Global trade volumes

“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 global container market saw solid growth in 2025 despite geopolitical turbulence and trade tensions, expanding at around 5%”

Annual report 2025A · The company itself

“the company has 100,000+ customers, operates in almost 130 countries”

Annual report 2025A · The company itself

“Industries from fashion and industrial manufacturing to agriculture rely on container shipping”

Annual report 2025A · The company itself

“Insufficient level of the network’s resilience or capacity could create challenges associated with reliability and unit cost that might result in loss of business and/or customers.”

Annual report 2025A · The company itself

“At the heart of the Integrator strategy, Ocean ensures that goods keep moving across the world, providing customers with a unique offering, combining flexibility and stability to manage and simplify their end-toend supply chains. While providing access to a competitive global network, Ocean offers resilient solutions and differentiated value propositions through its global network and digital products to fit the diverging customer needs and enhance long-term partnerships. Operating one of the largest container vessel fleets in the world, Ocean carries approximately 13m FFE per annum serving over 500 ports worldwide.”

Annual report 2025A · The company itself

“Moreover, as the U.S. government continues adding companies to the Entity List, our supply chain may be negatively impacted as we may be required to suspend purchasing from such suppliers or selling to such customers or otherwise unable to fulfill our contractual obligations to them.”

Annual report 2025A · The company itself

“We succeeded to substantially increase our sales, but the generated EBITDA of -0.2 M€ shows that the price pressure from low-cost imports (India, Kazakhstan, Russia and China) weighed heavily on our margins.”

Annual report 2025A · The company itself

“Den justerade rörelsemarginalen uppgick till 12,7% (14,8), påverkad av de lägre volymerna, vår fortsatta satsning på FoU samt extra kostnader kopplade till störningar i leverantörskedjan i Nordamerika och övergången till den nya plattformen där.”

Annual report 2024A · The company itself

“Konkurrensen på den kinesiska fraktmarknaden var fortsatt hård, med överkapacitet i transportbranschen, höga återförsäljarlager och prispress.”

Annual report 2024A · 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

“Prices and availability of rawmaterials Raw material price volatility and availability constraints can create uncertainty and affect profitability. Supply chain disruptions, geopolitical tensions, and different climate-related events may affect raw materials prices and availability.”

Annual report 2025A · The company itself

“Supply chain disruptions could negatively impact our operations and implementation of our strategy - Our operations and strategy depend on the global supply chain to procure the equipment, materials and other resources necessary to provide services in a safe and reliable manner and construct new utility infrastructure. The global supply chain has experienced, and is expected to continue to experience, disruptions due to a multitude of factors, such as geopolitical issues, supplier manufacturing constraints, labor issues, transportation issues, tariffs, changes in laws, executive orders, resource availability, long lead times, tighter credit markets, inflation, pandemics and weather.”

Annual report 2025A · The company itself

“Additional price competition has resulted from diversion into the United States market of cigarettes intended for sale outside the United States, diversion of tobacco products intended for sale in one taxing jurisdiction within the United States into another taxing jurisdiction, the sale of counterfeit cigarettes by third parties, the sale of cigarettes by third parties over the Internet and by other means designed to avoid collection of applicable taxes and imports of foreign lower-priced brands.”

Annual report 2025A · The company itself

“Current geopolitical and macroeconomic conditions (including tariffs, inflation, labor shortages, supply and demand imbalances and international armed conflicts) are causing worldwide disruptions and delays to supply chains and commercial markets, which limit access to, and increase the cost of, raw materials, ingredients and component parts (for example, wood tips used in our cigar products and aluminum used in our packaging).”

Annual report 2025A · The company itself

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

Annual report 2026A · The company itself

“Supply or workforce shortages, fluctuations in freight costs, limitations on shipping capacity, or other disruptions in our supply chain, including sourcing materials from a single supplier or those that may occur related to wars, including the conflict in the Middle East, geopolitical tensions, natural disasters, health crises, or new regulations, could affect our ability to obtain timely delivery of raw materials, equipment, and other supplies, and in turn, adversely impact our ability to supply products to our customers.”

Annual report 2026A · The company itself

“•Supply chain disruptions and inflation. •Fuel or water supply interruptions caused by transportation constraints, adverse weather such as drought, non-performance by suppliers and other factors. •Catastrophic events such as extreme weather, fires, earthquakes, explosions, hurricanes, tornadoes, winter storms, terrorism (including cyber-terrorism), floods or other similar occurrences. •Fuel costs and related requirements triggered by financial stress in the coal industry.”

Annual report 2025A · The company itself

“The Company has international operations with sales outside the U.S. representing a majority of the Company’s total net sales. In addition, the Company’s global supply chain is large and complex and a majority of the Company’s supplier facilities, including manufacturing and assembly sites, are located outside the U.S. As a result, the Company’s operations and performance depend significantly on global and regional economic conditions.”

Annual report 2025A · The company itself

“The Company has a large, global business with sales outside the U.S. representing a majority of the Company’s total net sales, and the Company believes that it generally benefits from growth in international trade.”

Annual report 2025A · The company itself

“Risker relaterade till globala logistikkedjor och valutaeffekter BHG:s importberoende gör verksamheten sårbar för störningar i globala leveranskedjor. Fraktförseningar, råvarubrist och begränsningar inom logistiksektorn kan påverka både varutillgång och kostnadsnivåer, vilket i sin tur kan leda till minskade lagernivåer, ett snävare produktutbud och högre priser.”

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

“Smältlönerna styrs av tillgång och efterfrågan på metallkoncentrat, vilket utgör en risk eftersom de utgör en stor del av smältverkens bruttovinst. Riktvärden för smältlöner förhandlas fram årligen av de största aktörerna inom gruv- och smältverksindustrin.”

Annual report 2024A · The company itself

“Under 2024 såg vi snabbt föränderliga koppar- och zinkkoncentratbalanser. På grund av oväntade produktionsnedskärningar och försenade starter av ny gruvproduktion vände koncentratmarknaden till ett underskott, vilket har återspeglats i en snabb minskning av smältlönerna för inköp av koncentrat på spotmarknaden.”

Annual report 2024A · The company itself

“Under året fortsatte den geopolitiska instabiliteten att störa den globala leveranskedjan, vilket ledde till högre fraktkostnader och längre ledtider. Den ökande protektionismen ledde till strängare regler för internationell handel, vilket tvingade hematologiföretag som vårt att anta mer flexibla och motståndskraftiga strategier framöver.”

Annual report 2024A · The company itself

“Deras styrkor och kunskap om de lokala marknaderna och förutsättningarna som råder förbättrar Boules möjligheter för ytterligare lönsam tillväxt.”

Annual report 2024A · The company itself

“We could experience difficulties, delays and disruptions in our supply chain as well as in the manufacturing, distribution and sale of our products. Our product supply and related patient access has been, and could in the future be, negatively impacted by difficulties, delays and disruptions in the manufacturing, distribution and sale of our products.”

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

“AO works with more than 1,000 suppliers and is continuously expanding our range of products”

Annual report 2025A · The company itself

“När det gäller risker är det tyvärr lätt att fokusera på de effekter som kan följa av de handelskonflikter, med tullar och tariffer, som nu börjar skönjas. För oss som lever på att exportera svensk know-how över hela världen är det synnerligen oroande. Jag hoppas att vi skall kunna leverera våra avancerade produkter och tjänster till kunder över hela världen i framtiden.”

Annual report 2024A · The company itself

“Bures portföljbolag verkar globalt och har en god spridning av intäkter och verksamhet, vilket är en styrka i tider av osäkerhet.”

Annual report 2024A · The company itself

“In 2025, our customers trusted us to manage approximately 37 million shipments and $23 billion in freight.”

Annual report 2025A · The company itself

“Our transportation and logistics services are provided to numerous international customers through our worldwide network.”

Annual report 2025A · The company itself

“We rely on suppliers to deliver key products and services to the operations of our businesses around the world. Any event impacting a supplier’s ability to deliver quality goods and services at the location and time needed could negatively impact our ability to operate our business.”

Annual report 2025A · The company itself

“Events impacting our supply chain could be caused by factors beyond the control of our suppliers or us, including labor actions, increased demand, problems in production or distribution and/or disruptions in third-party logistics, information technology or transportation systems. In addition, global events in recent years have resulted in widespread global supply chain disruptions to suppliers including critical supply chain shortages, labor shortages, significant material cost inflation and extended lead times for items that are required for our operations.”

Annual report 2025A · The company itself

“In addition, we have in the past and may in the future be impacted by unforeseen events, such as work stoppages, supply chain issues, insolvencies, “force majeure” events or other financial difficulties experienced by shipyards, their subcontractors and our suppliers. This may result in less shipyard availability resulting in delays or preventing the delivery of our ships under construction and/or the completion of the repair, maintenance or refurbishment of our existing ships.”

Annual report 2025A · The company itself

“Moreover, government regulations and policies regarding international trade, such as import quotas, punitive taxes or tariffs or similar trade barriers, including counter-tariffs and other retaliatory trade policies, whether imposed by individual governments or regional trade blocs, can affect demand for our products and services, impact the competitive position of our products or services or encumber our ability to manufacture or sell or procure products in certain countries. The implementation of more restrictive trade policies, including tariffs, by the U.S. or by other countries, such as China and Mexico, where we sell or produce our products and services or procure materials, or unpredictability or rapid shifts in trade policies, including as a result of trade conflict between the U.S. and other countries, have in the past negatively impacted, and could in the future negatively impact, our business, results of operations and financial condition.”

Annual report 2025A · The company itself

“Our business depends on the timely supply of products in order to meet the demands of our customers. Manufacturing interruptions or delays, including as a result of the financial instability or bankruptcy of manufacturers, significant labor disputes such as strikes, natural disasters (which may increase in number or severity as a result of climate change), political or social unrest, armed conflict, pandemics or other public health crises, or other adverse occurrences affecting any of our suppliers’ facilities, could disrupt our supply chain and cause volatility in our level of inventory and delays in completion of orders and installations for our customers.”

Annual report 2025A · The company itself

“Production levels from the members of Organization of Petroleum Exporting Countries (OPEC), Russia and the United States are major factors in determining worldwide supply. Demand for crude oil and its products and for natural gas is largely driven by the conditions of local, national and global economies, although weather patterns, the pace of energy transition and taxation relative to other energy sources also play a significant part.”

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

“While we support a diverse portfolio of crypto assets for trading, staking and custody, our net revenue is concentrated in a limited number of areas, such as transactions in Bitcoin and Ethereum for transaction revenue and stablecoin revenue in connection with payment stablecoins for subscription and services revenue.”

Annual report 2025A · The company itself

“As we continue to expand and localize our international activities, our obligations to comply with the laws, rules, regulations, and policies of a variety of jurisdictions will increase and we may be subject to inquiries, investigations, and enforcement actions by U.S. and non-U.S. regulators and governmental authorities, including those related to sanctions, export control, and anti-money laundering. As we expand and localize our international activities, we have become increasingly obligated to comply with the laws, rules, regulations, policies, and legal interpretations of both the jurisdictions in which we operate and those into which we offer services on a cross-border basis.”

Annual report 2025A · The company itself

“BACKLOG Disruption risk in certain categories of our supply chains exist and could negatively impact our ability to meet customer demand.”

Annual report 2025A · The company itself

“Our business benefits from international trade agreements, such as the United States-Mexico-Canada Agreement and the U.S. trade relationships including those with China, Brazil, E.U. and the U.K. More restrictive trade policies, such as efforts to withdraw from or substantially modify such agreements or arrangements, including, without limitation, higher tariffs or new barriers to entry could adversely impact our production costs, customer demand and our relationships with customers and suppliers.”

Annual report 2025A · The company itself

“strong iron ore volumes, a rebound in coal volumes and robust grain exports from South America”

Annual report 2025A · The company itself

“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

“These increases reflect solid fundamentals, including limited yard capacity, a low orderbook and an ageing global fleet. Although spot rates fluctuated in the short term, these structural factors sustained strong confidence in asset valuations.”

Annual report 2025A · The company itself

“Looking ahead to 2026, we expect the dry cargo market to remain robust and broadly in line with 2025. Upside potential is greatest in the Capesize segment, driven by lower fleet growth of around 2% and the anticipated start of Simandou iron ore exports from Guinea.”

Annual report 2025A · The company itself

“Upside potential is greatest in the Capesize segment, driven by lower fleet growth of around 2% and the anticipated start of Simandou iron ore exports from Guinea. Simandou is one of the world’s largest high-grade iron ore projects, expected to reach around 120 million tonnes of annual capacity, supported by new port infrastructure with the potential to materially impact global seaborne supply.”

Annual report 2025A · The company itself

“Nearshoring of manufacturing closer to end markets is expected to support continued higher growth in the Mediterranean region”

Annual report 2025A · The company itself

“Demand is to a large extent linked to the level of economic activity and trade in primarily Europe, especially northern Europe, including the UK, as well as adjacent regions, including Türkiye and Morocco.”

Annual report 2025A · The company itself

“Key freight outlook assumptions for 2026 Freight ferry volumes in the trade lanes connecting Europe to Türkiye and northern Africa are expected to continue to grow in 2026.”

Annual report 2025A · The company itself

“Margin pressures intensified in 2025 for both transport and logistics activities driven by a combination of capacity oversupply, a weak demand-side, and shorter tender cycles.”

Annual report 2025A · The company itself

“In the second half of 2025 road transport capacity started to decline in response to the slowdown in demand and increasing financial hardship for carriers. A number of smaller and medium-sized carriers exited the market during 2025 and others have reduced fleets or postponed investments.”

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

“Fiscal 2025 Highlights Our Hungry for MORE strategy aims to generate MORE sales, MORE stores and MORE profits. • MORE Sales: Global retail sales, excluding foreign currency impact (which includes total retail sales at Company-owned and franchised stores worldwide), increased 5.4% as compared to 2024. U.S. retail sales increased 4.8% and international retail sales, excluding foreign currency impact, increased 5.9% as compared to 2024.”

Annual report 2025A · The company itself

“there has been a close correlation between the growth in global trade and the expansion of the global economy”

Annual report 2025A · The company itself

“We are proud that by utilising our flexible business model, digital platform and global operations in more than 90 countries, we kept supply chains flowing, enabling our customers’ businesses to continue.”

Annual report 2025A · The company itself

“We foresee consolidation to continue in the coming years driven by customer demand for efficient and flexible endto-end global supply chains, digitalisation and sustainability. GDP drives market growth Historically, there has been a close correlation between the growth in global trade and the expansion of the global economy.”

Annual report 2025A · The company itself

“In the coming years, we expect that trade volumes will return to the traditional close correlation with GDP, with emerging markets seeing the highest growth rates. However, trade barriers and geopolitical and macroeconomic changes may impact growth rates across markets.”

Annual report 2025A · The company itself

“Market assumptions for 2026 Trade tensions and market uncertainties related to tariffs and macroeconomic conditions reduced demand and affected trade flow seasonality in 2025, causing increased front-loading in the first half year of the year. For 2026, we expect growth in global air and sea freight volumes of around 2-3%, in line with or slightly lower than global GDP forecasts.”

Annual report 2025A · The company itself

“Changes in consumer behaviour, dual-sourcing, regionalisation and shorter supply chains driven by sustainability concerns are reshaping demand for logistics services. Deglobalisation trends, introduction of new tariffs and insourcing practices may reduce long-distance trade, especially in air and sea freight, and shift focus to more regional logistics solutions.”

Annual report 2025A · The company itself

“Importers, such as eBay buyers and sellers, must supply additional data for entry (e.g., 10-digit Harmonized Tariff Schedule codes, Country of Origin, etc.) and all shipments are now subject to applicable tariffs. These developments fundamentally change how cross-border transactions are handled, especially when sellers ship directly to U.S. buyers, and they increase cost, complexity and compliance burden for many cross-border sellers, which could lead to reduced cross-border volume or reconfiguration of supply-chain and fulfillment strategies.”

Annual report 2025A · The company itself

“Cross-border trade is an important source of both revenue and profits for us.”

Annual report 2025A · The company itself

“Elkem experienced weak demand in all regions and markets combined with an oversupply situation of siloxane in China.”

Annual report 2024A · The company itself

“Bland operativa risker är tillgång och pris på handelsvaror en av de mest väsentliga. Elon har valt att koordinera alla inköp centralt för att utvinna skalfördelar och få konkurrenskraftiga priser och villkor gentemot leverantörerna.”

Annual report 2024A · The company itself

“Situationen i omvärlden kan resultera i fortsatt stigande priser på råvaror, energi, komponenter, frakt samt även ökade tariffer och tullar främst hänförligt till USA och därmed minskad efterfrågan på våra produkter.”

Annual report 2024A · The company itself

“Palveluiden hankinnan keskittyminen jatkuu asiakkaiden kysynnän muuttuessa entistä kansainvälisemmäksi, mikä tarjoaa globaalisti toimiville suunnittelualan yrityksille kasvumahdollisuuksia.”

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

“Orgaanisen kasvun lähteitä ovat lisäksi globaali toimitusmallimme ja nearshoringsekä offshoring-ratkaisuiden hyödyntäminen kilpailukyvyn varmistamiseksi kasvavassa globaalissa kilpailussa.”

Annual report 2025A · The company itself

“Etteplanin taloudelliset ja strategiset tavoitteet 1.1.2025 lähtien: Tekoälyn hyödyntäminen: Etteplanin kehittämien tekoälypohjaisten palveluratkaisujen osuus liikevaihdosta 35 prosenttia vuoden 2027 loppuun mennessä Johdetut palvelut: Johdettujen palvelujen osuus liikevaihdosta 75 prosenttia (Managed Services Index, MSI) vuoden 2027 loppuun mennessä Kasvu: Liikevaihto yli 500 miljoonaa euroa vuonna 2027 Kannattavuus: Liikevoitto (EBITA) yli 10 prosenttia liikevaihdosta YRITYSOSTOT Etteplan ilmoitti 2. syyskuuta 2025 vahvistavansa asemaansa Ruotsissa ostamalla koko osakekannan ruotsalaisesta Eltech Automation i Lund AB:sta, jonka pääkonttori sijaitsee Lommassa, Skånessa.”

Annual report 2025A · The company itself

“Supply chain disruptions, tariffs and inflation could negatively impact the Evergy Companies' operations and corporate strategy. The operations and business plans of the Evergy Companies depend on the global supply chain to procure the equipment, materials and other resources necessary to build and provide services in a safe and reliable manner. The delivery of components, materials, equipment and other resources that are critical to the Evergy Companies' business operations and corporate strategy has been restricted by domestic and global supply chain uncertainty. This has resulted in the shortage of critical items.”

Annual report 2025A · The company itself

“Any reduction in international commerce or disruption in global trade may adversely impact our business and operating results. Expeditors primarily provides services to customers engaged in international commerce. Everything that affects international trade has the potential to expand or contract our primary markets and adversely impact our operating results.”

Annual report 2025A · The company itself

“The declines in average buy rates and sell rates in the second half of the year are due to a softening demand primarily on exports out of North Asia and an increase in available carrier capacity.”

Annual report 2025A · The company itself

“Industry trends, trade conditions and competition We operate in over 60 countries in the competitive global logistics industry and our activities are closely tied to the global economy.”

Annual report 2025A · The company itself

“Our primary business is to transport goods, so our business levels are directly tied to the purchase and production of goods and the rate of global trade growth — key macroeconomic measurements influenced by, among other things: inflation and deflation; international trade policies and relations; supply chain disruptions; interest rates; currency exchange rates; labor costs and unemployment levels; fuel and energy prices; inventory levels; spending patterns (including shifts from goods to services and vice versa); disposable income; debt levels; credit availability; political uncertainty; public health crises; geopolitical tensions or conflicts; emerging global trade corridors; and changes to social conditions and regulations. When individuals and companies purchase and produce fewer goods, we transport fewer shipments, and as companies move manufacturing closer to consumer markets and expand the number of distribution centers, we transport shipments shorter distances, which materially and adversely affects our revenue per shipment and results of operations.”

Annual report 2026A · The company itself

“The decline in U.S. imports of consumer goods that started in late 2022, along with slowed global industrial production, has contributed to continued weakened business conditions for the transportation industry leading to lower shipment volumes. Additionally, recent changes in U.S. and international trade policy have further weakened business conditions for the transportation industry.”

Annual report 2026A · The company itself

“Supply chain disruptions could have an adverse effect on our results of operations, cash flow and financial condition. We have in the past and may in the future experience supply chain challenges due to economic conditions that developed during the COVID-19 pandemic and have continued in the years since, with order lead times increasing across numerous material categories. The situation is fluid and a prolonged continuation or further increase in supply chain disruptions could have an adverse effect on FirstEnergy’s results of operations, cash flow and financial condition.”

Annual report 2025A · The company itself

“The supply chain of goods and services we rely on could be impacted by sanctions, tariffs, manufacturing labor shortages and domestic and international shipping constraints, which could increase our costs and delay delivery of critical materials.”

Annual report 2025A · The company itself

“We may be exposed to the risk of substantial price increases in, or the adequacy or availability of, the costs of labor and materials used in construction, nonperformance of equipment and increased costs due to inflation, interest rates or other macroeconomic forces, delays, including delays relating to the procurement of permits or approvals, adverse weather or environmental matters. We engage numerous contractors and enter into a large number of construction agreements to acquire the necessary materials and/or obtain the required construction-related services. As a result, we are also exposed to the risk that these contractors and other counterparties could breach their obligations to us. Such risk could include our contractors’ inabilities to procure sufficient skilled labor as well as potential work stoppages by that labor force.”

Annual report 2025A · The company itself

“Energy markets depend heavily on active participation by multiple counterparties, which could be adversely affected should there be disruptions in the bank and capital markets. Reduced capital and liquidity and failures of significant institutions that participate in the energy markets could diminish the liquidity and competitiveness of energy markets that are important to our business.”

Annual report 2025A · The company itself

“Transmission facilities of JCP&L, MP, PE and the Transmission Companies are subject to functional control by PJM and transmission service using their transmission facilities is provided by PJM under the PJM Tariff.”

Annual report 2025A · The company itself

“(as well as other major economies) and China or other key trading partners could materially increase our product input costs, negatively affect global economic conditions, contract customer demand, or otherwise adversely affect our business.”

Annual report 2026A · The company itself

“We conduct operations in a number of countries and are subject to risks inherent in global operations. Our global manufacturing and supply chain operations involve significant operational complexity, including managing activities across multiple regions, time zones, regulatory regimes, and logistical networks.”

Annual report 2026A · The company itself

“Certain components that we use are sourced from a limited number of suppliers, and in some cases from a single supplier, which increases the risk that regulatory actions, geopolitical developments, trade restrictions or other events affecting those suppliers could disrupt our supply chain.”

Annual report 2026A · The company itself

“primært som følge af eksterne påvirkninger, som i en periode har forandret det globale M&A aktivitetsniveau”

Annual report 2025A · The company itself

“Eksporten afsættes hovedsageligt i Europa, men i stigende grad også til oversøiske lande som USA og Kina.”

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

“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

“Freight rates for a vessel trading under spot charters are susceptible to fluctuating demand and supply of vessels, resulting in high volatility. Rates are also strongly affected by seasonal fluctuations in demand from end consumers, global oil demand and inventories.”

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

“Strong refining margins, increased refinery throughput and the underlying shifts in refinery capacity, combined with record high Russian and Chinese export volumes, have been the main drivers supporting trade volumes and ton-mile gains.”

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, initial estimates suggest potential for strong growth in global products tonne-mile trade of over 10% in 2023.”

Annual report 2022A · The company itself

“The market in broad terms is dependent upon two factors: the supply of vessels and the demand for oil products. The supply of vessels depends on the number of newbuilds entering the market, the demolition of older tonnage and legislation that limits the use of older vessels or sets new standards for vessels used in specific trades. The demand side depends mainly on developments in global economic activity.”

Annual report 2022A · The company itself

“Increased demand for clean petroleum products paved the way for a rebound in product trade and was coupled with the effect of longer ton-miles due to sanctions on Russian trade.”

Annual report 2022A · The company itself

“In summary, Harvia proved throughout the year its ability to deliver solid financial results, exemplified by a 13.5% revenue growth to EUR 198.9 million.”

Annual report 2025A · The company itself

“Our business and financial performance have been adversely affected by changes in U.S. and international trade policies, export controls, and sanctions, U.S. regulations concerning imports, tariffs, and resultant retaliatory countermeasures from other countries, as well as international laws and regulations relating to global trade and access to global markets. As a result, our business has, from time to time, been impacted by forced price increases of materials and higher barriers and costs to import and export certain components and/or our products to and from particular countries, which in turn has resulted in price increases to customers, and consequently has softened demand for our offerings and/or reduced our margins.”

Annual report 2025A · 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

“Trävarumarknaden 2024 präglades av den svaga byggkonjunkturen samtidigt som utbudet var begränsat till följd av global råvarubrist.”

Annual report 2024A · The company itself

“Brister i försörj ningskedjan för insatsprodukter vad gäller såväl leveranssäkerhet som kvalitet kan leda till produktions störningar. Leverantörer som inte uppfyller Holmens krav kan även påverka verksamheten negativt.”

Annual report 2024A · The company itself

“We are heavily dependent on third-party suppliers and supply chain issues have adversely affected, and could adversely affect in the future, our financial results. We have at times operated in a supply-constrained environment and have faced, and may face in the future, component shortages, logistics challenges and manufacturing disruptions that impact our revenues, profitability and cash flows.”

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

“Growing international demand, particularly in Europe and the Middle East, is driving exports and creating new market opportunities, supported by various countries’ policies and incentives.”

Annual report 2024A · The company itself

“Disruptions in deliveries by the Company’s suppliers may increase operating costs, lead to delays to customers and adversely impact  supply chain is heavily concentrated in China, and a certain volume of single-source suppliers in combination with political risk may potentially affecting customs and tariff levels, and makes the supply chain vulnerable to disruption.  mitigating this risk through the rollout of third-party driven supplier audits as well as examination of alternative suppliers to ensure business continuity in case of disruption.  technology systems to conduct its business.”

Annual report 2024A · The company itself

“These factors may cause a weakness in securities markets, leading to a slowdown in trading volumes, which would result in reduced transaction revenues.”

Annual report 2025A · The company itself

“Kalmarin laitteiden kysyntään vaikuttavat yleinen maailmanlaajuinen kasvukehitys, konttiliikenteen määrä sekä taloudelliset indikaattorit liittyen tuotantoaktiviteettiin, varastointiin ja yritysten luottamusilmapiiriin.”

Annual report 2025A · The company itself

“2 Kalmarin ratkaisujen kysyntään vaikuttaa myös satamissa maailmanlaajuisesti käsiteltävien konttien määrä, jonka arvioidaan kasvaneen 6,1 prosenttia vuonna 2025.”

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

“Restrictions on business activities, which have been or may be imposed or expanded as a result of political and economic instability, deterioration of economic relations between countries, such as changes in or terminations of existing trade agreements, or the imposition of tariffs (including recent U.S. tariffs imposed or threatened to be imposed on Canada, Mexico, China, Brazil, and other countries, and any retaliatory actions taken by such countries), or otherwise, has and could continue to impact our profitability or otherwise have an adverse effect on our business.”

Annual report 2025A · The company itself

“Many of our suppliers, vendors, customers, partners, and other entities with whom we do business have strong ties to doing business in China and other countries impacted by the increased tariffs. Their ability to supply materials to us, buy products or services from us, or otherwise work with us is affected by their ability to do business in impacted countries. Continued uncertainty around trade policy could substantially change our cost of operating in such jurisdictions. Moreover, these tariffs and any other trade restrictions imposed on our customers or suppliers could adversely affect our financial results and position through reduced demand for our products and solutions, cancelled orders, supply chain disruptions, increased transaction costs, and increased expenses.”

Annual report 2025A · The company itself

“The Group is dependent on certain trade flows to obtain efficient combination trading. Production issues at plants, mines, and refineries, regional commodity price differences, and geopolitical conflicts may impact these flows. Unfavourable changes in trade patterns and volumes may adversely affect the Group’s earnings and financial position.”

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

“Over 80 prosent av verdens varer transporteres fortsatt sjøveien, noe som understreker dens enestående betydning i global logistikk.”

Annual report 2024A · The company itself

“The growing number of passengers was supported by the opening of 47 new routes, taking the total to 367 direct routes serving 191 destinations across 62 airlines.”

Annual report 2025A · The company itself

“There is high demand from airlines to open routes to new destinations. This trend may strengthen CPH’s role as a key hub in northern Europe and requires continuous expansion and strengthening of the collaboration with our partners.”

Annual report 2025A · The company itself

“CPH remains committed to securing the connectivity Denmark needs by ensuring sufficient and sustainable air traffic to and from Copenhagen. In 2025, CPH exceeded 32.4 million passengers and continued working closely with part - ners and customers to deliver on our growth strategy.”

Annual report 2025A · The company itself

“Shortages of Critical Resources Disruptions in the supply of products or services required for the Company’s activities could adversely affect the Company’s operations, financial condition and results of operations. This may be the result of industry-wide shortages of certain goods or services, interruption in supplier operations or in transportation methods of certain goods, interruptions in international logistics, the risk of failure of certain long-lead items or the failure to obtain necessary permits for the supply of regulated goods. The Company’s costs may also be affected by the prices of commodities and other inputs it consumes or uses in its operations. The prices and availability of such commodities and inputs are influenced by supply and demand trends and logistics issues affecting the mining industry in general and other factors outside the Company’s control.”

Annual report 2024A · The company itself

“Our payment network switches transactions throughout the world when the merchant country and country of issuance are different (“cross-border transactions”), providing account holders with the ability to use, and merchants to accept, our products and services across country borders.”

Annual report 2025A · The company itself

“Within our payment network, revenue is primarily generated from charging fees to our customers based on GDV (which includes both domestic and cross-border volume) on the cards that carry our brands and for providing switching and other network-related services.”

Annual report 2025A · The company itself

“•Regional groups of countries are considering, or may consider, efforts to restrict our switching of regional transactions. •Governments have been increasingly creating and expanding local payments structures, which are increasingly being considered as alternatives to traditional domestic payment solutions and schemes such as ours.”

Annual report 2025A · The company itself

“Such developments prevent us from utilizing our global switching capabilities for domestic or regional customers.”

Annual report 2025A · The company itself

“Cross-border Volume Growth measures the growth of cross-border dollar volume during the period, on a local currency basis and U.S. dollar-converted basis, for all Mastercard-branded programs. Switched Transactions measures the number of transactions switched by Mastercard, which is defined as the number of transactions initiated and switched through our network during the period.”

Annual report 2025A · The company itself

“We switch substantially all cross-border transactions using Mastercard, Maestro and Cirrus-branded cards and generate a significant amount of revenue from cross-border volume fees and fees related to switched transactions. Revenue from switching cross-border and currency conversion transactions for our customers fluctuates with the levels and destinations of cross-border travel and our customers’ need for transactions to be converted into their base currency.”

Annual report 2025A · The company itself

“We focus on capturing opportunities in commercial payments (both point-of-sale purchases and invoiced payments) and disbursements and remittances (specifically, through Mastercard Move, our collection of money movement capabilities that provides solutions for money transfers to consumers from other consumers, businesses or governments).”

Annual report 2025A · The company itself

“Payment Network Our payment network links issuers and acquirers around the globe to facilitate the switching of transactions, permitting account holders to use our products at hundreds of millions of acceptance locations and digital access points worldwide. This network facilitates an efficient and secure means for making and receiving payments, a convenient, quick and secure payment method for consumers to access their funds and a channel for the delivery of value-added data insights to our customers. We enable transactions for our customers through our payment network in more than 150 currencies and in more than 220 countries and territories.”

Annual report 2025A · The company itself

“We switch more than 70% of all transactions for Mastercard and Maestro-branded cards, including nearly all cross-border transactions.”

Annual report 2025A · The company itself

“Market dynamics were also shaped by the growing imports of paperboard from China, and increasing capacity in Europe.”

Annual report 2025A · The company itself

“Verksamhets- och hållbarhetsrelaterade risker Geopolitisk osäkerhet i leverantörskedjan En stor del av produktionskedjan för hjälmar, särskilt inom kategorin Sport, finns i Kina. En störning i den globala försörjningskedjan till följd geopolitisk osäkerhet kan drabba Mips negativt.”

Annual report 2024A · The company itself

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

Annual report 2025A · The company itself

“Failure to effectively prepare for and respond to disruptions in our operations, for example, by not finding alternative suppliers or replacing capacity at key or sole manufacturing or distribution locations or by not quickly repairing damage to our information, production or supply systems, can cause delays in delivering or the inability to deliver products to our customers, and the quality and safety of our products might be negatively affected.”

Annual report 2025A · The company itself

“We manufacture and source products and materials on a global scale. We utilize an interdependent supply chain – a complex network of suppliers and material needs, owned and leased manufacturing locations, external manufacturing partners, distribution networks, shared service delivery centers and information systems that support our ability to provide our products to our customers consistently.”

Annual report 2025A · 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

“Gott orderläge och rekordhög orderstock De starka megatrenderna på våra marknader visar sig i vår orderstock som ökade 18,4% till 4,0 miljarder SEK under 2024.”

Annual report 2024A · The company itself

“We transport a significant number of shipments that have either been imported into the U.S. or are destined for export from the U.S. Trade discussions and arrangements between the U.S. and various of its trading partners are fluid, and existing and future trade agreements are, and are expected to continue to be, subject to a number of uncertainties, including the imposition of new tariffs or adjustments and changes to the products covered by existing tariffs. Any decision by the U.S. government to adopt actions such as border taxes on imports, an increase in customs duties or tariffs, or the renegotiation of U.S. trade agreements, or any other action that could have a negative impact on international trade, including corresponding actions taken by other countries in response to U.S. governmental actions, could cause a reduction in the volume of shipments by many of our customers.”

Annual report 2025A · The company itself

“Our operating income can be adversely affected when estimated contract costs increase, especially without comparable increases in revenue. There are many reasons estimated contract costs can increase, including inflation, labor challenges, supply chain challenges, shortages of raw materials, market and exchange rate volatility, delays or limitations in customer funding, design or other development challenges, production challenges (including from technical or quality issues and other performance concerns), inability to realize learning curves or expected cost savings, changes in laws or regulations, actions necessary for long-term customer satisfaction, and natural disasters or other environmental matters.”

Annual report 2025A · The company itself

“Demand fluctuations, resource shortages, geopolitical instability, trade disputes and local manufacturing requirements strain global supply chains.”

Annual report 2025A · The company itself

“Many Chinese steel producers receive these kinds of support and China continues to be the largest steel producing country. In 2025, despite a continuing downturn in its property market and lower domestic demand, China still produced more than one billion net tons of steel, accounting for approximately 53% of all steel produced globally. To offset weak domestic consumption, China exported a record 131 million net tons in 2025, dampening steel prices in markets around the world.”

Annual report 2025A · The company itself

“Finally, our business depends on our ability to receive consistent and reliable supply from our overseas partners, especially in Taiwan and South Korea. Any new restrictions that negatively impact our ability to receive supply of components, parts, or services from Taiwan and South Korea, would negatively impact our business and financial results.”

Annual report 2026A · The company itself

“If current geopolitical conflicts expand to other countries and depending on the ultimate outcomes of these conflicts, which remain uncertain, they or new geopolitical conflicts could have additional adverse effects on macroeconomic conditions, including but not limited to, increased costs, constraints on the availability of commodities, supply chain disruptions and decreased business spending.”

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

“We earn revenues primarily by charging fees for completing payment transactions for our customers and other payment-related services, which are typically based on the volume of activity processed on our payments platform.”

Annual report 2025A · The company itself

“Our payments platform connects with financial services providers around the world and allows consumers to make purchases using a wide range of payment methods, regardless of where a merchant is located. Consumers who use our payments platform can send payments in approximately 200 markets around the world and in approximately 140 currencies, withdraw funds to their bank accounts in 57 currencies, and hold balances in their eligible PayPal accounts in 24 currencies.”

Annual report 2025A · The company itself

“Any factors that reduce cross-border trade or make such trade more difficult could harm our business. Cross-border trade (i.e., transactions where the merchant and consumer are in different countries) is an important source of our revenues and profits. Cross-border transactions generally provide higher revenues and operating income than similar transactions that take place within a single country or market.”

Annual report 2025A · The company itself

“In recent years, we have experienced supply chain challenges, including increased lead times for raw materials due to availability constraints and high demand for these materials. These disruptions or our failure to effectively respond to them may increase product, logistics or labor costs, limit availability of raw materials or cause delays in delivering our backlog, or may cause an inability to deliver products to our customers or meet customer demand. While we have elevated our engagement with our suppliers and used secondary suppliers and new methods of procurement where available to mitigate supply chain pressures, supply chain challenges may continue in the future.”

Annual report 2025A · The company itself

“The price at which we purchase crude oil, natural gas, NGLs and renewable feedstocks and the prices at which we can ultimately sell our refined products depend upon factors beyond our control, including, but not limited to: •global and local demand; •production levels of feedstocks; •production levels of refined products by competitors; •import and export capabilities; •seasonality and weather conditions; •transportation availability and cost; •changes in energy prices; •economic, political and regulatory conditions domestically and internationally, including imposition of tariffs or other tax incentives or disincentives; •the impacts of the members of the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC member producing nations that may agree to set production levels; •geopolitical risks, such as the ongoing global impact of conflicts in the Middle East, Eastern Europe and South America; •technological advances affecting energy consumption and supply; and •consumer preferences and the use and availability of substitute products.”

Annual report 2025A · The company itself

“Logistics real estate demand is driven by the essential role supply chains play in the global economy and heightened by several long-term structural factors. These include: (i) customers repositioning their supply chains to meet rising e-commerce penetration and service expectations; (ii) growth in global consumption; (iii) an increased focus on supply chain efficiency and resiliency; and (iv) the need for modern, well-located facilities to support evolving distribution and fulfillment requirements. We believe these factors will continue to support demand for logistics space and relatively low vacancy rates over the long term.”

Annual report 2025A · The company itself

“Our investments in real estate assets are concentrated in the logistics sector. This concentration may expose us to the risk of economic downturns in this sector to a greater extent than if our business activities were more diversified.”

Annual report 2025A · The company itself

“Customers At December 31, 2025, in our Real Estate Segment representing our consolidated properties, we had more than 4,000 customers occupying 649 million square feet of logistics operating properties (6,500 customers occupying 1.3 billion square feet for our O&M portfolio). Our broad customer base represents a spectrum of international, national, regional and local logistics users who operate across various industries, providing diverse goods to consumers throughout the globe.”

Annual report 2025A · The company itself

“The potential escalation of conflicts could lead to significant changes in the supplier environment, affecting Puuilo’s supply chains and increasing procurement costs.”

Annual report 2026A · The company itself

“As previously discussed, recent changes in U.S. trade policies, including tariff-related developments surrounding the IEEPA and other authorities, have increased uncertainty regarding the future relationship between the U.S. and other countries, as well as the potential for an ensuing global trade war and economic slowdown. The imposition of new tariffs could result in potential retaliatory tariffs from other countries and could continue to impact our supply chain costs.”

Annual report 2026A · The company itself

“Negative market conditions, global economic and political uncertainties or adverse events affecting our existing or potential clients or the industries in which they operate, could have an adverse impact on our ability to attract new clients, re-lease space, collect rent or renew leases, which could adversely affect our cash flow from operations, our ability to maintain or increase our current dividend levels and inhibit growth.”

Annual report 2025A · The company itself

“Such impacts may disrupt parties in our supply chain, our customers, and our operations.”

Annual report 2026A · The company itself

“Resmed's supply chain may be impacted by periodic transport disruptions and supply constraints on certain raw materials and electronic components, including semiconductor chips and magnets. Such disruptions or constraints impact our ability to manufacture products in quantities and in the time necessary to satisfy global customer demand, which could negatively impact our results of operations.”

Annual report 2026A · The company itself

“Elevated inflation, rapidly changing and increased tariffs on goods imported into the United States, other government regulation or policy changes, geopolitical conflicts, bank failures, federal government shutdowns, public health crises (including pandemics), and other potential, adverse developments and related uncertainties, could reduce demand for our merchandise, disrupt our buying patterns, increase our cost of goods, create limits in merchandise availability, cause shipping delays and increase freight costs, decrease our inventory turnover, cause greater markdowns, and negatively affect our sales and margins.”

Annual report 2026A · The company itself

“Massaprisrisk Prissättningen i massamarknaden styrs av internationella prisnivåer som beror på efterfrågan och världskonjunkturen. Massaprissäkringar används när prisnivåerna i långtidskontrakten är ekonomiskt fördelaktiga, eller när marknadspriset är så lågt att ytterligare nedgångar kan hota bolagets överlevnad.”

Annual report 2024A · The company itself

“A large portion of our revenue is derived from our international operations, and substantially all of our products are produced overseas. As a result, our business depends significantly on global and regional conditions.”

Annual report 2026A · The company itself

“Our suppliers have in the past been, and may in the future be, unable or unwilling to meet our requirements, including as a result of events outside of their control such as trade restrictions (including tariffs, quotas, sanctions, and embargoes), supply chain shortages, labor disputes, geopolitical conflicts, industrial accidents, cybersecurity incidents, public health emergencies or natural disasters. If we are unable to purchase sufficient quantities from our current suppliers or qualify and engage additional suppliers, or if we cannot purchase materials at a reasonable price, we may not be able to meet demand for our products.”

Annual report 2026A · The company itself

“While multi-year agreements with certain customers provide increased visibility into future demand and may reduce forecasting uncertainty for portions of our business, our ability, as well as our customers’ and suppliers’ ability, to accurately forecast demand, remains difficult due to volatility in global economic conditions, evolving end market dynamics, customer deployment schedules, and industry consolidation. Further, for many of our OEM customers utilizing just-in-time inventory, we do not generally require firm order commitments and instead receive a periodic forecast of requirements, which may prove to be inaccurate.”

Annual report 2026A · The company itself

“We are dependent on a limited number of qualified suppliers who provide critical services, materials or components, and a disruption in our supply chain or other inability to source our supply requirements, or an increase in the costs of materials or components, could negatively affect our business.”

Annual report 2026A · The company itself

“Mellan juli och oktober säkrade vi installationsåtaganden till ett värde av 9 MSEK, vilket överträffade vår historiska helårsintäkt för installationer om 8 MSEK. Med dessa order på plats genomförde vi installationer på tre kontinenter under november och december, vilket gjorde det möjligt att redovisa 6,8 MSEK i installationsintäkter för fjärde kvartalet. Den höga installationsaktiviteten under fjärde kvartalet genererade högre intäkter än fem av de senaste tio helåren, vilket ökade våra installationsintäkter för 2024 till 11,4 MSEK – vårt tredje bästa år någonsin.”

Annual report 2024A · The company itself

“Introduktionen av en andra leverantör för vår Sampling Cup i Europa planeras att inledas under andra kvartalet 2025. Dessutom har vi etablerat dubbla leverantörer i Europa för materialet till våra förbrukningsartiklar, vilket kompletterar våra befintliga leverantörer i USA.”

Annual report 2024A · The company itself

“In managing our liquidity, our primary source of short-term funding is client deposits, which are predominantly transaction-based deposits by institutional investors. Our ability to continue to attract these deposits, and other short-term funding sources such as certificates of deposit, is subject to variability based on a number of factors, including volume and volatility in global financial markets, the volume of client settlement-related activities, the interest rates that we are prepared to pay for these deposits, the loss or gain of one or more clients, client interest in reducing non-interest-bearing deposits, the perception of safety of these deposits or short-term State Street Corporation | 32 obligations relative to alternative short-term investments available to our clients, including the capital markets, and the classification of certain deposits for regulatory purposes and related discussions we may have from time to time with clients regarding better balancing our clients’ cash management needs with our economic and regulatory objectives.”

Annual report 2025A · The company itself

“Global steelmaking capacity currently exceeds global consumption of steel products, which adversely affects United States and global steel prices. Such excess capacity sometimes results in steel manufacturers in certain countries exporting steel and steel products, at prices that are lower than prevailing domestic prices, and sometimes at or below their cost of production.”

Annual report 2025A · The company itself

“With more than 51,000 tank containers, STC operates the world’s largest fleet of ISO tanks, and ships to more than 100 countries. Customers benefit from our global reach and market-leading scale, enabling increasing efficiency and reliability across their supply chains.”

Annual report 2024A · The company itself

“During the second half of the year, space constraints on container ships from Asia positively impacted margins.”

Annual report 2024A · The company itself

“In 2024, STC handled 154,721 tank container shipments, compared to 142,522 shipments in 2023, which represents an 8.6% increase in volumes and reflects a focus on growing market share in 2024.”

Annual report 2024A · The company itself

“Markkinoiden epävarmuutta pahensivat geopoliittiset jännitteet ja toimitusketjujen häiriöt, mikä heikensi kuluttajien luottamusta ja vaimensi kysyntää useilla liiketoiminta-alueilla.”

Annual report 2025A · The company itself

“Toimitusketjun häiriöiden riskiä lisäävät myös kyberhäiriötilanteet, poliittinen epävakaus ja muut maailmankauppaan liittyvät tekijät.”

Annual report 2025A · The company itself

“However, the manufacturing of certain of our product lines is concentrated in one or more plants or geographic regions. We have principal manufacturing and distribution facilities in the United States in Arizona, California, Florida, Illinois, Indiana, Michigan, Minnesota, New Jersey, Puerto Rico, Tennessee, Texas, Utah and Washington, and outside the United States in China, France, Germany, Ireland, Mexico, the Netherlands, Poland, Switzerland and Turkey.”

Annual report 2025A · The company itself

“In addition, several raw materials, components, finished devices and services are procured from a sole source due to, among other things, the quality considerations, unique intellectual property considerations or constraints associated with regulatory requirements. If sole-source suppliers or service providers are unable or unwilling to deliver these materials or services as a result of financial difficulties, business disruptions, acquisition by a third party, natural disasters, embargoes, tariffs or otherwise, we may not be able to manufacture or have available one or more products during such period of unavailability and our business could suffer, possibly materially.”

Annual report 2025A · The company itself

“Finally, our business depends on our ability to receive consistent and reliable supplies from our overseas partners, especially in Taiwan. Any new restrictions that negatively impact our ability to receive supply of components, parts, or services from Taiwan, would negatively impact our business and financial results.”

Annual report 2026A · The company itself

“Telenor handles a diverse array of supplies required for its operations across two regions. Complexity has grown due to technological advancement and the dynamic nature of the telecom industry. Geopolitical tensions leads to supply volatility and economic fluctuations.”

Annual report 2024A · The company itself

“Aihe Riskin kuvaus Vaikutus liiketoimintaan ja arvoketjuun Aikahorisontti (Lyhyt → 2026, Keskipitkä → 2030, Pitkä → 2050) Kohta arvoketjussa Siirtymäriskit Ilmastonmuutokseen sopeutuminen Ilmastonmuutoksen aiheuttama yhteiskunnallinen epävarmuus Geopoliittiset uhat voivat johtaa merkittäviin saatavuusongelmiin. Tietyt pakotteet voivat vaikuttaa vientiliiketoimintaan.”

Annual report 2025A · The company itself

“Our products contain thousands of parts purchased globally from hundreds of suppliers, including single-source direct suppliers, which exposes us to multiple potential sources of component shortages. Unexpected changes in business conditions, materials pricing, including inflation of raw material costs, labor issues, wars, trade policies, natural disasters, health epidemics, trade and shipping disruptions, port congestions, cyberattacks and other factors beyond our or our suppliers’ control could also affect these suppliers’ ability to deliver technologies or components to us or to remain solvent and operational.”

Annual report 2025A · The company itself

“For example, as a result of increased global production of electric vehicles and energy storage products, suppliers of these raw materials may be unable to meet our volume needs.”

Annual report 2025A · The company itself

“We face supply chain and manufacturing risks. We rely on third parties to supply us with goods and services in a cost-effective and timely manner. Our access to needed goods and services may be adversely affected by potential disputes with suppliers or disruptions in our own or suppliers’ operations as a result of, for example: quality excursions; uncertainty regarding the stability of global credit and financial markets; domestic or international political, social, economic and other conditions; cybersecurity incidents; ability to access conflict-free minerals; natural events or epidemics in the locations in which our suppliers operate; or limited or delayed access to and high costs of key materials, services and utilities.”

Annual report 2025A · The company itself

“Tack vare våra starka marknadspositioner, vårt globala premium - varumärke och vår breda produktportfölj levererade vi ett bra resultat även i en tuff marknad, och de finansiella resultaten förbättrades gradvis under året.”

Annual report 2023A · The company itself

“Ökad mängd transporter • Thule Group köper produkter och komponenter från 650 underleverantörer i hela världen. Bolagets produkter säljs på 138 marknader. Sammantaget innebär detta att transport av varor och komponenter är ofrånkomligt.”

Annual report 2023A · The company itself

“• Åtskilliga leveranskedjor har under de senaste åren utsatts för stora påfrestningar och kapacitetsutmaningar. Detta riskerar att försena leveranser från underleverantörer till Thule Group såväl som från koncernen till kunderna. • Thule Group samarbetar nära med leverantörer och transportörer vilket ger koncernen en god framförhållning och möjlighet att hantera risken för tillfälliga störningar i logistikkedjan. • Thule Group har en bevisat flexibel försörjningskedja vilken har en mycket hög grad av anpassningsförmåga. • Thule Groups monteringsfabriker ligger strategiskt placerade nära koncernens huvudmarknader, vilket minskar exponeringen för risker i leveranskedjan av produkter till koncernens kunder. • Likaså är ett stort antal av Thule Groups underleverantörer geografiskt belägna nära koncernens anläggningar vilket ökar flexibiliteten och minskar risken för utmaningar i varuförsörjningen.”

Annual report 2023A · The company itself

“Sanctions, embargoes, regional instability, geopolitical shifts, and adverse effects on macroeconomic conditions, could lead to the unavailability and increased cost of raw materials, supplies, freight, and labor, and negatively affect currency exchange rates and our suppliers, customers, and potential consumer demand for our products, all of which could have a negative effect on our business, financial condition, and results of operations.”

Annual report 2026A · The company itself

“Continuing dynamic global trade conditions and elevated tariff levels could contribute to increased input costs, supply chain disruption, pricing volatility, and heightened economic uncertainty, and it could be time-consuming and expensive for us to alter our operations in order to adapt to this environment.”

Annual report 2026A · The company itself

“A significant portion of our revenues involves transportation of commodities to and from international markets – Although revenues from our operations are attributable to transportation services provided in the U.S., a significant portion of our revenues involves the transportation of commodities to and from international markets, including Mexico, Canada, and Southeast Asia, by various carriers and, at times, various modes of transportation. Significant and sustained interruptions of trade with Mexico, Canada, or countries in Southeast Asia, including China, could adversely affect customers and other entities that, directly or indirectly, purchase or rely on rail transportation services in the U.S. as part of their operations, and any such interruptions, including international armed conflicts, such as the Russia-Ukraine and Israel-Hamas wars, could have a material adverse effect on our results of operations, financial condition, and liquidity.”

Annual report 2025A · The company itself

“In developing our United Next plan, we made certain assumptions including, but not limited to, customer demand (in light of changing economic conditions), fuel costs, delivery of aircraft, aircraft certification approval timelines, labor market constraints and related costs, supply chain constraints, inflationary pressures, voluntary or mandatory groundings of aircraft, our regional network, competition, market consolidation and other macroeconomic and geopolitical factors. We also subsequently adjusted certain of our assumptions as a result of the increase in costs due to infrastructure improvements, new labor contracts and aircraft maintenance that were needed to support our United Next plan as well as delays in aircraft deliveries.”

Annual report 2025A · The company itself

“Many of our suppliers are experiencing inflationary pressures, as well as disruptions due to the lingering impacts of global supply chain disruption and labor market constraints and related costs. If one or more of our suppliers, our contractors or their subcontractors continue to experience financial difficulties, delivery delays or other performance problems, they may be unable to meet their commitments to us and our financial position, results of operations and cash flows may continue to be adversely impacted.”

Annual report 2025A · The company itself

“Economic, political, or social developments and other risks associated with international operations could materially adversely affect us. We have significant international operations and, as a result, we are exposed to changing economic, political and social developments in several countries which are beyond our control. Emerging markets are often more volatile than those in developed countries, and any broad-based downturn in these markets could reduce our revenues and materially adversely affect us.”

Annual report 2025A · The company itself

“International Package Operations 2025 2024 $ Change % Change Average Daily Package Volume (in thousands): Domestic 1,575 1,554 1.4 % Export 1,762 1,703 3.5 % Total Average Daily Package Volume 3,337 3,257 2.5 % Average Revenue Per Piece:”

Annual report 2025A · The company itself

“Strategy We are continuing to execute our Customer First, People Led, Innovation Driven strategy, which focuses on growing in the parts of our market that value our end-to-end solutions, including healthcare, business-to-business ("B2B"), small- and medium-sized businesses ("SMBs"), and international.”

Annual report 2025A · The company itself

“Ökad efterfrågan på transporter är en tydlig, långsiktig trend som drivs av befolkningstillväxt, urbanisering och ökande e-handel.”

Annual report 2024A · The company itself

“Geopolitical tensions, trade disruptions and protectionist measures challenged supply chains and increased costs, ultimately impacting power prices.”

Annual report 2025A · The company itself

“Störningar i leveranskedjan, såsom förseningar eller brist på kritiska material, kan påverka verksamheten negativt. Detta inkluderar problem med leverantörer, transport och lagerhållning.”

Annual report 2024A · The company itself

“Den positiva volymutvecklingen är direkt kopplad till en ökad transportefterfrågan på den internationella transportmarknaden. De ökade fraktvolymerna berodde på förbättrade ekonomiska utsikter bland Finlands viktigaste handelsmarknader i närområdet men också i den globala handeln och är ett direkt resultat av bolagets långsiktiga samarbete med fraktmarknadens aktörer.”

Annual report 2024A · The company itself

“Any restrictions on the activities of multinational businesses, disruptions to global trade, or deterioration in international relations could materially and adversely affect our payments volume, transactions, client relationships, and net revenue.”

Annual report 2025A · The company itself

“We are focused on extending, enhancing and investing in our proprietary advanced transaction processing network, VisaNet, to offer a single connection point for facilitating money movement to multiple endpoints through various form factors and innovative technologies across more than 200 countries and territories.”

Annual report 2025A · The company itself

“Capacity constraints as a result of re-routing vessels via the Cape of Good Hope negatively impacted volumes. Shipping experienced a 8 percent drop in transported volumes yearover-year. The lower volumes were more than offset by increased average rates driven by the continued repricing of the book of business.”

Annual report 2024A · The company itself

“Resilience in a market downturn Demand for shipping and logistics services are cyclical and closely correlated to global economic activity in general, and deep-sea transportation of light vehicles (LVs) and high and heavy (H&H) equipment in particular. Changes in the global economy therefore strongly impact the development of Wallenius Wilhelmsen's volumes and financial performance.”

Annual report 2024A · The company itself

“While uncertainty persists, specifically regarding geopolitical tension and an uncertain global trade environment, the group retains its capacity to support and grow the portfolio, and to deliver consistent yearly dividends.”

Annual report 2024A · The company itself

“As I write this at the outset of 2025, we are witnessing some of the most significant geopolitical fluctuations and tensions in recent history. One can only hope that today’s challenges are merely a step on the path toward a future of peace and stability, with greater prosperity and free trade.”

Annual report 2024A · The company itself

“Free trade, a cornerstone of global economic stability, came under increasing pressure, while supply chains were repeatedly tested by disruptions and uncertainty.”

Annual report 2024A · The company itself

“Merenkulkumarkkina Maailmankaupan volyymikasvu yhdistettynä kauppavirroissa tapahtuneisiin muutoksiin lisäsi merkittävästi aluskapasiteetin kysyntää vuonna 2024. Venäjän vastaiset pakotteet sekä Ukrainan ja Lähi-idän sota, hyökkäykset aluksia kohtaan Punaisellamerellä ja Panaman kanavan käytettävyysrajoitukset aiheuttivat muutoksia kauppareitteihin.”

Annual report 2024A · The company itself

“Reflektioner och insikter Vikande marknadstrender Affärsenhetens utveckling är i hög grad relaterad till förutsättningarna inom global förpackningssektor. Det oroliga världsläget har lett till omfattande finansiell osäkerhet och störningar i försörjningsleden, med flera års låga investeringsnivåer avseende automationsprojekt som följd.”

Annual report 2024A · The company itself

“We rely on a complex global supply chain, which is subject to volatile and dynamic conditions, unexpected changes and disruptions from macroeconomic and geopolitical conditions. These supply chain challenges have affected, and may continue to affect, our costs, production, and ability to timely fill customer orders.”

Annual report 2025A · The company itself

“Business interruptions and disruptions have adversely impacted, and may, either alone or in combination with other risks, in the future adversely impact, our business, results of operations and financial condition, the nature and extent of which impacts are uncertain and unpredictable. Our operations expose us to risks from business interruptions that may arise from a variety of sources, including public health crises; supply chain disruptions; loss of or limitations on access to certain markets due to trade and tariff disputes and disruptions or national, regional and global conflicts; adverse economic developments; healthcare staffing challenges; government shutdowns; natural disasters; and other events that can, singly or in combination with other factors, adversely affect our business and financial results.”

Annual report 2025A · The company itself

“Additionally, other trade disruptions include supply chain continuity disruption; inflationary pressures and increased costs of raw materials and inputs; manufacturing or shipping delays; increased shipping costs and transit delays (such as experienced due to attacks on shipping transiting the Red Sea); and increased disruptions and delays affecting our ability to operate in and to collect payment for our products and services in particular markets.”

Annual report 2025A · The company itself

“Operational revenue growth was primarily due to the following: •price growth of approximately 4%; •volume growth from other in-line products of approximately 1%; and •volume growth from key franchises of approximately 1%, partially offset by: •volume decrease related to the impact of the divestiture of our medicated feed additive product portfolio, certain water soluble products and related assets (MFA divestiture) of approximately 3%.”

Annual report 2025A · The company itself

“Certain third-party suppliers may be the sole or exclusive source of certain products, materials and services necessary for production of our products. We may be unable to meet demand for certain of our products if any of our third-party suppliers cease or interrupt operations due to, among other things, escalating tensions or trade disputes in their region, restrictions on the import/export of goods or services, contract manufacturing or supply chain disruptions due to financial distress, our failure to mutually agree on contract terms, or some other failure of a contractor or supplier to meet their obligations to us. In such a case, we may be required to renegotiate the terms of our agreement or pursue a strategic transaction or other alternative arrangement with that supplier or others, which may result in increased cost to produce our products or supply disruption.”

Annual report 2025A · The company itself

“Our ecosystem partners may at times be impacted by global events, the changing macroeconomic environment and supply chain or service disruptions, as well as rapid increases in demand for their products and services, any of which may impact their ability to provide their products and services within our expected timeframes or at anticipated prices.”

Annual report 2025A · The company itself

“Disruptions to the global supply chain due to climate related impacts or geopolitical events are possible and exist as external risk factors that we can respond to but not control. These events could limit the supply of key raw materials to us, or could have significant impacts to pricing. We work with numerous independent suppliers to mitigate lack of availability from a single supplier, however in some cases products with limited numbers of suppliers may become difficult to obtain.”

Annual report 2025A · The company itself

“While we do not rely on any single supplier or vendor for the majority of our materials and skilled labor, we may experience difficulties obtaining necessary materials from suppliers or vendors whose supply chains might become impacted by economic or political changes, outmoded technology, aging infrastructure, shortages of shipping containers and/or means of transportation, or difficulties obtaining adequate skilled labor from third-party contractors. It is uncertain whether we would be able to continue to source the essential commodities, supplies, materials, and skilled labor timely or at all without incurring significant costs or delays, particularly during times of economic uncertainty resulting from events outside of our control.”

Annual report 2025A · The company itself

“We achieve this by focusing on and executing our strategic growth drivers: •International Expansion. We continue growing our global presence by increasing awareness of our products and making them available in more countries to more customers and consumers.”

Annual report 2025A · The company itself

“Alimak Group har ett globalt nätverk av försäljningskontor, distributörer och servicepartners. Det ger oss närhet till kunderna, vilket ger god kännedom om deras verksamheter och skapar långsiktiga relationer.”

Annual report 2024A · The company itself

“If we are unable to effectively manage these relationships, or if these third parties experience delays, disruptions, shortages of materials, labor, electronic and other components, capacity constraints, new or increased tariffs and/or other trade restrictions, regulatory issues or quality control problems in their operations, freight delays and other supply chain constraints and 19 Table of Contents disruptions, or otherwise fail to meet our future requirements for timely delivery, our ability to ship and deliver certain of our products to our customers could be impaired and our business could be harmed.”

Annual report 2025A · The company itself

“Yhtiön strategisena tavoitteena on edistää kestävää taloudellista, sosiaalista ja yhteiskunnallista kehitystä erityisesti digitalisaation, tiedon saatavuuden ja toimivien markkinoiden kautta.”

Annual report 2025A · The company itself

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

Annual report 2025A · The company itself

“If any of our key suppliers are unable or unwilling to manufacture and deliver sufficient quantities of components to us on the time schedule and of the quality that we require, we may be forced to seek to engage additional or replacement suppliers, which could result in significant expenses and disruptions or delays in manufacturing, product development and shipment of product to our customers. Although we have experienced shortages of components, materials and external foundry services from time to time, we work to balance these constraints by shifting global resources and capacity where appropriate.”

Annual report 2025A · The company itself

“Vidare skulle handelspolitiska motåtgärder från berörda länder kunna störa tillgången till viktiga komponenter och material som används i Anotos tillverkning.”

Annual report 2024A · The company itself

“Table of Contents In addition, portfolio companies of the funds we manage across a wide range of industries experienced in the past significant challenges in their global supply chain, including shortages in supply, or disruptions or delays in shipments, of certain materials or components used in their products, and related price increases. While many of these portfolio companies were able to manage the challenges associated with these delays and shortages without significant disruption to their business, no assurance can be given that these efforts will be successful in the case of future supply chain constraints.”

Annual report 2025A · The company itself

“I logistikkvirksomheten kan valutavolatilitet, drivstoffkostnader og globale forsyningsforstyrrelser ha større konsekvenser, og dette inngår i konsernets risikovurderinger og planverk.”

Annual report 2024A · The company itself

“The availability and prices of agricultural commodities are subject to wide fluctuations, including impacts from factors outside the Company’s control such as changes in market conditions, weather conditions, crop disease, plantings, government programs and policies, including global trade, renewable energy/biofuel policies and other regulatory considerations, climate change, competition, and changes in global demand, which could adversely affect the Company’s operating results.”

Annual report 2025A · The company itself

“International trade regulations can adversely affect agricultural commodity trade flows by limiting or disrupting trade between countries or regions.”

Annual report 2025A · The company itself

“Arjos primära risker och dess hantering Risk Beskrivning av risk Hantering Risker i värdekedjan Oförutsedda och plötsliga händelser kan medföra störningar i produktion eller leveranskedja, vilket kan leda till såväl ökade kostnader som försenade eller uteblivna leveranser till Arjos kunder. Detta kan i sin tur få en negativ påverkan på koncernens resultat.”

Annual report 2024A · The company itself

“Arjo har tillverkning på fem platser i världen och kunder i över 100 länder.”

Annual report 2024A · The company itself

“(ESL Shipping) Low availability of renewable fuels combined with the cost impacts of low-emission solutions may restrict the ESL Shipping’s ability to transition to cleaner energy, potentially impacting competitiveness and revenue Upstream CLIMATE CHANGE ADAPTATION Physical risk (chronic), short-term Extreme weather may disrupt supply chain operations (ESL Shipping) Extreme weather and changing ice conditions may disrupt vessel, cargo, and supply chain operations, leading to higher costs, lower margins, and reduced revenue Transition opportunity (Policy & regulatory changes), short-term New opportunity, identified in 2025 Increased demand for low-emission transportation (ESL Shipping) Increased revenue with increased demand for low-emission transportation Downstream Physical risk (chronic), medium-term Impacts of climate change on raw material costs (Leipurin) Global warming may lead to increased raw material costs.”

Annual report 2025A · The company itself

“Flooding could increase costs due to higher prices on imported goods, as suppliers face extreme flooding or resource shortages, disrupting supply chain demand. Most of Atea’s suppliers are in Asia, where the RCP8.5 scenario predicts more flooding and heatwaves.”

Annual report 2024A · The company itself

“This should be done by capitalizing on the strong global market presence, improving market penetration in mature and developing markets, and continuously developing improved products and solutions to satisfy customer demands.”

Annual report 2024A · The company itself

“Additionally, the business area has a strong focus on developing the service business and an efficient and flexible global operations footprint. • Increase market coverage and improve presence in targeted markets and segments • Further focus on excellence in key account management • Fast introduction of highly innovative products and services offering better value and improved energy efficiency • Increase market penetration and coverage through brand portfolio management • Perform more service on a higher share of the installed base of equipment • Invest in service presence and production presence close to customers • Increase organizations’ agility and operational efficiency • Invest in people and competence development • Grow through strategically attractive acquisitions Competition Vacuum Technique’s principal competitors are: Semiconductor market: DAS Environmental Expert, Ebara, Kashiyama, Pfeiffer Vacuum and Shimadzu Corporation.”

Annual report 2024A · The company itself

“Atria harjoittaa myös vientitoimintaa, vuonna 2025 Atria vei tuotteitaan 25 maahan.”

Annual report 2025A · The company itself

“Global integration may result in additional risks Because of our efforts to manage costs by integrating our operations globally, we face the additional risk that, should any of the other risks discussed herein materialize, the negative effects could be more pronounced. For example, while supply delays of a component have typically only affected a few customer vehicle models, such a delay could now affect several vehicle models of several customers in several geographic areas.”

Annual report 2024A · The company itself

“During COVID- 19, global travel declined significantly, adversely impacting our business temporarily. The market has since recovered”

Annual report 2025A · The company itself

“We have also experienced, and may continue to experience, challenges in our global supply chain, including shortages in supply, or disruptions in production and shipments, of certain materials or components used in our products and related price increases.”

Annual report 2025A · The company itself

“While supplies, including alternative sources, are currently adequate, significant disruptions or constraints in production processing facilities, or other global supply chain restrictions, could cause reduced availability and increased prices.”

Annual report unknown yearA · The company itself

“A significant volume of the shoes sold by Berkshire’s shoe businesses are manufactured or purchased from sources located outside the U.S.”

Annual report unknown yearA · The company itself

“Berner Industrier bedriver verksamhet i fyra olika länder med ett stort antal kunder i olika bran - scher och ett stort antal leverantörer vilket begränsar de affärsmässiga och finansiella expo - neringarna.”

Annual report 2024A · The company itself

“Riskbegränsning Under året hade kriget i Ukraina en begränsad direkt effekt i form av minskad försäljning, men fortsatte att ha en stor indirekt effekt i form av utmaningar i leveranskedjan, vilket bland annat resulterade i ökat fokus på lagernivåer för att minska riskerna i leveranskedjan.”

Annual report 2024A · The company itself

“We will continue to expand our sales staff and distribution channels globally in order to increase our global presence and make it easier for customers to transact with us.”

Annual report unknown yearA · The company itself

“Under 2024 ökade våra koldioxidutsläpp med 21 procent jämfört med vårt basår 2020. Den främsta orsaken är en ökad produktionsvolym.”

Annual report 2024A · The company itself

“Tillverkningoch transportrisker En risk för produktbolag är förseningar eller stopp i produktion och transport av produkten. Detta kan ske när enskilda leverantörer inte klarar att leverera enligt avtalade villkor men det kan även uppstå situationer när länder eller regioner påverkas.”

Annual report 2024A · The company itself

“Moreover, chargebacks typically increase during economic downturns due to sellers becoming insolvent or bankrupt or otherwise unable to fulfill their commitments for goods or services. Global supply chain disruptions and shortages and heightened tariffs may also negatively affect sellers' ability to deliver goods and services on time or at all, which increases the risk of chargebacks.”

Annual report 2025A · The company itself

“Additionally, we rely on a limited number of component and product suppliers located outside of the U.S. to manufacture our products. As a result, our direct control over production and distribution is limited, and it is uncertain what effect such diminished control will have on the quality of our products.”

Annual report 2025A · The company itself

“Ändå är den nordiska marknaden för kläder, skönhets- och heminredningsprodukter fortsatt stor, med ett uppskattat totalt värde om cirka 450 miljarder kronor. Online-penetrationen i dessa kategorier ökade något under 2024 och uppgick till cirka 27%, vilket är ett tecken på den ökande omställningen till digitala handelsplattformar. När vi blickar framåt prognostiseras e-handelns andel av marknaden för mode- och livsstilsprodukter i Norden uppgå till cirka 40% år 2029, vilket visar att de digitala försäljningskanalerna kommer att fortsätta öka i antal (Källa: Statista).”

Annual report 2024A · The company itself

“Måttlig Mer än + /- 15% på rörelseresultatet 6) Avbrott i försörjningskedjan Risk som uppstår vid avbrott i försörjningskedjan, orsakat av att distributionspartners brister i sitt uppdrag eller av att varumärkespartners har brist på varor. Otillräcklig tillgång på produkter kan innebära en förlorad kommersiell möjlighet.”

Annual report 2024A · The company itself

“In 2024, the primary focus of our stakeholder dialogue was on resilience in the face of global economic and geopolitical uncertainties. This dialogue centred on how these factors might impact Borregaard’s markets and our strategic response through a robust and transparent value chain, as well as adjustments in market exposure.”

Annual report 2024A · The company itself

“Maintaining and expanding our international presence is an important component of our long-term growth strategy. Through our international presence, we seek to increase net sales and market share, leverage our relationships with leading physicians and their clinical research programs, accelerate the time to bring new products to market and gain access to worldwide technological developments that we can implement across our product lines.”

Annual report 2025A · The company itself

“Vakansgraden påverkas av bland annat den allmänna konjunkturutvecklingen, produktionstakten för nya fastigheter, förändring i infrastruktur samt befolkningstillväxt och sysselsättning.”

Annual report 2024A · The company itself

“Across our growth themes, we continue to expand our global footprint, driving international growth through both strategic investments and organic initiatives. These efforts reinforce our commitment to delivering scalable solutions to a growing and diverse global client base.”

Annual report 2026A · The company itself

“This has in the past led, and can in the future lead, to significant volatility in commodity prices, disruptions in historical trade flows and shifts in planting patterns in the United States and South America, which have presented challenges and uncertainties for our business.”

Annual report 2025A · The company itself

“Business Overview We are a premier agribusiness solutions company, connecting farmers to consumers and delivering essential food, feed and fuel to the world. Our dedicated employees, integrated operations and global footprint give us access to key markets and a diverse agricultural network covering major crops. These capabilities help us manage seasonal cycles, weather variability and other risks as we partner with farmers to move crops from where they are grown to where they are needed.”

Annual report 2025A · The company itself

“Inflationary pressures, driven by ongoing supply chain and logistics challenges, continue to pose risks to project execution, affecting cost management and the profitability of projects. BW Offshore remains focused on mitigating these impacts by addressing the persistent global supply chain disruptions and incorporating lessons learned when evaluating new project opportunities.”

Annual report 2024A · The company itself

“Inflationary pressures, tight global supply chains, and shifting timelines for prospective projects tested our resilience, yet also offered valuable lessons.”

Annual report 2024A · The company itself

“The industry experienced a period of recalibration in 2025 as developers and governments addressed inflation, supply-chain pressures and project financing challenges.”

Annual report 2025A · The company itself

“Risks associated with our international operations could adversely impact our financial condition. A significant amount of our revenue is derived from our international operations, a substantial majority of our employees are located outside of the United States, and we have offices throughout the world, including key research and development facilities outside of the United States.”

Annual report 2025A · The company itself

“cBrain aims to take a global leadership position in delivering standard software for government digitalization”

Annual report 2025A · The company itself

“Such changes to U.S. international trade policy, and retaliatory trade measures that foreign governments have taken and may take in the future in response, including the imposition of tariffs, bans, sanctions, export or import controls, or other measures that restrict international trade, or the threat of such actions, and uncertainties about tariffs and their effects on trading relationships, may affect, and in some cases have affected, the Registrants’ ability to access the capital markets, contribute to inflation in the markets in which the Registrants operate, increase costs and cost volatility, impact availability of goods, materials and services (including those necessary for our business and capital plan), further extend lead times or otherwise negatively impact the global supply chain.”

Annual report 2025A · The company itself

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

Annual report 2025A · The company itself

“Our ability to successfully maintain or replace our aging infrastructure has been and may continue to be delayed or be at a greater cost than anticipated due to supply chain issues or governmental actions.”

Annual report 2025A · The company itself

“Conditions in the United States, Europe, India, Brazil, China and other countries and regions of global significance in agricultural production significantly impact our operating results.”

Annual report 2025A · The company itself

“CGM uses the Syndicate to underwrite P&C business on a global basis through Lloyd's worldwide licenses.”

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

“Exporten har visat sig vara robust, trots den blygsamma ekonomiska tillväxten i Tyskland, som är Sveriges viktigaste exportmarknad.”

Annual report 2024A · The company itself

“Samtidigt har den långsammare tillväxten på viktiga exportmarknader, som Tyskland och Sverige, skapat viss osäkerhet för den danska ekonomin.”

Annual report 2024A · The company itself

“Regulatory and geopolitical risks affecting supply chain stability Tariffs, regulatory shifts, and resource constraints may lead to higher costs, delays, and procurement difficulties for essential components.”

Annual report 2024A · The company itself

“CMS Energy and Consumers’ ability to implement their plans may be affected by environmental regulations, global supply chain disruptions, import tariffs, and changes in the cost, availability, and supply of generation and storage capacity.”

Annual report 2025A · The company itself

“Current or prospective clients may elect to perform certain services themselves or may be discouraged from utilizing global service delivery providers like us due to negative perceptions that may be associated with using global service delivery models or firms. Any slowdown or reversal of existing industry trends toward global service delivery would seriously harm our ability to compete effectively with competitors that provide the majority of their services from within the country in which our clients operate.”

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

“Coloplast continuously evaluates dependencies like supply chain reliability and regulatory compliance for potential health and safety risks.”

Annual report 2025A · The company itself

“For fiscal 2025, sales of U.S. vehicles, on a unit basis, to members registered outside the state where the vehicle was located accounted for 69.8% of total vehicles sold; of which 31.0% of vehicles were sold to out of state members within the U.S. and 38.8% were sold to International members, based on the IP address utilized during the auction process.”

Annual report 2025A · The company itself

“Pursue Global, National, and Regional Vehicle Supply Agreements Our broad global presence enhances our ability to enter into global, national, or regional supply agreements with vehicle sellers. We actively seek to establish supply agreements with insurance companies by promoting our ability to achieve high net returns and broader access to buyers through our national coverage and electronic commerce capabilities.”

Annual report 2025A · The company itself

“We sell the vehicles principally to licensed vehicle dismantlers, rebuilders, repair licensees, used vehicle dealers, exporters, and to the general public.”

Annual report 2025A · The company itself

“Significant or sudden increases in demand for such materials, equipment and services, as well as delays in and unpredictability of shipments due to transportation interruptions, have resulted in, and may continue to result in, a shortage of materials, equipment and services needed to manufacture Corning’s products. Such shortages have adversely impacted, and may continue to adversely impact, our suppliers’ ability to meet our demand requirements and Corning’s manufacturing operations and its ability to meet customer demand.”

Annual report 2025A · The company itself

“Några av årets glädjeämnen var lansering av nya AI-drivna funktioner, flera viktiga nya globala storkunder samt fortsatt stark utveckling för de nya utomeuropeiska marknaderna.”

Annual report 2024A · The company itself

“Som illustration kan en sådan plan omfatta någon eller några av nedanstående åtgärder: Tillväxtplan : Insatser för att öka tillväxten för produkter eller tjänster genom att vidga marknaden till nya kundgrupper, försäljningskanaler eller geografiska marknader samt genom tilläggsförvärv.”

Annual report 2024A · The company itself

“Any failure to manage any material disruption in our supply chains, including where we do not hold adequate buffer stocks and/or are unable to source adequate alternatives within acceptable timelines and at reasonable cost, could adversely impact our ability to service our customers and result in a deterioration in operational and/or financial performance, and reputational damage.”

Annual report 2025A · The company itself

“•Expanding Our International Footprint. We are expanding our international operations and intend to invest globally to broaden our international footprint.”

Annual report 2026A · The company itself

“We are continuing to adapt to and develop strategies to address international markets and our growth strategy includes expansion into target geographies, but there is no guarantee that such efforts will be successful. We expect that our international activities will continue to grow in the future, as we continue to pursue opportunities in international markets.”

Annual report 2026A · The company itself

“A decline or disruption in general domestic and global economic conditions that affects demand for the commodities and products the Company transports, including import and export volume, could reduce revenues or have other adverse effects on the Company's cost structure and profitability.”

Annual report 2025A · The company itself

“This cycle requires us to incur significant expenses relating to the design, manufacturing, and marketing of our products in advance of the realization of sales, and results in significant liquidity requirements and working capital fluctuations throughout our fiscal year, which may be amplified by supplier performance issues and broader supply chain constraints.”

Annual report 2026A · The company itself

“Further, variability and constraints within our global supply chain may drive higher inventory procurement positions that could negatively affect our working capital and gross margin as a result of selling excess quantities through close out channels.”

Annual report 2026A · The company itself

“We expect growth in our DTC channel’s net sales to continue to positively impact our gross margin; however, as we also seek to expand distribution with wholesale partners to drive brand awareness and Table of Contents 34 market share, our wholesale channel may represent a larger portion of our net sales in certain periods, which could pressure gross margin in those periods. •We are pursuing growth strategies for the HOKA brand and UGG brand to grow international sales to represent a larger portion of our total net sales.”

Annual report 2026A · The company itself

“This growth continued throughout 2024 with high demand for our services and we are well positioned for further growth in 2025.”

Annual report 2024A · The company itself

“Any increase in the cost of our imported merchandise or a disruption in the flow of those goods for any reason could have an adverse impact on our operations and significantly decrease our profits.”

Annual report 2026A · The company itself

“Inköpen blir allt viktigare i takt med att Dometic successivt går över till globalt samordnade processer för produktutveckling och -tillverkning. Produkter och komponenter som inte hör till kärnverksamheten outsourcas till externa leverantörer i lågkostnadsländer, vilket ger ökade stordriftsfördelar och större flexibilitet. Dometic samordnar de strategiska inköpen centralt och globala inköpsstrukturer har upprättats inom flera nyckelområden, exempelvis elektronik och kompres - sorer.”

Annual report 2024A · The company itself

“Andelen direkt material från lågkostnadsländer har ökat till 62 procent från 56 procent 2023. • Antalet leverantörer har minskat med 26 procent jämfört med 2019.”

Annual report 2024A · The company itself

“Labor shortages and supply chain issues at merchants could negatively impact their ability to fulfill orders, which could negatively impact volume on our Marketplaces and in our Commerce Platform.”

Annual report 2025A · The company itself

“In addition, some of the raw materials and components may be available only from limited or single source suppliers. If a single source or limited source supplier were to cease or interrupt production for any reason or otherwise fail to supply those raw materials or components to us on favorable purchase terms, including at favorable prices, in sufficient quantities and with adequate lead times needed for efficient manufacturing, our ability to meet customer commitments, and satisfy market demands for affected products could be negatively affected.”

Annual report 2025A · The company itself

“Market growth is expected to be driven by major shifts in population demographics; improving socioeconomic status in emerging geographic regions; consumer and brand owner demand for increased functionality including sustainable offerings through lower-carbon and circular solutions; global efforts to reduce food waste; growth in telecommunications networks; global development of electrical transmission and distribution infrastructure; and renewable energy applications such as wind and solar (photovoltaic) power.”

Annual report 2025A · The company itself

“The Company's primary source of these raw materials are natural gas liquids, which are derived from natural gas and crude oil production, and naphtha, which is produced during the processing and refining of crude oil. Given recent advancements in shale gas, shale oil and conventional drilling techniques, the Company expects these raw materials to be in abundant supply.”

Annual report 2025A · The company itself

“Dynavox Group är exponerat för ett antal risker som en naturlig del av att bedriva verksamhet direkt i ett antal länder och att tillhandahålla produkter och tjänster i ytterligare över 65 marknader genom distributörer.”

Annual report 2024A · The company itself

“Our business requires that we buy raw materials, components, and services from third parties. Supplier relationships have in the past been and could in the future be interrupted or terminated. Our reliance on suppliers involves certain risks, including: •shortages of commodities, components, or other materials, which could adversely affect our manufacturing efficiencies and ability to make timely delivery of our products, solutions, and services; •changes in the cost of these purchases due to inflation, exchange rate fluctuations, taxes, tariffs, commodity market volatility, or other factors that affect our suppliers; •poor quality or insecure supply chain, which could adversely affect the reliability and reputation of our products, solutions, and services; •climate impacts, severe weather events, or natural and other disasters that impact our suppliers; •sanctions, embargoes, and other trade restrictions that may affect our ability to purchase commodities, components, or other materials from various suppliers; and •intellectual property risks such as challenges to ownership of rights or alleged infringement by suppliers.”

Annual report 2025A · The company itself

“Supply chain disruptions, customs delays, new compliance requirements and other challenges may cause delays in deploying network infrastructure and customer equipment, increase our operational expenses and impact our ability to meet customer demand. Although we attempt to mitigate these risks through alternative sourcing and operational efficiencies, these efforts may not be successful or sufficient.”

Annual report 2025A · The company itself

“Instability of supply chains, variability in demand/supply balance, and geopolitical uncertainties may impact the company and, worst case, its ability to supply customers. For some customer agreements Elopak has mechanisms, adjusting pricing based on the cost fluctuations of certain raw materials and energy.”

Annual report 2024A · The company itself

“Table of Contents However, the actual cost of labor and materials, as well as the level of labor productivity achieved, may vary from our original estimates, something which we have experienced and may continue to experience due to inflationary pressures, supply chain challenges, labor market tightness, and elevated interest rates.”

Annual report 2025A · The company itself

“Riskbeskrivning Ependion gör affärer med kunder och leverantörer inom olika segment och i ett stort antal länder, vilket bidrar till acceptabel riskspridning.”

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

“We are experiencing an increase in our costs to procure power and supply chain issues globally.”

Annual report 2025A · The company itself

“The global supply chain of goods and services generally has stabilized; however, certain specialized equipment has long lead times and inflated prices, as well as competition from within and outside the utility industry. Additionally, rising geo-political tensions could negatively impact the global supply chain.”

Annual report 2025A · The company itself

“In addition, natural disasters could affect our supply chain, manufacturing vendors, or logistics providers’ ability to provide materials and perform services such as manufacturing products or assisting with shipments on a timely basis. In the event our or our service providers’ information technology systems or manufacturing or logistics abilities are hindered by any of the events discussed above, shipments could be delayed, resulting in missed financial targets, such as revenue and shipment targets, for a particular quarter.”

Annual report 2025A · The company itself

“End users of our products include three-quarters of each of the largest 100 financial institutions in the U.S. and the largest 100 banks in the world.”

Annual report 2025A · The company itself

“As a result, the cost and effectiveness of our supply chain is dependent on relatively unfettered trade across geographic regions.”

Annual report 2025A · The company itself

“The decline in U.S. imports of consumer goods that started in late 2022, along with slowed global industrial production, has contributed to continued weakened business conditions for the transportation industry leading to lower shipment volumes.”

Annual report 2026A · The company itself

“In addition, negotiations among the United States, Canada, and Mexico on matters related to the United States-Mexico-Canada Agreement (“USMCA”), which governs trade among such countries, are ongoing. It remains difficult to predict the impact of any change in the USMCA on the economy, including the transportation industry, but given the amount of North American trade that moves by truck, any new or revised restrictions on trade could have a significant impact on supply and demand in the LTL freight transportation industry.”

Annual report 2026A · The company itself

“Given the combination of (i) a European market captured by Chinese solar modules, where pricing is at levels near or below manufacturing costs, (ii) an Indian market effectively closed to Southeast Asian products, (iii) a general supply and demand imbalance for Southeast Asian products, and (iv) certain tariffs on modules imported into the United States, we have reduced production of Series 6 modules at our international manufacturing facilities. Module average selling prices in many global markets have declined.”

Annual report 2025A · The company itself

“Some of these data protection laws, including in the E.U., Argentina, Uruguay, Brazil, India, United Arab Emirates and China, impose requirements regarding data rights and security and either prohibit the international transfer of personal data or restrict such transfers absent lawfully recognized transfer mechanisms.”

Annual report 2025A · The company itself

“If the U.S. administration or other countries impose new or increased tariffs, trade restrictions or restrictions on the cross-border flow of data, our procurement of hardware devices, supply of materials and access to certain markets, could be impacted. Although it is difficult to predict how current or future tariffs on items imported from or exported to other countries will impact our business, the cost of our products manufactured in other countries and imported into the U.S. or elsewhere, or manufactured in the U.S. and exported elsewhere, could increase, which could adversely affect the demand for these products and have a material adverse effect on our business and results of operations.”

Annual report 2025A · The company itself

“i al væsentlighed indkøber råvarer fra Europa, såvel som at størstedelen af vores Flügger-produkter produceres i Danmark og Sverige”

Annual report 2026B · From the report

“In- eller nearsourcing af varer til videresalg En mindre del af Flüggers varer til videresalg produceres uden for EU og Europa. Koncernens data viser, at produkter fremstillet i eksempelvis Asien generelt har et højere CO e-aftryk som følge af et mere fossilbaseret energimix sammenlignet med det europæiske, samtidig med at lange transportafstande yderligere øger emissionerne. Flügger arbejder derfor løbende med at vurdere mulighederne for både near- og insourcing af udvalgte varer og produktgrupper med henblik på at flytte produktion tættere på koncernens primære markeder og eksisterende værdikæde.”

Annual report 2026A · The company itself

“If we cannot adjust our manufacturing capacity, supply chain management or the purchases required for our manufacturing activities to reflect changes in market conditions, international trade policies, customer demand and supply chain disruptions, our profitability may suffer.”

Annual report 2025A · The company itself

“As a result of our geographic and industry diversity, we face a variety of opportunities and challenges, including technological development in most of the markets we serve, the expansion and evolution of opportunities in growing markets, trends and costs associated with a global labor force, trade policies, and consolidation of our competitors.”

Annual report 2025A · The company itself

“Hallituksen toimintakertomus Tilinpäätös Muut 22 Nykyinen geopoliittinen epävarmuus on myös voimistanut nationalistisen politiikan ja protektionismin suuntausta, mikä voi johtaa uusiin kaupan rajoituksiin tai sanktioihin, mikä puolestaan voi vaikuttaa Fortumin tuotteiden ja palveluiden kysyntään, tuotantokykyyn, omaisuusarvoihin ja rahoituksen saatavuuteen.”

Annual report 2025A · The company itself

“Customer leadtimes have increased as a result of demand outstripping supply, though we are proactively managing this by deploying lean initiatives to reduce lead-times and drive cost productivity.”

Annual report 2025A · The company itself

“•Leverage our global brands and partner network to drive reach and innovation: We will continue building our family of trusted brands globally — Norton, Avast, LifeLock, MoneyLion and more — as we expand protection and empowerment to consumers across more than 150 countries. We will also continue to invest in our partner network, which includes over 650 channel partners and over 600 third-party product providers in Engine by Gen, to enrich the choices available to our customers and accelerate our reach into new markets and customer segments.”

Annual report 2026A · The company itself

“•Grow our customer base through multiple channels: We maintain multiple go-to-market channels to reach new customers globally, including direct, app stores, and partnerships across various business models, such as premium, freemium, and embedded marketplaces. We leverage our expertise in digital marketing, our family of trusted brands, and our expanding network of telecom, financial institution, and employer benefit partners to grow our customer base.”

Annual report 2026A · The company itself

“Globala utmaningar som konflikter, problem i försörjningskedjan och inflation pressar hälso- och sjukvårdens finansiering yerligare.”

Annual report 2024A · The company itself

“In the EU, we are required to permit products purchased in one EU member state to be sold in another member state. Purchases of our products in member states where our selling prices are relatively low for resale in member states in which our selling prices are relatively high can affect the inventory level held by our wholesalers and can cause the relative sales levels in the various countries to fluctuate from quarter to quarter and not reflect the actual consumer demand in any given quarter.”

Annual report 2025A · The company itself

“We need access to certain materials and supplies to conduct our clinical trials and to manufacture and sell our products. If we are unable to purchase enough of these materials and supplies or find suitable alternatives in a timely manner, our development efforts for our product candidates may be delayed or our ability to manufacture and sell our products could be limited.”

Annual report 2025A · The company itself

“Internasjonale konflikter, klimaendringer og økt tendens til proteksjonisme ser ut til å lede til strukturelle endringer i internasjonale handelsmønstre. Dette kan føre til redusert økonomisk vekst og et mer volatilt inflasjons- og rentebilde.”

Annual report 2024A · The company itself

“There is also a risk that third-party suppliers of hardware and infrastructure required to support our employee productivity or our suppliers could be affected by supply chain disruptions or delays caused by the events described above. An extended supply chain disruption could also affect the delivery of our services.”

Annual report 2025A · The company itself

“31 Enterprise and Gaming production lines were relocated, so that all major products now can be supplied from multiple countries.”

Annual report 2025A · The company itself

“Goodtech’s solutions contribute to making Nordic industry cost-leading with a significantly lower environmental footprint, reducing the need for subcontracting production to low-cost countries with long transport distances.”

Annual report 2024A · The company itself

“Delivery Risk Like in 2023, Goodtech continued to experience high levels of activity and a growing order backlog in 2024, with a significant portion of revenue derived from the procurement of goods delivered as part of the Group’s projects. This increased exposure to procurement has heightened the focus on foreign exchange risk when purchases are made in currencies different from the delivery market, as well as risks related to delivery times and general supply chain stability.”

Annual report 2024A · The company itself

“Förändringar i globala handelsmönster och leverantörskedjor drivs av geopolitik, tekniktrender och miljöhänsyn. Global instabilitet orsakar brister i leverantörskedjorna och logistiska utmaningar.”

Annual report 2024A · The company itself

“Företag strävar efter att öka sin motståndskraft, förkorta leverantörskedjorna och minska beroendet mellan olika regioner. Gränges närvaro i USA, Asien och Europa, med regional produktion och nära kundrelationer, skapar effektiva, lokala leverantörskedjor.”

Annual report 2024A · The company itself

“Our global supply chain organization continuously monitors market trends and works to mitigate those and other cost increases through economies of scale in global procurement, technology modifications, and efficient sourcing practices. Globally, we continue to be impacted by extended supply chain lead times for the supply of select raw materials.”

Annual report 2025A · The company itself

“En minskad orderingång bedöms därför kunna kompenseras med nya marknadsandelar under året. Vidare stöds HANZAs affärsmodell av trenden mot komplett och regional tillverkning. Det är en trend som hittills drivits av bland annat handelshinder, transportkostnader, leveranstider, miljöaspekter och pandemin.”

Annual report 2024A · The company itself

“Internationalt arbejder vi også sammen med lokale og internationale distributører”

Annual report 2026A · The company itself

“Med den snabba ökningen av budgetutgifterna i Nato-länderna och den fortsatta utbyggnaden av energiinfrastrukturen ser vi dock tecken på begränsningar i leveranskedjan, vilket förväntas påverka stora specialprojekt.”

Annual report 2024A · The company itself

“HKFoodsin sopimusvalmistus tapahtuu kokonaisuudessaan riskiluokituksen mukaan matalan tai keskitason riskin maissa. Myös suurin osa HKFoodsin hankkimien raakaaineiden ja pakkausmateriaalien suorista toimittajista sijaitsee matalan tai keskitason riskin maissa, mutta raaka-aineiden ja pakkausmateriaalien valmistusta tapahtuu myös korkean riskin maissa.”

Annual report 2025A · The company itself

“For many years, we have worked to diversify our global supply chain. During fiscal 2025, in addition to our U.S. sourcing operations, we maintained sourcing offices in Mexico, Canada, India, Vietnam, Taiwan and China, as well as certain locations in Europe.”

Annual report 2026A · The company itself

“▪Unfavorable economic conditions may lead customers and consumers to delay or reduce purchases of the Company’s products. ▪The imposition of tariffs, quotas, trade barriers, or other restrictions could increase the cost of key inputs or reduce their availability.”

Annual report 2025A · The company itself

“Many of these contracts contemplate production increases over the next several years. If Howmet fails to meet production targets and commitments, or encounters difficulty or unexpected costs in meeting such levels, it could have a material adverse effect on the Company’s reputation, business, operating results, or financial condition. Similarly, to the extent demand for our products increases rapidly and significantly in future periods, we may not be able to ramp up production quickly enough to meet the demand, which could result in lost opportunities for growth and adversely affect our business, financial condition, results of operations, or competitive position.”

Annual report 2025A · The company itself

“Problem hos leverantörer på grund av dåliga arbetsförhållanden kan leda till störningar i leveranskedjan och påverka vår förmåga att möta kundernas efterfrågan. • Begränsad finansiering.”

Annual report 2024A · The company itself

“In addition, global supply chain disruptions may cause prolonged inflation, adversely impact consumer and business confidence, and adversely affect the economy as well as our financial condition and results.”

Annual report 2025A · The company itself

“Total light vehicle shipments in Höegh Autoliners’ relevant deep sea trade lanes increased by an estimated 9% in 2024 – a result of a solid, supply-unconstrained sales growth across all markets.”

Annual report 2024A · The company itself

“Source: S&P Mobility, GTA Jan 2025 customs data 2024 !""#$%&'()*+,&-.-/&0&!1*#,&23(45&0&Strategy and business J%*1$%&MB[B&>%((, The global PCTC fleet trading in the deep-sea trades totalled 724 vessels (4.3 million CEU capacity) by 4 March 2025.”

Annual report 2024A · The company itself

“The global order book counted 200 vessels, of which 57 vessels are scheduled for delivery in 2025, 58 vessels in 2026, 47 vessels in 2027, 38 vessels in 2028-2031. The capacity on order is equal to 37% of the total fleet.”

Annual report 2024A · The company itself

“Like many other companies in the electronics markets, IDEX Biometrics experienced some disruptions in the supply chain in 2022, when the company expected strong revenue growth. This led to placing orders and holding relatively high values of raw materials, carrying relatively large quantities of finished goods. The supply situation normalized in 2023, but purchase orders were binding and due to lower-than-forecasted volumes sold in 2023 and 2024, the inventory remains high.”

Annual report 2024A · The company itself

“The Company expects international operations and export sales to continue to be significant for the foreseeable future.”

Annual report 2025A · The company itself

“Supply chain disruptions or geopolitical issues may cause delays in deliveries or shortages of materials and components.”

Annual report 2025A · The company itself

“The extent to which a public health pandemic and the measures taken to limit the disease’s spread can impact our operations and those of our suppliers, collaborators, service providers and healthcare organizations serving patients, as well as demand for our drug products, will depend on developments that are highly uncertain, including the duration of the outbreak and any related government actions.”

Annual report 2025A · The company itself

“Årsredovisning 2024 | Indutrade 9 Koncernen eftersträvar att med en balanserad affärsrisk kontinuerligt växa inom utvalda geografiska marknader, produktområden och nischer.”

Annual report 2024A · The company itself

“In our international locations, we sell either directly to consumers or through a distributor/intermediary. In all countries where we operate, either Insulet or our partners establish appropriate reimbursement contracts with local healthcare systems.”

Annual report 2025A · The company itself

“However, the global economic situation changed at the beginning of 2025, with escalating uncertainty related to trade policies and markets. We are not directly impacted, but having project-driven business models, we are exposed to the risk of project disturbances driven by market turbulence.”

Annual report 2024A · The company itself

“Our operations rely upon a supply chain that is also highly distributed, and with reliance in some instances on supplies or materials available in only one or more geographic areas.”

Annual report 2025A · The company itself

“The adoption of new laws or regulations, changes in governmental policies or changes in regulations or enforcement practices applicable to our businesses or those of our clients could adversely affect our ability to compete effectively with other institutions that are not affected in the same way or impact our clients’ overall trading volume through our exchanges and clearing houses and demand for our market data and connectivity offerings, mortgage technology and other services.”

Annual report 2025A · The company itself

“Trends towards the globalization of capital markets have resulted in greater mobility of capital, greater international participation in markets and increased competition among markets in different geographical areas. Competition in the market for derivatives trading and clearing and in the market for cash equity listings, trading and execution have intensified as a result of consolidation, as the markets become more global in connection with the increase in electronic trading platforms and the desire by existing exchanges to diversify their product offerings.”

Annual report 2025A · The company itself

“Other adverse impacts of recent macroeconomic conditions have been, and may continue to be, supply chain constraints, logistics challenges, liquidity concerns in the broader financial services industry, and fluctuations in labor availability. We have experienced, and may continue to experience, supply chain constraints due to the current supply chain environment, including difficulties obtaining a sufficient supply of specific component materials used in 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

“We serve clients in more than 120 countries.”

Annual report 2025A · The company itself

“De helägda rörelsernas försäljning utanför Norden har ökat från 65 procent till 73 procent de senaste fem åren.”

Annual report 2024A · The company itself

“Den underliggande efterfrågan var stark, men globala störningar i leverantörskedjorna fortsatte att påverka negativt.”

Annual report 2022A · The company itself

“Samtliga regioner och divisioner bidrog positivt.”

Annual report 2022A · The company itself

“• Den organiska omsättningstillväxten uppgick till 28 procent i konstant valuta, drivet av en stark uppdämd efterfrågan i segmenten Commercial WAV (Wheelchair Accessible Vehicles) och Lifts, i takt med att störningarna i leverantörskedjan avtog. • EBITA-marginalen förbättrades jämfört med föregående år, drivet av operationell hävstång, delvis motverkat av negativ påverkan från ökade material- och personalkostnader. • BraunAbility förvärvade ProMasterverksamheten inom konvertering av rullstolsanpassade fordon från Forest River.”

Annual report 2022A · The company itself

“Further, the Company relies on global supply chains, and production and distribution processes, that are complex, and subject to increasing regulatory requirements that may affect sourcing, supply and pricing of materials used in the Company's products. These processes also are subject to complex and lengthy regulatory approvals.”

Annual report 2025A · The company itself

“Present risks to stable asset prices include, but are not limited to: •A correction in equity or housing markets; •The imposition of further tariffs and other changes to U.S. or global trade policies; •Supply chain issues such as closed factories and disrupted port activity, as well as the impact of the Russia-Ukraine war and the Israel-Hamas war on global transportation and the availability of materials; •Recessionary pressures on other major international economies, such as China, that may impact the broader global and our domestic economy; 27 Table of contents •Labor-supply constraints, including as a result of further changes to U.S. immigration policies and laws and immigration enforcement, leading to slowing job growth and rising wages along with inflation (wage-price spiral); and •Negative real GDP growth, as a result of, in part, the Federal Reserve’s monetary policy to arrest inflationary pressures within the broader economy.”

Annual report 2025A · The company itself

“Suomen ja Ruotsin markkinoiden lisäksi yhtiö jatkaa panostuksia valituille vientimarkkinoille.”

Annual report 2025A · The company itself

“Geopoliittiset riskit ja jännitteet, vientirajoitukset ja tariffit, liiketoimintaympäristön arvaamattomuus ja globaalien toimitusketjujen häiriöt voivat vaikuttaa KONEen ensisijaisiin markkinoihin ja altistaa KONEen liiketoiminnan jatkuvuuteen ja kannattavuuteen liittyville riskeille.”

Annual report 2025A · The company itself

“Koskisen expects sustainability, urbanisation and the development of trade and transport to support the growth of demand for sustainable wood-based materials and products.”

Annual report 2025A · The company itself

“Supply Chain We source our products from vendors worldwide and believe that alternative and competitive suppliers are available for virtually all of our products. Whenever possible, we purchase directly from manufacturers to provide savings for customers and improve our gross margin.”

Annual report 2026A · The company itself

“From time to time, we experience logistics and supply chain issues and shortages of the types of components we and our customers require in our products, and when we experience these shortages, we have had to incur incremental supply and procurement costs in order to increase our ability to fulfill demands from our customers.”

Annual report 2026A · The company itself

“Marknaden för OEM-industrier är till stor del beroende av exportmarknader samt den inhemska efterfrågan på konsument- och industriprodukter.”

Annual report 2024A · The company itself

“De geografiska avstånden, liksom brist på komponenter och råvarumaterial, innebär en risk för leveransstörningar.”

Annual report 2024A · The company itself

“Supply chain disruption A global supply chain disruption may cause delays or absence in delivery of specific goods. In order to meet any changes in terms of delivery or reduced access to important product categories, Matas Group deals with a large number of different suppliers and markets a broad range of different brands within each product category.”

Annual report 2026A · The company itself

“Pepper, along with various spices and herbs, is generally sourced from countries outside the U.S. Raw materials such as dairy products, onion and soybean oil are primarily obtained locally, either within the U.S. or from our international locations.”

Annual report 2025A · The company itself

“We depend on the effectiveness of our supply chain management to assure a reliable and sufficient supply of quality products, equipment and other materials on favorable terms. Although many of these items are sourced from a wide variety of suppliers in countries around the world, certain items have limited suppliers, which increases our reliance on those suppliers.”

Annual report 2025A · The company itself

“How the geopolitical uncertainty will affect the company are unclear but might lead to challenges in the global flow of goods. Medistim is taking mitigating actions to ensure access to key components to secure production and maintain growth and profitability also for the future.”

Annual report 2024A · The company itself

“The Russia-Ukraine conflict and resulting sanctions and export restrictions are creating barriers to doing business in Russia and Belarus and adversely impacting global supply chains.”

Annual report 2026A · The company itself

“Efterfrågan i Polen och framförallt på exportmarknaderna har varit svagare som en följd av en svag konjunktur och hög priskonkurrens, medan Baltikum utvecklats något bättre.”

Annual report 2024A · The company itself

“Table of Contents Estimating the impact of ongoing global conflicts on supply chain disruptions and energy shortages is challenging. The Ukraine invasion and Middle East conflict could negatively affect our financial results and pose risks to our business.”

Annual report 2025A · The company itself

“In addition, adverse market conditions may impact the labor market and cause disruptions to the global supply chain. If we are unable to hire and retain sufficient employees to operate our properties or procure necessary supplies, our business, results of operations and reputation could be negatively impacted.”

Annual report 2025A · The company itself

“Skulle leverantörer inte fullfölja sina åtaganden, bli oförmögna att leverera på grund av politiska beslut eller liknande händelser kan detta få en negativ inverkan på Bolagets förmåga att upprätthålla leveranssäkerhet och lönsamhet i sålda produkter.”

Annual report 2024A · The company itself

“Verksamhet Global leveranskedja påverkar möjligheten att leverera Inköp, hemarbete, digitalisering, kontinuitetsplan i produktion Utbildning, investeringar för att möta SUA-krav Exponering mot bolagsspionage Påverkad produktionskapacitet till följd av externa händelser Brandsäkerhetssystem, flera leverantörer av kritiska funktioner (IT, elektricitet), etablerad affärskontinuitetsplan Risker kopplade till leverantörer och leverantörskedja som påverkar vår förmåga att leverera och säkra verksamheten.”

Annual report 2024A · The company itself

“Graden av aktivitet på koncernens slutmarknader beror på en mängd faktorer utanför Momentum Groups kontroll, inklusive, men inte begränsat till lokala, regionala och allmänna ekonomiska förhållanden, vilka i sin tur kan påverkas av till exempel globala ekonomiska förhållanden, leveransstörningar som drabbar vissa länder/branscher och säkerhetsläget i omvärlden. Ogynnsamma förändringar när det gäller någon av eller alla dessa, eller andra, faktorer kan ha en betydande påverkan på efterfrågan på de produkter som bolagen inom koncernen erbjuder, i synnerhet i form av minskade volymer.”

Annual report 2024A · The company itself

“All distribution territories in the United States, and substantially all distribution territories internationally have been transitioned to TCCC network bottlers/distributors.”

Annual report 2025A · The company itself

“Potash Segment Potash is a commodity available from several geographical regions around the world and, consequently, the market is highly competitive. Through our participation in Canpotex, we compete outside of North America against various independent and state-owned potash producers.”

Annual report 2025A · The company itself

“Strong demand for grain and other products and a strong world economy increases the demand for and reduces the availability of transportation assets, both domestically and internationally. Shortages of railcars, barges and ocean transport for carrying product and increased transit time may result in customer dissatisfaction, loss of sales and higher equipment and transportation costs.”

Annual report 2025A · The company itself

“Our sales of potash products outside of the U.S. and Canada are made through Canpotex. Canpotex sales are allocated among its members based on peaking capacity. Our entitlement percentage of Canpotex was 36.2%, however in 2025 the percentage was 35.9% as a result of production shortages.”

Annual report 2025A · The company itself

“Supply growth has been limited in recent years and we do not expect significant volume growth for the industry in the next five years. This would under normal circumstances be supportive of good salmon prices.”

Annual report 2024A · The company itself

“The salmon market was not insulated from these effects, however, demand fundamentals for salmon fared quite well in this context all the same.”

Annual report 2024A · The company itself

“Mowi will continuously monitor any developments related to this subject and will be prepared to redistribute our volumes from our seven origins with respect to prevailing trade policies at any given time to best serve our customers.”

Annual report 2024A · The company itself

“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

“For example, on the Far East – Europe trade alone, the deployed capacity in 2024 increased by 28% compared to the previous year.‌ 10 Without the additional deployment created by the Suez rerouting, supply side pressure would have prevailed in 2024.”

Annual report 2024A · The company itself

“The smaller and relatively older segments below 8,000 TEU continue to show limited contracting.‌ 12 A return to the Suez route would drastically change the market balance Figure 6 shows that TEU trade grew by 5–6% in 2024. In contrast, net fleet growth (accounting for deliveries and demolitions) amounted to 10.5%.‌ 13 The increased transport distances lifted this trade demand by another 12%‌ 14 and are vital to understand why the 2024 market balance was so favorable for shipowners despite the strong fleet growth.”

Annual report 2024A · The company itself

“Since launching our strategy in 2021, significant changes in our surroundings related to geopolitics, climate changes, changes in supply chains and cost of materials necessitated a revision of the current strategy.”

Annual report 2024A · The company itself

“Sådana störningar kan leda till ökade kostnader, längre ledtider och begränsad materialtillgång.”

Annual report 2024A · The company itself

“Genom de senaste årens regionalisering tryggar vi leveransnätet inom respektive region och minskar sårbarheten.”

Annual report 2024A · The company itself

“The modernization and globalization of world markets has resulted in greater mobility of capital, greater international participation in local markets and more competition. As a result, both in the U.S. and in other countries, the competition among exchanges and other execution venues has become more intense.”

Annual report 2025A · The company itself

“Sales are allocated based on the customer’s country of domicile. Since revenue is project based, historic geographical allocation will not be representative for business going forward.”

Annual report 2024A · The company itself

“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

“Nolatos globala närvaro med produktion på tre kontinenter, möjliggör fördjupade samarbeten, snabbare beslut och ökad flexibilitet vid hantering av kriser och försörjningsstörningar. Geografisk närhet till både kunder och leverantörer skapar nya affärsmöjligheter, samtidigt som effektivare logistik leder till kostnadsbesparingar och minskad klimatpåverkan.”

Annual report 2024A · The company itself

“Trenden att kunder efterfrågar kontinentala och regionala produktflöden fortsätter.”

Annual report 2024A · The company itself

“Vidare är affärsområdet väl positionerat för att hjälpa globala kunder navigera den geo - politiska osäkerheten och pågående regionaliseringen genom att kunna erbjuda produktion på samtliga kontinenter.”

Annual report 2024A · The company itself

“Utlåningen ökade med 6 procent i lokala valutor jämfört med föregående år, främst till följd av ökade marknadsandelar i Sverige och Norge. Inlåningen ökade med 5 procent i lokala valutor, efter uppgångar i samtliga länder.”

Annual report 2025A · The company itself

“These risks may affect our business model through potential supply chain disruptions and increased sourcing costs.”

Annual report 2024A · The company itself

“We continue to see a stabilization of the global supply chain, improved lead times, and lower inflation risk. We enhanced our risk mitigation and sourcing efforts, because of the COVID-19 pandemic and geopolitical tensions. Logistics flows have improved, and global forwarding rates have returned closer to pre-pandemic levels, except for Asia-origin shipments, which continue to be more volatile. We continue to see moderate rate increases on parcel and domestic trucking activity.”

Annual report 2025A · The company itself

“PostNord ultimo 2025 indstillede omdeling af brevpost, inkl. magasiner og direct mail”

Annual report 2025A · The company itself

“Key mitigations: We continuously strive to diversify our business portfolio and production footprint to reduce exposure to economic downturns in specific sectors or countries We continuously monitor political and economic developments, and prepare for substitution of alternative suppliers and raw materials We actively work with public authorities to prepare for and mitigate potential escalation We incorporate global and local considerations into shortand long-term capacity planning, and reduce dependencies on critical and single-sourced raw materials We have a dedicated team in place to continuously monitor global supply networks Key business risks for 2026 Cyberattack causing material business disruption or data compromise Global political and economic uncertainty In 2025, we delivered strong growth across industries and solid profitability.”

Annual report 2025A · The company itself

“the global cargo tonne-kilometres rose mid-single digits, driven by intra-Asia and Asia–Europe growth”

Annual report 2025A · The company itself

“Shipper Freight forwarding Consignee”

Annual report 2025A · The company itself

“ensure that multinational customers experience NTG as a unified organisation”

Annual report 2025A · The company itself

“Some of our suppliers provide us with materials on a just-in-time basis, which permits us to reduce our procurement costs and the negative cash flow consequences of maintaining inventories, but exposes us to potential supply chain interruptions.”

Annual report 2025A · The company itself

“Global seaborne chemical and vegoil volumes grew compared to 2023, but increasing competition from swing operators led to lower spot demand for chemical tankers in the second half of 2024.”

Annual report 2024A · The company itself

“Our Business Well Services In 2024, our Well Services Business Area achieved significant progress through a focused strategy on global expansion and operational excellence. By adapting to market opportunities and challenges, we delivered solid revenues across all regions, setting the stage for continued growth.”

Annual report 2024A · The company itself

“Oncopeptides och dess underleverantörer är beroende av stabila leveranser av råvaror, förpackningsmaterial och andra komponenter som behövs för tillverkning av bolagets produkter. Krig och konflikter mellan eller inom länder kan leda till en risk för försämring av bolagets, samarbetspartners, eller underleverantörers förmåga att producera eller leverera enligt efterfrågan.”

Annual report 2024A · The company itself

“The variety of risks and challenges listed above could also disrupt or otherwise negatively impact our supply chain operations and sales of our products and services in affected countries or regions.”

Annual report 2026A · The company itself

“Geopolitical developments are decreasing predictability and causing challenges in global supply chains. • Advancements in science and technologies: personalised medicine, increased genetic and epigenetic data and developments in drug dosing and diagnostics create possibilities and markets for new treatments and therapies.”

Annual report 2025A · The company itself

“Orion’s production and business operations are dependent on global supply and logistics chains, the inaction of which may lead to low availability of finished products and raw materials, starting materials, semi-finished products, supplies, equipment and spare parts needed in production.”

Annual report 2025A · The company itself

“The current geopolitical conflicts and unrest, and other challenges in the global supply and logistics chains of pharmaceuticals have increased the already elevated risk of supply disruptions.”

Annual report 2025A · The company itself

“According to CRU’s latest estimates, global apparent consumption of stainless steel flat products is expected to have increased by 3.8% in 2025 compared to 2024. EMEA and APAC are to increase by 2.6% and 3.7%, respectively, while the Americas is expected to show the biggest growth at 6.9%. (Source: CRU Stainless Steel Flat Products Market Outlook November 2025) Adjusted EBITDA, € million Net debt, € million *Including discontinued operations Results Adjusted EBITDA in January–December 2025 was EUR 167 million (EUR 177 million).”

Annual report 2025A · The company itself

“Ferrochrome deliveries, 1,000 tonnes Sales -1 — EBITDA 10.0 5.5 In 2025, business area Ferrochrome’s adjusted EBITDA increased to EUR 138 million (EUR 106 million). Ferrochrome deliveries increased by 6% compared to the previous year, driven by higher external demand, partly offset by weaker internal deliveries.”

Annual report 2025A · The company itself

“Metal market prices are based on prices determined in regulated markets, such as the London Metal Exchange (LME).”

Annual report 2025A · The company itself

“Strategiska insatsvaror Tillgången på vissa råvaror är avgörande för Peab och antalet leverantörer är i vissa fall begränsat, vilket medför risker i verksamheten. Sanktionskrav eller störningar i leverantörskedjor kan på kort tid förändra etablerade råvaruförsörjningsvägar.”

Annual report 2024A · The company itself

“International Beverages Franchise IB Franchise makes, markets and sells beverage concentrates to authorized and independent bottlers under various beverage brands including 7UP, Aquafina, Gatorade, Mirinda, Mountain Dew, Pepsi, Pepsi Black, Pepsi Zero Sugar, and Sting Energy.”

Annual report 2025A · The company itself

“Product Supply––We periodically encounter supply delays, disruptions and shortages, including due to voluntary product recalls and natural or man-made disasters.”

Annual report 2025A · The company itself

“Störningarna i Röda havsområdet, särskilt sedan i december 2023, har medfört utmaningar för de globala leveranskedjorna, trängsel i hamnarna och ökade fraktkostnader.”

Annual report 2024A · The company itself

“Pierce samarbetar med fler än 200 leverantörer som vill nå ut till kunder på den europeiska onlinemarknaden.”

Annual report 2024A · The company itself

“We typically experience fluctuating prices for energy and raw materials driven by various factors, including changes in supplier feedstock costs and inventories, global industry activity levels, foreign currency exchange rates, government regulation, tariffs, and global supply and demand factors.”

Annual report unknown yearA · The company itself

“As a result, we are subject to risks of disruptions, curtailments or increased costs in the operation of our businesses if such goods or services are unavailable or become subject to price spikes or if a counterparty fails to perform. Such disruptions could adversely affect our ability to operate our facilities or deliver services and collect revenues, which could result in lower sales and/or higher costs and thereby adversely affect our results of operations.”

Annual report 2025A · The company itself

“Additionally, the supply of certain building materials has been impacted at various times by the combination of volatile consumer demand and periodic disruptions in the global supply chain. This volatility in demand, supply chain disruptions, and the consolidation of ownership of the source of supply for certain building materials have combined to increase the prices of those materials over time and could do so again in the future.”

Annual report 2025A · The company itself

“Supply chain disruptions, resulting in supply shortages and higher shipping charges, have impacted our suppliers and could continue to impact our ability to maintain supplies of products and the costs associated with obtaining raw materials.”

Annual report 2025A · The company itself

“Konsernilla on kuitenkin laaja asiakaskunta ja jälleenmyyjien verkosto, jotka molemmat jakautuvat usealle markkina-alueelle. Siten konsernin myyntisaamiset koostuvat kohtuullisen suuresta määrästä jälleenmyyjiä ja asiakkaita usealta eri markkina-alueelta, eikä johdon arvion mukaan konsernin luottoriskeissä ole merkittäviä jälleenmyyjä- tai asiakaskohtaisia, eikä maantieteellisiä keskittymiä.”

Annual report 2024A · The company itself

“A number of factors can also adversely affect the industries we serve, including, among other things, the economic impact of supply chain and other logistical issues, financing conditions, potential bankruptcies and global and U.S. trade relationships and other geopolitical conflicts and other events.”

Annual report 2025A · The company itself

“Den ökade omsättningen förklaras av ökade volymer transport. De fasta uppdragen åt LKAB, Kaunis Iron och beredskapslok har utförts som planerat.”

Annual report 2024A · The company itself

“The price/mix was negatively impacted by changed country mix, due to the strong growth in African markets. While Africa is a structurally attractive growth region, it typically carries lower gross margins due to our distributor-based model where most sales and marketing cost are carried by the partner.”

Annual report 2025A · The company itself

“We have implemented certain actions and programs which have mitigated some of the impacts, but we anticipate that supply chain disruptions will continue.”

Annual report unknown yearA · The company itself

“Online-penetration bland potentiella kunder bedöms ha ökat med en gynnsam utveckling för e-handel generellt samtidigt som varuförsörjningen från producenter till Bolaget försvårades med låga lagernivåer som följd.”

Annual report 2022A · The company itself

“Continued strong demand and price achievement for salmon are expected going forward, as well as moderate supply growth.”

Annual report 2024A · The company itself

“In 2025 figures from Kontali Analyse, a leading provider of aquaculture data and research, estimate a moderated supply growth of global harvest volume. The global volume of salmon harvested is expected to Increase with around 167,200 tonnes or 5.9 percent. The moderate growth in supply combined with continued strong demand gives an optimistic market outlook for 2025.”

Annual report 2024A · The company itself

“SalMar aims to be an increasingly important contributor to global seafood supply On the right track To achieve SalMar's ambitious goals, sustainability and efficiency must be maintained at every level.”

Annual report 2024A · The company itself

“To strengthen supplier engagement, the company requires all key and preferred suppliers to complete an Ecovadis assessment, in alignment with the Supplier Code of Conduct. Compliance and progress are systematically monitored through supplier assessments and audits. By the end of 2025, Ecovadis coverage among key and preferred suppliers exceeded 76%, marking a significant step towards enhanced transparency and accountability across the supply chain.”

Annual report 2025A · The company itself

“Adverse changes in such conditions in the United States and worldwide have in the past impacted and may in the future reduce the demand for some of our products, adversely impact our ability to predict and meet any future changes in the demand for our products and impair the ability of those with whom we do business to satisfy their obligations to us, each of which could adversely affect our results of operations, cash flow, liquidity or financial condition.”

Annual report 2025A · The company itself

“These risks, and the potential impact thereof, may be exacerbated by the volume and complexity of such activity, as well as inflationary pressures, tariffs, rising interest rates, supply chain disruptions and labor shortages.”

Annual report unknown yearA · The company itself

“A disruption in refinery production or related service and transportation operations affecting supply could present significant challenges to the Company’s operations and could ultimately cause the cancellation of flights and/or hinder the Company’s ability to provide service to a particular airport.”

Annual report 2025A · The company itself

“Adverse macroeconomic conditions have resulted, and could continue to result, in delays and other performance issues, ceased operations, or even bankruptcies among suppliers, third-party vendors, and service providers.”

Annual report 2025A · The company itself

“Vi sælger vores varer i 98 lande, har selskaber og medarbejdere i 13 lande og indkøber råvarer fra hele verden.”

Annual report 2025A · The company itself

“Både eksportrettet industri og turistnæringen drar nytte av den svake norske kronen.”

Annual report 2024A · The company itself

“Det er fortsatt usikkerhet om utsiktene både globalt og for norsk økonomi, ikke minst som følge av at rammene for global handel og samarbeid ble satt i spill av USAs president på starten av 2025.”

Annual report 2024A · The company itself

“Global trade, inflation, deflation, and supply chain constraints in the wake of geopolitical tensions and conflicts have adversely impacted, and could adversely impact again, the availability, pricing and lead times for products, component parts and raw materials and thus negatively impact the Company’s results of operations.”

Annual report 2026A · The company itself

“Operating in 89 global markets, we face diverse cultural, regulatory, geopolitical, and economic environments.”

Annual report 2025A · The company itself

“Geopolitiska risker påverkar även företagens riskhantering, där flera aktörer väljer att diversifiera sina försörjningskedjor genom att dels förflytta sin produktion och lagerhantering närmare sina huvudmarknader, men även genom att sprida ut sina lager på fler orter än tidigare.”

Annual report 2024A · The company itself

“Inom affärsområde Industry var orderingången generellt stabil under året, men något lägre under det andra halvåret. Affärsenheter inom automationslösningar, metallbearbetning och infrastruktur såg en fortsatt stabil marknad.”

Annual report 2024A · The company itself

“Geopolitisk osäkerhet Risk för att geopolitiska konflikter och handelshinder påverkar koncernens leveranskedjor och leder till oönskad prisvolatilitet på insatsvaror. Utvärdering av geografiska lägen för produktion, och alternativa leverantörer.”

Annual report 2024A · The company itself

“Moreover, global component shortages, supply chain delays, pandemic restrictions and other international macro instabilities may impact the Group’s financial performance.”

Annual report 2024A · The company itself

“As an example, risks relating to the continuity of raw material supply are managed by working with multiple international suppliers, and risks relating to the company’s own manufacturing facilities are reduced, for example, by Suominen’s geographical diversity.”

Annual report 2025A · The company itself

“Ett exempel är utbudsstörningar i globala leverantörsled som kan påverka förmågan att köpa in tillräckliga volymer av varor. Utbudsstörningar kan även leda till högre prisnivåer som påverkar förmågan att attrahera och behålla kunder.”

Annual report 2024A · The company itself

“Vi måste på ett effektivt sätt hantera komplexiteten i global utveckling, registrering och fortsatta medicinska aktiviteter efter lansering.”

Annual report 2024A · The company itself

“Produktionen av bågar i Synsams produktions- och innovationscenter innebär en möjlighet till export utanför Norden.”

Annual report 2024A · The company itself

“We operate our storage and terminaling facilities to support our key fractionation facilities at Mont Belvieu and Lake Charles for receipt of mixed NGLs and storage of fractionated NGLs to service the petrochemical, refinery, export and heating customers/markets as well as our wholesale domestic terminals that focus on logistics to service the heating market customer base. Our international export assets include our facilities at both Mont Belvieu and the Galena Park Marine Terminal near Houston, Texas, which have the capability to load propane, butanes and international grade low ethane propane. The export facilities have an effective export capacity of approximately 14.0 MMBbl per month, subject to a mix of propane and butane demand, vessel size and availability of supply, and a variety of other factors.”

Annual report 2025A · The company itself

“We continue to experience demand growth for U.S.-based NGLs (both propane and butane) for export into international markets.”

Annual report 2025A · The company itself

“The volume of propane sold is increasingly driven by international exports supplying a growing global demand for the product.”

Annual report 2025A · The company itself

“Changes in the composition of refined petroleum products resulting from governmental regulation, changes in feedstocks, products and economics, and demand for heating fuel, ethylene and propylene could adversely affect demand for normal butane. The volume of butane sold is increasingly driven by international exports supplying a growing demand for the product.”

Annual report 2025A · The company itself

“LPG Export Expansion • In February 2025, we announced an expansion of our LPG export capabilities at our Galena Park Marine Terminal, (“the GPMT LPG Export Expansion”) to include the addition of a new pipeline from Mont Belvieu to Galena Park and additional refrigeration. Our effective export capacity will increase up to 19 MMBbl per month, depending upon the mix of propane and butane demand, vessel size and availability of supply, among other factors. The GPMT LPG Export Expansion is expected to be completed in the third quarter of 2027.”

Annual report 2025A · The company itself

“In recent years, raw material prices and availability have been affected by worldwide economic conditions, including supply chain disruptions, inflationary cost pressures, and tariff and trade policies.”

Annual report unknown yearA · The company itself

“Many of these raw materials are produced in a limited number of countries around the world or are only available from a limited number of suppliers. The prices of these materials are driven by global supply and demand.”

Annual report unknown yearA · The company itself

“This milestone follows the strategic partnership agreement entered in Q1 2024 with devicenow, a global provider of subscription-based IT devices, aimed at introducing Techstep’s Lifecycle management platform to a wider customer base worldwide. Devicenow, which has a global reach across 190 countries, serves several major global customers.”

Annual report 2024A · The company itself

“The benefits of PPI include optimized price realization, reduced costs resulting from implementing continuous improvement methodologies, global sourcing initiatives, a lower cost structure following restructuring actions including headcount reductions and consolidation of facilities, and low cost region manufacturing.”

Annual report 2025A · The company itself

“In the past, our ability to allocate, deliver and maintain our preferred mix and level of inventory has been impacted by temporary store closures, inflationary pressures, global supply chain disruptions and other challenges as a result of external events.”

Annual report 2026A · The company itself

“Talouden vaihtelut Kansainvälisessä tai kotimaisessa taloudellisessa tilanteessa tapahtuvat muutokset voivat nostaa kuljetusten, komponenttien, energian sekä materiaalien hintoja ja aiheuttaa jopa pulaa niistä. Pitkittyessään kohonnut hintataso, komponenttipula, ongelmat sähkönjakelussa sekä logistiikkaketjun häiriöt voivat esimerkiksi viivästyttää toimituksia ja muutoin heikentää tuotesaatavuutta sekä aiheuttaa lisäkustannuksia, joita ei pystytä täysimääräisesti siirtämään asiakashintoihin.”

Annual report 2025A · The company itself

“Toimitusketjun häiriöt Toimitusketjun häiriöt voivat viivästyttää tuotteiden saamista Tokmanni-konsernin kauppojen hyllyille tai verkkokauppoihin, mikä voi vaikuttaa merkittävästi varsinkin sesonkituotteiden myyntiin. Samoin kampanjatuotteiden puuttuminen saattaa laskea myyntiä ja aiheuttaa asiakkaiden luottamuksen menetystä ja mielipahaa.”

Annual report 2025A · The company itself

“Arvoketjun alkupää, oma toiminta Siirtymäriski: toiminnan häiriintyminen sopivien toimittajien puutteen vuoksi Toimittajien puutteellinen sitoutuminen kestävyystoimiin voi aiheuttaa häiriöitä toimitusketjuissa, mikä edellyttää toimittajavalintakriteerien uudelleenarviointia. Tämän seurauksena myös tuoteja palveluvalikoimaa voidaan joutua tarkastelemaan uudelleen kilpailukyvyn säilyttämiseksi.”

Annual report 2025A · The company itself

“We have forged relationships with many of the open internet’s foremost providers of premium omnichannel inventory, allowing our clients to precisely target their ads across the globe and through a broad array of channels.”

Annual report 2025A · The company itself

“(d) Includes external sales to industrial food processing companies that further process our product to sell to end consumers and any remaining sales not included in the Retail, Foodservice or International categories.”

Annual report 2025A · The company itself

“The supply chains for our businesses can be disrupted by supplier capacity constraints, transportation and logistics issues, 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

“We endeavor to be the leading strategic data, analytics, and technology partner to the global insurance industry by delivering value to our clients through knowledge, expertise, and scale, and we focus on elevating the strategic dialogue with our clients.”

Annual report 2025A · The company itself

“Our suppliers or vendors could fail to provide equipment or service on a timely basis, or fail to meet our performance expectations, for a number of reasons, including, for example, disruption to the global supply chain as a result of geopolitical factors, public health crises, natural disasters, extreme weather conditions, or changes in tariffs and other trade restrictions. If such failures occur, we may be unable to provide products and services as and when requested by our customers, or we may be unable to continue to maintain or upgrade our networks.”

Annual report 2025A · The company itself

“The price of API and other materials and supplies is subject to volatility, including as a result of global supply chain disruptions and rates of inflation.”

Annual report 2025A · The company itself

“VOLVO CARS / MARKNAD 16 Fem faktorer som formar världen DISRUPTION Vi verkar i en allt mer oförutsägbar värld, där störningar i leverantörsskedjan, råvarufluktuationer och geopolitiska spänningar fortsätter att omforma vårt affärslandskap.”

Annual report 2024A · The company itself

“Vi värdesätter även återförsäljarnas förmåga att anpassa sig till den Vi kommer kontinuerligt att utveckla och finslipa vår kommersiella förmåga för att nå målet att växa snabbare än premiumbilsmarknaden fram till 2026 från 2023 avseende sammansatt årlig tillväxt.”

Annual report 2024A · The company itself

“In general, trends such as urbanization and growth in developing markets, sustainability and environmental awareness, investment in technology solutions, an aging equipment fleet, and growth in global trade are expected to drive continued investment in freight rail and passenger transit.”

Annual report 2025A · The company itself

“Global sourcing of many of the products we sell is an important factor in our financial performance.”

Annual report 2026A · The company itself

“As a retailer and warehouse club operator, we utilize a global supply chain that includes both U.S. and international suppliers from whom we purchase the merchandise that we sell in our stores, clubs and online. In many instances, we purchase merchandise from producers located near the stores and clubs in which such merchandise will be sold, particularly perishable items.”

Annual report 2026A · The company itself

“% Change Total Domestic subscribers 59.2 57.1 4 % Total International subscribers 72.4 59.8 21 % Total Streaming subscribers 131.6 116.9 13 % Distribution revenue increased 5% in 2025, primarily attributable to a 13% increase year-over-year in subscribers as a result of continued growth and global expansion of HBO Max, including new distribution deals, partially offset by the impact of the previously disclosed domestic wholesale deal renewal that occurred in the second quarter of 2025.”

Annual report 2025A · The company itself

“Significant restrictions and tariffs on foreign trade have a negative impact on our recycling export business and our cross-border commerce, particularly with Canada, decrease paper mills’ demand for recycled corrugated cardboard used in packaging and increase the cost of certain equipment and other materials used in our operations that we procure from outside the U.S., including our trucks and certain equipment used to implement our sustainability growth strategy.”

Annual report 2025A · The company itself

“Additionally, a weak market for consumer goods, or reduction in international trade due to tariffs or other factors, can significantly decrease demand by paper mills for recycled corrugated cardboard used in packaging, which can constrict availability of counterparties and negatively impact commodity prices and our operating income and cash flows.”

Annual report 2025A · The company itself

“The cost of natural gas may increase because of disruptions in the supply of natural gas due to a curtailment in production or distribution, international market conditions, the demand for natural gas, and the availability of shale gas and potential regulations and/or other government action affecting its accessibility.”

Annual report 2025A · The company itself

“We monitor the global supply chain, and related disruptions, in order to ensure we are able to procure the materials and other resources necessary to both maintain our energy services in a safe and reliable manner and to grow our infrastructure in accordance with our capital plan.”

Annual report 2025A · The company itself

“These macroeconomic trends have been, and may continue to be, exacerbated by supply chain disruptions, fluctuations in interest rates, geopolitical conflict and other international and domestic events impacting the macroeconomic environment.”

Annual report 2025A · The company itself

“Öresundsregionens geografiska läge innebär en naturlig position som logistikknutpunkt för transporter till och från de skandinaviska länderna. När Fehmarn Bält-tunneln mellan Tyskland och Danmark står klar 2029 stärks denna position ytterligare. Tunneln banar väg för en konkurrenskraftig storregion med cirka nio miljoner invånare.”

Annual report 2024A · The company itself

“Much of our inventory is sourced from suppliers located outside of the U.S., resulting in ordering merchandise, and contracting for the purchase and manufacturing of such merchandise, up to twelve months and generally multiple seasons in advance of the applicable selling season. The extended lead times for many of our purchases may make it difficult for us to respond rapidly to new or changing trends.”

Annual report 2026A · The company itself

“Total deliveries were 3 percent higher compared with 2023.”

Annual report 2024A · The company itself

“China has passed, with industry consultant projections showing supply growth from 2025 and onwards significantly below trend consumption growth.”

Annual report 2024A · The company itself

“In addition, higher financing costs, grid constraints, and pressures on critical materials and supply chains require system-level solutions to avoid project delays and cost increases.”

Annual report 2025A · The company itself

“We strategically diversify our supply chain, developing relationships with suppliers across multiple regions to reduce dependency on any single export market.”

Annual report 2025A · The company itself

“Many of our customers, resellers, partners, suppliers and manufacturers operate around the world.”

Annual report 2025A · The company itself

“Our staff travels routinely within the United States and internationally to source top-quality food and supplies at competitive prices. We actively engage with and monitor our suppliers, both in person and remotely, including hosting virtual visits and audits.”

Annual report 2026A · The company itself

“Vi har lokasjoner i store deler av verden og i tillegg benytter vi oss av globale verdikjeder. Dette krever at varer og tjenester transporteres over hele verden, og skip benyttes til transport av varer over lange avstander. Skipstransport kan medføre spredning av arter, inkludert introduksjon av uønska arter til nye områder.”

Annual report 2024A · The company itself

“Från tid till annan påverkas bolaget av längre leveranstider för specifika komponenter och brist på kemikalier, till följd av läget i omvärlden.”

Annual report 2024A · The company itself

“Klimatförändringar kan även orsaka störningar i produktion och distribution, vilket kan påverka inköpskostnaderna.”

Annual report 2024A · The company itself

“Forsinkelser eller begrensninger i leverandørkjeder Fysisk risiko Akutt Alle virksomhetsområder Lav Økte kostnader Veidekke følger markedet for viktige materialer og byggevarer for å avdekke eventuelle hindre, og innfører tiltak dersom nødvendig.”

Annual report 2024A · The company itself

“Based on the current assessment, physical risks could mainly affect supply chains.”

Annual report 2025A · The company itself