The company itself

“Cyberattacks against us and our suppliers and vendors have occurred in the past, including from highly sophisticated, state-sponsored actors as noted above, and will continue to occur in the future and are increasing in frequency, scope and potential harm over time. For example, in July 2024, we disclosed a cybersecurity incident on Item 1.05 of Form 8-K relating to the copying of mobile customer call data.”

Annual report 2025A · The company itself

“Our business operations could be subject to interruption by equipment or network failures caused by human error, system failures, unauthorized access to our network and critical infrastructure, power outages, terrorist or other hostile acts, including acts of war, and natural disasters, such as flooding, hurricanes and forest fires. Such events could cause significant damage to the infrastructure upon which our business operations rely, resulting in degradation or disruption of service to our customers, as well as significant recovery time and expenditures to resume operations.”

Annual report 2025A · The company itself

“Failing to meet climate targets (e.g., like reducing GHG emissions or not achieving 100% renewable energy by 2030) could harm Atea’s reputation. With a broad stakeholder base, Atea’s brand and financial health depend on leading in the climate movement and adopting low-carbon technologies.”

Annual report 2024A · The company itself

“While our operations are primarily in the Nordic and Baltic regions, we are closest to the Sami indigenous people in Norway, Sweden and Finland. While Atea has not identified any material impact, risk or opportunity related to local communities or indigenous people around its own facilities, significant challenges exist regarding the effects on local communities within our value chain: particularly during the raw material sourcing phase and in the use of technology solutions.”

Annual report 2024A · The company itself

“Although Atea has implemented processes to avoid selling to companies or organizations in sanctioned countries, such as Russia, preventing the resale of dual-use items—like software and technology that can be used for both civilian and military purposes—remains a significant challenge.”

Annual report 2024A · The company itself

“Tilikauden aikana epävarmuutta ylläpitivät sekä Ukrainan sodan jatkuminen että maailmanlaajuisen geopoliittisen jännitteen kiristyminen Lähi-idässä.”

Annual report 2025A · The company itself

“ATRIA OYJ Tilinpäätös ja toimintakertomus 2025 16 Atrian tilinpäätös ja toimintakertomus 2025 Politiikka ja regulaatio Atrian maantieteellinen toiminta-alue altistaa eri maiden kansantalouteen, kauppapolitiikkaan, lainsäädäntöön ja viranomaissäätelyyn liittyville riskeille. Myös globaalit geopoliittiset riskit ja muutokset kansallisessa ja kansainvälisessä turvallisuustilanteessa vaikuttavat Atrian toimintaan.”

Annual report 2025A · The company itself

“Our international revenue, some of which comes from emerging economies, is subject to economic and political conditions in foreign markets, including those resulting from economic and political conditions in the United States. Our total revenue is also impacted by the relative geographical and country mix of our revenue over time. Our dependency on international revenue makes us much more exposed to global economic and political trends, which can negatively impact our financial results even if our results in the United States are strong for a particular period.”

Annual report 2026A · The company itself

“For example, the United States and other global actors have continued to increase sanctions and export restrictions as a result of the war against Ukraine launched by Russia, the geopolitical landscape with respect to China, ongoing conflicts in the Middle East, and other risks.”

Annual report 2026A · The company itself

“War, geopolitical conflicts, and any related political or economic responses and counter-responses or otherwise by various global actors or the general effect on the global economy, could also affect our business.”

Annual report 2026A · The company itself

“The failure of our systems or hosted computer services due to a catastrophic event, such as an earthquake, fire, flood, tsunami, weather event, other climate-related events (such as drought, water security, heat waves, cold waves, and poor air quality), telecommunications failure, power failure, cyber-attack, terrorism or war (including the ongoing wars between Ukraine and Russia and conflicts in the Middle East, and any related political or economic responses and counter-responses or otherwise by various global actors or the general effect on the global economy), or business interruption from epidemics or pandemics, or the fear of such events, could adversely impact our business, financial results, and financial condition.”

Annual report 2026A · The company itself

“The successful execution of the Company's strategies relies on its ability to shape a quality and performance-oriented culture, and to adapt quickly to sudden shifts in its circumstances, such as supply chain disruptions and geopolitical instability.”

Annual report 2024A · The company itself

“Disruptions in our supply chain may result for many reasons, including closures of one of our own or one of our suppliers’ facilities or critical manufacturing lines due to strikes or other labor disputes, mechanical failures, electrical outages, fires, explosions, critical pollution levels, critical health and safety and other working conditions issues (including epidemics and pandemics), natural disasters, war, political upheaval, as well as logistical complications due to labor disruptions, weather or natural disasters, acts of terrorism or violence (such as the disruptions in shipping in the Red Sea), mechanical failures, and legislation or regulation regarding the transport of hazardous goods.”

Annual report 2024A · The company itself

“The current U.S. presidential administration has created uncertainty about the future relationship between the U.S. and certain of its trading partners, including with respect to the trade policies and agreements, treaties, government regulations and tariffs that could apply to trade between the U.S. and other nations. For example, the U.S. administration has indicated that it intends to impose tariffs on imports from Mexico, Canada, and the European Union. In February 2025, additional tariffs have been applied to imports from China and China responded with retaliatory tariffs on the import of American goods.”

Annual report 2024A · The company itself

“Unfavorable global economic conditions and geopolitical events could adversely affect our business, results of operations and financial condition The macro-economic uncertainty has been exacerbated by the war in Ukraine and the war in Israel/Gaza, and disruptions to shipping in the Red Sea. Although the length and impact of the ongoing war/conflicts is highly unpredictable, it exacerbated volatility in commodity prices, energy prices, inflationary pressures, credit markets, foreign exchange rates and supply chain disruptions.”

Annual report 2024A · The company itself

“There are also trade and political tensions between China and other countries in the western world.”

Annual report 2024A · The company itself

“Geopolitical uncertainties could continue to create a challenging operating environment. We also see a likelihood that there could be new or increased tariffs or other related trade restrictions imposed in 2025 that may impact our operations.”

Annual report 2024A · The company itself

“In 2024, OEMs sourcing of new business was at the lowest level since 2018 for the industry, as OEMs are reconsidering certain future product offerings due to geopolitical and technological uncertainties.”

Annual report 2024A · The company itself

“A major natural disaster or catastrophic event could have a materially adverse effect on our business, operations, financial condition and results of operations, or have other adverse consequences Our business, operations, financial condition, results of operations, access to capital markets and borrowing costs may be adversely affected by a major natural disaster or catastrophic event, including civil unrest, geopolitical instability, war, terrorist attack, pandemics or other (actual or threatened) public health emergencies, extreme weather, such as droughts, hurricanes, flooding and wildfires (including as a result of climate change), or other events beyond our control, and measures taken in response thereto.”

Annual report 2026A · The company itself

“In addition, business and operational disruptions or delays caused by geopolitical, social or economic instability and unrest – such as recent civil, political and economic disturbances in Syria, Yemen, Iran, Turkey, North Korea, and Bangladesh and the related impact on global stability, the Russia-Ukraine war, the Israel-Hamas war, the U.S.'s engagement in Venezuela, terrorist attacks and the potential for other hostilities or natural disasters in various parts of the world – could have a material adverse effect on our business. Since the Russia-Ukraine war began in 2022, we have maintained our position of not shipping products to the Russian market. The impact of the continuing war, as well as any further retaliatory actions taken by Russia, the U.S., the European Union and other jurisdictions, is unknown and could have a material adverse effect on our business.”

Annual report 2025A · The company itself

“The profitable growth of our business in emerging markets is an important part of our long-term growth strategy and our regional results have and can fluctuate significantly based on their economic conditions and other events that occur more frequently in these markets and can significantly and adversely impact our operations (such as power outages, civil unrest or other hostilities, and labor stoppages).”

Annual report 2025A · The company itself

“In addition, the recent and ongoing geopolitical unrest and weather-related effects of climate change in numerous regions could impact the safety and productivity of our employees.”

Annual report 2025A · The company itself

“Our business could be impacted by both geopolitical and terrorism threats, including armed conflict, in countries where we or our customers do business and our business operations may be impacted by civil unrest and/or government expropriations. Geopolitical and terrorism threats continue to grow in a number of key countries where we currently or may in the future do business. Geopolitical and terrorism threats, including armed conflict among countries, have led to, among other things, a loss of our investment in the country, adverse impact to our employees, and impairment of our or our customers' ability to conduct operations.”

Annual report 2025A · The company itself

“Further, the broader consequences of geopolitical and terrorism threats, which may include further sanctions that prohibit our ability to do business in specific countries, embargoes, supply chain disruptions, the potential inability to service our remaining performance obligations and potential contractual breaches and litigation, regional instability and geopolitical shifts, and the extent of any such threats effect on our business and results of operations as well as the global economy, cannot be predicted.”

Annual report 2025A · The company itself

“Certain geopolitical conflicts, such as between Russia and Ukraine, and instability, such as in the Middle East and the current political situation in Venezuela, have had and may continue to have the effect of heightening many other risks disclosed in our public filings, any of which could materially and adversely affect our business and results of operations. Such risks include, but are not limited to, adverse effects on regional and global macroeconomic conditions; increased volatility in the price and demand of oil and natural gas, increased exposure to cyber-attacks; limitations in our ability to implement and execute our business strategy; risks to employees and contractors that we have in the region; disruptions in global supply chains; exposure to foreign currency fluctuations; potential nationalizations and assets seizures; constraints or disruption in the capital markets and our sources of liquidity; our potential inability to service our remaining performance obligations and potential contractual breaches and litigation.”

Annual report 2025A · The company itself

“We conduct business in more than 120 countries that can be impacted by expected and unexpected changes in the legal and business environments in which we operate. In particular, goods, services, data, finances, people, and technology that cross international borders subject us to extensive trade laws and regulations.”

Annual report 2025A · The company itself

“due to geopolitical uncertainty, our smallpox vaccine has increasingly become an important element for governmental organizations for defense purposes”

Annual report 2025A · The company itself

“This, combined with geopolitical risk and uncertainty, added to an increasingly complex business environment, but we kept our promise to deliver on our financial targets for the year.”

Annual report 2025A · The company itself

“Public Preparedness continued to underline the importance of our platform and global partnerships, which are twofold; due to geopolitical uncertainty, our smallpox vaccine has increasingly become an important element for governmental organizations for defense purposes; and the mpox outbreaks have created a need for public preparedness and meeting consumer demand.”

Annual report 2025A · The company itself

“Outlook 2026 For 2026, Bavarian Nordic expects revenue of DKK 5,000 – 5,200 million and an EBITDA margin of approximately 25%. The expected revenue is comprised of DKK 1,800 – 2,000 million from Public Preparedness, of which approximately DKK 1,400 million have already been secured by contracts by March 2026. The current outlook indicates that 2026 will be a more normalized year without the impact from ongoing outbreaks of mpox, however still in line with the Company’s mid-term growth ambitions.”

Annual report 2025A · The company itself

“Additionally, a growing number of countries have instituted or are contemplating introducing regional or national tender processes driven primarily by price. In some cases, such processes may favor local companies to multinational companies like us. In other instances, multinational companies, including Baxter, are subject to a separate tender bidding process in which they compete only with each other and not with domestic companies.”

Annual report 2025A · The company itself

“These levels vary in 15 response to economic conditions, regulatory requirements, seasonality, natural disasters, wars, acts of terrorism, pandemics, epidemics, and other matters. Significant increases in the cost of raw materials, sub-assemblies, or materials used in the production of our products that cannot be recovered through increased prices of our products (or the unavailability of those raw materials, sub-assemblies, or materials) have adversely affected our business, results of operations, financial condition, and cash flows and may continue to do so in the future.”

Annual report 2025A · The company itself

“Our operations are subject to risks inherent in conducting business globally and under the laws, regulations and customs of various jurisdictions and geographies. These risks include changes in exchange controls and other governmental actions, loss of business in government and public tenders that are held annually in many cases, increasingly complex labor environments, availability of raw materials and component parts, changes in taxation, tariffs, sanctions, embargos, export control restrictions, changes in or violations of U.S. or local laws, dependence on a few government entities as customers, pricing restrictions, economic and political instability, monetary or currency volatility or instability (including as it relates to the U.S.”

Annual report 2025A · The company itself

“Dollar, the Euro, the Mexican Peso, and currencies in emerging market countries), disputes between countries, trade relationships and conflicts, diminished or insufficient protection of intellectual property, and disruption or destruction of operations in a significant geographic region regardless of cause, including natural disaster, pandemic, power loss, cyber-attack, data breach, war, terrorism, riot, labor disruption, civil insurrection, or social unrest.”

Annual report 2025A · The company itself

“Additionally, U.S. government (through agencies such as the U.S. Department of the Treasury’s Office of Foreign Assets Control and the U.S. Department of Commerce, Bureau of Industry and Security) administers laws and regulations that restrict U.S. persons and, in some instances, non- U.S. persons, in conducting activities, transacting business or making investments in certain countries or regions, or with governments, entities and individuals subject to U.S. economic sanctions. Similar restrictions have been or may be enacted by other governments with respect to certain customers located in the U.S.”

Annual report 2025A · The company itself

“Supply Constraints, Tariffs and Global Economic Conditions We have experienced challenges to our global supply chain, including, as a result of adverse impacts from significant weather events like Hurricane Helene, as well as adverse impacts as result of other global macroeconomic and geopolitical events, which have had a negative impact on our results of operations and may do so in the future.”

Annual report 2025A · The company itself

“In addition to fluctuations in foreign currency exchange (discussed above), our business in these foreign markets is subject to changing political, social, and geopolitical conditions, such as the continuation and/or escalation of the situation in Ukraine, the Middle East and Asia. These conditions include instability resulting from war, terrorism, insurrections and civil unrest, political conflict and changing economic conditions, such as inflation, deflation, interest rate volatility and credit availability.”

Annual report 2025A · The company itself

“Geopolitical events could cause losses to our business and losses in the values of securities we own. We believe risks of adverse effects from geopolitical events are rising, through armed and diplomatic conflicts involving governments in various parts of the world. Government policies and actions taken in the U.S. and elsewhere, including responses of other governments to such actions may adversely affect our operating businesses through reduced sales, increased operating costs or sanctions, restricted supply chains, physical damage to our properties and loss of life of our employees and losses in the values of the securities we own.”

Annual report unknown yearA · The company itself

“Accordingly, we could incur a significant loss from a single catastrophe event resulting from a natural disaster or man-made catastrophes such as terrorism or cyber-attacks.”

Annual report unknown yearA · The company itself

“Geopolitical tensions, both domestic and international, including issues related to trade routes, political instability and divisiveness, the potential implementation of more restrictive trade policies, tariff increases and/or volatility, the realignment of alliances or the renegotiation of existing trade agreements could continue to have a material adverse impact on our business.”

Annual report 2026A · The company itself

“These risks are compounded for small parcel home deliveries, as we are dependent on a relatively small number of carriers with the scope and capacity required by our business. Additionally, global supply chain impacts, similar to previous disruptions in the Red Sea and Panama Canal, could lead to increases in transportation costs or hinder third parties’ abilities to meet our demand for product volumes and timing, including: •unionization, labor strikes, slow-downs, competitive job markets and labor shortages impacting ports or any other aspect of our supply chain; •geopolitical affairs, including tariffs and other measures that impact the price or availability of transporting our products; •natural disasters and climate events; and •diseases, pandemics, outbreaks and other health-related concerns.”

Annual report 2026A · The company itself

“This subjects us to a number of risks, including international economic, political, and labor conditions; currency fluctuations; tax laws (including U.S. taxes on foreign subsidiaries); increased financial accounting and reporting burdens and complexities; unexpected changes in, or impositions of, legislative or regulatory requirements; failure of laws to protect intellectual property rights adequately; inadequate local infrastructure and difficulties in managing and staffing international operations; delays resulting from difficulty in obtaining export licenses for certain technology; tariffs, quotas and other trade barriers and restrictions; transportation delays; operating in locations with a higher incidence of corruption and fraudulent business practices; and other factors beyond our control, including terrorism, war, natural disasters, climate change and diseases.”

Annual report unknown yearA · The company itself

“During the first half of the year, escalation in the Middle East kept us on the starting blocks, and revenue increased by only 0.3% compared with the reference period. In the second half of the year, the pace accelerated and growth reached 20.7% year-on-year. Deliveries interrupted in the Middle East were resumed, although volumes remained at only half of previous levels.”

Annual report 2025A · The company itself

“Defense & Security Business Segment Strategy for 2026–2028 Global geopolitical instability and resulting changes have increased defense funds and the need to modernize tactical communication systems.”

Annual report 2025A · The company itself

“The deterioration of the global security situation and the increase in tensions between the major global powers have accelerated the European effort to reduce dependence on actors outside Europe. The strategic importance of European technology is also emphasized 2025 was clearly a breakthrough year for the internationalization of the company's Defense business.”

Annual report 2025A · The company itself

“Demand has increased due to changes caused by geopolitical instability.”

Annual report 2025A · The company itself

“Global geopolitical instability and the resulting measures have caused various supply and demand-related risks but also opportunities. In the Defense & Security business, geopolitical instability has had a positive impact on the growth of demand for communication solutions aimed at the defense forces.”

Annual report 2025A · The company itself

“Bittium is increasingly exposed to legal, financial, political and regulatory risks related to the countries where the company's customers or other partners are located, which may lead to delays in deliveries or orders not being received in the predicted quantities, exchange rate losses, increased costs or litigation and related costs.”

Annual report 2025A · The company itself

“Geopolitical uncertainty may affect demand for Bittium's products, services and solutions, for example, causing pricing pressures and affecting price competitiveness in different geographical areas.”

Annual report 2025A · The company itself

“The company is also exploring inorganic growth opportunities in all its Business Segments, in particular to expand the tactical communications product portfolio in the Defense & Security.”

Annual report 2025A · The company itself

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

Annual report 2025A · The company itself

“Geopolitical instability has been prevalent in recent years, and 2025 was a year of significant geopolitical events, including, among others, trade tensions resulting from U.S. tariff implementation and retaliatory tariffs by other countries and ongoing armed conflicts in the Middle East and Ukraine. Additionally, the economic outlook for 2026 remains uncertain.”

Annual report 2025A · The company itself

“Additionally, our ability to deploy capital in certain countries may be adversely impacted by U.S. and foreign government policy changes and regulations. Any potential time delay associated with approval may make it more difficult for our funds to deploy capital, as well as to exit and realize value from investments.”

Annual report 2025A · The company itself

“In addition, the ability to deploy capital in China has been adversely impacted by policies and regulations in the U.S., which may be exacerbated prospectively.”

Annual report 2025A · The company itself

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

Annual report 2025A · The company itself

“Our funds’ investments outside of the United States may face delays, limitations, or restrictions as a result of notifications made under and/or compliance with these legal regimes and rapidly changing agency practices. Other countries continue to establish and/or strengthen their own national security investment clearance regimes, which could have a corresponding effect of limiting our ability to make investments in such countries. Heightened scrutiny of foreign direct investment worldwide may also make it more difficult for us to identify suitable buyers for investments upon exit and may constrain the universe of exit opportunities for an investment in a portfolio company.”

Annual report 2025A · The company itself

“We and our affiliates have reported in the past and may be required to report in the future specified dealings or transactions involving Iran or other sanctioned individuals or entities. The Iran Threat Reduction and Syria Human Rights Act of 2012 (“ITRA”) requires companies subject to SEC reporting obligations under Section 13 of the Exchange Act to disclose in their periodic reports specified dealings or transactions involving Iran or other individuals and entities targeted by certain OFAC sanctions, including, by way of example, the Russian Federal Security Service, engaged in by the reporting company or any of its affiliates during the period covered by the relevant periodic report.”

Annual report 2025A · The company itself

“The operation of real estate and infrastructure and assets is exposed to potential unplanned interruptions caused by significant events, including natural disasters, terrorist attacks, war, pandemics and other severe public health events, as well as other uninsured or uninsurable risks.”

Annual report 2025A · The company itself

“The commercial aircraft market is predominantly driven by long-term trends in airline passenger and cargo traffic. The principal factors underlying long-term traffic growth are sustained economic growth and political stability in both developed and emerging markets. Demand for our commercial aircraft is further influenced by additional factors including airline profitability, availability of aircraft financing, trade policies, geopolitics, technological advances, price and other competitive factors, fuel prices, inflationary pressures, terrorism, pandemics, epidemics, sustainability-related preferences, environmental regulations, and reputational factors.”

Annual report 2025A · The company itself

“Levels of U.S. defense spending are very difficult to predict and may be impacted by numerous factors such as the evolving nature of the national security threat environment, U.S. national security strategy, U.S. foreign policy, the domestic political environment, macroeconomic conditions and the ability of the U.S. government to enact relevant legislation such as authorization and appropriations bills.”

Annual report 2025A · The company itself

“Impacts from potential deterioration in geopolitical or trade relationships between the U.S. and other countries, particularly China and European Union member states, including as a result of the risks described above, could have a material adverse impact on our financial position, results of operations and/or cash flows.”

Annual report 2025A · The company itself

“Guld och silver fortsatte sin starka utveckling med stöd av räntesänkningar, centralbanksköp och geopolitiska risker, som fortsatte att forma det ekonomiska och politiska landskapet. Ökade spänningar mellan stormakterna, i synnerhet mellan USA och Kina, försvårade ytterligare internationell handel och tekniskt samarbete.”

Annual report 2024A · The company itself

“På senare år har ökande geopolitiska spänningar understrukit de strategiska risker som är förknippade med ett alltför stort beroende av källor i ett enda land för metallförsörjning. Som svar på detta uppdaterade EU-kommissionen 2023 sin lista över kritiska och strategiska metaller - som koppar och nickel - och fastställde specifika riktlinjer för att öka den europeiska produktionen och minska importberoendet.”

Annual report 2024A · The company itself

“Centralbanker, särskilt i Kina och Ryssland, ökade sina guldreserver för att diversifiera bort från den amerikanska dollarn i samband med ökande geopolitiska spänningar. Den ihållande globala inflationen ökade ytterligare guldets dragningskraft som skydd mot valutadevalvering och konflikter i Mellanöstern och Ukraina, vilket stärkte guldets dragningskraft med tanke på dess status som en säker tillgång.”

Annual report 2024A · The company itself

“Gruvproduktionen och det globala utbudet av koncentrat ökade med 2 %, men det rådde en ihållande brist på grund av flera leveransstörningar under 2024, inklusive produktionsstoppet vid Cobre Panama, minskad gruvproduktion i Peru och exportrestriktioner i Indonesien. Även om vissa nya projekt, som Mantoverde och Kamoa-Kakula, började upprampningen var de otillräckliga för att kompensera för bristen.”

Annual report 2024A · The company itself

“Volatilitet på marknaden: Pågående globala utmaningar som inflation, geopolitiska konflikter och naturkatastrofer fortsätter att skapa betydande marknadsfluktuationer, vilket gör det alltmer komplicerat att göra korrekta prognoser och planera inköp.”

Annual report 2024A · The company itself

“En identifierad risk är delandet av infrastruktur med Norilsk Nickel, ett ryskt företag, i Harjavalta industriområde.”

Annual report 2024A · The company itself

“På grund av Rysslands invasion av Ukraina råder det fortfarande instabilitet på den europeiska gasmarknaden.”

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 macroeconomic and geopolitical environment is challenging with significant risks related to wars, hybrid wars and geopolitical events.”

Annual report 2024A · The company itself

“Demand for and sales of travel services often decline during periods of perceived or actual adverse economic conditions and times of political or economic uncertainty. Economic and political uncertainty can negatively impact transaction growth rates, cancellation rates, and accommodation average daily rates ("ADRs").”

Annual report 2025A · The company itself

“Other events beyond our control such as pandemics, terrorist attacks, natural disasters, trade disputes, sanctions, wars and regional hostilities, political unrest, travel-related accidents, or overtourism may result in declines in demand or travel restrictions, which could negatively impact our business. These events and their impacts are largely unpredictable and can abruptly affect consumer travel behavior and relationships with travel service providers and partners, which could adversely affect our business and results of operations.”

Annual report 2025A · The company itself

“Further, uncertain or negative economic conditions, including as a result of inflationary pressures, interest rates or geopolitical developments, could negatively affect our third-party vendors, which could lead to a reduction or interruption in the supply of materials and components used in manufacturing our products or increase the price of such materials or components.”

Annual report 2025A · The company itself

“Sanktioner som infördes mot Ryssland komplicerade situationen ytterligare och begränsade både tillgång och finansiella transaktioner till landet, vilket ledde till att vi tog beslutet att påbörja processen att avyttra vår ryska tillverkningsverksamhet som ett sätt att minska framtida risker. Som en konsekvens av beslutat att avyttra verksamheten i Ryssland gjorde vi en nedskrivning av samtliga tillgångar i Ryssland då vi bedömer att vi inte kommer att kunna återvinna värdet vid en försäljning.”

Annual report 2024A · The company itself

“Boules fattade beslut i oktober 2024 att inleda en process för Boules utmaningar, risker och osäkerhetsfaktorer Boule säljer instrument, förbrukningsvaror och kringliggande tjänster i fler än 100 länder vilket medför risker, osäkerhetsfaktorer och utmaningar av varierad natur och potentiell påverkan. att avyttra verksamheten i Ryssland, detta med bakgrund av den allt svårare situationen med leveranser till Ryssland och möjligheten att genomföra banktransaktioner med Ryssland. I samband med beslutet så skrevs även värdet på de koncernmässiga tillgångarna ner till noll.”

Annual report 2024A · The company itself

“Det pågående kriget i Ukraina har även lett till ökade geopolitiska spänningar i omvärlden och konsekvenser utanför Ryssland och Ukraina. Spänningarna kan leda till geopolitiska eskaleringar såsom utvidgning av kriget till andra territorium, nya sanktioner, försämrad energiförsörjning, påverkan på viktiga samhällsfunktioner, eller andra negativa konsekvenser som kan vara svårbedömd.”

Annual report 2024A · The company itself

“Boules globala närvaro medför även att bolaget finns på marknader som riskerar att påverkas av ekonomiska, politiska eller andra destabiliserande företeelser vilket kan påverka Boules affärer i dessa länder.”

Annual report 2024A · The company itself

“Risiko og usikkerhetsforhold Risikobildet preges av den ustabile geopolitiske og sikkerhetspolitiske situasjonen, samt energiknapphet. Dette skaper usikkerhet i både den globale og norske økonomien.”

Annual report 2024A · The company itself

“Et usikkert verdensbilde og en stadig skjerpet sikkerhetssituasjon fører til at sikkerhet står høyt på agendaen til konsernets kunder. Forsvarssektoren og totalforsvaret er spesielt preget av situasjonen og endringene.”

Annual report 2024A · The company itself

“Foreign Operations We have significant operations outside the U.S. They are conducted through our subsidiaries, distributors and alliances. International operations are subject to certain risks, which are inherent in conducting business abroad, including, but not limited to, currency fluctuations, possible nationalization or expropriation, price and exchange controls, counterfeit products, limitations on foreign participation in local enterprises and other restrictive governmental actions.”

Annual report 2025A · The company itself

“Cybersecurity risks continue to develop, including as a result of threat actors increasingly targeting employees and supply chains and geopolitical tensions leading to an increase in sabotage, espionage and cyber attacks. As the cyber-threat landscape evolves, these attacks are growing in frequency, sophistication and intensity, and due to the nature of some of these attacks, there is also a risk that they may remain undetected for a period of time.”

Annual report 2025A · The company itself

“Similarly, global events such as the Ukraine-Russia conflict, tensions between the U.S. and China and other geopolitical events and conflicts can increase the volatility of the financial markets, foreign currency exchanges and interest rates.”

Annual report 2025A · The company itself

“Sustained uncertainty about, or worsening of, current global economic conditions, further tariffs and escalations of trade tensions between the U.S. and its trading partners, especially China, increased geopolitical volatility, and the decoupling of the global economies could result in a global economic slowdown and long-term changes to global trade.”

Annual report 2025A · The company itself

“A prolonged disruption at or shut-down of one or more of our manufacturing or other facilities or those of our CMs, suppliers or customers, including data centers, due to natural- or man-made disasters or other events outside of our control, such as climate change, severe weather events, water or power shortages, political unrest, military conflicts, geopolitical turmoil, trade tensions, government orders, labor shortages, medical epidemics, economic instability, equipment failure or for any other reason, would limit our capacity to meet customer demands and delay new product development until a replacement facility and equipment, if necessary, were found, and could destroy our hardware products, inventory or equipment.”

Annual report 2025A · The company itself

“Seasonality While there is a degree of seasonality in the growing season and procurement of our principal raw materials, such as soybeans, softseeds, and grains, we typically do not experience material fluctuations in volume between the first and second half of the year since we are geographically diversified between the northern and southern hemispheres, and we sell and distribute products throughout the year.”

Annual report 2025A · The company itself

“Risk Management Bunge integrates material sustainability risks—including those arising from climate change, deforestation, human rights, and evolving regulations—into its ERM framework.”

Annual report 2025A · The company itself

“The ongoing war between Russia and Ukraine may adversely affect our business, financial condition or results of operations. We maintain operations in Ukraine.”

Annual report 2025A · The company itself

“We are subject to economic, political, and other risks of doing business globally and in emerging markets. We are a global business with a substantial majority of our assets and operations located outside the United States.”

Annual report 2025A · The company itself

“Additionally, there continues to be a great deal of uncertainty regarding U.S. and global trade policies for companies with multinational operations like ours. In recent years, there has been an increase in populism and nationalism in various countries around the world and consequently historical free trade principles are being challenged.”

Annual report 2025A · The company itself

“As a result, we are subject to the risks inherent in such activities, including industrial accidents, environmental events, fires, explosions, strikes and other labor or industrial disputes, disruptions in logistics or information systems, as well as natural disasters, pandemics, wars (including the Ukraine-Russia war and conflicts in the Middle East), acts of terrorism, and other external factors over which we have no control.”

Annual report 2025A · The company itself

“With respect to such losses and losses from acts of terrorism, earthquakes, pandemics or other catastrophic events, if we experience a loss that 27 Table of Contents is uninsured or that exceeds policy limits, we could lose the capital invested in the damaged properties, as well as the anticipated future revenues from those properties.”

Annual report 2025A · The company itself

“As a result, some clients in these markets may (1) choose to relocate their businesses to other markets or to lower-profile office buildings within these markets that may be perceived to be less likely targets of future terrorist activity and/or (2) perceive a need for or request security enhancements. This could result in an overall decrease in the demand for office space in these markets generally or in our properties in particular, which could increase vacancies in our properties, necessitate that we lease our properties on less favorable terms or both, and/or increase our costs related to security, equipment and personnel.”

Annual report 2025A · The company itself

“Geopolitiken är osäker med konfrontativ retorik, de facto utpressning och en transaktionell attityd till allt som förändrar och upprör. Att USA på ett par månader river upp 80 års allians med Europa och synes alliera sig med Ryssland måste tas på mycket stort allvar.”

Annual report 2024A · The company itself

“Competition in our market is driven by several critical factors, including the ability to deliver continuous technological innovation, the quality and differentiation of product and service offerings, the strength and stability of customer relationships, the ability to attract and retain top engineering talent, and potential geopolitical trade restrictions.”

Annual report 2025A · The company itself

“Uncertainty in the global economy and instability within international relations, including changes in governmental policies relating to technology, may negatively affect our business and reduce our bookings levels and revenue. Uncertainty caused by challenging global political and economic conditions, including inflation, interest rates, bank failures, government deficit concerns, government shutdowns or political stalemates, geopolitical conflicts and other adverse changes to international relationships among countries in which we or our customers operate or do business, protectionist measures or decline in corporate or consumer spending could negatively impact our customers’ businesses, reducing the number of new chip designs and their overall research and development spending, including their spending on our products and services, and as a result decrease demand for our products and services.”

Annual report 2025A · The company itself

“There is inherent risk, based on the complex relationships between certain countries and within regions, that political, diplomatic or military events could result in trade disruptions and other disruptions in the markets and industries we serve and our supply chain. A significant disruption in any area where we or our customers operate or do business could reduce customer demand, make our products and services more expensive or unavailable for customers, increase the cost of our products and services, have a negative impact on customer spending, make our products less competitive, or otherwise have a materially adverse impact on our future revenue and profits, our customers’ and suppliers’ businesses, and our results of operations.”

Annual report 2025A · The company itself

“For example, the ongoing geopolitical and economic uncertainty between the United States and China, where we conduct business and have derived a substantial percentage of our revenue, the unknown impact of current and future U.S. and Chinese trade regulations, including tariffs and other trade restrictions, and geopolitical risks with respect to Taiwan, which serves as a central hub for the technology industry supply chain, could, directly or indirectly, materially harm our business, financial condition and results of operations.”

Annual report 2025A · The company itself

“For example, the United States and other global actors have imposed economic sanctions on Russia and other entities and individuals as a result of the Russian invasion of Ukraine and conflicts in the Middle East.”

Annual report 2025A · The company itself

“Our ability to acquire other businesses or technologies, make strategic investments or integrate acquired businesses effectively is impacted by geopolitical conflicts, trade tensions and increased global scrutiny of foreign investments and acquisitions and investments in the technology sector.”

Annual report 2025A · The company itself

“Furthermore, state-supported and geopolitical-related cyberattacks against companies such as ours may increase due to geopolitical conditions.”

Annual report 2025A · The company itself

“Some of our research and development and other facilities are in parts of the world where there is a greater risk of business interruption as a result of political instability, terrorist acts or military conflicts than businesses located domestically. Damage to or disruptions at our research and development facilities could have a significant adverse effect on our ability to develop and improve products.”

Annual report 2025A · The company itself

“Furthermore, our operations are dependent upon the connectivity of our operations throughout the world. Activities that interfere with our international connectivity or operations, such as cyber hacking, computer system viruses, natural disasters, public health emergencies, civil unrest or terrorism, could significantly harm our business operations.”

Annual report 2025A · The company itself

“We have substantial cash requirements in the United States and significant operations outside the United States. As of December 31, 2025, approximately 29% of our cash and cash equivalents balance was held by subsidiaries outside the United States. We cannot accurately predict the full impact that evolving macroeconomic and geopolitical conditions may have on our cash flows and there are administrative processes associated with repatriation of foreign earnings that could affect the timing of returning cash to the U.S. from non-U.S. jurisdictions. Accordingly, if our U.S. cash is insufficient to meet our future funding obligations in the United States, we could be required to seek funding sources on less attractive terms, which could negatively impact our results of operations, financial position and the market price of our common stock.”

Annual report 2025A · The company itself

“In addition, global events and geopolitical instability may lead to increased nation-state targeting us and other financial institutions in the U.S. and abroad, particularly given our expanded global footprint.”

Annual report 2025A · The company itself

“We face risks from catastrophic events. Natural disasters, geopolitical events, supply chain issues and other catastrophic events can have widespread and unpredictable impacts on global society, economic conditions and consumer and business behavior, which may reoccur or occur over an extended duration. These events could harm our employees, business and infrastructure, including our information technology systems and third-party platforms.”

Annual report 2025A · The company itself

“Elevated supply chain costs, whether due to general inflation or geopolitical issues, have had a negative impact on our GMPD segment profit in fiscal 2024 through 2026. Supply chain constraints also had a negative impact on sales within our GMPD segment.”

Annual report 2026A · The company itself

“These supply interruptions or other disruptions in manufacturing processes could be caused by events beyond our control, including natural disasters, labor disputes, supplier facility shutdowns, defective raw materials, the impact of epidemics or pandemics and actions by U.S. or international governments, including import or export restrictions or tariffs.”

Annual report 2026A · The company itself

“our volumes in Ukraine declined by double-digit percentages, with the decline accelerating in H2 as the war intensified”

Annual report 2025A · The company itself

“In an increasingly volatile and unsafe environment caused by the war, our volumes in Ukraine declined by double-digit percentages, with the decline accelerating in H2 as the war intensified across the country.”

Annual report 2025A · The company itself

“Geopolitiska spänningar, handelshinder och ökade fraktkostnader innebär vidare att företag behåller större lager och försörjer fler funktioner.”

Annual report 2024A · The company itself

“Exempel på sådana kriser är terroristattacker, cyberattacker och pandemier.”

Annual report 2024A · The company itself

“The Geo-political situation has developed negatively with higher uncertainty around the global trade situation with potential tariffs and customs.”

Annual report 2024A · The company itself

“Political events, trade, and other international disputes, geopolitical tensions, war, terrorism, natural disasters, public health issues, including pandemics, industrial accidents, significant labor disputes and other business interruptions can harm or disrupt international commerce and the global economy, and could have a material adverse effect on the Company and its customers, suppliers, outsource partners, logistics providers, distributors, cellular network carriers, and other channel partners.”

Annual report 2025A · The company itself

“Periods of intense diplomatic or armed conflict, may result in new and rapidly evolving trade restrictions and sanctions. Trade restrictions, including new or increased tariffs or quotas, embargoes, sanctions, safeguards, and customs restrictions against the products we sell, could increase the cost or reduce the supply of product available to us and adversely affect our business, results of operations, or cash flows.”

Annual report 2025A · The company itself

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

Annual report 2025A · The company itself

“The global supply chain has experienced and may continue to experience significant disruptions due to a multitude of factors, such as geopolitical and economic uncertainty, regulatory and policy instability, tariffs and changes in U.S. and foreign trade policy, changes in laws (including tax laws), executive orders, the COVID-19 pandemic, labor shortages, resource availability, long lead times, manufacturer production limitations, delivery delays, inflation, severe weather events and disruptions to internal or international shipping, including as a result of armed conflicts, and these disruptions have adversely impacted the utility industry. We, as well as other companies in our industry, have experienced supply chain disruptions, and we may continue to experience this in the future.”

Annual report 2025A · The company itself

“Such announcements, rescissions of tariffs on foreign jurisdictions and other trade actions have increased uncertainty regarding the ultimate effects of the tariffs on economic conditions. In addition, related geopolitical and domestic political developments, such as existing and potential trade wars, uncertainty regarding changes in trade policy and other events beyond our control, have increased and may continue to increase levels of political and economic unpredictability globally and the volatility of global financial markets.”

Annual report 2025A · The company itself

“Companies in our industry face a heightened risk of exposure to and have experienced acts of terrorism and vandalism. Our electric and gas physical infrastructure may be targets of physical security threats or terrorist activities. Further, recent escalation with respect to geopolitical conflicts may increase the likelihood that facilities within the United States, including natural gas distribution systems or electric transmission, distribution or generation systems that we own or on which we rely, will be targeted by strikes, acts of terrorism or cyberattacks.”

Annual report 2025A · The company itself

“There is also significant competition from products sourced from other regions of the world, including some with lower natural gas or other feedstock costs, which may include the benefit of government subsidies. Because ammonia, urea and UAN are widely-traded fertilizer products and there are limited barriers to entry, we experience competition from foreign-sourced products continuously.”

Annual report 2025A · The company itself

“Producers of nitrogen-based fertilizers located in the Middle East, Trinidad, Africa and Russia have been major exporters to North America in recent years.”

Annual report 2025A · The company itself

“Like other companies with major industrial facilities, we may be targets of terrorist activities. Generally, our plants and facilities store significant quantities of materials that can be dangerous if mishandled. Any damage to infrastructure facilities, such as electric generation, transmission and distribution facilities, or injury to employees who could be direct targets or indirect casualties of an act of terrorism, may affect our operations.”

Annual report 2025A · The company itself

“International acquisitions, partnerships, joint ventures, investments or business combinations and other international expansions of our business involve additional risks and uncertainties, including the impact of tariffs on the import of industrial goods and the export of nitrogen products, exchange controls or other restrictions, nationalization of properties by foreign governments and difficulties and costs of complying with a wide variety of complex laws, treaties and regulations.”

Annual report 2025A · The company itself

“In addition, we closely monitor industry news, trade tariffs, weather, exchange rates, foreign demand, geopolitical crises and other world events that may affect our ingredient prices or available supply.”

Annual report 2025A · The company itself

“Risks Related to Our Supply Chain Increases in the costs of ingredients, restaurant equipment and other materials could adversely affect our financial results. The prices for some of our ingredients, such as beef, avocados and other produce fluctuate due to factors beyond our control, such as limited sources, seasonal shifts, climate conditions or inclement weather, natural disasters, inflation, military and geopolitical conflicts and industry demand, including as a result of animal disease outbreaks, international commodity markets, food safety concerns, product recalls and government regulation.”

Annual report 2025A · The company itself

“The prices of many of the ingredients we use to prepare our food, as well as our packaging materials, kitchen equipment, construction material and utilities to run our restaurants, are affected by the price of other commodities, exchange rates, trade tariffs, limited sources, geopolitical conflict, animal disease outbreaks, weather, natural disaster, seasonality, availability, and other factors outside our control.”

Annual report 2025A · The company itself

“Further, in recent years, we have experienced continuing strain on our supply chain network and its ability to meet demands, including from disruptions from pandemics, ongoing conflicts in Ukraine and the Middle East, and other factors. In addition, our supply chain is dependent on materials, components and other products from Asia and other geographies that may be subject to disruptions in the supply chain, resulting in shortages that would affect our revenue and operating margins.”

Annual report 2025A · The company itself

“Our operations, as well as the operations of our third-party manufacturers, suppliers and customers, may be subject to disruption from a variety of causes, including a protracted economic downturn or recessionary conditions, material shortages, inflation, financial difficulties, work stoppages, cyberattacks, and other disruptions in information technology systems, demonstrations, political instability or uncertainty in the U.S. or abroad, rising geopolitical tensions and hostilities (for example in the Middle East or between China and Taiwan), disease outbreaks or pandemics (for example, an outbreak of a virus such as COVID-19), acts of war, terrorism, fire, earthquakes, flooding or other natural disasters, disruptions in logistics, fuel and energy costs (for example, the price of gasoline), loss or impairment of key manufacturing sites, supplier capacity constraints, raw material and product quality or safety issues, industrial accidents or other occupational health and safety issues.”

Annual report 2025A · The company itself

“Due to the conflicts in Ukraine and the Middle East, as well as other evolving geo-political tensions, there is a possibility that the escalation of tensions could result in cyberattacks that could either directly or indirectly affect our operations.”

Annual report 2025A · The company itself

“Increasing tensions between the United States and China—including tariffs, export controls, investment restrictions, and evolving data security or technology transfer requirements—could disrupt our supply chain. Any escalation of these tensions, or similar geopolitical volatility in other regions, could result in reduced demand, increased costs, supply shortages, product delays or other adverse consequences to our business and operations.”

Annual report 2025A · The company itself

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

Annual report 2026A · The company itself

“Further, geopolitical tensions, armed conflicts, acts of terrorism, military actions and related sanctions or other governmental responses, including developments in the Middle East and other strategically important regions, may disrupt global trade routes, shipping channels, transportation networks, energy supplies and financial markets.”

Annual report 2026A · The company itself

“Unexpected events, including fires or explosions at facilities, severe weather conditions and natural disasters such as hurricanes, fires, floods, droughts and tornadoes, geopolitical conflicts, war or terrorist activities, unplanned outages, supply disruptions, failure of equipment or systems or changes in laws and/or regulations impacting our businesses, could adversely affect our consolidated results of operations. Any of these events could result in customer disruption, physical damage to one or more key operating facilities, the temporary closure of one or more key operating facilities or the temporary disruption of information systems.”

Annual report 2026A · The company itself

“In particular, we have experienced price-focused competition from competitors in Asia, especially from China, and we anticipate this will continue.”

Annual report 2026A · The company itself

“Furthermore, the impact of uncertainty regarding global central bank monetary policy, the instability in the geopolitical environment in many parts of the world (including as a result of the ongoing Russia and Ukraine war, Middle East conflicts and wars, and China-Taiwan relations), government-related disruptions or shutdowns, and other disruptions may continue to put pressure on global economic conditions.”

Annual report 2026A · The company itself

“A reduction or interruption in supply, including disruptions on our global supply chain, caused in part by geopolitical tensions; public health emergencies; significant natural disasters (including as a result of climate change); tariffs or other trade barriers or disruptions; a significant increase in the price of components (including as a result of inflation); a failure to adequately authorize procurement of inventory by our contract manufacturers; a failure by suppliers to deliver on our contracts; IT-related failure or disruption; a failure to appropriately cancel, reschedule, or adjust our requirements based on our business needs; or a decrease in demand for our products could materially harm our business, results of operations, or financial condition and could materially damage customer relationships.”

Annual report 2026A · The company itself

“Terrorism, war, and other events may harm our business, results of operations or financial condition. The continued threat of terrorism and heightened security and military action in response thereto, or any other current or future acts of terrorism, war (such as the ongoing Russia-Ukraine war and Middle East conflicts and wars), and other events (such as economic sanctions, trade restrictions or disruptions and reactions of the governments, markets and the general public, including the sanctions and restrictions related to the ongoing Russia-Ukraine war or arising out of the current conflicts and wars in the Middle East) may cause further disruptions to the economies of the United States and other countries and create 21 Table of Contents further uncertainties or could otherwise negatively impact our business, results of operations, or financial condition.”

Annual report 2026A · The company itself

“Additionally, nation-state actors or their agents have in the past successfully attacked our solutions and IT environment and have also exploited vulnerabilities in our solutions to carry out attacks, and we anticipate that these attacks and the exploitation of vulnerabilities in our solutions will continue and may intensify during periods of diplomatic or armed conflict or other geopolitical tensions.”

Annual report 2026A · The company itself

“The effects of geopolitical instability may adversely affect us and create significant risks and uncertainties for our business, with the ultimate impact dependent on future developments, which are highly uncertain and unpredictable. Ongoing geopolitical instability, such as the wars in Ukraine and the Middle East, has negatively impacted, and could in the future negatively impact, the global and U.S. economies, including by causing supply chain disruptions, rising prices for oil and other commodities, volatility in capital markets and foreign currency exchange rates, rising interest rates, and heightened cybersecurity risks.”

Annual report 2025A · The company itself

“Unfavorable or uncertain global macroeconomic factors that are beyond the Company's control have materially adversely affected, and could continue to materially adversely affect, its business, results of operations, financial condition and liquidity. These factors include, but are not limited to, inflation, interest rates, supply chain and logistics disruptions, labor market conditions, trade restrictions and tariffs, changes in trade policies and trade agreements, including the ongoing joint review of the United States-Mexico-Canada Agreement (USMCA), natural disasters, foreign exchange volatility, and other macroeconomic and market dynamics that affect consumer demand and purchasing power, which could impact the demand for the Company's products and negatively impact its net sales and results of operations.”

Annual report 2025A · The company itself

“In addition, geopolitical instability (including conflicts in Ukraine and the Middle East and other ongoing conflicts and regional tensions affecting global energy markets and key shipping routes, as well as trade tensions among major economies and rising tensions between China and Taiwan) has significantly increased global macroeconomic uncertainty and volatility.”

Annual report 2025A · The company itself

“Recent geopolitical conflicts and tensions have contributed to volatility in fuel and freight costs, as well as disruptions and delays in global shipping and logistics networks, which has affected, and may continue to affect, the Company’s supply chain.”

Annual report 2025A · The company itself

“Volatility and increases in the cost of key raw materials and packaging inputs, including resins, non-woven fabrics for wipes products, chemicals, agricultural commodities and packaging materials, as well as energy, transportation, labor and other supply costs, have harmed, and may continue to harm, the Company’s results of operations. Many of these inputs are subject to price volatility and availability constraints driven by factors beyond the Company’s control, including macroeconomic and geopolitical conditions, governmental actions (such as tariffs, sanctions, or trade restrictions), supply and demand imbalances, capacity constraints, weather events, and natural disasters (including the effects of climate change), labor shortages, currency fluctuations, and other operational or logistical disruptions.”

Annual report 2025A · The company itself

“Geopolitical uncertainty has further intensified in recent years, adding complexity to energy markets. The ongoing war in Ukraine and broader geopolitical instability continue to influence energy security policies, supply chains, inflation rates, and interest rate environments.”

Annual report 2024A · The company itself

“Other financial uncertainties in our major markets and unstable geopolitical conditions or events in certain markets, including international conflicts, civil unrest, acts of war, terrorism, governmental changes, or changes in international relations, could undermine global consumer confidence and reduce consumers’ purchasing power, thereby reducing demand for our products. Throughout 2025, the Company faced disruption to our operations due to international conflicts.”

Annual report 2025A · The company itself

“Geopolitical instability has in the past led, and may in the future lead, to logistical, transportation and supply chain disruptions; business disruptions (including labor shortages); increased risk of cybersecurity incidents or other disruptions to our information systems; reduced availability and increased costs of transportation, energy, packaging, raw materials and other input costs; and heightened security risk, impacting employee safety and/or damage to infrastructure or our assets.”

Annual report 2025A · The company itself

“In addition, from time to time we and our executives have engaged, and may in the future engage, in public policy endeavors that are either directly related to our products and packaging or to our business operations and the general economic climate affecting the Company. These engagements in public policy debates have been, and could in the future be, the subject of criticism from advocacy groups or others that have a differing point of view and could result in adverse media and consumer reaction, including product boycotts.”

Annual report 2025A · The company itself

“Our bottling partners’ financial condition is affected in large part by conditions and events that are beyond our and their control, including competitive and general market conditions; the availability of capital and other financing resources on reasonable terms; loss of major customers; changes in or additional regulations; or disruptions of bottling operations that may be caused by strikes, work stoppages, labor unrest, natural disasters, international conflicts, acts of war, health epidemics, pandemics or other catastrophic events.”

Annual report 2025A · The company itself

“Although rare earth and other materials are generally available from multiple suppliers, China is the predominant producer of certain of these materials. In 2024, China imposed export restrictions on certain rare earth minerals such as yttrium and germanium, which disrupted and may continue to disrupt global supply chains, driving up costs.”

Annual report 2026A · The company itself

“We operate globally and sell or plan to sell our products in countries throughout the world. Significant political, trade, or regulatory developments in the jurisdictions in which we sell our products, such as those stemming from the change in the U.S. federal administration, are difficult to predict and may have a material adverse effect on us, including increasing our manufacturing costs, making our products less competitive, reducing demand for our products, limiting our ability to sell to certain customers or markets, limiting our ability to procure, or increasing our costs for, components or raw materials, impeding or slowing the movement of our goods across borders, impeding our ability to perform R&D activities, or otherwise restricting our ability to conduct operations.”

Annual report 2026A · The company itself

“Geopolitical volatility and military conflicts, such as those in the Middle East and Ukraine, may also result in a global economic slowdown and long-term changes to global trade that could make it more difficult to sell our products in, or restrict our access to, some markets and/or customers.”

Annual report 2026A · The company itself

“Furthermore, our supply chains concentrated in certain geographic regions, and worldwide geopolitical tensions and conflicts could result in changing regulatory requirements, supply disruptions, and reduced access to global markets that could materially and adversely affect our operations, product demand, and profitability.”

Annual report 2026A · The company itself

“Historically, a major source of competition has been from companies, in particular those located outside the United States, who at times are and may in the future be subject to significantly less stringent regulatory and compliance requirements in their local jurisdictions. Their business models rely on being unregulated or only regulated in a small number of lower compliance jurisdictions, whilst also offering their products in highly regulated jurisdictions, including the United States, without necessarily complying with the relevant regulatory requirements in such jurisdictions. Given the uneven enforcement by United States and foreign regulators, many of these competitors have been able to operate from offshore while offering large numbers of products and services to consumers, including in the United States, Europe, and other highly regulated jurisdictions, without complying with the relevant licensing and other requirements in these jurisdictions, and historically without penalty.”

Annual report 2025A · The company itself

“In addition, we are required to comply with laws and regulations related to economic sanctions and export controls enforced by the U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) and the U.S. Department of Commerce’s Bureau of Industry and Security, and U.S. anti-money laundering and counter-terrorist financing laws and regulations, enforced by FinCEN and certain state financial services regulators.”

Annual report 2025A · The company itself

“Moreover, as a result of the Russian invasion of Ukraine, the United States, the E.U., the United Kingdom, and other jurisdictions have imposed wide-ranging sanctions on Russia and Belarus and persons and entities associated with Russia and Belarus. There can be no certainty regarding whether such governments or other governments will impose additional sanctions, or other economic or military measures against Russia or Belarus. We have continued to engage in activity in Russia and Belarus and with customers associated with these countries.”

Annual report 2025A · The company itself

“Geopolitical developments, such as trade wars and foreign exchange limitations can also increase the severity and levels of unpredictability globally and increase the volatility of global financial and crypto asset markets.”

Annual report 2025A · The company itself

“We, however, have experienced, and expect to continue to experience, risks related to the impact of the war in Ukraine, including increases in the cost and, in certain cases, limitations on the availability of certain raw and packaging materials and commodities (including oil and natural gas), supply chain and logistics challenges, import restrictions, foreign currency volatility and reputational concerns.”

Annual report 2025A · The company itself

“Increases in the costs of and/or a reduction in the availability of commodities, energy (including fuel prices), logistics (including trucks and containers) or other necessary services, including as a result of macroeconomic and geopolitical tensions, conflicts and uncertainty, such as in Ukraine, the Middle East and Venezuela, developments in trade relations (including new or increased tariffs, new or revised trade agreements, sanctions, export controls or import restrictions), widespread health emergencies, such as pandemics or epidemics, changes in supply and demand and/or the impact of climatic events have affected and, in some instances, are likely to continue to adversely affect our profit margins.”

Annual report 2025A · The company itself

“Unfavorable global macroeconomic conditions, such as a recession, an economic slowdown, inflation, high interest rates and/or reduced category growth rates, including as a result of geopolitical events and tensions, wars and military conflicts, such as in Ukraine, the Middle East and Venezuela, and developments in trade relations (including new or increased tariffs, sanctions, export controls, import restrictions or other trade barriers), have negatively impacted and/or could negatively impact our business and result in declining revenues, profitability and/or cash flows.”

Annual report 2025A · The company itself

“Covid-19, geopolitical tensions, persistent inflation, and a fundamentally changed market landscape in China created new headwinds that challenged our original assumptions and strategic ambitions.”

Annual report 2025A · The company itself

“• Disruption of the supply chain due to shortfalls in delivery, quality issues, force majeure situations, change in market conditions, strikes, political instability, or other events beyond our control, resulting in price increases, inability to source critical materials, components, and finished products, and loss in revenue. • Emergency response and contingency plans, physical separation of critical processes and workflows, and certification of relevant facilities to the Highly Protected Risk (HPR) industry standard. • Contingency plans for high-risk suppliers, including built up inventories, collaboration to mitigate physical risks at their facilities, dual source for critical raw materials and components, and qualification of substitute materials where applicable.”

Annual report 2025A · The company itself

“The current global macroeconomic trends like high inflation, disrupted supply chains, weakening consumer sentiment in especially China, tightening monetary policies, US tariffs, and geopolitical risks like the war in Ukraine are challenging the operating environment, and have resulted in an increased level of challenges on the short- to medium-term. In the long-term direct and indirect implications could negatively impact sales and operations.”

Annual report 2025A · The company itself

“In the short- to medium-term primarily in Russia, Ukraine, and Iran due to sanctions. In Argentina, Brazil, and Türkiye due to economic instability and inflation. • Economic and political instability and emerging geopolitical areas of concern negatively affecting our costs and result in disruptions of operations, commercial activities, and supply chain, and impact our ability to conduct business globally.”

Annual report 2025A · The company itself

“a continuous geopolitical situation that may impact on the general business environment”

Annual report 2025A · The company itself

“Rapid changes and competitive pressures from both existing and emerging market players may weaken Columbus' competitive edge. Market volatility and a fragile economic outlook further increase risk, while macroeconomic uncertainty - including low growth, trade barriers, tarriffs and geopolitical shifts - may challenge demand, pricing and project pipelines.”

Annual report 2025A · The company itself

“The last several years have been marked by worldwide political and economic uncertainty resulting from a number of factors, including decreased consumer confidence, the effects of international conflicts such as the wars between Russia and Ukraine and unrest in the Middle East, supply chain disruptions, tariffs, rising energy costs and inflation. This uncertainty has made (and may continue to make) it extremely difficult for our customers, vendors and us to accurately forecast and plan future business activities, and could lead to constrained spending on our services, delays and a lengthening of our business development efforts, the demand for more favorable pricing or other terms, and/or difficulty in collection of our accounts receivable.”

Annual report 2025A · The company itself

“Political and economic developments could damage our operations and materially reduce our profitability and cash flows. Actions of the U.S., state, local and foreign governments, through sanctions, tax, tariffs and other legislation, executive orders and commercial restrictions, could reduce our operating profitability both in the U.S. and abroad.”

Annual report 2025A · The company itself

“Political and economic factors in international markets could have a material adverse effect on us. Approximately 29 percent of our hydrocarbon production was derived from production outside the U.S. in 2025, and 31 percent of our proved reserves, as of December 31, 2025, were located outside the U.S. We are subject to risks associated with our operations in foreign jurisdictions and international markets, including changes in foreign governmental policies relating to crude oil, bitumen, LNG, natural gas or NGLs pricing and taxation; other regulatory or economic developments (including the macro effects of U.S. and international trade policies and disputes); disruptive geopolitical conditions such as recent conflict escalation in the Middle East and Eastern Europe; and international monetary and currency rate fluctuations.”

Annual report 2025A · The company itself

“Dynamics that could influence world energy markets and commodity prices include, but are not limited to, global economic health, supply or demand disruptions or fears thereof caused by civil unrest, global pandemics, military conflicts, actions taken by OPEC Plus and other major oil producing countries, environmental laws, tariffs, governmental policies and weather-related disruptions.”

Annual report 2025A · The company itself

“As such, we are unhedged, remain committed to our disciplined investment framework and continually monitor market fundamentals, including the impacts associated with geopolitical tensions and conflicts, global demand for our products, oil and gas inventory levels, governmental policies, inflation and supply chain disruptions.”

Annual report 2025A · The company itself

“Meanwhile, escalating geopolitical events, tensions, and trade disputes, have resulted and may continue to result in additional sanctions, tariffs, import-export restrictions, boycotts, or trade wars.”

Annual report 2026A · The company itself

“The supply, on-time availability, and cost of raw, packaging, and other materials, energy, and other commodities have been and may continue to be affected by many factors beyond our control, including economic factors, legal and regulatory requirements, including tariffs and extended producer responsibility and post-consumer recycled content obligations, supply chain disruptions, inflationary pressures, market demand, geopolitical events and tensions, wars, military conflicts, including the conflict in the Middle East, weather events or natural or man-made disasters, including droughts, storms, and wildfires, plant diseases, and theft.”

Annual report 2026A · The company itself

“A prolonged closure or restriction of the border between the U.S. and Mexico, particularly at key product and supply crossing points, could result in temporary or longer-term disruptions of sales, consumption, and trade patterns, supply chains, production processes, and/or operations.”

Annual report 2026A · The company itself

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

Annual report 2026A · The company itself

“Geopolitical risks specific to nuclear fuel include the ongoing Russia and Ukraine conflict which has yielded sanctions and legislation by the United States, United Kingdom, European Union, Russia, and Canada impacting the exports and imports of Russian nuclear fuel. An example of such sanctions includes the “Prohibiting Russian Uranium Imports Act” which bans the import of low-enriched uranium into the U.S. that is produced in Russia or by Russian entities, absent a waiver from the DOE.”

Annual report 2025A · The company itself

“In addition, geopolitical issues, to include conflicts in the Ukraine and the Middle East, as well as tensions between the U.S. and China, may motivate cyber-attacks which could impact the U.S. energy sector and our Company via supply chain disruptions or direct targeting. A security breach, including, but not limited to, physical or electronic intrusions, computer viruses, malware, attacks by cyber criminals or nation state threat actors, ransomware attacks, phishing attacks, supply chain attacks, third-party breaches, and other similar breaches of our physical assets or information systems, or those of our competitors, vendors, business partners and interconnected entities in RTOs, ISOs, and other energy markets, or regulators have the potential to disrupt our business and result in harm to the Company.”

Annual report 2025A · The company itself

“The impact that potential terrorist attacks could have on the industry and on us is uncertain. We face a risk that our operations would be direct targets or indirect casualties of an act of terror.”

Annual report 2025A · The company itself

“Risks Related to Our Operations Our business, financial condition and results of operations could be materially affected by disruptions in the global economy caused by geopolitical and military conflicts. Military conflict or related geopolitical tensions and disputes including increased trade barriers or restrictions on global trade, could result in, among other things, cyberattacks, further supply disruptions, and changes to foreign exchange rates and financial markets, any of which may adversely affect our business and supply chains. Such geopolitical instability and uncertainty has negatively impacted our ability to sell to, ship products to, collect payments from, and support customers in certain regions.”

Annual report 2025A · The company itself

“The global economy was negatively impacted by the military conflict between Russia and Ukraine and we experienced shortages in materials, the inability to insure shipments, and increased costs for transportation, energy, and raw material and other inputs due in part to the negative impact of this conflict.”

Annual report 2025A · The company itself

“Currently, a material portion of the company’s crop protection inputs are sourced directly or indirectly from China. While the company utilizes dual- or multi- source supply chains to minimize business disruptions, these strategies may not be adequate to address the scope of disruptions created by such a conflict.”

Annual report 2025A · The company itself

“Business and/or supply chain disruptions, plant and/or power outages and information technology system and/or network disruptions, regardless of cause including acts of sabotage, employee error or other actions, geopolitical activity, military conflict, local epidemics or pandemics, weather events and natural disasters could seriously harm Corteva’s operations as well as the operations of its customers and suppliers.”

Annual report 2025A · The company itself

“Climate-related events and other events beyond our control could harm our business. Natural disasters, disease outbreaks and pandemics, power shortages, terrorism, political unrest, telecommunications failure, vandalism, geopolitical instability, war, climate related events, and other events beyond our control could negatively impact our operations or otherwise harm our business.”

Annual report 2025A · The company itself

“Risks related to our international operations International operations expose us to additional business risks, which may reduce our profitability. Our international operations and expansion subject us to additional business, regulatory, and economic risks, including: currency exchange rate fluctuations; difficulty in adapting to the differing business practices and laws in foreign countries, including differing laws regarding privacy data protection and technology regulation; difficulty in managing foreign operations; limited protection for intellectual property rights in some countries; difficulty in collecting accounts receivable and longer collection periods; costs of enforcing contractual obligations; impact of recessions in economies outside the U.S.; geopolitical instability, terrorism, and war; and potentially adverse tax consequences.”

Annual report 2025A · The company itself

“These include: •The Increasing Speed, Sophistication and Disruption of Cybersecurity Threats: Adversary sophistication continues to increase as militaries and intelligence services of well-funded nation-states, technically advanced criminal organizations and hackers advance their tactics. In addition, the commoditization of technologies like generative AI makes it easier for low-skilled adversaries to move faster and launch more sophisticated attacks.”

Annual report 2026A · The company itself

“Our customer retention, renewals and expansion may decline or fluctuate as a result of a number of factors, including our customers’ satisfaction with our products and services, our customers’ ability to fully utilize their product subscriptions, our pricing, customer security and networking issues and requirements, our customers’ spending levels, decreases in the number of endpoints to which our customers deploy our solutions, mergers and acquisitions involving our customers, industry developments, competition, the impact of the July 19 Incident, including the impact of our customer commitment packages, and general economic and geopolitical conditions.”

Annual report 2026A · The company itself

“In particular, because we have been involved in the identification of organized cybercriminals and nation-state actors, we have been the subject of intense efforts by sophisticated cyber adversaries who seek to compromise our systems. Such efforts may also intensify as geopolitical tensions increase.”

Annual report 2026A · The company itself

“Changing political environments in the United States and abroad may amplify the media and political scrutiny we face. Negative publicity about us, including about our management, the efficacy and reliability of our Falcon platform, our products offerings, our professional services, and the customers we work with, even if inaccurate, has in the past adversely affected, and may in the future adversely affect, our reputation and brand.”

Annual report 2026A · The company itself

“These international operations will require significant management attention and financial resources and are subject to substantial risks, including: •greater difficulty in negotiating contracts with standard terms, enforcing contracts and managing collections, and longer collection periods; 33 Table of Contents •higher costs of doing business internationally, including costs incurred in establishing and maintaining office space and equipment for our international operations; •management communication and integration problems resulting from cultural and geographic dispersion; •risks associated with trade restrictions and foreign legal requirements, including any importation, certification, and localization of our Falcon platform that may be required in foreign countries; •greater risk of unexpected changes, or threat of changes, in regulatory practices, tariffs, and tax laws and treaties or the application thereof; •compliance with anti-bribery laws, including, without limitation, compliance with the U.S.”

Annual report 2026A · The company itself

“The technology industry has experienced widespread component shortages and delivery delays, including as a result of geopolitical tensions (including actual or threatened changes in tariffs and trade restrictions), public health crises and natural disasters. We may also experience component shortages and pricing increases from certain of our suppliers as a result of increased demand for such components.”

Annual report 2026A · The company itself

“We are subject to anti-corruption, anti-bribery and similar laws, and non-compliance with such laws can subject us to criminal penalties or significant fines and harm our business and reputation. We are subject to the U.S. Foreign Corrupt Practices Act of 1977, as amended (“FCPA”), the U.K. Bribery Act 2010 and other anti-corruption, anti-bribery, anti-money laundering and similar laws in the United States and other countries in which we conduct activities.”

Annual report 2026A · The company itself

“Table of Contents OUTLOOK The uncertain global trade environment, characterized by tariffs, export controls and broader geopolitical tensions, has created significant market volatility while introducing uncertainty around future demand for capital goods as well as potential impacts to our supply chain and our related product costs. Given the breadth, severity and uncertain duration of these global trade measures, our outlook presented below could be negatively impacted by policy-driven volatility.”

Annual report 2025A · The company itself

“Sanctions and trade tensions are disrupting global trade routes and increasing operational complexity”

Annual report 2025A · The company itself

“Looking forward to 2026 As we enter 2026, macroeconomic conditions and geopolitical tensions continue to shape the market outlook, with sanctions and Our strategy towards 2030 is already beginning to take shape and the initiatives implemented during 2025 have given us a head start, highlighting the direction we are taking to create longterm value. trade conflicts adding to uncertainty. These dynamics are disrupting global trade routes and increasing operational complexity, contributing to tighter market conditions and supporting freight rates.”

Annual report 2025A · The company itself

“Market volatility and structural constraints Volatility will remain a defining feature of freight markets, driven by macroeconomic fragmentation, heightened geopolitical risk and structurally constrained global fleet growth. Supply growth is under pressure due to a historically low orderbook, an ageing global fleet and increasingly stringent environmental regulations that limit the addition of new tonnage.”

Annual report 2025A · The company itself

“As we enter 2026, macroeconomic conditions and geopolitical tensions continue to shape the market outlook. Sanctions and trade tensions are disrupting global trade routes and increasing operational complexity, adding to even higher uncertainty.”

Annual report 2025A · The company itself

“Key uncertainties in 2026 are geopolitical factors and the development of the coal trade, which has been highly volatile in recent years.”

Annual report 2025A · The company itself

“Political uncertainty remains a key driver, and any changes to sanctions or trade flows could significantly alter the outlook.”

Annual report 2025A · The company itself

“In the latter part of 2025, the industry faced elevated geopolitical risk, most notably illustrated by the US and China trade dispute, which led to the introduction of significant port fees for selected vessels.”

Annual report 2025A · The company itself

“•Economic, political, geopolitical, legal, compliance, social and business factors (including the impact of military conflicts), both in the U.S. and outside the U.S., can negatively affect our business and financial statements.”

Annual report 2025A · The company itself

“Our facilities, supply chains, distribution systems and IT systems are subject to catastrophic loss due to fire, flood, cyber-attack, earthquake, hurricane, power shortage or outage, public health crisis (including epidemics and pandemics) and the reaction thereto, war, terrorism, riot, public protest or other natural or man-made disasters, such as the COVID-19 pandemic and the damage caused to our facilities by Hurricane Maria in Puerto Rico in 2017.”

Annual report 2025A · The company itself

“The supply chains for our businesses can be disrupted by inflation, supplier capacity constraints, fluctuations in demand, decreased availability of key raw materials or commodities, legislative or regulatory changes, bankruptcy or exiting of the business for other reasons and external events such as natural disasters, pandemic health issues, war, terrorist actions and governmental actions (such as trade protectionism).”

Annual report 2025A · The company itself

“The risks we encounter in such countries include but are not limited to the following: •Joint ventures that we participate in can include restrictions that could compromise our control over the intellectual property, technology and proprietary information of the joint venture; •As we expand our operations globally, increasing amounts of our data, intellectual property and technology is used and stored in countries outside the United States, and regulations in certain countries require data to be stored locally.”

Annual report 2025A · The company itself

“Military conflicts (such as the conflicts between Russia and Ukraine and in the Middle East) can adversely affect our business and financial statements. Military conflicts (such as the conflicts between Russia and Ukraine and in the Middle East) can adversely affect our business and financial statements, including as a result of sanctions, embargoes, regional instability, geopolitical shifts and adverse impacts on energy supplies and prices.”

Annual report 2025A · The company itself

“Unfavorable conditions in the economy both in the United States and abroad, including conditions resulting from changes in gross domestic product growth in the United States or abroad, changes in trade policies, such as trade wars, tariffs or other trade restrictions or the threat of such actions, financial and credit market fluctuations, fluctuating inflation and interest rates, international trade relations, political turmoil, natural catastrophes, outbreaks of contagious diseases, warfare and terrorist attacks on the United States, Europe, the Asia Pacific region or elsewhere, such as the conflicts in Ukraine and the Middle East, could cause a decrease in business investments, including spending on information technology, disrupt the timing and cadence of key industry events, and negatively affect the growth of our business and our results of operations.”

Annual report 2025A · The company itself

“Furthermore, our activities are subject to U.S. economic sanctions laws and regulations administered by the Office of Foreign Assets Control that prohibit the shipment of most products and services to embargoed jurisdictions or sanctioned parties without the required export authorizations.”

Annual report 2025A · The company itself

“General economic conditions Certain economic conditions, including, among others, geopolitical and global economic volatility and instability, inflationary conditions and interest rate volatility, fluctuations in foreign currency exchange rates or regulatory requirements, trade disputes, labor supply shortages and other challenging labor market conditions have continued to put pressure on our existing cost structure, including among other things, staffing, labor and supply costs. We expect that certain of those increased costs will persist in the near term as inflationary and supply chain pressures and challenging labor market conditions continue.”

Annual report 2025A · The company itself

“Our suppliers may experience prolonged supply chain disruptions due to macroeconomic conditions, global events, geopolitical instability, trade disputes, natural disasters or severe weather events, product recalls, logistical challenges, fluctuations in foreign currency exchange rates, varying regulatory requirements or other shortages or disputes, and we may not be able to find adequate alternative sources for these products or services on a timely or cost-effective basis.”

Annual report 2025A · The company itself

“As malicious cyber activity escalates, including activity that originates outside of the U.S., and as we continue with certain remote work arrangements and a broadened technology footprint, the risks we face relating to the transmission, storage and processing of data within our network and our use of service providers outside of our network have intensified.”

Annual report 2025A · The company itself

“As a result, we are exposed to geographic concentration risk arising from regional and global economic conditions, changes in diplomatic and trade relationships (including the imposition of new or increased tariffs), political and social instability, armed conflict, disease outbreaks, natural disasters, and other regulatory, environmental, and geopolitical developments.”

Annual report 2026A · The company itself

“Trends And Uncertainties Impacting Our Business And Industry Our business and industry are subject to several important trends and uncertainties, including the following: Macroeconomic and Geopolitical Factors •Macroeconomic factors, including inflationary pressures, increased tariffs, rising supply chain costs, high interest rates, foreign currency exchange rate volatility, escalating global conflicts, changes in discretionary spending, and recession risks, are creating a complex and challenging environment for our business and industry that may continue to pressure our results of operations, including our gross margin.”

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

“Factors contributing to weak or unstable global or regional economic conditions, including those attributable to geopolitical volatility associated with terrorism, military conflicts (including the Iran conflict), and other events, extreme weather (such as wildfires or flooding), international trade protection measures and disputes, or public health issues, also could harm our business by contributing to product shortages or delays, supply chain disruptions, insolvency of key suppliers, customers and counterparties, increased product costs and associated price increases, reduced global sales, and other adverse effects on our operations.”

Annual report 2026A · The company itself

“We anticipate that our systems, networks, and employees will continue to be targeted by criminal and other threat actors with increasing frequency and potential harm. We expect attacks by nation state actors and their agents to intensify during periods of geopolitical conflict.”

Annual report 2026A · The company itself

“Our international operations face many risks and uncertainties, including varied local economic and labor conditions; political instability; public health issues; changes in the U.S. and international regulatory environments; the impacts of trade protection measures, including increases in tariffs and trade barriers, and other changes in international trade arrangements that could adversely affect our ability to conduct business in non-U.S. markets; changes in tax laws; potential theft or other compromise, and limited or unfavorable protection, of our technology, data, or intellectual property; copyright levies; and volatility in foreign currency exchange rates. We could incur additional operating costs, or sustain supply chain disruptions, due to any such changes.”

Annual report 2026A · The company itself

“Terrorist attacks, geopolitical conflict or security events may adversely affect our business, financial condition and results of operations. Terrorist attacks, geopolitical conflict or security events, or the fear or threat of any of these events, could have a significant adverse effect on our business.”

Annual report 2025A · The company itself

“In addition, the impact on our operations of avoiding areas of the world, including airspace, in which there are geopolitical conflicts and the targeting of commercial aircraft by parties to those conflicts can be significant.”

Annual report 2025A · The company itself

“Terrorist attacks, geopolitical conflict or security events, or the fear or threat of any of these events, even if not made directly on or involving the airline industry, could have a significant negative impact on us by discouraging or preventing passengers from flying, leading to decreased ticket sales and increased refunds. In addition, potential costs from these types of events include increased security costs, impacts from avoiding flight paths over areas in which conflict is occurring or could occur, such as flight redirections or cancellations, reputational harm and other costs.”

Annual report 2025A · The company itself

“Our international operations are an important part of our route network. Political disruptions and instability around the world can negatively impact the demand and network availability for air travel.”

Annual report 2025A · The company itself

“•We operate in a highly competitive market and face competition from large, well-established companies with significant resources, and, as a result, we may not be able to compete effectively. •We are subject to a variety of risks due to our international operations that could adversely affect our business, our operations or profitability and operating results. •We are subject to complex and evolving U.S. and foreign laws and regulations and other requirements regarding privacy, data protection, security, and other matters.”

Annual report 2025A · The company itself

“Given that we maintain offshore manufacturing facilities, country of origin reporting could have an impact on our business.”

Annual report 2025A · The company itself

“These conditions have been adversely impacted by continued global economic uncertainty, political instability and military hostilities in multiple geographies, concerns over continued sovereign debt, potential recessions, a potential U.S. federal government shutdown, monetary and financial uncertainties in Europe and other international jurisdictions, and global health pandemics.”

Annual report 2025A · The company itself

“Our operations and performance depend on worldwide economic and political conditions. These conditions have been adversely impacted by continued global economic uncertainty, political instability and military hostilities in multiple geographies, monetary and financial uncertainties in Europe and other international countries, global health pandemics, rising interest rates, and domestic and global inflationary trends.”

Annual report 2025A · The company itself

“The war in Ukraine continued in 2025 to suppress both ferry and logistics earnings in the Baltic region”

Annual report 2025A · The company itself

“A significant amount of freight ferry capacity was deployed on the corridor between Türkiye and Italy by a competitor”

Annual report 2025A · The company itself

“Forward-looking statements can also be impacted by, but not limited to: competitor actions, supply chain disruptions, political changes, regulatory developments, changes in economic variables, and extraordinary events such as virus outbreaks and geopolitical instability.”

Annual report 2025A · The company itself

“The war in Ukraine continued in 2025 to suppress both ferry and logistics earnings in the Baltic region.”

Annual report 2025A · The company itself

“To mitigate this situation, a space charter agreement with TT Line, effective from October 2025, is expected to bring both commercial and cost benefits.”

Annual report 2025A · The company itself

“The result for 2025 includes lossmaking activities totalling more than DKK 0.5bn related to mainly TES, Mediterranean, parts of the Nordic and Continent logistics activities as well as some other activities.”

Annual report 2025A · The company itself

“We rely on third parties to provide the equipment, materials and services needed for our construction and development needs. Our global supply chain and development activities could be impacted by disruptions, such as political events, international trade disputes and tariffs, war, terrorism, natural disasters, public health issues, industrial accidents, national security concerns, pandemics and other business interruptions, which could impact our ability to meet delivery timelines, including delivery timelines to our customers.”

Annual report 2025A · The company itself

“Due to the political tensions involving China, the conflict between Russia and Ukraine and the conflict in the Middle East, there is an increased likelihood that escalation of tensions could result in cyberattacks that could directly or indirectly impact our operations.”

Annual report 2026A · The company itself

“Such systems are subject to damage or interruption from power surges and outages, facility damage, physical theft, computer and telecommunications failures, inadequate or ineffective redundancy, malicious code (including malware, ransomware, or similar), successful attacks (e.g., account compromise; phishing; denial of service; and application, network or system vulnerability exploitation), software upgrade failures or code defects, natural disasters and human error. Due to the political tensions involving China, the conflict between Russia and Ukraine and the conflict in the Middle East, there is an increased likelihood that escalation of tensions could result in cyberattacks that could either directly or indirectly impact our operations.”

Annual report 2026A · The company itself

“War, acts and threats of terrorism, intentional acts and other significant events could adversely affect the Companies’ operations. The Companies cannot predict the impact that any future terrorist attacks or retaliatory military or other action may have on the energy industry in general or on the Companies’ businesses in particular.”

Annual report 2025A · The company itself

“Geopolitical instability causes tension and unrest. Global trade flows and economies are impacted”

Annual report 2025A · The company itself

“However, in 2025 this relationship weakened as global GDP growth slowed amid trade tensions and geopolitical uncertainty, while trade volumes were further constrained by tariffs and supply chain adjustments due to macroeconomic risks.”

Annual report 2025A · The company itself

“Robinson Others 21% Top 6-20 60% Others, estimated Trends Their impact Our response Geopolitical instability and protectionism Geopolitical instability causes tension and unrest. Global trade flows and economies are impacted by factors like protectionism, trade wars, and political and military conflicts.”

Annual report 2025A · The company itself

“The war in Ukraine and the conflict in the Middle East continued to contribute to geopolitical tensions and disruptions to the global supply chains during the year.”

Annual report 2025A · The company itself

“The current market uncertainties related to trade tariffs, the geopolitical landscape and macroeconomic factors are expected to persist. These factors may impact the global trade environment and activity levels, and unforeseen changes may impact our financial outlook.”

Annual report 2025A · The company itself

“Macroeconomy: Navigating volatility and protectionism Global economic conditions are affected by geopolitical tensions, inflation, interest rate fluctuations and trade conflicts, including trade tariffs. Protectionist measures, trade barriers and geopolitical disruptions, such as country conflicts and instability or potential tensions, could significantly impact global trade volumes and supply chain stability.”

Annual report 2025A · The company itself

“Swift reaction is needed to keep supply chains flowing, both in terms of providing alternative routings and transport modes short-term and helping our customers adapt and optimise their long-term supply chains. With our strong global network and flexible business model, DSV is in a good position to adjust our operations and support our customers with both shortand long-term solutions.”

Annual report 2025A · The company itself

“A significant disruption to interstate pipelines capacity or reduction in natural gas supply due to events including, but not limited to, operational failures or disruptions, hurricanes, tornadoes, floods, freeze off of natural gas wells, terrorist or cyberattacks or other acts of war or legislative or regulatory actions or requirements, including remediation related to integrity inspections or regulations and laws enacted to address climate change, could reduce the normal interstate supply of natural gas and thereby reduce earnings.”

Annual report 2025A · The company itself

“Trade regulations, policies and disputes as well as geopolitical changes and trends such as populism, protectionism and economic nationalism can and have resulted in increased tariffs and trade barriers, which can and have limited DuPont’s ability to sell certain products to certain customers, and have otherwise impacted its global supply and distribution chains and research and development activities. The extent, duration or escalation in specific trade tensions, such as between the U.S. and China, or in the global trade conflict more broadly, could be harmful to global economic growth, increase market uncertainty and volatility and adversely impact the Company’s business in or with China or other countries.”

Annual report 2025A · The company itself

“Our global business is sensitive to macroeconomic conditions. Macroeconomic downturns may have an adverse effect on our business, results of operations and financial condition, as well as our distributors, customers and suppliers, and on activity in many of the industries and markets we serve. Among the economic factors that may have such an effect are disruptions in financial markets; adverse changes in the availability and cost of capital; economic downturns; military conflicts; wars; terrorism; pandemics, epidemics and public health emergencies; political changes and trends; tariffs and retaliatory counter measures; monetary policies; interest rates; inflation and deflation; recessions; commodity prices; currency volatility or exchange control; and ability to expatriate earnings.”

Annual report 2025A · The company itself

“Operating globally subjects Eaton to various risks, including, but not limited to, economic and political instability, including war or armed conflict, changes in government policies, expropriation, nationalization, and other political, economic, or social developments; complex and continually changing government laws, regulations and policies; increased tariffs, trade barriers, trade agreements, and other restrictions on international trade; trade laws and trade treaties that impact our effective tax rate; supply chain disruptions, including, as a result of natural disasters, transportation disruptions, and geopolitical events; currency fluctuations, which can affect the value of our foreign currency revenues, expenses, and cash flows; inadequate intellectual property protections in foreign jurisdictions that could result in the unauthorized use or infringement of our intellectual property; adverse consumer sentiment for non-local products; and local labor market conditions.”

Annual report 2025A · The company itself

“We have experienced in the past and may continue to experience shortages driven by raw material availability (which may be negatively impacted by, among other things, trade protection policies such as tariffs and or/escalating trade tensions, particularly with countries in Asia), manufacturing capacity, labor shortages, industry allocations, natural disasters, logistical delays and significant changes in the financial or business conditions of its suppliers that negatively impact our operations.”

Annual report 2025A · The company itself

“We depend on suppliers, including suppliers with manufacturing in China and other countries, for various materials in our Hybrid MNO, satellite and related infrastructure, Pay-TV and Wireless businesses. Changes in U.S. or foreign trade policies, including, but not limited to, new or increased tariffs, export controls, trade restrictions or sanctions, have resulted, and may continue to result, in higher costs for the wireless devices and other equipment we procure.”

Annual report 2025A · The company itself

“Launch anomalies and failures can result in significant delays in the deployment of satellites because of the need both to construct replacement satellites, which can take significant amounts of time and to obtain other launch opportunities.”

Annual report 2025A · The company itself

“Yet, the potential for catastrophic wildfire activity in SCE's service area still exists. In 2025, a Continuation Account within the Wildfire Fund was established under SB 254 to supplement the Initial Account within the Wildfire Fund that was established in 2019.”

Annual report 2025A · The company itself

“Edison International and SCE could be materially and adversely impacted by catastrophic, macroeconomic and geopolitical events, such as the effects of increased inflationary pressures and interest rates, potential economic downturns or recessions, geopolitical pressures, and pandemics and regional health emergencies.”

Annual report 2025A · The company itself

“Additionally, the geopolitical developments involving the Russia-Ukraine conflict, China and the Middle East, could cause delays and disruptions in the supply chain and the availability and timely delivery of services, materials and components used in SCE’s operations.”

Annual report 2025A · The company itself

“Global GDP growth outlook remains modest, with downside risks in the form of regional conflicts, geopolitical instability and shifts towards protectionist trade policies, threatening supply disruptions.”

Annual report 2024A · The company itself

“Geopolitical tensions, sanctions and regulatory framework conditions have gained importance over recent years. Elkem operates in various countries and may face trade tensions, sanctions, and changes in regulatory frameworks.”

Annual report 2024A · The company itself

“Actual Yes Yes Positive High Long OO, VC Human rights violations, and rights of indigentous people, are a potential negative impact through Elkems sourcing, e.g. quartz mining, biocarbon sourcing, hydropower, deforestation, and land and resource use.”

Annual report 2024A · The company itself

“Raw material sourcing There are high environmental and social risks associated with the extraction and production of raw materials in Elkem’s value chain. To mitigate these risks, Elkem has implemented a range of measures, including signature of the Business Party Code of Conduct, integrity due diligence for intermediaries and producers, and on-site supplier audits for critical raw material suppliers.”

Annual report 2024A · The company itself

“Dual-play growth means driving growth and value creation in all divisions while securing supply chain resilience through geographical diversification.”

Annual report 2024A · The company itself

“Customers Elkem is committed to ensuring safe and responsible practices throughout its downstream value chain. This includes adherence to international sanctions and trade controls, and strict regulatory and technical standards across all markets, supported by a robust global compliance framework.”

Annual report 2024A · The company itself

“Under året har också tidigare identifierade risker till följd av det pågående kriget i Ukraina kvarstått. Risker kopplat till efterfrågan, inflation och valutor på grund av det instabila läget har haft stor påverkan under hela året och bedöms vara fortsatt signifikanta även för nästkommande år.”

Annual report 2024A · The company itself

“Our Operations Depend on Production Facilities Throughout the World, a Majority of Which Are Located Outside the United States and Subject to Increased Risks of Disrupted Production, Causing Delays in Shipments and Loss of Customers and Revenue We manage businesses with manufacturing facilities worldwide, a majority of which are located outside the United States, and also source certain materials globally. Emerging market sales represent over one-third of total sales and serving a global customer base requires that we place more materials sourcing and production in emerging markets to capitalize on market opportunities and maintain a best-cost position. Our and our suppliers’ non-U.S. production facilities and operations could be disrupted by weather and natural disaster (including the potential effects of climate change), labor strife, war (including the Russia-Ukraine and other global conflicts), political unrest, terrorist activity or public health concerns such as an epidemic or pandemic, particularly in emerging countries that are not well-equipped to handle such occurrences.”

Annual report 2025A · The company itself

“Our U.S. and international operations subject the Company to changes in government regulations and policies in a large number of jurisdictions around the world, including those related to trade, investments, taxation, exchange controls and repatriation of earnings. Changes in laws or policies (including their interpretations) governing the terms of foreign trade, trade restrictions or barriers, tariffs or taxes, trade protection measures, and retaliatory countermeasures, including on imports from countries where we manufacture products, could adversely impact our business and financial results.”

Annual report 2025A · The company itself

“I allt högre grad anses telekomnät - verk vara kritisk infrastruktur för samhället och står inför ökande cybersäkerhetshot. Investeringar för att skydda mobilnät och digital kommunikation är ett prioriterat område som har fått ytterligare fokus på grund av en mer osäker global situation, där färska undersökningar tyder på att många operatörer ännu inte har investerat tillräckligt.”

Annual report 2024A · The company itself

“Strategiset riskit Voimistuneet geopoliittiset jännitteet ylläpitävät epävarmuutta maailmantalouden kehittymisestä. Kansainvälisen politiikan käänteet voivat muuttaa markkinaympäristöä, ja esimerkiksi puhtaan energiasiirtymän hankkeet saattavat hidastua.”

Annual report 2025A · The company itself

“Riski Arvoketjun alkupää, oma toiminta, arvoketjun loppupää Keskipitkä–pitkä Korruptio ja lahjonta Enersensen Baltian toiminnot ovat alttiimpia korruptiolle ja lahjonnalle: haavoittuvuus voi lisääntyä alueellisen markkinan pienen koon, paikallisten säännösten ja käytäntöjen epäselvyyden sekä mahdollisten liiketoimintakäytäntöjen, kuten epävirallisten verkostojen ja erilaisten neuvottelumuotojen käytön vuoksi. Jos korruptiota ja lahjontaa havaitaan, se voi aiheuttaa taloudellisia vahinkoja sakkojen, maineen vahingoittumisen ja mahdollisten asiakkaiden menettämisen muodossa. Riski Arvoketjun alkupää, oma toiminta Lyhyt–keskipitkä Tulosten vaikutukset liiketoimintamalliin, arvoketjuun, strategiaan ja päätöksentekoon Yhtiö kehittää prosesseja, joilla analysoidaan tunnistettujen vaikutusten, riskien ja mahdollisuuksien vaikutuksia liiketoimintamalliin ja arvoketjuun.”

Annual report 2025A · The company itself

“Sodan vaikutus Enersenseen ja sen liiketoimintaan Meneillään olevat kansainväliset konfliktit ylläpitävät geopoliittisia jännitteitä ja epävarmuutta maailmantalouden kehittymisestä, mikä on osittain vaikuttanut investointiympäristöön negatiivisesti. Investointiympäristön muutoksella saattaa olla negatiivinen vaikutus Enersensen taloudelliseen tilanteeseen ja tiettyihin taseen arvostettaviin eriin.”

Annual report 2025A · The company itself

“Höga räntenivåer och ovisshet kring presidentvalet i USA har bidragit till osäkerhet som också sammanfallit med interna utmaningar.”

Annual report 2024A · The company itself

“Osäkerhet kopplat till rådande omvärlds- och konjunktursituation med hög inflation, räntehöjningar, valutaeffekter samt den geopolitiska oron i världen med allt fler väpnade konflikter har haft viss påverkan på engcon under året.”

Annual report 2024A · The company itself

“Det rådande omvärldsläget med osäkerhet kopplat till politisk oro, ökande protektionism och väpnade konflikter samt konjunktursituation kan påverka efterfrågan på våra produkter.”

Annual report 2024A · The company itself

“Politiska, makroekonomiska och andra händelser som väpnade konflikter kan få direkt eller indirekt effekt på vår marknad.”

Annual report 2024A · The company itself

“Our operations in jurisdictions outside the U.S. are subject to various risks inherent in foreign operations. These risks include, among other risks: •increases in taxes and governmental royalties; •additional and potentially unfamiliar laws and policies governing the operations of foreign-based companies and changes in such laws and policies; •loss of revenue, loss of or damage to equipment, property and other assets and interruption of operations as a result of expropriation, nationalization, acts of terrorism, war, civil unrest and other political risks; •unilateral or forced renegotiation, modification or nullification of existing contracts with governmental entities; •difficulties enforcing our rights against a governmental agency because of the doctrine of sovereign immunity and foreign sovereignty over international operations; •competition from companies that have established strategic long-term positions or have strong governmental relationships in the foreign jurisdictions in which we operate; and •currency restrictions and exchange rate fluctuations.”

Annual report 2025A · The company itself

“Terrorist activities and military and other actions could materially and adversely affect us. Terrorist attacks and the threat of terrorist attacks (including cyber-related attacks), whether domestic or foreign, as well as military or other actions taken in response to these acts, could cause instability in the global financial and energy markets.”

Annual report 2025A · The company itself

“För havsbaserad vind lades dessutom ökad politisk osäkerhet och säkerhetspolitiska aspekter till en redan utmanande situation.”

Annual report 2024A · The company itself

“I november 2024 avslog den svenska regeringen sammanlagt 13 ansökningar om att etablera havsvindkraft i Östersjön med hänvisning till försvarsintressen. Två av dessa projekt tillhörde Eolus: Skidbladner (1 GW) och Arkona (1,2 GW).”

Annual report 2024A · The company itself

“I en sektor med exponering för politiska beslut, ändrade regleringar och snabb teknisk utveckling gör det att vi både kan minimera risk och snabbt omallokera resurser när nya möjligheter uppstår.”

Annual report 2024A · The company itself

“Lokal acceptans är en utmaning för vindkraften och incitament är viktiga för att skapa bästa förutsättningar för utbyggnaden. Skidbladner och Arkona var två av totalt tretton projekt för havsbaserad vindkraft i Östersjön som regeringen i slutet av året avslog med hänvisning till försvarsintressen.”

Annual report 2024A · The company itself

“Med en europeisk och framförallt nordisk marknad som präglades av förlängda säljcykler och politisk osäkerhet presterade Eolus ändå god framdrift av såväl projekt under utveckling och byggnation som kommersialisering på samtliga marknader.”

Annual report 2024A · The company itself

“Då anläggningar för förnybar energi involverar långa, komplexa och globala leverantörskedjor finns det risker kopplade till miljöbrott, korruption, dåliga arbetsvillkor och brott mot mänskliga rättigheter vid exempelvis tillverkning och byggnation.”

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

“Detta innebär att Eolus direkt och indirekt är exponerat för geopolitiska konflikter och politisk och handelspolitisk instabilitet, som exempelvis Trumpadministrationens tullpolitik. Mot denna bakgrund finns risk för störningar i leveranskedjan, tillgång till nödvändiga personalresurser, påverkan på tillståndsgivning för projekt på flera marknader kopplat till försvarsaspekter och minskat intresse för investeringar i projekt belägna i eller i närheten av exempelvis Ryssland och Ukraina.”

Annual report 2024A · The company itself

“De nyinvesteringar som följer när industrier återetableras i västvärlden bidrar till ökad efterfrågan på koncernens produkter.”

Annual report 2024A · The company itself

“Ett försämrat geopolitiskt läge kan å andra sidan försvåra försäljning och produktion.”

Annual report 2024A · The company itself

“2024 var ett mellanår för Ependion på en marknad som kännetecknades av geopolitisk osäkerhet och försämrad konjunktur, vilket resulterade i avvaktande kunder och svagare efterfrågan på affärsenheternas produkter och lösningar.”

Annual report 2024A · The company itself

“Orderingången ökade 6 % till MSEK 62 213 (58 899), motsvarande en organisk tillväxt på 3%. Förvärv bidrog med 5% medan valutan påverkade negativt med -2%. • Nordamerika (27 % av orderingång): +16% • Sydamerika (13% av orderingång): -1% • Europa (13 % av orderingång): +11% • Afrika/Mellanöstern (16 % av orderingång): +3% • Asien/Australien (31% av orderingång): +6% Försäljningsbrygga Orderingång Intäkter MSEK MSEK Organisk 3 2 Valuta -2 -2 Struktur/övrigt 5 5 Intäkter Intäkterna ökade 5% till MSEK 63 604 (60 343) motsvarande en organisk tillväxt om 2%.”

Annual report 2024A · The company itself

“Instabilitet och geoekonomiska konfrontationer som påverkar verksamheten kan uppstå till följd av regeringsskiften, militär kontroll, krig eller spänningar mellan länder. Dessa kan leda till förändringar i regelverk, till exempel protektionistisk handelspolitik som påverkar Epirocs bransch, leveranskedja och logistik, eller påverkar Epiroc på geografiska marknader.”

Annual report 2024A · The company itself

“Dock kvarstår geopolitiska osäkerheter som en betydande risk, där protektionistiska policyer potentiellt kan driva inflation och skapa utmaningar för den globala handeln.”

Annual report 2024A · The company itself

“I takt med EQT:s globala expansion har exponeringen för globala utmaningar, däribland geopolitiska risker och klimatrisker, ökat under 2024.”

Annual report 2024A · The company itself

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

Annual report 2024A · The company itself

“Ett ökat skifte mot en multipolär värld Risk för begränsade investeringar och värdeskapandemöjligheter till följd av geopolitiska spänningar, protektionistisk politik och fragmenterade globala marknader, vilket kan påverka kapitalanskaffningen, portföljresultatet och gränsöverskridande aktiviteter. Potentiell påverkan: — Vissa sektorer och geografiska områden där EQT-fonderna har investerat blir mindre attraktiva, vilket kan göra EQT mindre konkurrenskraftigt vid kapitalanskaffning på lång sikt. — Minskade resultat i portföljbolag med globala leverantörskedjor. — Restriktioner för vissa investeringar i strategiska sektorer och geografiska områden kan minska EQT-fondernas avyttringsmöjligheter. — Kan på längre sikt försämra EQT:s förmåga att attrahera kapital från investerare i vissa länder eller regioner.”

Annual report 2024A · The company itself

“Risk Factors Risks Related to the Macro Environment Geopolitical events and political tensions contribute to an already complex landscape, and could have a negative effect on our global business operations. Geopolitical events, including trade tensions between the U.S. and other countries, the war between Russia and Ukraine, and ongoing conflicts in the Middle East, could negatively affect our global operations, and their future impact remains unpredictable.”

Annual report 2025A · The company itself

“Terrorist activity, or other acts of violence, including violence stemming from the current climate of political and economic uncertainty, could adversely impact our business. The continued threat of terrorist activity and other acts of war or hostility both domestically and abroad by terrorist organizations, organized crime organizations, or other criminals along with violence stemming from political unrest, contribute to a climate of political and economic uncertainty in many of the regions in which we operate. Due to existing or developing circumstances, we may need to incur additional costs in the future to provide enhanced security, including cybersecurity and physical security, which could have a material adverse effect on our business and results of operations.”

Annual report 2025A · The company itself

“Mot slutten av året oppsto det ny usikkerhet knyttet til europeisk gassforsyning, noe som presset EU ETS-prisen oppover.”

Annual report 2024A · The company itself

“Geopolitiske spenninger, økende proteksjonisme og mulige handelsbarrierer bidrar også til større usikkerhet knyttet til hvordan politikk og tiltak som støtter energiomstillingen vil utvikle seg.”

Annual report 2024A · The company itself

“I Europa har uroen i energimarkedene etter Russlands invasjon av Ukraina ført til økt bekymring for forsyningssikkerhet og energipriser, som sentrale pillarer i “energitrilemmaet”. Økt etterspørsel etter energi i en mer usikker verden har medført at både nasjoner og industrielle partnere har erkjent at pålitelige og ansvarlige energileverandører har en viktig rolle i å opprettholde økonomisk stabilitet.”

Annual report 2024A · The company itself

“Vår tilstedeværelse krever naturligvis varierende grad av samhandling med og potensiell påvirkning på lokalsamfunn. Derfor er arbeidet med å håndtere potensielle negative påvirkninger på medlemmer av lokalsamfunn en fortsatt prioritet i våre prosjekter og ansett som en del av vårt omfang for arbeidet med aktsomhetsvurderinger. De som potensielt er utsatt for vesentlige påvirkninger, er hovedsakelig de som bor eller jobber i nærheten av våre driftssteder.”

Annual report 2024A · The company itself

“Equinor har en lang historie med landbasert leting og oljeproduksjon i Libya, der det fortsatt er overordnete risikoer knyttet til pågående politisk ustabilitet. På tvers av våre partneropererte eiendeler er de mest betydelige potensielle påvirkningene for våre aktiviteter rettet mot helse, sikkerhet og sikring for arbeidere, entreprenører og lokalsamfunn. I 2024 fortsatte vi vår innsats for å styrke dialogen med våre lokale partnere ved å levere anti-korrupsjon og menneskerettighetsopplæring til våre leverandører, og gjennom diskusjoner med eksterne sikkerhetseksperter.”

Annual report 2024A · The company itself

“Videre er enkelte deler av vår verdikjede lokalisert i områder med mindre avanserte helse- og sikkerhetsstandarder og reguleringer. Viktige helse- og sikkerhetsrisikoer i vår verdikjede inkluderer storulykke, arbeidsrelatert skade og arbeidsrelatert sykdom.”

Annual report 2024A · The company itself

“Internasjonal politikk og geopolitiske endringer Politisk, økonomisk og samfunnsmessig utvikling eller ustabilitet i regioner hvor Equinor har eierinteresser, eller vil søke etter framtidige muligheter, kan ha negativ innvirkning på Equinors virksomhet og føre til økonomisk tap. Politisk ustabilitet, sivile konflikter, streik, opprør, terror- og krigshandlinger, sanksjoner, geopolitisk konkurranse og handelstvister, reaksjoner på økonomisk press og folkehelsesituasjoner (inkludert pandemier), fiendtlige handlinger mot Equinors ansatte, anlegg eller infrastruktur (som transportsystemer eller digital infrastruktur) kan direkte eller indirekte forstyrre, begrense eller på annen måte påvirke Equinors virksomhet, prosjekter og forretningsmuligheter.”

Annual report 2024A · The company itself

“Eksempler på aktuelle faktorer som påvirker Equinors virksomhet, prosjekter og anlegg er sikkerhetssituasjonen i Europa og Midtøsten, politisk ustabilitet knyttet til forsyningskorridorer og forverring av handelsrelasjoner (f.eks. sanksjoner og toll) mellom politiske stormakter.”

Annual report 2024A · The company itself

“Equinor har virksomhet i enkelte land som mangler velfungerende og pålitelige rettssystemer, der håndhevelse av kontraktsmessige rettigheter er uviss, og hvor forvaltning, skatteregime og regulatoriske rammevilkår kan endre seg over tid, eller bli gjenstand for raske eller uventede endringer. Slike endringer kan legge begrensninger på våre planer, skape driftsforsinkelser, øke kostnader knyttet til etterlevelse av lover og regler, øke risikoen for rettssaker, påvirke salget av våre produkter, gjøre det nødvendig for oss å selge oss ut eller redusere driften, begrense tilgangen på nye muligheter og påvirke avsetninger til pensjon, skatt og juridisk ansvar.”

Annual report 2024A · The company itself

“Lete og utvinningsvirksomhet som Equinor driver i samarbeid med nasjonale oljeselskaper er underlagt betydelig statlig styring. De siste årene har myndigheter og nasjonale oljeselskaper i enkelte regioner utøvd større myndighet og pålagt energiselskapene strengere betingelser.”

Annual report 2024A · The company itself

“Sikkerhetstrusler kan oppstå som følge av terrorisme, kriminalitet, sabotasje, militær konflikt, sosial uro, maritim kriminalitet, innsidere og sosial manipulering og ulovlig eller voldelig aktivisme. Endringer i geopolitisk, politisk, teknologisk og sosial kontekst gjør at disse faktorene blir stadig mer uforutsigbare.”

Annual report 2024A · The company itself

“Equinor har en mangfoldig portefølje av prosjekter over hele verden, med virksomhet i markeder og sektorer som er underlagt sanksjoner og internasjonale handelsrestriksjoner. Sanksjoner og handelsrestriksjoner er komplekse og uforutsigbare, og iverksettes ofte på kort varsel.”

Annual report 2024A · The company itself

“Kiinassa markkinatilanne oli Eurooppaa parempi, mutta kauppasota lisäsi epävarmuutta myös siellä.”

Annual report 2025A · The company itself

“Kasvaneet geopoliittiset ja kauppapoliittiset jännitteet vaikeuttavat tulevaisuuden ennustamista ja lisäävät epävarmuutta markkinoilla, mikä vaikuttaa asiakkaidemme liiketoimintaan ja toimitusketjuihin, ja siten Etteplanin kysyntään.”

Annual report 2025A · The company itself

“Geopoliittisten ja kauppapoliittisten jännitteiden seurauksena markkinoiden epävarmuus on edelleen korkealla tasolla.”

Annual report 2025A · The company itself

“Industry Risks The current volatile international trade environment as a result of intergovernmental disputes, trade actions, increased tariffs and other geo-political risks may adversely impact our business and operating results. The United States has undertaken a substantial global tariff rebalancing effort, resulting in higher tariffs on imports, including significantly higher tariffs on goods made in China and sectoral tariffs on a range of materials and products.”

Annual report 2025A · The company itself

“In addition to being influenced by governmental policies and inter-governmental disputes concerning international trade, our business may also be negatively affected by political developments and changes in government personnel or policies in the United States and other countries, as well as economic turbulence, political unrest and security concerns in the nations and on the trade shipping routes in which we conduct business. The future impact that these events may have on international trade, oil prices and security costs is uncertain.”

Annual report 2025A · The company itself

“Seasonal changes in demand, impact from disruptions in the ocean market due to security concerns and variable demand for airfreight capacity from direct e-commerce business cause volatility in average buy rates on certain routes. Additionally, geopolitical concerns, inter-governmental trade disputes, new tariffs on imports into the U.S. and retaliatory actions from other countries create uncertainty in the economy and the trade environment.”

Annual report 2025A · The company itself

“Rate declines could continue in 2026 if demand softens and additional vessels are brought into service and passage through the Red Sea resumes.”

Annual report 2025A · The company itself

“General Risks •Macroeconomic downturns or uncertainties may harm our industry, business, and results of operations; •We face risks associated with having operations and employees located in Israel; •Our business is subject to the risks of earthquakes, fire, power outages, floods, and other catastrophic events, and to interruption by man-made problems such as terrorism; and •Climate change and associated regulation may have an impact on our business.”

Annual report 2025A · The company itself

“We face risks associated with having operations and employees located in Israel We have offices and employees located in Israel. As a result, political, economic, and military conditions in Israel and the surrounding region directly affect our operations.”

Annual report 2025A · The company itself

“In addition, cyber-attacks, acts of terrorism, or other geopolitical unrest could cause disruptions in our business or the business of our supply chain, manufacturers, logistics providers, partners, or end-customers or the economy as a whole. Any disruption in the business of our supply chain, manufacturers, logistics providers, partners or end-customers that impacts sales at the end of a fiscal quarter could have a significant adverse impact on our quarterly results.”

Annual report 2025A · The company itself

“Our size, scale and role in the financial markets increases our risk for cyber-attacks and our exposure to other cyber-security risks. We use third-party service providers for certain critical functions. We and our third-party service providers are subject to the risks of system failures, security breaches and cyber-attacks, such as those sponsored by nation-states, terrorist organizations, or global corporations seeking to illicitly obtain technology or other intellectual property, including through the use of generative AI, agentic AI, phishing scams, hacking, viruses, denial of service attacks, tampering, intrusions, physical break-ins, ransomware and malware, employee errors or malfeasance.”

Annual report 2025A · The company itself

“Our computer operations, as well as our other business centers, and those of our suppliers and clients, may be vulnerable to interruption by fire, natural disaster, public health crisis (e.g., pandemics), extreme weather or climate conditions, power loss, telecommunication failures, terrorist attacks, acts of war or civil unrest, internet failures, computer viruses, security breaches, employee or systems errors, and other events beyond our reasonable control.”

Annual report 2025A · The company itself

“Our costs and the demand for our products and services may be impacted by domestic and international factors that are beyond our control. Negative conditions in the general economy in either the U.S. or abroad, including conditions resulting from financial and credit market fluctuations, changes in economic policy, inflation rate fluctuations and trade uncertainty, including changes in tariffs, sanctions, international treaties and other trade restrictions, or other geopolitical events, such as the ongoing military conflicts between Russia and Ukraine and in the Middle East, natural and man-made disasters and public health crises (e.g., pandemics) could result in an increase in our costs and/or a reduction in demand for our products and services, which could have an adverse effect on our results of operations and financial condition.”

Annual report 2025A · The company itself

“Moreover, given the nature of our business and our global operations, political, economic, and other conditions in foreign countries and regions, including international taxes, government-to-government relations, the typically more volatile economies of emerging markets, and geopolitical risks such as the ongoing conflicts between Russia and Ukraine, the United States and Iran, and other -18- hostilities in the Middle East, may materially and adversely affect our business and results of operations. For example, our services in Ukraine remain limited, our services in Belarus remain suspended, we have exited our operations in Russia, and our services in the Middle East are impacted.”

Annual report 2026A · The company itself

“The TSA requires FedEx to comply with a Full All-Cargo Aircraft Operator Standard Security Plan, which contains evolving and strict security requirements. These requirements are not static, but change periodically as the result of regulatory and legislative requirements, imposing additional security costs and creating a level of uncertainty for our operations.”

Annual report 2026A · The company itself

“Also, China and certain other jurisdictions have enacted more stringent data localization requirements.”

Annual report 2026A · The company itself

“In addition, the direct and indirect effects of geopolitical conflicts, such as the Russia-Ukraine war and conflicts in the Middle East, have adversely affected global economic activity and transaction processing volumes. Worsening, or future, geopolitical conflicts could materially adversely affect global economic activity and our transaction volumes in the future.”

Annual report 2025A · The company itself

“BRICS countries are working to reduce their reliance on the U.S. dollar and Western financial infrastructure due to sanctions, wars, and tariffs. BRICS is an international organization currently comprised of 11 countries, including Brazil, Russia, India, China, South Africa, Saudi Arabia, Egypt, United Arab Emirates, Ethiopia, Indonesia, and Iran. Intelligence sources, along with peer assessments and other observers, suggest that cyber actors from some of the BRICS countries may conduct attacks on payment infrastructure, including third-party fintech services, to undermine trust in the Western financial infrastructure.”

Annual report 2025A · The company itself

“Acts of war or terrorism, international conflicts, political instability, natural disasters, power or communications failures, or widespread outbreak of an illness could negatively affect various aspects of our business, including our workforce and our business partners, make it more difficult and expensive to meet our obligations to our customers, and result in reduced revenue from our customers. Our global operations are susceptible to global events, including threats or acts of war, such as the Russia-Ukraine war and conflicts or tensions in the Middle East, threats or acts of terrorism, international conflicts, political instability, natural disasters, and power or communications failures. We are also susceptible to a widespread outbreak of an illness or other health issue or pandemic.”

Annual report 2025A · The company itself

“Toimintaympäristö oli läpi vuoden epävakaa, ja vuotta leimasivat työtaistelutoimet, kohonneet kustannukset sekä geopoliittinen ja taloudellinen epävarmuus keskeisillä markkinoillamme.”

Annual report 2025A · The company itself

“These examples show that established markets for PV solar development face uncertainties arising from policy, regulatory, and governmental actions. While the expected potential of the markets we are targeting is significant, policy promulgation and market development are especially vulnerable to governmental inertia, political instability, changing government policy and priorities, the imposition or lowering of trade remedies and other trade barriers, geopolitical risk, fossil fuel subsidization, potentially stringent localization requirements, and limited available infrastructure. Any negative impacts from changes in policy, regulatory, and governmental actions could negatively affect our business, reduce our net sales, profitability and/or market share, and consequently affect our results of operations, prospects, and financial condition.”

Annual report 2025A · The company itself

“Technology transitions, geopolitical uncertainty, tariffs, labor constraints, and sustainability expectations are increasing supply chain and manufacturing complexity.”

Annual report 2026A · The company itself

“Table of Contents •Global economic conditions and geopolitical uncertainty have in the past adversely affected, and could in the future adversely affect, our business, results of operations, financial condition, and access to capital markets. •The planned spin-off of our Cloud and Power Infrastructure businesses may not be completed on the terms or timeline currently contemplated, if at all, and involves significant costs and risks. •Tariffs, trade restrictions, export controls, and changes in trade policy, including heightened trade volatility and uncertainty regarding trade agreements, have in the past adversely affected, and could in the future adversely affect, our business, results of operations, and financial condition.”

Annual report 2026A · The company itself

“Our operations or systems have been, and could in the future be, disrupted by natural disasters, terrorist activity, public health issues, cybersecurity incidents, interruptions of service from utilities, or transportation or telecommunications providers, political crises and geopolitical conflicts (including armed conflicts such as the Russia-Ukraine conflict, which resulted in a missile strike on our Mukachevo, Ukraine facility in August 2025, as described under "International Risks-Global economic conditions and geopolitical uncertainty have in the past adversely affected, and could in the future adversely affect, our business, results of operations, financial condition, and access to capital markets." below), physical attacks on our senior leadership and/or our office locations, or other unforeseen or catastrophic events.”

Annual report 2026A · The company itself

“We have manufacturing and other facilities across the globe, including in regions affected by geopolitical conflicts and instability, such as Ukraine and Israel. Our facilities could be damaged, destroyed, or otherwise unable to operate due to war, acts of hostility, terrorist acts, or related disruptions, which could jeopardize our ability to develop, manufacture, and deliver products and adversely affect our business operations and results of operations.”

Annual report 2026A · The company itself

“For example, on August 21, 2025, a missile strike on our Mukachevo, Ukraine facility caused substantial physical damage and disrupted normal operations; in response, we activated contingency manufacturing plans and transitioned production to alternative facilities.”

Annual report 2026A · The company itself

“In addition, our operations have been, and could continue to be, disrupted by employee absences related to mandatory military service.”

Annual report 2026A · The company itself

“Regional conflicts, hostilities, or armed conflicts, or interruptions or curtailment of trade or transport between the countries where our facilities are located and their respective trading partners, have in the past, and could in the future, adversely affect our operations and results of operations.”

Annual report 2026A · The company itself

“Because we operate in the Americas, Asia, and Europe, we are subject to economic, political, regulatory, and social risks in the countries in which we operate, including currency fluctuations and exchange controls; labor unrest, labor shortages, and rising labor costs; longer payment cycles; inflationary pressures; changes in tax, customs, and regulatory regimes; trade restrictions and sanctions; supply chain disruptions; geopolitical instability and conflict; natural disasters; epidemics and pandemics; expropriation of private enterprises; and limitations on infrastructure, including power, water, transportation, and availability of raw materials and components.”

Annual report 2026A · The company itself

“Furthermore, regional conflicts, including the conflicts in Ukraine and the Middle East, including the conflict in Israel and recent U.S. military operations in Iran, and tension between China and Taiwan, could result in sanctions, regional market instability, increased energy and transportation costs, supply chain disruptions, and other adverse regional and global financial and economic conditions, any of which can impact the demand for, or our ability to sell, our products and services in the impacted regions.”

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

“In particular, geopolitical changes in China-Taiwan relations could disrupt the operations of several companies in Taiwan that are critical to the global supply of semiconductors and other electronic components on which many of our customers depend, and any escalation of tensions could materially affect our supply chain and operations.”

Annual report 2026A · The company itself

“Our supply chain has in the past been, and could in the future be, impacted by events outside our control, including macro-economic events, tariffs and trade restrictions, political crises, social unrest, terrorism, and geopolitical conflicts (including the conflicts in Ukraine and the Middle East, including the conflict in Israel, recent U.S. military operations in Iran, disruptions in the Strait of Hormuz, attacks on shipping vessels in the Red Sea, and other regional tensions), public health emergencies, or natural or environmental occurrences in locations where we or our customers and suppliers have manufacturing, research, engineering and other operations.”

Annual report 2026A · The company itself

“Given the complexity of our supply chain and our geographically dispersed operations, we depend on a variety of common carriers to transport our materials from our suppliers to us, and to transport our products from us to our customers. Problems suffered by any of these common carriers, whether due to geopolitical issues, such as conflicts in Ukraine and the Middle East, disruptions in the Strait of Hormuz and the Red Sea, including as a result of attacks on shipping vessels, natural disasters, labor problems, increased energy prices, criminal activity or other issues, have in the past resulted, and could in the future result, in shipping delays, increased costs, or other supply chain disruptions, and therefore have in the past had, and could 15 Table of Contents in the future have, a material adverse effect on our operations.”

Annual report 2026A · The company itself

“der er usikkerheder forbundet med den internationale handelskrig og konflikten i Mellemøsten”

Annual report 2026B · From the report

“Krig og sanktioner har haft stor indflydelse på vores aktivitet i Østeuropa”

Annual report 2026A · The company itself

“At skabe sikkerhed i værdikæden i en turbulent tid Der har i løbet af forretningsåret været en stigende international usikkerhed med global handelskrig ved året begyndelse, krige på flere fronter og ikke mindst forøget pres på forsyningskæderne i forbindelse med konflikten i Mellemøsten i årets sidste kvartal.”

Annual report 2026A · The company itself

“Risiko nr. 3 ”Aktiverne og aktiviteterne i Ukraine påvirkes af krigen” er fortsat betydelig på trods af frasalg af de fleste aktiviteter i Østeuropa. Der er fortsat en stor investering i Ukraine, hvor der er betydelig risiko.”

Annual report 2026A · The company itself

“Rapid policy change in our home market, the United States, is creating uncertainty in our operations and business outlook, and may remain a source of volatility in the future.”

Annual report 2025A · The company itself

“As described elsewhere herein, global political instability and volatility in government regulations and unpredictable trade policy (including tariffs) in the United States and around the world limit our ability to conduct effective long-term planning and make capital allocation decisions.”

Annual report 2025A · The company itself

“For example, our business and strategy are susceptible to tensions in U.S.-China relations and the rapid development of the Chinese electrified vehicle industry, with domestic Chinese producers exporting to some key markets in which we operate.”

Annual report 2025A · The company itself

“Macroeconomic, Market, and Strategic Risks With a global footprint and supply chain, Ford’s results and operations have been and could continue to be adversely affected by economic or geopolitical developments, including protectionist trade policies such as tariffs, or other events. Because of the interconnectedness of the global economy, financial crises, economic downturns or recessions (including reduced consumer spending), pandemics, natural disasters, wars, social unrest, geopolitical crises, or other significant events in one market can have an immediate and material adverse impact on other markets where Ford operates.”

Annual report 2025A · The company itself

“With operations in various markets with volatile economic or political environments and our global supply chain and utilization of transportation routes and logistics providers around the world, we are exposed to heightened risks as a result of economic, geopolitical, or other events. This could include governmental takeover (i.e., nationalization) of our manufacturing facilities or intellectual property, restrictive exchange or import controls, changes to international trade agreements, disruption of operations as a result of systemic political or economic instability, social unrest, outbreak of war or expansion of hostilities, and acts of terrorism, each of which could impact our supply chain as well as our operations.”

Annual report 2025A · The company itself

“Weak global and regional economic conditions and spending environments, based on a downturn in the economy, a possible recession and the effects of ongoing or increased inflation or possible stagflation in certain geographies, tariffs or other trade disruptions, changing interest rates, geopolitical instability and uncertainty, a reduction in information technology spending regardless of macroeconomic conditions, the effects of epidemics and pandemics and the impact of the war in Ukraine, tensions between China and Taiwan or conflicts in the Middle East could have a material adverse impacts on our financial condition and results of operations and our business, including resulting in longer sales cycles, lower prices for our products and services, increased component costs, higher default rates among our channel partners, reduced 15 Table of Contents unit sales, lower prices and slower or declining growth.”

Annual report 2025A · The company itself

“Government demand, sales and payment for our products and services may be negatively impacted by numerous factors and requirements unique to selling to government agencies, such as: •policies, laws and regulations have in the past, and may in the future, require us to obtain and maintain certain security and other certifications in order to sell our products and services into certain government organizations, and such certifications may be costly and time-consuming to obtain and maintain; •funding authorizations and requirements unique to government agencies, with funding or purchasing reductions or delays adversely affecting public sector demand for our products.”

Annual report 2025A · The company itself

“Any failure to comply with these actions, shifts in federal procurement strategies, or budgetary reductions imposed by the agency could adversely impact our financial results, competitive positioning, and overall business operations; and •geopolitical matters, including tariff and trade disputes, government shutdowns, impact of the war in Ukraine, tensions between China and Taiwan, conflicts in the Middle East, trade protectionism and other geopolitical dynamics that may adversely affect our ability to sell in certain locations or obtain the requisite permits and clearances required for certain purchases by government organizations of our products and services.”

Annual report 2025A · The company itself

“If we cannot manufacture and ship our products due to, for example, global chip shortages, excessive demand on contract manufacturers capacity, natural disasters and health emergencies such as earthquakes, fires, power outages, typhoons, floods, health pandemics and epidemics or manmade events such as civil unrest, labor disruption, tariffs, cyber events, international trade disputes, international conflicts, terrorism, wars or other foreign conflicts, such as the war in Ukraine, tensions between China and Taiwan or conflicts in the Middle East, and critical infrastructure attacks, our business and financial results could be materially and adversely impacted.”

Annual report 2025A · The company itself

“Conflicts in the Middle East highlights potential risks associated with geopolitical instability in the region, including disruption to shipping routes, longer lead times for components and products, increased insurance costs for vessels passing through conflict zones, 28 Table of Contents potential increased costs for shipping and products, and potential delays and interruptions in the supply chain.”

Annual report 2025A · The company itself

“Further, certain components for our products come from Taiwan and the majority of our hardware is manufactured in Taiwan. Any increase in tensions between China and Taiwan, including threats of military actions or escalation of military activities, could adversely affect our manufacturing operations in Taiwan, which, given the large percentage of our hardware that is manufactured in Taiwan, could have significant impacts on our business and operations.”

Annual report 2025A · The company itself

“While recent volatility in global trade policy and the remediation efforts taken by certain jurisdictions in response to events, and the disruptions from the Ukraine/Russia conflict and other geopolitical tensions and conflicts, have raised material and shipping costs, our supply chain was responsive to these dynamics, and we implemented solutions, including through FBS and working collaboratively with our suppliers, to effectively support our operations, and help countermeasure production material shortages and distribution limitations.”

Annual report 2025A · The company itself

“Regional conflicts, including the Russian invasion of Ukraine, conflict in the Middle East, tension between China and Taiwan, could result in sanctions, regional market instability, increased energy and transportation costs, and other adverse regional financial and economic conditions, any of which can impact the demand for, or our ability to sell, our products and services in the impacted regions.”

Annual report 2025A · The company itself

“Business Trends Our financial outlook is subject to various assumptions and risks, including but not limited to: ongoing geopolitical events; global economic and consumer trends and sentiments; monetary policies; inflationary pressures on expenses and pricing; uncertainties in governmental policies on international trade, regulations, sanctions, and healthcare; operational challenges from existing, new, or increased tariffs, in some cases, subsequent rollbacks or suspensions; foreign exchange rate volatility, including the impact of unhedged foreign currency debts; reduction in U.S. government spending due to H.R.1, also known as the One Big Beautiful Bill Act (“OBBBA”); and overall fiscal policies, including investment and taxation policy initiatives being considered in the U.S.; the incremental impacts of the Pillar Two initiative from the Organization for Economic Co-operation and Development (“OECD”); and the impact from the Separation.”

Annual report 2025A · The company itself

“Lähitulevaisuudessa toimintaympäristöön vaikuttavat edelleen voimakkaat geopoliittiset jännitteet, jotka aiheuttavat epävarmuutta ja epävakautta ja voivat aiheuttaa haasteita suurille teollisuusinvestoinneille Pohjoismaissa.”

Annual report 2025A · The company itself

“Näkymät Lyhyellä aikavälillä toimintaympäristöön vaikuttavat voimakkaat geopoliittiset jännitteet, kuten Yhdysvaltojen kauppapolitiikka, jotka aiheuttavat epävarmuutta ja epävakautta yleisiin talousnäkymiin ja voivat vaikuttaa kansainvälisiin tuotantoketjuihin ja hyödykemarkkinoihin.”

Annual report 2025A · The company itself

“Nykyinen geopoliittinen epävarmuus aiheuttaa edelleen merkittäviä toiminnallisia ja liiketoimintariskejä Fortumille sähkön ja lämmöntuotannon omistajana ja operaattorina Pohjoismaissa ja Puolassa.”

Annual report 2025A · The company itself

“Vuoden 2025 aikana Fortum jatkoi luotettavan läntisen ydinpolttoaineen toimituksen varmistamista Loviisan ydinvoimalaitokselle. Fortum seuraa edelleen tilannetta tarkasti ja valmistelee mukautettuja lievennystoimenpiteitä minimoidakseen Fortumille aiheutuvat negatiiviset vaikutukset.”

Annual report 2025A · The company itself

“Nykyinen sota Ukrainassa on yleisesti nostanut kyberturvallisuusriskien ja muiden riskien todennäköisyyttä.”

Annual report 2025A · The company itself

“In addition, factors such as terrorist acts, wars, political uncertainties and hostilities, natural and other disasters and widespread health emergencies can also negatively impact advertising revenues.”

Annual report 2026A · The company itself

“The techniques used to access, disable or degrade service or sabotage systems change frequently and continue to become more sophisticated and targeted, and the increasing use of AI may intensify cybersecurity risks and the volume of attacks. In addition, ongoing tensions with China, North Korea, Russia and other nation states, conflicts in the Middle East and Europe, and other geopolitical events may lead to cyberattacks or other actions that could lead to a disruption of services, improper disclosure of personal data or other confidential information, or otherwise negatively impact the Systems (including supply chain disruption and attacks).”

Annual report 2026A · The company itself

“Transmissions may be disrupted or degraded as a result of local disasters, extreme weather, power outages, terrorist attacks, cyberattacks or other events that impair on-ground uplinks or downlinks or studio and transmitter facilities, or as a result of an impairment of a satellite. Currently, there are a limited number of communications satellites available for the transmission of programming. If a disruption occurs, failure to secure alternate distribution facilities in a timely manner could have a material adverse effect on the Company’s business and results of operations.”

Annual report 2026A · The company itself

“We believe that our social and economic development programs are responsive to the issues raised by the local communities near our areas of operation and help us maintain good relations with the surrounding communities and avoid disruptions of mining operations. As part of our ongoing commitment to our community stakeholders, we have made and expect to continue making investments in certain social programs, including in-kind support and administration, across our global operations from time to time.”

Annual report 2025A · The company itself

“Fluctuations in commodities prices are caused by varied and complex factors beyond our control, including global supply and demand impacted by industry production and inventory levels; global economic and political conditions (such as election results, level of economic growth, or recession and political or geopolitical tensions and conflicts); national and international regulatory, trade and/or tax policies, including tariffs and other controls or restrictions on imports and exports; commodities investment activity and speculation; interest rates; current inflation rates and expectations regarding future inflation rates; the strength of the U.S. dollar compared to foreign currencies; the price and availability of substitute products; and changes in technology.”

Annual report 2025A · The company itself

“If PTFI does not fulfill its defined fiscal and other obligations to the Indonesia government as set forth in the IUPK, the IUPK may not be extended from 2031 through 2041, and PTFI would be unable to mine all of its proven and probable mineral reserves in the Grasberg minerals district, which could adversely affect our business, results of operations and financial position.”

Annual report 2025A · The company itself

“International risks •Geopolitical, economic, regulatory and social risks for our operations; and •PTFI’s failure to meet its commitments to achieve the extension of its IUPK.”

Annual report 2025A · The company itself

“Since 2019, the Indonesia government has enacted various laws and regulations related to downstream processing of various products. Refer to “Operations – Indonesia” in MD&A and Notes 10 and 11 for a discussion of Indonesia regulatory matters, including those related to export licenses, export duties, export proceeds, smelter assurance bonds and PTFI’s new smelter and precious metals refinery (PMR) (collectively, PTFI’s downstream processing facilities) in Eastern Java, Indonesia.”

Annual report 2025A · The company itself

“Our Indonesia mining operations are remotely located in steep mountainous terrain and in an active seismic area, which also experiences extreme weather events. Independent environmental management expert audits have reaffirmed conclusions from previous studies that PTFI’s controlled riverine tailings management system represents the best alternative for tailings management given the volume of tailings produced and the site-specific conditions of the area. Overtopping or failure of any of the PTFI tailings containment structures (levees or protection structures) induced by extreme weather events such as floods, a major seismic event or naturally occurring weak ground under the structures, are potential risks.”

Annual report 2025A · The company itself

“The political 63 Table of Contents environment remains polarized following the national legislative elections, including the presidential election, held in Chile during 2025. We cannot predict whether similar or more significant incidents of civil unrest or political instability will occur in the future in Peru or Chile.”

Annual report 2025A · The company itself

“Geopolitical tension continued to affect the freight market, altering trading patterns and ton miles. The volume of oil exported from sanctioned countries has remained elevated in recent years, reaching 18.0% of all waterborne crude and condensate in the beginning of 2024.”

Annual report 2024A · The company itself

“With such a large part of the overall trade employing questionable actors, an astonishing 11.3% of the global VLCC, Suezmax tanker and Aframax/LR2 tanker fleet is reported to be sanctioned by the US Office of Foreign Asset Control (“OFAC”).”

Annual report 2024A · The company itself

“Entering 2025, there has been a material increase in the scope and enforcement of sanctions, as well as the willingness to comply. In early January 2025, the Shandong Port Authority publicly stated that it would not accommodate vessels on the OFAC list; a substantial move of self-sanctioning in what is an important oil import hub to China.”

Annual report 2024A · The company itself

“India, another key actor in this respect, followed suit, and, according to industry sources, this has initiated a positive reversal in oil trading patterns as these major importers shift their focus to compliant oil suppliers, increasing the demand for compliant tonnage. According to industry sources, there is also an increased demand for vessels that are not on the OFAC list, but willing to engage in the trade of Russian crude, further pulling capacity out of the compliant tanker market.”

Annual report 2024A · The company itself

“The war in Ukraine and in Israel and Gaza have continued to disrupt energy production and trade patterns, including shipping in the Black Sea, Red Sea and elsewhere, and its impact on energy demand and costs is expected to remain uncertain.”

Annual report 2024A · The company itself

“These risks include the possibility of: • loss of life or harm to seafarers; • a marine accident or disaster, bad weather and other acts of God; • environmental accidents and pollution, oil spills and toxic gas releases; • cargo and property losses or damage; and • business interruptions caused by mechanical failure, grounding, fire, explosions and collisions, unexpected tank corrosion and human error; and • attacks on vessels, including cyberattacks, drone and missile attacks, mining of waterways, war, terrorism, piracy, diseases, political action in various countries, tariffs, labor strikes and/or boycotts or adverse weather conditions. These hazards may result in death or injury to persons, loss of revenues or property, the payment of ransoms, environmental damage, higher insurance rates, damage to our customer relationships and market disruptions, delay or rerouting.”

Annual report 2024A · The company itself

“Compared to other types of vessels, tankers are exposed to a higher risk of damage and loss by fire, whether ignited by a terrorist attack, collision, or other cause, due to the high flammability and high volume of the oil transported in tankers. Acts of piracy and other attacks have historically affected ocean-going vessels trading in certain regions of the world, such as the South China Sea, the Arabian Sea, the Red Sea, Suez Canal, the Gulf of Aden off the coast of Somalia, Sulu Sea, Celebes Sea, the Malacca and Singaporean Straits and the Indian Ocean and, in particular, the Gulf of Guinea region off the coast of Nigeria.”

Annual report 2024A · The company itself

“The price and supply of fuel is unpredictable and fluctuates based on events outside our control, including geopolitical developments supply and demand for oil and gas, actions by OPEC and other oil and gas producers, economic or other sanctions levied against oil and gas producing countries, war and unrest in oil producing countries and regions, regional production patterns and environmental concerns.”

Annual report 2024A · The company itself

“Although we intend to maintain compliance with all applicable sanctions and embargo laws, and we endeavor to take precautions reasonably designed to mitigate such risks, it is possible that, in the future, our vessels may call on ports located in sanctioned countries or territories, or engage in other such transactions or dealings that would be violative of applicable sanctions, on charterers’ instructions and/or without our consent. If such activities result in a violation of sanctions or embargo laws, we could be subject to monetary fines, penalties, or other sanctions, and our reputation and the market for our ordinary shares could be adversely affected.”

Annual report 2024A · The company itself

“As a result of Russia’s actions in Ukraine and the war between Israel and Hamas, the U.S., EU and United Kingdom, together with numerous other countries, have imposed significant economic sanctions which may adversely affect our ability to operate in these regions and also restrict parties whose cargo we carry. Although we believe that we have been in compliance with all applicable sanctions and embargo laws and regulations in 2024, and intend to maintain such compliance, there can be no assurance that we will be in compliance in the future, particularly as the scope of certain laws may be unclear and may be subject to changing interpretations.”

Annual report 2024A · The company itself

“primært som følge af fortsatte geopolitiske risici og de deraf kommende påvirkninger på international efterspørgsel”

Annual report 2025A · The company itself

“Det er ledelsens forventninger, at de udfordrende markedsvilkår, som har påvirket møbelbranchen, vil fortsætte i regnskabsåret 2025/26, primært som følge af fortsatte geopolitiske risici og de deraf kommende påvirkninger på international efterspørgsel.”

Annual report 2025A · The company itself

“Our business is subject to disruptions and uncertainties caused by geopolitical instability, war or terrorism. Geopolitical instability, acts of war or acts of terrorism could have a material adverse impact on our business, financial condition and results of operations.”

Annual report 2025A · The company itself

“Some of our products also use satellite signals from Russia’s GLONASS, the European Union Galileo system, and the Chinese BDS. National or European authorities may provide preferential access to signals to companies associated with their markets, including our competitors, which could harm our competitive position.”

Annual report 2025A · The company itself

“In addition, because our conferences are scheduled in advance and held at specific locations, the success of these activities can be affected by circumstances outside of our control, such as the occurrence of or concerns related to communicable diseases (such as COVID-19), labor strikes, transportation shutdowns and travel restrictions, economic slowdowns, reductions in government spending, geopolitical crises, terrorist attacks, war, weather, natural disasters, and other occurrences impacting the global, regional, or national economies, the occurrence of any of which could negatively impact the success of the conference or meeting.”

Annual report 2025A · The company itself

“We face various supply chain challenges, many of which are industry-wide or arise from geopolitical and economic conditions beyond our control. These include global conflicts, global economic trends, geopolitical dynamics like sanctions, tariffs and other trade tensions, inflation, logistics issues, human rights landscape shifts, and regulatory changes.”

Annual report 2025A · The company itself

“Our globally distributed supply chains are subject to economic and geopolitical dynamics, sanctions, tariffs, import/export restrictions, severe weather events, as well as other factors. We operate in a supply-constrained environment and have experienced, and may continue to experience, shortages of materials and skilled labor, inflationary pressures, transportation and logistics challenges, and manufacturing disruptions that affect revenues, profitability, cash flow, and on-time fulfillment.”

Annual report 2025A · The company itself

“Risks Related to Macroeconomic and Geopolitical Factors Operating globally, especially in emerging markets, creates complex legal, regulatory, and compliance risks. We operate across diverse legal and regulatory systems in approximately 100 different countries and, as a result, are subject to varying requirements, procedures and standards, including country-specific regulatory regimes relating to anti-corruption and anti-bribery laws, tax, trade controls, environmental, employment and labor requirements, sustainability, product safety, liability and design regulations, human rights laws, and privacy, data protection and cybersecurity laws.”

Annual report 2025A · The company itself

“Events such as armed conflicts, acts and threats of terrorism, civil unrest and political and economic instability in regions where we, our customers or our suppliers operate can damage facilities, cause partial or complete plant or distribution center closures, disrupt component supply, damage infrastructure and delay transportation to project sites. The broader consequences of geopolitical and terrorism threats, which may also include sanctions that prohibit our ability to do business in specific countries, embargoes, restrictions on repatriation of funds, the potential inability to service our remaining performance obligations, and potential contractual breaches and litigation, regional political and economic instability and geopolitical shifts, and the extent of any such threats effect our business and results of operations as well as the global economy, cannot be predicted. Geopolitical conflicts also contribute to volatility in financial markets, energy costs, and commodity prices.”

Annual report 2025A · The company itself

“It is not possible to predict the broader consequences of existing geopolitical conflicts and other conflicts that may arise in the future, which could include geopolitical instability and uncertainty; adverse impacts on global and regional economic conditions and financial markets, including significant volatility in credit, capital, and currency markets; reduced economic activity; changes in laws and regulations affecting our business, including further sanctions or counter-sanctions which may be enacted; and increased cybersecurity threats and concerns. The ultimate extent to which such conflicts may negatively impact our business, financial condition and results of operations will depend on future developments, which are highly uncertain, difficult to predict and subject to change.”

Annual report 2026A · The company itself

“These factors, together with geopolitical instability, armed conflicts, trade tensions, fluctuating tariff rates and policies, and risks of recession or economic slowdown, have had and may continue to have a material adverse effect on our business, financial condition, results of operations and cash flows.”

Annual report 2026A · The company itself

“A wide variety of factors could cause such delays including, but not limited to, lack of capacity, economic downturns, availability of credit, logistical challenges, labor or material shortages, trade restrictions, weather events, political instability, geopolitical conflicts (such as conflicts in the Ukraine or the Middle East), terrorism, civil unrest, disease or natural disasters.”

Annual report 2025A · The company itself

“Such risks include: ● inflation or changes in political and economic conditions; ● logistical challenges, including extended container port congestion, and higher logistics costs; ● unstable regulatory environments; ● changes in import and export duties; ● domestic and foreign customs and tariffs; ● currency rate fluctuations; ● trade restrictions; ● labor or civil unrest; ● geopolitical conflict such as that experienced in Ukraine or the Middle East; ● disputes in our relationships with certain contract manufacturers or suppliers; ● communications challenges; and ● other restraints and burdensome taxes.”

Annual report 2025A · The company itself

“We are currently working with the Army to develop the next generation M1E3 Abrams tank to significantly overmatch current and potential threats on the modern battlefield. The demand by NATO members and other allies and partners for procurement and upgrades of Abrams tanks remains strong, reflected by a growing installed base in Europe, the Middle East, North Africa and Indo-Pacific theaters of operation.”

Annual report 2025A · The company itself

“A significant portion of the raw materials and intermediates in the manufacturing of our products and product candidates are supplied by third-party suppliers, manufacturers and corporate partners outside of the U.S. As a result, any geopolitical or economic factors in a specific country or region, including any new, or changes in or interpretations of existing law, trade regulations, or compliance requirements (such as the recently enacted BIOSECURE Act) or tax that would limit or prevent third parties outside of the U.S. from supplying these materials could adversely affect our ability to manufacture and supply our products to meet market needs and have a material and adverse effect on our operating results.”

Annual report 2025A · The company itself

“Currently, business operations globally are impacted by prolonged geopolitical instability and uncertainty of trade policies. These all contribute to a slowdown in global economic growth and investment activity, and therefore pose a risk to the company's operations and profitability.”

Annual report 2025A · The company itself

“Risks Related to General Economic Conditions •We are subject to changes to the macroeconomic and geopolitical environment, health and social events or conditions, the business cycles and credit risk of our customers and the overall level of consumer, business and government spending, which we cannot control and could adversely affect our business, financial condition, results of operations and cash flows. •Investor and other stakeholder interest in our sustainability practices, and our disclosed performance and aspirations for these practices, may, from time to time, result in additional considerations or expectations and expose us to risks.”

Annual report 2025A · The company itself

“Our ability to acquire other businesses or technologies, make strategic investments or integrate acquired businesses effectively may also be impaired by a variety of factors, including adverse financial conditions, trade tensions and increased global scrutiny of foreign investments. A number of countries, including countries in Europe and the Asia-Pacific region, have implemented or are considering restrictions on foreign investments. Governments may continue to tighten or expand economic sanctions, tariffs or trade restrictions of this nature, and such restrictions could adversely affect our business, financial condition and results of operations.”

Annual report 2025A · The company itself

“Events outside of our control and outside of a merchant’s control, including macroeconomic trends, geopolitical developments, and natural disasters may increase the likelihood of chargebacks to certain merchants and, accordingly, losses to our business.”

Annual report 2025A · The company itself

“Flexible operating model helped mitigate the uncertain trade and macro-environment GN has worked diligently with what is within the company’s control to mitigate the negative impact from newly introduced tariffs and macroeconomic headwinds. During the past several years, GN has pursued an operational strategy to leverage scale and increase supply chain agility and resilience.”

Annual report 2025A · The company itself

“The macroeconomy and global trade policies General macroeconomic uncertainty, instability in trade policies, and increasing trade tariffs may decrease households’ and enterprises’ spending, which may result in declining demand for GN’s products and/or increasing costs.”

Annual report 2025A · The company itself

“Market Developments and General Business Environment •Our businesses, financial condition, liquidity and results of operations have been and may in the future be adversely affected by unforeseen or catastrophic events, including pandemics, terrorist attacks, wars, extreme weather events or other natural disasters. •Climate-related physical and transition risks could disrupt our businesses and adversely affect client activity levels and the creditworthiness of our clients and counterparties, and we are at increased risk of being subject to conflicting legal and regulatory requirements and stakeholder expectations regarding climate-related matters. •Our business, financial condition, liquidity and results of operations have been adversely affected by disruptions in the global economy caused by conflicts, and related sanctions and other developments. •Certain of our businesses and our funding instruments may be adversely affected by changes in reference rates, currencies, indexes, baskets or ETFs to which products we offer or funding that we raise are linked.”

Annual report 2025A · The company itself

“•Our business, financial condition, liquidity and results of operations may be adversely affected by disruptions in the global economy caused by escalating tensions between the U.S. and China. •We face enhanced risks as we operate in new locations and transact with a broader array of clients and counterparties. •We may not be able to fully realize the expected benefits or synergies from acquisitions, joint ventures or other business initiatives in the time frames we expect, or at all.”

Annual report 2025A · The company itself

“The majority of the employees in our primary locations, including the New York metropolitan area, London, Tokyo, Hong Kong, Bengaluru, Hyderabad, Salt Lake City, Dallas, Singapore, Warsaw and Birmingham, work in close proximity to one another. Our headquarters is located in the New York metropolitan area, and we have our largest employee concentration occupying two principal office buildings near the Hudson River waterfront. They are subject to potential catastrophic events, including, but not limited to, extreme weather or terrorist attacks or other hostile events that could negatively affect our business.”

Annual report 2025A · The company itself

“This may include a disruption involving electrical, satellite, undersea cable or other communications, internet, transportation or other facilities used by us, our employees or third parties with which we conduct business, including cloud service providers. These disruptions may occur as a result of events that affect only our buildings or systems or those of third parties, or as a result of events with a broader impact globally, regionally or in the cities where those buildings or systems are located, including, but not limited to, natural disasters, war, civil unrest, terrorism, economic or political developments, pandemics and weather events.”

Annual report 2025A · The company itself

“In conducting our businesses around the world, we are subject to political, legal, regulatory, tax and other risks that are inherent in operating in many countries. In conducting our businesses and supporting our global operations, we are subject to risks of possible nationalization, expropriation, price controls, capital controls, exchange controls, communications and other content restrictions, and other restrictive governmental actions.”

Annual report 2025A · The company itself

“Commodities involved in our intermediation activities and investments are also subject to the risk of unforeseen or catastrophic events, which are likely to be outside of our control, including those arising from the breakdown or failure of third-party or service providers’ transport vessels, storage facilities or other equipment or processes or other mechanical malfunctions, fires, leaks, spills or release of hazardous substances, performance below expected levels of output or efficiency, terrorist attacks, extreme weather events or other natural disasters or other hostile or catastrophic events. In addition, we rely on third-party suppliers or service providers to perform their contractual obligations and any failure on their part, including the failure to supply or to safely transport or store commodities, could expose us to costs or losses.”

Annual report 2025A · The company itself

“Market Developments and General Business Environment Our businesses, financial condition, liquidity and results of operations have been and may in the future be adversely affected by unforeseen or catastrophic events, including pandemics, terrorist attacks, wars, extreme weather events or other natural disasters. The occurrence of unforeseen or catastrophic events, including pandemics or other widespread health emergencies (or concerns over the possibility of such an emergency), terrorist attacks, wars, extreme weather events, solar events or other natural disasters, could adversely affect our business, financial condition, liquidity and results of operations. These events could have such effects through economic or financial market disruptions or challenging economic or market conditions more generally, the deterioration of our creditworthiness or that of our counterparties, changes in consumer sentiment and consumer borrowing, spending and savings patterns, liquidity stress, or operational difficulties (such as travel limitations and limitations on occupancy in our offices) that impair our ability to manage our businesses.”

Annual report 2025A · The company itself

“Our business, financial condition, liquidity and results of operations have been adversely affected by disruptions in the global economy caused by conflicts, and related sanctions and other developments. The conflict between Russia and Ukraine has negatively affected the global economy. Governments around the world have responded to Russia’s invasion by imposing economic sanctions and export controls on certain industry sectors, including price caps on Russian oil, and on Russian businesses and persons. Compliance with economic sanctions and restrictions imposed by governments has increased our costs and otherwise adversely affected our business and may continue to do so.”

Annual report 2025A · The company itself

“The conflicts in the Middle East could also affect and harm our business and increase market uncertainty. The impact of these conflicts on our business and operations is uncertain and therefore cannot be predicted. The escalation or continuation of these conflicts or other hostilities could result in, among other things, an increased risk of cyber attacks, an increased frequency and volume of failures to settle securities transactions, supply chain disruptions, higher inflation, lower consumer demand and increased volatility in commodity, currency and other financial markets.”

Annual report 2025A · The company itself

“AND SUBSIDIARIES Our business, financial condition, liquidity and results of operations may be adversely affected by disruptions in the global economy caused by escalating tensions between the U.S. and China. Continued or escalating tensions between the U.S. and China have resulted in and may result in additional changes to U.S. international trade and investment policies, which could disrupt international trade and investment, adversely affect financial markets, including market activity levels, and adversely impact our revenues.”

Annual report 2025A · The company itself

“A conflict, or concerns about a potential conflict, involving China and Taiwan, the U.S. or other countries could negatively impact financial markets and our or our clients’ businesses. Trade restrictions by the U.S. or other countries in response to a conflict or potential conflict involving China, including financial and economic sanctions and export controls against certain organizations or individuals, or actions taken by China in response to trade restrictions, could negatively impact our or our clients’ ability to conduct business in certain countries or with certain counterparties and could negatively impact regional and global financial markets and economic conditions. Any of the foregoing could adversely affect our business, financial condition, liquidity and results of operations, possibly materially.”

Annual report 2025A · The company itself

“These concerns and uncertainties contributed to periods of market volatility and the prospect of an economic recession in the U.S. during the year. Additionally, markets were focused on the timing and amount of policy interest rate cuts by central banks globally, including three rate cuts by the Federal Reserve in the second half of the year.”

Annual report 2025A · The company itself

“During 2025, the operating environment was generally characterized by ongoing geopolitical tensions and continued broad macroeconomic concerns and uncertainties, including those about inflation, central bank policies and changes in international trade policies (including tariffs). Industry-wide investment banking volumes in completed mergers and acquisitions, equity underwriting and debt underwriting each increased compared with 2024. In market making, activity levels increased compared with the prior year.”

Annual report 2025A · The company itself

“If uncertainty and concerns about geopolitical tensions and the economic outlook remain elevated or increase, including those about inflation, central bank policies and changes in international trade policies, it may lead to a decline in asset prices, a decline in market-making activity levels, or a decline in investment banking activity levels, and net revenues and provision for credit losses would likely be negatively impacted.”

Annual report 2025A · The company itself

“For example, for sovereign stress testing we calculate potential direct exposure associated with our sovereign positions, as well as the corresponding debt, equity and currency exposures associated with our non-sovereign positions that may be impacted by the sovereign distress.”

Annual report 2025A · The company itself

“The Russian invasion of Ukraine has negatively affected the global economy and increased macroeconomic uncertainty. Our total credit exposure to Ukrainian counterparties or borrowers was not material as of December 2025.”

Annual report 2025A · The company itself

“In addition, economic and/or political uncertainties in Lebanon and Venezuela have led to concerns about their financial stability. Our credit exposure to counterparties or borrowers and our market exposure to issuers relating to each of these countries was not material as of December 2025.”

Annual report 2025A · The company itself

“Som følge av den urolige geopolitiske situasjonen opplever Gyldendal et komplekst digitalt trusselbilde, med økt omfang av sofistikerte sikkerhetstrusler fra ulike aktører.”

Annual report 2024A · The company itself

“Geopolitical uncertainty and low GDP growth continued to weigh on consumer confidence”

Annual report 2025A · The company itself

“The European construction markets remained subdued throughout 2025. Geopolitical uncertainty and low GDP growth continued to weigh on consumer confidence. Residential new build activity stayed substantially below historical peaks across our regions.”

Annual report 2025A · The company itself

“The product tanker market is cyclical and volatile, and the charter rates and product tanker capacities depend on several factors: • Number of newbuilds and the number of vessels being scrapped • Oil demand and refinery throughput • Price of oil • Oil inventories • Environmental regulations • Geopolitics and sanctions • Location of refineries The charter market is also highly competitive and based primarily on the offered charter rate, vessel’s location, technical specification, and the reputation of its manager.”

Annual report 2022A · The company itself

“Clarksons Research’s product tanker spot earnings series averaged USD 38,053/day across full year 2022, the highest annual average on record stretching back 25 years, and directly following on from the lowest level on record of USD 7,092/ day in 2021 – a year where markets continued to experience pressure from enduring impacts on global oil demand and seaborne oil trade due to the Covid-19 pandemic. Product tanker earnings strengthened considerably in the second quarter of 2022 after the start of the Ukraine conflict which led to shifts in product trade patterns, improving product tanker utilisation and longer transport distances.”

Annual report 2022A · The company itself

“We expect continued growth in oil transportation demand, driven primarily by the changes to oil trade flows due to EU sanctions on Russian oil effective from 5th February 2023. The continued dislocation between refinery production growth in the East and oil consumption in the West will also lead to longer transport distances.”

Annual report 2022A · The company itself

“Overall, while there remain some risks to the outlook, including global economic headwinds and uncertainty over the outlook for Russian exports, underlying trends in refinery capacity and expected shifts towards longer-haul routes suggest that product tanker markets are likely to remain tight through 2023, even if some volatility continues to be seen.”

Annual report 2022A · The company itself

“Integrity & Business Ethics / Our Compliance Program As a global business, Hafnia inevitably operates in parts of the world where corruption and sanctions are prevalent. Strong corporate governance and compliance measures, with applicable laws and regulations, as well as commitment to the highest ethical standards are essential to our success.”

Annual report 2022A · The company itself

“Hafnia conducts business in accordance with applicable sanctions laws and regulations. Our sanctions policy identifies risks that faced in undertaking of business activities and sets out internal controls that must be followed to mitigate and remove the threat of such risks. Before entering into business with a new party, we screen the party to ensure adherence to sanctions laws.”

Annual report 2022A · The company itself

“Geopolitisk omställning. Med ökad global osäkerhet blir regional tillverkning allt viktigare. HANZAs modell skapar flexibilitet för våra kunder genom att möjliggöra snabb anpassning av produktionskedjor.”

Annual report 2024A · The company itself

“Invasionen av Ukraina har tillfört även en politisk dimension, där produktbolag med tillverkning i länder med politiska risker ser över sin leverantörskedja och av den anledningen planerar att flytta sin produktion närmare sin marknad.”

Annual report 2024A · The company itself

“den tiltagende geopolitiske uro vanskeliggjort visse leveringer og lagt en tydelig dæmper på ordreindgangen hos vores eksportkunder i Mellemøsten”

Annual report 2026A · The company itself

“Samtidig har den tiltagende geopolitiske uro vanskeliggjort visse leveringer og lagt en tydelig dæmper på ordreindgangen hos vores eksportkunder i Mellemøsten.”

Annual report 2026A · The company itself

“Den lavere omsætning i Beverage Eksport skyldes både produktmiks og udfordrende markedsforhold som følge af den geopolitiske uro.”

Annual report 2026A · The company itself

“Den geopolitiske uro, som tog til i løbet af regnskabsåret, påvirker direkte en række af disse faktorer og har medført øget forsigtighed i ordreindgivelsen blandt kunderne på eksportmarkederne.”

Annual report 2026A · The company itself

“Risikoforhold og prioriteter i 2025/26 Harboes aktiviteter på Ingredients-området er udsat for sædvanlige markedsmæssige risici for udvikling i råvarepriser, stigende konkurrence mv., ligesom markedsudvikling og geopolitiske forhold kan påvirke den forventede afsætning.”

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

“Terrorism is an example of a significant man-made potential catastrophe. Private sector catastrophe reinsurance is limited and generally unavailable for terrorism losses caused by attacks with nuclear, biological, chemical or radiological weapons. In addition, workers' compensation policies generally do not have exclusions or limitations for terrorism losses.”

Annual report 2025A · The company itself

“Further, the continued threat of terrorism and the occurrence of terrorist attacks, as well as heightened security measures and military action in response to these threats and attacks or other geopolitical or military crises, may cause significant volatility in global financial markets, disruptions to commerce and reduced economic activity. These consequences could have an adverse effect on the value of the assets in our investment portfolio and/or cause a reduction in demand for our products.”

Annual report 2025A · The company itself

“Changes in the legal environment could result in changes in business practices, additional litigation, or unexpected losses, including increased frequency and severity of claims. Also, the emergence of new targets and new and expanding theories of liability for claims involving issues like global climate change, risks from products and substances alleged to cause damage, physical and mental health crises, new technologies, evolving legal system trends such as legal system abuse, attorney representation rates, and increased third-party litigation funding, and other socioeconomic and political dynamics could result in additional litigation exposure and unexpected losses.”

Annual report 2025A · The company itself

“General liability- Within Business Insurance and Property & Casualty Other Operations, the Company has exposure to general liability claims, including from bodily injury, property damage and product liability. Reserves for these exposures can be particularly difficult to estimate due to the long development pattern and uncertainty around how cases will settle. In particular, the Company has exposure to bodily injury claims that arise from long-term or continuous exposure to harmful products or substances. Examples include, but are not limited to, pharmaceutical products, silica, talcum powder, per-and polyfluoroalkyl substances ("PFAS"),Chronic Toxic Encephalopathy ("CTE") exposures and lead paint.”

Annual report 2025A · The company itself

“An increase in the number or percentage of claims litigated can increase the average settlement amount per claim (claim severity). Changes in the judicial environment can affect interpretations of damages and how policy coverage applies, which could increase or decrease claim severity. Over time, judges or juries in certain jurisdictions may be more inclined to determine liability and award damages. New legislation can also change how damages are defined or change the statutes of limitations for the filing of civil suits, resulting in greater claim frequency or severity.”

Annual report 2025A · The company itself

“For information related to the Company's settlement agreement with the Boy Scouts of America ("BSA"), see Note 10 - Reserve for Unpaid Losses and Loss Adjustment Expenses in the Notes to Consolidated Financial Statements. State “reviver” statutes, extending statutes of limitations for certain sexual molestation and sexual abuse claims, could result in additional litigation or could result in unexpected sexual molestation and sexual abuse losses. Such exposures may involve potentially long latency periods and may implicate coverage in multiple policy periods, which can raise complex coverage issues with significant effects on the ultimate scope of coverage.”

Annual report 2025A · The company itself

“As such, the Company's principal reinsurance protection against large-scale terrorist attacks is the coverage currently provided through TRIPRA to the end of 2027. TRIPRA provides a backstop for insurance-related losses resulting from any “act of terrorism”, which is certified by the Secretary of the Treasury, in consultation with the Secretary of Homeland Security and the Attorney General, for losses that exceed a threshold of industry losses of $200.”

Annual report 2025A · The company itself

“While the macroeconomic landscape stabilized in terms of material availability and inflation, the geopolitical uncertainty and volatility in U.S. tari policies created a level of unpredictability in the market, highlighting the need to adapt to rapid changes in the cost structure.”

Annual report 2025A · The company itself

“Harvia’s business is global, and key market areas are widely spread, which reduces geographical risk.”

Annual report 2025A · The company itself

“We are facing challenges in global logistics due to uncertainty around tariffs and geopolitical tensions.”

Annual report 2025A · The company itself

“These operations are therefore subject to risks associated with doing business outside of the U.S., including trade restrictions and related costs, government sanctions, disruptions to our supply chain, cyberattacks, cyberwarfare, pandemics, regional health emergencies, regional climate-related events, or regional conflicts.”

Annual report 2025A · The company itself

“In addition, economic and/or geopolitical instability or uncertainty resulting from inflationary pressures, recessionary risks, tariffs and other trade restrictions in the U.S. and internationally, trade conflicts, the effects of global health emergencies, the ongoing conflict between Russia and Ukraine, the continuous geopolitical instability in the Middle East, and efforts of governments to stimulate or stabilize the economy have, and may continue to, put pressure on economic conditions, including volatility in global and regional financial markets, which has led and could lead to reduced income or asset values, reduced demand for our offerings, delays or reductions in spending on and implementation of IT investments, and/or higher costs of production which could have an adverse effect on our business, financial condition, and results of operations.”

Annual report 2025A · The company itself

“Economic weakness and uncertainty and the volatile inflationary and geopolitical environment have constrained spending on enterprise infrastructure. This has in the past adversely affected the demand for our products, services, and solutions, which has impacted our financial condition and results of operations.”

Annual report 2025A · The company itself

“Further, the ongoing conflict between Russia and Ukraine and the trade sanctions imposed by the U.S., the European Union (the “EU”), and other countries in response have negatively impacted business and financial performance in that region.”

Annual report 2025A · The company itself

“Our stock price, like that of other technology companies, can be volatile and can be affected by, among other things, speculation, coverage, or sentiment in the media or the investment community; the announcement and anticipated timing of new, planned or contemplated products, services, technological innovations, acquisitions, divestitures, or other significant transactions by us or our competitors; developments in our aaS business model; our perceived progress in integrating acquired companies; our quarterly financial results and comparisons to estimates by the investment community or financial outlook provided by us; the financial results and business strategies of our competitors; inflation; market volatility or downturns caused by outbreaks, epidemics, pandemics, geopolitical tensions or conflicts, or other macroeconomic dynamics; developments relating to pending investigations, claims, and disputes; or the timing and amount of our share repurchases.”

Annual report 2025A · The company itself

“Att förstå geopolitiska risker, hur geografi och ekonomi påverkar politiken och relationerna mellan länder, är viktigt i en värld som har blivit alltmer sammanflätad på grund av sammankopplade globala nätverk och system - och dessutom de regionaliseringstrender som vi har sett på senare tid i vissa jurisdiktioner. Aktuella geopolitiska risker inkluderar det pågående kriget i Ukraina och motsvarande globala sanktioner, konflikten mellan Isreal och Palestina samt Israel och andra länder i Mellanöstern, återuppblossandet av inbördeskriget i Syrien, andra politiska och ekonomiska osäkerheter och potentialen för ytterligare upptrappning av handelsspänningarna mellan olika länder och regioner till exempel USA, Kina och EU.”

Annual report 2024A · The company itself

“Även om det är svårt att bedöma utvecklingen och effekterna av en intensifiering av krigshandlingarna, kan pågående politiska spänningar och internationella ekonomiska sanktioner få betydande negativa effekter på den globala ekonomin och utvecklingen på finansmarknaderna, ny lagstiftning, olika myndighetsgodkännanden eller tillstånd, räntor, tillgången till råvaror och på marknaderna för råvaror.”

Annual report 2024A · The company itself

“Vilken inverkan krig, kriser, pandemier och/eller en eskalerande handelskomplexitet kommer att ha på kommersiella aktiviteter och/eller globala marknader, och efterfrågan på Hexagons produkter, under de kommande åren är dock fortfarande osäkert och kommer i viss utsträckning att bero på lösningen av eventuella kriser.”

Annual report 2024A · The company itself

“Hexagon kan utsättas för risker, inklusive risker relaterade till Hexagons anseende, medan globala konflikter kvarstår, på grund av obehörig användning eller missbruk av koncernens produkter.”

Annual report 2024A · The company itself

“Varje rapport granskades noggrant och lämpliga åtgärder vidtogs, vilket understryker vårt engagemang för att snabbt hantera och lösa efterlevnadsproblem. • Riskhanteringsinitiativ: Från och med den 30 september 2024 avslutade Hexagon all kvarvarande försäljningsoch supportverksamhet i Ryssland, Belarus och Ukrainas icke regeringskontrollerade områden för att minska risken för bristande efterlevnad av EU:s sanktioner. • Implementering av policies: Under 2024 samarbetade Hexagons Compliance Team med HR för att införa en ny policy för alkoholkonsumtion.”

Annual report 2024A · The company itself

“A WORD FROM THE CEO Shifting focus from growth to tackling consequences of geopolitical shifts We continued our strong growth journey in 2024, increasing annual revenue by 42%.”

Annual report 2024A · The company itself

“The near-term market outlook deteriorated significantly following the U.S. presidential election, where the sudden uncertainty around policy has resulted in customers delaying purchasing decisions.”

Annual report 2024A · The company itself

“The new administration following the US presidential election has significantly increased uncertainty around the near-term outlook for the energy transition and zero emission mobility in North America. Customers, especially in California, are awaiting clarification around legislation and funding mechanisms.”

Annual report 2024A · The company itself

“Under 2024 har marknaderna för fiberoptisk infrastruktur karaktäriserats av svag efterfrågan och lägre priser till följd av geopolitisk osäkerhet, högre finansieringskostnader och korrigeringar av tidigare lageruppbyggnad i operatörsled.”

Annual report 2024A · The company itself

“Geopolitisk instabilitet kan ha en negativ inverkan på Hexatronics verksamhet och resultat. Konsekvensen av dessa händelser kan innebära stängda landsgränser och därmed försämrade leveransmöjligheter från leverantörer och till kunder.”

Annual report 2024A · The company itself

“Risker kan uppstå om beroendet av enskilda leverantörer är stort alternativt om många leverantörer är geografiskt koncentre - rade och det uppstår störningar i leverantörskedjan eller geopolitisk oro i området.”

Annual report 2024A · The company itself

“Markkinaympäristö vuonna 2025 Vuotta 2025 leimasivat kansainvälisen kaupan lisääntyneet jännitteet, jotka vaikuttivat kielteisesti Hiabin toimintaympäristöön. Jatkuvien kauppa- ja geopoliittisten jännitteiden vuoksi maailmanlaajuisiin kasvunäkymiin liittyvä epävarmuus lisääntyi ja toimintaympäristön ennustamattomuus kasvoi.”

Annual report 2025A · The company itself

“Maailmankaupassa ja kansainvälisissä toimitusketjuissa tapahtuvat muutokset, geopoliittiset jännitteet ja sodat, tariffit, energian saatavuus, sanktiot ja kauppasodat voivat vaikuttaa Hiabin ratkaisujen kysyntään. Meneillään olevat kauppa- ja geopoliittiset jännitteet ovat tällä hetkellä merkittävimmät riskit Hiabin toimintaympäristössä.”

Annual report 2025A · The company itself

“Macroeconomic conditions, geopolitical activity, public health concerns and other factors beyond our control can adversely affect and reduce demand for our products and services. Macroeconomic conditions, geopolitical activity, public health concerns and other factors beyond our control can reduce demand for hospitality products and services, including demand for rooms at our hotels.”

Annual report 2025A · The company itself

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

Annual report 2025A · The company itself

“Recent geopolitical uncertainties, including ongoing wars and significant political changes observed in 2024 and anticipated into 2025, have added a layer of complexity to the global market environment. These developments can disrupt supply chains, alter regulatory landscapes, and affect consumer confidence, potentially leading to fluctuations in demand and pricing.”

Annual report 2024A · The company itself

“These trends include those driven by changes in the macroeconomic or political environment, geopolitical tensions or conflicts, military conflicts, or civil unrest, as well as unexpected weather conditions, natural disasters, or public health issues (including pandemics or quarantines and related impacts) that impact our customers.”

Annual report 2026A · The company itself

“In addition, the risk of cyber-attacks has increased in connection with geopolitical tensions or conflicts and ongoing trade and diplomatic tensions. In light of the conflicts in Europe, the Middle East and South America and other geopolitical events, nation-state actors or their supporters and other politically-motivated actors may launch retaliatory cyber-attacks, and may attempt to cause supply chain and other third-party service provider disruptions, or take other geopolitically-motivated retaliatory actions that may disrupt our business operations, result in data compromise, or both.”

Annual report 2026A · The company itself

“Natural disasters, such as hurricanes, tropical storms, fires, floods, droughts or water scarcity, tornadoes, and earthquakes; unseasonable, unexpected or extreme weather conditions; acts of terrorism or violence, including active shooter situations; public health concerns, such as pandemics and quarantines and related impacts; civil unrest; geopolitical tensions or conflicts, or military conflicts or acts of war, as well as any related sanctions or other government or private responses; or similar disruptions and catastrophic events could have and on occasion have had an adverse effect on our operations and financial performance in a number of ways.”

Annual report 2026A · The company itself

“Our ability to access products from our suppliers can be, and on occasion has been, adversely affected by economic or political instability; civil unrest; geopolitical tensions or conflicts, or military conflicts or acts of war, as well as any related sanctions or other government or private responses; acts of terrorism or violence; public health issues (including pandemics and related impacts); the financial instability of suppliers; suppliers’ noncompliance with applicable laws; contract disputes or inability to maintain favorable contract terms; trade restrictions; tariffs; currency exchange rates; disruptions in our suppliers’ logistics or supply chain networks or information technology systems; inability to sell certain products due to customs actions, including regulatory enforcement inquiries, holds, detentions, and exclusions; raw material or other shortages; actual, potential or perceived noncompliance with our standards for suppliers or other controversies regarding suppliers’ business practices or operations; and other factors beyond our or our suppliers’ control.”

Annual report 2026A · The company itself

“Restrictions on international trade, such as tariffs and other controls on imports or exports of goods, technology or data have and may continue to, materially adversely affect our supply chain. The impact has been particularly significant for the restrictive measures that apply to countries and regions where we have significant supply chain operations.”

Annual report 2025A · The company itself

“Geopolitical tensions or conflicts may further heighten the risk of cybersecurity attacks.”

Annual report 2025A · The company itself

“The impact of certain geopolitical conflicts (including any escalation or expansion thereof), such as the ongoing military conflicts in Ukraine and the Middle East or tensions in the Taiwan Strait and South China Sea, and any broadening of ancillary geopolitical, economic, and other effects could adversely impact these operations and could heighten the other risks identified in this report.”

Annual report 2025A · The company itself

“We face global macroeconomic challenges such as ongoing geopolitical tensions, uncertainty in the markets, volatility in exchange rates, inflationary trends and evolving dynamics in the global trade environment.”

Annual report 2025A · The company itself

“Consumption remained muted as a result of the impact of inflation, geopolitical tensions and an overall uncertainty about the economy.”

Annual report 2025A · The company itself

“Most significant strategic risks Macro level uncertainties include geopolitical risks, macroeconomic risks and recession risks. Ongoing wars and conflicts, such as in Ukraine and Middle East region may expand and new conflicts may arise. Unstable political conditions and geopolitical instability increase the uncertainties in global trade and worsen business conditions.”

Annual report 2025A · The company itself

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

Annual report 2025A · The company itself

“For example, global conflicts (including the continuing conflicts involving Ukraine and the Russian Federation and those in the Middle East) or other similar events, as well as government actions or other restrictions in connection with such events, and trade negotiations between the U.S. and other nations could adversely impact economic and market conditions for the Company and its clients and counterparties.”

Annual report 2025A · The company itself

“In addition, cybersecurity risks have significantly increased in recent years in part due to the increased sophistication and activities of cyber threat actors, such as organized crime affiliates, terrorist organizations, state-sponsored actors, hostile foreign governments, disgruntled employees or vendors, activists, and other external parties, including those involved in corporate espionage, any of whom may enhance their efforts through the use of AI.”

Annual report 2025A · The company itself

“Due to increasing geopolitical tensions, nation state cyber-attacks and ransomware are both increasing in sophistication and prevalence.”

Annual report 2025A · The company itself

“We maintain a contingency funding plan that provides for liquidity stress testing, which assesses the potential erosion of funds in the event of an institution-specific event or systemic financial market crisis. Examples of institution specific events could include a downgrade in our public credit rating by a rating agency, a large charge to earnings, declines in profitability or other financial measures, declines in liquidity sources including reductions in deposit balances or access to contingent funding sources, or a significant merger or acquisition. Examples of systemic events unrelated to us that could have an effect on our access to liquidity would be terrorism or war, natural disasters, political events, failure of a major financial institution, or the default or bankruptcy of a major corporation, mutual fund, or hedge fund.”

Annual report 2025A · The company itself

“Increased geopolitical tensions heighten the risk that China might block the Taiwan strait, limiting the supply chain for semiconductors and raising fears of a broader conflict. Additionally, concerns grow that the Russian invasion of Ukraine lasts longer than in the baseline scenario and that the Middle East conflict will widen.”

Annual report 2025A · The company itself

“Ulkoisista tekijöistä geopoliittiset riskit ja markkinahäiriöt voivat vaikuttaa toimintaan.”

Annual report 2025A · The company itself

“Toimintaympäristössä on tällä vuosikymmenellä tapahtunut merkittäviä muutoksia ensin globaalin koronapandemian muodossa ja sen jälkeen geopoliittisen tilanteen kiristyessä. Geopoliittinen tilanne muuttui helmikuussa 2022 Venäjän hyökättyä Ukrainaan. Tämä sota jatkuu edelleen ja levottomuudet Lähi- Idässä ovat myös lisääntyneet.”

Annual report 2025A · The company itself

“The risks inherent in the Company's global operations include: •fluctuation in currency exchange rates; •limitations on ownership or participation in local enterprises; •price controls, exchange controls and limitations on repatriation of earnings; •supply chain disruptions, including transportation delays and disruptions; •political, social and economic instability and disruptions, including political unrest and armed conflicts; •acts of terrorism; •the impact of widespread public health crises and pandemics; •government embargoes, sanctions or foreign trade restrictions; •the imposition of duties and tariffs and other trade barriers and retaliatory countermeasures; •government actions impacting international trade agreements, including the EU-UK Trade and Cooperation Agreement; •import and export controls; •social and labor unrest and current and changing regulatory environments; •the potential for expropriation or nationalization of enterprises; •difficulties in staffing and managing multi-national operations; •multiple and potentially conflicting laws, regulations and policies that are subject to change; •limitations on its ability to enforce legal rights and remedies; and •potentially adverse tax consequences.”

Annual report 2025A · The company itself

“Goda möjligheter till hållbar lönsam tillväxt 2024 var ett år med geopolitisk osäkerhet och ett dämpat konjunkturläge i flera större kundsegment.”

Annual report 2024A · The company itself

“Indutrade | Årsredovisning 2024 32 Antikorruption och affärsetik Med verksamheter i fler än 30 länder är affärsetik av stor betydelse för Indutrade och en förutsättning för hållbar lönsam tillväxt. Brister avseende affärsetik skulle innebära risker för felaktiga affärsbeslut samt för vårt anseende och varumärke.”

Annual report 2024A · The company itself

“More than half of our sales and operations are in non-U.S. jurisdictions and we are subject to the economic, political, regulatory and other risks of international operations. For the year ended December 31, 2025, 58% of our revenues were from customers in countries outside of the United States.”

Annual report 2025A · The company itself

“Utöver de makroekonomiska kriserna som föranletts av krig, ränteoro och ination har även de politiska kriserna avlöst varandra. Globalt slår sanktioner och en förändring av energipolitiken igenom med skenade kostnader för bland annat energi.”

Annual report 2024A · The company itself

“At the same time, customers and manufacturers are reconfiguring supply chains to enhance resiliency.”

Annual report 2025A · The company itself

“The pace of technological change, dynamic customer needs and intensifying competition continue to shape the semiconductor industry. A secure, resilient and balanced semiconductor supply chain has become increasingly important to maintaining continuity of operations for global enterprises, governments and consumers, while meeting global demand in an uncertain and rapidly changing world.”

Annual report 2025A · The company itself

“Further, our Mobileye business is headquartered and has most of its operations in Israel and could be similarly impacted; ▪Tensions between mainland China and Taiwan have increased significantly in recent years, presenting an elevated risk of hostilities. Many of our products depend on suppliers in Taiwan for critical components, including various compute die, that cannot be easily or quickly replaced. Other of our products are made entirely in Taiwan.”

Annual report 2025A · The company itself

“Having the U.S. government as a significant stockholder could subject us to additional regulations, obligations or restrictions, such as foreign subsidy laws or otherwise, in other countries. Any of the foregoing could have a material adverse effect on our revenue, operations, financial position, cash flows, access to financing, cost structure, competitiveness, reputation, profitability and prospects and could exacerbate other risks discussed in this Form 10-K.”

Annual report 2025A · The company itself

“From time to time, governments adopt regulations and governments or courts render decisions requiring compulsory licensing of IP rights, or governments require products to meet standards that favor local companies. Our inability to enforce our IP rights under any of these circumstances can harm our competitive position and business.”

Annual report 2025A · The company itself

“Our operations and business, and those of our customers and suppliers, can be disrupted by: severe weather events and natural disasters; industrial accidents; public health issues and global pandemics such as COVID-19; cybersecurity incidents; interruptions of service from utilities, transportation restrictions or disruptions, telecommunications or IT systems providers; manufacturing equipment failures; geopolitical conflict; terrorism; or other catastrophic events. For example, we have at times experienced disruptions in our manufacturing processes as a result of power outages, improperly functioning equipment and disruptions in supply of raw materials or components, including cybersecurity incidents affecting our suppliers.”

Annual report 2025A · The company itself

“Such risks and uncertainties include political, economic and financial instability; unexpected changes in regulatory requirements, tariffs and other trade barriers; exchange rate fluctuations; applicable currency controls; and difficulties in staffing, including reliance on newly hired local experts, and managing foreign operations.”

Annual report 2025A · The company itself

“BUSINESS AND INDUSTRY Global economic, political and financial market events or conditions have at times in the past negatively impacted, and may in the future negatively impact, our business. Adverse macroeconomic conditions, including recessions, inflated asset prices, inflation, supply chain issues, labor shortages, government shutdowns, currency fluctuations, interest rate changes, increased mortgage foreclosure volume, decreased mortgage origination or servicing volume, geopolitical events or conflicts, political uncertainty and discord, international trade disputes and sanction laws, including changes to international trade policies and tariffs or other protectionist measures, actual or anticipated large-scale defaults or failures or slowdown of global trade and travel have in the past negatively impacted consumer and corporate confidence and resulted in reductions in consumer, government and corporate spending, and could have such effects in the future, and in turn impact our business.”

Annual report 2025A · The company itself

“Beginning in 2022, the Russia-Ukraine conflict has been a catalyst for an energy crisis in Europe. Government interventions related to the energy crisis resulting from the Russia-Ukraine conflict, such as the Market Correction Mechanism (price cap), sanctions, or interventions that may be proposed in the future related to the Russia-Ukraine conflict or the conflict in the Middle East have had and could in the future have a negative impact on our business.”

Annual report 2025A · The company itself

“In addition, U.S. trade and diplomatic tensions, including trade disputes and tariffs as well as U.S. government policies toward China and Chinese government policies toward the U.S., are likely to impact our existing business and future opportunities. For example, the Holding Foreign Companies Accountable Act, or HFCAA, requires the SEC to suspend trading in the U.S. of any company whose accounting firm the Public Company Accounting Oversight Board, or PCAOB, is unable to inspect or investigate for three consecutive years.”

Annual report 2025A · The company itself

“Additional factors that are particularly likely to affect trading volumes include: • weather conditions including hurricanes and other significant events, natural and unnatural disasters like large oil spills that impact the production of commodities and, in the case of energy commodities, production, refining and distribution facilities for oil and natural gas; • war, acts of terrorism and any unforeseen market closures or disruptions in trading; • political developments impacting international trade, including trade disputes and increased tariffs, particularly between the U.S. and China, Canada or Mexico and imposition of protectionist measures; • real and perceived changes in the supply and demand of commodities underlying our products, particularly energy and agricultural products, including changes as a result of technological improvements or the development of alternative energy sources; and • credit quality of market participants, the availability of capital and the levels of assets under management.”

Annual report 2025A · The company itself

“We may be at greater risk from terrorism than other companies. Given our prominence in the global financial industry and the location of many of our properties and personnel in U.S., U.K. and European financial centers, including Manhattan, and our presence in India, Abu Dhabi and Israel, we may be more likely than other companies to be a direct target, or an indirect casualty, of attacks by terrorists or terrorist organizations, or other extremist organizations or individuals that employ threatening or harassing means to achieve their social or political objectives.”

Annual report 2025A · The company itself

“Additionally, in December 2022, a coalition of various nations set the price of Russian crude oil at or below $60 a barrel, which remains in place and continues to impact our businesses and those of our clients.”

Annual report 2025A · The company itself

“Ongoing impacts and uncertainty following the U.K.'s exit from the EU, commonly referred to as Brexit, could adversely impact our business, results of operations and financial condition. The long-term effects of Brexit will depend, in part, on the agreement the U.K. made to retain access to EU markets, and whether the EU and U.K. continue to implement regulatory proposals related to the provision of financial services and the administration of benchmarks and indices in the EU and U.K.”

Annual report 2025A · The company itself

“If global economic and market conditions, or economic conditions in the U.K., EU, the U.S. or other key markets deteriorate, the value of the pound sterling, euro or U.S. dollar may weaken. Further, financial instability in a particular country could have a contagion effect on the region in which it is located and contribute to general instability and uncertainty in that region. Events that adversely affect our clients and suppliers in a region could in turn have a materially adverse effect on our international business results and our operating results.”

Annual report 2025A · The company itself

“In addition, we operate globally and geopolitical events or conflicts in the countries or regions in which we operate could lead to physical risks to our personnel and disruption to business continuity that could negatively impact our ability to execute our business strategy.”

Annual report 2025A · The company itself

“Tariffs and trade restrictions, sanctions, and geopolitical tensions (e.g., U.S.-China relations, Russia-Ukraine war, Middle East conflicts), as well as supply chain disruptions, along with energy price fluctuations, may further strain operations and margins.”

Annual report 2025A · The company itself

“For example, the U.S., European Union, and other jurisdictions have imposed sanctions and export controls on Russia, Belarus, and occupied regions of Ukraine. As a result, we have restricted exports to these regions to permitted products that meet essential needs.”

Annual report 2025A · The company itself

“Disruptions caused by ongoing or future global conflicts, including those resulting from conflicts affecting or in close proximity to countries and regions in the Middle East, may result in extended lead times, delays in supplier deliveries, and increasing freight costs. The risk of supply disruptions may further result in delays in the delivery of our products.”

Annual report 2025A · The company itself

“The length, impact, and outcome of ongoing military conflicts is highly unpredictable and could lead to significant market and other disruptions, including significant volatility in commodity prices and supply of energy resources, instability in financial markets, supply chain interruptions, political and social instability, trade disputes or trade barriers, changes in consumer or purchaser preferences, an increase in global shipping expenses, greater volatility in foreign exchange and interest rates, an increase in cyberattacks and espionage, and other unforeseen business disruptions.”

Annual report 2025A · The company itself

“Impacts to our business may include, but are not limited to, a reduction in procedures performed, reduced demand for our products, limitations on hospitals’ ability to spend on capital equipment and in healthcare spending in general, and supply disruption.”

Annual report 2025A · The company itself

“Such arrangements may also expose us to numerous known and 43 Table of Contents unknown risks, including unique risks with respect to the economic, political, and regulatory environment of any foreign entities with whom we partner, including Fosun Pharma.”

Annual report 2025A · The company itself

“Dessutom är geopolitiken exceptionellt svår att bedöma.”

Annual report 2024A · The company itself

“– Den geopolitiska situationen, med ökade spänningar i snart alla delar av världen, gör det ännu viktigare att vara nära kunderna.”

Annual report 2024A · The company itself

“Framför allt präglades det dock av den fruktansvärda och oprovocerade ryska invasionen av Ukraina.”

Annual report 2022A · The company itself

“Ökad protektionism och ökade internationella handelsrestriktioner kan leda till minskad globalisering och påverkar affärsmiljön förportföljbolagen.”

Annual report 2022A · The company itself

“Trots kriget i Ukraina och andra geopolitiska osäkerheter som påverkat den globala ekonomin negativt, har Investor och dotterföretagen inte drabbats av några större kreditförluster under året.”

Annual report 2022A · The company itself

“Till de främsta drivkrafterna hör omfattande moderniseringsprogram, ett mer spritt användande av kommunikationsutrustning och en ökad geopolitisk osäkerhet.”

Annual report 2024A · The company itself

“Den starka utvecklingen under året är också en konsekvens av en påtagligt mer aktiv marknad som inkluderar den geopolitiska situationen i Europa.”

Annual report 2024A · The company itself

“Det ökade moderniseringsbehovet, tillsammans med kraftigt höjda försvarsanslag och en omfattande upprustning, driver efterfrågan på beprövade och etablerade lösningar.”

Annual report 2024A · The company itself

“Till drivkrafterna bakom uppräkningen hör ett mer spritt användande av kommunikationsutrustning, fortsatta investeringar i moderniseringsprogram och en ökad geopolitisk osäkerhet.”

Annual report 2024A · The company itself

“Kraftigt ökade försvarsanslag till följd av geopolitisk instabilitet Den påtagligt ökade geopolitiska instabiliteten och osäkerheten har medfört att ett flertal länder kommunicerat att de avser kraftigt öka anslagen till försvar och militär. Europas försvarsutgifter förväntas öka betydligt under de närmaste 10–15 åren jämfört med nivåerna före kriget i Ukraina.”

Annual report 2024A · The company itself

“Beställningarna under året är tydliga kvitton på att lösningen möter de höga krav som NATO-länder ställer på ett modernt kommunikationssystem.”

Annual report 2024A · The company itself

“Market Forces •Disruptions in the credit and capital markets and unfavorable general economic conditions could negatively affect our business, results of operations and financial condition. •Our effective income tax rate may fluctuate for a variety of reasons. •Due to the global nature of our business we are subject to international economic, political and other risks that could negatively affect our results of operations and financial condition. •Climate change may have an impact on our business.”

Annual report 2025A · The company itself

“The risk of cyberattacks has increased in connection with geopolitical events and dynamics. State-sponsored parties or their supporters may launch retaliatory cyberattacks, and may attempt to cause supply chain disruptions, or carry out other geopolitically motivated actions that may adversely disrupt or degrade our operations and may result in data compromise.”

Annual report 2025A · The company itself

“We are required to comply with the FCPA, the UK Bribery Act and other international anti-corruption laws, which prohibit companies from engaging in bribery including corruptly or improperly offering, promising, or providing money or anything else of value to non-United States officials and certain other recipients. In addition, the FCPA imposes certain books, records, and accounting control obligations on public companies and other issuers. We operate in parts of the world in which corruption can be common and compliance with anti-bribery laws may conflict with local customs and practices. Our global operations face the risk of unauthorized payments or offers being made by employees, consultants, sales agents, and other business partners outside of our control or without our authorization.”

Annual report 2025A · The company itself

“Itera continues to financially support those of its Ukrainian employees that have been drafted into military service.”

Annual report 2024A · The company itself

“The ongoing military invasion of Ukraine by Russia, which began in February 2022, remains a significant concern. Itera prioritizes the safety of its employees and their families, supporting relocations and ensuring customer deliveries continue without disruption. Our robust business continuity plans have proven effective, and we have expanded into the Czech Republic and Poland to mitigate risks associated with the war.”

Annual report 2024A · The company itself

“Safety concerns in Ukraine The health and safety of our employees in Ukraine are critically important, especially as they face increased risks of injury due to the ongoing war, making them more vulnerable compared to their colleagues elsewhere. With approximately 30% of our workforce based in Ukraine, their safety is also essential for ensuring timely customer service and maintaining operational effectiveness. The security of our employees is directly impacted by Russia’s military actions, which also affects our ability to fulfill customer deliveries from this region.”

Annual report 2024A · 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

“Further, weak economic conditions, recessions, significant inflation, severe or unusual weather events, pandemics, war, and other factors (including changes in tariffs) could affect consumer preferences and demand, causing a strain on our supply chain due, in part, to retailers, distributors, or carriers modifying their restocking, fulfillment, or shipping procedures.”

Annual report 2026A · The company itself

“Geopolitical conflicts and evolving international trade and regulatory conditions have adversely affected, and may continue to adversely affect, the global economy and financial markets. Governments in various jurisdictions have implemented, and may continue to implement, sanctions, trade restrictions, export controls, or other regulatory measures that can disrupt global supply chains and increase costs. While we do not have operations in regions experiencing geopolitical conflict, these conditions have contributed to, and may continue to contribute to, the volatility in the availability and cost of raw materials, transportation, and energy.”

Annual report 2026A · The company itself

“Logistics and other transportation-related costs have a significant impact on our earnings and results of operations. We use multiple forms of transportation, including ships, trucks, railcars, and third-party carriers, to bring our products to market. Disruption to the timely supply of these services or increases in the cost of these services for any reason, including availability or cost of fuel, regulations affecting the industry (including changes in tariffs), labor shortages in the transportation industry, service failures by third-party service providers, carrier capacity, accidents, natural disasters, inflation, geopolitical conflicts, a pandemic illness, or a cybersecurity breach or attack, may impact our ability to obtain reliable transportation for products.”

Annual report 2026A · The company itself

“We cannot guarantee that the steps we have taken to protect our intellectual property will be adequate to prevent infringement of our rights or misappropriation or theft of our technology, trade secrets or know-how. For example, effective patent, trademark, copyright and trade secret protection may be unavailable or limited in some of the countries in which we operate.”

Annual report 2025A · The company itself

“A material disruption of our operations due to catastrophic or geopolitical events, particularly at our monitoring and/or manufacturing facilities, could materially and adversely affect our business. If our operations, particularly at our monitoring facilities and/or manufacturing facilities, were to be disrupted as a result of significant equipment failures, natural disasters, pandemics, climate change, cybersecurity incidents, power outages, fires, explosions, abrupt political change, armed conflict, terrorism, sabotage, adverse weather conditions, public health crises, labor disputes, labor shortages or other reasons, we may be unable to effectively respond to alarm signals, fill customer orders, convert our backlog, collect revenue and otherwise meet obligations to or demand from our customers, which could adversely affect our financial performance. These events may also cause us to experience increased costs and reduced productivity.”

Annual report 2025A · The company itself

“Changes in U.S. or foreign trade policies and other factors beyond our control may adversely impact our business and operating results. Geopolitical tensions and trade disputes can disrupt supply chains and increase the cost of our products.”

Annual report 2025A · The company itself

“We have significant operations in a number of countries outside the U.S., some of which are located in emerging markets. Long-term economic and geopolitical uncertainty in any of the regions of the world in which we operate, such as Asia, South America, the Middle East, Europe and emerging markets, could result in the disruption of markets and negatively affect cash flows from our operations to cover our capital needs and debt service requirements.”

Annual report 2025A · The company itself

“We compete around the world in various geographic regions and product markets. Global economic and political conditions affect each of our primary businesses and the businesses of our customers and suppliers. Recessions, economic downturns, price instability, inflation, slowing economic growth and social and political instability in the industries and/or markets where we compete could negatively affect our revenues and financial performance in future periods, result in future restructuring charges, and adversely impact our ability to grow or sustain our business.”

Annual report 2025A · The company itself

“Political JPMorganChase’s businesses could be negatively affected by economic uncertainty resulting from political and geopolitical developments. Political developments in the U.S. and other countries could cause uncertainty in the economic environment and market conditions in which JPMorganChase operates. Certain governmental policies or actions could significantly affect U.S. and global economic growth and cause higher volatility in the financial markets, including: •monetary policies and actions taken by central banks, including any sustained large-scale asset purchases, any suspension or reversal of those actions, and changes in interest rate levels •fiscal policies, including with respect to taxation and spending •foreign policies that emphasize national interests •economic or financial sanctions •the implementation of tariffs and other trade policies •requirements to relocate business activities or operations •deployment of the military •changes to immigration policies, or •actions or inactions by a government related to emergencies.”

Annual report 2025A · The company itself

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

Annual report 2025A · The company itself

“•obtain unauthorized access to JPMorganChase’s systems or to confidential information belonging to 21 Part I JPMorganChase or its clients, customers, counterparties or employees •manipulate or destroy data •disrupt, sabotage or degrade service on JPMorganChase’s systems and websites, including those that provide online banking and other services •steal money, or •extort money through the use of so-called “ransomware.” Threat actors that perpetrate cyber attacks include individuals or groups that are: •sponsored by, or acting on behalf of, hostile countries or terrorist organizations •cyber-criminals, or •engaged in using technology to promote a political or social agenda (i.e., “hacktivists”). JPMorganChase has experienced security breaches due to cyber attacks in the past, and future breaches are inevitable.”

Annual report 2025A · The company itself

“There can be no assurance that JPMorganChase’s Firmwide resiliency framework will mitigate all potential resiliency risks to JPMorganChase, its clients and customers, and the third parties, including service providers with which it does business, or that the resiliency framework will be able to anticipate or defend against every form of disruption or adequately address the effects of simultaneous or prolonged disruptions. In addition, JPMorganChase’s ability to respond effectively to a disruption event could be hampered to the extent that the members of its workforce, physical assets, systems and other support infrastructure, or those of its third-party service providers, that are needed to address the event are geographically dispersed, or conversely, if such an event were to occur in an area in which they are concentrated.”

Annual report 2025A · The company itself

“The impact of these actions could be accentuated in trading markets that are smaller, less liquid and more volatile than more-developed markets. These types of government actions can negatively affect JPMorganChase’s operations in the relevant country, either directly or by suppressing the local business activities of clients.”

Annual report 2025A · The company itself

“In addition, emerging markets countries, as well as more developed countries, have been susceptible to unfavorable social developments arising from poor economic conditions or governmental actions, including: •widespread demonstrations, civil unrest or general strikes •crime and corruption •security and personal safety issues •outbreaks or escalations of hostilities, or other geopolitical instabilities •overthrow of incumbent governments •terrorist attacks, and •other forms of internal discord. These types of developments have in the past resulted in, and in the future could lead to, conditions that could adversely affect JPMorganChase’s operations in the affected countries and impair the revenues, growth and profitability of those operations.”

Annual report 2025A · The company itself

“Inflaatio, korkeat korot ja geopoliittiset tekijät voivat muun muassa vaikuttaa asiakkaiden investointipäätöksiin.”

Annual report 2025A · The company itself

“Maailmankaupassa ja kansainvälisissä toimitusketjuissa tapahtuvat muutokset, geopoliittiset jännitteet ja sodat, energian saatavuus, sanktiot ja kauppasodat voivat vaikuttaa globaaleihin tavaravirtoihin ja siten Kalmarin ratkaisujen kysyntään.”

Annual report 2025A · The company itself

“Komponenttien ja raaka-aineiden saatavuutta voivat jatkossakin heikentää geopoliittiset tapahtumat, kuten Ukrainan tai Lähi-idän sotien pitkittyminen tai konfliktin alueellinen laajentuminen.”

Annual report 2025A · The company itself

“Geopolitical and supply chain risks Instability in the international operating environment, changes in trade and economic policy, and potential disruptions in supply chains could impact product availability and business continuity.”

Annual report 2025A · The company itself

“Table of Contents •Our financial results may be negatively impacted by unfavorable economic and geopolitical conditions. •U.S. and international laws and regulations could adversely affect our business. •Litigation or legal proceedings could expose us to significant liabilities and damage our reputation.”

Annual report 2025A · The company itself

“The raw materials and other supplies, including agricultural commodities (such as coffee, apples, and corn), fuel and packaging materials, transportation, and other supply chain inputs that we use for the manufacturing, production, and distribution of our products are subject to price volatility and fluctuations in availability caused by many factors, including: changes in supply and demand; supplier capacity constraints; inflation; weather conditions (including the effects of climate change); natural disasters; disease or pests; agricultural uncertainty; cost increases in farm inputs; health epidemics, pandemics, or other contagious outbreaks; labor shortages, strikes, or work stoppages; changes in or the enactment of new laws and regulations; governmental actions or controls (including import/export restrictions, such as new, increased, or retaliatory tariffs, sanctions, quotas, or trade barriers); port congestion or delays; transport capacity constraints; cybersecurity incidents or other disruptions; political uncertainties; acts of terrorism; governmental instability; speculation in global trading of commodities, such as coffee; or fluctuations in foreign currency exchange rates.”

Annual report 2025A · The company itself

“Our third-party manufacturers and order fulfillment companies are subject to disruption, including as a result of health epidemics, natural disasters, information technology failures, commercial or international trade disputes, governmental regulatory and enforcement actions, labor stoppages or strikes, financial issues, or otherwise. These issues could delay importation and increase the cost of products, delay the fulfillment of the brewers, beverage concentrates, and syrups to our customers, or require us to locate alternative manufacturers or order fulfillment companies to avoid disruption, which could adversely affect our product sales and operating results.”

Annual report 2025A · The company itself

“Unstable geopolitical conditions or events in certain markets, including civil unrest, acts of war, terrorism, or governmental changes, or changes in international relations could undermine global consumer confidence and reduce consumers' purchasing power, thereby reducing demand for our products.”

Annual report 2025A · The company itself

“We do not currently have operations in Russia, Ukraine, or the Middle East, but due to the impact of the ongoing conflicts in those regions on the global economy, we have experienced and may continue to experience supply chain constraints; inflation in input costs, logistics, manufacturing, and labor costs; volatility in fuel and commodity prices and fluctuations in foreign exchange rates and interest rates, any of which could adversely impact our results of operations.”

Annual report 2025A · The company itself

“In addition, we will be exposed to risks inherent in operating in a significant number of geographies in which we have not operated or have been less present in the past, including countries that are experiencing significant unstable geopolitical conditions. These risks include, among others: •the difficulty of managing and staffing foreign offices; •the increased travel, infrastructure, legal, and compliance costs associated with new international locations; •tariffs, sanctions, such as those imposed in response to the Russia and Ukraine conflict, trade barriers, trade disputes, and other regulatory or contractual limitations on our ability to operate in new foreign markets; •exposure to foreign currency exchange risk; •adaptation to different business cultures, languages, and market structures; and •military conflicts, such as the Russia and Ukraine conflict, and other geopolitical issues.”

Annual report 2025A · The company itself

“Such risks and uncertainties include, but are not limited to, the impact of global economic conditions such as inflation or potential recession, slowing demand for products or services, volatility in financial markets, the existence of political or economic instability, uncertainty related to the impact of national elections results in the U.S. and UK, impacts of geopolitical tension and conflict in regions outside of the U.S., the impacts of increased trade tension and tightening of export control regulations, the impact of new and ongoing litigation, impacts related to net zero emissions commitments, and the impact of volatile weather caused by environmental conditions such as climate change.”

Annual report 2025A · The company itself

“In February 2022, the U.S. imposed economic sanctions and other restrictions on Russia following its invasion of Ukraine. As a result, after an initial suspension of operations in Russia, we permanently discontinued our Russian operations and are exiting Russia.”

Annual report 2025A · The company itself

“Regional conflicts, including the Russian invasion of Ukraine, which resulted in economic sanctions and the decision to discontinue our operations in Russia, conflict in the Middle East, and the risk of increased tensions between China and Taiwan, could limit or prohibit our ability to transfer certain technologies, to sell our products and solutions, and could result in additional closure of facilities in sanctioned countries.”

Annual report 2025A · The company itself

“Impact of U.S. government tariffs Beginning in the second quarter of fiscal 2025, the U.S. government announced tariffs on products from most countries and additional reciprocal tariffs on certain countries. In response, China and other countries announced retaliatory tariffs against certain imports from the United States. There have been recent changes effective August 1, 2025, resulting in broad-based increases in tariff rates, and there has been continuing litigation in the federal courts regarding the validity of the imposition of certain tariffs.”

Annual report 2025A · The company itself

“Financial Condition Liquidity and Capital Resources Our liquidity is affected by many factors, including normal ongoing operations of our business and fluctuations due to global economics and markets. Our cash balances are generated and held in many locations throughout the world. Under certain circumstances, U.S. and local government regulations may limit our ability to move cash balances to meet cash needs.”

Annual report 2025A · The company itself

“Aerospace, Defense, and Government The market for Keysight’s aerospace, defense, and government solutions consists of applications addressing secure and highly reliable communications, space and satellite equipment development and operations, and government research across a wide spectrum of electronics technologies used in aerospace and defense. General applications include electromagnetic spectrum operations (e.g., communications, radar, signal intelligence), cybersecurity, and others, often incorporating ruggedized and high-reliability designs for military equipment.”

Annual report 2025A · The company itself

“Revenue increased across all regions and in both the commercial communications and the aerospace, defense, and government end markets. The increase was primarily driven by higher investments in high-speed networks to support increasing demand for AI capabilities and increased investment in aerospace and defense solutions.”

Annual report 2025A · The company itself

“These restrictions could limit our ability to repatriate earnings from outside the U.S. or obtain currency exchange for U.S. dollar inputs to continue operating in certain countries. •Adverse political conditions.”

Annual report 2025A · The company itself

“Our operations in Russia and the surrounding region are impacted by the war in Ukraine. The war between Russia and Ukraine has negatively impacted, and may continue to negatively impact, our operations in Russia and the surrounding region.”

Annual report 2025A · The company itself

“These activities are subject to inherent risks such as natural disasters, power outages, fires or explosions, labor strikes or labor shortages, terrorism, epidemics, pandemics, import restrictions, regional economic, business, environmental or political events (including the war in Ukraine), governmental regulatory requirements or nongovernmental voluntary actions in response to global climate change or other concerns regarding the sustainability of our business, which could disrupt our supply chain and impair our ability to manufacture or sell our products.”

Annual report 2025A · The company itself

“Geopolitical developments, including the imposition of protectionist measures by countries such as sanctions, restrictions on foreign direct investment, trade barriers, tariffs, export controls and other governmental actions related to international trade agreements and policies that materially constrain cross-border flows of capital, goods, or data, may impact our investment activities and investments. In addition, other geopolitical developments such as political instability, civil unrest, and national and international security events (including the outbreak of war, military action, terrorist acts or other hostilities), can, and occasionally do, materially and adversely impact our ability to conduct our investment management and insurance businesses, in addition to our investments.”

Annual report 2025A · The company itself

“Compliance with financial crime laws is required throughout the lifecycle of our investments, including when we acquire investments, and exit or sell investments. In these contexts, we must assess whether funds paid or received in connection with an acquisition, financing, or disposition could be transferred, directly or indirectly, to persons or entities subject to sanctions or other restrictions. Limitations on our ability to obtain complete or reliable information regarding sellers, buyers, beneficial owners, intermediaries, or payment flows, or changes in applicable laws and regulations or sanctions regimes may require changes to transaction structures, reduce proceeds, or expose us to enforcement risk.”

Annual report 2025A · The company itself

“The valuations of our investments can be impacted by many other factors unrelated to market or economic conditions, including: •global, regional and local events outside of our control, including geopolitical events, natural disasters, and catastrophes; •climate-related risks, including the impacts of changes in the physical climate, such as extreme weather or temperature changes, which may damage physical assets as well as disrupt connectivity and supply chains, in addition to climate-related transition risks that may arise from exposure to the transition to a low-carbon economy through policy, regulatory, technology, market changes, differing perspectives of stakeholders regarding climate impacts, business trends, and changes in consumer behavior related to climate change and technology; and •developments in and adoption of artificial intelligence technologies, which may render existing products, services, or business models of the companies in which we invest to become obsolete, less competitive, or require significant and unanticipated additional investment to remain viable.”

Annual report 2025A · The company itself

“Government policies regarding certain regulations, such as antitrust law, national security or restrictions on foreign direct investment in certain of our portfolio companies or assets can also limit our and our investment vehicles’ exit opportunities. In addition, many of our investment vehicles have a finite term, and we may also be forced to dispose of investments sooner than otherwise desirable.”

Annual report 2025A · The company itself

“Several of our investment vehicles invest in emerging market countries that may not have established laws and regulations that are as stringent as those in more developed nations, or where existing laws and regulations may not be consistently enforced. Due diligence on investment opportunities in these jurisdictions is frequently more complicated because consistent and uniform commercial practices in such locations may not have developed.”

Annual report 2025A · The company itself

“Investing in companies or assets that are based or have significant operations in countries outside of the United States and, in particular, in emerging markets such as China and India, Eastern Europe, South and Southeast Asia, Latin America and Africa, involves risks and considerations that are not typically associated with investments in companies or assets established in the United States.”

Annual report 2025A · The company itself

“Beginning in March 2025 and continuing through the date of the filing of this report, the United States and countries around the world have experienced elevated levels of market volatility and uncertainty driven by, among other things, geopolitical and global trade concerns, including, the imposition of tariffs and threats of tariffs by the United States on certain of its trading partners since April 2025. This volatility and uncertainty adds to the various risks and uncertainties in the business environment in which we operate and may have various impacts, including on the valuations of certain of our and our investment vehicles' investments, the pace and volume of our capital market transactions, deployments, and realizations, and our fundraising activities.”

Annual report 2025A · The company itself

“Geopolitical risks arising from territorial and other disputes between countries, war, political instability, terrorism, piracy and trade wars might impact the trading pattern and market levels. These risks could lead to higher costs for KCC, including crew expenses and insurance premiums, while also affecting revenue through market disruptions and trade restrictions.”

Annual report 2024A · The company itself

“These fluctuations are influenced by imbalances in supply of vessel capacity, demand for global seaborne transportation of commodities as well as different types of disruptions, such as sanctions, tariffs and close down of trade areas.”

Annual report 2024A · The company itself

“KCC successfully navigated through extremely volatile markets and geopolitical instability and demonstrated the strength of KCC’s business model with its flexible fleet of combination carriers.”

Annual report 2024A · The company itself

“The product tanker market had a very strong start to 2024 and kept up well during the spring and early summer, partly driven by trade disruptions following the hostilities in the Red Sea.”

Annual report 2024A · The company itself

“Vi er på det tredje året med en pågående krig i Ukraina, vi har sett eskalerende spenninger mellom verdensmakter, og opplevd de vidtrekkende konsekvensene av konfliktene i Midtøsten. I tillegg til den geopolitiske kompleksiteten, har også virkningen av klimaendringer vært enda tydeligere.”

Annual report 2024A · The company itself

“Geopolitisk- og økonomisk usikkerhet, en eskalerende miljøkrise og ressursmangel, og innføringen av nye teknologier vil påvirke måten vi utvikler virksomheten på.”

Annual report 2024A · The company itself

“Stor internasjonal tilstedeværelse og global avhengighet gjør konsernet sårbart for forhold som påvirker internasjonal handel, sikkerhet, politiske endringer, valuta og verdensøkonomien generelt.”

Annual report 2024A · The company itself

“Vi utvikler og leverer løsninger til det norske Forsvaret og Norges allierte som er med på å øke forsvarsevnen og sikre fred. Vår rolle som forsvarsleverandør er knyttet opp mot Norges nasjonale sikkerhetspolitikk, og Norges internasjonale forpliktelser som medlem av FN og NATO.”

Annual report 2024A · The company itself

“Fjoråret var preget av sikkerhetspolitisk uro og krig i Europa. Samtidig er jeg utrolig stolt av den innsatsen mange av mine kollegaer la inn for å sikre leveranser av kritisk utstyr til Ukraina i året som gikk. Donasjoner fra Norge og andre NATO-land, av blant annet NASAMS luftvern og anti-drone-systemer, bidro til å beskytte folk og infrastruktur i Ukraina.”

Annual report 2024A · The company itself

“Verdensbildet preges av økt geopolitisk usikkerhet, der krigen i Ukraina er inne i sitt fjerde år. Forsvarsbudsjettene øker i Norge, i Nato-land og blant andre allierte.”

Annual report 2024A · The company itself

“Annen risiko Geopolitisk usikkerhet KONGSBERG har stor internasjonal tilstedeværelse og blir påvirket av globale endringer. 2024 har vært preget av krig og politisk uro over store deler av verden, kombinert med trusler om handelskrig og tollbarrierer.”

Annual report 2024A · The company itself

“Egen virksomhet Ikke relevant for risikoer Kort sikt Korrupsjon og bestikkelser Risiko Vi opererer i land med høy korrupsjonsrisiko, som et globalt selskap. Uten tiltak for å redusere denne risikoen, kan vi møte både økonomiske tap og skade på vårt omdømme.”

Annual report 2024A · The company itself

“Kongsberg Defence & Aerospace Aktiviteten i Kongsberg Defence & Aerospace er nært knyttet opp mot den geopolitiske situasjonen i verden. Uroligheter og økt fokus på nasjoners sikkerhet har ført til en sterk økning i etterspørsel etter forsvarsteknologi og systemer som beskytter mennesker og kritisk infrastruktur.”

Annual report 2024A · The company itself

“Dette inkluderer at inntekter fra olje og gass synker, økte kostnader på komponenter og materialer, og produkter er mindre konkurransedyktig i markeder utenfor Europa.”

Annual report 2024A · The company itself

“Omsetning og markedsmuligheter KONGSBERG har en unik posisjon i forhold til de to megatrendene “Sikkerhet” og “Bærekraft”. Megatrenden sikkerhet er drevet av økt geopolitisk spenning i verden. Denne utviklingen har satt sikkerhet høyere på agendaen hos myndigheter, selskaper og individer.”

Annual report 2024A · The company itself

“Further, we have experienced, and may continue to experience, input cost volatility due global competition for resources, foreign currency fluctuations, geopolitical conditions or conflicts, cybersecurity incidents, severe weather, natural disasters, global climate change, water risk, pandemics, crop failures, crop shortages due to plant disease or insect and other pest infestation, changes in consumer demand, alternative energy initiatives, including increased demand for biofuels, and agricultural programs.”

Annual report 2025A · The company itself

“Escalation of geopolitical tensions related to military conflict, including increased trade barriers or restrictions on global trade, could result in, among other things, supply chain disruptions, changes in consumer demand, increased cyberattacks, and impacts on foreign exchange rates and financial markets, any of which may adversely affect our business, financial condition, and results of operations. Although we do not have operations in Ukraine, and our business in Russia generated approximately 1% of our consolidated net sales for the year ended December 27, 2025, the military conflict between Russia and Ukraine has caused, and could continue to cause, negative impacts on our business and the global economy.”

Annual report 2025A · The company itself

“Factors that are hard to predict or beyond our control, such as weather or other geological events or natural disasters, including hurricanes, earthquakes, floods, tsunamis, or wild fires (whether as a result of climate change or otherwise), raw material shortages, fires or explosions, political unrest, geopolitical conflicts, terrorism, civil strife, acts of war, public corruption, expropriation, generalized labor unrest or labor shortages, cybersecurity incidents, or pandemics, could damage or disrupt our operations or the operations of our customers, suppliers, vendors, co-manufacturers, distributors, or regulators.”

Annual report 2025A · The company itself

“Viime vuosina koko rakennusala on kohdannut laajoja, kattavia kriisejä. Korona, Venäjän hyökkäyssota ja sitä seurannut kustannusinflaatio jätti jälkensä moneen yhtiöön, emmekä mekään olleet vaikutuksille immuuneja.”

Annual report 2025A · The company itself

“Vuoden 2025 lopussa tehty yritysosto laajentaa toimintaamme maanalaiseen kalliorakentamiseen tukien yhtiön kasvua.”

Annual report 2025A · The company itself

“Katseemme on tulevaisuudessa ja mietimme tarkasti, mitä projekteja tarjoamme ja millä ehdoilla. Kaupungistuminen, vihreä siirtymä ja geopoliittisen tilanteen vaatimat infrainvestoinnit tukevat kasvuamme tulevaisuudessa.”

Annual report 2025A · The company itself

“Osa väylähankkeista liittyy geopoliittiseen tilanteeseen ja niiden avulla turvataan muun muassa huoltovarmuutta, saavutettavuutta ja sotilaallista liikkuvuutta.”

Annual report 2025A · The company itself

“Maailmanlaajuisilla epidemioilla ja pandemioilla sekä valtioiden välisillä konflikteilla voi olla olennaisen haitallinen vaikutus Kreaten liiketoimintaan, maailmantalouteen ja rahoitusmarkkinoihin. Sekä pandemioiden että konfliktien vaikutukset talouteen voivat näkyä suunniteltujen investointien vähentymisenä tai lykkääntymisenä ja vähentää Kreaten palveluiden kysyntää.”

Annual report 2025A · The company itself

“Yritysosto: Vahva asema kalliorakentamisessa Kreate toteutti vuoden 2025 viimeisenä päivänä SRV Infra Oy:n oston. Kaupan myötä Kreate sai vahvan jalansijan maanalaiseen kalliorakentamisen markkinaan, jonka tulevien vuosien näkymiä vahvistavat geopoliittiseen tilanteeseen liittyvät turvallisuus-, valmius- ja huoltovarmuusnäkökulmat.”

Annual report 2025A · The company itself

“the airspace above the airport was closed for four hours because of unau - thorised drones”

Annual report 2025A · The company itself

“However, the financial outlook is subject to uncertainty resulting from the geopolitical and macroeconomic environment. A deterioration in these factors could negatively affect travel activity and thereby CPH’s financial performance.”

Annual report 2025A · The company itself

“Ongoing instability and current conflicts in global markets, including in Ukraine and Eastern Europe, the Middle East and Asia, and the potential for other conflicts and future terrorist activities and geo-political events throughout the world have created and may continue to create economic and political uncertainties and impacts that could have a material adverse effect on our business, operations and profitability.”

Annual report 2025A · The company itself

“Current geopolitical conditions, including sanctions and other trade restrictive activities and strained inter-country relations, have contributed to issues procuring necessary materials and components. For example, some materials and components in our supply chain have previously been sourced from areas now under sanctions or other trade restrictions, such as specialty metals from Russia and certain equipment from China, or are currently sourced from areas which are at risk of sanctions or other trade restrictive actions, not just by the United States but by other nations or groups, such as the European Union.”

Annual report 2025A · The company itself

“Operations may be disrupted and adversely impacted by events beyond the Company’s control, including natural disasters, adverse weather, geopolitical events, public health crises, supply chain disruptions, and inaccessibility of natural resources. Natural disasters (e.g., severe weather, fires, and earthquakes), geopolitical events (e.g., terrorism, war, and political instability), public health crises, criminal activity, supply chain disruptions, and other events beyond the Company’s control could negatively affect the Company’s operations.”

Annual report 2025A · The company itself

“Despite having proprietary transport capabilities, the Company remains dependent on third parties for critical supplies and services, including transportation, laboratory materials, and specialized animal populations. Disruptions in supply chains or access to transport—due to factors such as geopolitical instability, public health crises, natural disasters, or vendor noncompliance—have impacted, and could in the future materially impact, the Company’s operations.”

Annual report 2025A · The company itself

“There is inherent risk that political, diplomatic and national security influences can lead to trade disputes, impacts and/or disruptions, in particular those affecting the semiconductor industry. This can adversely affect our business in China, Japan, Korea, and/or Taiwan and perhaps the entire Asia Pacific region or worldwide. A significant trade dispute, impact, and/or disruption in any area where we do business could have a materially adverse impact on our future results of operations and cash flows.”

Annual report 2026A · The company itself

“These locations are subject to disruption for a variety of reasons, such as natural or man-made disasters (including disasters resulting from climate change), including earthquakes, wildfires, hurricanes, flooding, and heat waves, epidemics, pandemics, outbreaks of diseases or other global health emergencies, force majeure events, war, terrorist activities, political or governmental unrest or instability, disruptions of our information technology resources, utility interruptions, international conflict, or other events beyond our control.”

Annual report 2026A · The company itself

“Ympäristötietoisuuden kasvun lisäksi kysyntään vaikuttaa geopolitiikka ja globaalit kriisit (mm. Lähi-idässä ja Ukrainassa), jotka kasvattavat merkittävästi ympäristövahinkojen riskiä esimerkiksi Punaisellamerellä ja Itämerellä.”

Annual report 2024A · The company itself

“Koska Lamorilla on liiketoimintaa ympäri maailman, se altistuu esimerkiksi poliittisille, taloudellisille, lainsäädännöllisille ja sosiaalisille olosuhteille kussakin maassa, jossa se harjoittaa liiketoimintaansa. Toimintansa kansainvälisen luonteen vuoksi Lamor altistuu kansainväliseen kauppaan liittyvien riskien vaikutuksille.”

Annual report 2024A · The company itself

“Geopoliittisella tilanteella saattaa olla negatiivinen vaikutus Lamorin liiketoimintaan esimerkiksi hankkeiden aikataulu- ja kustannusmuutosten sekä toimitusketjujen ja paikallisten toimintamahdollisuuksien muutosten muodossa.”

Annual report 2024A · The company itself

“Ongoing instability and current conflicts in global markets, including in Eastern Europe, the Middle East, and Asia, and the potential for other conflicts and future terrorist activities and other recent geopolitical events throughout the world, including the ongoing conflict between Russia and Ukraine, the ongoing conflict in the Middle East, which continues to expand, and increased tensions in Asia, have created and may continue to create economic and political uncertainties and impacts that could have a material adverse effect on our business, operations, and profitability.”

Annual report 2026A · The company itself

“In addition, in connection with the current status of international relations with Russia, particularly in light of the conflict between Russia and Ukraine, the U.S. government has imposed enhanced export controls on certain products and sanctions on certain industry sectors and parties in Russia. The governments of other jurisdictions in which we operate, such as the European Union and Canada, may also implement sanctions or other restrictive measures. These potential sanctions and export controls, as well as any responses from Russia, could adversely affect us and/or our supply chain, business partners, or customers.”

Annual report 2026A · The company itself

“Further, cybersecurity risks may be heightened as a result of ongoing global conflicts such as the military conflict between Russia and Ukraine and the related sanctions imposed by the United States and other countries, or the ongoing conflict in the Middle East, which continues to expand.”

Annual report 2026A · The company itself

“Reforms, initiatives, and other actions in our product markets, including those that may stem from political initiatives, periods of uneven economic growth or downturns or uncertainty, or as a result of inflation or deflation, trade and other global disputes and interruptions including related to tariffs, trade protection measures, and similar restrictions, the emergence, or escalation of, and responses to, international tension and conflicts, or government budgeting priorities, are expected to continue to result in added pressure on pricing, access, and reimbursement for our products.”

Annual report 2025A · The company itself

“In addition, historically, geopolitical tensions between the U.S. and China have led to the imposition of tariffs, sanctions, and certain 21 other business restrictions between the U.S. and China. In 2025, the U.S. government imposed new tariffs on Chinese goods, and China responded with tariffs on select U.S. goods. If new legislation or additional trade restrictions are adopted or geopolitical tensions were to increase and disrupt our operations in or related to China, such disruption could significantly impact our business and results of operations.”

Annual report 2025A · The company itself

“We continue to experience additional pricing pressures, rebates, clawbacks, and other changes in reimbursement policies and programs resulting from periods of uneven economic growth or downturns or uncertainty, and the emergence or escalation of, and responses to, international tension and conflicts.”

Annual report 2025A · The company itself

“Intellectual property threats across international markets include policies which favor domestic competitors or are otherwise disadvantageous to our products, challenges to our patents’ validity in foreign courts, and government policies that force technology transfer or undermine or nullify patent protections under the guise of health emergencies or other public interests.”

Annual report 2025A · The company itself

“Trade and other global disputes, interruptions, and developments, including those related to tariffs, trade protection measures, import or export licensing requirements or disagreements with authorities regarding tariff classifications, transfer pricing, or valuations, the imposition of trade sanctions or similar restrictions by the U.S. or other governments, international tension and conflicts, as well as economic stagnation, cost inflation, strains on global transportation, manufacturing, and labor markets, and public health outbreaks, epidemics, or pandemics affect our ability to do business and, in some cases, result in financial, operational, legal, business, or reputational harm.”

Annual report 2025A · The company itself

“Linde’s international operations are subject to the risks of doing business abroad and international events and circumstances may adversely impact its business, financial condition or results of operations. Linde has substantial international operations which are subject to risks including devaluations in currency exchange rates, transportation delays and interruptions, political and economic instability and disruptions, restrictions on the transfer of 8 Table of Contents funds, trade conflicts and the imposition of duties and tariffs, import and export controls, changes in governmental policies, labor unrest, possible nationalization and/or expropriation of assets, changes in U.S. and non-U.S. tax policies and compliance with governmental regulations.”

Annual report 2025A · The company itself

“Catastrophic events could disrupt the operations of Linde and/or its customers and suppliers and may have a significant adverse impact on the results of operations. Linde's operations are exposed to physical risks associated with the occurrence of natural disasters linked to climate change, such as extreme weather events including hurricanes and floods, as well as catastrophic events such as health epidemics; pandemics; and acts of war or terrorism.”

Annual report 2025A · The company itself

“Risks Relating to Governmental Regulation and Litigation We operate in international markets which subject us to risks associated with the legislative, judicial, accounting, regulatory, political and economic risks and conditions specific to such markets, which could adversely affect our business, financial condition and results of operations. We provide services in various jurisdictions abroad through a number of brands and businesses that we own and operate, as well as through joint ventures, and we expect to continue to expand our international presence.”

Annual report 2025A · The company itself

“General Risks Relating to our Business and Operations We may be adversely affected by the occurrence of extraordinary events, such as terrorist attacks or disease epidemics, such as the COVID-19 pandemic. The occurrence and threat of extraordinary events, such as terrorist attacks, intentional or unintentional mass-casualty incidents, public health concerns such as contagious disease outbreaks, natural disasters or similar events, may deter artists from touring and/or substantially decrease the use of and demand for our services and the attendance at live music events, which may decrease our revenue or expose us to substantial liability.”

Annual report 2025A · The company itself

“Loomis verksamhet bygger på att Loomis övertar kundens risker förknippade med att hantera, transportera och lagerhålla kontanter, ädel metaller och andra värdeföremål. Verksamheten innebär att det dels finns risk att kontanter och värdeföremål går förlorade på grund av brottslighet eller brister i hanteringen, dels risk för personskador.”

Annual report 2024A · The company itself

“Att vara ledande inom hållbarhet i vår bransch är en av Loomis fyra strategiska prioriteringar. Loomis tjänster bidrar till säkra, effektiva och fungerande betalningsflöden. De är samhällsbärande och stödjer centralbankernas arbete för att säkerställa tillgång till kontanter.”

Annual report 2024A · The company itself

“Supply Chain and Third-Party Risks Disruptions in our supply chain and our fulfillment network for our products due to various factors including, but not limited to, global health crises, geopolitical conflicts, trade policy changes, and additional tariffs, have affected and may continue to affect our business and results of operations.”

Annual report 2026A · The company itself

“To ensure adequate inventory supply, we forecast inventory needs and place orders with our manufacturers based on estimates of future demand. Our ability to forecast demand for our products could be affected by many factors, including an increase or decrease in demand for our or our competitors' products, our failure to accurately forecast guest acceptance of new products, product introductions by competitors, unanticipated changes in market conditions (for example, because of global economic conditions such as inflation, an economic downturn, or local and international shipping delays and labor shortages), and weakening of economic conditions or consumer confidence in future economic conditions (for example, because of inflationary pressures, or because of sanctions, restrictions, and other responses related to geopolitical events).”

Annual report 2026A · The company itself

“We operate and source products across multiple international markets, and our ability to manage a global supply chain depends on stable economic and political conditions. Global instability, trade disputes, changes in customs treatment including de minimis thresholds, alterations in duty or tariff levels, sanctions, embargoes, or other governmental actions may increase costs, lengthen lead times, or require us to adjust sourcing or distribution strategies.”

Annual report 2026A · The company itself

“In addition, heightened geopolitical tensions, including potential conflicts involving Taiwan or other regions where our suppliers are concentrated, could disrupt our supply of raw materials and finished goods. A significant portion of our technical fabrics originates from Taiwan, and any military conflict, trade embargo, or disruption affecting that region could materially impact our ability to source materials and fulfill customer orders.”

Annual report 2026A · The company itself

“Political polarization in the United States has also led to increased consumer activism, brand boycotts, and public pressure campaigns targeting companies based on their perceived political or social positions. Whether or not we take public positions on social or political issues, we could face reputational harm, reduced consumer demand, or employee relations challenges if we are perceived as aligned or misaligned with particular viewpoints. These dynamics could adversely affect our brand, guest relationships, and results of operations.”

Annual report 2026A · The company itself

“Our concentration of fabric sourcing in Taiwan exposes us to geopolitical risks, including the possibility of military conflict, trade restrictions, or disruptions affecting that region.”

Annual report 2026A · The company itself

“Additionally, instability in the global credit and banking markets, inflation, trade wars, disputes and tariffs, capital expenditure reductions, unemployment, stock market volatility, armed conflicts and geopolitical tensions in many parts of the world (including as a result of the on-going Russia-Ukraine war, ongoing conflicts in the Middle East, including the U.S.-Iran war, political and territorial conflicts in the Western Hemisphere, the conflict between Cambodia and Thailand, and China-Taiwan relations), economic challenges in China and the U.S., including global economic ramifications of Chinese and U.S. economic difficulties, and other disruptions may continue to put pressure on global economic conditions.”

Annual report 2026A · The company itself

“The Company is subject to certain risks and possible political and economic instability specific to Ecuador, arising from change of government, political unrest, labour disputes, invalidation of government orders, permits or property rights, legal proceedings and referendums seeking to suspend mining activities, unsupportive local and regional governments, risk of corruption, military repression, war, civil disturbances, criminal and terrorist acts, hostage taking, changes in laws, expropriation, nationalization, renegotiation or nullification of existing concessions, agreements, licences or permits and changes to monetary or taxation policies. The occurrence of any of these risks may adversely affect the mining industry, mineral exploration and mining activities generally or the Company specifically and could result in the impairment or loss of mineral concessions or other mineral rights.”

Annual report 2024A · The company itself

“Ecuador is experiencing a period of political uncertainty. Ecuador’s presidential election on February 9, 2025 resulted in an inconclusive outcome leading to a run-off election scheduled for April 13, 2025. Candidates in the run-off election are the incumbent president Daniel Noboa, from the National Democratic Action party, and Luisa González, from the Citizen Revolution party. It is uncertain whether either candidate will bring political stability to the country given a variety of challenges including, but not limited to, lack of a clear majority in the National Assembly, the significant national debt, the security situation, the inadequacy of power supply, and the condition of the economy.”

Annual report 2024A · The company itself

“Recently, Ecuador has experienced periods of heightened security risk, due in part to the increase of organized crime and illegal mining in the country. Risks and uncertainties include, but are not limited to, terrorism, hostage taking, extortion, gang activities, military repression, labour unrest and war or civil unrest. Opposition to mining could arise and such opposition may be violent. Resistance or unrest in Ecuador could have a material adverse effect on the Company’s operations, including supply chains and logistics, and profitability.”

Annual report 2024A · The company itself

“The Company’s relationships with communities near where it operates and other stakeholders are critical to ensure the future success of Fruta del Norte and the exploration and development of the Company’s other concessions. The Company’s mineral concessions, including Fruta del Norte, are located near rural and communities of Indigenous Peoples, some of which contain groups that have been opposed to mining activities from time to time in the past, which may affect the operations at Fruta del Norte and its exploration and development activities on its other concessions in the short and long term.”

Annual report 2024A · The company itself

“In addition, producers in natural gas cost-advantaged regions, such as the Middle East and North America, benefit from the lower prices of natural gas and NGLs. Competition from producers in these regions may cause us to reduce exports from Europe and elsewhere. Any such reductions may increase competition for product sales within Europe and other markets, which can result in lower margins in those regions.”

Annual report 2025A · The company itself

“Our ability to source raw materials or deliver products may be adversely affected by political instability, civil disturbances or other governmental actions. We obtain a portion of our principal raw materials from sources in the Middle East and Central and South America that may be less politically stable than other areas in which we conduct business. Political instability, civil disturbances and actions by governments in these areas are more likely to substantially increase the price and decrease the supply of raw materials necessary for our operations or impair our ability to deliver products to customers, which could have a material adverse effect on our results of operations.”

Annual report 2025A · The company itself

“Incidents of civil unrest, including terrorist attacks and demonstrations that have been marked by violence, have occurred in a number of countries, including in the Middle East and South America. Some political regimes in these countries are threatened or have changed as a result of such unrest. Political instability and civil unrest could continue to spread in the region and involve other areas.”

Annual report 2025A · The company itself

“We operate internationally and are subject to the risks of doing business on a global level. These risks include fluctuations in currency exchange rates, economic instability and disruptions, restrictions on the transfer of funds and the imposition of trade restrictions or duties and tariffs, and complex regulations concerning privacy and data security.”

Annual report 2025A · The company itself

“Additionally, economic conditions, financial markets and inflationary pressures may be adversely affected by the impact of current or anticipated geopolitical uncertainties; military conflicts; political uncertainty in the U.S.; potential changes to federal taxation rates; the impact of international trade policies, including tariffs; pandemics; and global, national and local responses thereto by governmental authorities and other third parties. These unpredictable events could create, increase or prolong economic and financial disruptions and volatility that adversely affects the Company’s business, financial condition, capital and results of operations.”

Annual report 2025A · The company itself

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

Annual report 2025A · The company itself

“Because we conduct our business on a global scale, we are affected by changes and uncertainties in global, national, or regional economies, governmental policies (including in areas such as trade, travel, spending, immigration, labor, healthcare, and related issues), and geopolitical, public health, social and other conditions and events. Our business, financial results, and growth are impacted by weak or volatile economic conditions; pandemics and other outbreaks of disease; natural and man-made disasters; changes in energy prices, interest rates, inflation, and currency values; political instability, geopolitical disputes or conflict, actual or threatened war, terrorist activity, civil unrest and other acts of violence; heightened travel security measures, travel advisories, and disruptions in air and ground travel; and concerns over the foregoing.”

Annual report 2025A · The company itself

“Geopolitical and macroeconomic conditions, including from multiple major wars and global conflicts, social unrest, tariffs or changes in trade policies, slower GDP growth or recession, fluctuations in foreign exchange rates, lower interest rates, capital markets volatility, inflation and changes in insurance premium rates affect our clients' businesses and the markets they serve.”

Annual report 2025A · The company itself

“Cyberattacks are increasing in frequency and evolving in nature. We are at risk of attack by a variety of adversaries, including nation states, state-sponsored organizations, opportunistic attacks, and organized crime and hackers, through use of increasingly sophisticated methods of attack, including the deployment of AI to find and exploit vulnerabilities, "deep fakes", long-term, persistent attacks (referred to as advanced persistent threats) and the use of the IT supply chain to introduce malware through software updates or compromised suppliers accounts or hardware.”

Annual report 2025A · The company itself

“Further, we are at increased risk of a cyberattack during periods of heightened geopolitical conflict, such as the war in Ukraine and the conflict throughout the Middle East, as diplomatic events and economic policies may trigger espionage or retaliatory cyber incidents. Additionally, nation states may deploy threat actors masquerading as potential candidates for hire at target companies to perform corporate espionage or execute internal cyber threat activities.”

Annual report 2025A · The company itself

“Many of these providers are located outside the U.S., which exposes us to business disruptions and political risks inherent when conducting business outside of the U.S.”

Annual report 2025A · The company itself

“Macroeconomic or geopolitical conditions, such as a slower economic growth or recession, the war in Ukraine and the conflict throughout the Middle East, inflationary pressures or supply chain challenges, could result in financial difficulties for our clients, which could cause clients to delay payments to us, request modifications to their payment arrangements that could increase our receivables balance or default on their payment obligations to us.”

Annual report 2025A · The company itself

“For example, governments in some countries (such as South Africa) mandate switching of domestic payments either entirely in that country or by only domestic companies. Some jurisdictions are currently considering adopting or have adopted data localization requirements, which mandate the collection, storage, and/or other processing of data within their borders.”

Annual report 2025A · The company itself

“We are subject to anti-money laundering (“AML”) and countering the financing of terrorism (“CFT”) laws and regulations globally, including the U.S. Bank Secrecy Act and the USA PATRIOT Act, as well as the various economic sanctions programs, including those imposed and administered by the U.S. Office of Foreign Assets Control (“OFAC”) and the European Union.”

Annual report 2025A · The company itself

“Governments in some countries have acted, or in the future may act, to provide resources, preferential treatment or other protection to selected national or domestic payment and switching providers, or have created, or may in the future create, their own national provider. These actions may displace us from, prevent us from entering into, or substantially restrict us from participating in, particular geographies, and may prevent us from competing effectively against those providers.”

Annual report 2025A · The company itself

“In addition, several governments are promoting, or considering promoting, local networks for domestic switching.”

Annual report 2025A · The company itself

“Geopolitical events and resulting government activity could also lead to information security threats and attacks by affected or sympathizing jurisdictions or other actors, which could put our information and assets at risk, as well as result in network disruption.”

Annual report 2025A · The company itself

“•Working or contracting with governments (either directly or via our financial institution customers, system integrators or other third party partners) can subject us to heightened reputational risks, including extensive scrutiny and publicity, as well as a potential association with the policies of those governments. Any negative publicity or negative association with a government entity, regardless of its accuracy, may adversely affect our reputation.”

Annual report 2025A · The company itself

“Cross-border activity has been, and may continue to be, adversely affected by world geopolitical, economic, health, weather and other conditions. These include or have included: •Global pandemics (and related post-pandemic global economic impacts) and potential separate outbreaks of flu, viruses and other diseases (any of which could result in future epidemics or pandemics) •Current and potential future geopolitical conflicts, as well as expansion into regional or global conflicts, and the resulting impacts to our business •The threat of terrorism and major environmental and extreme weather events (including those related to climate change) The impact of and uncertainty that could result from any of these events or factors could ultimately decrease cross-border activity.”

Annual report 2025A · The company itself

“Russia’s invasion of Ukraine. In addition to the cross-border impacts described above, our compliance with sanctions and our decision to suspend our business operations in Russia has led, and could further lead, to other legal ramifications and operational challenges, including fines, the nationalization of our subsidiary and any resulting impacts, and/or lawsuits.”

Annual report 2025A · The company itself

“Our ability to make, move, and sell products is critical to our success. Damage or disruption to or reduction or termination of raw material supplies or our manufacturing or distribution capabilities due to weather, climate change, natural disaster, fire, international disputes, geopolitical tensions or conflict, terrorism, cyber-attack, health epidemics, pandemics or other contagious outbreaks, governmental restrictions or mandates, strikes, import/export restrictions, global trade policies, or other factors could impair our ability to manufacture or sell our products.”

Annual report 2025A · The company itself

“Changes in the political conditions in markets in which we manufacture, sell or distribute our products, as well as changing geopolitical conditions, including conflicts, may be difficult to predict and may adversely affect our business and financial results. Results of elections, referendums, sanctions or other political processes and pressures in certain markets in which our products are manufactured, sold or distributed have created and could continue to create uncertainty regarding how existing governmental policies, laws and regulations may change, including with respect to sanctions, taxes, tariffs, import and export controls and the general movement of goods, materials, services, capital, data and people between countries.”

Annual report 2025A · The company itself

“The global economy has been negatively impacted by changing political and geopolitical conditions, including conflicts. Our business, financial condition and results of operations have been impacted in the past and may be impacted in the future by disruptions in the global economy associated with these changes in political and geopolitical conditions. Geopolitical instability has, and could result in, a negative impact on our ability to sell to, ship products to, collect payments from, and support customers in certain regions based on trade restrictions, embargoes and export control law restrictions, and logistics restrictions, and could increase the costs, risks and adverse impacts from supply chain and logistical challenges.”

Annual report 2025A · The company itself

“Our international operations are subject to additional risks, including fluctuations in currency values, foreign currency exchange controls, discriminatory fiscal policies, compliance with U.S. and foreign laws, enforcement of remedies in foreign jurisdictions and other economic or political uncertainties.”

Annual report 2025A · The company itself

“In addition, we may have very little opportunity to mitigate the risk of availability of certain raw materials due to the effect of weather on crop yield, fire, natural disasters, growing and harvesting conditions, government actions, political unrest in producing countries, action or inaction by suppliers in response to laws and regulations, changes in agricultural programs and other factors beyond our control.”

Annual report 2025A · The company itself

“If geopolitical tensions were to increase and disrupt the Company’s operations in China, such disruption could result in a material adverse effect on the Company’s product development, sales, business, cash flows, results of operations, financial condition and prospects.”

Annual report 2025A · The company itself

“Events like these, such as the ongoing war between Russia and Ukraine, and conflict in the Middle East, and/or policy changes with respect to international trade protection measures, could result in material adverse effects on 32 Table of Contents macroeconomic conditions, currency exchange rates and financial markets, and may adversely affect the Company’s business, results of operations, cash flows, financial condition, and prospects.”

Annual report 2025A · The company itself

“User growth and engagement are also impacted by a number of other factors, including competitive products and services, such as TikTok, that have reduced some users' engagement with our products and services, as well as global and regional business, macroeconomic, and geopolitical conditions.”

Annual report 2025A · The company itself

“For example, in connection with the war in Ukraine, access to Facebook and Instagram was restricted in Russia and these services were then prohibited by the Russian government, which contributed to slight decreases in the size of our active user base following the onset of the war.”

Annual report 2025A · The company itself

“For example, some of our competitors may be domiciled in different countries and subject to political, legal, and regulatory regimes that enable them to compete more effectively than us.”

Annual report 2025A · The company itself

“Further, much of our technical infrastructure is located 27 Table of Contents outside the United States, and action by a foreign government, or our response to such government action, has resulted, and may result in the future, in the impairment of a portion of our technical infrastructure, which may interrupt the delivery or degrade the quality or reliability of our products and lead to a negative user experience or increase our costs.”

Annual report 2025A · The company itself

“The manufacturing, distribution, and sale of our consumer hardware products also may be negatively impacted by macroeconomic conditions, geopolitical challenges, trade disputes, or other actions by governments or non-state actors (including international conflicts, tariffs, sanctions, export controls, and other measures that restrict international trade) that subject us to supply shortages, increased costs, or supply chain or logistics disruptions.”

Annual report 2025A · The company itself

“In addition, in connection with the war in Ukraine in 2022, access to Facebook and Instagram was restricted in Russia and the services were then prohibited by the Russian government, which has adversely affected, and will likely continue to adversely affect, our revenue and business in the region.”

Annual report 2025A · The company itself

“Economic uncertainty and challenging market conditions in many parts of the world, including international trade disputes, tariffs, inflation, governmental monetary policies, interest rates, armed conflicts, and sovereign debt levels in the European Union and the United States, are situations that we monitor closely.”

Annual report 2025A · The company itself

“In recent years, geopolitical tensions have increased, particularly between the United States and China. Among other issues, these geopolitical topics have resulted in increased tariffs and trade restrictions.”

Annual report 2025A · The company itself

“Ongoing conflicts may impact demand locally and globally while disrupting supply chains, increasing costs, and reducing shipping capacity, all of which could affect our financial results and customer demand. Escalating global conflicts, including in Ukraine and the Middle East, have heightened economic and geopolitical uncertainty.”

Annual report 2025A · The company itself

“Diversifying our wafer production geographically can help prevent disruptions that may be caused by geopolitical tensions, tariffs or natural disasters.”

Annual report 2026A · The company itself

“As discussed above, the trade relationship between the U.S. and China remains challenging and could worsen, economic conditions in China remain uncertain, and we are unable to predict whether such uncertainty will continue or worsen in future periods.”

Annual report 2026A · The company itself

“Also, on April 13, 2026, China's State Council released a regulation intended to be a retaliatory measure to combat the extraterritorial application of foreign laws pertaining to trade controls, sanctions, and similar measures. This regulation may expose us to potential civil liability, administrative measures, and other remedial actions if the Chinese government determines that we caused harm by complying with certain foreign laws. This could have a material adverse effect on our business, results of operations or financial conditions.”

Annual report 2026A · The company itself

“Geopolitical instability in the Middle East may disrupt critical semiconductor materials, increase fuel costs, and adversely affect our ability to meet customer demand. Geopolitical instability and conflicts in the Middle East, including military activity and escalating tensions involving Iran, create significant uncertainty for global markets, including energy and materials markets, and could adversely impact our operations and financial results.”

Annual report 2026A · The company itself

“The region is a major source of global oil production and a critical transit point for maritime shipping routes. Hostilities, infrastructure damage, sanctions, or blockages of key shipping lanes could disrupt oil production and distribution, reducing the availability of fuel or increasing fuel prices.”

Annual report 2026A · The company itself

“Business interruptions to our operations or those of our key vendors, licensees or customers could harm our business. Operations at any of our facilities, at the facilities of any of our wafer fabrication or assembly and test subcontractors, or at any of our significant vendors, licensees or customers may be disrupted due to public health concerns (including outbreaks such as COVID-19), work stoppages or reduction in available labor, power loss, insufficient water, cyber-attacks, computer network compromises, incidents of terrorism or security risk, tariffs, political instability, governmental actions, telecommunications, transportation or other infrastructure failure, radioactive contamination, adverse changes in climate, or fires, earthquakes, floods, droughts, volcanic eruptions or other natural disasters.”

Annual report 2026A · The company itself

“Due to the types of products we sell and the significant amount of sales we make to government agencies or customers whose principal sales are to U.S. government agencies, we have experienced and expect to continue to experience in the future, attacks on our IT systems and data, including attempts to breach our security, network compromises and attempts to introduce malicious software into our IT systems. Geopolitical events and tensions may increase these risks.”

Annual report 2026A · The company itself

“For example, in February 2022, the U.S. began implementing widescale sanctions against Russia due to Russia's invasion of Ukraine. Sanctions against Belarus and certain Ukrainian regions were later implemented. Because the actions by Russia against Ukraine are in conflict with our Guiding Values, we chose to cease shipments into Russia and Belarus, and we will continue to comply with applicable U.S. sanctions imposed on Russia, Belarus, and Russia-controlled areas of Ukraine. While sales of our products into these regions, and to customers that sell into these regions, have been negatively impacted, at this time, we have not experienced a material adverse impact on our revenue.”

Annual report 2026A · The company itself

“Certain materials used in semiconductor manufacturing, including rare earth elements, minerals, and metals, are available from a limited number of countries. Geopolitical tensions, trade disputes, economic conditions, transit disruptions, public health concerns, or regulatory actions may affect the availability or cost of these materials.”

Annual report 2026A · The company itself

“As a result, we face the threat of increasing competition and DRAM and NAND oversupply due to significant investment in the semiconductor industry, including by the Chinese government and various state-owned or affiliated entities, such as CXMT and YMTC. In addition, the May 2023 decision by China’s Cyberspace Administration (the “CAC”) that critical information infrastructure operators in China may not purchase Micron products had an adverse impact on our ability to compete effectively in China and elsewhere.”

Annual report 2025A · The company itself

“We and/or our suppliers and service providers could be affected by regional conflicts, acts of war, civil unrest, labor disruptions, sanctions, tariffs, embargoes, or other trade restrictions, and retaliatory actions in response to such actions, as well as laws and regulations enacted in response to concerns regarding climate change, conflict minerals, responsible sourcing practices, public health crises, or other matters, which could limit the supply of our materials and/or increase the cost. Environmental regulations could limit our ability to procure or use certain chemicals or materials in our operations or products.”

Annual report 2025A · The company itself

“We face geopolitical and other risks associated with our international operations that could materially adversely affect our business, results of operations, or financial condition.”

Annual report 2025A · The company itself

“As components are delayed or become unavailable or more expensive, whether because of supplier capacity constraint, industry shortages, legal or regulatory changes that restrict supply sources, geopolitical tensions, trade restrictions, tariffs, transportation disruptions, supplier financial distress, natural disasters, public health events, instability in regions important to our or our suppliers’ supply chains, or other reasons, we may not obtain timely replacement supplies, or may be able to obtain supplies only by entering into long-term purchase commitments, price commitments, paying prices above prevailing market rates, or other arrangements on terms that are less favorable than prevailing market terms.”

Annual report 2026A · The company itself

“Periods of intense diplomatic or armed conflict, such as the conflicts in Ukraine and the Middle East could continue to result in (1) new and rapidly evolving sanctions and trade restrictions, which may impair trade with sanctioned individuals and countries, and (2) negative impacts to regional trade ecosystems among our customers, partners, and us.”

Annual report 2026A · The company itself

“Abrupt political change, terrorist activity, and armed conflict, such as the conflicts in Ukraine and the Middle East, pose economic and other risks, which may negatively impact our ability to sell to and collect from customers, increase our operating costs, or otherwise disrupt our operations in markets both directly and indirectly impacted by such events. These conditions also may add uncertainty to the timing and budget for technology investment decisions by our customers and may cause supply chain disruptions.”

Annual report 2026A · The company itself

“Den geopolitiska situationen har varit fortsatt oberäknelig, ekonomiska utvecklingen har varit svag och många pandemieffekter har hängt i väsentligt mycket längre än vad som kunde förutses.”

Annual report 2024A · The company itself

“Geopolitical tensions and political conflicts could adversely impact our employees, financial performance and global operations, including by, among other things, jeopardizing the safety of our employees and facilities, disrupting our and our partners' operations and causing market volatility, which could adversely impact consumer demand and our sales. Our business has been, and may continue to be, impacted by supply chain constraints and disruptions, caused in part, by wars and conflicts, such as the Russia-Ukraine conflict, and the uncertain economic environment worldwide.”

Annual report 2025A · The company itself

“The supply and price of these raw materials and commodities can fluctuate due to conditions that are difficult to predict and are beyond our control, including global geopolitical conditions or events (including the Russia-Ukraine conflict), governmental regulations (including tariffs that can cause the Midwest Premium to fluctuate and including extended producer responsibility requirements which lead to producers paying the full value chain recycling of packaging materials sold), global competition for resources, inflationary pressures related to domestic and global economic conditions or supply chain issues, currency fluctuations, alternative sources for suppliers, disease outbreaks or pandemics, trade agreements, frosts, droughts and other weather conditions and events, agricultural productivity, crop and plant diseases, theft, industry surcharges and other practices.”

Annual report 2025A · The company itself

“Our suppliers’ financial condition is affected in large part by conditions and events that are beyond our and their control, including: •macroeconomic and political instability in the countries in which they operate; •competitive and general market conditions in the locations in which they operate; •the availability of capital and other financing resources on reasonable terms; •loss of major customers; •disruptions of operations that may be caused by strikes, work stoppages, labor unrest, fire or natural disasters; •the increase in price of certain ingredients and raw materials used in our products; or •any of the foregoing, among other things, as a result of the Russia-Ukraine conflict or otherwise.”

Annual report 2025A · The company itself

“A number of external factors such as the current macroeconomic environment, including global inflation and the effects of geopolitical uncertainty, climate, weather and other conditions affecting plant health and crop yield, commodity, transportation and labor market conditions, exchange rate volatility and the effects of global and local regulations, including trade policies, governmental agricultural or other programs affect the cost and availability of raw materials and agricultural materials used in our products.”

Annual report 2025A · The company itself

“As the business and geopolitical environment continues to change, our operations and activity in Russia, which accounted for 3.7% of 2025 consolidated net revenues, and/or Ukraine, which accounted for 0.4% of 2025 consolidated net revenues, may decline or be further scaled back.”

Annual report 2025A · The company itself

“Risks Associated with Our Significant Operations in Asia, Particularly in China We derive most of our revenue from direct or indirect sales to customers in Asia and have significant operations in Asia, which may expose us to political, cultural, regulatory, economic, foreign exchange, and operational risks. We derive most of our revenue from customers located in Asia through direct sales or indirect sales under distribution arrangements and value-added reseller agreements with parties located in Asia.”

Annual report 2025A · The company itself

“In particular, since we have significant operations in China, our business development plans, results of operations and financial condition may be materially and adversely affected by significant political, social and economic developments in China or in U.S./China relations.”

Annual report 2025A · The company itself

“In addition, the Chinese government has promulgated various laws and regulations impacting economic and political stability within Hong Kong where many of our customers are located. Due to the sensitive political climate these laws and regulations created, there are risks that these laws and regulations, or future, more stringent laws or regulations, may trigger sanctions or other forms of restrictions by foreign governments including the U.S., which could affect companies, including us, conducting business in Hong Kong.”

Annual report 2025A · The company itself

“Remote working arrangements, current and potential global conflicts, and AI-powered cybersecurity threats have also heightened our potential exposure to cyberattacks, which could put the data we store on our internal or third-party systems at risk.”

Annual report 2025A · The company itself

“Much of our revenue, as well as our manufacturing and assembly partners, are concentrated in Asia, particularly in China. Such concentration increases the risk that earthquakes or other natural disasters, labor strikes, epidemics and pandemics, and/or health advisories could disrupt our operations and have a material adverse impact on our business and results of operations.”

Annual report 2025A · The company itself

“Furthermore, worldwide political conditions may create uncertainties that could adversely affect our business. The U.S. and other regions where we conduct business have been and may continue to be affected by conflicts that could, among other things, disrupt our supply chain, and impact customer demands and component prices.”

Annual report 2025A · The company itself

“A significant portion of our manufacturing, testing, assembly and packaging capacity comes from key suppliers located in China. As a result, we are subject to significant political, regulatory, tax, economic, foreign exchange, and operational risks due to this geographic concentration in our business. Although we have made significant progress in diversifying capacity outside of China, there is no guarantee that our progress is sufficient or will be sufficient to mitigate these risks.”

Annual report 2025A · The company itself

“We might not be able to deliver our products on a timely basis if our relationships with our assembly and test subcontractors are disrupted or terminated. We do not have direct control over product delivery schedules or product quality because all of our products are assembled by third-party subcontractors and a portion of our testing is currently performed by third-party subcontractors. Also, due to the amount of time typically required to qualify assembly and test subcontractors, we could experience delays in the shipment of our products if we were forced to find alternate third parties to assemble or test our products. In addition, current and potential global conflicts and supply chain disruptions may materially impact our assembly or testing suppliers’ ability to operate.”

Annual report 2025A · The company itself

“We face and will continue to face substantial risks associated with having foreign operations, including, but not limited to: economic and/or political instability in our international markets; fluctuations in foreign currency exchange rates; restrictions on or costs relating to the repatriation of foreign profits to the United States, including possible taxes and/or withholding obligations on any repatriations; and additional tariffs and/or trade restrictions, including foreign import tariffs proposed or imposed by the U.S.”

Annual report 2025A · The company itself

“Because of our increasingly global presence, our business could be affected by unstable political conditions, civil unrest, protests and demonstrations, large-scale terrorist acts, especially those directed against the United States or other major industrialized countries where our products are distributed, the outbreak or escalation of armed hostilities, major natural disasters and extreme weather conditions, such as hurricanes, wildfires, tornados, earthquakes or floods, or widespread outbreaks of infectious diseases (such as the COVID-19 pandemic). Such catastrophic events could impact our operations and our supply chain, including the production and/or distribution of our products.”

Annual report 2025A · The company itself

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

Annual report 2025A · The company itself

“Certain of our credit exposures may be concentrated by counterparty, product, sector, portfolio, industry or geographic region. Although our models and estimates account for correlations among related types of exposures, a change in the market or economic environment for a concentrated product or an external factor impacting a concentrated counterparty, sector, portfolio, industry or geographic region may result in credit losses in excess of amounts forecast.”

Annual report 2025A · The company itself

“Any of these parties may also attempt to fraudulently induce employees, customers, clients, vendors or other third parties or users of our systems to disclose sensitive information in order to gain access to our networks, systems or data or those of our employees or clients, and such parties may see their effectiveness enhanced by the use of advanced systems, such as artificial intelligence. Global events and geopolitical instability have also led to increased nation-state targeting of financial institutions in the U.S. and abroad.”

Annual report 2025A · The company itself

“Factors that we cannot control, such as volatility and disruption of the financial markets or negative views about the financial services industry generally, including concerns regarding fiscal matters in the U.S. and other geographic areas, could impair our ability to raise funding.”

Annual report 2025A · The company itself

“Many models we use are based on assumptions or inputs regarding correlations among prices of various asset classes or other market indicators and, therefore, may not anticipate future market conditions, such as the impact of a pandemic or a geopolitical conflict, which could cause us to incur losses.”

Annual report 2025A · The company itself

“We are subject to numerous political, economic, legal, compliance, tax, operational, franchise and other risks that are inherent in operating in many countries, including risks of possible nationalization, expropriation, price controls, capital controls, exchange controls, increased taxes, levies and tariffs, cybersecurity, data transfer and outsourcing restrictions, regulatory scrutiny regarding the use of new technologies, prohibitions on certain types of foreign and capital market activities, limitations on cross-border listings and other restrictive governmental actions, or political and governmental instability, including tensions between the U.S. and its significant trading partners, such as China, as well as the outbreak or escalation of hostilities or terrorist activity around the world, and the potential associated impacts on global and local economies and our operations.”

Annual report 2025A · The company itself

“At December 31, 2025 and December 31, 2024, we maintained sufficient liquidity to meet current and contingent funding obligations as modeled in our Liquidity Stress Tests.”

Annual report 2025A · The company itself

“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

“Our international operations are subject to risks from changes in foreign currencies, or government policy, which can affect local farmer economics.”

Annual report 2025A · The company itself

“For example, the ongoing conflict between Russia and Ukraine and the related sanctions have led, and may continue to lead, to disruption and instability in global markets, supply chains and volatile pricing and availability of these key inputs and raw materials.”

Annual report 2025A · The company itself

“Volatile economic, market and political conditions may have a negative impact on our operations, operating results and financial condition. In addition, unfavorable changes in trade protection laws, policies and measures, or governmental actions and policies and other regulatory requirements affecting trade and the pricing and sourcing of our raw materials, may also have a negative impact on our operations, operating results and financial condition.”

Annual report 2025A · The company itself

“Natural resource extraction is an important part of the economy in Peru and, in the past, there have been protests against other natural resource operations in Peru. There remain numerous social conflicts that exist within the natural resource extraction sector in Peru, and there is potential for active protests against natural resource extraction companies. If the Government of Peru’s proactive efforts to address the social and environmental issues surrounding natural resource activities are not successful, protests could extend to or impact the Miski Mayo Mine and adversely affect our interest in the Miski Mayo joint venture or the supply of phosphate rock to us from the mine.”

Annual report 2025A · The company itself

“Continued value creation through strategic utilization of favorable market conditions Throughout the year, the Red Sea crisis became a major disruption in the shipping industry. The market for container shipping experienced increased freight rates driven by the rerouting of vessels around Cape of Good Hope, higher-than-expected demand, and persistent vulnerabilities in global supply chains.”

Annual report 2024A · The company itself

“was characterized by continued geopolitical tensions and largely impacted by the Red Sea crisis becoming a major disruption in the shipping industry.”

Annual report 2024A · The company itself

“Case of a whistleblower showing deliberate pollution of water in U.S. territory MPCC faces a material risk associated with deliberate water pollution occurring on one of its vessels in U.S. territory, particularly if reported through a whistleblower. In such a case, the Company would be subject to financial penalties, including fines related to the whistleblower incident and potential probation in U.S. waters. This poses a direct threat to MPCC’s own operations and could result in operational disruptions and reputational damage in the mediumterm.”

Annual report 2024A · The company itself

“Factors affecting the availability of our products and services and our information technology systems and networks, such as loss of service, operational failures, human error, model error, terrorist attacks, geopolitical instability, climate-related events (e.g., hurricanes, floods or other natural disasters), outbreak of pandemic or contagious disease, power loss, telecommunications failures, technical breakdowns, internet failures or cyber-attacks, could impair our or our third-party service provider systems’ operations or interrupt their availability for extended periods of time or impact the availability of our or our third-party service provider’s personnel.”

Annual report 2025A · The company itself

“Our business is impacted by economic conditions, including economic uncertainty, market downturns and volatility in the global capital markets and evolving investment trends (including volatility and trends resulting from geopolitical events and trade policy changes, including tariffs, retaliatory tariffs and related trade tensions).”

Annual report 2025A · The company itself

“– men inte utan ljuspunkter Året 2024 kom att präglas av en fortsatt utmanande omvärldssituation med väpnade konflikter i Ukraina och mellanöstern.”

Annual report 2024A · The company itself

“Vi köper merparten, ca 74 procent av våra mönsterkort i Kina. Politisk oro, naturkatastrofer eller andra exporthinder från Kina kan påverka försäljningen negativt.”

Annual report 2024A · The company itself

“Nettoomsättning Lågkonjunktur och geopolitiskt osäkerhet bidrog till att nettoomsättningen minskade med 4,7 procent till 5 900 Mkr (6 188).”

Annual report 2024A · The company itself

“Centret är navet i vår globala satsning och kompletterar våra 14 befintliga innovationshubbar” 8 Översikt Långsiktigt stark trend Vi driver utvecklingen för ren luft men vi kan inte komma undan det faktum att vår försäljning och orderingång påverkas av den underliggande investeringsviljan hos våra kunder. Under 2024 präglades denna av relativt stor osäkerhet, dels av oro för konjunkturen, dels, och det är mer komplext, den tilltagande geopolitiska turbulensen i snart alla delar av världen.”

Annual report 2024A · The company itself

“Dessutom har försvarsindustrin blivit en växande marknad, drivet av ökade säkerhetspolitiska spänningar.”

Annual report 2024A · The company itself

“En försämrad global konjunktur, geopolitisk oro och svaghet i vissa marknader och segment bidrog till dämpad efterfrågan på divisionens utrustning och därmed lägre orderingång.”

Annual report 2024A · The company itself

“Dessutom riskerar den tilltagande geopolitiska osäkerheten att leda till ökad protektionism.”

Annual report 2024A · The company itself

“IFRS 16, % Största marknader SAMT SVERIGE 2024, Mkr Extern försäljning Medelantal anställda Resultat per aktie, Kr Risker och riskhantering Risker som väsentligt kan påverka koncernen Nederman är exponerat för ett antal risker som kan påverka koncernens verksamhet, resultat och finansiella ställning.”

Annual report 2024A · The company itself

“Geopolitisk turbulens/handelskrig Fortsatt policy av lokal/regional produktion och inköp. Kontinuerlig uppdatering av beredskapsplaner på lokal, regional och global nivå.”

Annual report 2024A · The company itself

“Geopoliittiset riskit Geopoliittiset ja kauppapoliittiset jännitteet sekä konfliktit voivat häiritä kansainvälistä kauppaa, rahoitusmarkkinoita ja toimitusketjuja. Esimerkiksi jatkuvat tai eskaloituvat jännitteet Euroopassa, Lähi-idässä tai Etelä-Kiinan merellä voivat lisätä paikallista epävakautta ja häiritä siten myös globaalien energiamarkkinoiden tasapainoa ja energiavarmuutta. Nämä tekijät voivat vaikuttaa kysynnän ja tarjonnan tasapainoon Nesteen avainmarkkinoilla ja altistaa toimitusketjut erilaisille häiriöille. Tälläiset häiriöt voivat merkittävästi haitata Nesteen kykyä hankkia raaka-aineita, toimittaa tuotteita ja toteuttaa investointiprojekteja.”

Annual report 2025A · The company itself

“Öljy- ja kaasumarkkinoiden odotetaan pysyvän epävakaina muun muassa tarjontaan liittyvien riskien kuten Ukrainan sodan, Lähi-idän konfliktien ja kauppapoliittisten jännitteiden takia.”

Annual report 2025A · The company itself

“Raakaöljyn hinnat vaihtelivat vuonna 2025, ja Brentin hinta oli 59–82 dollaria barrelilta. Öljymarkkinoihin vaikuttivat makrotaloudellinen epävarmuus, geopoliittiset tapahtumat, pakotteet ja OPECin päätös purkaa tuotantoleikkauksia, mikä kasvatti maailmanlaajuisesti öljyvarastoja.”

Annual report 2025A · The company itself

“Geopoliittiset jännitteet aiheuttavat markkinoilla heiluntaa, joka voi johtaa merkittäviin muutoksiin ja pirstoutumiseen maailmankaupassa. Ukrainassa jatkuva sota ja siihen liittyvät pakotteet sekä Lähi-idän ja viimeaikaiset Etelä-Amerikan geopoliittiset jännitteet luovat epävarmuutta maailman öljy- ja niihin liittyvien tuotteiden markkinoilla. Tämä voi vähentää kysyntää ja markkinahintoja Nesteen Öljytuotteet- ja Marketing & Services -segmenteissä. Lisäksi uusiutuvien tuotteiden hinnoitteluun sisältyy dieselin hintaan sidottu komponentti, jolla on taipumus vaihdella nopeammin kuin raaka-aineiden hinnoilla.”

Annual report 2025A · The company itself

“Risks Related to Our Business and Industry Global economic and geopolitical conditions may adversely affect our industry, business operations, and financial performance, including our revenue growth, profitability, financial condition and cash flows.”

Annual report 2026A · The company itself

“Additionally, ongoing trade tensions between the U.S. and China and recent investment restrictions, such as the U.S. Outbound Investment Security Program, could impact our business and operating results. Any increase in tensions between China and Taiwan, including threats of military actions or escalation of military activities, could adversely affect our ability, or the ability of our contract manufacturers, to source key supply chain components included in our products.”

Annual report 2026A · The company itself

“Additionally, the ongoing conflict in the Middle East has disrupted our ability to fulfill customer orders in the region on a timely basis.”

Annual report 2026A · The company itself

“Cyber-attacks and security breaches continue to increase, and of particular concern are supply-chain attacks against software development and breaches of technology service providers. We anticipate that cyberattacks will continue to increase in the future given cyber warfare has become a consistent lever within geopolitical conflicts and increasingly leverages hacktivism.”

Annual report 2026A · The company itself

“We depend on the ability of our personnel, inventory, equipment and products to move reasonably unimpeded around the world. Any political, military, terrorism, global trade, pandemic, widespread health or other issue that hinders this movement or restricts the import or export of materials could lead to significant business disruptions.”

Annual report 2026A · The company itself

“The increased focus from European governments, large enterprises, and the European Union on enhancing digital capabilities based on solutions from European vendors is not a passing trend”

Annual report 2025A · The company itself

“committed to developing, hosting, and maintaining critical digital infrastructure on European soil, governed by European regulations”

Annual report 2025A · The company itself

“The increased focus from European governments, large enterprises, and the European Union on enhancing digital capabilities based on solutions from European vendors is not a passing trend; it is a fundamental realignment. The drive for digital sovereignty – the ability for a nation or region to have control over its own digital destiny – underpins the relevance and timing of our strategic investments.”

Annual report 2025A · The company itself

“We expect the focus from end customers on European sovereign identity to persist into 2026, and view this as supportive to our growth.”

Annual report 2025A · The company itself

“Any change in the political landscape – both in countries where we do business but also in target countries where we currently do not do business or in the world in general, can potentially have a significant impact on our ability to conduct our operations. Changes in the political landscape can also impact the desire of governments to make investments and potentially have negative spillover effects on the private sector. The geopolitical unrest in Europe caused by Russia’s invasion of Ukraine creates a higher level of uncertainty in Europe in general.”

Annual report 2025A · The company itself

“One of them is VERÁ, our response to the urgent need for improved resilience and defence capabilities in Europe. VERÁ is an AI-enabled platform providing real-time awareness, prediction, and response to hybrid threats – build on the PULSE platform.”

Annual report 2025A · The company itself

“A central innovation in this vertical is VERÁ, Netcompany’s next-generation command and control platform. VERÁ leverages artificial intelligence to provide real-time situational awareness, predictive analytics, and coordinated response capabilities across all operational domains – air, land, sea, space, and cyber.”

Annual report 2025A · The company itself

“We are exposed to material availability, disruption and performance risks across our supply chain, including lack of suitable suppliers or contractors, cost increases, impacts of pandemics and epidemics on the supply chain, transportation and logistics issues including delays in delivery, disruption to trade flows due to geopolitical tensions and/or changes in legislation, performance of suppliers and contractors to contractual terms, and damage to our reputation caused by actions of our suppliers or contractors.”

Annual report 2025A · The company itself

“Security incidents, in the future, may have a material adverse effect on our operations, development projects, exploration and reclamation activities, especially if criminal activity and violence escalate. Such incidents may halt or delay production, increase operating costs; result in harm to employees, contractors, 29 Table of Contents visitors or community members; decrease operational efficiency due to employee absenteeism and other factors; increase community tensions or otherwise adversely affect our ability to conduct business.”

Annual report 2025A · The company itself

“Our operations and projects in Canada are subject to legal and regulatory risks and other uncertainties in connection with claims and challenges by Indigenous groups. First Nations have made claims in respect of Indigenous rights and title to substantial portions of land and water across Canada, which could impact our exploration projects, and operations at Red Chris and Brucejack.”

Annual report 2025A · The company itself

“The Company’s business is subject to risks and uncertainties from events and circumstances outside its control that impact macroeconomic and market conditions or disrupt its business, particularly in the U.S., Australia and the U.K., including economic weakness, uncertainty or volatility, geopolitical tensions, conflicts or wars, government or regulatory policies, natural disasters, severe weather events, political or social unrest, terrorism, pandemics and other health crises or other similar events. Recent political policies and priorities in the U.S. and internationally, including an increase in hostilities and conflicts and tariffs and other trade barriers, have continued to create business and economic uncertainty, renewed inflationary pressures and lowered consumer confidence.”

Annual report 2026A · The company itself

“Its physical security infrastructure is designed to address risks related to the workplace, employee travel, business operations, corporate events and the unique requirements of the newsroom and news gathering operations, including through its Global Security Operations Center, which supports key international assignments and incident management. For example, the Company provides safety and security support, around-the-clock monitoring and the application of dynamic risk assessments and oversight for its staff and partners in high-risk areas, enabling the continuation of critical reporting from those regions.”

Annual report 2026A · The company itself

“A number of factors further heighten cybersecurity risks, such as (1) the high profile nature of the Company’s businesses, (2) geopolitical tensions and conflicts, (3) remote access to Company Systems by employees and contractors, (4) the increasing number of integrations and network connections with third-party providers, customers and partners and (5) access to Systems, products and services by Company personnel, customers and other third parties using personal devices and apps or tools available on such devices, including AI tools.”

Annual report 2026A · The company itself

“Dow Jones Risk & Compliance products provide data and other solutions for customers focused on anti-bribery and corruption, anti-money laundering, counter terrorism financing, monitoring embargo and sanction lists, geopolitical and security risk intelligence and other risks and compliance requirements. Dow Jones’s solutions allow customers to screen their business transactions and third parties against its data to identify regulatory, corporate and reputational risk, and request follow-up reports to conduct further due diligence.”

Annual report 2026A · The company itself

“Vi har ett stort antal dotterbolag på fler marknader, vilka har en god internsamverkan.Ikölvattnetavökandehandelspolitiskaspänningarger ossdenlokalanärvaronpåenglobalmarknadenkonkurrensfördel.Vihar stora möjligheter att både utveckla relationen med befintliga kunder på lokalbasis,identifieranyakunder,samtidentifieranyaförvärvsmöjligheter påenfragmenteradmarknadmedettstortantallokalaägarleddaaktörer.  Under2024haraffärsområdetgenomförtsexmindrekompletteringsförvärv inom marknadssegmenten Industri, HVAC och Resistorer. Förvärven, som hargjorts iEuropaochAustralien,kompletteraraffärsområdetsverksamhet påetteffektivtochsömlöstsätt.Samtligasexförvärvharredanunderåret adderat kompetens och affärsmöjligheter, samt en mindre omsättning till affärsområdetsverksamhet.RFElectric,Italien,Industri-Relek,Sverige,HVAC -AlmaTechniek,Nederländerna,Industri-Proheat,Spanien,Industri-Ohmic, Australien,Industri-DanskVärmekabel,Danmark,HVACochIndustri.”

Annual report 2024A · The company itself

“Politisk osäkerhet, politisk obeslutsamhet och makroekonomiska förhållanden kan såväl direkt som indirekt påverka efterfrågan på produkter och kostnader. De kan få konsekvenser för verksamheten i såväl utsatta regioner där handelsavtal och tullar kraftigt kan förändras och sanktioner införas som i etablerade regioner där politisk obeslutsamhet, eller ryckighet i beslut, kan leda till osäkerhet hos slutkunden.”

Annual report 2024A · The company itself

“Även om NIBE huvudsakligen agerar på marknader med stark ekonomi kan efterfrågan på bolagets produkter och tjänster påverkas negativt av en generell konjunkturnedgång eller svacka i ett enskilt land eller enskilt segment. Till detta kommer risker i form av ä ndrade lagar och regler, störningar i de finansiella systemen, naturkatastrofer, terrorism, pandemier, geopolitiska hot med mera.”

Annual report 2024A · The company itself

“Supply chain issues caused by factors, including geopolitical conflicts, tariffs and trade policies and pandemics, have impacted and may in the future impact the availability, pricing and timing for obtaining commodities and raw materials.”

Annual report 2026A · The company itself

“The impacts of natural disasters, acts of terrorism, acts of war, civil unrest, accidents, public health emergencies or other catastrophic events may disrupt operations and reduce the ability to service customers. A disruption or failure of natural gas distribution systems, or within electric generation, transmission or distribution systems, in the event of a hurricane, tornado, wildfire, flood, or other major weather event, or terrorist attack, acts of war, international military invasions, including the political and economic disruption and uncertainty related to such terrorist attack, acts of war, or international military invasions, civil unrest, accident, public health emergency (e.g. pandemic), or other catastrophic event could cause delays in completing sales, providing services, or performing other critical functions.”

Annual report 2025A · The company itself

“Geopolitical tensions and shifts in national agendas are adjusting trade flows, creating a challenging value chain landscape.”

Annual report 2025A · The company itself

“Geopolitical tensions and shifts in national agendas are adjusting trade flows, creating a challenging value chain landscape. On the one hand, increasing supply-chain localisation is creating uncertainty in access to key materials, with copper and aluminium facing potential structural shortages by 2030.”

Annual report 2025A · The company itself

“As a result, European transmission markets are among the most attractive in the world at the moment and, as a consequence, competition is intensifying, with an increased presence of Asian manufacturers expanding production and installation capacity in our core market.”

Annual report 2025A · The company itself

“The accelerated geopolitical and geoeconomic developments, including the ongoing conflict in Europe and trade barriers impacting the general economy, present a potential threat for market developments and the supply chain. Adding to this uncertainty is continued high levels of volatility and changes in the political environment within the European Union.”

Annual report 2025A · The company itself

“Increased geopolitical and geoeconomic uncertainty and volatility pose a risk to NKT’s business operations. This includes new trade restrictions, local content requirements, new EU trade agreements, shifting focus from the green transition to energy- and security-independence, investments in infrastructure, uncertainty of European supply chain, affordability, and competitiveness.”

Annual report 2025A · The company itself

“NNIT sees opportunities to profitably grow the company... although the geopolitical market unrest is expected to continue.”

Annual report 2025B · From the report

“NNIT sees opportunities to profitably grow the company within its strategic commercial focus areas during 2026, although the geopolitical market unrest is expected to continue.”

Annual report 2025A · The company itself

“On the organizational level NNIT moved a smaller business unit of Europe Throughout 2025, Region Europe was significantly affected by ongoing macroeconomic and geopolitical uncertainty, which led to a slowdown in the Life Sciences segment. Despite these headwinds, the region demonstrated adaptability by strengthening relationships with long-term customers and expanding its presence in lower-tier market segments, successfully onboarding 20 new customers during the year.”

Annual report 2025A · The company itself

“This progress was achieved despite geopolitical uncertainties linked to trade war and a soft macroeconomic environment in China.”

Annual report 2025A · The company itself

“Geopolitical risk Geopolitical risk has increased following the outbreak of wars, political unrest and trade sanctions. NORBIT is a global group of companies with approximately 80 per cent of its revenues generated outside of Norway. Furthermore, a large part of the raw material components is bought in a global market.”

Annual report 2024A · The company itself

“One of the challenges the world faces today is geopolitical uncertainty. This presents risks for all businesses, including NORBIT.”

Annual report 2024A · The company itself

“2025 präglades av en betydande global osäkerhet. De geopolitiska spänningarna förblev höga och Rysslands krig mot Ukraina fortsatte, vilket gjorde att säkerhetsfrågorna fortsatt stod högt på de europeiska och nordiska ländernas dagordningar.”

Annual report 2025A · The company itself

“Stöd för hållbara val Global geopolitisk och ekonomisk osäkerhet har medfört utmaningar för övergången till en koldioxidsnål ekonomi.”

Annual report 2025A · The company itself

“Under 2025 hjälpte vi aktivt våra kunder att stärka deras verksamhet och redovisade stabil volymtillväxt, trots makroekonomisk och geopolitisk osäkerhet.”

Annual report 2025A · The company itself

“Kundaktiviteten var hög inom samtliga tillgångsslag, framför allt räntepapper och derivat.”

Annual report 2025A · The company itself

“De ekonomiska utsikterna kan försämras av en ihållande geopolitiska osäkerhet, högre handelshinder och svag konkurrenskraft hos Europas viktigaste ekonomier. Därtill kommer en risk att sabotageverksamhet som bedrivs av främmande makt ökar vilket kan försvaga företagens och hushållens förtroende för ekonomin.”

Annual report 2025A · The company itself

“Dessa sårbarheter och hotet om statliga ingripanden, till exempel i läkemedelssektorn och den gröna energisektorn, kan också påverka de nordiska länderna och i förlängningen Nordeas kreditportfölj, med förluster som följd.”

Annual report 2025A · The company itself

“Rising tensions and deteriorating military, political and economic relations between China and Taiwan could disrupt the operations of third-party foundries, assembly, and test subcontractors, which could severely impact Nordic's ability to manufacture the majority of our products and as a result, could adversely affect its business, revenues and results of operations. Globally, more than 50% of all semiconductor wafers are sourced from Taiwan, hence, increased tension between China and Taiwan can significantly impact the Group's customers’ ability to manufacture their products and thereby reduce demand for Nordic products.”

Annual report 2024A · The company itself

“Operating in countries identified as high-risk on the Transparency International Corruption Perception Index exposes Nordic to potential corruption incidents through our business activities and partnerships. A corruption incident could result in significant fines and project delays, potentially compromising our ability to maintain crucial manufacturing relationships.”

Annual report 2024A · The company itself

“These activities, several tiers removed from our direct suppliers, include mineral extraction (copper, tin, gold, tungsten) and initial processing. These activities carry heightened risks of child and forced labor, particularly in conflict-affected regions like the Democratic Republic of the Congo (DRC) and surrounding countries for tin, tantalum, tungsten, and gold (3TG) minerals, and in parts of Asia for processing operations.”

Annual report 2024A · The company itself

“The policy scope covers our entire upstream supply chain involved in sourcing and processing of 3TG, with a particular focus on conflictaffected and high-risk areas, including the DRC and adjoining countries. The policy applies to all relevant suppliers who must adopt similar policies and due diligence measures throughout their own supply chains.”

Annual report 2024A · The company itself

“Conflicts in Europe and the Middle East have negatively impacted the global economy and created significant volatility and disruption of financial markets, and may continue to do so in future periods. A general sustained slowdown in the global economy or in a particular region or industry or an increase in or continued trade tensions with U.S. trading partners could negatively impact our business, financial condition or liquidity.”

Annual report 2025A · The company itself

“For example, the impact of conflicts in Europe and the Middle East, changes in monetary policies and the effects of the departure of the United Kingdom from the European Union ("Brexit") have caused increased volatility in global currency exchange rates.”

Annual report 2025A · The company itself

“Risks Related to Our Business and Operations Political conditions in and between the United States and foreign countries in which we operate could adversely affect our business. We conduct our manufacturing, sales and distribution operations on a worldwide basis and are subject to risks associated with doing business both within and outside the United States.”

Annual report 2025A · The company itself

“The conflicts in Europe and the Middle East have negatively impacted, and may continue to negatively impact, the availability and prices for raw materials, parts and components.”

Annual report 2025A · The company itself

“In addition, our facilities, supply chains, distribution systems and products may be impacted by natural or man-made disruptions, including armed conflict, demand surges, damaging weather or other acts of nature (including weather or other acts of nature caused by climate change), pandemics or other public health crises. A shutdown of, or inability to utilize, one or more of our facilities, our supply chain, or our distribution system could significantly disrupt our operations, delay production and shipments, impact our relationships and reputation with customers, suppliers, employees and others, result in lost or decreased sales, or result in legal exposure and large remediation or other expenses, which could adversely affect our business, financial condition, results of operations and cash flows.”

Annual report 2025A · The company itself

“These forward-looking statements reflect management’s current expectations and involve a number of risks and uncertainties. These risks and uncertainties include, but are not limited to, U.S. and international economic and political conditions; financial and market conditions; currency exchange rates and devaluations; possible acquisitions and the Company’s ability to complete and successfully integrate acquisitions, including the integration of Atrion; the Company’s ability to successfully divest or dispose of businesses that are deemed not to fit with its strategic plan; the effects of changes in U.S. trade policy and trade agreements, including changes in tariffs by the United States or other nations; the effects of changes in tax law; and the possible effects of events beyond our control, such as political unrest, including the conflicts in Europe and the Middle East, acts of terror, natural disasters and pandemics.”

Annual report 2025A · The company itself

“Additionally, geopolitical tensions and trade disruptions, particularly in commodities like oil, created uncertainties and volatility in global markets. The ongoing conflict between Russia and Ukraine continued to be a major source of instability, with Russia intensifying its military efforts and Ukraine struggling to maintain international support.”

Annual report 2024A · The company itself

“However, several risks could impact this outlook, including geopolitical tensions, persistent inflation in certain sectors, and policy uncertainty.”

Annual report 2024A · The company itself

“The U.S. government has the ability to delay, modify or cancel ongoing competitions, procurements and programs, and change its acquisition strategies. Potential changes in the threat and global security environment; defense spending levels; government and budgetary priorities; political leadership; procurement laws, practices and strategy; inflation and other macroeconomic trends; military strategy, including changes in DoW priorities, preferences or regulations; or broader changes in social, economic, security or political demands and priorities could adversely affect existing, follow-on, replacement or future programs.”

Annual report 2025A · The company itself

“We also face threats to our physical security, including to our facilities and the safety and well-being of our people, including senior executives. These threats could involve terrorism, insider threats, targeted threats against senior executives, workplace violence, or civil unrest, which could adversely affect our company. Our customers and suppliers face similar risks that, if realized, could also adversely impact our operations.”

Annual report 2025A · The company itself

“Changes in laws, political leadership and environment, and/or security risks may dramatically affect our ability to conduct or continue to conduct business in international markets. Our international business is impacted by changes in U.S. and non-U.S. national policies and priorities, and geopolitical relationships, any of which may be influenced by changes in the global threat environment, political leadership, geopolitical and economic uncertainties, trade policies, such as tariffs, world events, government budgets, inflationary pressures, trade sanctions, and economic and political factors more generally.”

Annual report 2025A · The company itself

“For example, one of the ways in which our business sells our products and services internationally is through the United States Foreign Military Sales (FMS) program. Changes to the U.S. government’s policies regarding FMS could significantly impact our international business.”

Annual report 2025A · The company itself

“Additionally, the U.S. and its allies and security partners continue to face a global security environment of heightened tensions and instability, threats from state and non-state actors, including major global powers, as well as terrorist organizations, emerging nuclear tensions, and diverse regional security concerns. These factors have impacted and may in the future impact demand for our products and services, the competitive position of our products and services, funding for programs, our ability to perform, our supply chain, export authorizations, purchasing decisions or customer payments.”

Annual report 2025A · The company itself

“Our contracts with non-U.S. customers in some cases include terms and reflect legal requirements that create additional risks. Such terms include, in some cases, requirements to hire, invest, manufacture or purchase locally, or specific financial obligations, including offset obligations, and provisions that impose significant penalties if we fail to meet our requirements.”

Annual report 2025A · The company itself

“The products and services we provide, including those provided by suppliers and joint ventures, are sometimes in countries with unstable governments, economic or fiscal challenges, military or political conflicts, different business practices and/or developing legal systems. This may increase the risk to our employees, suppliers or other third parties, including for their safety, and increase our risk to a wide range of financial consequences and other liabilities, as well as loss of property or damage to our products. •Our future success depends, in part, on our ability to innovate, develop new products and technologies, progress and benefit from digital transformation and maintain technologies, facilities and equipment to win new competitions and meet the needs of our customers.”

Annual report 2025A · The company itself

“Table of Contents The Oil Pollution Act of 1990 (“OPA 90”) provides for strict liability for water pollution caused by the discharge of oil in the 200-nautical mile EEZ of the U.S., subject to defined monetary limits. OPA 90 requires that in order for us to operate in U.S. waters, we must have Certificates of Financial Responsibility from the U.S. Coast Guard for each ship.”

Annual report 2025A · The company itself

“Armed conflicts have also impacted, and could in the future impact, our profitability and product offering by limiting the destinations to which we can travel and our operations by making it more difficult to source crew members, guests and third-party vendors from affected regions and making it more difficult or costly to source goods we need to run our operations or to build or maintain our ships.”

Annual report 2025A · The company itself

“Geopolitical conflicts, including ongoing conflicts, may affect itineraries, destination access, fuel availability and costs, and consumer demand, and may heighten cyber and operational risks.”

Annual report 2025A · The company itself

“En försvagning av världsekonomin, eller minskning av efterfrågan på NOTEs större marknader, riskerar att påverka NOTEs försäljning och resultat. Som en global aktör påverkas NOTE av geopolitiska störningar så som handelshinder, tullar, transportkostnader och leveranstider.”

Annual report 2024A · The company itself

“Conflicts, geopolitical tensions and social unrest represent a volatile landscape, leading to risks of trade restrictions. Most notably, the US administration continues to assess a range of trade actions affecting US imports, including tariffs and reference pricing measures which may continue targeting pharmaceuticals, with potential spillover effects to other countries.”

Annual report 2025A · The company itself

“Product supply, quality and safety risks Higher-than-expected demand or disruption of product supply due to, e.g., geopolitical instability or quality issues, may compromise product availability, ultimately impacting patients and representing a lost commercial opportunity.”

Annual report 2025A · The company itself

“Risk description There is a risk of significant disruptions in global trade, driven by trade tensions, geopolitical events, and the imposition of sanctions and tariffs, along with supplydemand disruptions. These uncertain events impact trade relationships, supply chains, operational expenses, and strategic planning, which may adversely affect our business operations, our decisionmaking and our long-term investments.”

Annual report 2025A · The company itself

“International conflict increases the risk of state-sponsored or ideologically motivated cyber threats and escalated use of cybercriminal and cyber-espionage activities. In particular, the current geopolitical climate has further escalated cybersecurity risk, with various government agencies, including the U.S. Cybersecurity & Infrastructure Security Agency, issuing warnings of increased cyber threats, particularly for U.S. critical infrastructure companies such as the Company.”

Annual report 2025A · The company itself

“Additionally, having a significant portion of our raw materials supply under our control minimizes risk associated with the global sourcing of raw materials, particularly since a good deal of scrap substitutes comes from regions of the world that have historically experienced greater political turmoil, such as Ukraine, Russia and Brazil.”

Annual report 2025A · The company itself

“The availability and prices of raw materials may also be negatively affected by new laws and regulations, allocation by suppliers, interruptions in production, accidents or natural disasters, war and other forms of armed conflict or political instability, changes in exchange rates, worldwide price fluctuations, including due to global political and economic factors, changes in governmental, business and consumer spending, inflation, increases in interest rates, labor shortages, and the availability and cost of transportation.”

Annual report 2025A · The company itself

“Certain of our businesses and investments are located outside of the United States, in Canada, Mexico and in emerging markets. There are a number of risks inherent in doing business in or sourcing raw materials from such markets. These risks include, but are not limited to: unfavorable political or economic factors; local labor and social issues; changes in regulatory requirements; fluctuations in foreign currency exchange rates, interest rates and inflation; and complex foreign laws, treaties including tax laws, and the Foreign Corrupt Practices Act of 1977.”

Annual report 2025A · The company itself

“Several geopolitical uncertainties and the re-routing of international flows of goods had a negative impact on the Baltic business and volumes decreased significantly.”

Annual report 2025A · The company itself

“Several geopolitical uncertainties and the re-routing of international flows of goods affected negatively on the development of the Baltic business and volumes decreased clearly.”

Annual report 2025A · The company itself

“Geopolitical tensions in regions where we rely on suppliers, contract manufacturers, and assembly partners that are critical to our supply continuity, could have a material adverse impact on us.”

Annual report 2026A · The company itself

“Worldwide geopolitical tensions and conflicts, including but not limited to China, Hong Kong, Israel, Korea and Taiwan where the manufacture of our product components and final assembly of our products are concentrated may result in changing regulatory requirements, and other disruptions that could impact our operations and operating strategies, product demand, access to global markets, hiring, and profitability.”

Annual report 2026A · The company itself

“For example, other countries have restricted and may continue in the future to restrict business with the State of Israel, where we have engineering, sales support operations and manufacturing, and companies with Israeli operations, including by economic boycotts.”

Annual report 2026A · The company itself

“For example, in response to the war in Ukraine, the United States and other jurisdictions imposed economic sanctions and export control measures which blocked the passage of our products, services and support into Russia, Belarus, and certain regions of Ukraine. In fiscal year 2023, we stopped direct sales to Russia and closed business operations in Russia. Concurrently, the war in Ukraine has impacted sales in EMEA and may continue to do so in the future.”

Annual report 2026A · The company itself

“If any of the following international business risks were to materialize or become worse, they could have a material adverse effect on our business, financial condition and results of operations: •negative economic developments in economies around the world and the instability of governments and international trade arrangements, such as the increase of barriers to international trade including the imposition of new or increased tariffs on imports by the United States and China and other countries, enhanced export controls on certain products and sanctions on certain industry sectors and parties; •social and political instability in a number of countries around the world, including continued hostilities in the Middle East and the armed conflict in Ukraine.”

Annual report 2025A · The company itself

“Security remains a paramount concern, especially given the increasing reports of piracy and attacks on shipping around the east coast of Africa, Gulf of Aden, and Arabian Sea. This uptick is primarily attributed to regional instability, including conflicts involving Yemen's Houthi rebels and broader unrest in the Red Sea corridor linked to the Israel- Hamas war.”

Annual report 2024A · The company itself

“Geopolitical risks continued to be of significant concern. The tensions influenced global commodity markets, leading to downward pressure on prices as fears of recession and expectations of weak demand overshadowed concerns about supply.”

Annual report 2024A · The company itself

“Diesel fuel prices and fuel availability can be impacted by factors beyond our control, such as natural or man-made disasters; adverse weather conditions; political events; disruption or failure of technology or information systems; price and supply decisions by oil producing countries and cartels; effect of any international conflicts; armed conflict; terrorist activities; world supply and demand imbalances; changes in refining capacity; changes in governmental policy concerning fuel production, transportation, taxes or marketing; tariffs; sanctions; public and investor sentiment; and quotas or other changes to trade agreements.”

Annual report 2025A · The company itself

“In addition, the global geopolitical uncertainty or escalation of geopolitical tensions involving countries where we or our suppliers operate or any retaliatory actions from such governments could have a material adverse effect on our business and results of operations.”

Annual report 2025A · The company itself

“More specifically, our assembly and test operations facility located in Leshan, China, which is owned by Leshan-Phoenix Semiconductor Company Limited, a joint venture company in which we own 80% of the outstanding equity interests, may be subjected to increased costs or additional trade restrictions stemming from the geopolitical tension between the United States and China. The U.S. Department of Commerce may add additional Chinese companies to its restricted entity list or unverified list and regulatory bodies of either country may take other actions that could expand licensing requirements or otherwise impact the market for our products and our revenue.”

Annual report 2025A · The company itself

“In addition to general economic conditions, impacts of other macroeconomic events, such as valuation concerns related to AI technologies, continued inflation and labor market concerns, public health crises, geopolitical tensions or conflicts and risks, climate change and other severe weather and natural disasters and uncertainties in global financial markets, could materially adversely impact our operations or those of our suppliers, third party distributors and sub-contractors.”

Annual report 2025A · The company itself

“General Risks • Economic, political and market conditions can adversely affect our business, results of operations and financial condition, including our revenue growth and profitability, which in turn could adversely affect our stock price. • Significant events in certain geographic locations could adversely affect our operating results and disrupt our business.”

Annual report 2026A · The company itself

“Changes to sanctions or export control regulations or their enforcement in the U.S. and the other jurisdictions where we currently operate or have dealings, or in the future may operate or have dealings, can require suspension or termination of business (including financial transactions) in or with certain countries and territories or with certain customers.”

Annual report 2026A · The company itself

“Cyber-attacks against critical areas of society are expected to increase in a heightened geopolitical environment.”

Annual report 2025A · The company itself

“Konsernsjefen har ordet 2024 var preget av betydelig økonomisk og geopolitisk usikkerhet, som har hatt stor påvirkning på både markeder og forbrukere. Som et ledende industrielt investeringsselskap innenfor merkevarer og forbrukerorienterte selskaper må vi forholde oss til og håndtere denne usikkerheten.”

Annual report 2024A · The company itself

“Det er imidlertid usikkert hvilke implikasjoner som kan følge av nye handelskonflikter og tollmurer.”

Annual report 2024A · The company itself

“Makroøkonomiske og geopolitiske forhold har vært i stor endring de siste årene, og disse påvirker rentenivåene, valutakursene og den globale vareflyten.”

Annual report 2024A · The company itself

“Our international sales and operations are subject to risks associated with changes in local government laws, regulations and policies, including those related to investments and limitations on foreign ownership of businesses, taxation, foreign exchange controls, capital controls, local manufacturing, product content or supplier requirements, employment regulations and the repatriation of earnings.”

Annual report 2025A · The company itself

“Our international sales and operations are subject to risks associated with geopolitical conflicts, including the ongoing conflicts between Russia and Ukraine and instability in the Middle East.”

Annual report 2025A · 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

“Global economic activity, shifts in trade and economic policies, and geopolitical tensions expose Outokumpu to risks and uncertainties in its operating environment. These factors could have an adverse impact on the company's operations, financial performance, and overall financial position. The main short-term risks relate to the development in trade policies and increased geopolitical tensions, which could disrupt global trade, increase inflation, and slow economic growth, ultimately leading to possible weakening of demand and pressure on stainless steel prices, even with their broad range of end uses.”

Annual report 2025A · The company itself

“Global economic activity, shifts in trade and economic policies, and geopolitical tensions expose Outokumpu to risks and uncertainties in its operating environment. These factors could have an adverse impact on the company's operations, financial performance, and overall financial position. The main short-term risks relate to the development in trade policies and increased geopolitical tensions, which could disrupt global trade, increase inflation, and slow economic growth, ultimately leading to possible weakening of demand and pressure on stainless steel prices, even with their broad range of end uses.”

Annual report 2025A · The company itself

“For example, increased government spending on technology aimed at national defense, financial or policy regulation, cybersecurity, or healthcare mandates may drive customer demand at different times throughout our year, the timing of which we may not be able to anticipate and may cause fluctuations in our results of operations.”

Annual report 2025A · The company itself

“Table of Contents Our relationships with government customers and customers that are engaged in certain sensitive industries, including organizations whose products or activities are or are perceived to be harmful, have resulted in public criticism, including from political and social activists; unfavorable coverage in the media; engagement on these issues from investors and potential customers; and increased security risks. These relationships could also result in exposure to congressional, regulatory, or other government investigations or inquiries, as well as lawsuits from private parties.”

Annual report 2025A · The company itself

“We have provided, and may continue to provide, our platforms, products, personnel, and services to support operations in conflict zones. Such zones are subject to, among other things, political uncertainty, geopolitical tensions, and military actions, such as those associated with the ongoing Russia-Ukraine, and Israel and broader Middle East conflicts. As a result, we and our third-party vendors have been vulnerable to a heightened risk of, and have been exposed to, cybersecurity attacks, phishing attacks, viruses, malware, ransomware, hacking or similar breaches and incidents, including increasingly sophisticated threats, from nation-state actors or affiliated actors, including attacks that could materially disrupt our systems and operations, supply chain, and ability to produce, sell, and distribute our products and services.”

Annual report 2025A · The company itself

“Our systems and the third-party systems upon which we and our customers rely are also vulnerable to damage or interruption from catastrophic occurrences such as earthquakes, floods, fires, power loss, telecommunication failures, cybersecurity threats, terrorist attacks, such as the conflict resulting from Hamas’ attack on Israel, natural disasters, public health crises, geopolitical tensions such as those that may be caused by the ongoing Russia-Ukraine conflict, or acts of misconduct.”

Annual report 2025A · The company itself

“From time to time, government entities may seek our assistance with obtaining information about our customers or could request that we modify our technology platforms in a manner to permit access or monitoring. In light of our confidentiality, privacy, and customer digital sovereignty commitments, we may legally challenge law enforcement or other government requests to provide information, to obtain encryption keys, or to modify or weaken encryption.”

Annual report 2025A · The company itself

“As we operate and sell our platforms and services around the world, we are subject to the United States Foreign Corrupt Practices Act (“FCPA”), the U.K. Bribery Act, the U.S. domestic bribery statute contained in 18 U.S.C. § 201, the United States Travel Act, and other anti-corruption and anti-bribery laws and regulations in the jurisdictions in which we do business, both domestic and abroad. These laws and regulations generally prohibit improper payments or offers of improper payments to government officials, political parties, or commercial partners for the purpose of obtaining or retaining business or securing an improper business advantage. We have operations, deal with and make sales to governmental or quasi-governmental entities in the United States and in non-U.S. countries, including those known to experience corruption, particularly certain emerging countries in East Asia, Eastern Europe, Africa, South America, and the Middle East, and further expansion of our non-U.S. sales efforts may involve additional regions.”

Annual report 2025A · The company itself

“For example, following Russia’s invasion of Ukraine, and as the conflict has continued, the United States and other countries have imposed economic sanctions and severe export control restrictions against Russia, Belarus, and certain regions of Ukraine, and the United States and other countries could continue to impose wider sanctions and export restrictions and take other actions should the conflict further escalate.”

Annual report 2025A · The company itself

“Our perceived relationship with the U.S. government could adversely affect our business prospects in certain non-U.S. geographies or with certain non-U.S. governments.”

Annual report 2025A · The company itself

“Downturns in macroeconomic conditions, including fluctuating interest rates; supply chain disruptions; global political and economic uncertainty; geopolitical tensions, such as the ongoing Russia-Ukraine conflict, and the conflict resulting from Hamas’ attack on Israel and ongoing conflict in the Middle East; a lack of availability of credit; a reduction in business confidence and activity; the curtailment of government or corporate spending; public health concerns or emergencies; financial market volatility; the potential or actual imposition of tariffs or other impacts on trade relations; and other factors have in the past, and may in the future, negatively affect the industries to which we sell our platforms and services.”

Annual report 2025A · The company itself

“Our business operations have been, and could in the future be, subject to interruption by natural disasters, earthquakes, flooding, fire, power shortages, pandemics, terrorism, such as Hamas’ attack against Israel in 2023 and the ensuing conflict, political unrest, cyberattacks including as may be exacerbated by the ongoing Russia-Ukraine and Middle East conflicts, geopolitical tensions including those related to the invasion of Ukraine, the effects of climate change such as drought, wildfires, increased storm severity, and sea level rise, telecommunications failure, vandalism, and other events beyond our control. Although we maintain crisis management and disaster response plans, such events could make it difficult or impossible for us to deliver our services to our customers, could decrease demand for our services, could make existing customers unable or unwilling to fulfill their contractual requirements to us, including their payment obligations, and could cause us to incur substantial expense, including expenses or liabilities arising from potential litigation.”

Annual report 2025A · The company itself

“We were founded in 2003 and started building software for the intelligence community in the United States to assist in counterterrorism investigations and operations. We later began working with commercial enterprises, who often faced fundamentally similar challenges in working with data. We have built four principal software platforms, Palantir Gotham (“Gotham”), Palantir Foundry (“Foundry”), Palantir Apollo (“Apollo”), and our Artificial Intelligence Platform (“AIP”).”

Annual report 2025A · The company itself

“We operate globally, and our business and revenues are impacted by global economic and geopolitical conditions. Instability in global credit markets, inflation, changes in public policies, changes in domestic and international regulations, changes in interest rates, foreign currency exchange rate fluctuations, trade regulations and tariffs, international trade disputes and agreements, changes in tax laws, geopolitical turmoil, and other disruptions to global and regional economies and markets continue to add uncertainty to global economic conditions.”

Annual report 2026A · The company itself

“Military actions or armed conflict, including the hostilities in Israel and the surrounding region, the Russia-Ukraine war and related political or economic responses, and uncertainty about, or changes in, government and trade relationships could further worsen economic and market conditions and the geopolitical environment.”

Annual report 2026A · The company itself

“The geopolitical environment, including the Russia-Ukraine war and other global events as described in "Risks Related to Global Economic and Geopolitical Conditions" above, increase the risk of cyberattacks on our infrastructure and operations.”

Annual report 2026A · The company itself

“We are also monitoring the tensions between China and Taiwan, and between the U.S. and China, which have increased our costs and could have an adverse impact on our business or results of operations in future periods.”

Annual report 2026A · The company itself

“Additionally, our international sales and operations are subject to a number of risks, including the following: •political, economic, and social uncertainty around the world, health risks such as epidemics and pandemics, macroeconomic challenges, terrorist activities, the Russia-Ukraine war, tensions between China and Taiwan, the hostilities in Israel and the surrounding region, and continued hostilities in the Middle East; •unexpected changes in, or the application of, foreign and domestic laws and regulations (including intellectual property rights protections), regulatory practices or enforcement policies, trade restrictions, international trade agreements, and foreign legal requirements, including those applicable to the importation, certification, localization and regulatory approval of our products, tariffs, and tax laws and treaties, including regulatory and trade policy changes adopted by the current administration, such as sanctions, or foreign countries’ response to regulatory changes adopted by the current administration; and •non-compliance with U.S. and foreign laws, including antitrust regulations, anti-corruption laws, such as the U.S.”

Annual report 2026A · The company itself

“Our hardware products rely on key components, including integrated circuit components, purchased from a limited number of suppliers, including sole source providers. The manufacturing operations of some suppliers are geographically concentrated in Asia, making our supply chain vulnerable to regional disruptions and international regulations, including tariffs, sanctions, and export controls.”

Annual report 2026A · The company itself

“Our non-U.S. operations are subject to risks in addition to those facing our domestic operations, including: •fluctuations in currency exchange rates and/or changes in monetary policy; •limitations on ownership and on repatriation of earnings; •transportation delays and other supply chain disruptions; •political, social and economic instability and disruptions, including armed conflicts; •the imposition of duties and tariffs and other trade barriers; •government import and export controls, embargoes, sanctions or trade restrictions, including possible restrictions on trade and/or obstacles to conducting business in China; •labor unrest and current and changing regulatory environments; •difficulties in implementing restructuring actions on a timely basis; •difficulties in staffing and managing multi-national operations; •limitations on our ability to enforce legal rights and remedies; •public health crises, including pandemics; •the potential for nationalization of enterprises; and •potentially adverse tax consequences.”

Annual report 2026A · The company itself

“Cross-border trade has been and may be negatively impacted by various factors including foreign exchange rate fluctuations; changes in or new tariffs, trade disputes, barriers or restrictions threats of such actions, and the related uncertainty thereof; sanctions; import or export controls; and the interpretation and application of laws of multiple jurisdictions in the context of cross-border trade and foreign exchange.”

Annual report 2025A · The company itself

“Use of our payments services for illegal activities or improper purposes could harm our business. We expect that users will continue to attempt to use our platform for illegal activities or improper uses, including money laundering, terrorist financing, sanctions evasion, illegal gambling or gaming, fraudulent sales of goods or services, illegal telemarketing activities, illegal sales of prescription medications or controlled substances, piracy of software, movies, music, and other copyrighted, trademarked or digital goods, bank fraud, child pornography, human trafficking, prohibited sales of alcoholic beverages or tobacco products, securities fraud, pyramid or Ponzi schemes, or the facilitation of other illegal or improper activity.”

Annual report 2025A · The company itself

“Sedan Ryssland invaderade Ukraina har läget förändrats i omvärlden. Utöver den oerhörda tragedi som kriget innebär för de människor som berörs, riskerar situationen att ytterligare dämpa den makroekonomiska tillväxten i omvärlden. Byggbranschen påverkas av ökad osäkerhet och försiktighet när det kommer till investeringar och bibehållna höga priser på material och energi.”

Annual report 2024A · The company itself

“Pandemics, epidemics or other disease outbreaks and geopolitical events and tensions, wars and other military conflicts have also impacted and could continue to impact consumer preferences and demand for our products, including negative consumer sentiment toward non-local products.”

Annual report 2025A · The company itself

“In addition, our business operations, including our supply chain, are subject to disruption by geopolitical events and tensions, wars and other military conflicts, natural disasters, pandemics, epidemics or other events beyond 11 Table of Contents our control that could negatively impact product availability and decrease demand for our products if our crisis management plans do not effectively mitigate these issues.”

Annual report 2025A · The company itself

“Many of the raw materials and supplies used in the production of our products are sourced from countries experiencing war or other military conflict, acts of terrorism, civil unrest, political instability or unfavorable economic conditions.”

Annual report 2025A · The company itself

“As with other global companies, we are regularly subject to cyberattacks and other cyber incidents, including the types of attacks and incidents described above.”