Inflation

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

Annual report 2025A · The company itself

“The Company's business is also impacted by social, political, and labor conditions in locations in which the Company or its suppliers or customers operate; adverse changes in the availability and cost of capital; monetary policy; interest rates; inflation; recession; commodity prices; currency volatility or exchange control; ability to expatriate earnings; and other laws and regulations in the jurisdictions in which the Company or its suppliers or customers operate.”

Annual report 2025A · The company itself

“In addition, there can be no assurance that the Company's processes to minimize volatility in component and material pricing will be successful or that future price fluctuations or shortages will not have a material adverse effect on the Company.”

Annual report 2025A · The company itself

“Quantitative and Qualitative Disclosures About Market Risk In the context of Item 7A, 3M is exposed to market risk due to the risk of loss arising from adverse changes in foreign currency exchange rates, interest rates and commodity prices. Changes in those factors could impact the Company’s results of operations and financial condition.”

Annual report 2025A · The company itself

“Commodity Prices Risk: The Company manages commodity price risks through negotiated supply contracts and price protection agreements.”

Annual report 2025A · The company itself

“Changing demand patterns from increased economic and political volatility and uncertainty, including as a result of increasing geopolitical tensions, inflation, economic downturns, changes in global trade policies, including the threat or imposition of tariffs or other trade restrictions and related retaliatory actions, protectionism, nationalism, global health emergencies and their impact on us, our clients and the industries we serve, have in the past had a negative impact and could in the future have a significant negative impact on our results of operations.”

Annual report 2025A · The company itself

“Our profitability is highly dependent on a variety of factors and could be materially impacted by any of the following: Pricing pressures have had and may continue to have a negative impact on our profitability. The rates we are able to charge for our solutions and services are affected by a number of factors, including: •general economic and political conditions; •our clients’ desire to reduce their costs; •the competitive environment in our industry; •the introduction of new technologies (such as advanced AI), services or products by competitors, ecosystem partners and clients, which could reduce our ability to obtain favorable pricing and impact our overall economics for the solutions or services we offer; •our ability to accurately estimate our service delivery costs, upon which our pricing is sometimes determined, including our ability to estimate the impact of inflation and foreign exchange on our service delivery costs over long-term contracts; and •the procurement practices of clients and their use of third-party advisors.”

Annual report 2025A · The company itself

“In addition, we adjust compensation to provide market relevant pay based on the skills of our people and locations where we operate. We also consider a variety of factors, including the macroeconomic environment, in making our decisions around pay and benefits.”

Annual report 2025A · The company itself

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

Annual report 2025A · The company itself

“The decrease in gross margin was primarily due to higher payroll costs.”

Annual report 2025A · The company itself

“Uncertainty in the economic environment or other unfavorable changes in economic conditions, such as inflation, fluctuating interest rates, recession, slowing growth, increased unemployment, tighter credit markets, changes or uncertainty in fiscal monetary or trade policy, implementation of new or increased tariffs, retaliatory tariffs by other countries or other trade restrictions, or currency fluctuations, may negatively impact consumer confidence and spending causing our customers to stop or postpone purchases.”

Annual report 2025A · The company itself

“The factors leading to AES Indiana's base rate increase request include inflationary impacts on O&M expenses and continued investments in generation, transmission, and distribution assets. AES Indiana is also seeking recovery of increased costs to support its vegetation management plan, storm restoration costs, and technology to enhance resiliency and reliability.”

Annual report 2025A · The company itself

“Key Financial Drivers — Financial results are driven by many factors, including, but not limited to: •operational performance; •regulatory outcomes and impacts; •variability in energy demand driven by weather; and •the impact of fuel oil prices on energy tariff prices, which affect cash flow due to a three-month delay in the pass-through of energy costs to the tariffs charged to customers.”

Annual report 2025A · The company itself

“In 2024 and 2025, the Argentine peso devalued against the USD by approximately 22% and 29%, respectively, and Argentina’s economy continued to be highly inflationary.”

Annual report 2025A · The company itself

“We may not be adequately hedged against our exposure to changes in commodity prices or interest rates. We routinely enter into contracts to hedge a portion of our purchase and sale commitments for electricity, fuel requirements, and other commodities to lower our financial exposure related to commodity price fluctuations.”

Annual report 2025A · The company itself

“The Company develops relevant supplemental health insurance products offering financial protection from the rising out-of-pocket expenses associated with medical events that are not covered by the insureds' primary coverage.”

Annual report 2025A · The company itself

“Inflation globally remains elevated but continues to trend downwards after monetary tightening, recovery of supply chains, and phasing out of extraordinary fiscal support.”

Annual report 2025A · The company itself

“Broad economic factors such as consumer spending, business investment, government spending, the volatility and strength of the capital markets and inflation, as well as ongoing central bank responses to these factors, all affect the business and economic environment and, indirectly, the amount and profitability of the Company's business.”

Annual report 2025A · The company itself

“Although Aflac U.S. has not experienced any material labor shortage to date, it has experienced elevated levels of workforce turnover and there has been an overall tightening of, and increased competition within, the U.S. labor market. These conditions, together with higher levels of inflation may result in increased operating expenses.”

Annual report 2025A · The company itself

“De seneste års markante renteforhøjelser, der blev besluttet som et led i bestræbelserne på at reducere inflationen, har sammen med en lav forbrugertillid, øget pres fra online-handel og den generelle usikkerhed i markedet medvirket til, at afkastkravene på særligt detailejendomme er steget betydeligt over de seneste år. Det forventes, at investorer i 2026 fortsat har betydelig kapital til ejendomsinvesteringer og fortsat ønsker risikospredning i sin portefølje, og det er ledelsens vurdering, at interessen for investering i fast ejendom også vil stige i 2026 i forhold til 2025.”

Annual report 2026A · The company itself

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

Annual report 2025A · The company itself

“This competition results in increased costs in the form of cash and stock-based compensation and can have a dilutive impact on our stock.”

Annual report 2025A · The company itself

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

Annual report 2025A · The company itself

“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

“Schouw&Co. generates a substantial part of its revenue by converting raw materials or by processing procured components. As a result, changes in prices of materials and foreign exchange rates may have a significant impact on revenue, even though the underlying activity may be unchanged.”

Annual report 2025A · The company itself

“Fibertex Personal Care reported a 9% drop in full-year revenue that was mainly caused by lower raw materials prices. Despite fierce competition in the Asian market, full-year EBITDA was up by 9%, mainly driven by favourable developments in raw materials prices throughout the year.”

Annual report 2025A · The company itself

“DKK 16,534 million, compared to DKK 16,616 million in 2024, reflecting that higher volumes sold were offset by lower raw materials prices, negative exchange rate developments, and changes in customer mix.”

Annual report 2025A · The company itself

“For a while, however, market conditions have reflected a challenging combination of weak market demand, increased production costs and extremely fierce price competition.”

Annual report 2025A · The company itself

“Competition in the global lithium market is increasingly based on index-based market pricing and differentiated via product quality, product diversity, reliability of supply and customer service.”

Annual report 2025A · The company itself

“Our raw material and energy costs can be volatile and may increase significantly. Increases are primarily driven by tightening of market conditions and major increases in the pricing of key constituent materials for our products such as crude oil, chlorine and metals (including molybdenum and rare earths, which are used in the refinery catalysts business).”

Annual report 2025A · The company itself

“We generally attempt to pass through changes in the prices of raw materials and energy to our customers, but we may be unable to do so (or may be delayed in doing so). In addition, raising prices we charge to our customers in order to offset increases in the prices we pay for raw materials could cause us to suffer a loss of sales volumes.”

Annual report 2025A · The company itself

“We utilize feasibility studies to estimate the anticipated economic returns of an exploration project. The actual project profitability or economic feasibility may differ from such estimates as a result of factors such as, but not limited to, changes in volumes, grades and characteristics of resources to be mined and processed; changes in labor costs or availability of adequate and skilled labor force; the quality of the data on which engineering assumptions were made; adverse geotechnical conditions; availability, supply and cost of water and power; fluctuations in inflation and currency exchange rates; delays in obtaining environmental or other government permits or approvals or changes in the laws and regulations related to our operations or project development; changes in royalty agreements, laws and/or regulations around royalties and other taxes; and weather or severe climate impacts.”

Annual report 2025A · The company itself

“Construction of large chemical operations is subject to numerous risks and uncertainties, including, among others, the ability to complete a project on a timely basis and in accordance with the estimated budget for such projects and our ability to estimate future demand for our products. In addition, our returns on these capital expenditures may not meet our expectations.”

Annual report 2025A · The company itself

“Inflationary trends in the price of our input costs, such as raw materials, transportation and energy, could adversely affect our business and financial results. We have experienced, and may continue to experience, volatility and increases in the price of certain raw materials and in transportation and energy costs as a result of global market and supply chain disruptions and the broader inflationary environment.”

Annual report 2025A · The company itself

“The price of commodities and skilled labor for our construction projects may increase unpredictably due to external factors, including, but not limited to, performance of third-party suppliers and contractors; overall market supply and demand; inflationary pricing; government regulation; international trade; and changes in general business, economic, or political conditions. As a result, the costs of raw construction materials and skilled labor required for the completion of our development and redevelopment projects may fluctuate significantly from time to time.”

Annual report 2025A · The company itself

“We may experience increased operating costs, which may reduce profitability to the extent that we are unable to pass those costs through to our tenants.”

Annual report 2025A · The company itself

“Most of our costs, such as operating and general and administrative expenses, interest expense, and real estate acquisition and construction costs, are subject to inflation.”

Annual report 2025A · The company itself

“However, during inflationary periods in which the inflation rate exceeds the annual rent escalation percentages within our lease contracts, these rate escalations or the resetting of rents from our renewal and re-leasing activities may not adequately offset the impact of inflation.”

Annual report 2025A · The company itself

“If our properties do not generate revenues sufficient to cover our operating expenses, including our debt service obligations and capital expenditures, we may have to borrow additional amounts to cover fixed costs and cash flow needs. This could adversely affect our ability to make distributions to our stockholders.”

Annual report 2025A · The company itself

“If our operating expenses increase without a corresponding increase in revenues, our profitability could diminish.”

Annual report 2025A · The company itself

“Changes in costs or constraints on supplies or energy used in operations •Similarly, if fuel or other energy prices increase, it may increase transportation costs, which could affect our agtech industry tenants’ and venture investment portfolio companies’ businesses.”

Annual report 2025A · The company itself

“•Rising construction costs. Our general contractors may face difficulty procuring construction materials at reasonable prices, particularly those subject to tariffs or disrupted supply, which may lead to project delays and/or increased costs. Rising costs and procurement challenges could significantly impact the yields and delay commencement of net operating income from our current and future development and redevelopment pipeline. •Risks to tenant operations.”

Annual report 2025A · The company itself

“Widespread tariffs, restricted trade, increased market volatility, and reduced investor confidence may trigger inflationary pressure and elevate the risk of a U.S. recession.”

Annual report 2025A · The company itself

“The cost increases that may result from tariffs, trade conflicts, and financial market volatility may significantly impact our development and redevelopment projects. Elevated material costs may lead to higher overall project budgets and extended construction timelines or require modifications to project scope to preserve economic feasibility. Any such adjustments may prevent our delivery of space on time and within budget, delay occupancy and commencement of rental income, and impact projected net operating income and yields.”

Annual report 2025A · The company itself

“Additionally, a favorable triple net lease structure with contractual annual rent escalations resulted in a consistent Same Properties operating margin of 68% for the year ended December 31, 2025 across our 282 Same Properties aggregating 29.8 million RSF.”

Annual report 2025A · The company itself

“Our general and administrative expenses consist primarily of compensation costs, technology services, and professional service fees. Annually, our employee compensation is adjusted to reflect merit increases; however, to maintain our ability to successfully retain and compete for the best talent, especially in a talent shortage environment, rising inflation rates may require us to provide compensation increases beyond historical annual merit increases, which may unexpectedly and/or significantly increase our compensation costs.”

Annual report 2025A · The company itself

“Similarly, technology services and professional service fees are also subject to the impact of inflation and generally increase proportionately with increasing market prices for such services. Consequently, inflation may increase our general and administrative expenses over time.”

Annual report 2025A · The company itself

“Additionally, inflationary pricing may increase the construction costs necessary to complete our development and redevelopment projects, including, but not limited to, costs of construction materials, labor, and services from third-party contractors and suppliers. These pressures are expected to intensify in 2026 due to tariff‑driven material‑cost volatility.”

Annual report 2025A · The company itself

“In addition, difficulties encountered by key vendors in providing necessary services at our properties could result in significant market rate increases for such services.”

Annual report 2025A · The company itself

“During the year ended December 31, 2025, as a percentage of net operating income, our ground lease rental expense aggregated 1.6%.”

Annual report 2025A · The company itself

“As of December 31, 2025, approximately 97% of our leases (on an annual rental revenue basis) contained effective annual rent escalations approximating 3% that were either fixed or indexed based on the CPI or another index.”

Annual report 2025A · The company itself

“Certain increases in the costs of construction materials, however, can often be managed in our development and redevelopment projects through either (i) general budget contingencies built into our overall construction costs estimates for each of our projects or (ii) guaranteed maximum price construction contracts, which stipulate a maximum price for certain construction costs and shift inflation risk to our construction general contractors.”

Annual report 2025A · The company itself

“Consumer spending habits are affected by, among other things, fluctuations in foreign currency exchange rates, changes in consumer confidence and demand, inflation, general economic weakness, actual or potential slowdowns or recessions, employment levels, health insurance coverage, wages, debt obligations, discretionary income, interest rates, cultural and social influences, market volatility and perceptions of current and future economic conditions.”

Annual report 2025A · The company itself

“Inflation has and may continue to adversely impact spending and trade activities, and may unpredictably impact global and regional economies. Efforts by central banks and federal, state and local governments to combat inflation could result in an economic recession or slowdown or adversely impact consumer spending for a prolonged period of time.”

Annual report 2025A · The company itself

“The ASPs of our products, particularly the Invisalign System, are influenced by numerous factors, including the mix of product treatment packages, geographical mix, channel mix and timing of products sold, promotions and discounts, inflation and foreign currency exchange rates. In addition, we sell our products at different prices and with varying shipping and handling charges or processing fees that may differ by country.”

Annual report 2025A · The company itself

“Additionally, the Inflation Reduction Act imposes a 1% excise tax on our stock repurchases, net of 35 certain stock issuances, which increases our tax liabilities and the cost to repurchase stock and may impact if and how much stock we choose to repurchase in the future.”

Annual report 2025A · The company itself

“Inflation Risk The economy has been impacted by certain macroeconomic challenges which have contributed to a rising inflationary trend that have impacted both our revenues and costs globally. If our costs become subject to significant inflationary pressures, we may not be able to fully offset such higher costs through price increases.”

Annual report 2025A · The company itself

“In recent years, we have experienced labor shortages and increased turnover rates that have led to, and could in the future lead to, increased costs, such as increased overtime to meet customer demand and increased wage rates to attract and retain employees and could negatively affect our ability to efficiently operate our production facilities or otherwise operate at full capacity. An overall or prolonged labor shortage, lack of skilled labor, increased turnover or sustained level of wage inflation could have a material adverse impact on our business, financial position, results of operations and cash flows.”

Annual report 2025A · The company itself

“Increased prices, whether due to inflationary pressures or other factors, could negatively impact our margin performance and our financial results. Higher prices for raw materials, parts and components, freight, packaging, labor and energy, whether caused by inflationary pressures or other geopolitical factors, such as new or increased tariffs, duties, or other charges as a result of changes to U.S. or international trade policies or trade agreements, increase our costs to manufacture and distribute our products and services, and we may be unable to pass these increased costs on to our customers.”

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

“Failure to timely recover these increased costs in rates may adversely impact our financial condition and results of operations.”

Annual report 2025A · The company itself

“We may experience volatility in claim frequency, and short-term trends may not be predictive of future losses over the longer term.”

Annual report 2025A · The company itself

“A regulatory environment that requires rates and products to be approved, can dictate underwriting practices and mandate participation in loss sharing arrangements, may increase the time to market of rate increases, new products or use of advanced technologies and adversely affect results of operations and financial condition Regulatory approval of rates, especially during inflationary periods, may restrict rate changes that may be required to achieve targeted levels of profitability and returns on equity.”

Annual report 2025A · The company itself

“Macro, regulatory and risk environment Conditions in the global economy and capital markets could adversely affect the business and results of operations Global economic and capital market conditions could adversely impact demand for our products, returns on our investment portfolio and results of operations. The conditions that may have the largest impact on our business include: •Low or negative economic growth •Interest rate levels •Rising inflation increasing claims and claims expense •Trade policy actions, such as tariffs and quotas •Substantial increases in delinquencies or defaults on debt •Significant downturns in the market value or liquidity of our investment portfolio •Prolonged downturn in equity valuations •Reduced consumer spending and business investment Stressed conditions, volatility and disruptions in global capital markets or financial asset classes could adversely affect our investment portfolio.”

Annual report 2025A · The company itself

“Our primary market risk exposures are to changes in interest rates, credit spreads and equity prices, and to a lesser extent, foreign currency exchange rates.”

Annual report 2025A · The company itself

“Av Nyfosas hyresintäkter omfattas 94 procent (91) av årlig Resultat indexjustering. Majoriteten av indexjusteringarna omfattar hela bashyran och följer KPI eller motsvarande index.”

Annual report 2024A · The company itself

“= Ökad bevakning = Oförändrad bevakning = Minskad bevakning Omvärld Risk Riskhantering Exponering Makro Verksamheten påverkas av makroekonomiska faktorer såsom ekonomiskt klimat, inflation, andel nybyggnation av kommersiella byggnader samt förändringar i infrastruktur och demografi. En ekonomisk nedgång som leder till högre arbetslöshet, sämre betalningsförmåga hos hyresgäster samt en ökad inflation skulle kunna få en negativ påverkan på bolagets resultat och ställning.”

Annual report 2024A · The company itself

“Förvaltning Risk Riskhantering Exponering Hyresintäkter En ekonomisk nedgång, inflation, konkurrens mellan kommersiella lokaler samt förändringar i infrastruktur och demografi kan leda till ökade vakanser eller lägre hyresnivåer som får en negativ påverkan på bolagets hyresintäkter.”

Annual report 2024A · The company itself

“Kundförluster En ekonomisk nedgång som leder till högre arbetslöshet, sämre betalningsförmåga hos hyresgäster samt en ökad inflation kan resultera i att hyresgäster inte kan fullgöra sina betalningar enligt underliggande hyresavtal.”

Annual report 2024A · The company itself

“94 procent (91) av Nyfosas hyresintäkter omfattas av indextillägg, vilket gör att hyresintäkterna följer inflationsutvecklingen.”

Annual report 2024A · The company itself

“The willingness of adult nicotine consumers to purchase premium brands is affected by macroeconomic conditions, including inflation and overall economic stability. In periods of economic uncertainty and high inflation, we have observed that adult nicotine consumers reduce consumption, purchase more discount brands and consider lower-priced nicotine products, increasing the market share of competitive discount products.”

Annual report 2025A · The company itself

“For example, due to inflationary pressures and other adverse macroeconomic factors, our operating companies may be unable to sufficiently increase the prices of their premium products to offset volume declines from consumers down-trading to lower-priced competitive brands or moving across nicotine product categories.”

Annual report 2025A · The company itself

“Throughout 2025, U.S. adult nicotine consumers faced persistent inflationary pressures on discretionary income, with lower-income consumers particularly affected. Inflation remained above the Federal Reserve’s 2% target, and elevated prices for essentials such as groceries and housing continued to constrain spending, prompting many low-income earners to cut back and rely more heavily on credit.”

Annual report 2025A · The company itself

“These calculations may be affected by several factors, including general macroeconomic conditions, the proliferation of illicit products, government actions, including FDA regulatory actions and inaction, changes in category growth (decline) rates as a result of changing adult nicotine consumer preferences, success of planned new product expansions, competitive activity, unfavorable outcomes with respect to litigation proceedings, including actions brought against us alleging patent infringement, and income and excise taxes.”

Annual report 2025A · The company itself

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

Annual report 2025A · The company itself

“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

“In addition, we are monitoring other effects of tariffs on our businesses, including the price, availability and quality of tobacco, raw materials, ingredients and component parts used to manufacture our operating companies’ products.”

Annual report 2025A · The company itself

“These settlements require participating manufacturers to make substantial annual payments, which are adjusted 37 Table of Contents for several factors, including inflation, operating income, market share and industry volume. Higher rates of inflation can increase our financial liability under the State Settlement Agreements as the State Settlement Agreements’ inflation calculations require us to apply the higher of 3% or the U.S. Bureau of Labor Statistics’ Consumer Price Index for All Urban Consumers (“CPI-U”) percentage rate as published in January of each year.”

Annual report 2025A · The company itself

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

Annual report 2025A · The company itself

“Pricing Actions PM USA and Middleton executed the following pricing actions during 2025 and 2024: ▪Effective October 12, 2025, PM USA increased the list price of Marlboro (excluding Mainline Menthol and 72s Menthol) and L&M by $0.17 per pack. PM USA also increased the list price of all its other premium cigarette brands by $0.22 per pack.”

Annual report 2025A · The company itself

“Net revenues, which include excise taxes billed to customers, increased $26 million (0.9%), as higher pricing ($263 million), which includes higher promotional investments, was mostly offset by lower shipment volume and a higher percentage of on! shipment volume relative to MST (“volume/mix”) ($237 million).”

Annual report 2025A · The company itself

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

Annual report 2026A · The company itself

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

Annual report 2026A · The company itself

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

Annual report 2026A · The company itself

“We continue to face labor market challenges in certain regions, including skilled labor shortages, wage inflation, demographic shifts, and evolving workforce expectations.”

Annual report 2026A · The company itself

“An increase in prices of our primary raw materials may result in a temporary or permanent reduction in income before income taxes and equity in income/(loss) of affiliated companies depending on the level of recovery by material type. The level of recovery depends both on the type of material and the market in which we operate.”

Annual report 2026A · The company itself

“(Applies to all Registrants) AEP’s business and capital investment plans for the construction of new projects, including providing service to new data centers and other large load customers, involve execution risks that could adversely affect AEP’s financial performance and/or impair AEP’s ability to execute on these plans. These risks include delays, supply chain disruption and the unavailability of materials, cost overruns, inflation, the cost and availability of capital, labor disputes or shortages and other factors that could cause the total cost and timing of any project to exceed estimates.”

Annual report 2025A · The company itself

“The regulated utility businesses, and the energy industry as a whole have experienced a period of rising costs and investments and an upward trend in spending, especially with respect to infrastructure investments, which are likely to continue in the foreseeable future. The increase in spending could trigger increased regulatory scrutiny to authorizing cost recovery, especially in a rising cost environment, whether due to inflation, tariffs, high fuel prices or otherwise, and/or in periods of economic decline or hardship.”

Annual report 2025A · 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 United States economy has experienced an inflationary environment and supply chain disruptions have contributed to higher prices of components, materials, equipment and other needed commodities. A prolonged continuation or a further increase in the severity of supply chain and inflationary disruptions, including increased tariffs, could result in additional increases in the cost of certain goods, services and cost of capital and further extend lead times.”

Annual report 2025A · The company itself

“Weaknesses in economic conditions, including a recessionary environment, poor capital markets performance, market volatility, volatility in interest rate levels and inflation have in the past led to, and may in the future lead to, among other consequences, a poor operating environment, erosion of consumer and investor confidence, reduced business volumes, deteriorating liquidity and declines in asset valuations.”

Annual report 2025A · The company itself

“Key ways in which we have been, and could be, negatively affected by economic conditions include: •increased loss payments and loss costs due to inflation; •increased challenges to insurance policy terms and conditions, such as standard exclusions; •increases in costs associated with third-party reinsurance, or decreased ability to obtain reinsurance on acceptable terms; •the increased likelihood of, or increased magnitude of, asset impairments caused by market fluctuations, deterioration in collateral values or credit deterioration of borrowers; and •reduced premiums.”

Annual report 2025A · The company itself

“These changes in loss cost trends or loss development factors could be due to changes in actual versus expected claims and losses, difficulties in predicting changes, such as changes in inflation, unemployment, or other social or economic factors affecting claims, including judicial and legislative actions, and changes in the tort environment.”

Annual report 2025A · The company itself

“Our business is dependent on our ability to price our products effectively and charge appropriate premiums and other charges. Pricing adequacy depends on a number of factors and assumptions, including proper evaluation of insurance risks, our expense levels, net investment income expected to be realized, our response to rate actions taken by competitors, legal and regulatory developments, the ability to obtain regulatory approval for rate changes and inflation.”

Annual report 2025A · The company itself

“MARKET RISK Market risk is defined as the risk of adverse impact due to systemic movements in one or more of the following market risk drivers: interest rates, credit spreads, foreign exchange, equity and commodity prices, residential and commercial real estate values, inflation, and their respective levels of uncertainty.”

Annual report 2025A · The company itself

“In general, our tenant leases for our communications sites with wireless carriers have initial non-cancellable terms of five to ten years with multiple renewal terms, with provisions that periodically increase the rent due under the lease, typically annually, based on a fixed escalation percentage (averaging approximately 3% in the United States) or an inflationary index in most of our international markets, or a combination of both.”

Annual report 2025A · The company itself

“Specifically as part of our ongoing portfolio analysis, we conduct an extensive review of a particular country’s historical and projected macroeconomic fundamentals, including inflation and foreign currency exchange rate trends, demographics, capital markets, tax regime and investment alternatives, and the general business, political and legal environments, including property rights and regulatory regime.”

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

“In addition, many of our customers and potential customers rely on capital raising activities to fund their operations and capital expenditures, which may be more difficult or expensive in the event of downturns in the economy or disruptions in the financial and credit markets, including those caused by factors such as inflation, currency devaluations and other foreign currency exchange rate volatility, higher interest rates and supply chain disruptions.”

Annual report 2025A · The company itself

“Inflation can materially and adversely affect us by increasing the costs of land, materials, labor and other costs required to manage and grow our business.”

Annual report 2025A · The company itself

“In addition, should inflation rates exceed our fixed escalator percentages in markets where our leases include fixed escalators, our returns could be adversely affected.”

Annual report 2025A · The company itself

“In an inflationary environment, depending on the terms of our contracts and other economic conditions, we may be unable to raise prices enough to keep up with the rate of inflation or our customers may be unwilling to pay contractual increases or demand discounts upon renewal, which would reduce our profit margins and returns. If we are unable to increase our prices to offset the effects of inflation, our business, results of operations and financial condition could be materially and adversely affected.”

Annual report 2025A · The company itself

“Further, market volatility and disruption caused by factors such as inflation and fluctuating interest rates may impact our ability to raise additional capital through debt and equity financing activities or our ability to repay or refinance maturing liabilities, or impact the terms of any new obligations, which in turn may have an adverse impact on our credit ratings.”

Annual report 2025A · The company itself

“Failure to increase operating revenues to sufficiently offset any potential increase in lease costs, including as a result of the current inflationary environment, would adversely impact our operating income.”

Annual report 2025A · The company itself

“Such factors, which can be global, regional, national or local in nature, include: (i) the level and volatility of the markets, including equity prices, interest rates, commodity prices, currency values and other market indices and drivers; (ii) geopolitical strain, terrorism and armed conflicts, (iii) political dynamics or elections and social, economic and market conditions; (iv) the availability and cost of capital; (v) global health emergencies; (vi) technological changes and events; (vii) U.S. and foreign government regulatory, fiscal and tax policies; (viii) U.S. and foreign government ability, real or perceived, to avoid defaulting on government securities; (ix) the availability and cost of credit and hedge markets; (x) periods of elevated inflation; (xi) natural disasters such as weather catastrophes; and (xii) other factors affecting investor sentiment and confidence in the financial markets.”

Annual report 2025A · The company itself

“While inflation has moderated in certain economies, it has remained elevated or proven more persistent in others due to services inflation, labor market tightness, fiscal spending and tariff-related cost pressures, leading central banks to pursue increasingly divergent policy paths. As a result, interest rates may remain elevated for longer than in prior cycles or increase further in certain markets, contributing to volatility in interest rates, foreign exchange markets and financial conditions.”

Annual report 2025A · The company itself

“For example: •The performance of certain of the portfolio companies of the funds we manage in the leisure and hospitality industry has been negatively impacted by macroeconomic conditions, such as inflation, and geopolitical events, such as the conflict between Russia and Ukraine and the conflicts in the Middle East.”

Annual report 2025A · The company itself

“Strategic capital management fees were $131 million in 2025, an increase of $26 million from $105 million in 2024, primarily driven by additional fees received from ADIP II and Catalina attributable to strong net flows into ACRA 2 and Catalina in 2025. Cost of funds was $10.1 billion in 2025, an increase of $2.4 billion from $7.7 billion in 2024, primarily driven by significant growth in deferred annuity and funding agreement business, higher rates on new business and runoff of lower rate business compared to existing blocks, earlier origination of new business within the year compared to 2024, a shift in business mix to more institutional business at higher crediting rates and an unfavorable change in unlocking.”

Annual report 2025A · The company itself

“Inflation Risk—Exposure to inflation-linked outflows (liabilities) is not a significant risk. These liabilities generally have caps on the amount of inflation applied to annual growth of payments. Additionally, inflation-linked liabilities are priced to parity with other payout options available to the policyholders accounting for the forward-looking risk. Athene attempts to hedge the majority of inflation risk arising from the pension group annuity business that it reinsures.”

Annual report 2025A · The company itself

“Adverse macroeconomic conditions, including slow growth or recession, high unemployment, inflation, tighter credit, higher interest rates, and currency fluctuations, can adversely impact consumer confidence and spending and materially adversely affect demand for the Company’s products and services.”

Annual report 2025A · The company itself

“Inflation. The EU has adopted a range of measures to combat unprecedented levels of inflation, with EIOPA issuing a supervisory statement outlining its expectations of (re)insurers on inflation-related issues in 2022. We are monitoring ongoing developments and considering the impact of EU and EIOPA guidance on inflation on its business.”

Annual report 2025A · The company itself

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

Annual report 2025A · The company itself

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

Annual report 2025A · The company itself

“Elevated levels of inflation could drive higher U.S. and global interest rates, negatively impacting asset prices, particularly in fixed income and undermine financial flexibility of operating businesses.”

Annual report 2025A · The company itself

“Deteriorating economic conditions, potentially due to prolonged recessionary conditions increasing levels of unemployment and inflation, could adversely affect the performance of our mortgage insurance portfolio and could adversely affect our results of operations and financial condition.”

Annual report 2025A · The company itself

“Inflation has impacted and may in the future adversely affect our business, results of operations and financial condition of our funds and their portfolio companies. Certain of our funds and their portfolio companies are in industries that have been impacted by inflation. Although U.S. inflation rates have fluctuated in recent periods, they remain well above the historic levels over the past several decades. Ongoing inflationary pressures have increased the costs of labor, energy and raw materials and have adversely affected consumer spending, economic growth and our funds’ portfolio companies’ operations.”

Annual report 2025A · The company itself

“Economic events affecting the economy or market in general, such as volatility in the financial markets related to changes in markets, inflation, changes in interest rates or global or national events that are beyond our control, could cause investors to request redemption of an increased number of shares pursuant to the share redemption programs of our perpetual wealth vehicles, potentially in excess of established limits.”

Annual report 2025A · The company itself

“These investments are subject to the potential for deterioration of market fundamentals and the risk of adverse changes in local market and economic conditions, which may include changes in supply of and demand for liquid credit, alternative credit and direct lending.”

Annual report 2025A · The company itself

“The operations and cash flow of infrastructure investments are also more sensitive to inflation and, in certain cases, commodity price risk.”

Annual report 2025A · The company itself

“Further, geopolitical and domestic political uncertainty, unexpected shifts in monetary and fiscal policy, changes in interest rates, depressed labor force participation, the risk of labor shortages in the face of more restrictive immigration policies, supply chain pressures and other general economic trends may impact the performance of our portfolio companies in many industries and geographies.”

Annual report 2025A · The company itself

“In addition, the performance of our investment funds and our portfolio companies may be adversely affected by increases in inflationary pressures such as employee wage growth or rising input costs, which could compress profit margins, particularly at our portfolio companies that are unable to effectively increase prices in response.”

Annual report 2025A · The company itself

“En stor volatilitet i inköpspris på huvudråvaror medför en HÅLLBARHETS- RAPPORT FINANSIELL RAPPORT BOLAGSSTYRNINGS- RAPPORTAKTIE FINANSIELL RAPPORT FORTS. viss risk för materialbrist och lägre lönsamhet.”

Annual report 2024A · The company itself

“U.S. new vehicle sales have shown modest improvements since 2024, remaining stable despite tariff uncertainty, while affordability challenges continue to steer more buyers toward the used vehicle market. Inventory of used vehicles has recovered slightly from the shortages of 2021-2022, but remains below historical levels, with scarcity of low-mileage vehicles keeping prices elevated.”

Annual report 2025A · The company itself

“While interest rates and credit volatility are beginning to ease, inflation on parts and labor underscores the mixed macroeconomic environment.”

Annual report 2025A · The company itself

“However, the value of certain inventory could be adversely impacted by technological changes affecting the usefulness or desirability of the devices and parts, physical problems resulting from faulty design or manufacturing, increased competition, decreased consumer demand, including due to changes in customer preferences, changes in client promotions and seasonality, changes in client forecasts and demand, supply chain constraints and our ability to manage inventory, growing industry emphasis on cost containment and adverse foreign trade relationships.”

Annual report 2025A · The company itself

“Should the housing market deteriorate for a prolonged period, we could experience a longer-term increase in our placement rates over time. In addition to the overall market, our lender-placed results are also impacted by inflation and the costs of paying claims, and the mix of loans we service.”

Annual report 2025A · The company itself

“Losses are impacted by increases in the cost of materials and labor required to settle claims.”

Annual report 2025A · The company itself

“Losses are impacted by increases in inflation and supply chain disruptions that have increased and may continue to increase the cost of materials and labor required to settle claims, particularly in our Global Housing and Global Automotive businesses.”

Annual report 2025A · The company itself

“General inflationary pressures and supply chain disruptions, including within the current environment, has and may continue to increase the costs of paying claims, including for materials and labor, particularly in our Global Housing and Global Automotive businesses.”

Annual report 2025A · The company itself

“Our profitability could be reduced if we are unable to accurately predict and price for claims and other costs, including the frequency and severity of property and other claims. This ability could be affected by various factors, including macroeconomic conditions; inflation; changes in the regulatory environment; changes in industry practices; changes in legal, social or environmental conditions; impacts from operational changes; new products; and new technologies or domestic or global supply chain or labor issues.”

Annual report 2025A · The company itself

“Factors affecting these items, including conditions in the financial markets, the global economy, political conditions and the markets in which we operate, fluctuations in exchange rates, interest rates and inflation, and tariffs and global supply chain disruptions may have a material adverse effect on our results of operations or financial condition.”

Annual report 2025A · The company itself

“Variability in insurance claims, including changes in frequency and severity, and the impact of inflation, also contribute to fluctuations in our business performance.”

Annual report 2025A · The company itself

“Risks inherent in our international operations include: •economic volatility; •tariffs, quotas, and other trade barriers and restrictions, geopolitical conflicts, and any political or economic responses and counter-responses thereto by various global actors; •fluctuating currency exchange rates, including devaluations, currency controls, and inflation, and risks related to any hedging activities we undertake; •changes in regulatory requirements and practices; •delays resulting from difficulty in obtaining export licenses for certain technology; •different purchase patterns as compared to the developed world; •operating in locations with a higher incidence of corruption and fraudulent business practices, particularly in emerging economies; •compliance with the U.S.”

Annual report 2026A · The company itself

“Light vehicle sales have decreased in several regions, inflation remained high, and although the volatility in Light Vehicle Production (LVP) improved, it remained above pre-pandemic level.”

Annual report 2024A · The company itself

“From a financial impact perspective, the most material transi - tion risks identified were: • The risk of a global decrease in overall vehicles sales • Increasing prices for certain raw materials as a result of carbon pricing mechanisms (such as CBAM) • Potential revenue loss if Autoliv fails to meet increasingly strict supplier requirements from OEMs who themselves have set strict GHG emissions reduction targets The most material physical risks identified, generally connected to a 3-4°C scenario, were factors that would lead to significant production disruptions.”

Annual report 2024A · The company itself

“Inflation is currently high world-wide and may continue for some time, which could lead to fluctuations in interest rates.”

Annual report 2024A · The company itself

“In addition, there is a risk that inflation, high-turnover rates, and increased competition may reduce the efficiencies now available in bestcost countries to levels that no longer allow for cost-beneficial restructuring opportunities.”

Annual report 2024A · The company itself

“Inflation is also currently high world-wide and may continue for an unforeseen time, which could lead to fluctuations in interest rates.”

Annual report 2024A · The company itself

“Changes in raw material costs had a limited impact on our profitability in 2024. The Company expects only limited raw material price changes in 2025.”

Annual report 2024A · The company itself

“Due in part to the negative impact of the war in Ukraine, we have experienced exacerbated increases in raw materials and increased costs for transportation, energy, and commodities. Although we have negotiated and continue to negotiate with our customers with respect to these additional costs, commercial negotiations with our customers may not be successful or may not offset all of the adverse impact of higher transportation, energy and commodity costs.”

Annual report 2024A · The company itself

“Political, economic and social factors may materially adversely affect our business and financial results 20 Trade, including the imposition of tariffs or other trade restrictions, monetary and fiscal policies, and political and economic conditions may substantially change, and credit markets may experience periods of constriction and volatility. A slowdown in the economy or other negative changes, including in employment levels (as a result of AI or otherwise), the level of interest rates or the level of inflation, may have a negative impact on our businesses.”

Annual report 2026A · The company itself

“In addition, as our operating costs increase due to inflationary pressure or otherwise, we may not be able to offset these increases by corresponding price increases for our products and solutions.”

Annual report 2026A · The company itself

“In 2022, global supply chain challenges impacted margins in the form of cost inflation, primarily for key components. However, margins improved toward the end of the year as strategic pricing actions and more favorable aluminum prices started to take effect.”

Annual report 2022A · The company itself

“the economy. In periods of declining economic conditions, including as a result of inflation, high levels of consumer debt, and/or high interest rates, consumers may reduce their discretionary spending by deferring vehicle maintenance or repair. Additionally, such conditions may affect our customers’ ability to obtain credit.”

Annual report 2025A · The company itself

“We compete with other retail businesses for many of our associates in hourly positions, and these positions have historically had high turnover rates, which can lead to increased training and retention costs, particularly in a competitive labor market. We cannot be assured that we can continue to hire, train and retain qualified employees at current wage rates since we operate in a competitive labor market, and there are currently significant inflationary and other pressures on wages.”

Annual report 2025A · The company itself

“For example, new or increased tariffs, inflation, rising interest rates and disruption to the global supply chain have negatively impacted costs and inventory availability and may continue to have a negative impact on future results and profitability.”

Annual report 2025A · The company itself

“Sänkningen av styrräntan, det nyintroducerade skattefria sparandet på ISK och kapitalförsäkring samt förväntade reallöneökningar följt av bland annat lägre inflation torde borga väl för ett ännu starkare sparande framöver. " Hushåll önskar i allt större utsträckning ökad ekonomisk frihet vilket gynnar sparandet" Det finns också starka långsiktiga trender som gynnar sparandemarknaden.”

Annual report 2024A · The company itself

“Fördröjd återhämtning i den svenska ekonomin kan komma att påverka hushållens möjligheter till sparande De senaste årens penningpolitiska åtgärder har haft positiv effekt på inflationen som sjunkit och nu rör sig nära inflationsmålet. Samtidigt har hushållens ekonomi tyngts av lägre reallöner, kraftigt stigande bolåneräntor, försvagad svensk krona och generellt högre kostnader.”

Annual report 2024A · The company itself

“2024 var ett börsår påverkat av krig, geopolitisk osäkerhet, sjunkande inflation och räntesänkningar.”

Annual report 2024A · The company itself

“Macroeconomic developments such as impacts from slower growth in the geographic regions in which we operate; inflation resulting from, among other things, increased raw material, energy and freight costs; labor shortages; geopolitical, social, supply chain and other disruptions; epidemics, pandemics or other outbreaks of illness, disease or virus; and uncertainty in global credit or financial markets could result in a material adverse effect on our business as a result of, among other things, lower consumer spending, fluctuations in foreign currency exchange rates, reduced asset valuations, diminished liquidity and credit availability, volatility in securities prices, and credit rating downgrades.”

Annual report 2025A · The company itself

“Shortages and inflationary or other increases in the costs of raw materials, labor, freight and energy have occurred in the past, and could recur. In past years, we implemented targeted price increases in our Materials Group reportable segment to address raw material inflation; more recently, we implemented deflation-related price reductions as a result of lower raw material costs.”

Annual report 2025A · The company itself

“Although we have processes to administer credit granted to customers and believe our allowance for credit losses is adequate, we have in the past had to increase the allowance due to, among other things, epidemics, pandemics or other outbreaks of illness, supply chain challenges, regulatory restrictions and inflationary pressures, and in the future may experience losses as a result of our inability to collect some of our accounts receivable.”

Annual report 2025A · The company itself

“We anticipate some pricing increase and fulfillment volatility for certain raw materials and components to continue through 2026.”

Annual report 2025A · The company itself

“Disruptions in our supply chain, the high cost or unavailability of raw materials, equipment, and supplies essential to our business could adversely affect our ability to execute our operations on a timely basis. Our manufacturing operations are dependent on having sufficient raw materials, component parts and manufacturing capacity, including labor, available to meet our manufacturing plans on a timely basis, at a reasonable cost while minimizing inventories. Additional disruptions within our supply chain resulting from factors including, but not limited to, sanctions, tariffs, conflict, inflation, high interest rates, severe weather and natural disasters, and shortages in labor supply, have had and may continue to have an impact on our business and reputation.”

Annual report 2025A · The company itself

“In addition, price increases imposed by our vendors for raw materials and transportation providers used in our business, and the inability to pass these increases through to our customers, could have a material adverse effect on our business and consolidated results of operations.”

Annual report 2025A · The company itself

“Global economic conditions, including inflation, have adversely affected, and could continue to adversely affect, our operations. General global economic downturns and macroeconomic trends, including heightened inflation, capital markets volatility, interest rate and currency rate fluctuations, changes in monetary policy and economic slowdown or recession, have resulted in, and may continue to result in, unfavorable conditions that negatively affect demand for our products and exacerbate other risks described in this “Risk Factors” section that affect our business, results of operations, financial condition, and cash flows. Both domestic and international markets have been experiencing significant inflationary pressures in recent years and inflation rates in the U.S., as well as in other countries in which we operate, are currently expected to continue at elevated levels for the near term.”

Annual report 2025A · The company itself

“We have experienced and are likely in the future to experience inflationary and other increases in manufacturing costs and operating expenses (including as a result of the aforementioned tariffs) and are limited in our ability to pass these cost increases on to our customers in a timely manner or at all due to the longer term nature of our customer contracts and arrangements, which could have a material adverse impact on our profitability and results of operations.”

Annual report 2025A · The company itself

“General global economic downturns and macroeconomic trends, including heightened inflation, capital market volatility (including volatility resulting from the imposition of (and changing policies around) tariffs and related countermeasures), import or export licensing requirements, interest rate and currency rate fluctuations, economic slowdown or recession, have contributed to conditions that have impacted, and may continue to impact, demand for our products and services, or the prices we can charge for our products, disrupt aspects of our supply chain, impair our ability to produce our products, increase borrowing costs and exacerbate other risks that affect our business, financial condition and results of operations.”

Annual report 2025A · The company itself

“Our results of operations could be negatively impacted by volatility in the cost of raw materials, components, labor, duties, freight, energy and other production costs that, in turn, increases the costs of producing and distributing our products.”

Annual report 2025A · The company itself

“The overall costs of raw materials, transportation, construction, services and energy necessary for the production and distribution of our products continue to increase and be volatile.”

Annual report 2025A · The company itself

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

Annual report 2024A · The company itself

“Historically, the availability and pricing of these and other inputs has been volatile.”

Annual report unknown yearA · The company itself

“The most significant raw materials in Benjamin Moore products are titanium dioxide, monomers, polymers, packaging materials and pigments.”

Annual report unknown yearA · The company itself

“Our operating businesses are subject to normal economic cycles affecting the general economy or the specific industries in which they operate. Significant deteriorations of economic conditions, including significant inflation over prolonged time periods could produce a material adverse effect on one or more of our significant operations.”

Annual report unknown yearA · The company itself

“Several raw materials used in PCC products, including certain metals such as nickel, titanium, cobalt, tantalum, hafnium, vanadium, rhenium and molybdenum, are found in only a few parts of the world. These metals are required for the alloys used in manufactured products. The availability and costs of these metals may be influenced by private or governmental cartels, changes in world politics, labor relations between the metal producers and their workforces and inflation.”

Annual report unknown yearA · The company itself

“Lubrizol uses many specialty and commodity chemical raw materials in its manufacturing processes. Raw materials are primarily feedstocks derived from petroleum and petrochemicals and, generally, are obtainable from several sources.”

Annual report unknown yearA · The company itself

“Consumer demand for the products and services that we offer could be, or could continue to be, affected by a number of factors, including: real GDP growth, inflation, recession, consumer confidence, employment levels, effects of government closures, cost of living, uncertainty over the availability of government benefits, tax rates, availability of consumer financing, interest rates, housing market conditions, foreign currency exchange rates, the price of oil, gas and other commodities and other macroeconomic trends.”

Annual report 2026A · The company itself

“We are subject to specific pressures that may increase our product prices, including high consumer demand, inflation, governmental actions (e.g., tariffs) and supply chain disruptions. Additionally, price increases in the products we purchase for resale may require us to adjust our sales prices. Our ability to increase prices to offset these pressures might be limited, requiring us to absorb these increases within our margins.”

Annual report 2026A · The company itself

“Table of Contents Our ability to find qualified vendors who can supply products that meet our internal standards of quality and safety in a timely and efficient manner can be difficult, especially with respect to goods sourced from outside the U.S. Risks such as political or economic instability, cross-border trade restrictions or tariffs, merchandise quality issues, product safety concerns, work stoppages, human rights violations, port delays, foreign currency exchange rate fluctuations, transportation capacity and costs, inflation, civil unrest, natural disasters, outbreaks of pandemics and other factors relating to foreign trade are beyond our control. These and other related issues could have a material adverse impact on our financial results.”

Annual report 2026A · The company itself

“Trots en fortsatt osäker omvärld och en ekonomi som visat tecken på återhämtning med lägre inflation och räntesänkningar, har vi lyckats överträffa oss själva.”

Annual report 2024A · The company itself

“Viktiga händelser under 2024 Under 2024 har flera externa faktorer som väsentligt påverkar verksamheten stabiliserats jämfört med föregående år. Detta inkluderar råvarupriser, transportkostnader och valutakurser, som alla har påverkat inköp och ledtider positivt.”

Annual report 2024A · The company itself

“Inflation En potentiell hög inflationstakt, likt den inflationstakt som uppstod under 2023 och början av 2024, i de marknader Björn Borg är verksam inom kan utgöra en finansiell risk. En ökad risk om detta skulle ske är att räntor på banklån kan komma att stiga kraftigt samt den negativa påverkan en hög inflation riskerar att ha för konsumenters privatekonomi vilket riskerar ett minskat eller ändrat köpbeteende hos konsumenter.”

Annual report 2024A · The company itself

“Vidare påverkas bolagets lönsamhet av förändrade råvarupriser på världsmarknaden samt av ökade produktions-, löneoch transportkostnader i de länder där bolaget köper sina produkter Marknadsrisker Björn Borg är verksamt i den starkt konkurrensutsatta modebranschen.”

Annual report 2024A · The company itself

“Nevertheless, inflation has remained above the U.S. Federal Reserve’s target level, and interest rates remain elevated. Uncertainty regarding the further trajectory of inflation and interest rates creates the potential for volatility in debt and equity markets.”

Annual report 2025A · The company itself

“The structure of the product includes no late fees and no compounding interest with a cap on total interest owed.”

Annual report 2025A · The company itself

“Adverse changes in the macroeconomic environment or the credit quality of our sellers could cause some sellers who utilize Square Loans to cease operations or to experience a decline in their payment processing volume, thereby rendering them unable to make payment on the Square Loans and/or extend the repayment period beyond the contractual repayment terms. Similarly, economic factors such as interest rate changes, market volatility or rising unemployment rates could negatively impact loan repayment rates, increase our risk of loss, and materially and adversely impact our business, results of operations, and financial condition.”

Annual report 2025A · The company itself

“In particular, inflation and economic volatility, including the impact of heightened tariffs, a potential recession, and market expectations regarding the same, have impacted and may continue to impact consumer spending in general and at these businesses.”

Annual report 2025A · The company itself

“From time to time, we have experienced and may continue to experience material and adverse impacts to our business as a result of the uncertainty and volatility in the banking and financial services sectors, adverse macroeconomic conditions, including inflation, heightened or uncertain tariffs, and interest rate increases, availability of credit, bankruptcies or insolvencies of customers, and recession or economic downturn.”

Annual report 2025A · The company itself

“Demand for our commercial aircraft is further influenced by additional factors including airline profitability, availability of aircraft financing, trade policies, geopolitics, technological advances, price and other competitive factors, fuel prices, inflationary pressures, terrorism, pandemics, epidemics, sustainability-related preferences, environmental regulations, and reputational factors.”

Annual report 2025A · The company itself

“We enter into firm fixed-price aircraft sales contracts with indexed price escalation clauses, which subjects us to losses if we have cost overruns or if increases in our costs exceed the applicable escalation rate. Commercial aircraft sales contracts are typically entered into years before the aircraft are delivered. In order to help account for economic fluctuations between the contract date and delivery date, aircraft pricing generally consists of a fixed amount as modified by price escalation formulas derived from labor, commodity and other price indices.”

Annual report 2025A · The company itself

“Our customers’ fleet decisions and financial position are also impacted by fuel and other costs, as well as inflationary pressures.”

Annual report 2025A · The company itself

“Many of our suppliers are experiencing inflationary pressures, as well as resource constraints and disruptions due to production quality issues, global supply chain constraints, and labor instability.”

Annual report 2025A · The company itself

“Förutsättningarna på våra marknader är gynnsamma för bostadsutvecklare på lång sikt, men har bjudit på utmaningar i form av höga inflations- och räntenivåer samt ökande produktionskostnader de senaste åren.”

Annual report 2024A · The company itself

“Marknadstrender på kortare sikt Sänkning av styrräntor och sjunkande inflation i Europa under 2024 har successivt stärkt hushållens köpkraft.”

Annual report 2024A · The company itself

“Efterfrågan på bostäder påverkas av makroekonomiska faktorer såsom det allmänna ekonomiska läget, inflation och räntenivåer, sysselsättningsnivån, takten i nyproduktion av bostäder, förändringar i infra - struktur och demografiska trender.”

Annual report 2024A · The company itself

“Economic and political uncertainty can negatively impact transaction growth rates, cancellation rates, and accommodation average daily rates ("ADRs"). If there are lower ADRs, it generally has a negative effect on our revenues and results of operations.”

Annual report 2025A · The company itself

“These factors combined with inflationary pressure on compensation has caused our personnel expenses to attract and retain key talent to increase, which may adversely affect our results of operations.”

Annual report 2025A · The company itself

“Tillväxten för den nordiska marknaden för mode- och livsstilsprodukter var begränsad under 2024 till följd av återhållsamt konsumentbeteende som påverkades av lågt konsumentsentiment. Detta drevs sannolikt av höga räntor, ekonomisk osäkerhet och ihållande inflation som påverkade hushållens köpkraft.”

Annual report 2024A · The company itself

“Webbutiker kan leverera värdekedjan till lägre kostnad än fysiska butiker och dessa besparingar kommer i slutändan konsumenterna få ta del av. Kunder vill inte betala mer än nödvändigt och genom enkelheten att göra prisjämförelser har de god kunskap om vad marknadspriset är.”

Annual report 2024A · The company itself

“Tillväxten drevs av fortsatta investeringar i marknadsföring samt framgångsrikt arbete med att omvandla kunder från enkategorikunder till flerkategorikunder. E-handeln tappade dock generellt momentum på grund av negativa makroekonomiska faktorer, medan konsumentsentiment och inflationstryck ytterligare dämpade efterfrågan under året.”

Annual report 2024A · The company itself

“Den nordiska konsumenten var fortsatt återhållsam och mycket priskänslig, vilket speglar sig i resultatet.”

Annual report 2024A · The company itself

“The same economic conditions could also adversely affect our third-party vendors, including those that we utilize in our supply-chain and manufacturing operations, which may lead to a reduction or interruption in the supply of materials and components used in manufacturing our products or increase the price of such materials or components, as well as the distributors and dealers who offer our products in certain countries and markets. Continued inflationary pressure may also increase certain operational costs, including due to 14 wage increases, or increases in the cost of materials or components.”

Annual report 2025A · The company itself

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

Annual report 2025A · The company itself

“Konsekvenserna av en sådan geopolitisk eskalering är svåra att förutse och kan försvåra Boules verksamhet eller leda till negativa konsekvenser för den globala ekonomin och viktiga ekonomiska faktorer såsom BNP-tillväxt samt räntor och inflation. En sådan utveckling skulle kunna komma att väsentligt negativt påverka Boules framtida intjäningsförmåga och lönsamhet.”

Annual report 2024A · The company itself

“Väl positionerat för fortsatt lönsam tillväxt kring södra Sveriges större stadskärnor Brinova som en investering • Kvalitativ och effektiv förvaltning i egen regi som bidrar till kundnöjdhet, lönsamhet och fortsatt tillväxt. • En stabil positiv resultatutveckling som byggt upp ett långsiktigt hållbart substansvärde i bolaget. • En intjäningsförmåga som kan följa kostnadsutvecklingen i omvärlden då 61 procent av hyresintäkterna är KPI-indexerade och bostadshyror kompenseras på sikt för inflation. • En finansiering som kännetecknas av traditionell bankfinansiering och är byggd på stabila och nära relationer med ett flertal etablerade nordiska banker. • Ett tydligt hållbarhetsfokus med ambitionen att vara en samhällsstödjande aktör.”

Annual report 2024A · The company itself

“Genom åren har fastighetsägare kunnat kompensera för inflationen genom hyresjusteringar, även om de ofta sker med viss fördröjning. Framöver förväntas hyresnivåerna inom bostadssektorn öka i en snabbare takt än inom kommersiella fastighetssektorer, för att kompensera för den tidigare höga inflationen.”

Annual report 2024A · The company itself

“För samhällsfastigheter skrivs avtal på löptider upp till 25 år och hyresnivån är reglerad via indexavtal kopplade till KPI.”

Annual report 2024A · The company itself

“Snitthyran i Brinovas bestånd av bostadsfastigheter är 1 532 kr/kvm efter den årliga uppräkningen som i genomsnitt blev 5,0 procent i 2024 års hyresförhandling. Förhandlingen för 2025 pekar på en hyresökning runt 4,5–5,0 procent.”

Annual report 2024A · The company itself

“Till skillnad från samhällsfastigheter och kommersiella fastigheter omfattas bostadsfastigheter av regleringar som bland annat innebär att den så kallade bruksvärdesprincipen bestämmer hyressättningen som förhandlas fram inom det kollektiva förhandlingssystemet med de olika orternas lokala hyresgästföreningar. Det innebär en risk att generella kostnadsökningar inte får genomslag i hyresutvecklingen, eller att sådant genomslag sker med fördröjning.”

Annual report 2024A · The company itself

“Med en kraftig kostnadsinflation med kostnadsökningar främst inom energi ökar behovet av kostnadskontroll, nya lösningar och energieffektiviseringar.”

Annual report 2024A · The company itself

“Inflation can adversely affect us by increasing our costs, including salary costs.”

Annual report 2025A · The company itself

“Commission revenues generally represent a percentage of the premium paid by an insured and are affected by fluctuations in both premium rate levels charged by insurance companies and the insureds’ underlying “insurable exposure units,” which are units that insurance companies use to measure or express insurance exposed to risk (such as property values, sales or payroll levels) to determine what premium to charge the insured.”

Annual report 2025A · The company itself

“For example, higher levels of inflation, an increase in the value of insurable exposure units or a general decline in economic activity, could increase or decrease the value of insurable exposure units.”

Annual report 2025A · The company itself

“Continued change in the geopolitical and macroeconomic climate, supply disruptions and developments in raw material prices and interest rates may impact outlook for 2026.”

Annual report 2025A · The company itself

“Probability: ■ High Impact: ■ High Geopolitical uncertainties can lead to macroeconomic downturns involving inflation, rising interest rates, increasing energy costs, etc. This could impact the construction industry overall and decrease market demand.”

Annual report 2025A · The company itself

“The products in this category are highly sensitive to fluctuations in market prices for such commodities.”

Annual report 2025A · The company itself

“Unfavorable changes in demographics, credit markets, including rising mortgage and other interest rates, consumer confidence, household incomes, inflation, housing affordability, or housing inventory levels and occupancy, or a weakening of the U.S. economy or of any regional or local economy in which we operate could adversely affect consumer spending, result in decreased demand for our products, and adversely affect our business.”

Annual report 2025A · The company itself

“Prices of building products are subject to fluctuations arising from changes in supply and demand, national and international economic conditions, including inflation and interest rates, labor costs, competition, market speculation, government regulation, and trade policies, as well as from periodic delays in the delivery of lumber and other products, all of which are outside our control.”

Annual report 2025A · The company itself

“We are operating in an uncertain economic environment. The global credit and financial markets have experienced extreme volatility and disruptions, including severely diminished liquidity and credit availability, declines in consumer confidence, declines in economic growth, increases in unemployment rates, high rates of inflation, and uncertainty about economic stability and the risk of a potential recession.”

Annual report 2025A · The company itself

“Additionally, from time-to-time, agricultural production shortfalls in certain regions, and growing demand for agricultural commodities for feed, food, and fuel use have caused prices for relevant agricultural commodities to rise. High commodity prices and regional crop shortfalls have led, and in the future may lead, governments to impose price 7 Table of Contents controls, tariffs, export restrictions and other measures designed to ensure adequate domestic supplies and/or mitigate price increases in their domestic markets, as well as increase the scrutiny of competitive conditions in their markets.”

Annual report 2025A · The company itself

“We are subject to fluctuations in agricultural commodity and other raw material prices, energy prices, and other factors outside of our control that could adversely affect our operating results. Prices for agricultural commodities and their by-products, including, among others, soybeans, corn, wheat, sugar and ethanol, like those of other commodities, are often volatile and sensitive to local and international changes in supply and demand caused by factors outside of our control, including farmer planting and selling decisions, currency fluctuations, inflation, government agriculture programs and policies (including tariffs), pandemics, governmental restrictions or mandates, global inventory levels, demand for biofuels, weather and crop conditions, and demand for and supply of competing commodities and substitutes.”

Annual report 2025A · The company itself

“Further, deteriorating economic and political conditions in our major markets, such as inflation, increased unemployment, decreases in disposable income, declines in consumer confidence, uncertainty about economic stability, political unrest, wars or other armed conflicts, or economic slowdowns or recessions, could cause a decrease in demand for our products.”

Annual report 2025A · The company itself

“Due to the international nature of our business, we are exposed to various risks of international operations, including: •adverse trade policies or trade barriers on agricultural commodities and commodity products; •new and developing requirements related to GHG emissions and other climate change initiatives and workforce mandates; •inflation, hyperinflation, and adverse economic effects resulting from governmental attempts to control inflation, such as the imposition of wage and price controls and higher interest rates.”

Annual report 2025A · The company itself

“Generally, during periods when commodity prices are rising, our agribusiness operations require increased use of cash to support working capital to acquire inventories and fund daily settlement requirements on exchange traded futures that we use to minimize price risk related to the purchase and sale of our inventories.”

Annual report 2025A · The company itself

“Agricultural commodities are subject to price fluctuations due to a number of unpredictable factors, including inflationary pressures, that may create price risk.”

Annual report 2025A · The company itself

“Som for mange bransjer er det også i vår mange faktorer som internasjonal uro, renteøkninger og kraftig inflasjon som gjør at mange utsetter bygging av bolig.”

Annual report 2024A · The company itself

“Vindussegmentet opplever fortsatt sterk konkurranse og prispress.”

Annual report 2024A · The company itself

“Kraftig økte råvarekostnader og reguleringer er de viktigste forklaringsfaktorene for lavere salg og IG av nye boliger.”

Annual report 2024A · The company itself

“Markedsutviklingen har ført til at innsatsfaktorer til flere av segmentene blir betydelig dyrere.”

Annual report 2024A · The company itself

“Like other lenders, we face the risk that our customers will not repay their loans. A customer’s ability and willingness to repay us can be adversely affected by decreases in the income of the borrower or increases in their payment obligations to other lenders, whether as a result of a job loss, higher debt levels or rising cost of servicing debt, inflation outpacing wage growth, or by restricted availability of credit generally. We may fail to quickly identify and reduce our exposure to customers that are likely to default on their payment obligations, whether by closing credit lines or restricting authorizations. Our ability to manage credit risk also is affected by legal or regulatory changes (such as restrictions on collections, bankruptcy laws, minimum payment regulations and re-age guidance), competitors’ actions and consumer behavior, and depends on the effectiveness of our collections staff, techniques and models.”

Annual report 2025A · The company itself

“Historically, customers are more likely to miss payments during an economic downturn, recession, periods of high unemployment, or prolonged periods of slow economic growth. Customers might also be more likely to miss payments if the payment burdens on their existing debt grow due to higher interest rates, or if inflation outpaces wage growth.”

Annual report 2025A · The company itself

“Prices of these commodities are volatile and can fluctuate significantly, causing our costs to produce and distribute our products to fluctuate.”

Annual report 2026A · The company itself

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

Annual report 2026A · The company itself

“Our global operations are affected by local economic environments, including inflation, recession, and competition.”

Annual report 2026A · The company itself

“Our business is exposed to fluctuations in prices of commodities. Any increase in the cost or sustained high levels of the cost of cheese, proteins or other commodities could adversely affect the profitability of stores, particularly if we are unable, unwilling, or it is unreasonable, to increase the retail price of our products to offset such costs.”

Annual report 2026A · The company itself

“In addition, as the federal government and certain states face economic and other pressures, they may seek revenue in the form of additional income, sales and other taxes and related fees.”

Annual report 2026A · The company itself

“General economic and political conditions, including social and political causes and movements, higher interest rates, higher fuel and other energy costs, inflation, tariffs, increases or fluctuations in commodity prices such as cheese, proteins and coffee, higher levels of unemployment, higher consumer debt levels and lower consumer discretionary spending, higher tax rates and other changes in tax laws or other economic factors may affect the operations of our stores, input costs, construction and transportation costs, consumer spending, buying habits and labor markets generally, and could adversely affect the discretionary income and spending levels of our guests, the costs of the products we sell in our stores, the consumer demand for such products and the labor costs of transporting, storing and selling those products, and the costs of building, acquiring and remodeling stores.”

Annual report 2026A · The company itself

“Makroekonomiska förhållanden såsom inflation och ränteläge påverkar transaktionsnivåer och förvaltat kapital och därmed resultaten i Investment Management och Corporate Finance.”

Annual report 2024A · The company itself

“Risks Related to our Business Environment Our performance is significantly related to general economic, political and regulatory conditions and, accordingly, our business, operations and financial condition could be materially adversely affected by economic slowdowns, liquidity constraints, inflationary pressures, significant rises in interest rates, significant public health events, fiscal or political uncertainty and possible subsequent downturns in commercial real estate asset values, property sales and leasing activities in the geographies or industry sectors that we or our clients serve.”

Annual report 2025A · The company itself

“Fees within our property management business are generally based on a percentage of rent collections, making them sensitive to macroeconomic conditions that negatively impact rent collections and the performance of the properties we manage.”

Annual report 2025A · The company itself

“If our clients are unable to obtain credit on favorable terms, there may be fewer property leasing, disposition and acquisition transactions. For example, in 2023, central banks around the world raised interest rates in efforts to rein in inflation, reducing 7 Table of Contents credit availability. While central banks began cutting their interest rates in 2024, interest rates remain above recent norms and if inflation were to begin to rise again such interest rate cuts may be reversed.”

Annual report 2025A · The company itself

“Our leases have terms varying in duration. The rent payable under our office leases varies significantly from location to location as a result of differences in prevailing commercial real estate rates in different geographic areas.”

Annual report 2025A · The company itself

“To the extent we face increased competition to gain and retain customers, we may be required to reduce prices, increase advertising expenditures, or take other actions which could adversely affect our business, results of operations, or cash flows. Additionally, some of our competitors may reduce their prices in an attempt to stimulate sales, which may require us to reduce prices. This would require us to sell a greater number of products to achieve the same level of Net sales and Gross profit.”

Annual report 2025A · The company itself

“Our Gross profit fluctuates due to numerous factors, some of which may be outside of our control, including general macroeconomic conditions including inflation; pricing pressures; changes in product costs from our vendor partners; the availability of price protection, purchase discounts, and incentive programs from our vendor partners; changes in product, order size, and customer mix; the risk of some items in our inventory becoming obsolete; increases in product and delivery costs that we cannot pass on to customers; and general market and competitive conditions.”

Annual report 2025A · The company itself

“Risk Factors Affecting Financial, Economic and Market Risks •Disruptions to the global supply chain, inflation, labor shortages and scarcity of certain materials may impact our operations, which could have an adverse impact on our ability to execute our capital plan and on our business, financial condition, results of operations and cash flows. •If we are unable to arrange future financings on acceptable terms, our ability to finance our capital expenditures and operations or refinance outstanding indebtedness could be limited. •CenterPoint Energy is a holding company that derives all of its operating income from, and holds substantially all of its assets through, its subsidiaries.”

Annual report 2025A · The company itself

“Adverse conditions, including, but not limited to, the February 2021 Winter Storm Event or other extreme weather (which may result in abnormal power prices), structural problems in the market served by ERCOT, the impact of public health events or similar occurrences, mismanagement by the REPs, inflation or financial difficulties of one or more REPs, have and may in the future impair the ability of these REPs to pay for Houston Electric’s services or cause them to delay such payments.”

Annual report 2025A · The company itself

“For example, Houston Electric’s SRP, which was approved by the PUCT in November 2025, includes twenty-seven resiliency measures totaling approximately $2.68 billion in capital investments and an estimated $185 million in operations and maintenance expense.”

Annual report 2025A · The company itself

“Rising costs and investments and the upward trend in spending is likely to continue in the foreseeable future and could result in more frequent rate cases and requests for, and the continuation of, cost recovery mechanisms, all of which could result in adverse cost recovery determinations and/or face resistance from customers and other stakeholders, especially in a rising cost environment, whether due to inflation, customer affordability concerns, tariffs or changes to governmental policies and programs, high fuel prices or otherwise, and/or in periods of economic decline or hardship.”

Annual report 2025A · The company itself

“Moreover, inflation and high interest rates have contributed, and may continue to contribute, to increased prices for materials and services experienced by us and other companies in our industry.”

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

“Declines in demand for electricity and natural gas in our service territories due to pipeline incidents of other utilities, increased electricity and natural gas prices as experienced during the February 2021 Winter Storm Event and during periods of persisting high inflation or economic downturns, among other factors, could reduce overall usage and lessen cash flows, especially as industrial customers reduce production and, therefore, consumption of electricity and natural gas.”

Annual report 2025A · The company itself

“We work with multiple independently owned and operated regional distribution centers that purchase from various suppliers we carefully select based on the suppliers' understanding of and adherence to our mission and Food with Integrity standards, quality and price availability.”

Annual report 2025A · The company itself

“Our ability to offset higher labor costs by increasing menu prices depends on the willingness of our guests to pay the higher prices and the perceived value of our meals relative to competitors. If competitive or inflationary pressures or other factors prevent us from offsetting higher labor costs by increased menu prices, our profitability may decline.”

Annual report 2025A · The company itself

“The cost of opening new restaurants has continued to increase due to construction labor inflation and increased costs of materials and equipment. In addition, we incur substantial startup expenses each time we open a new restaurant, and it can take around 36 months to ramp up the sales and profitability of a new restaurant, during which time costs may be higher as we train new employees and build up a guest base.”

Annual report 2025A · The company itself

“Factors such as unemployment, inflation, interest rate changes, taxes, access to credit, public health crises, trade disputes, and geopolitical instability can all impact consumer behavior, including discretionary spending, potentially reducing demand for our products.”

Annual report 2025A · The company itself

“In addition, we purchase ingredients, packaging and equipment from both U.S. and international suppliers and we may need to increase our menu prices in response to increased inflation, higher taxes, new tariffs on imported goods, wage increases due to a tighter job market and other macro-economic factors. Higher menu prices or the perceived value of our meals relative to competitors may lead consumers to reduce their spending in our restaurants or switch to competitors’ value or lower-priced meals.”

Annual report 2025A · The company itself

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

Annual report 2025A · The company itself

“Our growth depends on our ability to open new restaurants at an aggressive rate and operate them profitably as soon as possible. The cost of opening new restaurants has continued to increase due to construction labor inflation and increased costs of materials and equipment.”

Annual report 2025A · The company itself

“We recognize that climate changes and weather patterns, as well as inflationary forces, are integral to our underwriting process and we continually adjust our process to address these changes.”

Annual report 2025A · The company itself

“With respect to products that include supplemental medical and hospital indemnity coverages, we typically pay fixed amounts for claims and are therefore insulated from rising healthcare costs.”

Annual report 2025A · The company itself

“With respect to our supplemental medical and hospital indemnity products, we typically pay fixed amounts for claims and are therefore largely insulated from the direct impact of rising healthcare costs.”

Annual report 2025A · The company itself

“The process of establishing loss and loss expense reserves requires the use of estimates and judgments based on circumstances underlying the insured loss at the date of accrual. The judgments involved in projecting the ultimate losses include the use and interpretation of various standard actuarial reserving methods that place reliance on the extrapolation of actual historical data, loss development patterns, industry data, and other benchmarks as appropriate.”

Annual report 2025A · The company itself

“Valuation allowance for fixed income securities Management evaluates expected credit losses (ECL) for AFS securities when fair value is below amortized cost. AFS securities are evaluated for potential credit loss on an individual security level, but the evaluation may use assumptions consistent with expectations of credit losses for a group of similar securities.”

Annual report 2025A · The company itself

“The cost of raw materials, including surfactants, diesel fuel and oil-based raw and packaging materials used primarily in our consumer businesses, increased modestly in 2025 relative to 2024.”

Annual report 2025A · The company itself

“Increases in the prices of certain raw materials could materially impact our costs and financial results if we are unable to pass such costs along in the form of price increases to our customers.”

Annual report 2025A · The company itself

“Significant price competition may require us to reduce the prices for some of our products to price levels that do not offset manufacturing cost increases, to respond to competitive and customer pressures and to maintain market share. Increases to our prices, because of inflationary pressures or otherwise, could cause declining sales of products whose prices we have increased. In response to inflationary pressures and other factors, we have raised prices on many of our products across our global portfolio of brands in recent years. Ongoing periods of high inflation or increased costs resulting from higher tariffs imposed by the U.S. or other countries could lead to additional price increases on these or our other products, adversely impacting demand for our products.”

Annual report 2025A · The company itself

“We believe that inflation drove a decline in consumer spending for our Waterpik brand, as a growing number of water flosser consumers switched to competitors' value-branded products.”

Annual report 2025A · The company itself

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

Annual report 2025A · The company itself

“Our health care costs are also affected by external events that we cannot forecast or project and over which we have little or no control, including changes in laws and regulations, costly new treatments, new treatment guidelines, provider billing practices, inflation and changes in customers' health care utilization patterns, pandemics, natural disasters, and other large-scale medical emergencies.”

Annual report 2025A · The company itself

“Cintas' ability to find qualified suppliers who meet its standards and to access products in a timely and efficient manner, is subject to ongoing market risks.”

Annual report 2026A · The company itself

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

Annual report 2026A · The company itself

“Increases in labor costs, including the cost to provide employee-partner related healthcare benefits, minimum wages, labor shortages or shortages of skilled labor, regulations regarding the classification of employees and/or their eligibility for overtime wages, higher material costs for items such as fabrics, textiles and other products used in our operations, the inability to obtain insurance coverage at cost-effective rates, higher interest rates, inflation, higher tax rates and other changes in tax laws and other economic factors could increase our costs of rental uniforms and facility services, cost of other services and selling and administrative expenses.”

Annual report 2026A · The company itself

“Such events may contribute to volatility in fuel and energy prices, increase freight and distribution costs, adversely affect the operations of suppliers and other business partners, and exacerbate inflationary pressures and broader economic uncertainty.”

Annual report 2026A · The company itself

“Challenging global economic conditions, including tariffs or other trade barriers or disruptions, rising inflation, or other changes, have contributed, and may continue to contribute, to slowdowns in the markets in which we operate, resulting in: reduced demand for our products due to constrained IT-related spending by customers, particularly service provider, cloud, enterprise and other customer markets; increased price competition for our products, not only from our competitors but also as a consequence of customers disposing of unutilized products; risk of excess and obsolete inventories; risk of supply constraints; risk of excess facilities and manufacturing capacity; and higher overhead costs as a percentage of revenue and higher interest expense.”

Annual report 2026A · The company itself

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

Annual report 2026A · The company itself

“Inflationary pressures could have an adverse effect on our business, financial position, and results of operations. Volatility and uncertainty related to inflation and its associated effects may enhance or contribute to certain risks that we face by negatively impacting our funding costs and expenses, including increasing funding costs and expenses related to talent acquisition and retention. Inflation may also negatively impact consumer demand and client purchasing power for our products and services, as well as the ability of our borrowers to repay their obligations. These inflationary pressures would likely have an adverse impact on our business, financial position, and results of operations.”

Annual report 2025A · The company itself

“Any deterioration in national economic and political conditions could have a material adverse effect on our business, financial condition, and results of operations. Our business is affected by national economic and political conditions, as well as perceptions of those conditions and future economic prospects, with changes in such conditions neither predictable or controllable. Adverse economic and political conditions, such as global trade policies, inflationary pressures, and government shutdowns could have a material adverse effect on our business, financial condition, and results of operations.”

Annual report 2025A · The company itself

“U.S. global trade policies, including the imposition of tariffs and uncertainty surrounding the resolution of trade disputes, or renewal of trade agreements, with various countries, may cause inflation to rise and ultimately affect interest rates.”

Annual report 2025A · The company itself

“In addition, 95% of the Company’s leases are tied to indexation.”

Annual report 2025A · The company itself

“With comparable FX rates, average retail rent per sq.m increased by 0.9 EUR to EUR 27.7 in Q1–Q4/2025.”

Annual report 2025A · The company itself

“However, the Company remains highly exposed to changes in the prices of commodities and transportation used in manufacturing and shipping of its products as well as broader geopolitical developments.”

Annual report 2025A · The company itself

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

Annual report 2025A · The company itself

“The Company has experienced, and expects to continue to experience, the indirect impacts of the conflicts in Ukraine and the Middle East, including increases in the cost of raw and packaging materials and commodities (including the price of oil), supply chain and logistics challenges, and it is not possible to predict the broader or longer-term consequences of these conflicts or the sanctions and export controls imposed in response to each conflict or that may be imposed in response to future developments.”

Annual report 2025A · The company itself

“Further, consumer preferences continue to evolve due to a number of factors, including macroeconomic volatility and uncertainty and inflation, which could cause consumers to purchase a smaller pack or quantity of a product or seek category alternatives or a lower priced alternative to the Company's products; fragmentation of the consumer market and changes in consumer demographics, including the emergence of millennials, Generation Z and younger generations who have different spending, consumption and purchasing habits; evolving consumer concerns or perceptions regarding the sustainability practices of manufacturers, including the environmental impacts of products and packaging; a growing demand for natural or organic products and ingredients; evolving consumer concerns or perceptions (whether accurate or inaccurate) regarding the effects of ingredients or substances present in certain consumer products; and changing consumer sentiment toward non-local products or sources.”

Annual report 2025A · The company itself

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

Annual report 2025A · The company itself

“HFCS is available from numerous domestic sources and has historically been subject to fluctuations in its market price.”

Annual report 2025A · The company itself

“Our business, operating results, financial condition and liquidity may be adversely affected by changes in global economic conditions, including global inflationary pressures, prevailing interest rates, credit market conditions, increased unemployment, levels of consumer and business confidence, bank failures, commodity (including energy) prices and supply, a recession or economic slowdown, trade policies, foreign currency exchange rates, changing policy positions or priorities, governmental rules and approaches to taxation, levels of government spending and deficits, and actual or anticipated default on sovereign debt.”

Annual report 2025A · The company itself

“Many of the jurisdictions in which our products are sold have experienced, and could continue to experience, unfavorable changes in economic conditions, which could negatively affect the affordability of, and consumer demand for, our beverages, and certain markets in which our products are sold experienced high rates of inflation throughout 2025, which may continue in 2026. Under difficult economic conditions, consumers may seek to reduce discretionary spending by forgoing purchases of our products or by shifting away from our beverages to lower-priced products offered by other companies, including private-label brands, which could reduce our profitability and negatively affect our overall financial performance.”

Annual report 2025A · The company itself

“We expect the inflationary pressures on certain input and other costs to continue to impact our business in 2026.”

Annual report 2025A · The company itself

“Our business operations are subject to numerous duties or taxes that are not based on income, sometimes referred to as “indirect taxes,” including import duties, tariffs, excise taxes, sales or value-added taxes, taxes on sweetened or aerated beverages, packaging taxes, carbon taxes, property taxes and payroll taxes, in many of the jurisdictions in which we operate.”

Annual report 2025A · The company itself

“Volatile, negative or uncertain economic and geopolitical conditions, including as a result of recession or slowing economic growth, inflation, higher interest rates, tightening of credit markets and changes in trade policy (including trade disputes, the threat or imposition of tariffs or other trade restrictions and related retaliatory actions), have in the past and could in the future cause our clients to reduce, postpone or cancel spending on new or existing projects with us, negatively affecting our business and making it more difficult for us to accurately forecast client demand and have available the right resources to profitably address such client demand.”

Annual report 2025A · The company itself

“Economic and political developments in India, where a significant majority of our operations and technical personnel are located, or in other countries where we maintain delivery operations, may also have a significant impact on our business and costs of operations. As a developing country, India has experienced and may continue to experience high inflation and wage growth, fluctuations in gross domestic product growth and volatility in currency exchange rates, any of which could materially adversely affect our cost of operations.”

Annual report 2025A · The company itself

“Inflation and rising interest rates, especially in Europe, increased input costs and placed pressure on our gross profit margins”

Annual report 2025A · The company itself

“Inflation and rising interest rates, especially in Europe, increased input costs and placed pressure on our gross profit margins”

Annual report 2025A · The company itself

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

Annual report 2025A · The company itself

“Inflation and rising interest rates, especially in Europe, increased input costs and placed pressure on our gross profit margins.”

Annual report 2025A · The company itself

“The gross margin was positively impacted by a favourable development in input costs, price increases, and country and product mix.”

Annual report 2025A · The company itself

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

Annual report 2025A · The company itself

“Renewable materials incur higher costs and face supply chain challenges, leading Coloplast to depend on virgin and non-renewable resources. This reliance may result in increased costs, reduced availability and compliance risks in the future, potentially leading to operational costs and supply disruptions if not addressed.”

Annual report 2025A · The company itself

“Our contract prices are established largely based on estimates and assumptions regarding our projected costs, including assumptions about: future economic conditions; prices, including commodity prices and inflation; availability of labor, including the costs of providing labor, equipment, and materials; and other factors outside our control. If our estimates or assumptions prove to be inaccurate, circumstances change in a way that renders our assumptions and estimates inaccurate or we fail to successfully execute the work, cost overruns may occur, and we could experience reduced profits or a loss for affected projects.”

Annual report 2025A · The company itself

“Table of Contents Rising inflation, interest rate volatility and an economic recession or downturn may have an adverse effect on our business, financial condition, results of operations, and cash flows. The global economy has recently experienced high rates of inflation, which increased our costs for labor, materials, utilities and other goods and services.”

Annual report 2025A · The company itself

“The cost of our materials, labor, utilities and other goods and services may continue to rise as a result of inflation and interest rate hikes, and we may not be able to offset such higher costs through price increases.”

Annual report 2025A · The company itself

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

Annual report 2025A · The company itself

“There is some market risk from fluctuations in the prices of certain commodities and materials due to tariffs or other macroeconomic factors. In many cases, these increased costs are recoverable, and we do not expect these potential cost increases to have a material impact on our results of operations.”

Annual report 2025A · The company itself

“These activities, when combined with any retaliatory actions that have or may be taken by other countries, have impacted and could continue to pose risk to our business as well as the global economy, such as by shifting consumer behaviors, inhibiting sales, increasing costs, causing further economic and supply chain disruptions (including impacts on prices and supply of certain commodities, such as aluminum and aluminum derivatives, corn, crude oil, natural gas, and steel) and inflationary pressures, and reducing economic activity.”

Annual report 2026A · The company itself

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

Annual report 2026A · The company itself

“Decreased availability of our raw materials may increase our cost of product sold.”

Annual report 2026A · The company itself

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

Annual report 2026A · The company itself

“Unfavorable global or regional economic conditions, including trade barriers, tariffs, trade wars, economic slowdown or recession, instability in the banking sector, and the disruption, volatility, and tightening of credit and capital markets, as well as unemployment, tax increases, governmental spending cuts, or continuing high levels of inflation, could affect consumer spending patterns and purchases of our products.”

Annual report 2026A · The company itself

“We may be adversely affected by the effects of sustained inflation. An increase in inflation rates could result in higher interest rates and capital costs, increased costs of labor, and other similar effects.”

Annual report 2025A · The company itself

“Our global business has been negatively affected by local economic conditions, including inflation, increasing labor costs, recession, and currency exchange rate fluctuations, which has adversely affected our cost to manufacture and provide our products and services and revenues generated through sales of such products and services.”

Annual report 2025A · The company itself

“Our supply chain and our cost of goods also may be negatively impacted by unanticipated price increases due to factors such as inflation, including wage inflation, or to supply restrictions beyond our control or the control of our suppliers.”

Annual report 2025A · The company itself

“Table of Contents Macroeconomic factors such as fluctuations in fuel prices, commodities as well as used car prices, and vehicle-related technological advances may have an adverse effect on our revenues and operating results, as well as our earnings growth rates. Macroeconomic factors that affect oil prices and the automobile and commodity markets can have adverse effects on our revenues, revenue growth rates, and operating results. Significant increases in the cost of fuel or heightened level of inflation could lead to a reduction in miles driven per car and a reduction in accident rates. A material reduction in accident rates, whether due to, among other things, a reduction in miles driven per car, vehicle-related technological advances such as accident avoidance systems and, to the extent widely adopted, the advent of autonomous vehicles, could have a material impact on revenue growth.”

Annual report 2025A · The company itself

“De senaste årens inflationsökning har tydligt präglat fastighetsmarknaden genom högre finansieringskostnader och stigande direktavkastningskrav.”

Annual report 2024A · The company itself

“However, any future difficulty in obtaining sufficient and timely delivery, or inflationary pricing, of components and/or raw materials could result in lost revenue due to delays or reductions in product shipments, or reductions in gross margin.”

Annual report 2025A · The company itself

“Corning is exposed to risks associated with a global economy, including government fiscal and monetary policies Uncertain or adverse economic and business conditions, including uncertainties and volatility in the financial markets, national debt, fiscal or monetary concerns, availability of government incentives, inflation and rising interest rates in various regions, could materially adversely impact Corning’s operating results.”

Annual report 2025A · The company itself

“Risks Related to Our Business Inflationary price pressures and uncertain availability of commodities, raw materials, utilities, labor or other inputs used by us and our suppliers, or instability in logistics and related costs, among other factors, could negatively impact our profitability Increases in the price of commodities, raw materials, utilities, labor or other inputs that we or our suppliers use in manufacturing and supplying products, components and parts, along with logistics and other related costs, may lead to higher production and shipping costs for our products, parts and components.”

Annual report 2025A · The company itself

“Adverse effects on demand for our business-related products and services, from unfavorable macroeconomic conditions, weather conditions, natural catastrophes or public health crises or from changes to business purchasing practices, could adversely affect our financial condition and operating results. Adverse macroeconomic conditions within the U.S. or internationally, including but not limited to recessions or economic downturns, inflation, rising or volatile interest rates, deteriorating credit conditions, labor shortages and disputes, high unemployment, currency fluctuations, actual or anticipated large-scale defaults or failures, terrorist attacks, prolonged or recurring government shutdowns, regional or domestic hostilities, and economic sanctions and export controls (including tariffs), as well as the prospect or occurrence of more widespread conflicts, rising energy prices, a slowdown of global trade, and reduced consumer, small business, government and corporate spending, have a direct impact on the demand for our business-related products, including fuel, lodging and payment services.”

Annual report 2025A · The company itself

“Prices of certain commodities, including gasoline and consumable goods used in manufacturing and our warehouse retail operations, are historically volatile and are subject to fluctuations arising from changes in domestic and international supply and demand, inflationary pressures, labor costs, competition, market speculation, government regulations, taxes and periodic delays in delivery. Rapid and significant changes in commodity prices and our ability and desire to pass them through to our members may affect our sales and profit margins.”

Annual report 2025A · The company itself

“In March 2025, we increased the starting wage by $0.50 an hour to at least $20.00 for all entry-level positions in the U.S. and Canada. We also increased the top of wage scales by $1.00 per hour, bringing our average hourly rate at the end of 2025 for hourly employees in the U.S. to approximately $32.00 per hour.”

Annual report 2025A · The company itself

“Many of the Company’s products are commodities that face strong volume and price competition, with pricing impacted by macroeconomic conditions, the competitive environment, the degree of utilization of production capacity and the specifics of product demand, among other factors.”

Annual report 2025A · The company itself

“The Company may experience downward pricing pressure from time to time across its different markets and may not always be able to raise prices to offset increased operating expenses and inflationary pressures.”

Annual report 2025A · The company itself

“Generally, a fixed premium rate is determined at the beginning of the policy period for Commercial Insured plans. The Company typically cannot recover unanticipated increases in health care and other benefit costs in the current policy period; however, it may consider prior experience for a product in the aggregate or for a specific customer, among other factors, in determining premium rates for future policy periods.”

Annual report 2025A · The company itself

“Under these annual contracts, CMS pays the Company a fixed per member (or “capitation”) payment and/or a portion of the premium, both of which are based on membership and adjusted for demographic and health risk factors. CMS also considers inflation, changes in utilization patterns and average per capita fee-for-service Medicare costs in the calculation of the fixed capitation payment or premium.”

Annual report 2025A · The company itself

“Health Services Competition The Company believes the primary competitive factors in the health services industry include: (i) the ability to negotiate favorable discounts from drug manufacturers as well as to negotiate favorable discounts from, and access to, retail pharmacy networks; (ii) the ability to identify and apply effective cost management programs utilizing clinical strategies, including the development and utilization of preferred formularies; (iii) the ability to market PBM and other health products and services; (iv) the commitment to provide flexible, clinically-oriented services to clients and be responsive to clients’ needs; (v) the ability to attract and retain physicians, nurse practitioners, physician assistants and other medical personnel; (vi) the quality, scope and costs of products and services offered to clients and their members, as well as the care delivered to customers; and (vii) operational excellence in delivering services.”

Annual report 2025A · The company itself

“In addition, from time to time the Company may request increases in its premium rates in its Commercial Health Care Benefits business in order to adequately price for projected medical cost trends, required expansions of coverage and rating limits, and significant assessments, fees and taxes imposed by the federal and state governments, including as a result of the ACA.”

Annual report 2025A · The company itself

“Premiums for our Insured Health Care Benefits products are priced in advance based on our forecasts of health care and other benefit costs during a fixed premium period, which is generally twelve months. These forecasts are typically developed several months before the fixed premium period begins, are influenced by historical data (and recent historical data in particular), are dependent on our ability to anticipate and detect medical cost trends and changes in our members’ behavior and health care utilization patterns and medical claim submission patterns and require a significant degree of judgment.”

Annual report 2025A · The company itself

“•By continuing to cause inflation that could cause interest rates to further increase and thereby further increase our interest expense and reduce our operating results, as well as further decrease the value of the debt securities we hold in our investment portfolio, which would further reduce our operating results and/or adversely affect our financial condition.”

Annual report 2025A · The company itself

“Our revenues, operating results and cash flows may decline if physicians cease writing prescriptions for drugs or the utilization of drugs is reduced, including due to: •increased safety risk profiles or regulatory restrictions; •manufacturing or other supply issues; •a reduction in drug manufacturers’ participation in federal programs; •certain products being withdrawn by their manufacturers or transitioned to over-the-counter products; •future FDA rulings restricting the supply or increasing the cost of products; •the introduction of new and successful prescription drugs or lower-priced generic alternatives to existing brand name products; or •inflation in the price of drugs.”

Annual report 2025A · The company itself

“The Company faces challenges from the impact of the increasing cost of medical care (including prescription medications), changes to methodologies for determining payments and CMS local and national coverage decisions that require the Company to pay for services and supplies that are not factored into the Company’s bids.”

Annual report 2025A · The company itself

“Our business is sensitive to general economic conditions, such as elevated inflation and interest rates that have been experienced in domestic and international markets in recent years as well as the policy disruptions and uncertainties that have followed the 2025 change in administration in the U.S. Our operational costs, including the cost of energy, materials, labor, distribution and our other operational and facilities costs are subject to market conditions, including inflationary pressures.”

Annual report 2025A · The company itself

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

Annual report 2025A · The company itself

“In addition, due to the highly competitive nature of the industries that we serve, the cost-containment efforts of our customers and the terms of certain contracts we are party to, when supply and labor prices rise we are not always able to pass along cost increases through higher prices for our products. Whenever we are unable to fully recover higher supply and labor costs through price increases or offset these increases through cost reductions, or whenever there is a time delay between the increase in costs and our ability to recover or offset these costs, our margins and profitability can decline and our business and financial statements can be adversely affected.”

Annual report 2025A · The company itself

“Our financial results are subject to fluctuations in the cost and availability of the supplies that we use in, and the labor we need for, our operations. Prices for and availability of the components, raw materials and other commodities we use in our business, as well as for labor, have fluctuated significantly in recent years.”

Annual report 2025A · The company itself

“Since fiscal 2022, we have maintained a policy that each hourly restaurant team member company-wide would earn a minimum hourly wage of at least $12 per hour, inclusive of tip income. For fiscal 2026, across all of our brands, our hourly team members earned, on average, more than $24 per hour, inclusive of tip income, far exceeding that minimum wage.”

Annual report 2026A · The company itself

“We are also subject to the general risks of inflation and its impact on the macroeconomic environment.”

Annual report 2026A · The company itself

“Economic recession, a protracted economic slowdown, a worsening economy, political instability, increased unemployment, increased inflation, increased energy prices, rising interest rates, a downgrade of the U.S. government’s long-term credit rating, imposition of retaliatory tariffs on important U.S. imports and exports or other industry-wide cost pressures have 15 affected and can continue to affect consumer behavior and spending for restaurant dining occasions and may lead to a decline in sales and earnings.”

Annual report 2026A · The company itself

“Consumers at our restaurants may be sensitive to price increases, and if we increase menu prices as a result of increased food costs or remove menu items due to shortages, such responses may negatively impact our sales.”

Annual report 2026A · The company itself

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

Annual report 2025A · The company itself

“With pressure on increasing hourly wages across many states and the general state of economic pressure, we face increasing labor costs generally, including through elevated compensation levels to our teammates, and we continue to face increased labor costs and difficulties in hiring skilled clinical personnel, including nurses, due to nationwide shortages of such which have been exacerbated by current macroeconomic conditions and a challenging labor market, particularly in healthcare.”

Annual report 2025A · The company itself

“A significant portion of our HOKA brand and UGG brand products are premium, discretionary purchases, and demand for these products is sensitive to macroeconomic factors, including inflation, wages and employment, consumer debt, declines in net worth driven by market conditions, interest rates, tariffs, and public health issues such as a pandemic.”

Annual report 2026A · The company itself

“Consistent with these dynamics, we have experienced, and expect to continue to experience, pricing and promotional pressure across our brands and channels, particularly during periods of elevated industry inventory levels or inflationary pressure.”

Annual report 2026A · The company itself

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

Annual report 2026A · The company itself

“Inflationary pressures, including higher supply chain, labor and overhead, and raw material costs, may adversely affect our financial condition and operating results unless we are able to offset these increases through strategic product price increases, negotiating cost-sharing arrangements with suppliers, or generating operating cost efficiencies.”

Annual report 2026A · The company itself

“Adverse economic conditions may negatively affect customer demand, and could result in postponed or decreased spending amid customer concerns over elevated inflation and interest rates or slowing demand for our products, reduced asset values, volatile energy costs, the availability and cost of credit, and the stability of financial institutions, financial markets, businesses, local and state governments, and sovereign nations.”

Annual report 2026A · The company itself

“Our cost of drilling, completing, equipping and operating wells is often uncertain before drilling commences. Declines in commodity prices and overruns in budgeted expenditures are common risks that can make a particular project uneconomic or less economic than forecasted.”

Annual report 2025A · The company itself

“We also compete for the equipment, materials, services and personnel required to explore, develop and operate properties, such as drilling rigs, well materials and oilfield services. The rising costs and scarcity caused by this competitive pressure will generally increase during periods of higher commodity prices and can be further exacerbated by higher inflation rates and supply chain disruptions in the broader economy, including as a result of tariffs or changes in trade policy.”

Annual report 2025A · The company itself

“For example, we experienced some increase in operating costs throughout 2025 due to the economic uncertainty in global trade arising from geopolitical events and shifting trade policies. While we actively work to mitigate the impact of these potential risks through operational efficiencies gained from the scale of our operations as well as by leveraging long-standing relationships with our suppliers, the ultimate impacts remain uncertain.”

Annual report 2025A · The company itself

“Consistent with the foregoing, we are exposed to a variety of risks, including risks associated with the following: •If we experience decreasing prices for our products and we are unable to reduce our expenses, including the per unit cost of producing our products, there may be a material adverse effect on our business, results of operations, financial condition and cash flows.”

Annual report 2025A · The company itself

“For example, current economic conditions, including relatively high interest rates, inflation and potential economic slowdowns, as well as our business decisions, may reduce the value of some of our assets.”

Annual report 2025A · The company itself

“Inflation has the potential to adversely affect our liquidity, business, financial condition and results of operations by increasing our overall cost structure. The existence of inflation in the economy has resulted in, and may continue to result in, higher interest rates and capital costs, supply shortages, increased costs of labor, components, manufacturing and shipping, as well as weakening exchange rates and other similar effects. As a result of inflation, we have experienced and may continue to experience cost increases.”

Annual report 2025A · The company itself

“In addition to decreased pricing, we may be unable to reduce our expenses, including the cost of sourcing materials, logistics and the cost to manufacture our products. If the prices for our products decrease and/or if we are unable to offset the effects of general inflation on our operating costs through increases in the prices for our products, our business, results of operations, financial condition and cash flows will be adversely affected.”

Annual report 2025A · The company itself

“Inflation-driven cost increases emerging post Covid-19 lowered our cost coverage considerably already during 2024”

Annual report 2025A · The company itself

“Inflation-driven cost increases emerging post Covid-19 lowered our cost coverage considerably already during 2024 as competitive pressure in both ferry and transport markets prevented setting matching price increases.”

Annual report 2025A · The company itself

“This margin ‘squeeze’ eased somewhat during 2025 as inflation declined through the year, but it remains a challenge across the transport sector.”

Annual report 2025A · The company itself

“This is partly due to Türkiye's continued effort to combat inflation which is lowering domestic consumption and thereby trade flows, a slowdown among European industrials, including the automotive sector, and lastly unfavourable developments in the Turkish transport market owing to the disruption caused by the entry of excess ferry capacity.”

Annual report 2025A · The company itself

“Årsberetning Generelle opplysninger I 2024 var norsk økonomi preget av avtakende inflasjon, en forsiktig styrking av den norske kronen og en svak økning i arbeidsledighet etter hvert som effektene av innstrammingen i pengepolitikken gjorde seg gjeldende i markedet.”

Annual report 2024A · The company itself

“I likhet med i andre land, avtok prisveksten i Norge markert i 2024. I desember i fjor var årsveksten i konsumprisindeksen 2,7 prosent, ned fra 4,8 prosent ett år tidligere.”

Annual report 2024A · The company itself

“Any factor that could adversely affect their disposable income could decrease our customers’ confidence and spending or cause them to shift their spending to our lower margin product choices, which could result in materially decreased sales and/or profitability.”

Annual report 2026A · The company itself

“While accelerating levels of inflation in the United States have moderated since 2023, inflation remains elevated in certain areas, including food. If food inflation (and in particular, “food at home,” which moderately accelerated in 2025) rapidly accelerates again, we may not be able to adjust prices sufficiently to offset the effect without negatively impacting customer demand or our overall gross margin.”

Annual report 2026A · The company itself

“Despite inflation moderation and some recent declines in interest rates, both inflation and interest rates remain at elevated levels, which significantly increases our new store opening costs and occupancy costs, pressuring new store returns and influencing our new store growth plans.”

Annual report 2026A · The company itself

“Our customers continue to feel constrained in the current macroeconomic environment and to experience elevated expenses that generally comprise a large portion of their household budgets, such as rent, healthcare, energy and fuel prices, as well as cost inflation in frequently purchased household products (including food), which we expect will continue to pressure our customers’ spending overall.”

Annual report 2026A · The company itself

“We believe ongoing inflationary pressures could continue to affect our vendors and customers and our operating results. Both inflation and higher interest rates have significantly increased new store opening costs and occupancy costs in recent years and, while new store returns remain strong, these increased costs have negatively impacted our projected new store returns and influenced our new store growth plans.”

Annual report 2026A · The company itself

“Profitability and Operational Risks Our profitability is vulnerable to cost pressures from increases in merchandise, shipping, freight and fuel, wages, benefits and other operating costs.”

Annual report 2026A · The company itself

“Future increases in costs such as the cost of merchandise, wage and benefit costs, ocean shipping rates, domestic freight costs, fuel and energy costs, tariffs and other trade-related measures, and store occupancy costs, whether due to inflation and economic conditions, government action, geopolitical tensions, or otherwise, would reduce our profitability.”

Annual report 2026A · The company itself

“We have experienced higher construction, rent, commodity and other costs associated with the build-out of new stores and the renovation of existing stores. We have also experienced delays in new store openings and the renovation of existing stores due to inspection, permitting and contractor delays and limitations on the availability of certain fixtures and equipment.”

Annual report 2026A · The company itself

“We believe that these macroeconomic factors, including inflationary pressures and higher interest rates, negatively affect our customers and impact our sales.”

Annual report 2026A · The company itself

“Over the past several years, we have experienced a shift in consumer purchasing from higher-margin discretionary merchandise to lower-margin consumable goods. Factors that could reduce our customers’ disposable income and over which we exercise no influence include inflation in food, housing, fuel or other energy costs, increased unemployment, increases in mortgage and interest rates, lack of available credit, higher tax rates and other changes in tax laws, increasing healthcare costs, and changes in government subsidies such as unemployment and food assistance programs, including the Supplemental Nutrition Assistance Program (“SNAP”).”

Annual report 2026A · The company itself

“For example, our continued expansion of multi-price product assortments and retail price changes, in addition to increased scrutiny of retailers by local, state and federal agencies, has resulted in increased regulatory and legal risks regarding pricing and price clarity. New or revised laws, regulations, orders, policies and related interpretations and enforcement practices, including product and food safety, marketing, labeling or pricing; information security and privacy; artificial intelligence; labor and employment; employee wages and benefits; health and workplace safety (including Occupational Safety and Health Administration rules); imports and customs; taxes; anti-bribery; sustainability; and environmental compliance, may significantly increase our expenses or require extensive system and operating changes that could materially increase our cost of doing business.”

Annual report 2026A · The company itself

“Table of Contents We are actively implementing mitigation strategies to offset the impact of cost pressures and inflation, including tariffs, by re-negotiating supplier terms, re-engineering products for efficiency, shifting country of origin where it adds advantage, discontinuing lower-margin or underperforming items and executing targeted retail price changes.”

Annual report 2026A · The company itself

“Projects may not be able to be completed on time or in accordance with estimated costs as a result of weather conditions, need for new land and right of ways, delays in obtaining or failure to obtain or maintain regulatory and other, including PJM, approvals, changes in laws or regulations or other regulatory or administrative action or inaction, the outcome of legal proceedings and judicial actions, delays in obtaining key materials, labor difficulties, difficulties with partners or potential partners, concerns raised during stakeholder engagement, a decline in the credit strength of counterparties or vendors, inflation, the impact of applicable tariffs or other factors beyond the Companies’ control.”

Annual report 2025A · The company itself

“The Companies are dependent on their contractors for the successful and timely completion of large-scale infrastructure projects. The construction of such projects is expected to take several years, is typically confined within a limited geographic area or difficult environments and could be subject to delays, supply chain disruption, availability of critical components, cost overruns, inflation, labor disputes or shortages and other factors that could cause the total cost of the project to exceed the anticipated amount.”

Annual report 2025A · The company itself

“Consumer demand for the Companies’ services may also be impacted by any price increases, including those driven by factors beyond the Companies’ control such as inflation or increased prices in natural gas.”

Annual report 2025A · The company itself

“The Companies’ operations are subject to operational hazards, equipment failures, supply chain disruptions and personnel issues which could negatively affect the Companies. Operation of the Companies’ facilities involves risk, including the risk of potential breakdown or failure of equipment or processes due to aging infrastructure, fuel supply, pipeline integrity or transportation disruptions, accidents, labor disputes or work stoppages by employees, acts of terrorism or sabotage, construction delays or cost overruns, shortages of or delays in obtaining equipment, material and labor, operational restrictions resulting from environmental limitations and governmental policies or interventions, changes to the environment and performance below expected levels.”

Annual report 2025A · The company itself

“In recent years, there have been and may continue to be significant increases in food costs and labor costs, which have impacted and could further impact our profitability and that of our franchisees and which could impact the opening of new U.S. and international franchised stores, lead to store closures, negatively impact sales and adversely affect our operating results.”

Annual report 2025A · The company itself

“Cheese is our largest food cost. The price we charge to our U.S. franchisees for cheese is formula-based, with the Chicago Mercantile Exchange cheddar block price as the primary component, plus a supply chain markup.”

Annual report 2025A · The company itself

“We are exposed to market risks from changes in food and commodity prices. During the normal course of business, we purchase cheese and certain other food products that are affected by changes in commodity prices and, as a result, we are subject to volatility in our food costs.”

Annual report 2025A · The company itself

“Our food basket pricing to stores increased 3.5% during 2025, which resulted in an estimated $142 million increase in supply chain revenues. The food basket pricing change, a statistical measure utilized by management, is calculated as the percentage change of the food basket (including both food and cardboard products) purchased by an average U.S. store (based on average weekly unit sales) from our U.S. supply chain centers against the comparable period of the prior year.”

Annual report 2025A · The company itself

“Food costs increased 0.9 percentage points to 29.9% in 2025 driven by the increase in the food basket pricing to stores. • Labor costs were 31.3% in both 2025 and 2024. • Higher insurance costs drove the remaining decrease in U.S.”

Annual report 2025A · The company itself

“Table of Contents DuPont takes actions to offset the effects of higher energy and raw material costs, which are subject to global supply and demand and other factors beyond the Company's control, through selling price increases, productivity improvements and cost reduction programs. Success in offsetting higher raw material costs with price increases is largely influenced by competitive and economic conditions and could vary significantly depending on the market served. As a result, volatility in these costs may negatively impact the Company’s business, results of operations, financial condition and cash flows.”

Annual report 2025A · The company itself

“Året har präglats av en fortsatt avvaktande marknad vilket återspeglats i såväl vår försäljning och vårt resultat som vår verksamhet. Segmentet små och medelstora företag har haft den största utmaningen, där kunderna påverkats av det osäkra makroekonomiska läget i högre utsträckning och därmed varit fortsatt försiktiga.”

Annual report 2024A · The company itself

“Marginalnedgången förklaras främst av låga volymer inom SMB-segmentet och därmed negativa skaleffekter samt en generellt högre inflationsdriven kostnadsnivå.”

Annual report 2024A · The company itself

“Begränsad nybyggnation på grund av höga byggkostnader, speciellt i Poznan och Warszawa, innebär en försiktig ökning av kontorsutbudet.”

Annual report 2024A · The company itself

“Många faktorer förbättrades på Eastnines marknader under 2024 – inflationen sjönk, den europeiska centralbanken sänkte styrräntan och transaktionsaktiviteten på fastighets marknaden ökade.”

Annual report 2024A · The company itself

“Faktisk inflation påverkar hyresavtal med inflationsindexering samt fastighetskostnader.”

Annual report 2024A · The company itself

“Cirka 99 procent av Eastnines uthyrda ytor är bundna till konsumentprisindex, varav cirka 18 procent på landsnivå, och 81 procent på EU/Euronivå samt en liten andel med fast indexering. Drygt en tredjedel av hyresavtalen har ett indexeringstak.”

Annual report 2024A · The company itself

“Significant inflation or shortages of raw materials, energy, components, and/or labor, or similar challenges for our customers, could continue to adversely impact our results of operations. We have been affected by supply chain disruptions and related inflationary pressures. Labor shortages persist broadly in select markets, and shortages of certain raw materials have continued to affect the prices that our businesses are charged, particularly commodities.”

Annual report 2025A · The company itself

“Some of our suppliers have experienced the same conditions and, in response, have continued to increase their prices in response to increases in their costs of raw materials, energy, and/or labor. While we strive to recoup these increased costs through our pricing, product modifications or other mediating responses, if we are unable to do so without compromising the competitive position of our products and services, our results could continue to be impacted by this trend.”

Annual report 2025A · The company itself

“We are also subject to inflationary cost pressures, and if inflation continues or worsens, it could negatively impact us by increasing, among other things, our operating expenses. Inflation may lead to cost increases in multiple areas across our business, for example, rises in the prices of raw materials and manufactured goods, increased energy rates, as well as increased wage pressures and other expenses related to our labor, programming and other costs.”

Annual report 2025A · The company itself

“In addition, certain programming costs are rising at a much faster rate than wages or inflation.”

Annual report 2025A · The company itself

“In recent years, the rates we are charged for retransmitting local channels have been increasing substantially and may exceed our ability to increase our prices to our customers, which could have a material adverse effect on our business, financial condition and results of operations. The broadcast stations’ demands for higher rates have resulted in more frequent negotiating impasses and programming interruptions.”

Annual report 2025A · The company itself

“Excluding the impacts of special (gains) and charges and the Ovivo Electronics acquisition, 2025 adjusted operating income increased 11% as strong value pricing and improved productivity were partially offset by investments in the business.”

Annual report 2025A · The company itself

“Organic operating income margin increased 0.3 percentage points during 2025 compared to 2024, as the 1.1 percentage point positive impact of value pricing was partially offset by the 0.9 percentage point negative impact of investments in the business.”

Annual report 2025A · The company itself

“Organic operating income margin increased 2.9 percentage points during 2025, as the 4.3 percentage point positive impacts from value pricing, lower supply chain costs and improved productivity were partially offset by the 1.0 percentage point negative impacts of investments in the business.”

Annual report 2025A · The company itself

“Organic operating income margin in Global Pest Elimination increased 1.2 percentage points in 2025, as the 3.7 percentage point positive impacts from value pricing and higher volumes were partially offset by the 3.1 percentage point negative impacts of investments in the business.”

Annual report 2025A · The company itself

“Organic operating income margin increased 3.4 percentage points in 2025, as the 5.9 percentage point positive impact from value pricing, higher volumes and lower delivered product costs were partially offset by the 2.2 percentage point negative impacts from investments in the business, including performance-based compensation.”

Annual report 2025A · The company itself

“SCE expects its bundled system average rate will rise at a compound annual growth rate equal to or below inflation through 2030.”

Annual report 2025A · The company itself

“RISKS RELATING TO SOUTHERN CALIFORNIA EDISON COMPANY Regulatory and Legislative Risks SCE's financial results depend upon its ability to recover its costs and to earn a reasonable rate of return on capital investments in a timely manner from its customers through regulated rates. SCE's ongoing financial results depend on its ability to recover its costs from its customers, including the costs of electricity purchased for its customers, through the rates it charges its customers as approved by the CPUC and FERC. SCE's financial results also depend on its ability to earn a reasonable return on capital, including long-term debt and equity.”

Annual report 2025A · The company itself

“SCE's capital investment plan, increasing procurement of renewable power and energy storage, inflation, commodity price volatility, increasing self-generation, load departures to CCAs or Electric Service Providers, and increasing environmental regulations, among other things, collectively place continuing upward pressure on customer rates.”

Annual report 2025A · The company itself

“SCE's ability to obtain financing, as well as its ability to refinance debt and make scheduled payments of principal and interest, are dependent on numerous factors, including SCE's levels of indebtedness, maintenance of acceptable credit ratings, financial performance, liquidity and cash flow, increases in interest rates and credit spreads due to inflationary pressures, and other market conditions.”

Annual report 2025A · The company itself

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

Annual report 2025A · The company itself

“These include, but are not limited to, conditions impacting inflation, credit and capital markets, interest rates, tax law, including tax rate and policy changes, factors affecting global economic stability, tariffs and the political environment relating to health care.”

Annual report 2025A · The company itself

“Problems can arise for a number of reasons, including disruption of facility utilities, equipment malfunction, failure to follow protocols and procedures, raw material problems (including cost volatility and availability), software problems, cybersecurity incidents, or human error.”

Annual report 2025A · The company itself

“We experience from time to time, and may continue to experience, supply interruptions due to a variety of factors, including: •General economic conditions that could adversely affect the financial viability of our vendors; •Vendors' election to no longer service or supply medical technology companies, including due to the burdens of applicable quality requirements and regulations or for no reason at all; •The limitation or ban of certain chemicals or other materials used in the manufacture of our products; and •Delays, shortages and price increases due to trade or regulatory embargoes.”

Annual report 2025A · The company itself

“Additionally, any significant increases in the cost of raw materials, whether due to inflationary pressure, supply constraints, the imposition of tariffs, regulatory changes, or otherwise, could adversely impact our operating results.”

Annual report 2025A · The company itself

“Total healthcare costs are affected by the type, number and unit cost of individual services rendered. Numerous factors affecting healthcare costs may adversely affect our ability to predict and manage such costs, and could adversely impact our business, cash flows, financial condition and results of operations. These factors include, among others: changes in healthcare practices; healthcare utilization patterns; demographic characteristics including the aging population; previously uninsured members entering the healthcare system; short and long-term risks associated with our members' lifestyle decisions; medical cost inflation; increased labor costs; provider and member fraud; evolution of new technologies, drugs and treatments; increased cost of individual services; increased number and cost of prescription drugs; direct-to-consumer marketing by drug manufacturers; clusters of high cost cases; increased use of services, including resulting from pandemics, large-scale medical emergencies, natural disasters, geopolitical instability and other public health crises; and new mandated benefits and treatment guidelines and changes to other regulations impacting our business.”

Annual report 2025A · The company itself

“Strong competition within the pharmacy services business has generated greater demand for lower product and service pricing and enhanced product and service offerings. Our inability to maintain positive trends, satisfy financial commitments to customers, or to contract on favorable terms with CVS, wholesalers or pharmaceutical manufacturers for, among other things, rebates, discounts, administrative fees and inventory purchase prices, or a failure to identify and implement new ways to mitigate pricing pressures, could negatively impact our ability to attract or retain customers, negatively impact our margins and have an adverse effect on our business and results of operations.”

Annual report 2025A · The company itself

“Our equity portfolio is subject to the volatility inherent in the stock market, driven by concerns over economic conditions, earnings and sales growth, inflation, and consumer confidence.”

Annual report 2025A · The company itself

“The challenging conditions of 2023 persisted throughout 2024, with weak growth, high inflation, and high interest rates.”

Annual report 2024A · The company itself

“Rörelseresultatet 2024 Jämfört med samma period föregående år har påverkats negativt av ökade logistikkostnader avseende utomnordiska transporter, förändrad produktmix med lägre marginaler samt delvis negativa valutaeffekter avseende koncernens inköp.”

Annual report 2024A · The company itself

“Sedan slutet av 2022 har vi säkrat nya kommersiella villkor med kunder, vilket skyddar oss mot inflation och säkerställer positiv utveckling av bruttovinst, kassaflöde och nettorörelsekapital.”

Annual report 2024A · The company itself

“Tillgången på resurser och att hitta rätt kompetens är en utmaning. De stigande lönenivåerna gör det ännu mer utmanande att attrahera och behålla rätt personer.”

Annual report 2024A · The company itself

“För koncernen är de främsta marknadsriskerna valutakursrisker, ränterisker och råvaruprisrisker.”

Annual report 2024A · The company itself

“Inflationen påverkar Eltels kostnadsbas, inklusive drivmedels- och materialkostnader.”

Annual report 2024A · The company itself

“A prolonged stagnation or weakening in financial and macroeconomic conditions, potentially including higher interest rates, supply chain challenges, inflation, or geopolitical impacts, could therefore have a significant adverse effect on our revenues and profitability.”

Annual report 2025A · The company itself

“While we believe we can increase our prices to adjust for some price increases in commodities, there can be no assurance that price increases of commodities, if they were to occur, would be recoverable. Further, the timing of our price increases may lag the timing of the underlying increases in commodity or material prices and certain of our contracts do not allow us to adjust our prices. As a result, increases in material or fuel costs could reduce our profitability with respect to projects in progress.”

Annual report 2025A · 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

“Additionally, circumstances beyond our control, such as elevated interest rates, inflation and potential macroeconomic disruptions, may hinder our ability to pursue and complete acquisitions.”

Annual report 2025A · The company itself

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

Annual report 2024A · The company itself

“Inflation Ökad inflation och effekter på bolagets kostnadsmassa. Eniro möter inflationsrisken genom att bevaka utvecklingen och vid behov justera kostnadsmassan och/eller prissättningen mot våra kunder.”

Annual report 2024A · The company itself

“Inflation och höga räntor, som leder till ökade kostnader och minskad investeringsbenägenhet bland kunder, utgör ytterligare risker.”

Annual report 2024A · The company itself

“Industrial and Commercial Customers Entergy’s large industrial and commercial customers continually explore ways to reduce their energy costs. Entergy responds by working with industrial and commercial customers to negotiate electric service contracts with competitive rates that match specific customer needs and load profiles.”

Annual report 2025A · The company itself

“Projected health care cost trend rates Entergy’s health care cost trend is affected by both medical cost inflation and, with respect to capped costs under the plan, the effects of general inflation. Entergy reviews actual recent cost trends and projected future trends in establishing its health care cost trend rates.”

Annual report 2025A · The company itself

“The Utility operating companies’ load and capacity projections are reviewed periodically to assess the need and timing for additional generating capacity and interconnections. These reviews consider existing and projected demand, the availability and price of power, the location of new load, the economy, Entergy’s clean energy and other public policy goals, environmental regulations, and the age and condition of Entergy’s existing infrastructure.”

Annual report 2025A · The company itself

“The Utility operating companies and System Energy, and the energy industry as a whole, have experienced a period of rising costs and investments. An upward trend in spending, especially with respect to infrastructure investments (including those that have already been approved by a regulator), is likely to continue in the foreseeable future and could result in more frequent rate cases and requests for, and the continuation of, cost recovery mechanisms, all of which could result in adverse cost recovery determinations and/or face resistance from customers and other stakeholders especially in a rising cost environment, whether due to inflation, increased tariffs or changes to governmental policies and programs, including tax incentives or tax credits, grants, guarantees, and other subsidies, or high fuel prices or otherwise, and/or in periods of economic decline or hardship.”

Annual report 2025A · The company itself

“The Utility operating companies recover fuel, purchased power, and associated costs through rate mechanisms that are subject to risks of delay or disallowance in regulatory proceedings, and sudden or prolonged increases in fuel and purchased power costs could lead to increased customer arrearages or bad debt expenses. The Utility operating companies recover their fuel, purchased power, and associated costs from their customers through rate mechanisms subject to periodic regulatory review and adjustment.”

Annual report 2025A · The company itself

“On occasion, when the level of incurred costs for fuel and purchased power rises dramatically, some of the Utility operating companies may agree to defer recovery of a portion of that period’s fuel and purchased power costs for recovery at a later date, which could increase the near-term working capital and borrowing requirements of those companies. The Utility operating companies also may experience, and in some instances have experienced, an increase in customer bill arrearages and bad debt expenses due to, among other reasons, increases in fuel and purchased power costs, especially in a rising cost environment, whether due to inflation or increased tariffs and/or in periods of economic decline or hardship.”

Annual report 2025A · The company itself

“The inability to raise capital on favorable terms, particularly during times of high interest rates and inflation, and uncertainty or reduced liquidity in the capital markets, could negatively affect Entergy and its subsidiaries’ ability to maintain and to expand their businesses.”

Annual report 2025A · The company itself

“Entergy and its subsidiaries have observed and expect continued inflationary pressures related to commodity prices, other materials and supplies, and operation and maintenance expenses, including in the areas of labor, health care, and pension costs.”

Annual report 2025A · The company itself

“To manage near-term and medium-term financial exposure related to commodity price fluctuations, Entergy and its subsidiaries, including the Utility operating companies, may enter into contracts to hedge portions of their purchase and sale commitments, fuel requirements, and inventories of natural gas, uranium and its conversion and enrichment, coal, refined products, and other commodities, within established risk management guidelines.”

Annual report 2025A · The company itself

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

Annual report 2024A · The company itself

“Fokus på lönsamhet i en dämpad marknad Att inga transaktioner genomfördes under 2024 visar på en avvaktande hållning och ökade avkastningskrav bland kunder. Den svaga nordiska marknaden präglas av lägre prognosticerade elpriser, högre kostnader för vindturbiner och ett förhöjt ränteläge.”

Annual report 2024A · The company itself

“Inflations- och valutaexponering En stor del av Eolus försäljningar av anläggningar för produktion av förnybar el samt inköp av komponenter sker i EUR och USD.”

Annual report 2024A · The company itself

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

Annual report 2024A · The company itself

“Negative changes in general economic conditions, including interest rates, the level of inflation, unemployment rates, income, home prices, investment values and consumer confidence, could adversely affect us. Our customers, and therefore our business and revenues, are sensitive to negative changes in general economic conditions, including the demand and availability of affordable credit and capital, the level and volatility of interest rates, the level of inflation, employment levels, consumer confidence, and housing demand, both inside and outside the United States.”

Annual report 2025A · The company itself

“We remain in a period of economic uncertainty in the U.S. and the international markets in which we operate, including uncertainty regarding expectations for inflation and interest rates.”

Annual report 2025A · The company itself

“We remain in a period of economic uncertainty in the U.S. and our global markets, including uncertainty regarding expectations for inflation and interest rates. The direction of global economies, inflation and interest rates will have an impact on demand for our services.”

Annual report 2025A · The company itself

“To the extent inflation results in rising U.S. interest rates and has other adverse effects upon the U.S. securities markets and upon the value of financial instruments, it may adversely affect the Company’s financial position and profitability. Increases in U.S. interest rates may also negatively impact the U.S. mortgage market, which may adversely affect the Company’s revenue, financial position and profitability.”

Annual report 2025A · The company itself

“Rising prices for materials related to our IBX data center construction and our data center offerings, energy and gas prices, as well as rising wages and benefits costs negatively impact our business by increasing our operating costs.”

Annual report 2025A · The company itself

“We are currently experiencing inflation and volatility pressures in the energy market globally. Various macroeconomic factors are contributing to the instability and global power shortage including inadequate power generation and transmission to meet market demand in certain locations, severe weather events, governmental regulations, government relations and inflation. While we have aimed to minimize our risk, via hedging, conservation, and other efficiencies, we expect the cost for power to continue to be volatile and unpredictable and subject to inflationary pressures.”

Annual report 2025A · The company itself

“While we have invested in creating a reserve of materials to mitigate supply chain issues and inflation, it may not be sufficient and ongoing delays, difficulty finding replacement products and continued high inflation could affect our business and growth and could have a material effect on our business.”

Annual report 2025A · The company itself

“Health & Medical och Professional Hygiene redovisade högre försäljningspriser.”

Annual report 2024A · The company itself

“IAC ökade kraftigt främst som ett resultat av ökade volymer, högre försäljningspriser, positiv mix och lägre kostnader för sålda varor. Investeringar i försäljning för att driva tillväxt ökade kostnaderna. Valutaomräkningseffekter påverkade resultatet positivt med 25 MSEK jämfört med föregående år. • Högre volymer • Ökade försäljningspriser och gynnsam produktmix • Kraftigt förbättrad EBITA och marginal, exkl.”

Annual report 2024A · The company itself

“Prevailing market conditions with high interest rates and high inflation are positive for concepts like Europris and ÖoB, with their broad and relevant product offering and attractive prices.”

Annual report 2024A · The company itself

“The economic outlook is becoming more attractive as inflation is coming down in both Sweden and Norway, and the average consumer is seeing improving real wages. Interest rates have already been lowered in Sweden, and the Norwegian central bank has signalled interest rate reduction during 2025.”

Annual report 2024A · The company itself

“These new rules pose a risk to the group through the resources required to trace and phase out prohibited products and adjust business practices/activities. In addition there might be an increase in the price of renewable and recycled goods in the short to medium term.”

Annual report 2024A · The company itself

“Inflationary pressures drove costs higher at the beginning of the year, although cost measures and strict controls have gradually reined in the cost escalation and protected our operational efficiency and leverage.”

Annual report 2024A · The company itself

“Operating expenses were under pressure from high wage growth and high inflation, but due to great attention to the cost base the group managed to deliver a lower organic cost increase than expected at the beginning of the year.”

Annual report 2024A · The company itself

“This reflected an increase from 257 to 260 directly operated stores and the overall impact of inflation and wage growth.”

Annual report 2024A · The company itself

“Table of Contents Supply chain disruptions have contributed to higher prices of components, materials, equipment and other needed commodities. An extended duration or an ongoing increase in the severity of supply chain and inflationary disruptions, including increased tariffs, could result in continued inflation, further extend lead times and result in higher cost of capital.”

Annual report 2025A · The company itself

“Additionally, heightened inflation raises the Evergy Companies' costs for labor, materials and services, and failure to secure these on reasonable terms may adversely impact the Evergy Companies' business, results of operations, financial position and cash flows.”

Annual report 2025A · The company itself

“The cost and schedule of capital projects, including the construction of new natural gas and renewable generating facilities, may materially change and expected performance may not be achieved. The Evergy Companies' business is capital intensive and includes significant construction projects.”

Annual report 2025A · The company itself

“Customer affordability concerns, driven by volatility in energy supply costs, evolving public policy mandates and inflationary pressures, may limit our ability to recover costs or fund infrastructure upgrades. Regulators may respond by imposing stricter cost recovery standards, delaying or denying rate increases or cost recovery or requiring alternative funding mechanisms increasing financial uncertainty.”

Annual report 2025A · The company itself

“Also, supply constraints in New England have led to significant increases in commodity costs which may impact our ability to accomplish our strategic objectives.”

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

“Table of Contents General Risks Macroeconomic downturns or uncertainties may harm our industry, business, and results of operations We operate globally and as a result, our business, revenues, and profitability may be impacted by global macroeconomic conditions. Adverse macroeconomic conditions both in the U.S. and abroad, including, but not limited to, rising interest rates, inflationary pressures on goods and services, challenges in the financial and credit markets, labor shortages, supply chain disruptions, trade uncertainty, adverse changes in global taxation and tariffs, sanctions, outbreaks of pandemic diseases, political unrest and social strife, armed conflicts, or other impacts from the macroeconomic environment could adversely affect our business, financial condition, results of operations and cash flows through, among others, softer demand of our products and services as well as unfavorable increases to our operating costs, which could negatively impact our profitability.”

Annual report 2025A · The company itself

“Det höga inflationstrycket och väsentligt justerade ränteläget påverkade finansmarknaderna kraftigt hösten 2022 och finansieringsmöjligheterna försämrades markant.”

Annual report 2024A · The company itself

“Inför 2024 gjorde Trianon en 2-årig överenskommelse med Hyresgästföreningen vilken innebar en hyreshöjning om 5,3 procent 2024 och 4,9 procent 2025 i Malmö.”

Annual report 2024A · The company itself

“Trots de sämre tiderna, har vi kunnat bibehålla eller höja hyrorna.”

Annual report 2024A · The company itself

“Merparten av Fastpartners hyresavtal är helt eller delvis bundna till konsumentprisindex (KPI) vilket innebär att de är helt eller delvis inflationsjusterade.”

Annual report 2024A · The company itself

“Inflationsantagandet för hela kalkylperioden uppgår till två procent per år.”

Annual report 2024A · The company itself

“These features in our leases generally reduce our exposure to higher costs and allow us to participate in improved tenant sales.”

Annual report 2025A · The company itself

“However, the effects of inflationary pressures and elevated interest rates continue to negatively impact our business with the largest impacts being higher interest costs, increased material costs, and higher operating costs.”

Annual report 2025A · The company itself

“•Throughout the portfolio, we currently have redevelopment projects underway with a projected total cost of approximately $304 million that we expect to stabilize over the next several years. The above includes our best estimates based on information currently known, however, the completion of construction, final costs, and the timing of leasing and openings may be further impacted by the current environment including the duration and severity of the economic impacts of broader, as well as local, economic conditions, inflation, tariffs, higher interest rates, and higher operating costs.”

Annual report 2025A · The company itself

“Nevertheless, the company only narrowly missed its target for 2024.”

Annual report 2024A · The company itself

“A significant portion of our revenue is derived from transaction processing fees. The global transaction processing industries depend heavily upon the overall level of consumer, business and government spending. Any change in economic factors, including a sustained deterioration in general economic conditions or consumer confidence, particularly in the U.S., or inflation and increases in interest rates in key countries in which we operate may adversely affect consumer spending, consumer debt levels and payment card usage, and as a result, adversely affect our financial performance by reducing the number or average purchase amount of transactions that we service.”

Annual report 2025A · The company itself

“On January 9, 2026, FIS incurred debt of approximately $7.7 billion to finance the cash portion of the Issuer Solutions Acquisition. Accordingly, the indebtedness of FIS and its subsidiaries following completion of the Issuer Solutions Acquisition is substantially greater than FIS' indebtedness prior to completion of the acquisition. FIS' substantially increased indebtedness could have the effect, among other things, of reducing FIS' flexibility to respond to changing business and economic conditions.”

Annual report 2025A · The company itself

“However, the situation remains fluid, and a prolonged continuation or further increase in demand, or the continuation of uncertain or adverse macroeconomic conditions, including inflationary pressures and new or increased existing tariffs, could lead to an increase in supply chain disruptions that could, in turn, have an adverse effect on the Registrants’ results of operations, cash flow and financial condition.”

Annual report 2025A · The company itself

“Macroeconomic conditions that are beyond our control, such as government fiscal policy, tariffs, recessions, inflation and interest rate pressures, may negatively impact our financial condition, results of operations, liquidity, and cash flows. Economic conditions, including those that may arise from government fiscal policy, tariffs, recessions, inflationary and interest rate pressures, may impact the demand for electricity and, therefore, any decline in economic conditions could lead to declines in the demand for electricity, which would reduce our revenues.”

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

“We could also be adversely impacted if any future increases to energy prices result in a decrease in customer usage.”

Annual report 2025A · The company itself

“Prices for equipment, materials, supplies, employee labor contractor services, together with the cost of variable-rate debt, have increased in recent years and could continue to increase in 2026 and beyond. Inflation and broader economic conditions have continued to drive up the price of the cost of essential components used in the construction of transmission infrastructure, such as electrical equipment, steel and aluminum, and we may experience supply chain disruptions and long lead times for critical equipment.”

Annual report 2025A · The company itself

“Inflation increases costs for labor, materials and services, and we may be unable to secure these resources on economically acceptable terms or offset such costs with increased revenues, operating efficiencies, or cost savings, which may adversely impact our financial condition, results of operations, liquidity, and cash flows.”

Annual report 2025A · The company itself

“However, we expect to continue to face increased cost pressures related to operation and maintenance expenses, including in the areas of health care and pension costs. We have experienced health care cost inflation in recent years, and we expect our cash outlay for health care costs, including prescription drug coverage, to continue to increase despite measures that we have taken requiring employees and retirees to bear a higher portion of the costs of their health care benefits. The measurement of our expected future health care and pension obligations and costs is highly dependent on a variety of assumptions, many of which relate to factors beyond our control.”

Annual report 2025A · The company itself

“historisk set har jord været en inflationssikker investering, der er steget i værdi over tid.”

Annual report 2025A · The company itself

“Vi tilbyder investering i landbrugsjord, som er et konjunkturrobust realaktiv.”

Annual report 2025A · The company itself

“Prisen på mælk har været på et tilfredsstillende højt niveau gennem det meste af 2025, men i Q4 faldt priserne markant og i december var priserne kortvarigt på et niveau på under 2,00 kr./kg. Priserne har rettet sig, og forventningen er svagt stigende priser i Q2-Q3 2026.”

Annual report 2025A · The company itself

“Afgrødepriserne er også faldet i løbet af 2025. Afgrødepriserne var stabile i første halvår, men faldt i løbet af efteråret for igen at stabilisere sig ultimo 2025.”

Annual report 2025A · The company itself

“Derudover var der i 2025 en positiv værdiudvikling for ejet jord.”

Annual report 2025A · The company itself

“Den samlede kapitalbinding i biologiske aktiver og varebeholdninger er øget med 63 mDKK i 2025 til 343 mDKK mod 279 mDKK i 2024. Der er flere afgrøder på lager ultimo 2025 sammenlignet med 2024 samt øgede dagsværdier på kvæg.”

Annual report 2025A · The company itself

“De faldende priser har medført en negativ værdiregulering af besætningen med 16 mDKK.”

Annual report 2025A · The company itself

“Datagrundlag Med udgangspunkt i markdata, som er integreret i maskinerne, kan vi foretage præcis og behovstilpasset tildeling af både gødning og såsæd. I 2025 har vi gennemført nye jordprøver, som giver os et opdateret og detaljeret indblik i jordkvalitet og næringsstofindhold på markerne.”

Annual report 2025A · The company itself

“FirstFarms ønsker at kombinere den organiske vækst med opkøb af jord til afgrødeproduktionen. Jord er FirstFarms’ og aktionærernes sikkerhedsnet, og historisk set har jord været en inflationssikker investering, der er steget i værdi over tid.”

Annual report 2025A · The company itself

“In several markets, regulators and local authorities have imposed or are considering restrictions on data center power and water consumption, requirements for operators to fund grid upgrades, and other conditions that may delay or increase the cost of power and water procurement. Public utility capacity constraints, broader grid reliability events, and inflationary or geopolitical pressures on energy prices may further increase volatility and uncertainty for our customers.”

Annual report 2026A · The company itself

“Inflationary pressures, such as what the market continues to experience, could affect our profitability and cash flows, due to higher wages, higher operating costs, higher financing costs, and/or higher supplier prices.”

Annual report 2026A · The company itself

“We may be unable to pass along such higher costs to our customers.”

Annual report 2026A · The company itself

“In addition, inflation may adversely affect customers' financing costs, cash flows, and profitability, which could adversely impact their operations and our ability to collect receivables.”

Annual report 2026A · The company itself

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

Annual report 2026A · The company itself

“Inflationary pressures have increased in recent years and may continue to increase pricing of components.”

Annual report 2026A · The company itself

“Our failure or inability to accurately forecast demand and volatility in the availability and prices of materials, equipment, components, and services, including rising prices due to inflation or scarcity of availability, have in the past adversely impacted, and could in the future adversely impact, our business and results of operations.”

Annual report 2026A · The company itself

“Inflationary and other increases in the costs of the raw materials and labor required to produce the products have occurred and may recur from time to time. Also, the production ramps for these programs are typically significant and negatively impact our margin in early stages as the manufacturing volumes are lower and result in inefficiencies and unabsorbed manufacturing overhead costs.”

Annual report 2026A · The company itself

“As with other manufacturers, the profitability of our business is affected by many factors, including: •Wholesale unit volumes •Margin of profit on each vehicle sold - which, in turn, is affected by many factors, such as: ◦Market factors - volume and mix of vehicles and options sold, and net pricing (reflecting, among other factors, incentive programs) ◦Costs of components and raw materials necessary for production of vehicles ◦Costs for customer warranty claims and additional service actions ◦Costs for safety, emissions, and fuel economy technology and equipment •A high proportion of relatively fixed structural costs, so that small changes in wholesale unit volumes can significantly affect overall profitability Although supply disruptions have resulted in a higher level of new vehicle prices, our industry has historically had a very competitive pricing environment, driven in part by excess capacity.”

Annual report 2025A · The company itself

“If warranty costs are greater than anticipated as a result of increased vehicle and component complexity, the adoption of new technologies, the time it takes to improve the quality of our products and services (or if such efforts are unsuccessful), implementation of additional remedies in the event the initial one is ineffective or parts are unavailable, or otherwise (including as a result of higher repair costs driven by inflation or other economic factors), such costs could continue to have an adverse effect on our financial condition or results of operations.”

Annual report 2025A · The company itself

“•Adverse economic conditions, such as a possible economic downturn or recession, and possible impacts of inflation or stagflation, tariffs, trade policies or other trade disruptions, changing interest rates, changes in government spending or regulation or reduced information technology (“IT”) spending, including firewall spending, may adversely impact our business. •We have been, are currently and may in the future be susceptible to supply chain constraints, supply shortages and disruptions, long or less predictable lead times for components and finished goods and supply changes because some of the key components in our products come from limited sources of supply. •During prior periods of supply chain disruption, including during the COVID-19 pandemic, we increased our purchase order commitments.”

Annual report 2025A · The company itself

“Adverse economic conditions, such as a possible recession and possible impacts of inflation or stagflation, tariffs or other trade disruptions, changing interest rates, reduced information technology spending, including firewall and other security spending, or any economic downturn or recession, may adversely impact our business.”

Annual report 2025A · The company itself

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

Annual report 2025A · The company itself

“We may experience slowing growth or a decrease in billings, revenue, operating margin and free cash flow for a number of reasons, including a slowdown in pipeline growth or for demand for our products or services generally, a shift in demand from products to services, decrease in services revenue growth, increased competition, execution challenges including sales execution challenges and lack of optimal sales productivity, worldwide or regional economic challenges based on inflation or possible stagflation, a regional recession or a recession in the global economy, changing interest rates, as a result of regional conflicts, a decrease in the growth of our overall market or softness in demand in certain geographies or industry verticals, such as the service provider industry, changes in our strategic opportunities, execution risks, lower sales productivity and our failure for any reason to continue to capitalize on sales and growth opportunities due to other risks identified in the risk factors described in this periodic report.”

Annual report 2025A · The company itself

“Inflation, an economic downturn, a recession and any other economic challenges may also adversely impact spending patterns by our distributors, resellers and end-customers.”

Annual report 2025A · The company itself

“To mitigate increased hardware costs resulting from these shortages, we are implementing price increases, which may negatively impact demand for our products and may not be sufficient or timely to offset rising input costs, potentially resulting in margin compression and adversely affecting our business, financial condition and results of operations.”

Annual report 2025A · The company itself

“General Risks Global economic uncertainty, an economic downturn, the possibility of a recession, inflation, changing interest rates, changes to government spending and regulations, and weakening product demand could adversely affect our business and financial performance. Economic challenges caused by economic downturn, any resulting recession, inflation, GDP impact (both domestically and internationally) or change in interest rates can weaken and harm our financial position. The U.S. capital markets have experienced and continue to experience extreme volatility and disruption.”

Annual report 2025A · The company itself

“The existence of inflation in certain economies has resulted in, and may continue to result in, changing interest rates and capital costs, increased component or shipping costs, increased costs of labor, weakening exchange rates and other similar effects.”

Annual report 2025A · The company itself

“In addition, due to the highly competitive nature of the industries that we serve, the cost-containment efforts of our customers, and the terms of certain contracts we are party to, if commodity or component prices rise we may be unable to pass along cost increases through higher prices. If we are unable to fully recover higher commodity or component costs through price increases or offset these increases through cost reductions, or if there is a time delay between the increase in costs and our ability to recover or offset these costs, we could experience lower margins and profitability and our financial results could be adversely affected.”

Annual report 2025A · The company itself

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

Annual report 2025A · The company itself

“Vuonna 2025 Fortum sai päätökseen tehostamisohjelmansa, joka pienensi vuotuisia kiinteitä kustannuksia 100 miljoonalla eurolla (pois lukien inflaatio) vuoden 2025 loppuun mennessä.”

Annual report 2025A · The company itself

“Factors that have affected and could in the future affect economic and financial conditions include actual or perceived uncertainty about economic stability (including taxes and tariffs) and social and political 23 uncertainties and conflicts, changes in consumer confidence, recession, high inflation, declining economic growth, diminished availability of credit, higher interest rates, unemployment rates and changes in consumer spending habits. Weak economic conditions have had and may continue to have an adverse impact on the Company's business, financial condition and results of operations. For example, reduced advertising expenditures due to a weak economy can negatively impact our advertising revenues, and increasing inflation raises our labor and other costs required to operate our business.”

Annual report 2026A · The company itself

“We have operations outside the United States that make up a significant portion of our total revenue, which can present challenges depending on economic and geopolitical conditions on both a global and regional scale. Adverse economic conditions, including higher interest rates, inflation, higher fuel prices, higher unemployment, or recession, could adversely affect demand for our products and services.”

Annual report 2025A · The company itself

“Gross margins for our products may fluctuate or erode. Gross margins in some of our segments are volatile and could decline in the future due to competitive price reductions that are not fully offset by material cost reductions. In addition, our overall gross margin may fluctuate from period to period due to a number of other factors, including product mix, foreign exchange rates, tariffs, freight and component costs, manufacturing facility utilization, and unit volumes.”

Annual report 2025A · The company itself

“Inflation Our business has at times been impacted by increasing costs. If our costs were to become subject to significant inflationary pressures, we may not be able to fully offset such higher costs through price increases.”

Annual report 2025A · The company itself

“Geopolitiska konflikter, såsom kriget i Ukraina och Mellanöstern samt spänningar i andra regioner, har skapat en instabil global situation som för med sig ökade kostnader för råvaror och energiresurser. Inflation och centralbankers räntelyft, som många länder har använt för att dämpa inflationstrycket, har påverkat konsumtion och investeringar negativt.”

Annual report 2024A · The company itself

“Marknadsförutsättningarna på de marknader där GARO är verksamt har varit utmanande under 2024, präglade av makroekonomiska faktorer som höga räntor, inflation och osäkerhet på finansmarknaderna. Detta har lett till en dämpad aktivitet inom nybyggnation och renovering.”

Annual report 2024A · The company itself

“Given the long-cycle nature of our business and the ongoing challenges from inflationary pressures, our Power segment has proactively implemented lean initiatives to sustain cost productivity, collaborated closely with suppliers, and adjusted product and service pricing in line with market demand, inflation, and industry dynamics.”

Annual report 2025A · The company itself

“We adjust pricing and contractual terms of our products and services based on demand, inflation, and industry dynamics.”

Annual report 2025A · The company itself

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

Annual report 2025A · The company itself

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

Annual report 2025A · The company itself

“Segment EBITDA increased $0.4 billion (18%) organically*, primarily at Gas Power and Steam Power due to favorable price and increased productivity, partially offset by additional expenses to support investments at Nuclear Power and Gas Power and the impact of inflation.”

Annual report 2025A · The company itself

“We may need to change our pricing models to compete successfully. The intense competition and evolving general and economic business conditions (including rising government debt levels, potential government policy shifts, changing U.S. consumer spending patterns, economic volatility, fluctuating tariff rates, trade wars, and high inflation and interest rates, among other things), may require us to change our pricing practices.”

Annual report 2026A · The company itself

“Additionally, our solutions are discretionary purchases, and customers may reduce or eliminate their discretionary spending during periods of economic uncertainty, inflation, elevated interest rates, trade disruptions or other macroeconomic stress. We have experienced and may continue to experience a material increase in cancellations by customers or reduced retention during such periods.”

Annual report 2026A · The company itself

“For example, disruptions in the credit markets or other factors, such as the high inflation and interest rate environment in calendar years 2024, 2025, and to date in 2026, could adversely affect the availability, diversity, cost and terms of our funding arrangements.”

Annual report 2026A · The company itself

“Although inflation has moderated from recent peak levels in certain markets, it remains elevated in many regions, and interest rates in the United States and other jurisdictions remain at historically elevated levels compared to the prior decade.”

Annual report 2026A · The company itself

“North America Retail organic net sales decreased 3 percent in fiscal 2026 compared to fiscal 2025, driven by unfavorable organic net price realization and mix and a decrease in contributions from organic volume growth.”

Annual report 2026A · The company itself

“IMPACT OF INFLATION We experienced broad-based global input cost inflation of 4 percent in fiscal 2026 and 4 percent in fiscal 2025. We expect approximately 4 percent to 5 percent input cost inflation in fiscal 2027.”

Annual report 2026A · The company itself

“Det finns risk för makroekonomiska förändringar såsom inflation, stigande räntor och lågkonjunktur, vilket leder till bland annat minskad investeringsvilja, ökade räntekostnader samt ökad vakans.”

Annual report 2024A · The company itself

“Verksamhet i fastighetssektorn är även i hög grad påverkad av makroekonomiska faktorer såsom allmän konjunkturutveckling, regionalekonomisk utveckling, sysselsättningsutveckling, produktionstakt för nya bostäder och lokaler, förändringar i infrastruktur, befolkningstillväxt, befolkningsstruktur, inflation, räntenivåer med mera.”

Annual report 2024A · The company itself

“Dock innebär omvärldssituationen en osäkerhet på de finansiella marknaderna med stigande priser, vilket medför sämre köpkraft, stigande inflation och risk för ökade räntenivåer.”

Annual report 2024A · The company itself

“Hyresavtalen omfattar till största delen full KPI-justering.”

Annual report 2024A · The company itself

“While the broader consequences are uncertain at this time, the continuation and/or escalation of these or other geopolitical conflicts creates a number of risks that could adversely impact our business, including: •persistent inflationary pressures and significant volatility in commodity prices; •disruptions to our global technology infrastructure, including through cyberattacks, ransom attacks or cyber-intrusion; •adverse changes in international trade policies and relations, including U.S. tariff policies; •our ability to maintain or increase our prices, including freight in response to increased fuel costs; 10 Table of Contents •disruptions in global supply chains; •increased exposure to foreign currency fluctuations; and •constraints, volatility or disruption in the credit and capital markets.”

Annual report 2025A · The company itself

“Inflation In 2025 and 2024, we experienced inflationary pressures, including the impact of new or increased tariffs on imports, across various parts of our business and operations, including, but not limited to, increases to our product costs, and higher operating costs, including those related to salaries, wages, rent and freight expenses. We continue to monitor the impact of inflation in order to minimize its effects through pricing strategies, productivity improvements and cost reductions.”

Annual report 2025A · The company itself

“(5)Amount reflects a remeasurement of our asbestos-related product liability for a revised estimate of the number of claims to be incurred in future periods based on adverse current year changes in the claims environment, among other assumptions.”

Annual report 2025A · The company itself

“These developments include, but are not limited to, significant changes in (i) the key assumptions underlying the estimate, including the number of future claims, the nature and mix of those claims, and the average cost of resolving claims (ii) trial and appellate outcomes, (iii) the law and 72 Table of Contents procedure applicable to these claims, and (iv) the financial viability of other codefendants and insurers.”

Annual report 2025A · The company itself

“This expected improvement is supported by rising real wages, declining inflation, and increased public investment, particularly in infrastructure and defence. Inflation has gradually moderated and is now approaching the European Central Bank target of around 2%, which is expected to support household purchasing power and strengthen private consumption.”

Annual report 2025A · The company itself

“The general pricing of high street properties is influenced by several factors, among which are current inflation and expectations for future inflation, current interest rate levels and expectations for future interest rates, future property investors' demands for net yield for similar properties, the extent of new construction of various property types, demand for premises, general and local population development, general economic development, particularly economic growth, employment development, development in German private consumption, development in retail stores' turnover and earnings, and changes in the public sector's activity level and demand for premises.”

Annual report 2025A · The company itself

“However, there is a risk that actual expenses may be higher than expected. External factors can also affect actual maintenance costs, including weather conditions, technical conditions, regulatory requirements, commercial decisions, development in general price levels, and lack of capacity in the market for labour and materials.”

Annual report 2025A · The company itself

“Inflasjon, som delvis har sin årsak i en svakere norsk krone, har også bidratt til økning i reparasjonskostnadene.”

Annual report 2024A · The company itself

“Allokeringsvurderinger gjøres basert på markedssyn og avkastningskarakteristikk. Alle investeringer vurderes for vesentlig bærekraftsrisiko og konsernmål, som netto nullutslipp innen 2050, samt at leverandører av kapitalforvaltning oppfyller våre prinsipper og har gode prosesser for vurdering av bærekraft.”

Annual report 2024A · The company itself

“På mellomlang sikt er vår vurdering at det er økt politisk risiko for landbrukssegmentet som følge av mulige endringer i reguleringer. På mellomlang sikt er økt markedsrisiko knyttet til økte kostnader for skadeserstatninger som følge av økte råvarepriser, som må prises inn i forsikringene.”

Annual report 2024A · The company itself

“Høy inflasjon, høye rentekostnader og sterkt press i arbeidsmarkedet medfører forventninger til lønnsvekst blant de ansatte.”

Annual report 2024A · The company itself

“Rutiner for å avhjelpe negativ påvirkning Tilstrekkelig lønn I alle våre markeder har de siste årene vært preget av relativt høy prisvekst, høyt rentenivå og lav arbeidsledighet.”

Annual report 2024A · The company itself

“I Norge økte forsikringsinntektene med 8,9 prosent, hovedsakelig drevet av prisøkning på alle hovedproduktlinjer.”

Annual report 2024A · The company itself

“Norge økte forsikringsinntektene med 10,8 prosent, hovedsakelig drevet av prisøkninger på alle produkter, solide fornyelser og noe volumvekst for motor.”

Annual report 2024A · The company itself

“We have in the past, and may in the future, experience lower growth rates in customer demand due to factors including inflation, foreign currency headwinds and other factors that may not be known to us.”

Annual report 2025A · The company itself

“Department of Commerce, has previously been given the right to annually increase prices, subject to certain limitations, and has done so in recent years, including to the current list price of $10.26. If fees continue to increase, costs to our customers could become higher, which could have an adverse impact on our results of operations.”

Annual report 2025A · The company itself

“In addition, pricing of new gTLDs is generally not set or controlled by ICANN, which in certain instances has resulted in aggressive price increases on certain particularly successful new gTLDs. The increase in these fees with respect to any new gTLD either must be included in the prices we charge to our customers, imposed as a surcharge or absorbed by us. If we absorb such cost increases or if surcharges result in decreases in domain registrations, our business, operating results and financial performance may be adversely affected.”

Annual report 2025A · The company itself

“Inflation has had and could in the future have a negative effect on our business, results of operations and financial condition. Inflationary pressures in recent years have affected economies, financial markets and market participants worldwide. Inflationary pressures in recent years have increased certain of our operating expenses, and have adversely affected consumer sentiment and CEO confidence.”

Annual report 2025A · The company itself

“•Our asset management and wealth management businesses have been and may in the future be adversely affected by the poor investment performance of our investment products or a client preference for products other than those which we offer or for products that generate lower fees. •Inflation has had and could in the future have a negative effect on our business, results of operations and financial condition.”

Annual report 2025A · The company itself

“Businesses in the U.S. and globally have experienced shortages in materials and increased costs for transportation, energy, and raw materials due in part to the negative effects of the conflict on the global economy.”

Annual report 2025A · The company itself

“See Note 20 to the consolidated financial statements for further information about our capital ratios. Business Environment During 2025, the global economy grew, including in the U.S., as economic activity remained resilient despite being impacted by continued inflationary pressures and ongoing geopolitical concerns, as well as uncertainty resulting from changes in international trade policies (including tariffs).”

Annual report 2025A · The company itself

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

Annual report 2025A · The company itself

“The operating environment for Platform Solutions is mainly impacted by the economic environment in the U.S., which, during 2025, was generally characterized by concerns about inflation and uncertainty related to changes in international trade policies (including tariffs), a continued low rate of unemployment and a decline in the pace of growth in consumer spending compared with 2024.”

Annual report 2025A · The company itself

“Geopoliittinen tilanne, mahdollinen kauppasota ja tullit voivat aiheuttaa materiaalien hintojen vaihtelua sekä vaikuttaa asiakkaidemme investointihalukkuuteen negatiivisesti Tarjoustoiminnan ja suunnitelmien laatu, tarjouslaskenta, riskien tunnistaminen ja hinnoittelu, materiaalien hankkiminen keskitetysti ja ennakkoon, indeksiehdot, sopimukset.”

Annual report 2025A · The company itself

“Tammi– joulukuussa konsernin henkilöstökulut olivat 123,3 (105,6) miljoonaa euroa eli ne nousivat noin 17 prosenttia vertailuvuodesta.”

Annual report 2025A · The company itself

“De siste årene har samfunnet vært preget av historisk høy prisvekst, svak kronekurs og husholdninger som har blitt nødt til å strammere prioritere sine økonomiske midler.”

Annual report 2024A · The company itself

“Prisvariationer på insatsvaror – HANZAs kunduppdrag sträcker sig ofta över långa tidsperioder, under vilka aktuella materialpriser naturligt kan variera. Stora prisökningar på insatsvaror och tillverkningsmaterial skulle kunna påverka bolagets verksamhet, finansiella ställning och resultat negativt.”

Annual report 2024A · The company itself

“intensiv konkurrence og uforudsigelige markedsvilkår, der har påvirket vores væsentligste inputpriser på både råvarer, emballage, energi og fragt”

Annual report 2026A · The company itself

“Overordnet set ligger indkøbspriserne på et højere niveau, hvor der igen ses volatile udsving som de senere år, og der afdækkes løbende mod risici.”

Annual report 2026A · The company itself

“General liability and commercial automobile rate increases have been supported by elevated loss cost trends in recent years, while rate increases in property are decelerating.”

Annual report 2025A · The company itself

“The Company’s investment portfolio, Hartford Funds business, and insurance businesses are sensitive to changes in economic, political and global capital market conditions, such as the effect of a weak economy, including: •labor supply shortages •low labor force participation •lower family income •high unemployment •changes in interest rate levels •changes in credit spreads •equity market disruptions •rising inflation •changes in foreign currency exchange rates •a weak real estate market •lower business investment •lower consumer spending In an economic downturn, these factors may adversely affect the demand for insurance and financial products, insurance loss costs, valuation and returns on the investment portfolio, and lower the Company's profitability in some cases, including adverse impacts to our net investment income and operating results.”

Annual report 2025A · The company itself

“For additional information on interest rate sensitivity, see Part II, Item 7, MD&A - Enterprise Risk Management, Financial Risk - Interest Rate Risk. •Inflation Risk - Inflation is a risk to our property and casualty business because, in many cases, claims are paid out many years after a policy is written and premium is collected for the risk. A greater than expected increase in inflation may impact medical services, repair costs or other claim settlement expenses, which can result in higher claim costs than what was estimated at the time the policy was written.”

Annual report 2025A · The company itself

“The profitability and financial condition of the Company substantially depends on the extent to which our actual experience is consistent with assumptions we use in our models and ultimate model outputs. If, based upon these models or other factors, we misprice our products or our estimates of the risks we are exposed to prove to be materially inaccurate, our business, financial condition, results of operations or liquidity may be adversely affected.”

Annual report 2025A · The company itself

“Pricing adequacy depends on a number of factors, including the ability to obtain regulatory approval for rate changes, proper evaluation of underwriting risks, the ability to project future loss cost frequency and severity based on historical loss experience adjusted for known trends, the Company’s response to rate actions taken by competitors, its expense levels and expectations about regulatory and legal developments.”

Annual report 2025A · The company itself

“Higher than expected inflation in claim costs, such as with medical care, hospital care, automobile parts, wages, and home and building repair, would cause claims to settle for more than they are initially reserved.”

Annual report 2025A · The company itself

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

Annual report 2025A · The company itself

“Severity trends are influenced by internal factors such as claim handling and case reserving practices, as well as external conditions including supply chain stability, which affect parts and labor costs.”

Annual report 2025A · The company itself

“These favorable impacts were partially offset by a modestly higher underlying loss and LAE ratio. Expense ratio increased slightly as higher staffing costs, including higher incentive compensation and benefits costs, higher commissions, higher technology costs and an increase in doubtful accounts were largely offset by the impact of higher earned premium.”

Annual report 2025A · The company itself

“Expense ratio was flat due to the effect of an increase in earned premium due to renewal written price increases, offset by an increase in technology costs, higher staffing costs including incentive compensation, and higher marketing expenses, as well as a higher commission ratio due to business mix.”

Annual report 2025A · The company itself

“Expense ratio increased primarily due to higher staffing costs, including increased incentive compensation and benefits and higher technology costs, including increased investment.”

Annual report 2025A · The company itself

“2026 Outlook In 2026, the Company expects written premium growth primarily from renewal written pricing increases in both automobile and homeowners. We expect 2026 annual written pricing increases in both automobile and homeowners to moderate compared to 2025 results, and remain in line with loss cost trends.”

Annual report 2025A · The company itself

“Global and Economic Risks •Changes in U.S., global or regional political or economic conditions can harm our business, such as inflation, tariffs, rising interest rates and unemployment rates, as well as the markets in which we and our employees, consumers, customers, suppliers and manufacturers operate.”

Annual report 2025A · The company itself

“Recessions or even fear or anticipation of recessions, inflation, rising costs due to tariffs or potential tariffs, rising or fluctuating interest rates and mortgage rates, credit crises and other economic downturns, or disruptions in credit markets, in the U.S. and in other markets in which we operate can result in lower levels of economic activity, lower employment levels, less consumer disposable income, and lower consumer confidence.”

Annual report 2025A · The company itself

“Inflation and other adverse economic conditions in the markets in which we and our consumers, customers, employees, suppliers and manufacturers operate could negatively impact our ability to produce and ship our products, and lower our revenues, margins and profitability.”

Annual report 2025A · The company itself

“Inflation can cause significant increases in the costs of other products which are required by consumers, such as gasoline, home heating fuels, or groceries, may reduce household spending on the discretionary products and entertainment we offer.”

Annual report 2025A · The company itself

“Risks related to macroeconomic conditions: • Our overall business results may suffer during periods of significant inflation, general economic weakness or recessions or as a result of changing governmental policies.”

Annual report 2025A · The company itself

“A decrease in payment rates or an increase in rates that is below the increase in our costs may adversely affect our results of operations.”

Annual report 2025A · The company itself

“Economic conditions, including macroeconomic uncertainties and inflationary pressure, workforce burnout, and public health conditions and other factors, have exacerbated workforce competition, personnel shortages and capacity constraints.”

Annual report 2025A · The company itself

“Our business is impacted by economic conditions in the United States, including periods of significant inflation, higher interest rates or economic weakness or recessions.”

Annual report 2025A · The company itself

“Project costs may materially exceed original estimates due to, among other things: •higher interest rates; •increased costs for materials, transportation, environmental remediation, labor, or other inputs, including those caused by a shortage of construction materials or labor; •negligent construction or construction defects; •damage, vandalism, or accidents; and •increased operating costs, including insurance premiums, utilities, real estate taxes, and costs of complying with changes in government regulations or increases in tariffs.”

Annual report 2025A · The company itself

“We derive a significant portion of our revenues from leasing properties pursuant to leases that generally provide for fixed rental rates, subject to annual escalations. If inflation exceeds our annual escalations, our growth and profitability may be limited.”

Annual report 2025A · The company itself

“Additionally, some of our leases provide that annual rent is modified based on changes in the Consumer Price Index or other thresholds (i.e., contingent rent escalators). If the Consumer Price Index does not increase or other applicable thresholds are not met, rental rates may not increase as anticipated or at all, which could hinder our profitability and growth.”

Annual report 2025A · The company itself

“Increased interest rates and borrowing costs could materially adversely impact our business and ability to refinance existing debt, sell properties, and conduct investment activities. U.S. government policies implemented to address inflation, including actions by the Federal Reserve System’s Federal Open Market Committee (the “FOMC”) to increase short-term interest rates, resulted in increases in interest rates in the credit markets and other impacts on the macroeconomic environment.”

Annual report 2025A · The company itself

“Recessionary or inflationary conditions and depressed levels of consumer and commercial spending may also cause customers to reduce, modify, delay, or cancel plans to purchase our products and may cause suppliers to reduce their output or change their terms of sale. We have experienced inflationary pressures, including higher freight costs and interest expense, and pressures resulting from the strengthening of the dollar, which have and continue to impact our results of operations.”

Annual report 2025A · The company itself

“We face aggressive price competition. As a consequence of inflation and higher supply chain and manufacturing costs, from time-to-time we take pricing actions to increase the prices of many of our products and services to maintain or improve our revenue and gross margin.”

Annual report 2025A · The company itself

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

Annual report 2025A · The company itself

“The increase in product revenue was primarily due to higher net AUPs of $2,556 million, or 20.1%, partially offset by a decrease in net unit volume of $827 million, or 6.5%.”

Annual report 2025A · The company itself

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

Annual report 2025A · The company itself

“These risks to attracting and retaining highly qualified talent may be exacerbated by labor constraints, such as immigration policies which may impair the ability to recruit technical and professional talent, and inflationary pressures, which impact employee wages and benefits.”

Annual report 2025A · The company itself

“Server gross profit decreased by $337 million, or 8.3%, primarily driven by an increase in cost of sales by $1,978 million, or 16.4%, due to the input cost increases and higher mix of lower margin products.”

Annual report 2025A · The company itself

“The increase was partially offset by higher cost of sales of $1,050 million, or 61.5%, which was primarily attributable to Juniper Networks and higher input cost.”

Annual report 2025A · The company itself

“Resultatet per aktie, Euro cent Resultat före skatt, MEUR 41% Återkommande intäkter 62% Intäkter från mjukvara och tjänster 30% Rörelsemarginal Rörelseresultat (EBIT1), MEUR 67% Bruttomarginal Bruttoresultat, MEUR Operationell nettoomsättning, MEUR Nyckeltal (justerade): Intäkter, MEUR EBIT1, MEUR • Under 2024 godkändes våra mål gällande minskning av växthusgasutsläpp på kort sikt, och vårt nettonollutsläppsmål av Science Based Targets initiative (SBTi) – ett viktigt steg i vårt program för utsläppsminskningar. • Vi fortsatte också att stödja vår betydande kundbas i sina respektive effektivitets- och utsläppsminskningsprogram med hjälp av vår portfölj av lösningar och tjänster.”

Annual report 2024A · The company itself

“Återuppkomsten av en pandemi som Covid-19 eller nya virusvarianter kan ha en inverkan på viktiga kundindustrier och en ökning av råvaru- och insatsvarukostnaderna kan påverka Hexagons försäljningspotential och kostnadsstruktur. Även om varaktigheten och kännbarheten av dessa effekter är mycket osäkra kan de ha en negativ inverkan på verksamheten, den finansiella ställningen och resultatet på många sätt, inklusive störningar i Hexagons leveranskedjor.”

Annual report 2024A · The company itself

“Delar av Hexagons verksamhet bedrivs i sektorer som påverkas av pressade priser och snabb teknologiutveckling.”

Annual report 2024A · The company itself

“Det framtida faktiska utfallet kan således skilja sig från uttalandena på grund av faktorer såsom ändrade förhållanden inom ekonomi, marknad och konkurrenssituation, ändrade lagar och andra politiska åtgärder samt valutakursfluktuationer och andra faktorer.”

Annual report 2024A · The company itself

“Den globala ekonomin genomgår en turbulent period med geopolitiska konflikter, inflationssvängningar och förändrade handelsförhållanden.”

Annual report 2024A · The company itself

“FÖRSÄLJNING PER REGION 2024 Europa 40% Amerika 54% HEXPOL AB HEXPOL HEXPOL RUBBER COMPOUNDING AMERICAS HEXPOL RUBBER COMPOUNDING EUROPE HEXPOL RUBBER COMPOUNDING ASIA HEXPOL TPE COMPOUNDING HEXPOL THERMO PLASTIC COMPOUNDING HEXPOL HIGH PERFORMANCE COMPOUNDING HEXPOL GASKETS AND SEALS HEXPOL WHEELS TOTALT 52 AFFÄRSENHETER RUNT OM I VÄRLDEN REGIONER PRODUKTOMRÅDEN TVÅ AFFÄRSOMRÅDEN HEXPOLKONCERNENS ORGANISATION GARY MOORE Americas LEDANDE BEFATTNINGSHAVARE INOM HEXPOL:s AFFÄRSOMRÅDEN CARSTEN RÜTER Europe/Asia, HEXPOL TPE och HEX- POL HP Compounding HEXPOL Compounding Purchasing/ Technology RALPH WOLKENER President HEXPOL Compounding Europe/Asia, HEXPOL TPE och HEXPOL HP Compounding JAN WIKSTRÖM President HEXPOL Thermoplastic Compounding och HEXPOL HEXPOL COMPOUNDING En decentraliserad och starkt koordinerad organisation Affärsområdets tillverkning ligger tidigt i värde kedjan och är huvudsakligen kundorderstyrd och baseras på ett stort antal utvalda råmaterial som till stor del är utsatta för prisfluktuationer. Prissättningen mot kund omförhandlas därför många gånger per år, oftast månads- eller kvartalsvis.”

Annual report 2024A · The company itself

“Både vad det gäller gummioch plastråvaror följer vi materialutvecklingen och har regelbundna kontakter med råvaruproducenterna, oftast globala kemiföretag. En del hållbara råvaror finns tillgängliga på marknaden men tyvärr i begränsade mängder och med hög prisnivå.”

Annual report 2024A · The company itself

“Råmaterial HEXPOL är beroende av ett större antal insatsvaror, främst plast- och gummiråmaterial. Utvecklingen på marknaden kan resultera i högre inköpspriser på insatsvaror som är viktiga för HEXPOL.”

Annual report 2024A · The company itself

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

Annual report 2025A · The company itself

“Suomen vähittäiskaupan hinnoittelun rakenteellisen viiveen vuoksi naudan hankintahinnan nousua pystyttiin kompensoimaan korkeammilla myyntihinnoilla katsauskauden aikana vain osittain.”

Annual report 2025A · The company itself

“Sekä siipikarjanlihan että naudanlihan hinnat kääntyivät laskuun vuoden 2025 lopussa.”

Annual report 2025A · The company itself

“Sianlihan hinta laski voimakkaasti EU:ssa vuoden viimeisen neljänneksen aikana, eikä tilanteen ennakoida kohentuvan merkittävästi lähiaikoina.”

Annual report 2025A · The company itself

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

Annual report 2025A · The company itself

“Even when we are able to find alternate sources for certain products, they may cost more or require us to incur higher transportation costs, which could adversely impact our profitability and financial condition.”

Annual report 2026A · The company itself

“We continue to make wage investments to ensure our compensation packages reflect the evolving circumstances across our markets.”

Annual report 2026A · The company itself

“Prices of certain commodity products, including lumber and other raw materials, are historically volatile and are subject to fluctuations arising from changes in domestic and international supply and demand, inflationary or deflationary pressures, labor costs, competition, market speculation, government regulations, tariffs and trade restrictions (including retaliatory tariffs), changes in trade and other policies of the U.S. and other countries, natural disasters, geopolitical tensions or conflicts, military conflicts or acts of war, and periodic delays in delivery.”

Annual report 2026A · The company itself

“Lodging supply growth generally is driven by overall lodging demand, as extended periods of strong demand growth tend to encourage new development. However, the rate of supply growth also is influenced by several additional factors, including the availability of capital, interest rates, construction costs and unique market considerations. The relatively long lead-time required to complete the development of hotels makes supply growth easier to forecast than demand growth but increases the volatility of the cyclical behavior of the lodging industry, as new supply may be planned during an upcycle but may open for business in a weaker economy.”

Annual report 2025A · The company itself

“In addition, the U.S. economy has experienced high rates of inflation, which has increased our operating expenses due to higher wages and costs. The rate of inflation may remain elevated or increase in the future, resulting in further increases to our operating expenses.”

Annual report 2025A · The company itself

“•Working capital and fixed asset supplies. We are required to provide working capital for each hotel and to fund the cost of certain fixed asset supplies (for example, linen, china, glassware, silver and uniforms). We also are responsible for providing funds to meet the cash needs for hotel operations if at any time cash available at the hotel is insufficient to meet the financial requirements of that hotel, such as occurred during the COVID-19 pandemic.”

Annual report 2025A · The company itself

“Howmet sells many products to industries that are cyclical, such as the aerospace and commercial transportation industries, and the demand for our products is sensitive to, and quickly impacted by, demand for the finished goods manufactured by our customers in these industries, which may change as a result of changes in regional or worldwide economies, currency exchange rates, interest rates, inflation, energy prices or other factors beyond our control.”

Annual report 2025A · The company itself

“The costs of certain raw materials (including, but not limited to, nickel, titanium, aluminum, cobalt, and superalloy materials) necessary for the manufacture of Howmet’s products and other manufacturing and operating costs are influenced by market forces, including inflation, supply and demand, and shortages.”

Annual report 2025A · The company itself

“We also have experienced, and may experience in the future, gross margin declines in certain businesses, reflecting the effect of competitive pricing pressures and increases in component and manufacturing costs, resulting from market dynamics, especially increasing memory and storage costs and potential supply chain constraints in our Personal Systems business, and higher labor and material costs borne by our manufacturers and suppliers that we are unable to pass on to our customers.”

Annual report 2025A · The company itself

“In addition, if we cannot proportionately decrease our cost structure on a timely basis in response to competitive pricing pressures, our gross margin, profitability and cash flows could be adversely affected.”

Annual report 2025A · The company itself

“Addressing these issues can be expensive and may result in additional warranty, repair, replacement and other costs.”

Annual report 2025A · The company itself

“For example, we observed a competitive pricing environment, variability in commodity costs, demand softness in Print and demand softness in certain geographic regions in Personal Systems, secular declines in demand for certain products or solutions, including printing products and solutions, inflationary pressures, the imposition of new or increased tariffs and other trade restrictions, and foreign currency fluctuations.”

Annual report 2025A · The company itself

“Our gross margins are also subject to volatility and downward pressure due to a variety of factors, including: continued industry-wide global product pricing pressures and product pricing actions that we may take in response to such pressures; increased competition; our ability to effectively stimulate demand for certain of our products and services; compressed product life cycles; supply shortages; potential increases in the cost of components; our ability to manage product quality and warranty costs effectively; fluctuations in foreign exchange rates; inflation and other macroeconomic pressures; the imposition of new or increased tariffs and other trade restrictions; and the introduction of new products or services, including new products or services with lower profit margins.”

Annual report 2025A · The company itself

“As a result, during fiscal 2025, we experienced higher commodity and tariff costs, which were not fully mitigated by pricing and other actions enacted during the period.”

Annual report 2025A · The company itself

“Ongoing economic weakness, including an economic slowdown or recession, uncertainty in markets throughout the world and other adverse economic conditions, including inflation, changes in monetary policy, changes in levels of government spending, increased interest rates, tariffs and other trade restrictions, exchange rates and an evolving global trade environment, have resulted in, and may continue to result in, decreased demand for our products and services and challenges in managing inventory levels and accurately forecasting revenue, gross margin, cash flows and expenses.”

Annual report 2025A · The company itself

“For example, during fiscal year 2025 we observed continued market uncertainty, cautious commercial spending on information technology hardware, including in China, lower discretionary consumer spending, increasing commodity costs, inflationary pressures, the implementation of tariffs and other trade restrictions, and foreign currency fluctuations.”

Annual report 2025A · The company itself

“•In Personal Systems, we face challenges with a competitive pricing environment, variability in commodity costs, especially increasing memory and storage costs, and the uncertainty of the market’s ability to absorb price increases. •In Printing, we face challenges from changing customer behaviors as well as competitors with a favorable foreign currency environment and non-original supplies (which includes imitation, refill, or remanufactured alternatives).”

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

“The net revenue increase was primarily due to a 4.3% increase in unit volume driven by the Windows-based PC operating system refresh, and a 3.1% increase in average selling price (“ASPs”). The increase in ASPs is primarily due to favorable mix shift towards Commercial PS and disciplined pricing, partially offset by unfavorable currency impact.”

Annual report 2025A · The company itself

“Industry and Economic Risks Inflation and other unfavorable economic conditions may adversely affect our business results of operations and financial condition. Our operating results can be sensitive to changes in general economic conditions, macro-economic effects of the U.S. government federal deficit, inflation, economic slowdowns, stagflation and recessions. Our sales are subject to market conditions that may cause customer demand for our products to be volatile and unpredictable.”

Annual report 2025A · The company itself

“This increase was driven by a 1.1% increase in organic net sales from a low single digit increase in price, partially offset by a low single digit percentage decrease in unit volumes. Acquisitions also added 1.0% to net sales as compared to the prior year. Strong substation, transmission and distribution markets drove volume growth year over year, but that growth was more than offset by a decrease in volume within Grid Automation products from weak advanced metering infrastructure and meter project activity in the year.”

Annual report 2025A · The company itself

“The increase in operating margin and adjusted operating margin includes approximately three percentage points of margin expansion from favorable price realization and improved operational productivity. Those factors were partially offset by approximately two percentage points of margin contraction due to material and other cost inflation, including tariff expense.”

Annual report 2025A · The company itself

“The decline in gross profit margin includes approximately four percentage points of margin contraction due to higher intangible amortization expense, material and other cost inflation and lower volume, which was partially offset by approximately three percentage points of margin expansion driven by favorable price realization, productivity and cost management.”

Annual report 2025A · The company itself

“•The general impact of inflation on our business, including the impact on raw materials costs, elevated interest rates and increased energy costs and our ability to implement and maintain pricing actions that we have taken to cover higher costs and protect our margin profile. •Economic and business conditions in particular industries, markets or geographic regions, as well the potential for macro-economic effects of the U.S. government federal deficit, and continued inflation, a significant economic slowdown, stagflation or recession. •Effects of unfavorable foreign currency exchange rates and the potential use of hedging instruments to hedge the exposure to fluctuating rates of foreign currency exchange on inventory purchases. •Supply chain disruptions and availability, costs and quantity of raw materials, purchased components, energy and freight.”

Annual report 2025A · The company itself

“The increase in the operating margin and adjusted operating margin in 2025 was primarily due to approximately six percentage points of margin expansion from favorable price realization, improved operational productivity and higher unit volumes. Those factors were partially offset by approximately five percentage points of margin contraction driven by higher material and other cost inflation, including tariff expense and unfavorable business mix.”

Annual report 2025A · The company itself

“The decrease in operating margin includes approximately three percentage points of margin expansion from favorable price realization, improved productivity and cost management, but that expansion was more than offset by approximately four percentage points of margin contraction due to material and other cost inflation, higher acquisition-related intangible amortization and lower unit volume. The impact of lower unit volume includes approximately 130 basis points from enclosures products, driven primarily by prior weakness in the telecom market.”

Annual report 2025A · The company itself

“The increase in the operating margin and adjusted operating margin in 2024 was primarily due to approximately five percentage points of margin expansion from favorable price realization, improved productivity and higher volume. The disposition of the residential lighting business also contributed to the expansion. Those factors were partially offset by approximately three percentage points of margin contraction driven by higher material and other cost inflation.”

Annual report 2025A · The company itself

“Hushållens köpkraft var låg, främst kopplat till bolåneräntor, livsmedelspriser och en svagare arbetsmarknad.”

Annual report 2024A · The company itself

“Fastighetskostnader Fastighetskostnader består till stor del av taxebundna kostnader och påverkas av säsongsvariationer. Generellt är kostnaderna högre under vinterhalvåret.”

Annual report 2024A · The company itself

“Hyresavtal med längre löptider är bundna till konsumentprisindex och inkluderar ofta minimiindexering.”

Annual report 2024A · The company itself

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

Annual report 2025A · The company itself

“Hyperinflation and high interest rates and high volatility in exchange rates could worsen the business conditions some market areas.”

Annual report 2025A · The company itself

“This includes the ability to pass price increases of raw materials, energy and transportation to the price of the products.”

Annual report 2025A · The company itself

“RISK FACTORS Risks Relating to Our Business If we do not design and price our products properly and competitively, if the premiums we charge are insufficient to cover the cost of health care services delivered to our members, if we are unable to implement clinical initiatives to provide a better health care experience for our members, lower costs and appropriately document the risk profile of our members, or if our estimates of benefits expense are inadequate, our profitability may be materially adversely affected. We estimate the costs of our benefits expense payments, and design and price our products accordingly, using actuarial methods and assumptions based upon, among other relevant factors, claim payment patterns, medical cost inflation, and historical developments such as claim inventory levels and claim receipt patterns.”

Annual report 2025A · The company itself

“Accordingly, costs we incur in excess of our benefit cost projections generally are not recovered in the contract year through higher premiums.”

Annual report 2025A · The company itself

“While health plans compete on the basis of many factors, including service and the quality and depth of provider networks, we expect that price will continue to be a significant basis of competition. In addition to the challenge of controlling health care costs, we face intense competitive pressure to contain premium prices.”

Annual report 2025A · The company itself

“Legislative or regulatory actions, such as changes to the programs in which we participate, those resulting in a reduction in premium payments to us, an increase in our cost of administrative and health care services, or additional fees, taxes or assessments, may have a material adverse effect on our results of operations, financial position, and cash flows.”

Annual report 2025A · The company itself

“While we proactively attempt to effectively manage our operating expenses, increases or decreases in staff-related expenses, any costs associated with exiting products, additional investment in new products (including our opportunities in the Medicare programs, state-based contracts, and expansion of clinical capabilities as part of our integrated care delivery model), investments in health and well-being product offerings, acquisitions, new taxes and assessments, inflation, and implementation of regulatory requirements may increase our operating expenses.”

Annual report 2025A · The company itself

“Our results of operations depend substantially on net interest income, which is the difference between interest earned on interest earning assets (such as investments and loans) and interest paid on interest bearing liabilities (such as deposits and borrowings). Interest rates are highly sensitive to many factors, including governmental monetary policies, inflation, and domestic and international economic and political conditions. Conditions such as inflation, deflation, recession, unemployment, money supply, and other factors beyond our control may also affect interest rates. In addition, the Federal Reserve’s monetary policies, including changes in the federal funds rate and increasing or reducing the size of its balance sheet, may also affect interest rates.”

Annual report 2025A · The company itself

“Inflation could negatively impact our business, our profitability, and our stock price.”

Annual report 2025A · The company itself

“Prolonged periods of inflation may impact our profitability by negatively impacting our fixed costs and expenses, including increasing funding costs and expense related to talent acquisition and retention. Additionally, inflation may lead to a decrease in consumer and clients’ purchasing power and negatively affect the need or demand for our products and services. If significant inflation continues, our business could be negatively affected by, among other things, increased default rates leading to credit losses which could decrease our appetite for new credit extensions.”

Annual report 2025A · The company itself

“Our performance could be negatively affected to the extent there is deterioration in business and economic conditions, including persistent inflation, rising interest rates, supply chain issues, labor shortages, or changes in U.S. trade policies, including the imposition of tariffs and retaliatory tariffs, which have direct or indirect material adverse impacts on us, our customers, and our counterparties.”

Annual report 2025A · 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

“To illustrate a hypothetical sensitivity analysis, management calculated a quantitative allowance using a 100% weighting applied to an adverse scenario reflecting an amount of stress in excess of current expectations. This scenario contemplates elevated interest rates weakening credit-sensitive consumer spending and confidence more than expected. In this scenario, the impact of tariffs and immigration policy on the economy is significantly worse than expected, causing inflation to increase.”

Annual report 2025A · The company itself

“Inflation - Macroeconomic factors have contributed, and we expect will continue to contribute, to increasing cost inflation for raw materials, components, and supplies. We mitigate some cost inflation risk by negotiating long-term agreements with certain raw material suppliers and incorporating price escalation provisions in customer contracts to the extent possible.”

Annual report 2025A · The company itself

“a Danish core inflation level around 2% and stable interest rates”

Annual report 2025A · The company itself

“Assumptions for the 2026 outlook The stabilisation and gradual rebound in the housebuilding market continued in 2025 based on sound macroeconomic indicators, including a Danish core inflation level around 2% and stable interest rates.”

Annual report 2025A · The company itself

“Our supply chain and our cost of goods also may be adversely impacted by unanticipated price increases due to factors such as inflation (including wage inflation), supply restrictions beyond our control or the control of our suppliers, the imposition of tariffs or duties, or regulatory requirements regarding the importation, exportation, composition, or production processes of the goods or materials provided by our suppliers.”

Annual report 2025A · The company itself

“Actual or perceived economic weakness, whether due to inflation or other factors, may also reduce demand for our companion animal, water, livestock, poultry, and dairy products and services, and public health-related guidance and directives, including stay-at-home orders that may be deployed to combat public health issues, and severe weather conditions could result in a decrease in companion animal clinical visits, the delay of elective procedures and wellness visits and disruption of veterinary clinic operations, all of which would have a negative effect on veterinary service providers and result in declines in demand for our CAG products and services.”

Annual report 2025A · The company itself

“During 2025, we experienced inflationary pressure on our operating costs. During 2026, we expect to continue to face higher costs for labor, commodities, energy, and transportation, as well as increased prices from suppliers.”

Annual report 2025A · The company itself

“The global geopolitical and trade environment has resulted in raw material inflation and potential for increased escalation of domestic and international tariffs and retaliatory trade policies.”

Annual report 2025A · The company itself

“Efterfrågan på energieektiva lösningar ökar med höga energipriser och större miljömedvetenhet. Energibrist och klimatomställning driver behovet av eektiviseringstjänster.”

Annual report 2024A · The company itself

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

Annual report 2024A · The company itself

“Our business and results of operations may be adversely impacted by changes in macroeconomic conditions, including inflation, bank failures, rising interest rates, and reduced availability of capital markets.”

Annual report 2025A · The company itself

“Our ability to raise additional capital may be adversely impacted by economic conditions, including inflation, higher interest rates, and worldwide political unrest, and we may not be able to raise any necessary capital on acceptable terms, or at all.”

Annual report 2025A · The company itself

“We have also seen significant price increases for various components and raw materials, including for semiconductor chips.”

Annual report 2025A · The company itself

“During 2025, macroeconomic conditions, including changes in the interest rate environment, inflation, and increased market volatility, as well as changes in government policies implemented by new political administrations in the United States and in many other non-U.S. jurisdictions abroad, alongside other geopolitical events, such as the conflicts in Ukraine and the Middle East and the events in Venezuela, and the imposition of sanctions and tariffs, contributed to continued economic and political uncertainty and volatility in global markets. Those factors resulted in a dynamic operating environment and impacted our operations and results. We expect that these impacts may continue in 2026.”

Annual report 2025A · The company itself

“Increases in inflation in recent years have impacted the credit health of some market participants and increased the risk of default. An inflationary or volatile environment generally reduces consumer optimism and contributes to affordability challenges, resulting in lower demand for mortgage loans.”

Annual report 2025A · The company itself

“Impact of Inflation We have not been materially adversely affected by inflation as technological advances and competition have generally caused prices for the hardware and software that we use for our electronic platforms to remain constant. In the event of continued or increased inflation, we believe that we will be able to pass on any price increases to our participants, as the prices that we charge are not governed by long-term contracts.”

Annual report 2025A · The company itself

“To ensure a reliable supply of raw materials, achieve favorable pricing and provide timely pricing information to our customers, we continue to focus on: •negotiating contracts with fixed or formula-based pricing for defined periods •hedging raw materials that can be linked to liquid commodity assets •building strategic supplier relationships to access critical materials •implementing indexed pricing models 5 Table of Contents •reducing formulation complexity •evaluating make-versus-buy decisions for ingredients •sourcing locally through in-country procurement professionals •periodically assessing our supply base to drive cost efficiency and improvement Manufacturing and Distribution As of December 31, 2025, we had approximately 170 manufacturing facilities, creative centers and application laboratories located in approximately 30 different countries.”

Annual report 2025A · The company itself

“Over the last decade, with the strengthening of supermarket chains, online platforms and growing consumer price consciousness, consumption of private label products has grown at a faster rate than the brand food industry rate.”

Annual report 2025A · The company itself

“Demand for such consumer products depends on consumer preferences that are driven by a variety of factors, such as the increasing use of weight management pharmaceutical products, increasing health and wellness awareness, greater transparency in product labeling, and changes in global, regional or local economic conditions (such as inflation, unemployment, salaries and wage rates stagnation, low growth rates, and impacts of supply disruptions, climate events, or geopolitical developments).”

Annual report 2025A · The company itself

“Increases in input costs, including raw materials, transportation, and energy, have been exacerbated by recent inflationary and tariff pressures. If we are unable to increase the prices of our products to our customers to offset increased input cost trends, or if we are unable to achieve cost savings to offset such cost increases, our profits and operating results could be adversely affected.”

Annual report 2025A · The company itself

“Taking into account ongoing inflationary conditions in domestic and global markets, we have experienced, and may continue to experience, a significant increase in various costs, including recycled fiber, energy, freight, chemical, and other supply chain costs, which has adversely affected, and may continue to adversely affect, our operations.”

Annual report 2025A · The company itself

“Our operations have been adversely affected and could continue to be adversely affected in the future, by these challenging macroeconomic and geopolitical conditions, including as the result of lower demand for certain products, and higher raw material and labor costs.”

Annual report 2025A · The company itself

“En växande marknad Marknaden för kredithanteringstjänster växer. Detta beror bland annat på våra uppdragsgivares behov av att hantera sina balansräkningar samt makroekonomiska förhållanden som ger ett ökat inflöde av nya ärenden. Det totala utbudet av skuldportföljer förväntas öka, samtidigt som uppdragsgivare i allt högre grad behöver professionella, långsiktiga partners som behandlar deras kunder med omsorg och respekt.”

Annual report 2024A · The company itself

“Viktigt är att inflation och räntor sjunker från höga nivåer. Även om nivåerna fortfarande är förhöjda minskar det trycket på företag och konsumenter. Samtidigt stiger lönerna. Efter en viss tidsfördröjning förväntas konsumenternas skuldbörda lätta och fordringar bli lättare att driva in.”

Annual report 2024A · The company itself

“Mixen av branscher och uppdragsgivare erbjuder en minskning av risken och stabila kassaflöden. Mot bakgrund av högre inflation, räntor och levnadsomkostnader med början 2022, har vi märkt av en hög efterfrågan på kredithanteringstjänster både i form av högre inflöde av ärenden hos befintliga uppdragsgivare och i diskussioner med nya uppdragsgivare.”

Annual report 2024A · The company itself

“Generellt kan viktiga makroekonomiska indikatorer som inflation, räntor och arbetslöshet påverka, men inte begränsa sig till, Intrums nuvarande resultat och utsikter när det gäller dess erbjudande av kredithanteringstjänster, investeringar samt värdering av tillgångar, skulder och möjligheter att försvara sin marknadsposition eller till och med utöka sin närvaro.”

Annual report 2024A · The company itself

“Makroekonomisk omvärld Den nuvarande makroekonomiska omvärlden skapar betydande osäkerhet i mätningen avseende viktiga antaganden, inklusive WACC, inflation, ekonomisk produktionstillväxt, utveckling av volymer av nödlidande lån, framtida resultat för nödlidande lån och långsiktiga tillväxttakter. Betydande förändringar i förväntningarna, t.ex. en utdragen lågkonjunktur eller en uppgång i inflationen, kan leda till väsentliga förändringar i dessa antaganden.”

Annual report 2024A · The company itself

“Åretpräglades av kraftigt stigande inflation, räntor och energipriser, fortsatta störningar i leverantörskedjorna och den pågående pandemin.”

Annual report 2022A · The company itself

“Marginalen påverkades positivt av operationell hävstång, medan högre kostnader för insatsvaror och betydande investeringar i FoU och ett flertal nya produktlanseringar påverkade negativt. • Laborie förvärvade en evig, exklusiv licens för Optilume TM , en läkemedelsöverdragen ballong för behandling av urinrörsförträngning.”

Annual report 2022A · The company itself

“Dessutom påverkades marginalen negativt av en förändrad produktmix till följd av förvärven av Artel ochSolentim. • Advanced Instruments fortsatte att investera i expansion av den globala försäljningsorganisationen och accelererade vissa strategiska produktutvecklingsprojekt för att förbereda företaget för framtida tillväxt. • Advanced Instruments förvärvade Artel, en global ledare inom validerings- och kalibreringsinstrument inom vätskehantering.”

Annual report 2022A · The company itself

“• EBITA-marginalen sjönk jämfört med 2021, negativt påverkad av fortsatta investeringar i produktion och i den kommersiella organisationen. • Divisionerna evitria och Atlas Antibodies inledde ett gemensamt projekt för att erbjuda tillverkning och rening av specifika rekombinanta antikroppar. • Atlas Antibodies expanderade sin produktportfölj med monoklonala antikroppar för forskning på äggstockscancer. • evitria ingick ett licensavtal med mAbsolve, vilket stärker dess förmåga inom antikroppsteknologi för minskad immunrespons. • Atlas Antibodies kommunicerade att företaget kommer att flytta in i ett nytt huvudkontor i Forskaren, ett life sciencekluster under utveckling i Hagastaden i Stockholm.”

Annual report 2022A · The company itself

“Det råder för närvarande stor osäkerhet i den globala ekonomin med bland annat kraftigt stigande inflation och räntepriser, vilket kan påverka de finansiella riskerna väsentligt.”

Annual report 2022A · The company itself

“Organic growth is expected to be above 5% for 2026 driven by price increases across the Group to offset cost inflation and protect operating margins.”

Annual report 2025A · The company itself

“External drivers, i.e. persistent geopolitical tensions, hybrid warfare, supply chain disruptions, inflationary pressures and economic slowdown might directly or indirectly impact service delivery and profitability.”

Annual report 2025A · The company itself

“Price increases contributed around 4%-points to organic growth with around half of this stemming from Türkiye.”

Annual report 2025A · The company itself

“Price increases remained the primary driver of organic growth, contributing with around 4%-points, with approximately half of this stemming from Türkiye.”

Annual report 2025A · The company itself

“Labour shortage in certain geographies, e.g. due to demographic changes from aging societies and migration as well as increased expectations towards employers and wage inflation, are all factors that limit the availability of key talent in certain regions. In addition, high turnover and sickness in certain regions increase reliance on costly short-term labour.”

Annual report 2025A · The company itself

“ISS continued to implement price increases across the Group in line with contractual agreements to mitigate the effects of wage increases and general cost inflation.”

Annual report 2025A · The company itself

“In the last couple of years, the demand for IT services has been adversely impacted by high interest and inflation rates.”

Annual report 2024A · The company itself

“Interest rates peaked in 2023, with minor reductions in some countries during 2024. Inflation significantly decreased from the high levels of 2023. Despite these improvements, the IT services industry experienced marginally negative growth in most markets. Many Nordic IT services companies reduced their workforce and focused on cost reduction.”

Annual report 2024A · The company itself

“Risks Related to Our Business Deterioration of national and global macroeconomic conditions, an economic recession or slow growth, periods of inflation, or economic uncertainty in key markets may adversely affect consumer spending and demand for our products. National and global macroeconomic conditions can be uncertain and volatile. We have in the past been, and may continue to be, adversely affected by changes in national and global macroeconomic conditions, such as inflation, rising interest rates, tax rates, availability of capital markets, consumer spending rates, energy availability and costs, supply chain challenges (including changes in tariffs), labor shortages, geopolitical conflicts, the negative impacts caused by pandemics and public health crises, and growing recession risk.”

Annual report 2026A · The company itself

“Customers also may respond to price increases by reducing distribution, resulting in reduced sales of our products.”

Annual report 2026A · The company itself

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

Annual report 2026A · The company itself

“We may be limited in our ability to pass cost increases onto our customers in the form of price increases or may realize a decrease in sales volume to the extent price increases are implemented. We may not be able to pass some or all of any increases in the price of raw materials, energy, and other input costs (including changes in tariffs) to our customers by raising prices or decreasing product size. To the extent competitors do not also increase their prices or decrease product size, customers and consumers may choose to purchase competing products, including private label or other lower-priced offerings, which may adversely affect our results of operations or our market share.”

Annual report 2026A · The company itself

“Consumers may be less willing or able to pay a price differential for our branded products and may increasingly purchase lower-priced offerings or may forego some purchases altogether, especially during economic downturns or instances of increased inflationary pressures. Retailers may also increase levels of promotional activity for lower-priced offerings as they seek to maintain sales volumes during times of economic uncertainty. Accordingly, sales volumes of our branded products could be reduced or lead to a shift in sales mix toward our lower-margin offerings.”

Annual report 2026A · The company itself

“During 2026, we continued to experience materially higher commodity and supply chain costs, including manufacturing, ingredient, and packaging costs, driven by inflationary pressures, which may persist into 2027, although we expect some moderation relative to prior periods.”

Annual report 2026A · The company itself

“Demand for our services may be impacted by continuing inflation, high interest rates, international trade issues, including tariffs and counter tariffs, and/or construction costs. •Project sites are inherently dangerous workplaces.”

Annual report 2025A · The company itself

“Delays in the timing of the awards or cancellations of such projects as a result of economic conditions, material and equipment pricing and availability or other factors could impact our long-term projected results.”

Annual report 2025A · The company itself

“Continuing inflation and high interest rates and/or construction costs could reduce the demand for our services as well as decrease our profit on our existing contracts, in particular with respect to our fixed-price contracts.”

Annual report 2025A · The company itself

“The nature of our contracts, particularly any fixed-price contracts, subjects us to risks of cost overruns. We may experience reduced profits or losses if costs increase above budgets or estimates or the project experiences delays.”

Annual report 2025A · The company itself

“Rising commodity prices can negatively impact the potential returns on investments that are planned, as well as those in progress, and result in customers deferring new investments or canceling or delaying existing projects. Cancellations and delays have affected our past results and may do so in the future in significant and unpredictable ways and could have a material adverse impact on our business, financial condition and results of operations.”

Annual report 2025A · The company itself

“Accordingly, our effective tax rate is impacted by changes in the mix among earnings in countries with differing statutory tax rates. A material change in the statutory tax rate or interpretation of local law in a jurisdiction in which we have significant operations could adversely impact our effective tax rate and impact our financial results.”

Annual report 2025A · The company itself

“These measures may also have the effect of heightening many of the other risks applicable to our business, including risks relating to: •the impact of inflation and high interest rates and/or construction costs, particularly on any fixed-price contract, which we may not be able to fully mitigate, •our failure to meet performance requirements or contractual schedules, including as a result of supply chain disruptions, •a reduction in the amount of available governmental funding, •our international operations, including risks of facing backlash from potential customers as a result of being headquartered in the United States, and •our indebtedness and credit markets.”

Annual report 2025A · The company itself

“hovedparten af Jeudans lejekontrakter reguleres med udviklingen i nettoprisindekset”

Annual report 2025A · The company itself

“Erhvervslejeindtægter udgør ca.   af Jeudans samlede lejeindtægter, og Jeudans erhvervslejekontrakter indeholder typisk bestemmelser om (i) regulering af lejen i relation til udviklingen i neoprisindekset (evt. med en bestemmelse om en mindste og/eller højeste reguleringssats), (ii) regulering af lejen med ændringen i visse drisomkostninger, for eksempel skaer og afgier og (iii) regulering af lejen grundet forbedringer af lejemålet finansieret af Jeudan.”

Annual report 2025A · The company itself

“Regulering af lejen i relation til udviklingen i neoprisindekset er negativt påvirket i  til  som følge af regeringens indgreb, hvor stigningen i visse boliglejekontrakter er blevet maksimeret til  , hvilket i perioder med høj inflation har ha en negativ indflydelse på lejeindtægterne.”

Annual report 2025A · The company itself

“Med udgangspunkt i et normaliseret inflationsniveau og en egenkapitalandel i niveauet -  er det ambitionen over tid at levere et aast fra ejendommenes løbende dri (EBVAT) og værdireguleringer af ejendomme på i alt -  p.a. før skat.”

Annual report 2025A · The company itself

“En gennemsnitlig reduktion på DKK 30 pr. m² vil medføre en reduktion i ejendommenes værdi på DKK 684 mio. (2024: DKK 663 mio.) jfr. tabellen på side 20. Den gennemsnitlige årlige leje udgør DKK 1.749 pr. m² ultimo 2025 (2024: DKK 1.681 pr. m²).”

Annual report 2025A · The company itself

“Omkostninger til dri og vedligeholdelse Aoldte omkostninger til dri og vedligeholdelse kan afvige i forhold til det budgeerede. Jeudan gennemgår alle drisomkostningsposter minimum kvartalsvist og udvalgte omkostningsposter månedsvist.”

Annual report 2025A · The company itself

“Ökande efterfrågan på bostäder trots fortsatt svag ekonomisk utveckling Under våren föll inflationen, vilket gav Riksbanken möjlighet att sänka styrräntan under sommaren och hösten. Totalt sänkte Riksbanken styrräntan från 4,00 till 2,5 procent under året.”

Annual report 2024A · The company itself

“Market Adverse economic and market events and conditions could negatively affect JPMorganChase’s results of operations and investment and market-making positions. JPMorganChase’s results of operations could be negatively affected by the occurrence or persistence of adverse changes in any of the following: •the U.S. and global economies •investor, consumer and business sentiment, or confidence in the financial markets •inflation, deflation, recession or employment •the availability and cost of capital, liquidity and credit •levels and volatility of interest rates, credit spreads or market prices of currencies, securities and 14 commodities, and the duration of any such changes, and •economic and geopolitical effects of extraordinary events beyond JPMorganChase’s control. The above factors could be affected by global economic, market and political events and conditions, including the regulatory environment, monetary policies, trade policies, and actions taken by central banks or governmental authorities.”

Annual report 2025A · The company itself

“JPMorganChase’s liquidity and cost of funding could be adversely affected by downgrades in its credit ratings. JPMorgan Chase & Co. and certain of its principal subsidiaries are rated by credit rating agencies, which evaluate general, firm-specific and industry-specific factors when determining credit ratings, including: •expected future profitability •risk management practices •legal expenses •regulatory developments •ratings differentials between bank holding companies and their bank and non-bank subsidiaries •assumptions about government support, and •economic and geopolitical developments. JPMorganChase has experienced credit ratings downgrades in the past, and there is no assurance that JPMorganChase’s credit ratings will not be downgraded in the future.”

Annual report 2025A · The company itself

“Inflationsnivån påverkar både intäkter och kostnader för K-Fastigheters verksamhet. Ett tydligt exempel var den höga inflationsnivån under 2023 vilken påverkade hela samhällsekonomin. Priser och räntor steg och köpkraften minskade hos hushållen vilket även påverkade hyresgästernas möjligheter att hyra de boenden de önskade.”

Annual report 2024A · The company itself

“Det påverkade även byggandet då allt högre byggpriser och högre ränteläge innebar svårigheter för byggföretagen att få ihop investeringskalkylen för nybyggnation.”

Annual report 2024A · The company itself

“Under 2024 har inflationsnivån återgått till långsiktigt mer normala nivåer och köpkraften förväntas öka framöver bland annat på grund av reala löneökningar.”

Annual report 2024A · The company itself

“Vidare påverkas driftskostnader för K-Fastigheters förvaltningsfastigheter såväl som byggkostnader.”

Annual report 2024A · The company itself

“Hyresökningarna brukar följa inationen över tid, men med viss eersläpning – vilket talar för starkare intäktsutveckling de kommande åren.”

Annual report 2024A · The company itself

“Samtidigt har kostnadsökningarna bromsat in jämfört med de senaste åren, vilket stärker marginalerna.”

Annual report 2024A · The company itself

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

Annual report 2024A · The company itself

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

Annual report 2025A · The company itself

“Tillgången till råvaror, komponenter och annat produktionsmaterial är föremål för betydande prisfluktuationer hänförliga till bland annat transportkostnader, valutakursförändringar och andra makroekonomiska faktorer. Prisfluktuationer på material och råvaror som används i produktionen kan ha en negativ inverkan på Karnells lönsamhet.”

Annual report 2024A · The company itself

“Under de senaste åren har priser på material och råvaror, inklusive energi, ökat kraftigt, framförallt på grund av inflation.”

Annual report 2024A · The company itself

“Certain raw and packaging material commodities are subject to market price variations. For further information regarding the impact of changes in commodity prices, see Part I, Item 1A, “Risk Factors—Risks Related to Our Operations—Volatility in the cost or availability of raw materials and other inputs for our products, including due to military conflicts, has adversely affected, and could in the future continue to adversely affect us.””

Annual report 2025A · The company itself

“•Disruptions to our manufacturing or supplier operations could adversely affect us. •Inflationary pressures and related volatility in the cost or availability of raw materials and other inputs for our products, including due to military conflicts, tariffs, and other adverse economic or market conditions. •Information security incidents, including cybersecurity breaches, interruption, breakdown, corruption, destruction, breach, or failure of Technology Systems (as defined below) operated by us or a third party, which could result in reputational damage, operational disruption, and significant associated costs. •Our ability to attract and retain a skilled workforce, reflecting our consumers, and to implement succession plans.”

Annual report 2025A · The company itself

“Inflationary pressures have increased in recent years, and the costs of raw materials, packaging components, and other inputs for our products may increase in the future. In recent years, we have experienced, and we may in the future experience, higher than expected inflation, including escalating transportation, commodity, and other supply chain costs and disruptions that have adversely affected, and could in the future adversely affect, our results of operations.”

Annual report 2025A · The company itself

“Uncertain or unfavorable local, regional, or global economic or market conditions, such as a recession, an economic slowdown, inflation or reduced category growth rates, could impact our operating results or lead to significant reductions or volatility in demand for our products, which could adversely affect our business, results of operations, or financial condition. Although we devote significant resources to support our brands and market our products at multiple price points, during periods of economic uncertainty, consumers may reduce consumption or discretionary spending or change their purchasing patterns by forgoing purchasing certain of our products or by instead purchasing private-label or generic non-branded products, which are typically sold at lower prices than our products.”

Annual report 2025A · The company itself

“The manufacturing and distribution of our products involves a variety of raw materials, including resins, silicon, pulp and corn derivatives, paper, agrochemicals, vegetable oils and oleochemicals; and other inputs, including energy, labor, transportation 30 (such as trucks, containers, and ocean freight), and logistics services. Any increase in the cost, or constraint on the availability, of these or other inputs could adversely affect our business, results of operations, or financial condition.”

Annual report 2025A · The company itself

“Prevailing market wage rates for hourly employees have increased, and are expected to continue to increase, over time, including as a result of increases to the federal, state, and local minimum wage in the United States and to the minimum wage in national and sub-national jurisdictions around the world. As the applicable minimum wage rates increase, we may need to increase the wage rates of our hourly employees.”

Annual report 2025A · The company itself

“We strive to maintain our usual profit margins in economies experiencing high inflation rates, which has in the past caused us (including in response to recent periods of high inflation in the United States), and may in the future cause us, to increase our prices where possible and to implement supply chain optimization initiatives to partially offset the adverse effects of the high inflation. During 2023, 2024 and 2025, we partially offset the impact of prior inflationary increases, as well as tariffs, through price increases, in addition to continued supply chain optimization initiatives.”

Annual report 2025A · The company itself

“The comparable operating profit for the grocery trade division totalled €418.1 million (€438.0 million), down by €19.9 million. The change in comparable operating profit was impacted by the implementation of the price programme in K Group grocery stores and a weak foodservice market.”

Annual report 2025A · The company itself

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

Annual report 2025A · The company itself

“We have been affected by a number of these factors, led by inflationary pressures on input and other costs, which may continue.”

Annual report 2025A · The company itself

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

Annual report 2025A · The company itself

“Conditions in commodity markets can also impact the valuations of our investments in a variety of ways, including through the direct or indirect impact on the cost of the inputs used in their operations, as well as the pricing and profitability of the products or services that they sell. The price of commodities has historically been subject to substantial volatility, which among other things, could be driven by economic, monetary, geopolitical or other factors. Further, if the operating partners for certain of our investments are unable to raise prices to offset increases in the cost of raw materials or other inputs, including the cost of energy and transportation, or if customers defer purchases of or seek substitutes for these products, these investments could experience lower operating income which may in turn reduce their valuation.”

Annual report 2025A · The company itself

“Global Atlantic also bears the risk that the companies that reinsure its mortality risk on a yearly renewable term increase the premiums they charge to levels Global Atlantic deems unacceptable. If that occurs, Global Atlantic will either need to pay such increased premiums, or alternatively, Global Atlantic will need to limit or potentially terminate reinsurance, which will increase the risks that Global Atlantic retains.”

Annual report 2025A · The company itself

“In 2025, the United States continued to experience economic growth while also continuing to experience inflation in excess of the U.S. Federal Reserve Board’s 2.0% target rate. The U.S. Federal Reserve Board lowered the target range for the federal funds rate three times in 2025, including two reductions in the fourth quarter, that brought the target range to 3.50-3.75%.”

Annual report 2025A · The company itself

“The U.S. core consumer price index rose 2.6% on a year-over-year basis as of December 31, 2025, down from 3.2% on a year-over-year basis as of December 31, 2024. Eurozone core inflation was 2.3% as of December 31, 2025, down from 2.7% as of December 31, 2024.”

Annual report 2025A · The company itself

“Global Atlantic primarily generates income by earning a spread between its investment income and the cost of policyholder benefits. •Strategic Holdings - The strategic holdings business acquires and manages interests in operating companies that are owned by KKR.”

Annual report 2025A · The company itself

“De generella hyreshöjningarna för 2024 blev i genomsnitt 5,6 procent för bostäder.”

Annual report 2024A · The company itself

“Förvaltningsresultatet steg med 9 procent under året, drivet av högre hyresnivåer samt effektiv förvaltning, fortsatt kostnadskontroll men även att inflationen nu verkar vara under kontroll och att Riksbanken genomfört en rad räntesänkningar under senare delen av året.”

Annual report 2024A · The company itself

“De standardhöjande åtgärderna tillsammans med den generella hyreshöjningen bidrog till att hyresvärdet för våra bostäder ökade med 5,9 procentenheter under året samtidigt som den reella uthyrningsgraden förblev i praktiken intakt mot tidigare år.”

Annual report 2024A · The company itself

“Den reglerade hyressättningen avseende privata hyresbostäder medför vidare en risk för att generella kostnadsökningar inte får genomslag i hyresutvecklingen, eller att sådant genomslag sker med fördröjning, samt att hyresnivåerna utvecklas på ett för fastighetsägaren oförmånligt sätt. Om KlaraBo inte lyckas kompensera ökade kostnader för bostäder med ökade hyresnivåer skulle det få en negativ effekt på koncernens rörelseresultat och vinstmarginal.”

Annual report 2024A · The company itself

“Drift- och underhållskostnader har baserats på en sammanvägning av historiska utfall och beräknade normaliserade kostnader.”

Annual report 2024A · The company itself

“We may need to reduce our prices, or be restricted or delayed in our ability to increase prices, in response to competitive, customer, consumer, regulatory, or macroeconomic pressures, including pressures related to private label products that are generally sold at lower prices. These pressures have restricted, and may in the future continue to restrict, our ability to increase prices and maintain those price increases in response to commodity and other cost increases, including those related to inflationary pressures.”

Annual report 2025A · The company itself

“Changing or severe weather and environmental conditions could also affect our ability, and our suppliers’ ability, to procure necessary commodities at costs and in quantities we currently experience and may require us to increase costs or make additional unplanned capital expenditures.”

Annual report 2025A · The company itself

“Slow economic growth, inflation, or high unemployment in the markets in which we operate could constrain consumer spending, and declining consumer purchasing power could adversely impact our profitability.”

Annual report 2025A · The company itself

“Prices for commodities, energy, and other supplies are volatile and can fluctuate due to conditions that are difficult to predict, particularly due to inflationary pressures, due in part to changes in governmental regulation, including the recent tariff and trade policy actions taken by the United States and foreign governments. Further, we have experienced, and may continue to experience, input cost volatility due global competition for resources, foreign currency fluctuations, geopolitical conditions or conflicts, cybersecurity incidents, severe weather, natural disasters, global climate change, water risk, pandemics, crop failures, crop shortages due to plant disease or insect and other pest infestation, changes in consumer demand, alternative energy initiatives, including increased demand for biofuels, and agricultural programs.”

Annual report 2025A · The company itself

“In 2025, we experienced increased inflationary pressures in our supply chain costs compared to the prior year period, due in part to the tariff and trade policy actions taken by the United States and foreign governments during the year.”

Annual report 2025A · The company itself

“Segment Adjusted Operating Income decreased 14.1% to $4.4 billion in 2025 compared to $5.1 billion in 2024, primarily due to unfavorable volume/mix, inflationary pressures in commodity and manufacturing costs that outpaced our efficiency initiatives, increased advertising expenses, higher depreciation expense, increased research and development costs, and the unfavorable impact of foreign currency (0.1 pp).”

Annual report 2025A · The company itself

“Higher pricing was taken in certain categories to mitigate higher input costs, primarily in coffee.”

Annual report 2025A · The company itself

“Organic Net Sales increased 4.6% to $2.8 billion in 2025 compared to $2.7 billion in 2024, primarily driven by higher pricing (4.0 pp) and favorable volume/mix (0.6 pp).”

Annual report 2025A · The company itself

“Higher pricing was taken primarily in certain countries within WEEM to address inflationary pressures, which more than offset lower pricing in Indonesia.”

Annual report 2025A · The company itself

“Our results of operations and cash flows are substantially affected by our contract mix. Fixed-price contracts, particularly for development programs, could subject us to losses from cost overruns or inflation. In fiscal 2025, 75% of our revenue was derived from fixed-price contracts that allow us to benefit from cost savings, but subject us to the risk of potential cost overruns, including due to greater than anticipated or a sustained period of increased inflation or unexpected delays because we assume all of the cost burden.”

Annual report 2025A · The company itself

“To the extent feasible, we have consistently followed the practice of contractually adjusting our prices to reflect the impact of inflation on salaries and fringe benefits for employees and the cost of purchased materials and services and in some cases seeking the inclusion of adjustment clauses to incorporate certain cost adjustments in fixed-price contracts for unexpected inflation. However, we may not be successful in accurately accounting for all increased costs, and our fixed-price contracts could subject us to losses in the event of cost overruns or a significant increase in or a sustained period of increased inflation if we are unable to account for and receive cost adjustments in our fixed-price contracts.”

Annual report 2025A · The company itself

“Our profitability can be adversely affected when estimated contract costs increase from our initial estimates, especially without comparable increases in revenue. There are many reasons estimated contract costs can increase, including: (i) supply chain disruptions, inflation and labor issues; (ii) design or other development challenges; and (iii) program execution challenges (including from technical or quality issues and other performance concerns).”

Annual report 2025A · The company itself

“Contracts for development programs include complex design and technical requirements and are generally contracted on a cost-type basis, however, some existing development programs are contracted on a fixed-price basis or include cost-type contracting for the development phase with fixed-price production options. Because many of these contracts involve new technologies and applications and can last for years, unforeseen events, such as technological difficulties, increases in the price of materials, a significant increase in or a sustained period of increased inflation, problems with our suppliers, labor market conditions and cost overruns, can result in less favorable economics or even losses over time (which, especially in the case of sharp and significant sustained inflation, could happen quickly and have long lasting impacts).”

Annual report 2025A · The company itself

“In recent years, global supply chains, including ours, have experienced significant disruption from material availability and supplier performance, as well as extended lead times, pricing volatility, inflationary pressures and labor issues. We and our subcontractors and suppliers have also experienced difficulties in the timely procurement of necessary materials and components, including microelectronics.”

Annual report 2025A · The company itself

“Our suppliers may face similar business interruptions and incur additional costs that may increase the price of materials needed for manufacturing.”

Annual report 2025A · The company itself

“The Company’s business depends on sustained demand for diagnostic testing and biopharma laboratory services by patients, physicians, hospitals, MCOs, CROs, pharmaceutical, biotechnology, medical device companies, and others. Significant changes in global economic conditions, inflationary pressures, and credit market volatility could negatively affect testing volumes, the demand for biopharma laboratory services, cash collections, profitability, and access to financing.”

Annual report 2025A · The company itself

“In addition, difficulties in obtaining parts, materials or services necessary to deliver or install products or perform services have adversely impacted, and may in the future adversely impact, our ability to recognize revenue, our gross margins on the revenue we recognize, and our other results of operations. Although we are endeavoring to pass along some of the impact of increased costs to our customers to counteract adverse impacts to our gross margins and other results of operations, such measures could be unsuccessful, or could have the effect of reducing demand for our products or services, which would adversely impact our revenue or market share.”

Annual report 2026A · The company itself

“More generally, any increased or unexpected costs or unanticipated delays in the performance of our contracts, including costs and delays caused by contractual disputes or other factors outside of our control, such as performance failures of our subcontractors, rising inflationary pressures, and fluctuations in interest rates, natural disasters or other force majeure events, could make our contracts less profitable than expected or unprofitable.”

Annual report 2026A · The company itself

“Global supply chain issues and inflationary pressures have disrupted supply and increased the prices of goods and services, which could raise the costs associated with providing our services, diminish our ability to compete for new contracts or task orders and reduce customer buying power.”

Annual report 2026A · The company itself

“However, our approach to include modest annual price escalations in our bids for multi-year work may be insufficient to account for and mitigate inflationary cost pressures, which may result in cost overruns on contracts. This could result in reduced profits or even losses if inflation increases, particularly for fixed-priced contracts and our longer-term multi-year contracts as contractual prices become less favorable to us over time.”

Annual report 2026A · The company itself

“The price schedules may be subject to change to meet changes in labor and material costs or for other reasons.”

Annual report 2025A · The company itself

“During fiscal 2025 and 2024, increased interest rates as compared to prior years have made our homes less affordable to many prospective buyers and led us to reduce prices and/or increase sales incentives in a number of our communities to maintain sales pace.”

Annual report 2025A · The company itself

“Demand for our homes is dependent on a variety of macroeconomic factors, such as employment levels, inflation, interest rates, changes in stock market valuations, consumer confidence, consumer income, housing demand, availability and cost of financing for homebuyers, availability and prices of new homes compared to those of previously occupied homes, and demographic trends.”

Annual report 2025A · The company itself

“Currently, potential purchasers of our homes are being affected by inflation and continued high interest rates, tariffs and trade policy, all of which increase what homebuyers have to pay for new homes.”

Annual report 2025A · The company itself

“Inflation could adversely affect our profitability. Weaker demand has precluded us from raising home prices enough to keep up with the rate of inflation, which has reduced our profit margins.”

Annual report 2025A · The company itself

“In addition, in an inflationary environment, our cost of capital, labor and materials can increase and the purchasing power of our cash resources can decline, which have in the past and can in the future have an adverse impact on our business or financial results.”

Annual report 2025A · The company itself

“Inflation may also accompany higher interest rates, which could adversely impact housing affordability by limiting potential buyers’ ability to obtain financing on favorable terms, thereby decreasing demand for our homes.”

Annual report 2025A · The company itself

“The future availability of finished and partially finished developed lots and undeveloped land that meet our internal criteria depends on a number of factors outside our control, including land availability in general, competition with other homebuilders and land buyers for desirable property, inflation in land prices, zoning, allowable housing density, and other regulatory requirements.”

Annual report 2025A · The company itself

“Clearly, inflation-driven affordability concerns rose to the center of the national conversation, shaping headlines and policy debates across the country. Cost inflation has clearly had a significant impact on the lifestyle of the average American family.”

Annual report 2025A · The company itself

“We have aimed to maintain operating margins by deferring home sale price commitments until construction costs are finalized to protect against cost escalations.”

Annual report 2025A · The company itself

“Many factors related to corporate spending and discretionary consumer spending, including economic conditions affecting disposable consumer income such as unemployment levels, fuel prices, interest rates, changes in tax rates and tax laws that impact companies or individuals, and inflation can significantly impact our operating results.”

Annual report 2025A · The company itself

“Risks Related to Us and Our Unconsolidated Subsidiary, Altium Packaging LLC (“Altium Packaging”) •Altium Packaging’s substantial indebtedness; •Altium Packaging’s exposure to changes in consumer preferences; •Fluctuations in raw material prices and raw material availability; and •Self-manufacturing by Altium Packaging’s customers.”

Annual report 2025A · The company itself

“Morbidity and persistency experience can be volatile and may be negatively affected by many factors including policyholder behavior, judicial decisions regarding policy terms, socioeconomic factors, cost of care inflation, changes in health trends and advances in medical care.”

Annual report 2025A · The company itself

“CNA’s investment portfolio is exposed to various risks, such as interest rate, credit spread, issuer default, equity prices and foreign currency, which are unpredictable. Financial markets are highly sensitive to changes in economic conditions, monetary policies, tariff policies, tax policies, interest rates, domestic and international geopolitical issues and many other factors. Changes in financial markets, including fluctuations in interest rates, credit, equity prices and foreign currency prices, and many other factors beyond CNA’s control can adversely affect the value of its investments, the realization of investment income and the rate at which it discounts certain liabilities.”

Annual report 2025A · The company itself

“Tariffs or other trade restrictions may lead to continuing uncertainty and volatility in U.S. and global economies and commodity markets and inflation, and reduced demand for Boardwalk Pipelines’ and its customers’ products and services. Such conditions could have a material adverse impact on Boardwalk Pipelines’ business, results of operations and cash flows.”

Annual report 2025A · The company itself

“These include, but are not limited to, periods of slow economic growth or recession, home price appreciation or decreasing housing turnover, age of housing stock, volatility and/or lack of liquidity from time to time in U.S. and world financial markets and the consequent reduced availability and/or higher cost of borrowing to Lowe’s and its customers, slower rates of growth in real disposable personal income that could affect the rate of growth in consumer spending, inflation and its impacts on discretionary spending and on our costs, shortages, and other disruptions in the labor supply, the impact of rising interest rates, consumer debt levels, changes in tax rates and policy, outbreak of pandemics, fluctuations in fuel and energy costs, inflation or deflation of commodity prices, natural disasters, geopolitical or armed conflicts, and acts of both domestic and international terrorism.”

Annual report 2026A · The company itself

“Additionally, in fiscal 2025, we continued to operate in an environment with inflationary pressures and affordability concerns, which has adversely impacted consumer discretionary spending.”

Annual report 2026A · The company itself

“If cost inflation of merchandise increases beyond our ability to control or respond effectively, we may not be able to adjust prices to sufficiently offset the effect of the various cost increases without negatively impacting consumer demand.”

Annual report 2026A · The company itself

“The inflation or deflation of commodity and other prices could affect our prices, demand for our products, and our sales. Prices of certain commodity products, including lumber, copper, energy, and other raw materials, are historically volatile and are subject to fluctuations arising from changes in domestic and international supply and demand, inflationary pressures, labor costs, competition, market speculation, government regulations, tariffs and trade restrictions, and periodic delays in delivery.”

Annual report 2026A · The company itself

“Our business is subject to pressure on costs and pricing caused by many factors, including tariffs, intense competition, constrained sourcing capacity, inflationary pressure, the availability of qualified labor and wage inflation, pricing pressure from consumers, and changes in consumer demand.”

Annual report 2026A · The company itself

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

Annual report 2026A · The company itself

“Macroeconomic volatility, inflationary pressures, and shifts in consumer sentiment may reduce demand for our products. Our performance depends on consumers’ willingness and ability to purchase discretionary products. That willingness can be affected by general economic conditions and uncertainty regarding the overall future environment, tariffs, inflation, changes in interest rates, foreign exchange fluctuations, energy and fuel costs, employment levels, consumer debt, housing market trends, commodity price volatility, and tax policy changes.”

Annual report 2026A · The company itself

“In 2025, we experienced lower store traffic in the Americas, partially reflective of inflationary pressures and economic uncertainty weighing on discretionary spending.”

Annual report 2026A · The company itself

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

Annual report 2026A · The company itself

“Our financial results may be adversely affected due to changes in product demand impacted by recessions, increases in interest rates, stagflation and other economic conditions. Customer demand for our products may be impacted by weak economic conditions, inflation, stagflation, trade wars, adverse changes in tariffs and trade policies, recessionary or lower-growth environments, high interest rates, tightening credit markets, equity market volatility or other negative economic factors in the U.S. or other countries.”

Annual report 2026A · The company itself

“Inflation and increased borrowing costs could impact our cash flows and profitability. Prolonged periods of inflation may continue to adversely affect our business, results of operations, financial condition and liquidity by increasing our overall cost structure, particularly if we are unable to achieve commensurate increases in the prices we charge our customers. Inflation has resulted in and may continue to result in higher interest rates and capital costs, supply shortages, increased costs of labor and other similar effects.”

Annual report 2026A · The company itself

“We are also subject to risk from increasing or fluctuating market prices of certain raw materials, which are incorporated into our end products or used by our suppliers to manufacture our end products. Supplies for such raw materials have from time to time become restricted, or general market factors and conditions have in the past affected and may in the future affect pricing of such commodities (including, in particular, due to changes in applicable tariffs, inflation, trade restrictions, or other supply chain constraints). For example, China’s export controls affected the availability and price of rare earth metals and other critical minerals for us as well as our supply chain and customers, adversely affecting our operations, margins and sales.”

Annual report 2026A · The company itself

“In recent years, there have been significant changes in rates of inflation and interest rates. Volatility and uncertainty related to inflation and the effects of inflation, including potential volatility in interest rates, could lead to increased costs for businesses and consumers and potentially contribute to poor business and economic conditions generally, which could also enhance or contribute to some of the risks discussed herein. For example, higher inflation, or volatility and uncertainty related to inflation, could reduce demand for the Company’s products, adversely affect the creditworthiness of the Company’s borrowers, result in lower values for the Company’s investment securities and other interest-earning assets and increase expense related to talent acquisition and retention.”

Annual report 2025A · The company itself

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

Annual report 2025A · The company itself

“Our business, financial results, and growth are impacted by weak or volatile economic conditions; pandemics and other outbreaks of disease; natural and man-made disasters; changes in energy prices, interest rates, inflation, and currency values; political instability, geopolitical disputes or conflict, actual or threatened war, terrorist activity, civil unrest and other acts of violence; heightened travel security measures, travel advisories, and disruptions in air and ground travel; and concerns over the foregoing.”

Annual report 2025A · The company itself

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

Annual report 2025A · The company itself

“We purchase substantial amounts of raw materials, components and finished products from outside sources, including international sources, and we manufacture certain of our products outside of the United States. Increases in the cost of the materials we purchase, including as a result of diminished availability, increased duties, tariffs and inflation or unfavorable fluctuations in currency exchange rates have increased and may in the future increase the prices for our products and negatively impact our results of operations and financial position.”

Annual report 2025A · The company itself

“Because these raw materials are agricultural products, they are subject to fluctuations in market price and availability caused by weather, growing and harvesting conditions, market conditions, including inflationary cost increases and global trade policies, and other factors beyond our control.”

Annual report 2025A · The company itself

“Risks Related to Our Company, Business and Operations Deterioration of global economic conditions, an economic recession or slow growth, periods of inflation, or economic uncertainty in our key markets may adversely affect customer and consumer spending as well as demand for our products.”

Annual report 2025A · The company itself

“Changes in global trade policies, including tariffs, have caused inflationary pressures and higher costs on certain raw materials and imports. These actions have impacted our business through increased costs and uncertainty.”

Annual report 2025A · The company itself

“As a manufacturer and distributor of flavor products, we rely on raw materials, packaging materials, plant labor, distribution resources, and transportation providers. We have experienced inflation of commodity and supply chain costs, including the costs of raw materials, packaging materials, labor, energy, fuel, transportation and other inputs necessary for the production and distribution of our products, and we expect inflation to continue in 2026 at a similar level to that experienced in 2025.”

Annual report 2025A · The company itself

“Such interruptions and price increases could be caused by shortages, inflationary pressures, tariffs, unexpected increases in demand, transportation-related issues, labor-related issues, technology-related issues, weather-related events, natural disasters, geo-political tensions, acts of war, terrorism or other hostilities, or other factors beyond our control or that of our suppliers or franchisees.”

Annual report 2025A · The company itself

“Our results of operations are substantially affected by economic conditions, including inflationary pressures, which can vary significantly by market and can impact consumer disposable income levels and spending habits.”

Annual report 2025A · The company itself

“We have also recently experienced, and may continue to experience, rising costs due to inflation. If the prices for our goods and services change for any reason or inflation continues to rise, we may be unable to sufficiently reduce our expenses or offset rising costs through increased prices to customers.”

Annual report 2026A · The company itself

“Det gäller bland annat störningar i leverans- och logistikkedjor och ökad volatilitet på energimarknaden, tillsammans med en högre inflationstakt och stigande räntor.”

Annual report 2024A · The company itself

“Prisjusteringar sker löpande för att balansera ökade inköpspriser och kostnader.”

Annual report 2024A · The company itself

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

Annual report 2025A · The company itself

“Inflation can impact our operating results and the global economy. Inflation affects the costs of goods and services that we use, including raw materials to manufacture our products, as well as transportation and logistical costs and other external costs and services. Inflation also affects labor costs, which are a significant element of our overall cost structure.”

Annual report 2025A · The company itself

“Recent rates of inflation also led to increased interest rates as country monetary policies combat inflation, which resulted in reduced economic growth and recessionary conditions, as well as higher borrowing costs. Even though inflation has generally moderated, it continues to be elevated in certain jurisdictions and could prove to be persistent as a result of new tariffs imposed by the U.S. and other countries.”

Annual report 2025A · The company itself

“Increasing demand, supply constraints, inflation, and other market conditions could result in shortages and higher costs. Additionally, difficulties in obtaining labor, skilled sub-contractors, and other service providers or other resources could result in delays in completion of our construction projects and cost increases, including costs to operate these facilities.”

Annual report 2025A · The company itself

“Risks Related to Our Real Estate Investments and Our Operations Unfavorable market and economic conditions could adversely affect occupancy levels, rental revenues and the value of our properties. General economic conditions in the U.S. have fluctuated in recent years, and concerns persist regarding negative macroeconomic conditions, such as inflation and the labor market. Unfavorable market and economic conditions may significantly affect our occupancy levels, our rental rates and collections, the value of our properties and our ability to acquire or dispose of properties on economically favorable terms.”

Annual report 2025A · The company itself

“Additionally, “social inflation” has caused the cost of general liability claims to rise at a rate well above general economic inflation, primarily due to a trend in increasing litigation costs related to unpredictable jury verdicts for plaintiffs seeking large monetary relief for their injuries.”

Annual report 2025A · The company itself

“Any increase in the federal funds rate due to key economic indicators, such as the unemployment rate or inflation, may cause interest rates and borrowing costs to rise, which may negatively impact our ability to access the debt markets on favorable terms.”

Annual report 2025A · The company itself

“A worsening of the current environment could contribute to uncertain rent collections going forward, suppress demand for apartments and could drive lower rent growth on new leases and renewals than what we achieved in the year ended December 31, 2025.”

Annual report 2025A · The company itself

“Ekonomiska utmaningar bidrog till ändrade konsumtionsmönster De senaste årens höga inflation, kontinuerliga räntehöjningar, utdragna lågkonjunktur och negativa reallöneökningar har haft en stark påverkan på konsumenternas prioriteringar runt om i Europa.”

Annual report 2024A · The company itself

“De senaste årens ekonomiska turbulens präglad av inflation, räntehöjningar och reallönesänkningar, har haft en betydande inverkan på flera branscher i Europa. Livsmedelsbranschen är en av dem som har mött en ökad återhållsamhet hos konsumenterna till följd av nödvändiga prishöjningar.”

Annual report 2024A · The company itself

“Prisbilden för flertalet viktiga råvaror, förpackningsmaterial och vägtransporter har stabiliserats, men på fortsatt höga prisnivåer, medan priser på energi och gas till koncernens produktionsanläggningar fallit tillbaka till det mer normala i jämförelse med topparna under 2022.”

Annual report 2024A · The company itself

“Prisökningar på råvaror, förpackningsmaterial och färdigvaror till följd av en ogynnsam valutakursutveckling kan inte absorberas av koncernen, utan måste FÖRVALTNINGSBERÄTTELSE 123 kunna tas ut i nästa led.”

Annual report 2024A · The company itself

“Ökade råvarupriser kan emellertid leda till att Midsona, utöver sedvanliga prisrevideringar, behöver höja sina produktpriser ytterligare.”

Annual report 2024A · The company itself

“– Ändrad lagstiftning avseende krav på alltmer omfattande kontroller av egen verksamhet och en komplex värdekedja. – Ändrad lagstiftning avseende skatter eller avgifter på koldioxidutsläpp kan leda till ökade kostnader kopplade till transport, produktion och materialanvändning. – Ökade direkta kostnader på grund av krav på tekniska innovationer, hårdare lagstiftning och krav kopplade till råvaror, materialanvändning, produktion och miljömärkning av våra produkter och tjänster. – Ökade legala risker på grund av krav på alltmer omfattande kontroller av en komplex värdekedja. – Nuvarande marknadspreferenser förväntas ändras, exempelvis genom ökad efterfrågan på produkter med lågt klimatavtryck. – Extremväder och bestående klimatförändringar har redan och kommer fortsätta att försvåra tillgång av nyckelråvaror och bidra till ökade operativa kostnader genom ökade priser på råvaror, energi och transport.”

Annual report 2024A · The company itself

“Mips har trots det visat en stark utveckling och växte inom alla kategorier och inom alla geografier koncernen säljer till.”

Annual report 2024A · The company itself

“As a result, difficult macroeconomic conditions in our markets, such as further decreases in per capita income and level of disposable income driven by increases in inflation, impacts of tariffs, energy costs, income (and other) taxes and the cost of living, increased and prolonged unemployment or a further decline in consumer confidence, as well as limited or significantly reduced points of access of our product, political or economic instability or other country-specific factors, could continue to have a material adverse effect on the demand for our products.”

Annual report 2025A · The company itself

“We may also face pressures resulting from a reduction in disposable incomes of consumers to spend on our products due to inflation, recessionary conditions and an increase in the cost of energy, which could unfavorably affect our profitability.”

Annual report 2025A · The company itself

“Our profitability may be impacted by prices that do not offset the inflationary pressures, which may impact our gross margins. Even if we are able to raise the prices of our products, we may not be able to sustain such price increases and consumers might react negatively to such price increases, which could have a material adverse effect on, among other things, our brand, reputation and sales.”

Annual report 2025A · The company itself

“Under inledningen av året har vi märkt av konjunkturläget med tuffa omvärldsfaktorer som påverkat såväl våra marginaler i form av ökande omkostnader samt en försiktighet från våra gäster, såväl i antal besökande samt hur mycket man väljer att spendera.”

Annual report 2024A · The company itself

“Lägre beläggning på flera av våra arenor, i kombination med ökade omkostnader till följd av inflationen, satte press på resultatet.”

Annual report 2024A · The company itself

“Detta har lett till lägre snittnotor och en ökad kostnadsmassa beaktat senaste årens stigande inflation.”

Annual report 2024A · The company itself

“Det är fortsatt bolagets bedömning att upplevelseindustrin över tid är en tillväxtbransch med goda möjligheter då det finns en stark underliggande efterfrågan på konsumtion av upplevelser, även om det osäkra läget i omvärlden med krig i vår närhet, ökade kostnader, höga räntenivåer och en generellt sett svag konjunktur sannolikt kommer att påverka kunderna på olika sätt även framåt.”

Annual report 2024A · The company itself

“A number of external factors such as the current macroeconomic environment, including global inflation and the effects of geopolitical uncertainty, climate, weather and other conditions affecting plant health and crop yield, commodity, transportation and labor market conditions, exchange rate volatility and the effects of global and local regulations, including trade policies, governmental agricultural or other programs affect the cost and availability of raw materials and agricultural materials used in our products.”

Annual report 2025A · The company itself

“These conditions include global competition for resources; tariffs or other trade barriers; currency fluctuations; geopolitical conditions or conflicts (including the ongoing war in Ukraine and international sanctions imposed on Russia for its invasion of Ukraine, conflicts in the Middle East, rising tensions between China and Taiwan and recent geopolitical developments in Venezuela); inflationary pressures related to domestic and global economic conditions or supply chain issues; transportation and labor disruptions; government intervention to introduce living income premiums or similar requirements; changes in environmental or trade policy and regulations, alternative energy and agricultural programs; severe weather; agricultural productivity; animal and crop disease or pests; water risk; health pandemics; forest fires and other natural disasters; acts of terrorism; geopolitical regional conflicts; cybersecurity incidents; supplier capacity; and consumer or industrial demand.”

Annual report 2025A · The company itself

“If costs for raw materials increase or availability decreases, we raise prices for our products and our competitors respond differently to those cost or availability pressures, demand for our products and our market share could suffer.”

Annual report 2025A · The company itself

“Our products must provide higher quality or value to our consumers than the less expensive alternatives, particularly during periods of economic uncertainty, recessions or significant inflation. Consumers may not buy our products if they perceive little difference between the quality or value of our products and those of retailer or other economy brands.”

Annual report 2025A · The company itself

“We are experiencing an increasingly tight and competitive labor market and could face unforeseen challenges in the availability of labor. A sustained labor shortage or increased turnover rates within our employee base as a result of general macroeconomic factors (including high inflation and hyperinflation in certain markets), have led and in the future could continue to lead to increased costs, such as increased overtime to meet demand and increased wages to attract and retain employees.”

Annual report 2025A · The company itself

“Our operations and performance depend significantly on global economic conditions. Adverse macroeconomic conditions, including inflation, slowing growth, recession, stagflation, new or increased tariffs and other barriers to trade, tighter credit, higher interest rates, currency fluctuations, higher unemployment, labor shortages, lower capital expenditures by businesses, and lower consumer confidence and spending, have in the past, and could in the future, have a material adverse effect on logistics, demand for our products, and our product and operational costs.”

Annual report 2025A · The company itself

“If our manufacturing costs increase, including as a result of inflationary pressure and global tariffs, or we experience supply constraints, we may be required to raise the prices of our products to remain profitable, which could result in a loss of customers or a decline in orders from customers.”

Annual report 2025A · The company itself

“In addition, adverse macroeconomic conditions, such as inflationary pressures resulting from worldwide supply chain constraints and other factors, have increased, and may continue to increase, the prices we pay to our suppliers. As a result of the increased costs, we have raised, and may be required to further raise the prices of our products in order to remain profitable, which could result in a loss of customers and reduced revenue.”

Annual report 2025A · The company itself

“Inflation and tariffs have affected, and may continue to affect, certain of our raw material and packaging costs, commodities and other inputs globally.”

Annual report 2025A · The company itself

“Global economic uncertainties, including highly inflationary economies and foreign currency exchange rates and rising interest rates, affect businesses such as ours in a number of ways, making it difficult to accurately forecast and plan our future business activities.”

Annual report 2025A · The company itself

“Current market, economic and government factors could negatively impact the volume of debt securities issued in global capital markets and the demand for credit ratings, which could materially and adversely affect the Company’s business, operating results and financial condition. These factors include increases in or uncertainty around interest rates (as well as related monetary policy by governments in the response to factors such as inflation, inflationary pressures, increases or volatility in mortgage rates, widening credit spreads, regulatory and political developments (including evolving government policies in the U.S. and abroad, the enactment of the OBBBA, and geopolitical uncertainty in various jurisdictions where Moody's operates), difficult economic conditions, growth in the use of alternative sources of credit, and defaults by significant issuers.”

Annual report 2025A · The company itself

“We are exposed to interest rate and credit spread risk as a result of our market-making activities and other trading in interest rate-sensitive financial instruments (i.e., risk arising from changes in the level or implied volatility of interest rates, the timing of mortgage prepayments, the shape of the yield curve and/or credit spreads). The activities from which those exposures arise and the markets in which we are active include, but are not limited to: derivatives, corporate and government debt across both developed and emerging markets and asset-backed debt, including mortgage-related securities.”

Annual report 2025A · The company itself

“Compensation costs required to attract and retain employees may increase or the competitive market for talent may further intensify due to factors such as low unemployment, a strong job market and changes in employees’ expectations, concerns and preferences.”

Annual report 2025A · The company itself

“Economic and market conditions, including inflation, supply chain challenges, high interest rates and foreign exchange volatility, have and may continue to have an impact on our business.”

Annual report 2025A · The company itself

“Because most of our products are commodities, there can be no assurance that we will be able to pass through increased costs to our customers. A significant increase in the price of fertilizer, natural gas, ammonia, sulfur or energy that is not recovered through an increase in the price of our related crop nutrients products could have a material adverse impact on our business.”

Annual report 2025A · The company itself

“Key inputs for the production of our finished goods, including fertilizer, sulfur and ammonia, and energy used in our businesses in the past have been and may in the future be the subject of volatile pricing and availability. Changes in the price or availability of these key inputs for production of finished goods have had, and could again have, a material adverse impact on our businesses.”

Annual report 2025A · The company itself

“With regards to cost, Mowi Farming is competitive and is the best or the second-best cost performer vs. peers in the regions in which the company operates. The company has implemented a culture which is more focused on cost and FTEs to address the underlying inflation and cost pressure in the industry.”

Annual report 2024A · The company itself

“The Market in General Supply 2024 marked a year with lower global commodity prices as rising cost of living in an inflationary environment took its toll on consumer demand in many end markets.”

Annual report 2024A · The company itself

“These effects were partly offset by higher volumes. Although realised P&L cost increased, cash cost to stock was reduced during 2024, and cost at stock per year end was EUR 0.13 per kg LWT lower than the year before, driven by feed price decreases.”

Annual report 2024A · The company itself

“Full cost per kg salmon increased somewhat from 2023 on realisation of previous feed inflation.”

Annual report 2024A · The company itself

“Full cost per kg for salmon of Norwegian origin harvested in 2024 increased slightly compared with 2023, as lower feed cost was offset by inflationary pressure on other items.”

Annual report 2024A · The company itself

“The cost level in Iceland is still too high for Mowi and the rest of the industry, and streamlining of operations and cost reductions continue to be high priorities going forward.”

Annual report 2024A · The company itself

“However, margin pressure compared with 2023 had a negative influence on earnings.”

Annual report 2024A · The company itself

“Working capital tie-up was lower in 2024 than in 2023 due to lower feed prices and less inflationary pressure.”

Annual report 2024A · The company itself

“Although Farming cost per kg increased slightly from 2023 due to previous inflation, cash cost to stock was reduced during 2024, and cost at stock per year end was EUR 0.13 per kg LWT lower than the year before.”

Annual report 2024A · The company itself

“Other operating expenses Other operating expenses increased from 13% in 2023 to 15% in 2024, measured in percentage of revenues.”

Annual report 2024A · The company itself

“There has been a significant inflationary cost pressure the last years, and nominal costs have increased. Nevertheless, measured in percentage of revenue, cost of materials was stable in 2024 vs. 2023.”

Annual report 2024A · The company itself

“Our business performance is impacted by a number of factors, including general economic conditions, current or expected inflation, interest rate fluctuations, market volatility, changes in investment patterns and priorities, regulatory shifts, pandemics and other factors that are generally beyond our control. To the extent that global or national economic conditions weaken and result in slower growth or recessions, our business may be negatively impacted.”

Annual report 2025A · The company itself

“Risks Related to Our Business and Industry Global economic and geopolitical conditions may adversely affect our industry, business operations, and financial performance, including our revenue growth, profitability, financial condition and cash flows.”

Annual report 2026A · The company itself

“Our gross margins are influenced by a variety of factors, including macroeconomic volatility, competitive pricing, customer price sensitivity, component and product design costs, inflation, foreign exchange currency fluctuations, and the volume and relative mix of revenues from product sales, software support, hardware support, and other services offerings. Factors such as increased component, labor, and transportation costs, cost of any substandard materials, pricing and discounting pressures, changes in product prices, or shifts in revenue mix and volume from different offerings could negatively impact our revenues, gross margins or earnings.”

Annual report 2026A · The company itself

“We have experienced, and may continue to experience, negative impacts on our gross margins due to rising component costs, logistics costs, tariffs and other trade barriers, and inflationary pressures. For example, we have experienced inflationary pressure and supply chain constraints beginning in the second half of fiscal 2026, resulting in increased costs for memory and other components, which have affected our gross margins.”

Annual report 2026A · The company itself

“These risks have subjected us, and could in the future subject us, to supply constraints, price increases, and minimum purchase requirements, which could harm our business, operating results, financial condition, and cash flows. For example, we experienced inflationary pressure and supply chain constraints beginning in the second half of fiscal 2026, resulting in increased costs for memory and other components, which have adversely affected our gross margin.”

Annual report 2026A · The company itself

“Recent political policies and priorities in the U.S. and internationally, including an increase in hostilities and conflicts and tariffs and other trade barriers, have continued to create business and economic uncertainty, renewed inflationary pressures and lowered consumer confidence. These conditions, as well as changes in monetary policy, elevated interest rates, recessionary or stagflation concerns, labor market uncertainty, supply chain disruptions, increased energy and commodity costs and volatile foreign currency exchange rates, have affected, and may in the future adversely affect, the U.S. and global economies and markets and the Company’s business.”

Annual report 2026A · The company itself

“Factors such as inflationary pressures, higher transportation costs and delays and other supply chain issues, financial pressures, industry trends or economics (including the closure or conversion of newsprint mills and consolidation among suppliers and partners), changes in laws and regulations, such as the E.U.’s Deforestation Regulation, labor shortages or unrest, natural disasters, extreme weather, pandemics and other widespread health crises, tariffs or other changes in trade policy or other circumstances affecting the Company’s paper and other third-party suppliers and print and distribution partners have increased, or could in the future increase, the Company’s printing and distribution costs and lead to disruptions, reduced operations or consolidations within the Company’s printing and distribution supply chains and/or of third-party print sites and/or distribution routes.”

Annual report 2026A · The company itself

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

Annual report 2025A · The company itself

“NEE and FPL are subject to credit and performance risk from customers, hedging counterparties and vendors. NEE and FPL are exposed to risks associated with the creditworthiness and performance of their customers, hedging counterparties and vendors under contracts for the supply of equipment, materials, fuel and other goods and services required for their business operations and for the construction and operation of, and for capital improvements to, their facilities.”

Annual report 2025A · The company itself

“Liquidity, Capital Requirements and Common Stock Risks Disruptions, uncertainty or volatility in the credit and capital markets, among other factors, may negatively affect NEE's and FPL's ability to fund their liquidity and capital needs and to meet their growth objectives, and could also materially adversely affect their business, financial condition, liquidity, results of operations and prospects. NEE and FPL rely on access to capital and credit markets as significant sources of liquidity for capital requirements, refinancing activities to support existing debt maturities and other requirements that are not satisfied by operating cash flows. Disruptions, uncertainty or volatility in those capital and credit markets related to or caused by inflation, rising or sustained higher interest rates, political, regulatory and geopolitical events or other factors could increase NEE's and FPL's cost of capital and limit or eliminate their ability to fund their liquidity and capital needs, to refinance existing indebtedness and to meet their growth objectives.”

Annual report 2025A · The company itself

“NEE's and FPL's ability to proceed with projects under development and to complete construction of, and capital improvement projects for, their electric generation, storage, transmission and distribution facilities, natural gas and oil production and transportation facilities and other facilities on schedule and within budget have been, from time to time, and in the future may be, adversely affected by timely availability of equipment and labor, escalating costs for materials, labor and regulatory compliance, inability to obtain, maintain or renew necessary licenses, rights-of-way, permits or other approvals on acceptable terms or on schedule, disputes involving contractors, labor organizations, land owners, governmental entities, environmental groups, Native American and aboriginal groups, lessors, joint venture partners, suppliers and other third parties, negative publicity, transmission interconnection issues, geopolitical factors, supply chain disruptions, inflation, rising interest rates and other factors.”

Annual report 2025A · The company itself

“Högre inflation och kraftigt stigande räntor ledde till avsevärt minskadaktivitetförbåderenoveringarochnybyggnation.Potentialenimarknadenärdockoförändrad.Genomattvidmakthållavår starkamarknadspositionkommerviattgynnasavdenfortsattlångsiktiga marknadstillväxten. En systematisk marknadsbearbetning harocksåskettförattsäkerställaochytterligareförstärkavårlångsiktigamarknadsposition.”

Annual report 2024A · The company itself

“Economic factors beyond our control, and changes in the global economic environment, including fluctuations in and uncertainty regarding inflation and currency exchange rates, could result in lower revenues, higher costs and decreased margins and earnings. A majority of our products are manufactured and sold outside of the United States, and we conduct purchase and sale transactions in various currencies, which creates exposure to the volatility of global economic conditions, including fluctuations in and uncertainty regarding inflation and foreign currency exchange rates.”

Annual report 2026A · The company itself

“We have historically relied on the issuance of long-term debt and equity securities to fund a portion of our capital expenditures and repay outstanding debt, and on short-term borrowings to fund a portion of day-to-day business operations. There may be external factors such as inflation, monetary policy or other market conditions which could impact our cost of borrowing and could make it more difficult to obtain financing for our operations or investments on favorable terms.”

Annual report 2025A · The company itself

“We continue to experience elevated material and supply costs in certain product sourcing categories driven by increased demand and tariffs.”

Annual report 2025A · The company itself

“Despite these tangible improvements, NKT remains challenged on fulfilling its absolute decarbonisation targets as it continues to grow.”

Annual report 2025A · The company itself

“While some segments and geographies showed improvements, the overall muted economic development in Europe, following years with elevated inflation levels and increased interest rates, negatively impacted construction sentiment and market activity.”

Annual report 2025A · The company itself

“Contractual provisions with customers and suppliers to address price volatilities in ongoing business relationships. ■ Material and supplier risk assessment. ■ Monitoring and closely collaborating with key suppliers to ensure performance and reliability and the availability of raw material and components. ■ Efficient inventory management and qualifying alternative sources. ■ Monitoring global market, macro-economic trends, and regulatory changes affecting cross-regional activities, including trade barriers and anti-dumping rules. ■ Focus on quality, innovation, and research and development. ■ Proactive engagement in regulatory policy-making processes via industry associations to ensure fair competition within European markets.”

Annual report 2025A · The company itself

“NKT’s production activities are dependent on large amounts of essential raw materials and commodities. These input costs may be subject to price volatility risk resulting from unpredictable fluctuations on the market. This risk arises from various factors, including changes in supply and demand, geopolitical events, regulations, governmental policies, and market speculations.”

Annual report 2025A · The company itself

“While these items are generally available from multiple sources, the cost of products sold may be affected by changes in the market price of raw materials and tariffs on certain raw materials, particularly imports from China, as well as disruptions in availability of raw materials, components, and sourced finished goods.”

Annual report 2025A · 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

“While we generally attempt to pass along higher raw material, part and component costs to our customers in the form of price increases, there historically has been a delay between an increase in our raw material costs and our ability to increase the prices of our products. Additionally, we may not be able to increase the prices of our products due to competitive pricing pressure and other factors. Shortages in raw materials or our inability to pass along price increases could affect the prices we charge, our operating costs and our competitive position, which could adversely affect our business, financial condition, results of operations and cash flows.”

Annual report 2025A · The company itself

“While we manufacture certain parts and components used in our products, we require substantial amounts of raw materials and purchase some parts and components from suppliers. The availability and prices for raw materials, parts and components may be subject to curtailment or change due to, among other things, suppliers' allocation to other purchasers, interruptions in production by suppliers and changes in exchange rates and prevailing price levels, including as a result of inflation or the imposition or increase in tariffs, import or export licensing requirements and other potential changes in trade policies.”

Annual report 2025A · The company itself

“Kostnads- og inntektsdrivere De viktigste kostnadsdriverne i bauksittproduksjon er arbeidskraft, vedlikehold og forbruksartikler, elektrisitet og drivstoff til gruveutstyr, som står for rundt 75 prosent av kontante driftskostnader. Arbeidskraft står for om lag 25 prosent, og påvirkes av lønnsnivået i Brasil, inflasjon og produktivitetsutvikling.”

Annual report 2024A · The company itself

“Prices for publication paper and packaging paper relative to production cost is the most important factor for the profitability in the industry. Negative demand development and lack of or insufficient capacity management in the industry could result in pressure on prices and profitability.”

Annual report 2024A · The company itself

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

Annual report 2024A · The company itself

“Norske Skog’s Bruck mill ramps up production (full capacity by second half 2025), while Golbey’s delayed start targets cost-competitive output using green energy. Margins remain pressured by industry overcapacity and rising recycled fibre costs.”

Annual report 2024A · The company itself

“The prices for recycled containerboard were slightly higher in 2024 compared to 2023, but as prices for raw materials, in particular recycled fibre, also increased, the effect on profit margins were limited.”

Annual report 2024A · The company itself

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

Annual report 2024A · The company itself

“During 2024 costs of raw materials has been high compared to previous years. Thus, efforts to continue to improve efficiencies and develop purchasing strategies and having a contract structure that matches production are key to mitigate these risk factors and reduce the impact on the group’s profitability.”

Annual report 2024A · The company itself

“In 2024, the global economy was significantly impacted by persistent inflation in the services sector, which complicated efforts to normalize monetary policy. This inflationary pressure led to higher interest rates for a longer period, affecting consumer spending and business investments.”

Annual report 2024A · The company itself

“However, several risks could impact this outlook, including geopolitical tensions, persistent inflation in certain sectors, and policy uncertainty.”

Annual report 2024A · The company itself

“In response to rising inflation, the Federal Reserve Board increased interest rates from historically low levels during 2022 and 2023. While a rising interest rate environment generally has had a positive effect on our net interest margin, in some circumstances, a rise in interest rates has affected us negatively, and could again in the future affect us negatively.”

Annual report 2025A · The company itself

“Changes in the monetary, trade and other policies of various regulatory authorities, central banks, governments and international agencies may reduce our earnings and affect our growth prospects negatively. The monetary, trade and other policies of U.S. and international governments, agencies and regulatory bodies have a significant impact on economic conditions and overall financial market performance. For example, the Federal Reserve Board regulates the supply of money and credit in the U.S. through quantitative tightening and/or easing, and its policies determine in large part the level of interest rates and our cost of funds for lending and investing, and play a role in contributing to or moderating levels of inflation, all of which meaningfully impact our earnings.”

Annual report 2025A · The company itself

“Increased expenses have affected—and a failure to control our costs and expenses in the future, whether as a result of inflation or otherwise, could affect—our earnings negatively.”

Annual report 2025A · The company itself

“The Inflation Reduction Act of 2022, imposes a 1% excise tax on the fair market value of stock repurchases after December 31, 2022. There have been proposals to significantly increase this excise tax rate. Any such material increases may impact our future strategies relating to the return of capital to our shareholders, including the size of, or execution against, current or future repurchase programs related to shares of our common stock.”

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

“Fixed-price contracts tend to have more financial risk than cost-type contracts, including as a result of inflationary pressures, labor rates and shortages, challenges in estimating contract revenues and costs, and supplier challenges. In 2025, approximately half of our sales were derived from fixed-price contracts.”

Annual report 2025A · The company itself

“In addition, the macroeconomic environment, including continued challenges in the global labor market, may further affect our ability to hire, develop and retain the necessary workforce.”

Annual report 2025A · The company itself

“Global macroeconomic conditions, as well as fluctuations in foreign currency exchange rates and credit, are also likely to further impact our business.”

Annual report 2025A · The company itself

“INFLATION RISK The global macroeconomic environment has experienced extraordinary challenges in recent years, including the highest rates of inflation in 40 years. The company, its subcontractors and other suppliers, have experienced, and may in the future experience, pressures from heightened levels of inflation and challenges from the macroeconomic environment. Certain of our fixed-price contracts include economic price adjustment (EPA) clauses to help protect the company against inflationary pressures. However, these EPA clauses may not be able to fully mitigate adverse impacts of rising inflation on the company’s financial position, results of operations and/or cash flows.”

Annual report 2025A · The company itself

“We also consider the impact of macroeconomic factors on our estimates, in particular on contract EACs that span several years. For example, we have included in our EACs management’s best estimate of the impact inflation and disruptions in the supply chain have had and may continue to have on our contracts. Although the overall financial impact these macroeconomic factors have had on our company has largely subsided, volatility of the recent macroeconomic environment has added complexity to our estimation process and may result in our contract EACs having more variability in the future than they might otherwise have had if the estimates had been prepared in a more stable macroeconomic environment.”

Annual report 2025A · The company itself

“We faced challenging weather, air traffic control congestions, inflationary pressure across cost items, a weakening local currency in especially the Norwegian and Swedish kroner, and other regulatory measures that put increased pressure on us and other European airlines.”

Annual report 2024A · The company itself

“The current macroeconomic environment is uncertain with volatile energy and fuel prices, inflationary pressure, fluctuations in foreign exchange rates with a weakening local Norwegian is subject to corporate governance reporting requirements according to the Norwegian Accounting Act, section 2-9, the Norwegian Code of Practice for Corporate Governance and the Continuing Obligations of Listed Companies as approved by the Oslo Stock Exchange Oslo Børs.”

Annual report 2024A · The company itself

“Such events or conditions may also have downstream effects on the global economic environment, including increased fuel and commodity pricing, supply chain shortages, labor shortages, volatility in the global capital markets, contraction of the global economy leading to decreased consumer discretionary spending, and other effects impossible to predict at this time.”

Annual report 2025A · The company itself

“Adverse changes in the perceived or actual economic climate in North America or globally, such as the volatility of fuel prices, elevated interest rates, which have risen significantly in recent years and may remain at elevated levels or fluctuate, stock and real estate market declines and/or volatility, more restrictive credit markets, higher unemployment or underemployment rates, inflation, which has moderated from recent historical highs but may persist or re-accelerate, higher taxes, changes in governmental policies and political developments impacting international trade, trade disputes, increased tariffs or customers’ willingness to travel with us, could reduce the level of discretionary income or consumer confidence in the countries from which we source our guests.”

Annual report 2025A · The company itself

“Effekten av våra inflationslänkade hyresavtal är betydande.”

Annual report 2024A · The company itself

“Annual and quarterly operating results of the Company's generation portfolio can be significantly affected by weather and energy commodity price volatility.”

Annual report 2025A · The company itself

“Inflation and customer affordability concerns may limit the Company’s ability to recover costs, constrain its pricing and reduce market demand for its products and services. The Company’s electricity, natural gas, and smart home businesses are exposed to the risk that sustained inflation, commodity price volatility and other macroeconomic pressures will increase its costs and adversely affect the affordability of its products and services.”

Annual report 2025A · The company itself

“Furthermore, the risk of significant cost overruns may be exacerbated in the current environment of elevated inflation, supply chain disruption and changing tariff and trade policies, which may cause actual construction costs to be significantly higher than initial estimates, and the Company may be unable to pass these increased costs through to its customers.”

Annual report 2025A · The company itself

“We estimate that approximately 85% of our sheet steel sales in 2025 were to contract customers. These sheet sales contracts are noncancellable agreements that generally incorporate monthly or quarterly price adjustments reflecting changes in the current market-based indices and/or raw material cost, and typically have terms ranging from six to 12 months.”

Annual report 2025A · The company itself

“The availability and prices of raw materials may also be negatively affected by new laws and regulations, allocation by suppliers, interruptions in production, accidents or natural disasters, war and other forms of armed conflict or political instability, changes in exchange rates, worldwide price fluctuations, including due to global political and economic factors, changes in governmental, business and consumer spending, inflation, increases in interest rates, labor shortages, and the availability and cost of transportation.”

Annual report 2025A · The company itself

“Interest rate movements, inflation and other economic factors can negatively impact our business. High rates of inflation generally affect the homebuilding industry adversely because of their impact on interest rates and costs. High interest rates not only increase the cost of borrowed funds to homebuilders and developers but also have a significant adverse effect on the affordability of mortgage financing to prospective purchasers and the demand for housing.”

Annual report 2025A · The company itself

“Inflation and Seasonality ​ We have generally been successful in reducing the effects of merchandise cost increases principally by taking advantage of supplier incentive programs, economies of scale resulting from increased volume of purchases, and selective forward buying. To the extent our acquisition costs increased due to price increases industry wide, we have typically been able to pass along these increased costs through higher retail prices for the affected products.”

Annual report 2025A · The company itself

“The economic health of our customers is affected by many factors, including, among others, general business conditions, interest rates, inflation, tariffs, consumer debt levels, the availability of consumer credit, currency exchange rates, taxation, fuel prices, unemployment levels, a prolonged public health crisis or pandemic, and other matters that influence consumer confidence and spending.”

Annual report 2025A · The company itself

“We could also be negatively impacted when our suppliers or our supply chain experiences work stoppages and labor strikes; a prolonged public health crisis or pandemic; import, shipping, and transportation disruptions or increased costs, such as from inflation, tariffs, or currency fluctuations; or other interruptions to, or difficulties in, the manufacture or supply of the products we purchase.”

Annual report 2025A · The company itself

“Our business is influenced by a number of general macroeconomic factors that impact both our industry and consumers, including, but not limited to, inflation, including rising consumer staples; fuel and energy costs; unemployment trends; interest rates; and other economic factors.”

Annual report 2025A · The company itself

“To the extent our acquisition costs increase due to base commodity price increases or other input cost increases affecting the entire industry, we have typically been able to pass along these cost increases through higher selling prices for the affected products. As a result, we do not believe inflation has had a material adverse effect on our operating results.”

Annual report 2025A · The company itself

“Inflationary pressures have been significant in the United States in recent years. Inflation impacts the cost to operate our business by putting upward pressure on wages, benefits, real estate, equipment, fuel, parts and repairs, insurance, and other general and miscellaneous expenses.”

Annual report 2025A · The company itself

“Our customers’ and suppliers’ businesses may be impacted by various economic factors such as recessions, inflation, downturns in the economy, global uncertainty and instability, changes in U.S. social, political, and regulatory conditions and/or a disruption of financial markets, which may decrease demand for our services or increase our costs. Adverse macroeconomic conditions, both in the U.S. and internationally, such as high inflation, continued high interest rates and slower economic growth has, and may continue to, negatively affect our customers’ business levels, the amount of transportation services they need, their ability to pay for our services and overall freight levels, any of which might impair our asset utilization.”

Annual report 2025A · The company itself

“Customers encountering adverse economic conditions, including as a result of current inflationary pressures, may be unable to obtain additional financing or financing under acceptable terms. These customers represent a greater potential for bad debt losses, which may require us to increase our reserve for bad debt. Economic conditions resulting in bankruptcies of a concentration of our customers could have a significant impact on our financial position, results of operations or liquidity in a particular year or quarter.”

Annual report 2025A · The company itself

“We have experienced higher costs to purchase, lease and/or build or renovate service centers as a result of inflation, supply chain issues, increased raw material and labor costs, and higher demand for and reduced supply of such service centers.”

Annual report 2025A · The company itself

“Taxes are a significant part of our expenses. We are subject to U.S. federal and state income, payroll, property, sales and use, fuel, and other types of taxes.”

Annual report 2025A · The company itself

“Near-term risks and uncertainty factors Near-term risks and uncertainty factors related to instability in the markets include cost inflation, salary inflation and labour markets constraints, uncertain product availability due to material and supply chain constraints, and electricity shortages.”

Annual report 2025A · The company itself

“Konsernsjefen har ordet 2024 var preget av betydelig økonomisk og geopolitisk usikkerhet, som har hatt stor påvirkning på både markeder og forbrukere. Som et ledende industrielt investeringsselskap innenfor merkevarer og forbrukerorienterte selskaper må vi forholde oss til og håndtere denne usikkerheten.”

Annual report 2024A · The company itself

“Vi har opprettholdt god lønnsomhet til tross for høy inflasjon og generell dyrtid i samfunnet.”

Annual report 2024A · The company itself

“Selskapets bruttofortjeneste fortsatte å forbedres, støttet av relativt stabile råvarepriser og positive miks-effekter.”

Annual report 2024A · The company itself

“Veksten ble drevet av en moderat salgsvekst, positiv miksog produktlønnsomhet, samt kostnadsforbedringer.”

Annual report 2024A · The company itself

“Salget i India har vært preget av en utfordrende markedssituasjon, spesielt i distriktene og mindre byer, der høye priser på basisvarer har presset etterspørselen. Prisene hadde en negativ utvikling gjennom året, ettersom lavere råvarekostnader ble overført til kundene, mens volumveksten har vært positiv både i hjemmemarkedet og på eksportmarkedene.”

Annual report 2024A · The company itself

“Inflasjonen har normalisert seg i de fleste markeder, og flere sentralbanker har begynt å redusere rentene, blant annet i eurosonen, USA og flere av de nordiske landene.”

Annual report 2024A · The company itself

“For 2025 er markedsforventningene en fortsatt polarisert og volatil utvikling i markedsprisene på råvarer.”

Annual report 2024A · The company itself

“EBIT (adj.) hadde en underliggende vekst på 41 % fra 225 mill. kroner i 2023 til 315 mill. kroner i 2024, drevet av volumvekst, økt dekningsgrad og reduksjon i underliggende varekostnad.”

Annual report 2024A · The company itself

“EBIT (adj.) var noe lavere i 2024 enn i 2023, spesielt grunnet høyere andel av salg på kampanje og økte råvarekostnader for proteinpulver.”

Annual report 2024A · The company itself

“Priser og tilgang på innsatsvarer til Orklas produkter er en risikofaktor. Prisene på råvarer har samlet sett vært noe avtakende gjennom 2024, men er fortsatt på et høyt nivå, og utviklingen er polarisert på tvers av kategorier og selskaper.”

Annual report 2024A · The company itself

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

Annual report 2024A · The company itself

“Although at times high prices for some important raw materials have caused margin and cost pressures for our business, we do not expect near-term unavailability or pricing of materials, components or supplies that would have a material adverse effect on our business. We seek to manage commodity price risk through locking and hedging strategies, as well as passing the increases onto our customers through pricing.”

Annual report 2025A · The company itself

“Our business, financial condition, operating results and cash flows may be adversely affected by changes in global economic conditions, including levels of consumer and business confidence, commodity prices, raw material and energy costs, supply chain issues, trade policies (including tariffs and trade barriers), foreign currency exchange rates, interest rates, labor costs, levels of government spending and deficits, actual or anticipated default on sovereign debt, political conditions in the U.S. or otherwise, regulatory changes and other challenges that could affect the global economy.”

Annual report 2025A · The company itself

“In addition, the current global economic environment has resulted, and may continue to result, in increased levels of commodity, materials and wage inflation.”

Annual report 2025A · The company itself

“The Company’s products are exposed to variability in material and commodity costs. Commodity or component price increases, cost pressures due to inflation, significant shortages of component products and labor availability may adversely impact the Company’s financial results or use of its production capacity.”

Annual report 2025A · The company itself

“The U.S. economy has experienced persistent inflation, and we have experienced, and continue to experience, cost inflation across our business. Inflation has resulted in, and may continue to result in, higher production and transportation costs, which we may not be able to recover through higher prices charged to our customers or otherwise.”

Annual report 2025A · The company itself

“In recent years, the United States, the EU, and the U.K. have experienced historically high levels of inflation. Although inflation levels have decreased from their highest levels in the United States, the EU, and the U.K., the U.S. Federal Reserve, the European Central Bank, and the Bank of England have raised, and could maintain or raise, interest rates and implement fiscal policy interventions. Even if these interventions lower inflation, they may also reduce economic growth rates, create a recession, and have other similar effects.”

Annual report 2025A · The company itself

“We operate globally, and our business and revenues are impacted by global economic and geopolitical conditions. Instability in global credit markets, inflation, changes in public policies, changes in domestic and international regulations, changes in interest rates, foreign currency exchange rate fluctuations, trade regulations and tariffs, international trade disputes and agreements, changes in tax laws, geopolitical turmoil, and other disruptions to global and regional economies and markets continue to add uncertainty to global economic conditions.”

Annual report 2026A · The company itself

“In the past, we experienced supply chain disruption and have incurred increased costs resulting from inflationary pressures and changes in U.S. trade policy. For example, we experienced supply chain disruption and inflationary pressures during our fourth quarter of fiscal 2026, resulting in increased costs for memory and other components, which have negatively affected our gross margin and could continue to affect our gross margin.”

Annual report 2026A · The company itself

“Annual salary increases and cost inflation is a headwind to margins also.”

Annual report 2025A · The company itself

“Higher commodity prices, adverse foreign exchange movements and US import tariffs created a combined headwind of 220bps to gross margin and 300bps to EBIT margin.”

Annual report 2025A · The company itself

“Annual salary increases and cost inflation is a headwind to margins also.”

Annual report 2025A · The company itself

“As an accessible luxury brand, a decline in consumer confidence and lower disposable income may adversely impact our revenue and profitability. • Ongoing review and adjustment of commercial tactics, including pricing adjustments and revenue diversification • Continuous monitoring of consumer behaviour and trends • Strict cost control; ongoing targeted cost reduction programme COMMODITY PRICES & FOREIGN EXCHANGE RATES There is a risk of sustained increased prices for silver and gold. Further, Pandora generates significant revenue and incurs costs in multiple foreign currencies, leading to currency exposure. Sustained higher commodity prices may have a negative impact on profitability.”

Annual report 2025A · The company itself

“Organizations face a rapidly evolving employment landscape including an increasing number and complexity of federal, state, and local regulations; the integration of AI into HCM processes; changing workforce dynamics; increasing medical inflation; and challenges attracting and retaining talent.”

Annual report 2026A · The company itself

“Over the past year, top challenges for employers were macroeconomic pressures including inflation and interest rates, availability of qualified talent, providing affordable benefits, keeping technology current, and ensuring legal and regulatory compliance.”

Annual report 2026A · The company itself

“We and our customers are subject to the impacts related to inflationary pressure, economic instability, changes in interest rates, tariffs, potential instability of the banking environment, climate change-based obligations, and other macroeconomic and/or 14 Table of Contents political events.”

Annual report 2026A · The company itself

“Further, inflation and uncertainty about tariff implementation may negatively impact our business and/or our customers' business, raise costs and reduce profitability.”

Annual report 2026A · The company itself

“There continues to be uncertainty in the changing market and economic conditions, including the possibility of additional measures that could be taken by the U.S. President, the Federal Reserve and other government agencies related to the overall macroeconomic environment. We will continue to monitor the market and economic conditions.”

Annual report 2026A · The company itself

“Samtidigt måste vi kontinuerligt arbeta med vår effektivitet, i alla delar av verksamheten. Det är särskilt viktigt i ett marknadsläge där höga byggkostnader och osäkerhet kring ränteutvecklingen har haft påverkan på efterfrågan.”

Annual report 2024A · The company itself

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

Annual report 2024A · The company itself

“Vi erbjuder marknadsmässiga löner och villkor som tillåter balans mellan arbete och fritid. Hos oss styr arbetets art, prestation och kompetens lönen.”

Annual report 2024A · The company itself

“Prices for raw materials, such as metals and other commodities, have trended higher due to volatile market trends and enacted tariffs and may continue to trend higher in the future.”

Annual report 2025A · The company itself

“Important factors for our businesses and the businesses of our customers and suppliers include the overall strength of the global economy and various regional economies and our customers’ confidence in these economies, industrial and governmental capital spending, the strength of residential and commercial real estate markets, residential housing markets, the food service industry, the commercial business climate, global supply chain stability, possible tariff increases, unemployment rates, availability of consumer and commercial financing, interest rates, inflation rates and energy and commodity prices.”

Annual report 2025A · The company itself

“In recent years, we have experienced inflationary cost increases of raw materials, such as metals and resins, drives and motors, as well as increases in logistics, transportation, energy, insurance and labor costs (including wages, pensions and health care benefits).”

Annual report 2025A · The company itself

“The prices we pay for such items are subject to fluctuation, and we manage this risk through the use of fixed-price contracts and purchase orders, pricing agreements and derivative instruments, including swaps and futures.”

Annual report 2025A · The company itself

“During 2025, we continued to experience volatility in our commodity, packaging and other input costs that may continue into fiscal 2026.”

Annual report 2025A · The company itself

“We continued to experience volatility in our commodity, packaging and transportation costs during 2025, which may continue.”

Annual report 2025A · The company itself

“Many of the jurisdictions in which our products are sold have experienced and could continue to experience uncertain or unfavorable economic conditions, such as high inflation and adverse changes in interest rates, tax laws or tax rates and new, expanded or retaliatory tariffs, including as a result of geopolitical events and tensions.”

Annual report 2025A · The company itself

“We estimate and reserve for our expected credit loss exposure based on our experience with past due accounts and collectibility, write-off history, the aging of accounts receivable, our analysis of customer data, and forward-looking information (including the expected impact of a high interest rate and inflationary cost environment), leveraging estimates of creditworthiness and projections of default and recovery rates for certain of our customers.”

Annual report 2025A · The company itself

“Estimated fair value is determined using discounted cash flows and requires an analysis of several estimates including future cash flows or income consistent with management’s strategic business plans, annual sales growth rates, perpetuity growth assumptions and the selection of assumptions underlying a discount rate (weighted-average cost of capital) based on market data available at the time. Significant management judgment is necessary to estimate the impact of competitive operating, macroeconomic and other factors (including those related to volatile geopolitical conditions and a high interest rate and inflationary cost environment) to estimate future levels of sales, operating profit or cash flows.”

Annual report 2025A · The company itself

“Additionally, the business and economic uncertainty resulting from volatile geopolitical conditions and changes in the interest rate and inflationary cost environment have made such estimates and assumptions more difficult to calculate.”

Annual report 2025A · The company itself

“This decline is due to multiple factors, including increased taxes and pricing, governmental actions, the diminishing social acceptance of smoking, health concerns, competition, continuing economic and geopolitical uncertainty, and the continuing prevalence of illicit products.”

Annual report 2025A · The company itself

“Significant increases in cigarette-related taxes have been proposed or enacted and are likely to continue to be proposed or enacted in numerous jurisdictions.”

Annual report 2025A · The company itself

“Because our portfolio is weighted toward the premium-price cigarette category, tax regimes based on sales price can place us at a competitive disadvantage in certain markets.”

Annual report 2025A · The company itself

“A sustained period of elevated inflation across the markets in which we operate could result in higher operating and financing costs and lead to reduced demand for our products. Inflationary pressures have and may continue to result in significant increases to our expenses, including direct materials, wages, energy, transportation, and logistics costs.”

Annual report 2025A · The company itself

“Legislation, Regulation, Taxation and Other Matters Regarding the Manufacture, Marketing, Sale and Use of Tobacco and Other Nicotine-Containing Products Fiscal Challenges Excessive and disruptive excise, sales and other tax increases and discriminatory tax structures are expected to continue to have an adverse impact on our profitability, due to lower consumption and consumer down-trading to non-premium, discount, other low-price or low-taxed products such as fine cut tobacco, illicit cigarettes or illicit SFPs.”

Annual report 2025A · The company itself

“General economic factors that are beyond the Company’s control impact the Company’s forecasts and actual performance. These factors include interest rates; recession; inflation; stagflation; deflation; supply chain constraints; unemployment trends; sanctions, trade restrictions, military interventions and the threat or possibility of war; terrorism or other global or national unrest; and political or financial instability.”

Annual report 2025A · The company itself

“In particular, in recent years the United States’ economy experienced a substantial rise in the inflation rate and more recently in 2025 the Trump administration has implemented tariffs and discussed additional tariffs, which would further increase costs.”

Annual report 2025A · The company itself

“The ability of borrowers to repay loans is often weakened as a result of economic downturns, higher inflation and unemployment.”

Annual report 2025A · The company itself

“We operate in an uncertain economic environment due to sustained inflationary pressures, including higher prices and lower housing affordability, and fluctuating trade policies (including tariffs), combined with geopolitical tensions.”

Annual report 2025A · The company itself

“Demand for our products and services could also suffer as many of the risks to PNC related to the economy and other external factors, including regulation, such as changes to tax laws and tax rates, could negatively impact consumers and businesses and their interest in or ability to use our products and services.”

Annual report 2025A · The company itself

“The completion of these projects without delays or cost overruns is subject to risks in many areas, including: •approval, licensing and permitting; •land acquisition and the availability of suitable land; •skilled labor or equipment shortages; •construction problems or delays, including disputes with third-party intervenors; •increases in commodity prices or labor rates; •potential supply chain disruptions or delays; and 19 Table of Contents •contractor performance.”

Annual report 2025A · The company itself

“Due to general inflation with respect to such costs, the aging demographics of our workforce and other factors, we have experienced significant health care cost inflation in recent years, and we expect our health care costs, including prescription drug coverage, to continue to increase despite measures that we have taken and expect to take to require employees and retirees to bear a higher portion of the costs of their health care benefits.”

Annual report 2025A · The company itself

“Framtidsutsikter Detaljhandeln står inför makroekonomiska utmaningar såsom historiskt hög och varaktig inflation samt brist på arbetskraft och dyr arbetskraft. Detta gör handlarna mer benägna att investera i digitalisering, exempelvis lösningar baserade på elektroniska etiketter för automatisering och kommunikation i butik, i syfte att optimera driften, stärka kundupplevelsen samt öka kostnadseffektiviteten och produktiviteten.”

Annual report 2024A · The company itself

“● En majoritet av hyresavtalen är indexerade och räknas upp i takt med inflationen. ● Lång genomsnittlig återstående kontraktstid (WAULT) – 8,7 år.”

Annual report 2024A · The company itself

“Försäljningen påverkades av osäker heter i marknaden präglad av ränte- och inflationsoro vilket resulterade i en avvaktande inställning hos våra kunder.”

Annual report 2024A · The company itself

“The PTC is designed to increase with inflation, and therefore, future inflation levels will impact the potential financial support for our nuclear units.”

Annual report unknown yearA · The company itself

“That growth can be affected by customer cost pressures which could result from higher commodity costs, higher supply costs to support subsidized renewable generation, higher operating costs, higher tax rates, macro-economic conditions including inflation, and other factors.”

Annual report unknown yearA · The company itself

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

Annual report unknown yearA · The company itself

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

Annual report unknown yearA · The company itself

“These and other physical changes could result in changes in customer demand, increased costs associated with repairing and maintaining generation facilities and T&D systems, resulting in increased maintenance and capital costs (and potentially increased financing needs), increased regulatory oversight, and lower customer satisfaction.”

Annual report unknown yearA · The company itself

“Inflation, including increases in the costs of equipment and materials, fuel, services and labor could adversely affect our operating results. Higher costs from suppliers of equipment and materials, fuel and services and labor and health care costs to attract and retain our workforce, as well as policy matters such as tax rates, tariffs and other policies impacting costs, could lead to increased costs.”

Annual report unknown yearA · The company itself

“Operating costs, including property taxes, could increase. We could be subject to increases in property or other taxes, repair and maintenance costs, payroll, utility costs, insurance premiums, workers compensation, and other operating expenses due to various factors such as inflation, labor shortages, commodity and energy price increases, weather, increases to minimum wage rates, supply chain disruptions, and changes to governmental safety and real estate use limitations and other governmental actions.”

Annual report 2025A · The company itself

“Economic downturns or adverse economic or industry conditions, including those related to high levels of inflation, could adversely impact our financial results, growth, and access to capital.”

Annual report 2025A · The company itself

“The residential homebuilding industry is sensitive to changes in economic conditions and other factors, such as the level of employment, consumer confidence, consumer income, product affordability, availability of financing, inflation, and interest rate levels.”

Annual report 2025A · The company itself

“Inflation has resulted in increased costs that we may not be able to recoup and has impacted home affordability and consumer sentiment. Inflation can adversely affect us by increasing costs of land, materials, and labor.”

Annual report 2025A · The company itself

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

Annual report 2026A · The company itself

“GENERAL RISK FACTORS •We operate in the highly cyclical semiconductor industry, which is subject to significant downturns. We are also susceptible to declines in global, regional and local economic conditions generally.”

Annual report 2025A · The company itself

“If the supply-demand balance is disrupted, it may considerably increase costs of manufacturing due to increased prices we pay for raw materials.”

Annual report 2025A · The company itself

“Certain of these dynamics are particularly pronounced in emerging regions and China where competitors may have lower cost structures or may have a willingness and ability to accept lower prices or lower margins on their products. Reductions in the average selling prices of our chipset products, without a corresponding increase in volumes, would negatively impact our revenues, and without corresponding decreases in average unit costs, would negatively impact our margins.”

Annual report 2025A · The company itself

“Further, inflationary pressure may increase our costs, including employee compensation costs, reduce demand for our products or those of our customers or licensees due to increased prices of those products, or result in employee attrition to the extent our compensation does not keep up with inflation, particularly if our competitors’ compensation does.”

Annual report 2025A · The company itself

“In addition, tariffs may increase the cost of certain supplies used in our business, which could result in increased operating expenses and reduced margins.”

Annual report 2025A · The company itself

“Additionally, the inflationary pressure in the United States and our other markets has increased our labor costs. Under certain of our contracts, labor costs are passed through to customers, and the portion of our workforce that is represented by labor unions typically operates under multi-year collective bargaining agreements that provide some visibility into future labor costs. However, the costs related to a significant amount of our workforce are subject to market conditions, and therefore inflationary pressure could increase our labor costs with respect to those employees.”

Annual report 2025A · The company itself

“Stagnant or declining economic conditions, including a prolonged economic downturn or recession, as well as significant events that have an impact on financial or capital markets, can adversely impact the demand for our services and result in the delay, reduction or cancellation of certain projects. Macroeconomic conditions, including inflation, slow growth or recession, changes to fiscal and monetary policy, changes in global trade relationships, and tighter credit and higher interest rates could materially adversely affect demand for our services and the availability and cost of the materials and equipment that we need to deliver our services or our customers need for their projects.”

Annual report 2025A · The company itself

“Our cost excellence program, Invigorate, includes structured plans to drive savings and improve productivity across the value chain, including in such areas as patient services, logistics and laboratory operations, revenue services, information technology ("IT") and procurement. Our Invigorate program has consistently delivered 3% of annual cost savings and productivity improvements, which partly offset pressures from an inflationary environment, including labor and benefit cost increases, and reimbursement pressures.”

Annual report 2025A · The company itself

“Consumerization Consumers are our customers. Increasingly, consumers are engaged and interested in, and empowered to manage and take direct responsibility for, their own healthcare. As a result, they are becoming more sophisticated in their understanding of their healthcare needs and their expectations of healthcare providers. In addition, consumers often are bearing increased financial responsibility for their healthcare (e.g., high deductible health plans; rising deductibles).”

Annual report 2025A · The company itself

“Inflationary pressures over the last number of years have resulted in increases in the costs of the testing equipment, supplies and other goods and services that we purchase from manufacturers, suppliers and others. Inflationary pressures, along with the competition for labor, have also resulted in a rise of our labor costs, which include the costs of compensation, benefits, and recruiting and training new hires.”

Annual report 2025A · The company itself

“Risks Related to Macroeconomic Conditions Economic, political, and other conditions, including the imposition of significant new tariffs or other changes to existing trade policies and agreements, may adversely affect the global economy and/or the level of consumer purchases of discretionary items and luxury retail products, including our products.”

Annual report 2026A · The company itself