Climate change and extreme weather

“Seasonality, Weather Variations, and Economic Activity — Our utility businesses are generally affected by seasonal weather patterns and, therefore, operating margin is not generated evenly throughout the year. Additionally, weather variations may also have an impact based on the number of customers, temperature variances from normal conditions, and customers' historic usage levels and patterns.”

Annual report 2025A · The company itself

“Key Financial Drivers — Hydrological conditions largely influence Chivor's power generation. Maintaining the appropriate contract level, while maximizing revenue through the sale of excess generation, is key to AES Colombia's results of operations.”

Annual report 2025A · The company itself

“Key Financial Drivers — Financial results are driven by many factors, including, but not limited to: •contracting levels, providing additional benefits from improved operational performance, including performance incentives and/or excess energy sales; •changes in the methodology to calculate spot energy prices or Locational Marginal Prices, which impacts the excess energy sales; •improved operational performance and plant availability; and •changes in wind resources.”

Annual report 2025A · The company itself

“Key Financial Drivers — AES Indiana's financial results are driven primarily by retail demand, weather, and maintenance costs.”

Annual report 2025A · The company itself

“Key Financial Drivers — AES Ohio's financial results are driven primarily by retail demand and weather.”

Annual report 2025A · The company itself

“Hydrological conditions impact reservoir water levels and largely influence the dispatch of the system's hydroelectric and thermoelectric generation plants and, therefore, influence market costs. Precipitation in Argentina occurs principally from May to October.”

Annual report 2025A · The company itself

“Furthermore, production levels for our wind and solar projects may be dependent upon adequate wind or sunlight resulting in volatility in production levels and profitability.”

Annual report 2025A · The company itself

“Volatility in market prices for fuel and electricity may result from, among other things: •plant availability in the markets generally; •availability and effectiveness of transmission facilities owned and operated by third parties; •competition and new entrants; •seasonality, hydrology, and other weather conditions; •illiquid markets; •transmission, transportation constraints, inefficiencies, and/or availability; •renewables source contribution to the supply stack; •increased adoption of distributed generation; •energy efficiency and demand side resources; •available supplies of coal, natural gas, and crude oil and refined products; •generating unit performance; •natural disasters, terrorism, wars, embargoes, pandemics, and other catastrophic events; •energy, market and environmental regulation, legislation, and policies; •general economic conditions that impact demand and energy consumption; and •bidding behavior and market bidding rules.”

Annual report 2025A · The company itself

“Certain of our businesses are sensitive to variations in weather and hydrology. Our businesses are affected by variations in general weather patterns and unusually severe weather.”

Annual report 2025A · The company itself

“60 | 2025 Annual Report Weather conditions directly influence the demand for electricity and natural gas and other fuels and affect the price of energy and energy-related commodities. In addition, severe weather and natural disasters, such as hurricanes, floods, tornadoes, icing events, earthquakes, dam failures, wildfires and tsunamis can be destructive and could prevent us from operating our business in the normal course by causing power outages and property damage, reducing revenue, affecting the availability of fuel and water, causing injuries and loss of life, and requiring us to incur additional costs, for example, to restore service and repair damaged facilities, to obtain replacement power and to access available financing sources.”

Annual report 2025A · The company itself

“Our power plants could be placed at greater risk of damage should changes in the global climate produce unusual variations in temperature and weather patterns, resulting in more intense, frequent and extreme weather events, including heatwaves, fewer cold temperature extremes, abnormal levels of precipitation resulting in river and coastal urban floods in North America or reduced water availability and increased flooding across Central and South America, and changes in coast lines due to sea level change.”

Annual report 2025A · The company itself

“Furthermore, according to the Intergovernmental Panel on Climate Change, physical risks from climate change could include, but are not limited to, increased runoff and earlier spring peak discharge in many glacier and snow-fed rivers, warming of lakes and rivers, an increase in sea level, and changes and variability in precipitation and in the intensity and frequency of extreme weather events.”

Annual report 2025A · The company itself

“The Company's insurance operations are exposed to the risk of catastrophic events including, but not necessarily limited to, epidemics, pandemics, tornadoes, hurricanes, earthquakes, tsunamis, war or other military action, major public health issues and terrorism or other acts of violence. Claims resulting from natural or man-made catastrophic events could cause substantial volatility in the Company's financial results for any fiscal quarter or year and could materially reduce its profitability or harm the Company's financial condition, as well as affect its ability to write new business.”

Annual report 2025A · The company itself

“While the assessment of risks related to climate change are part of the Company's credit review process, climate change-related risks may adversely impact the value of the securities that 25 Item 1A. Risk Factors the Company holds.”

Annual report 2025A · The company itself

“A softening of supply or demand for our current or future offerings, whether caused by events outside of our control, challenging macroeconomic and political conditions, changes in host and guest preferences, public health crises such as pandemics, and any of the other factors described in these Risk Factors and elsewhere in this Annual Report on Form 10-K, or otherwise, may result in decreased revenue and our business, results of operations, and financial condition could be materially adversely affected.”

Annual report 2025A · The company itself

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

Annual report 2025A · The company itself

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

Annual report 2025A · The company itself

“These unpredictable events can abruptly alter consumer travel behavior, reducing demand for our platform and services, and materially adversely affecting our business, results of operations, and financial condition. Climate change and other environmental or social pressures, as well as societal responses to the same, may exacerbate or lead to additional impacts from such events.”

Annual report 2025A · The company itself

“There are inherent climate-related risks wherever business is conducted. For example, the physical impacts of climate change (which may include more frequent or severe storms, extreme weather events, extreme temperatures and ambient temperature increases, hurricanes, flooding, rising sea levels, shortages of water, droughts, wildfires, and natural disasters) may interrupt infrastructure on which our platform relies, impact demand or supply for lodging, or otherwise adversely impact our business. Climate change is expected to increase the frequency and severity of certain such events, as well as contribute to chronic changes (such as changes to meteorological and hydrological patterns) that may also impact the behaviors of guests and hosts or infrastructure on which we rely.”

Annual report 2025A · The company itself

“For example, our San Francisco operations are at risk from earthquakes and power outages, which could disrupt business operations.”

Annual report 2025A · The company itself

“Our service providers are vulnerable to damage or interruption from power loss, telecommunications failures, fires, floods, earthquakes, hurricanes, tornadoes, and similar events, and they may be subject to financial, legal, regulatory, and labor issues, each of which may impose additional costs or requirements on us or prevent these third parties from providing services to us or our customers on our behalf.”

Annual report 2025A · The company itself

“Sales of our agrichemicals are also subject to fluctuation as demand varies depending on climate and other environmental conditions, which may prevent or reduce farming for extended periods. In addition, crop pricing and the timing of when farms alternate from one crop to another crop in a particular year can also alter sales of agrichemicals.”

Annual report 2025A · The company itself

“The occurrence of natural disasters, such as hurricanes, floods, droughts, heat and extreme temperatures, thunderstorms or earthquakes; pandemics; or other unanticipated catastrophes at any of the locations in which we or our key partners, suppliers, or customers do business could cause interruptions in our operations. Historically, major hurricanes have caused significant disruption to the operations on the U.S. Gulf Coast for many of our customers and certain of our suppliers of raw materials, which has had an adverse impact on volume and cost for some of our products.”

Annual report 2025A · The company itself

“Our operations in Chile could be subject to fluctuations in precipitation and earthquakes, and our operations in Asia could be subject to weather events such as typhoons. A global or regional pandemic or similar outbreak in a region in which we or our key partners, customers, or suppliers operate could disrupt business, depending on factors including, but not limited to, the duration and severity of the pandemic, government restrictions on businesses and individuals, impact on demand for our products, impact on the supply chain network, and the health and safety of our employees and the communities in which we do business. If similar or other weather events, natural disasters, or other catastrophic events occur in the future, they could negatively affect the results of operations at our sites in the affected regions as well as have adverse impacts on the global economy.”

Annual report 2025A · The company itself

“We may be exposed to certain physical, transitional, regulatory and financial risks related to climate change. Impacts of climate change include changes in rainfall and in storm patterns and intensities, water scarcity, significantly changing sea levels and increasing atmospheric and water temperatures, among others. For example, our Salar de Atacama and La Negra sites in Chile have high baseline water stress indicators, where fluctuation in precipitation could materially impact our ability to extract lithium brine and production of the converted lithium may be interrupted.”

Annual report 2025A · The company itself

“In addition, there have been concerns regarding water scarcity, declining precipitation and drought in Jordan, where our joint venture, JBC, produces bromine. Climate changes and unprecedented weather events may pose a risk to business operations in vulnerable areas. In some regions including China, extreme heat and drought conditions could also impact the availability of hydropower resulting 29 Albemarle Corporation and Subsidiaries in decreased production and/or increased costs.”

Annual report 2025A · The company itself

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

Annual report 2025A · The company itself

“Risks related to general and other factors •Social, political, and economic instability, unrest, significant changes, and other circumstances beyond our control, including circumstances related to changes in the U.S. political landscape, could adversely affect our business operations. •Seasonal weather conditions, climate change and severe weather, changes in the availability of transportation or labor, and other related factors may affect our ability to conduct business, the products and services of our tenants, or the availability of such products and services of our tenants and the companies in which we invest. •We may be unable to meet our sustainability goals.”

Annual report 2025A · The company itself

“All of our wholly owned properties, including properties partially owned through real estate joint ventures that are managed by our joint venture partners, carry comprehensive liability, fire, extended coverage, and rental loss insurance. For our properties in wildfire- or flood-prone areas, we are evaluating mitigation strategies and potential operational and physical improvements.”

Annual report 2025A · The company itself

“PG&E initiated voluntary reorganization proceedings under Chapter 11 of the U.S. Bankruptcy Code in January 2019 in response to potential liabilities arising from a series of catastrophic wildfires that occurred in Northern California in 2017 and 2018. While PG&E emerged from bankruptcy in July 2020, there is no guarantee that PG&E, or other major utilities providers on which we rely in other cities in which we operate, will be able to sustain safe operations and continue to provide consistent utilities services during similar or future incidents.”

Annual report 2025A · The company itself

“Seasonality in business •Our agtech industry tenants’ and venture investment portfolio companies’ businesses may fluctuate from time to time due to seasonal weather conditions and other factors out of their control, affecting products and services our agtech industry tenants and venture investment portfolio companies offer.”

Annual report 2025A · The company itself

“Certain of our properties are also located along shorelines and may be vulnerable to coastal hazards, such as water stress, severe weather patterns, and storm surges. In addition, properties in certain regions may face heightened exposure to wildfire and drought conditions, which can lead to water stress and increased risk of property damage or operational disruption. Over time, these conditions could result in declining demand for space at our properties, delays in construction, resulting in increased construction costs, or in our inability to operate the buildings at all.”

Annual report 2025A · The company itself

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

Annual report 2025A · The company itself

“Seasonality - Electric sales are seasonal to some extent with the annual peak normally occurring in the summer months due to air conditioning requirements. Electric sales are also impacted to a certain extent in the winter months due to heating requirements.”

Annual report 2025A · The company itself

“Seasonality - Gas sales follow a seasonal pattern with an annual base-load of gas and a large heating peak occurring during the winter season. Natural gas obtained from producers, marketers and brokers, as well as gas in storage, is utilized to meet the peak heating season requirements.”

Annual report 2025A · The company itself

“A variety of operating and economic parameters, including transmission constraints, the imbalance of supply and demand of energy resulting in unfavorable pricing for wind or solar energy, adverse weather conditions and breakdown or failure of equipment, could significantly reduce the production tax credits generated by our wind or solar facilities resulting in a material adverse impact on our financial condition and results of operations.”

Annual report 2025A · The company itself

“Demand for electricity is greater in the summer months associated with higher air conditioning needs and winter months associated with higher heating needs. Demand for natural gas depends significantly upon temperature patterns in winter months due to heavy use in residential and commercial heating.”

Annual report 2025A · The company itself

“Storms or other natural disasters may impact our operations in unpredictable ways - Storms and other natural disasters, including events such as floods, tornadoes, windstorms like the 2020 derecho in Iowa, blizzards, ice storms, extreme hot temperatures, extreme cold temperatures, fires, wildfires, solar flares or pandemics may adversely impact our ability to generate, purchase or distribute electric energy and gas or obtain fuel or other critical supplies. In addition, we could incur large costs to repair damage to our generating facilities and electric and gas infrastructure, or costs related to environmental remediation, due to storms or other natural disasters.”

Annual report 2025A · The company itself

“Catastrophe exposure management includes purchasing reinsurance to provide coverage for known exposure to hurricanes, earthquakes and fires following earthquakes, wildfires and other catastrophes. Our current catastrophe reinsurance program utilizes the Company’s risk and return framework which incorporates a robust economic capital model and is informed by catastrophe risk models including hurricanes, earthquakes and wildfires. We monitor risk both in aggregate and by peril, while also evaluating model performance relative to experience and expectations of catastrophe risk trends.”

Annual report 2025A · The company itself

“In addition, we have exposure to other severe weather events, which impact catastrophe losses. We are promoting measures to prevent and mitigate losses that are increasing due to climate change and increased severe weather including making homes and communities more resilient, enforcement of stronger building codes, adoption of sensible land use policies, expanded disaster response capabilities and creation of public risk sharing mechanisms.”

Annual report 2025A · The company itself

“Changes in the reserves established for asbestos, environmental and other run-off lines losses have occurred and may continue. Reserve changes can be caused by new information relating to new and additional claims, new exposures or the impact of resolving unsettled claims based on unanticipated events such as arbitrations, litigation, legislative, judicial or regulatory actions.”

Annual report 2025A · The company itself

“Increases in the frequency or severity of property and casualty claims may adversely affect our results of operations and financial condition A significant increase in claim frequency could adversely affect the results of operations and financial condition. Changes in mix of business, miles driven, weather patterns, driving behaviors, technology or other factors can lead to changes in claim frequency.”

Annual report 2025A · The company itself

“Climate change could contribute to increased variability of catastrophe losses and underwriting results.”

Annual report 2025A · The company itself

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

Annual report 2025A · The company itself

“Our catastrophe management strategy may adversely affect premium growth Catastrophe risk management actions have led us to reduce the size of the homeowners business in certain states, including customers with auto and other personal lines products, and may negatively impact future sales.”

Annual report 2025A · The company itself

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

Annual report 2025A · The company itself

“Losses from changing climate and weather conditions may adversely affect financial condition, profitability or cash flows Increased global temperatures affect the occurrence of certain natural events, such as increasing the frequency or severity of wind, tornado, hailstorm and thunderstorm events due to increased convection in the atmosphere. There could also be more frequent wildfires in certain geographies, more flooding and the potential for increased severity of losses. As a result, incurred losses from such events and the demand, price and availability of reinsurance coverages for automobile and homeowners insurance may be affected.”

Annual report 2025A · The company itself

“Climate change may also impair our ability to identify and quantify potential losses and offer customers products at an affordable price.”

Annual report 2025A · The company itself

“Catastrophe management Historical catastrophe experience For the last ten years, the average annual impact of catastrophes on our loss ratio was 8.8 points, but it has varied from 7.1 points to 11.6 points. The impact of homeowners catastrophes on the homeowners loss ratio in 2025 was 26.6 points compared to the average annual impact for the last ten years of 28.1 points.”

Annual report 2025A · The company itself

“Severe convective storms We consider the areas of highest potential for catastrophic losses from wind, hail and tornado activity to be major metropolitan regions extending from the Great Plains through the Southeastern United States.”

Annual report 2025A · The company itself

“Indemnification programs We are a participant in state-based industry pools, facilities or associations, mandating participation by insurers offering certain coverage in their state, including the Michigan Catastrophic Claims Association (“MCCA”), the New Jersey Property-Liability Insurance Guaranty Association, the North Carolina Reinsurance Facility and the Florida Hurricane Catastrophe Fund. We also sell and service Federal Government National Flood Insurance Program (“NFIP”) flood policies as an agent of the Federal Emergency Management Agency (“FEMA”).”

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

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

Annual report 2025A · The company itself

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

Annual report 2025A · The company itself

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

Annual report 2025A · The company itself

“Customers with operations subject to physical risks, including those caused by natural disasters and adverse weather conditions related to climate change, may relocate production to less affected areas, which could be beyond the range of Amcor's production sites. Supplying such relocated facilities may lead to additional costs.”

Annual report 2026A · The company itself

“Additionally, severe weather events and other adverse effects of climate change could have negative effects on agricultural productivity, leading customers to face both availability and price challenges with agricultural commodities, which may impact the demand for our products.”

Annual report 2026A · The company itself

“Physical Impacts of Climate Change — Our business is subject to physical risks related to climate change which could negatively impact our business operations and financial results. Climate change may have a progressively adverse impact on our business and those of our customers, suppliers, and partners. Many of the geographic areas where our production is located and where we conduct business may be affected by natural disasters, including snowstorms, extreme heat, hurricanes, flooding, forest fires, deforestation, loss of biodiversity, earthquakes, and drought. Such events may have a physical impact on our facilities, information technology centers, workforce, inventory, suppliers, and equipment and any unplanned downtime could result in unabsorbed costs that could negatively impact our business and results of operations.”

Annual report 2026A · The company itself

“Longer-term climate change patterns could significantly alter supplier availability or customer demand, which is especially true for suppliers and customers who rely on supply chains routinely impacted by weather. For example, agricultural supply chains could be impacted by increased levels of drought or flooding and customers in coastal regions could be impacted by frequent flooding.”

Annual report 2026A · The company itself

“Seasonality The consumption and delivery of electric power is generally seasonal which impacts the results of operations of AEP’s reportable segments. In many parts of the country, demand for power peaks during the hot summer months, with market prices also peaking at that time.”

Annual report 2025A · The company itself

“Changing demand for electricity, including large load contractual commitments. • The risks and uncertainties associated with wildfires, including damages caused by wildfires, the extent of each Registrant’s liability in connection with wildfires, investigations and outcomes associated with legal proceedings, demands or similar actions, inability to recover wildfire costs through insurance or through rates and the impact on financial condition and the reputation of each Registrant. • The impact of extreme weather conditions, natural disasters and catastrophic events such as storms, hurricanes, wildfires and drought conditions that pose significant risks including potential litigation and the inability to recover significant damages and restoration costs incurred. • Limitations or restrictions on the amounts and types of insurance available to cover losses that might arise in connection with natural disasters, wildfires or operations.”

Annual report 2025A · The company itself

“(Applies to all Registrants) Climate change creates physical and financial risk. Physical risks from climate change may include an increase in sea level and changes in weather conditions, such as changes in precipitation and extreme weather events, such as fires.”

Annual report 2025A · The company itself

“Severe weather and weather-related events impact AEP’s service territories, primarily when thunderstorms, tornadoes, hurricanes, fires, floods and snow or ice storms occur. To the extent the frequency and intensity of extreme weather events and storms increase, AEP’s cost of providing service will increase, including the costs and the availability of procuring insurance related to such impacts, and these costs may not be recoverable.”

Annual report 2025A · The company itself

“Changes in wind patterns or in precipitation resulting in droughts, water shortages or floods could adversely affect operations, principally wind generation facilities for changes in wind patterns and the fossil fuel generating units for changes in precipitation. A change in wind patterns or a negative impact to water supplies due to long-term drought conditions or severe flooding could adversely impact AEP’s ability to provide electricity to customers, as well as increase the price they pay for energy.”

Annual report 2025A · The company itself

“The occurrence of one or more wildfires could cause tremendous loss, impact the market value and credit ratings of Registrants’ securities and have a material adverse effect on Registrants’ financial condition. (Applies to all Registrants) More frequent and severe drought conditions, extreme swings in amount and timing of precipitation, changes in vegetation, unseasonably warm temperatures, very low humidity, stronger winds and other factors have increased the duration of the wildfire season and the potential impact of an event.”

Annual report 2025A · The company itself

“Interest Income (6) Interest Expense (12) Total Change in Expenses and Other (130) Income Tax Expense (11) Year Ended December 31, 2025 $ 457 The major components of the increase in Revenues were as follows: •Retail Revenues increased $140 million primarily due to the following: •A $57 million increase in base rate and rider revenues. •A $50 million increase in fuel revenues. •A $30 million increase in weather-related usage driven by a 32% increase in heating degree days, partially offset by a 23% decrease in cooling degree days. •A $6 million increase in weather-normalized revenues primarily in the residential and commercial classes. •Off-system Sales increased $7 million primarily due to capacity revenues recognized from the RPM auction for the 2025-2026 planning year.”

Annual report 2025A · The company itself

“Summary of Heating and Cooling Degree Days Years Ended December 31, 2025 2024 2023 (in degree days) Actual – Heating 3,713 2,859 2,917 Normal – Heating 3,642 3,721 3,734 Actual – Cooling 927 987 751 Normal – Cooling (61) Other Income 8 Non-Service Cost Components of Net Periodic Benefit Cost 2 Interest Expense (17) Total Change in Expenses and Other (340) Income Tax Expense (96) Year Ended December 31, 2025 $ 414 The major components of the increase in Revenues were as follows: •Retail Revenues increased $315 million primarily due to the following: •A $109 million increase in rider revenues. •A $100 million increase in weather-normalized revenues primarily in the commercial class. •An $89 million increase due to the implementation of new base rates in Indiana and Michigan.”

Annual report 2025A · The company itself

“•A $26 million increase in weather-related usage driven by a 34% increase in heating degree days. These increases were partially offset by: •A $14 million decrease in weather-normalized revenues primarily in the residential class. •Off-system Sales increased $56 million primarily due to increased sales of OVEC purchased power driven by higher market prices and volume. •Transmission Revenues increased $28 million primarily due to continued transmission investment. •Other Revenues decreased $18 million primarily due to lower third-party Legacy Generation Resource Rider revenue as a result of approved legislation in Ohio in May 2025 which ended the retail recovery of OVEC purchased power costs.”

Annual report 2025A · The company itself

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

Annual report 2025A · The company itself

“We may face physical risks related to climate, including rising average global temperatures, rising sea levels and an increase in the frequency and severity of extreme weather events and natural disasters. Such events and disasters could disrupt our operations or the operations of customers or third parties on which we rely and could result in market volatility or negatively impact our customers’ spending behaviors or ability to pay outstanding loans.”

Annual report 2025A · The company itself

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

Annual report 2025A · The company itself

“Catastrophic events, and legislative or regulatory responses thereto, have in the past and could in the future result in losses in any business in which we operate, and could expose us to: •widespread claim costs associated with property, casualty, general liability, bodily injury, workers’ compensation, accident and health, travel, business interruption and cyber claims, among others; •loss resulting from a decline in the value of our invested assets; •loss resulting from actual policy experience that is adverse compared to the assumptions made in product pricing, which could adversely affect underwriting profitability; •revenue loss due to decline in customer base; •declines in value and/or losses with respect to companies and other entities whose securities we hold and counterparties we transact business with and have credit exposure to, including reinsurers; •significant disruptions to our physical infrastructure, systems and operations; and •widespread loss or corruption of personal or sensitive business data.”

Annual report 2025A · The company itself

“Climate change may adversely affect our business and financial condition. Climate change, indicated by higher concentrations of greenhouse gases, a warming atmosphere and ocean, wildfires, diminished snow and ice, and a rise in sea levels, appears to have contributed to an increase in the frequency and severity of natural disasters and the creation of uncertainty as to future trends and exposures. As such, climate change presents significant financial implications for us in areas such as underwriting, claims and investments, as well as risk capacity, financial reserving and operations.”

Annual report 2025A · The company itself

“Climate change presents challenges to our ability to effectively underwrite, model and price catastrophe risk particularly if the frequency and severity of catastrophic events such as hurricanes, tornadoes, heatwaves, floods, wildfires and windstorms and other natural disasters continues to increase. For example, losses resulting from actual policy experience may be adverse as compared to the assumptions made in product pricing and our ability to mitigate our exposure may be reduced.”

Annual report 2025A · The company itself

“We have also faced and may continue to face business continuity risk as a result of climate change-related incidents that may disrupt business operations, including extreme weather events.”

Annual report 2025A · The company itself

“Many of our methods of identifying, measuring, underwriting and managing risks are based upon our study and use of historical market, applicant, customer, employee and bad actor behavior or statistics based on historical models. As a result, these methods may not accurately predict future exposures from events such as a major financial market disruption resulting from a natural or man-made catastrophe, that could be significantly different than the historical measures indicate, and which could also result in claims levels not previously observed.”

Annual report 2025A · The company itself

“This was driven by a higher loss ratio (3.4 points) from: •higher catastrophe losses (1.9 points); •lower net favorable prior year reserve development (1.0 points), with favorable development driven by U.S. high net worth; and •higher accident year loss ratio, as adjusted (0.5 points) due primarily to the sale of AIG’s global individual personal travel insurance and assistance business (1.7 points) partially offset by favorable changes in business mix.”

Annual report 2025A · The company itself

“Property and Special Risks primarily driven by U.S. Property and Programs. •Adverse development in U.S.”

Annual report 2025A · The company itself

“Our business is exposed to various catastrophic events, including natural disasters, man-made catastrophes, or pandemic disease, in which multiple losses can occur and affect multiple lines of business in any calendar year, adversely affecting our business and operating results.”

Annual report 2025A · The company itself

“We recognize that climate change has implications for insurance industry exposure to natural catastrophe risk. With multiple levels of risk management processes in place, we actively analyze the latest climate science and policies to anticipate potential changes to our risk profile, pricing models and strategic planning and will continue to adapt to and evolve with the developing risk exposures attributed to climate change.”

Annual report 2025A · The company itself

“Drought, governmental restrictions, overuse of sources of water, the protection of threatened species or habitats, contamination or other factors may limit the availability of ground and surface water.”

Annual report 2025A · The company itself

“Water supply is seasonal in nature and weather conditions can have a pronounced effect on supply. To support the maintenance of adequate water supplies, the Company uses long-term planning processes and maintains contingency plans to minimize the potential impact on service caused by climate variability and a wide range of weather fluctuations. The Company reviews current climate science and global models related to temperature, precipitation and sea level rise on an ongoing basis.”

Annual report 2025A · The company itself

“Service interruptions due to severe weather, climate variability patterns and natural or other events are possible across all our businesses. These include, among other things, storms, ice or freezing conditions, high rainfall and wind conditions, hurricanes, tornadoes, earthquakes, landslides, drought, wildfires, coastal and intercoastal floods or high water conditions, including those in or near designated flood plains, pandemics and epidemics, electrical storms, sinkholes, solar flares and chemical spills or other contamination causing temporary unavailability of our source water supplies. Weather and other natural events such as these may affect the condition or operability of our facilities, limiting or preventing us from delivering water or wastewater services to our customers, or requiring us to make substantial capital expenditures to repair any damage.”

Annual report 2025A · The company itself

“Seasonal and other drought conditions that may impact our water services are possible across all of our service areas. Governmental restrictions imposed in response to a drought may apply to all systems within a region independent of the supply adequacy of any individual system. Responses may range from voluntary to mandatory water use restrictions, rationing restrictions, water conservation regulations, and requirements to minimize water system leaks.”

Annual report 2025A · The company itself

“There is consensus among climate scientists that there will be worsening of weather volatility in the future associated with climate variability. Many climate variability predictions present several potential challenges to water and wastewater utilities, including us, such as: •increased frequency and duration of droughts; •increased precipitation and flooding; •increased frequency and severity of storms and other weather events; •challenges associated with changes in temperature or increases in ocean levels; •potential degradation of water quality; •decreases in available water supply and changes in water usage patterns; •increases in the number, length and severity of disruptions in service; •increased costs to repair damaged facilities; or •increased costs to reduce risks associated with the increasing frequency and severity of natural events, including to improve the resiliency and reliability of our water and wastewater treatment and conveyance facilities and systems.”

Annual report 2025A · The company itself

“The volume of water we sell during the warmer months, typically in the summer, is generally greater than during other months, due primarily to increased water usage for irrigation systems, swimming pools, cooling systems and other applications. Throughout the year, and particularly during typically warmer months, the volume of water sold tends to vary with temperature, rainfall levels and rainfall frequency. In the event that temperatures during the typically warmer months are cooler than normal, or if there is more rainfall than normal, the amount of water we sell may decrease and adversely affect our revenues.”

Annual report 2025A · The company itself

“The properties of our Regulated Businesses segment include 75 dams, the majority of which are earthen dams. The failure of any of these dams could result in personal injury and property damage, including without limitation downstream property damage, for which we may be liable. The failure of a dam would also adversely affect our ability to supply water in sufficient quantities to our customers and could adversely affect our financial condition and results of operations.”

Annual report 2025A · The company itself

“In addition, we currently perform a substantial majority of our commercial manufacturing activities at our facility in the U.S. territory of Puerto Rico. Puerto Rico has experienced, and continues to be vulnerable to, natural disasters, including hurricanes and earthquakes, that have disrupted the functioning of critical infrastructure such as electric power, water supply, communications networks and transportation systems.”

Annual report 2025A · The company itself

“Many of our operations and facilities, including those essential to our manufacturing, R&D and distribution activities, are in locations that are subject to natural disasters, including droughts, fires, extreme temperatures, hurricanes, tropical storms and/or floods. For example, in 2017 Hurricane Maria caused catastrophic damage, compounded in 2022 by Hurricane Fiona, to the U.S. territory of Puerto Rico, where we perform a substantial majority of our commercial manufacturing activities.”

Annual report 2025A · The company itself

“We and the portfolio companies of the funds we manage face a number of risks associated with climate change, including both transition and physical risks. The transition risks that could impact us and the investments of the funds we manage include those risks related to the impact of U.S. and foreign climate-related legislation and regulation, as well as risks arising from climate-related business trends.”

Annual report 2025A · The company itself

“In particular, climate change may impact asset prices, increase insurance costs and decrease the value of investments linked to real estate. For example, rising sea levels may lead to decreases in real estate values in coastal areas. We and the funds we manage could have significant concentrations of real estate investments and collateral underlying investments linked to real estate in areas of the U.S. prone to severe weather and climate events (such as wildfires, droughts, hurricanes and floods), including California, sections of the Northeastern U.S., the South Atlantic states and the Gulf Coast.”

Annual report 2025A · The company itself

“Exposure to mortgage risk is monitored globally and managed through underwriting guidelines, pricing, reinsurance, utilization of proprietary risk models, concentration limits and limits on net probable loss resulting from a severe economic downturn in the housing market. Exposure to climate risk has also been incorporated into the risk management framework of our mortgage group to monitor and manage our exposure to potential (i) losses related to the direct physical impact of extreme weather conditions or events in certain transactions; and/or (ii) adverse economic or housing market conditions caused by the physical impact of extreme weather conditions or events on a region or the financial impact of transitioning to a zero or low carbon economy on a region.”

Annual report 2025A · The company itself

“•Our customers and policyholders may also be impacted by regulatory, technological, market or other risks relating to climate change in ways which we cannot predict with certainty and adversely impact our results of operations. •We are subject to changes in governmental, investor and societal responses to climate change and sustainability-related issues, which may result in scrutiny of our business, litigation or adverse impacts to our share price and our results of operations. •We could face unanticipated losses from increased geopolitical tensions, hostilities, war, terrorism, cyber attacks and general political instability, and these or other unanticipated losses could have a material adverse effect on our financial condition and results of operations. •Underwriting risks and reserving for losses are based on probabilities and related modeling, which are subject to inherent uncertainties.”

Annual report 2025A · The company itself

“Claims for natural catastrophic events could cause large losses and substantial volatility in our results of operations and could have a material adverse effect on our financial position and results of operations. We have large aggregate exposures to natural catastrophic events. Natural catastrophes can be caused by various events, including hurricanes, floods, wildfires, tsunamis, windstorms, earthquakes, hailstorms, tornadoes, severe winter weather, fires, droughts and other natural disasters.”

Annual report 2025A · The company itself

“Changes in security asset prices may impact the value of our fixed income, real estate and commercial mortgage investments, resulting in realized or unrealized losses on our invested assets. These risks are not limited to, but can include: (i) changes in supply/demand characteristics for fossil fuels (e.g., coal, oil, natural gas); (ii) advances in low-carbon technology and renewable energy development; and (iii) effects of extreme weather events on the physical and operational exposure of industries and issuers, and the transition that these companies make towards addressing climate risk in their own businesses.”

Annual report 2025A · The company itself

“In addition, factors such as global climate change limit the value of historical experience and therefore further limit the effectiveness of our loss limitation methods.”

Annual report 2025A · The company itself

“The 2025 loss ratio included 8.5 points for current year catastrophic event activity, primarily related to the California wildfires, compared to 11.8 points in 2024, primarily related to Hurricanes Milton, Helene and a series of other global events.”

Annual report 2025A · The company itself

“For catastrophe-exposed insurance business, our insurance group seeks to limit the amount of exposure to catastrophic losses it assumes through a combination of managing aggregate limits, underwriting guidelines and reinsurance.”

Annual report 2025A · The company itself

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

Annual report 2025A · The company itself

“Climate Change Considerations We are taking steps to mitigate the effects of climate change in our underwriting segments. We seek to identify business opportunities associated with environmentally friendly trends and support responsible environmental behaviors. We have adopted a thermal coal policy in our global insurance operations and provide environmentally sustainable insurance solutions in certain product lines.”

Annual report 2025A · The company itself

“In any single year, the availability and price of these commodities are subject to factors such as changes in weather conditions, plantings, government programs and policies, competition, changes in global demand, changes in standards of living, and global production of similar and competitive crops.”

Annual report 2025A · The company itself

“Some of the principal crops that ADM sources and processes present specific climate change risks. For example, South American soy and global palm present risks of deforestation due to their proximity to the forest and other high-carbon-value landscapes.”

Annual report 2025A · The company itself

“As a result, the Company is subject to risks inherent in such activities and from time to time has experienced unplanned downtime or extensive property damage and business disruption from various events and external factors, some of which are beyond the Company’s control. These events and factors include, but are not limited to, equipment failure, raw material shortages, natural disasters, adverse weather conditions, accidents, explosions, fires, environmental events, strikes or other labor or industrial disputes, war or acts of terrorism, cybersecurity attacks, or other unexpected outages.”

Annual report 2025A · The company itself

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

Annual report 2025A · The company itself

“Commodity Price Risk The availability and prices of agricultural commodities are subject to wide fluctuations due to factors such as changes in weather conditions, crop disease, plantings, government programs and policies, competition, changes in global demand, changes in customer preferences and standards of living, and global production of similar and competitive crops.”

Annual report 2025A · The company itself

“In addition, if underwriting enterprises merge, fail, or withdraw from offering certain lines of coverage, for example, because of large payouts related to natural or man-made disasters, climate or weather events, or other emerging risk areas, overall risk-taking capital capacity could be negatively affected, which could reduce our ability to place certain lines of coverage, reduce demand from the insurance company clients of our reinsurance and third-party claims administration operations and, as a result, reduce our revenues and profitability.”

Annual report 2025A · The company itself

“Business disruptions could have a material adverse effect on our operations, damage our reputation and impact client relationships. Our ability to conduct business may be adversely affected by a disruption in the infrastructure that supports our business. This includes infrastructure controlled by third-party vendors and suppliers. Such disruptions could be caused by various factors, such as cybersecurity incidents, security breaches, human error, capacity constraints, hardware failures or defects, natural or man-made disasters, climate and weather events, pandemics, fires, power outages, telecommunication failures, break-ins, sabotage, intentional acts of vandalism, acts of terrorism, civil disruption, political violence and unrest, military actions or war.”

Annual report 2025A · The company itself

“The IRC Section 45 operations in which we have invested and the by-products from such operations may result in environmental and product liability claims and environmental compliance costs. The construction and operation of the IRC Section 45 operations were subject to federal, state and local laws, regulations and potential liabilities arising under or relating to the protection or preservation of the environment, natural resources and human health and safety. Some environmental laws, without regard to fault or the legality of a party’s conduct, impose liability on certain entities that are considered to have contributed to, or are otherwise responsible for, the release or threatened release of hazardous substances into the environment.”

Annual report 2025A · The company itself

“Lender-placed flood insurance. Lender-placed flood insurance consists of flood insurance offered through our lender-placed program. It provides collateral protection to lenders in mortgaged properties in the event a homeowner does not maintain required flood insurance.”

Annual report 2025A · The company itself

“Because several of our business lines (such as homeowners, manufactured housing and other property policies) are exposed to catastrophe risks, we purchase reinsurance coverage to reduce our financial exposure, protect capital, and mitigate earnings and cash flow volatility. Our reinsurance program generally incorporates a provision to allow for the reinstatement of coverage, which provides protection against the risk of multiple catastrophes in a single year.”

Annual report 2025A · The company itself

“Seasonality We experience seasonal fluctuation in several of our lines of business, which are exposed to the risk of catastrophe and non-catastrophe losses. Catastrophe events such as hurricanes typically occur in the second half of the year.”

Annual report 2025A · The company itself

“Our insurance operations expose us to claims arising from catastrophes and other events, particularly in our homeowners insurance, renters insurance and flood offerings, as well as in certain businesses the Company has fully exited or expects to fully exit. Catastrophes include hurricanes, windstorms, tornados, earthquakes, hailstorms, floods, severe winter weather, wildfires, terrorist incidents and accidents, and may result in reportable catastrophe losses, which are individual catastrophe events that generate losses in excess of $5.0 million, pre-tax, net of reinsurance and client profit sharing adjustments, and including reinstatement and other premiums.”

Annual report 2025A · The company itself

“Changing weather patterns and climate change have increased the unpredictability, frequency and severity of weather-related events, such as wildfires, hurricanes, floods and tornadoes, particularly in coastal areas such as Florida, California and Texas, has in the past and may in the future result in increased claims and higher catastrophe losses, which could have a material adverse effect on our results of operations and financial condition.”

Annual report 2025A · The company itself

“These modeling tools may not be able to anticipate emerging trends or changing marketplace conditions. See “ – 25 Financial Risks – Actual results may differ materially from the analytical models we use to assist in our decision-making in key areas such as pricing, catastrophe risks, reserving and capital management.””

Annual report 2025A · The company itself

“Because Global Housing’s lender-placed homeowners and lender-placed manufactured housing insurance products are designed to automatically provide property coverage for client portfolios, our exposure to certain catastrophe-prone locations, such as Florida, California and Texas, may increase.”

Annual report 2025A · The company itself

“Climate change may make it more difficult to predict and model catastrophes, reducing our ability to accurately price our exposure to such events and mitigate risks, particularly in our Global Housing business.”

Annual report 2025A · The company itself

“The availability and cost of reinsurance are subject to prevailing reinsurance market conditions, which have been, and in the future may continue to be, adversely impacted by: the occurrence of significant reinsured events, including catastrophes; expectations regarding increased occurrences of such events due to climate change; and other impacts on reinsurers’ capital, such as increased demand for coverage driven by inflation, a volatile investment market or litigation costs.”

Annual report 2025A · The company itself

“Critical Factors Affecting Results Our results depend on, among other things, the appropriateness of our product pricing, underwriting, the accuracy of our reserving methodology for future policyholder benefits and claims, the frequency and severity of reportable and non-reportable catastrophes, returns on and values of invested assets, our investment income, and our ability to enhance operational efficiencies and manage our expenses.”

Annual report 2025A · The company itself

“Warm water, which was caused by inadequate water-cooling capacity during the third quarter of 2023, had triggered maturation in most batches and thus harvesting in the first half had low average harvest weight and poor quality and low sales price. The temperature issue was caused by inadequate water-cooling capacity, and the prior water-cooling solution was replaced by the fourth quarter of 2023 and Atlantic Sapphire has not experienced severe temperature challenges from the fourth quarter 2023 and onwards.”

Annual report 2024A · The company itself

“Valvontamittareita seurataan osastoilla, ja poikkeamiin reagoidaan päivittäisessä johdossa viipymättä. - Ruokahävikin aiheuttamia negatiivisia ympäristövaikutuksia syntyy ruokaketjun jokaisessa vaiheessa.”

Annual report 2025A · The company itself

“Ilmastonmuutokseen liittyvät fyysiset riskit voivat aiheuttaa keskeytyksiä käyttöhyödykkeiden jakeluun, lisätä energian tarvetta tuotantotilojen jäähdytykseen ja lämmitykseen sekä rasittaa tehdaskiinteistöjä lyhentäen niiden teknistä käyttöikää. Toimitusketjussa fyysiset riskit aiheuttavat eri tekijöiden kautta lisääntynyttä epävarmuutta satotasoihin ja sitä kautta tuotantopanosten saatavuuteen ja markkinahintoihin.”

Annual report 2025A · The company itself

“Alkutuotantoon kohdistuvien kehitystoimien tavoitteena on vähentää ruoantuotantoon liittyviä ympäristövaikutuksia ja auttaa sopeutumaan ilmastonmuutoksen aiheuttamiin säävaihteluihin pitkällä aikavälillä.”

Annual report 2025A · The company itself

“Strategisesta näkökulmasta Atria keskittyy luonnon monimuotoisuuden osalta erityisesti epäsuoriin vaikutuksiin: merkittävimmät luontoon kohdistuvat tekijät tulevat välillisesti Atrian arvoketjun, erityisesti ilmastonmuutoksen ja maankäytön, kautta.”

Annual report 2025A · The company itself

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

Annual report 2026A · The company itself

“Global megatrends such as climate change, circular economy and urbanization are shaping the automotive industry and future transport systems. These megatrends influence policy and regulations, technological developments, our key stakeholders’ priorities and create both opportunities and risks for Autoliv.”

Annual report 2024A · The company itself

“These include wildfires, flooding and ex - treme heat. These risks were seen as particularly high in countries and regions such as southwest U.S., Mexico, India and China.”

Annual report 2024A · The company itself

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

Annual report 2024A · The company itself

“We also face physical and transition risks from climate change. The manifestations of climate change, such as extreme weather conditions or more frequent extreme weather events, including wildfires, flooding, water stress and extreme heat, could disrupt our operations, damage our facilities, disrupt our supply chain, including our customers or suppliers, impact the availability and cost of materials needed for manufacturing or increase insurance and other operating costs.”

Annual report 2024A · The company itself

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

Annual report 2026A · The company itself

“Examples of seasonal events that can impact our business are set forth below: •In OFSE, adverse weather conditions may impact our operations or our customers' operations, cause supply disruptions and result in a loss of revenue and/or damage to our equipment and facilities, which may or may not be insured.”

Annual report 2025A · The company itself

“Variation from normal weather patterns, such as cooler or warmer summers and winters, can have a significant impact on demand for our services and operations. Adverse weather conditions may interrupt or curtail our operations, or our customers' operations, cause supply disruptions and result in a loss of revenue and damage to our equipment and facilities, which may or may not be insured.”

Annual report 2025A · The company itself

“Additionally, some of our manufacturing facilities are located in the same geographic area. Loss or damage to, or closure of, a manufacturing facility or storage site due to a natural disaster (such as we experienced at our North Cove facility as a result of Hurricane Helene), war, acts of terrorism, pandemics (including COVID 19) or otherwise has adversely affected, and could in the future adversely affect, our ability to manufacture sufficient quantities of key products or deliver products to meet customer demand or contractual requirements, which has resulted, and may in the future result, in a loss of revenue and other adverse business consequences, including those identified in the paragraphs above.”

Annual report 2025A · The company itself

“For example, new clinical practices implemented after Hurricane Helene appear to have reset demand levels in our IV solutions business and negatively impacted sales of certain of our premix products.”

Annual report 2025A · The company itself

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

Annual report 2025A · The company itself

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

Annual report 2025A · The company itself

“The effects of climate change, including legal, regulatory, or market measures related to climate change and other sustainability topics, could adversely affect our business, results of operations, financial condition, and cash flows. The long-term effects of climate change are difficult to predict and may be widespread. Climate change has increased, and in the future may continue to increase, physical risks (such as water scarcity, rising sea levels, or frequency and severity of extreme weather conditions, including natural disasters such as hurricanes, cyclones, and typhoons), social and human effects (such as population dislocations or harm to health and well-being), compliance costs and transition risks (including due to changes in regulation, technology, or stakeholder expectations), shifts in market trends (for example if customers increasingly prioritize purchasing products that can be reused or recycled or have a lower perceived carbon footprint).”

Annual report 2025A · The company itself

“Impacts of climate change have included and may in the future include, damage to manufacturing facilities (including as a result of Hurricane Helene), disruption to local infrastructure and utilities, loss of sales, and interruption to our supply chain and manufacturing operations by adversely affecting our ability to procure goods or services required for the operation of our business at the quantities and levels we require due to impairment of the availability and increases in the cost of certain products, materials, commodities, and energy.”

Annual report 2025A · The company itself

“Further, the impacts of climate change, particularly severe weather events and droughts, have negatively impacted, and may in the future negatively impact, our ability to obtain material energy and water sources and other resources, including employee availability and access to shipping routes.”

Annual report 2025A · The company itself

“Climate change resulting from increased concentrations of carbon dioxide and other greenhouse gases (“GHG”) in the atmosphere may present risks to our business and operations. Extreme weather or other conditions, such as hurricanes, tornadoes, windstorms, wildfires or flooding, which may result from climate change could adversely impact our operations and supply chain, including the availability and cost of raw materials and components required for the operation of our business, as well as result in human capital issues for us and companies within our supply chain.”

Annual report 2025A · The company itself

“Catastrophic events, including those driven or intensified by climate change, pose a growing risk to our operating results and financial performance. The frequency and severity of natural disasters or extreme weather events (such as storms, blizzards, extreme temperatures, earthquakes, hurricanes, floods, fires and droughts) are increasing in many of our key markets, particularly in our three largest states by total sales (California, Texas and Florida).”

Annual report 2026A · The company itself

“En betydande del av BHGs påverkan återfinns i leverantörskedjan kopplat till produktionen av de varor som säljs inom våra bolag. Områden som påverkas av våra leverantörers produktion inkluderar klimat och miljö, där tillverkningen av produkterna orsakar växthusgasutsläpp som bidrar till klimatförändringar eller utarmning av naturresurser.”

Annual report 2024A · The company itself

“The Salmon segment rose 8%, mainly driven by performance in Chile, while the volume growth early in the year in Norway was partly offset by biological conditions in the second half of the year.”

Annual report 2025A · The company itself

“The volume growth in the Salmon segment of 8% was primarily driven by Chile. The volumes in Norway was affected by biological conditions.”

Annual report 2025A · The company itself

“However, elevated sea water temperatures in Norway during the first half of 2025 and into Q3 2025 resulted in an accelerated growth of fish in the first half of the year, followed by reduced feeding activity and earlier-than-expected harvests in Q3, negatively impacting volumes and earnings in the latter part of the year.”

Annual report 2025A · The company itself

“Our suppliers of raw materials are exposed to chronic and acute physical climate risks, which may pose financial risks to BioMar. These risks relate to the availability of marine and vegetable raw materials used in our production of fish and shrimp feed, both of which are sensitive to climate impacts. Although the extent of future effects remains uncertain, climate change is expected to increasingly influence supply stability and raw material prices, potentially resulting in financial risks if not mitigated.”

Annual report 2025A · The company itself

“Klimatrisker Björn Borgs hållbarhetsstrategi strävar mot att minimera bolagets miljöpåverkan och bidra till en mer hållbar textilindustri. Klimatförändringar identifieras som en betydande risk för bolaget, med exempelvis begränsad tillgång till råmaterial som följd samt ökade extrema väderförhållanden som kan orsaka instabilitet i produktionsländer och i hela värdekedjan.”

Annual report 2024A · The company itself

“Trots dessa åtgärder återstår risken för produktionsstörningar till följd av klimatförändringar, vilket kan påverka leveranskvaliteten till kunder och därmed kundnöjdheten. Dessutom inkluderar klimatrisker omställningsrisker, det vill säga risker relaterade till samhällets insatser för att motverka klimatförändringar.”

Annual report 2024A · The company itself

“I dette arbeidet ble det ikke avdekket klimarelaterte farer på kort, middels eller lang sikt. Dette med bakgrunn i at konsernet har en robust og fleksibel forretningsmodell som legger til rette for at tjenester enkelt kan tilpasses eksisterende og nye kunders behov, også relatert til klima, som følge av samarbeid og felles kompetanseutvikling.”

Annual report 2024A · The company itself

“Many of our facilities, and those of our CMs and suppliers, are concentrated in the same geographic regions of California and the Pacific Rim, which have above average seismic, wildfire, and severe weather activity, and increases the risk of natural disasters impacting multiple suppliers.”

Annual report 2025A · The company itself

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

Annual report 2025A · The company itself

“In the event of a disaster, our disaster recovery and business continuity plans may fail, which could result in the loss of client data and adversely interrupt operations. Our operations are dependent on our ability to protect our infrastructure against damage from catastrophe, natural disaster, or severe weather, as well as events resulting from unauthorized security breach, power loss, telecommunications failure, terrorist attack, pandemic, or other events that could have a significant disruptive effect on our operations.”

Annual report 2026A · The company itself

“Our business is exposed to various risks arising out of natural disasters, including earthquakes, hurricanes, fires, floods, tornadoes, droughts, extreme weather or other climate events. The occurrence of any of these events may cause a decrease to our profit-sharing contingent commissions, which are special revenue-sharing commissions paid by insurance companies based primarily upon the profitability of policies placed with such companies, generally during the prior year.”

Annual report 2025A · The company itself

“The occurrence of natural disasters could also result in reduced underwriting capacity by insurance carriers, making it more difficult for us to place business, as well as cause us to incur operational challenges. If access to underwriting markets for certain lines of coverage becomes unavailable or difficult due to the impact of natural disasters, this may have a negative impact on our customers’ access to coverage and our ability to issue policies, which could negatively impact our business.”

Annual report 2025A · The company itself

“The Company also operates a write-your-own flood insurance carrier, Wright National Flood Insurance Company (“WNFIC”). WNFIC’s underwriting business consists of policies written pursuant to the National Flood Insurance Program (“NFIP”), the program administered by the Federal Emergency Management Agency (“FEMA”) to which premiums and underwriting exposure are ceded, and excess flood policies which are fully reinsured in the private market.”

Annual report 2025A · The company itself

“From time to time, we participate in captive insurance facilities for the purpose of facilitating additional underwriting capacity for our customers and to participate in underwriting results. While our underwriting risk through our participation in these facilities is limited, we may be subject to claims expenses associated with catastrophic weather events, such as those in the third quarter of 2022 associated with Hurricane Ian.”

Annual report 2025A · The company itself

“SEASONALITY AND OTHER FACTORS Our first and fourth quarters have historically been, and are generally expected to continue to be, adversely affected by weather causing reduced construction activity during these quarters.”

Annual report 2025A · The company itself

“We may be adversely affected by any natural or man-made disruptions to our operations and our distribution and manufacturing facilities. We currently maintain a broad network of distribution and manufacturing facilities throughout the U.S. Any widespread disruption to our operations resulting from fire, earthquake, weather-related events (such as tornadoes, hurricanes, flooding and other storms), other natural disasters, an act of terrorism, intrusions or failures of critical infrastructure such as the power grid or communications systems or any other cause could damage multiple facilities and a significant portion of our inventory and could materially impair our ability to distribute our products to customers.”

Annual report 2025A · The company itself

“In addition, general weather patterns affect our operating results throughout the year, with adverse weather historically reducing construction activity in the first and fourth quarters in the markets in which we primarily operate. Adverse weather events, natural disasters or similar events, including as a result of climate change, could generally reduce or delay construction activity, which could adversely impact our financial condition, operating results and cash flows.”

Annual report 2025A · The company itself

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

Annual report 2025A · The company itself

“Table of Contents Risks Relating to Our Business and Industries Adverse weather conditions, including as a result of climate change, may adversely affect the availability, quality and price of agricultural commodities and agricultural commodity products, as well as our operations, supply chains, and operating results. Adverse weather conditions have historically caused volatility in the agricultural commodity industry and consequently in our operating results by causing crop failures or significantly reduced harvests, which may affect the supply and pricing of the agricultural commodities that we sell and use in our business, reduce demand for our fertilizer products, and negatively affect the creditworthiness of agricultural producers who do business with us.”

Annual report 2025A · The company itself

“Severe adverse weather conditions, such as hurricanes and severe storms, have historically and may in the future also result in extensive property damage, extended business interruption, personal injuries, and other loss and damage to us.”

Annual report 2025A · The company itself

“Our operations also rely on dependable and efficient transportation services, including transportation by ocean vessel, river barges, rail, and truck. A disruption in transportation services as a result of weather conditions, such as low river levels following periods of drought, has historically and may in the future also have an adverse impact on our operations and related supply chains.”

Annual report 2025A · The company itself

“These potential effects could include changes in rainfall patterns, water shortages, changing sea levels, changing storm patterns and intensities, shifts in agricultural production areas, changing temperature levels, increased frequency or severity of extreme weather events, and climatic volatility. The frequency and severity of the effects of climate change or weather patterns could increase and adversely impact our business operations and the location, costs and competitiveness of global agricultural commodity production and related storage and processing facilities, as well as the supply and demand for agricultural commodities, and may result in incidents of stranded physical assets.”

Annual report 2025A · The company itself

“Our business is seasonal, and our results may fluctuate depending on the harvest cycle of the crops upon which we rely and seasonal fluctuations related to the sale of our consumer products. As with any agricultural business enterprise, our business operations are seasonal in nature.”

Annual report 2025A · The company itself

“We are exposed to the risk that the underlying crop will be insufficient to satisfy a farmer's obligation under the financing arrangements as a result of weather and crop growing conditions, and other factors that influence the price, supply and demand for agricultural commodities.”

Annual report 2025A · The company itself

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

Annual report 2025A · The company itself

“The increase was primarily due to Net Sales contributions from the Viterra Acquisition, in addition to higher average sales prices in our European business resulting from a drought in the region impacting the sunflower seed crop in the current year and higher prices in our global softseed distribution business.”

Annual report 2025A · The company itself

“In addition, the prior year included insurance recoveries for damaged property and business interruption related to our Ukrainian operations as a result of the Ukraine-Russia war.”

Annual report 2025A · The company itself

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

Annual report 2025A · The company itself

“The physical effects of climate change could have a material adverse effect on our properties, operations and business. For example, many of our properties are located along the East and West coasts, particularly those in the central business districts of Boston, Los Angeles, New York, San Francisco, Seattle and Washington, DC.”

Annual report 2025A · The company itself

“To the extent climate change causes changes in weather patterns, our markets could experience increases in storm intensity, extreme temperatures, rising sea-levels, extreme drought and/or wildfires. Over time, these conditions could result in declining demand for office space in our buildings or increased costs associated with infrastructure-related remediation projects.”

Annual report 2025A · The company itself

“Climate-related Developments Climate change and the risks it may pose to financial institutions are areas of focus by various legislative bodies and regulators. In the future, new laws, regulations or guidance may be issued, or other regulatory or supervisory actions may be taken in this area by regulatory agencies.”

Annual report 2025A · The company itself

“•We face risks from catastrophic events. •Climate change manifesting as physical or transition risks could adversely affect our businesses, operations and customers and result in increased costs. •We face risks from the use of or changes to assumptions or estimates in our financial statements. •The soundness of other financial institutions and other third parties, actual or perceived, could adversely affect us.”

Annual report 2025A · The company itself

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

Annual report 2025A · The company itself

“Our results of operations could be adversely affected if our or a service provider's business processes, information systems, critical facilities, or distribution networks are disrupted (including disruption of access), are damaged or fail, whether due to physical disruptions, such as extreme weather events, including wildfires, hurricanes, extreme temperatures, or other natural disasters, pandemics (as they were by the COVID-19 pandemic), supply chain disruptions, or power outages, systems updates, or due to cybersecurity incidents, ransomware, or other actions of third parties, including labor strikes or shortages, political unrest, and terrorist attacks.”

Annual report 2026A · The company itself

“Adverse weather conditions or an increase in the frequency and/or severity of adverse weather conditions could have a material impact on our business and results of operations. Our cruise ships, hotels, land tours, port destinations and exclusive islands, shore excursions and our guest source markets have been and may continue to be impacted by adverse weather or other natural disasters, such as hurricanes, earthquakes, floods, fires, tornadoes, tsunamis, typhoons and volcanic eruptions.”

Annual report 2025A · The company itself

“We have been forced to, and in the future may be forced to, alter itineraries, including diverting from our port destinations and exclusive islands, or cancel a cruise or a series of cruises or tours due to these or other types of disruptions. Additionally, our increasing itineraries and investments in port destinations and exclusive islands in the Caribbean region may further expose us to adverse weather conditions. These effects may also disrupt the supply of critical goods and services to our facilities and ships.”

Annual report 2025A · The company itself

“Execute our sustainability roadmap. We are privileged to explore remarkable cultures and environments around the world—and it is our shared responsibility to honor and help preserve them. Without the thriving communities, healthy oceans and stunning places we visit, we could not deliver our Purpose and Mission or achieve our other priorities. That is why it is imperative that we continue to reduce our fuel consumption and carbon footprint, advance a circular economy and strengthen shared‑value partnerships with the communities we sail to and from.”

Annual report 2025A · The company itself

“Seasonality Demand for certain of our products and services is seasonal and can be impacted by weather conditions. For instance, sales and services of our HVAC products to residential customers have historically been higher in the second and third quarters of the calendar year, which represent the peak seasons for air conditioning-related sales in North America markets.”

Annual report 2025A · The company itself

“The effects of climate events, including increased frequency and intensity of extreme weather conditions and water scarcity, create financial risks to our business. The potential impacts of climate events on our operations are highly uncertain and depend upon the unique geographic and environmental factors present; for example rising sea levels at certain of our facilities, changing storm patterns and intensities and changing temperature levels. The effects of climate events could disrupt our operations by impacting the availability and cost of materials and by increasing insurance and other operating costs.”

Annual report 2025A · The company itself

“Demand for our HVAC products and services is influenced by weather conditions and seasonality. Demand for our HVAC products and services, representing our largest segments by sales, is seasonal and affected by the weather. Cooler than normal summers depress sales of our replacement air conditioning products and services and warmer than normal winters have the same effect on our heating products.”

Annual report 2025A · The company itself

“Our supply chain could be impacted by climate events through extreme weather, resulting in delivery or production disruptions and increased material costs. In addition, other issues with suppliers (such as capacity constraints, quality issues, consolidations, closings or bankruptcies), price increases, raw material/component/finished good shortages, regulatory limitations, government actions, or the decreased availability of trucks and other delivery services could also have a material adverse effect on our ability to meet our commitments to customers or increase our operating costs. Periodic disruptions in our supply chains have resulted, and may continue to result, in sufficient inventory not being available in a timely manner or during the appropriate season as well as higher freight and other logistic costs, including increased carrier rates, which could have a material adverse effect on our business.”

Annual report 2025A · The company itself

“General Risks Natural disasters, epidemics or other unexpected events may disrupt our operations, adversely affect our results of operations, cash flows or financial condition and may not be fully covered by insurance. The occurrence of one or more natural disasters, power outages or other unexpected events, including hurricanes, fires, earthquakes, volcanic eruptions, tsunamis, floods and other forms of severe weather, health epidemics, pandemics or other contagious outbreaks, conflicts, wars or terrorist acts, in the U.S. or in other countries in which we or our suppliers or customers operate have in the past and could in the future adversely affect our operations and financial performance. Natural disasters, power outages or other unexpected events could damage or close one or more of our facilities or disrupt our operations temporarily or long-term, such as by causing business interruptions or by affecting the availability and/or cost of materials needed for manufacturing.”

Annual report 2025A · The company itself

“Extremt väder Fysiska risker hänförliga till global uppvärmning, en markant ökning av extrema väderhändelser och förhöjda vattennivåer är negativa effekter av den globala uppvärmningen och vi är införstådda att på sikt kan klimatförändringar leda till skador på vårt fastighetsbestånd.”

Annual report 2024A · The company itself

“This may include disruptions as a result of political instability, public protests, environmental activism, public health crises (including new or resurging pandemics), attacks on our information technology systems, war or other hostilities, terrorist attacks, interruptions or delays in services from third-party data center hosting facilities or cloud computing platform providers, employee errors or malfeasance, building defects, utility outages, and the physical effects of climate change, including the acute impacts of extreme weather events occurring more frequently or with more severe effects. The infrastructure and supply chain disruptions we may experience as a result of such events could also disrupt our ability to manage real estate for clients or may adversely affect the value of our real estate investments in our investment management and development services businesses.”

Annual report 2025A · The company itself

“Houston Electric’s revenues and results of operations are subject to seasonality, weather conditions and other changes in electricity usage, with revenues generally being higher during the warmer months when more electricity is used for cooling purposes.”

Annual report 2025A · The company itself

“The table below reflects the percentage of total throughput by customer type for the year ended December 31, 2025: CenterPoint Energy CERC Residential 34 % 36 % Commercial/Industrial and Transportation 66 % 64 % Total Throughput 100 % 100 % Seasonality The demand for natural gas sales to residential customers and natural gas sales and transportation for commercial and industrial customers is seasonal and affected by variations in weather conditions. In 2025, approximately 68% and 69% of the total throughput for CenterPoint Energy’s and CERC’s natural gas distribution businesses, respectively, occurred in the first and fourth quarters.”

Annual report 2025A · The company itself

“Risk Factors Affecting Safety and Security Risks •The Registrants’ businesses have safety risks. •Cyberattacks, physical security breaches, acts of terrorism or other disruptions could adversely impact our business, financial condition, results of operations and cash flows. •We may not be successful in our adoption, development and deployment of AI, which could adversely affect our business, reputation or financial results. iii General and Other Risks •Our revenues and results of operations are seasonal. •Severe weather events, natural disasters and other climate-related impacts could adversely impact our businesses, financial condition, results of operations and cash flows. •We are exposed to risks related to changes in demand and energy consumption that could adversely impact our business, financial condition, results of operations and cash flows.”

Annual report 2025A · The company itself

“For example, during the February 2021 Winter Storm Event, the ERCOT regulated Texas electric system experienced an unprecedented power generation shortage as the amount of electricity generated by the state’s power generation companies was insufficient to meet the amount demanded by customers. This resulted in ERCOT directing TDUs to significantly Load Shed, which caused customer outages across the ERCOT electric grid of Texas, including in Houston Electric’s service territory.”

Annual report 2025A · The company itself

“Further, as Indiana Electric’s generating facilities may experience unanticipated disruptions as a result of renewable supply shortages, including, but not limited to, unfavorable wind and solar conditions such as cloudy or windless days, and such disruptions could adversely affect its ability to deliver electricity to its customers and adversely impact Indiana Electric’s business, financial condition, results of operations and cash flows.”

Annual report 2025A · The company itself

“The operations of Houston Electric and Indiana Electric are subject to the usual hazards associated with electricity transmission and distribution, including inclement or severe weather, natural disasters, including wildfires, mechanical failure, contact with electrified facilities by people, equipment, and debris, unscheduled downtime, equipment interruptions, loss or outage of key technology platforms or systems, contamination, remediation, explosions, fires, chemical spills, discharges or releases of toxic or hazardous substances and other environmental risks.”

Annual report 2025A · The company itself

“For example, in 2024, Hurricane Beryl caused significant damage to Houston Electric’s electric delivery system and resulted in a substantial number of its customers being without power, many for extended periods of time.”

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

“Certain events that may be beyond our control may occur that materially affect the schedule, cost and performance of these projects, including Houston Electric’s proposed 765 kV and other transmission projects. These events may relate to facing public and policymaker opposition to the projects or the real or perceived cost of such projects; delays in obtaining permits; challenges in securing sufficient land/easements for projects (including challenges to our use of eminent domain); shortages in materials and qualified labor; third parties not performing as expected or required under their contracts and/or experiencing financial problems that inhibit their ability to fulfill their obligations under contracts; supply chain delays or disruptions; changes in the scope and timing of projects; strikes; and adverse weather conditions.”

Annual report 2025A · The company itself

“Our actual or perceived ability to prevent, mitigate, prepare for and timely respond to electric outages, natural gas leaks or events and related accidents and similar interruptions caused by severe weather, physical or cybersecurity incidents or other unanticipated events, as well as our own or third parties’ actions or failure to act, can affect customer, regulator and legislator satisfaction or potentially subject us to regulatory action and litigation. For example, CenterPoint Energy, CenterPoint Energy Service Company, LLC and Houston Electric are subject to litigation and claims arising out of Hurricane Beryl and various federal, state and local governmental and regulatory agencies and other entities called for or conducted inquiries and investigations into Hurricane Beryl and the efforts made by Houston Electric to prepare for, and respond to, this event, including the associated electric service outage issues.”

Annual report 2025A · The company itself

“Ongoing and future inquiries, investigations and proposed legislation regarding Hurricane Beryl could adversely affect our business, financial condition, results of operations and cash flows, including with respect to our recovery of costs incurred as a result of Hurricane Beryl or future severe weather events; the assessment of financial penalties; changes to Houston Electric’s system, service territories, operations and/or 26 regulatory treatment; and the viability for Houston Electric to continue leasing TEEEF.”

Annual report 2025A · The company itself

“Our revenues and results of operations are subject to seasonality, weather conditions and other changes in electricity and natural gas usage, as applicable. Houston Electric’s revenues are generally higher during the warmer months. As in certain past years, unusually mild weather in the warmer months could diminish Houston Electric’s results of operations and harm its business, financial condition and cash flows.”

Annual report 2025A · The company itself

“Revenues in our Natural Gas reportable segment are customarily higher during the winter months. As in certain past years, unusually mild weather in the winter months could diminish our results of operations and harm our business, financial condition, results of operations and cash flows.”

Annual report 2025A · The company itself

“Our facilities and operations face physical risks from severe weather events, natural disasters and other climate-related conditions, which have become more frequent, unpredictable and severe as a result of climate change or other factors. Severe weather events, natural disasters and other climate-related conditions impact our service territories, primarily when hurricanes and remnants of hurricanes, tornadoes, floods, severe winter weather conditions, including ice storms, wildfires, thunderstorms, high winds, hail, derecho events, microbursts, drought, excess humidity or extreme temperatures (high heating/cooling days) occur, which can impact our operations and our ability to serve our customers, including resulting in operational interruptions and large-scale and/or prolonged outages.”

Annual report 2025A · The company itself

“Our electric and natural gas operations in our service territories have both been impacted by severe weather events, including the February 2021 Winter Storm Event, the May 2024 Storm Event and Hurricane Beryl, and could experience similar events in the future, which could have an adverse impact on our business, financial condition, results of operations and cash flows.”

Annual report 2025A · The company itself

“While we proactively take steps to mitigate wildfire risk in the areas of our electrical and natural gas assets, wildfire risk is always present. We could be held liable for damages incurred as a result of wildfires or incur reputational harm if it was determined that they were caused by or enhanced due to any fault of CenterPoint Energy.”

Annual report 2025A · The company itself

“Commodity Price Risk From Non-Trading Activities (CenterPoint Energy and CERC) CenterPoint Energy’s regulated operations are exposed to commodity price risk during severe weather events, such as hurricanes, tornadoes and severe winter weather conditions. Severe weather events can increase commodity prices related to natural gas, coal and purchased power, which may increase our costs of providing service, and those costs may not be recoverable in rates.”

Annual report 2025A · The company itself

“Our quarterly financial results can vary significantly from one year to the next due to weather-related shifts in planting and application schedules and purchasing patterns as well as import timing, import and distribution costs and logistical limitations, such as river conditions.”

Annual report 2025A · The company itself

“Agricultural planted areas and production can be affected by a number of factors, including weather patterns and field conditions, current and projected grain inventories and prices, crop disease and/or livestock disease, demand for agricultural products and governmental policies regarding production of or trade in agricultural products.”

Annual report 2025A · The company itself

“Adverse weather conditions may decrease demand for our fertilizer products, increase the cost of natural gas or materially disrupt our operations. Adverse weather conditions could become more frequent and/or more severe as a result of climate change. Adverse weather conditions, which may be impacted by climate change, have in the past and may in the future have various negative impacts on our business, financial condition, results of operations and cash flows. Weather conditions that delay or disrupt field work during the planting, growing, harvesting or application periods may cause agricultural customers to use different forms of nitrogen fertilizer, which may adversely affect demand for the forms that we sell or may impede farmers from applying our fertilizers until the following application period, resulting in lower seasonal demand for our products.”

Annual report 2025A · The company itself

“Adverse weather conditions during or following harvest may delay or eliminate opportunities to apply fertilizer in the fall. Weather can also have an adverse effect on crop yields, which could lower the income of growers and impair their ability to purchase fertilizer from our customers. Adverse weather conditions could also impact transportation of fertilizer, which could disrupt our ability to deliver our products to customers on a timely basis. Our quarterly financial results can vary significantly from one year to the next due to weather-related shifts in fertilizer applications, planting schedules and purchasing patterns.”

Annual report 2025A · The company itself

“Weather conditions or, in certain cases, weather forecasts, can also disrupt our operations and can affect the price of natural gas, the principal raw material used to make our nitrogen products. Colder and/or longer than normal winters and warmer than normal summers increase the demand for natural gas for residential and industrial use and for power generation, which can increase the cost and/or decrease the availability of natural gas. In addition, adverse weather events, such as extreme cold temperatures, storms, hurricanes, tornadoes, or floods, not only can cause loss of power or other impacts to our facilities or damage to or delays in logistics capabilities disrupting our operations, but also can impact the supply of natural gas and utilities and cause prices to rise.”

Annual report 2025A · The company itself

“For example, our Donaldsonville and Waggaman complexes, and our under development Blue Point complex, are located in an area of the United States that experiences extreme weather events, including a relatively high level of hurricane or high wind activity, and several of our other complexes are also located in areas that experience extreme weather events. Extreme weather events, including temperature extremes, depending on their severity and location, have the potential not only to damage our facilities and disrupt our operations, but also to affect adversely the shipping and distribution of our products.”

Annual report 2025A · The company itself

“Table of Contents Our ability to open and profitably operate new restaurants also is subject to risks, such as the identification and availability of desirable locations; the negotiation of acceptable lease terms; the need to obtain required governmental permits (including zoning approvals and liquor licenses) and comply with other regulatory requirements; the availability of capable contractors and subcontractors; increases in the cost and decreases in the availability of labor and building material; changes in weather, natural disasters, pandemics or other acts of God that could delay construction and adversely affect guest traffic; our ability to hire and train qualified management and restaurant employees; and general economic and business conditions.”

Annual report 2025A · The company itself

“Climate change and volatile adverse weather conditions could adversely affect our restaurant sales or results of operations. Adverse weather conditions have impacted and may again impact guest traffic at our restaurants and, in more severe cases such as hurricanes, tornadoes, wildfires or other natural disasters, cause temporary restaurant closures, all of which negatively impact our restaurant sales.”

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

“In addition, our supply chain is subject to increased costs caused by the effects of severe, volatile weather, extended droughts and diminished energy and water resources. Increasing weather volatility and changes in global weather patterns could reduce crop size and crop quality, or destroy crops altogether, which could result in decreased availability or higher pricing for our produce and other ingredients.”

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

“Products and Distribution Rain and Hail provides comprehensive MPCI and crop-hail insurance coverages. •MPCI is federally subsidized crop protection from numerous causes of loss, including drought, excessive moisture, freeze, disease and more.”

Annual report 2025A · The company itself

“Global Reinsurance (3 percent of 2025 Consolidated NPE) Overview The Global Reinsurance segment represents Chubb's reinsurance operations comprising Chubb Tempest Re Bermuda, Chubb Tempest Re USA, Chubb Tempest Re International, and Chubb Tempest Re Canada. Global Reinsurance markets its reinsurance products worldwide primarily through reinsurance brokers under the Chubb Tempest Re brand name and provides a broad range of traditional and non-traditional reinsurance coverage to a diverse array of primary P&C companies.”

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

“Klimatförändringarna medför risker över olika tidsperspektiv, dels fysiska i form av exempelvis extremväder och högre medeltemperaturer, dels risker kopplade till omställningen såsom nya regelverk och skatter samt hyresgästers förändrade behov. Riskerna kan ge upphov till finansiella konsekvenser som behöver hanteras i den finansiella och strategiska planeringen.”

Annual report 2024A · The company itself

“Net written premiums for Cincinnati Re totaled $591 million in 2025, compared with $597 million in 2024. Approximately 34% of 2025 net written premiums was for property exposures that include risk of loss from natural catastrophes and approximately 50% was for casualty exposures from various liability risks.”

Annual report 2025A · The company itself

“Consolidated Property Casualty Insurance Losses by Size (Dollars in millions, net of reinsurance) Years ended December 31, 2025-2024 2024-2023 2025 2024 2023 Change % Change % Current accident year losses greater than $5,000,000 $ 116 $ 68 $ 141 71 (52) Current accident year losses $2,000,000-$5,000,000 156 138 144 13 (4) Large loss prior accident year reserve development 172 75 94 129 (20) Total large losses incurred 444 281 379 58 (26) Losses incurred but not reported 814 783 596 4 31 Other losses excluding catastrophe losses 3,046 2,782 2,571 9 8 Catastrophe losses 939 704 634 33 11 Total losses incurred $ 5,243 $ 4,550 $ 4,180 15 9 Ratios as a percent of earned premiums: Pt.”

Annual report 2025A · The company itself

“Net written premiums included excess and surplus lines homeowner policies with premiums totaling $129 million in 2025 and $166 million in 2024. •Combined ratio – The 2025 combined ratio increased by 6.1 percentage points, compared with 2024, including an increase of 7.1 points in the ratio for catastrophe losses.”

Annual report 2025A · The company itself

“Väsentlig in ver kan eller risk Beskrivning Riskminskning E Klimatförändringar Begränsning av klimatförändringar Negativ inverkan Förlust av biologisk mångfald och brist på råvaror till följd av extrema väderhändelser, stigande temperaturer och förändrade ekosystem som påverkar leverantörskedjor samt skadar anläggningar och tillgången på råvaror. • Minskar utsläpp i hela värdekedjan i enlighet med vetenskapligt baserade mål. • Införlivar strategier för att minska klimatpåverkan i inköpsrutinerna, till exempel genom att minska utsläppen från animaliska produkter genom veganska alternativ. • Säkerställer hållbara och avskogningsfria metoder genom att använda certifierade råvaror som kakao och palmolja.”

Annual report 2024A · The company itself

“Cloudberry faces exposure to climate change effects, including more extreme weather conditions, largely attributed to rising temperatures, extreme winds, and heavy rainfall, as well as shifting weather patterns in specific local regions. Extreme climate changes pose climate risks that could potentially damage production assets, interrupt the development of energy projects, escalate maintenance and other expenses, diminish production deliveries due to alterations in water flows or lack of wind, and cause other disruptions to essential operations.”

Annual report 2024A · The company itself

“Opportunity Cloudberry proactively integrates community consultation & biodiversity protection measures in all our projects.”

Annual report 2024A · The company itself

“Adverse weather conditions may affect the supply of agricultural commodities from which key ingredients for our products are derived and manufactured. For example, drought conditions in certain parts of the United States or in other major corn-producing areas of the world may negatively affect the supply of corn, which in turn may result in shortages of and higher prices for HFCS.”

Annual report 2025A · The company itself

“However, the citrus industry is impacted by citrus greening disease and the variability of weather conditions that can affect the quality and supply of orange juice and orange juice concentrate. In particular, freezing weather or hurricanes in central Florida may result in shortages and higher prices for orange juice and orange juice concentrate throughout the industry.”

Annual report 2025A · The company itself

“In addition, changing weather patterns are adversely affecting citrus production, contributing to challenges such as citrus greening disease and droughts, which have resulted in a reduced number of citrus trees and increased grower costs and prices.”

Annual report 2025A · The company itself

“Similarly, we procure tea from a diverse supplier base, which helps mitigate the effects of weather-related yield reductions in certain geographies.”

Annual report 2025A · The company itself

“These factors include changes in supply and demand; supplier capacity constraints; a deterioration of our or our bottling partners’ relationships with suppliers; international conflicts; political uncertainties; acts of terrorism; governmental instability; inflation; weather conditions (including the effects of climate change); hurricanes, wildfires, floods, droughts and other natural disasters; disease or pests (including the impact of citrus greening disease on the citrus industry); agricultural uncertainty; health epidemics, pandemics or other contagious outbreaks; cattle disease outbreaks (including avian flu); labor shortages, strikes or work stoppages; changes in or the enactment of new laws and regulations; governmental actions or controls or import/export restrictions, such as new, expanded or retaliatory tariffs, including tariffs that increase suppliers’ sourcing costs, sanctions, quotas or trade barriers; port congestion or delays; transport capacity constraints; cybersecurity incidents or other disruptions; or fluctuations in foreign currency exchange rates.”

Annual report 2025A · The company itself

“The sales of our products are influenced to some extent by weather conditions in the markets in which we operate. Unusually cold or rainy weather during the summer months may have a temporary effect on the demand for our products and contribute to lower sales, which could have an adverse effect on our results of operations for such periods.”

Annual report 2025A · The company itself

“Climate change resulting in the increased frequency and severity of natural disasters and other extreme weather conditions may adversely impact our business, results of operations, cash flows and financial condition. Specifically, the predicted physical effects of climate change may pose physical risks to our facilities and those of our key suppliers, disrupt our global supply chain, impact demand for our products or exacerbate challenges regarding the cost, quality and availability of raw and packaging materials and the availability and quality of water.”

Annual report 2025A · The company itself

“Natural disasters or impacts of climate change, such as sea level rise, coastal storm surge, inland flooding from intense rainfall, hurricane-strength winds and extreme heat or cold could impact or damage facilities or result in large-scale outages and the Utilities may experience more severe consequences by continuing or resuming operations during and after such events.”

Annual report 2025A · The company itself

“CECONY’s gas delivery revenues are subject to a weather normalization clause and a revenue decoupling mechanism. As a result, its gas delivery revenues are generally not affected by changes in delivery volumes from levels assumed when rates were approved.”

Annual report 2025A · The company itself

“California has endured and may continue to experience prolonged drought conditions which have resulted in the imposition of certain restrictions on water usage that could recur. Certain areas of California have also experienced wildfires and flooding in recent years. If these conditions or restrictions persist and/or increase in severity, it could have an adverse effect upon those operations.”

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

“Several of our vineyards and production and distribution facilities, including certain California and Oregon wineries, are in areas prone to seismic activity. Additionally, we have various vineyards and wineries in California and Oregon which have experienced wildfires, landslides, and/or severe winter storms.”

Annual report 2026A · The company itself

“There has been much public discussion related to concerns that GHGs may have an adverse impact on global temperatures, weather patterns, and the frequency and severity of extreme weather and natural disasters. Severe weather events and natural disasters, such as our experiences with wildfires, drought, and/or flooding in California and Oregon, severe winter storms in California, Texas, or Mexico, or late frosts or flooding in New Zealand, and climate change may negatively affect agricultural productivity in the regions from which we source our various agricultural raw materials or the energy powering our production facilities.”

Annual report 2026A · The company itself

“Various diseases, pests, fungi, viruses, drought, frosts, wildfires, and certain other weather conditions or the effects of climate conditions, such as smoke taint sustained during the 2020 U.S. West Coast wildfires or the late frost experienced in New Zealand in calendar 2021, could affect the quality and quantity of barley, hops, grapes, and other agricultural raw materials available and decrease the supply and quality of our products.”

Annual report 2026A · The company itself

“Furthermore, to the extent severe weather events that impact our business, such as wildfires, droughts, floods, extreme heat, and/or late frosts, or other weather conditions that constrain purchasing occasions for our consumers, continue to occur or accelerate in future periods, it could have a material impact on our results of operations and financial condition.”

Annual report 2026A · The company itself

“Our operations are affected by weather, which impacts demand for electricity and natural gas, the price of energy commodities, and operating conditions.”

Annual report 2025A · The company itself

“Extreme weather conditions or storms could affect the availability of generation and the transmission of electricity, limiting our ability to source electricity or transmit it to our customers.”

Annual report 2025A · The company itself

“Our physical facilities could be placed at greater risk of damage should changes in the global climate impact temperature and weather patterns, and result in more intense, frequent and extreme weather events, unprecedented levels of precipitation, sea level rise, increased surface water temperatures, and/or other effects.”

Annual report 2025A · The company itself

“Natural disasters, war, acts and threats of terrorism, pandemic and other significant events could negatively impact our results of operations, ability to raise capital, and future growth. Our fleet of power plants and the transmission infrastructure to which they are connected could be affected by natural disasters and extreme weather events, which could result in increased costs, including supply chain costs. Natural disasters and other significant events increase our risk that the NRC or other regulatory or 41 Table of Contents legislative bodies could change the laws or regulations governing, among other things, operations, maintenance, operating licenses, decommissioning, SNF storage, insurance, emergency planning, security and environmental and radiological matters.”

Annual report 2025A · The company itself

“Some of Calpine's geothermal, natural gas power plants, and battery storage sites, which were acquired in January 2026 are exposed to frequent minor earthquakes and wildfire risks, mainly in the West. Severe weather and wildfires, especially in California, have disrupted operations and damaged assets like the Geysers Assets. Such events can cause injuries, property damage, and service interruptions, resulting in significant liabilities.”

Annual report 2025A · The company itself

“Electric utilities may shut down power for public safety reasons during periods of extreme fire hazard. Any shutdown that halts operation at our power plants may reduce our revenues.”

Annual report 2025A · The company itself

“rakennuskannan, kaupungistumisen ja ilmastonmuutoksen luomaan kysyntään. Tarvetta korjaus- ja muutosrakentamiselle lisäävät myös yhteiskunnalliset muutokset, kuten väestön vanheneminen, tilankäytön uudet tarpeet ja kasvaneet vaatimukset tilojen käyttömukavuudelle.”

Annual report 2025A · The company itself

“Korjausrakentaminen on keskeisessä asemassa rakennetun ympäristön hiilijalanjäljen pienentämisessä, sillä uusien rakennusten määrä kasvaa vain noin prosentin vuodessa.”

Annual report 2025A · The company itself

“Ilmastonmuutokseen liittyvät akuutit riskit saattavat heikentää tuottavuutta esimerkiksi kuljetusvaikeuksien ja globaalien toimitusketjujen ongelmien seurauksena. Työmaiden tarve suojautua sään ääri-ilmiöiltä lisääntyy, ja rankkasade- ja hulevesitulvat saattavat viivästyttää töitä kaupunki- ja taajama-alueilla.”

Annual report 2025A · The company itself

“CONSTI OYJ LIIKETOIMINTASTRATEGIA CONSTI OYJ LIIKETOIMINTASTRATEGIA CONSTI OYJ LIIKETOIMINTASTRATEGIA CONSTI OYJ LIIKETOIMINTASTRATEGIA RAKENTAMISEN JA TALOTEKNIIKAN MONIOSAAJA Kasvamme sekä rakentamisessa että talotekniikassa uskoen asiakaslähtöiseen, tehokkaaseen, osaavaan ja vastuulliseen toteutukseen Constin tavoitteena on kasvaa rakentamisessa ja talotekniikassa vastaamalla vanhenevan rakennuskannan, kaupungistumisen ja ilmastonmuutoksen luomaan kysyntään. Tarvetta korjausrakentamiselle lisäävät myös tilankäytön muutokset esimerkiksi työelämässä ja vähittäiskaupassa.”

Annual report 2025A · The company itself

“Vastuullisuuden kehittämisessä Consti keskittyy työturvallisuuden ja työhyvinvoinnin edistämiseen sekä ilmastonmuutoksen hillitsemiseen. Ilmastonmuutoksen hillitseminen on yhä useammin lähtökohta korjausrakentamiselle joko energiatehokkuuden parantamisen kautta tai vaihtoehtona rakennuksen purkamiselle.”

Annual report 2025A · The company itself

“Constin liiketoimintamallissa korostuu ilmastonmuutoksen hillitseminen, joka on yhä useammin lähtökohta korjausrakentamiselle joko energiatehokkuuden parantamisen kautta tai vaihtoehtona rakennuksen purkamiselle.”

Annual report 2025A · The company itself

“Strategiakaudella 2024–2027 Constin tavoitteena on kasvaa rakentamisessa ja talotekniikassa vastaamalla vanhenevan rakennuskannan, kaupungistumisen ja ilmastonmuutoksen luomaan kysyntään.”

Annual report 2025A · The company itself

“Secondly, we believe we play an important role in the communities we serve through our response to and management of catastrophic weather events. This includes our investments in equipment and infrastructure which support our overall disaster recovery efforts. For example, we mobilized our people, and engaged with a multitude of service providers to timely retrieve, store, and remarket tens of thousands of flood-damaged vehicles in South Florida in the wake of Hurricanes Helene and Milton in the fall of 2024.”

Annual report 2025A · The company itself

“Seasonality Historically, our consolidated results of operations have been subject to quarterly variations based on a variety of factors, of which the primary influence is the seasonal change in weather patterns. During the winter months, we tend to have higher demand for our services because there are more weather-related accidents. Severe weather events, including but not limited to tornadoes, floods, hurricanes, and hailstorms, can also impact our volumes.”

Annual report 2025A · The company itself

“Failure to maintain sufficient capacity to accept additional vehicles at one or more of our storage facilities could adversely affect our relationships with insurance companies or other sellers of vehicles. Capacity at our storage facilities varies from period to period and from region to region. For example, following adverse weather conditions in a particular area, our facilities in that area may fill and limit our ability to accept additional salvage vehicles while we process existing inventories.”

Annual report 2025A · The company itself

“Factors such as mild weather conditions can have an adverse effect on our revenues and operating results, as well as our revenue and earnings growth rates, by reducing the available supply of salvage vehicles. Conversely, extreme weather conditions can result in an oversupply of salvage vehicles that requires us to incur abnormal expenses to respond to market demands.”

Annual report 2025A · The company itself

“Climate change and unpredictable seasonal and weather factors could impact Corteva’s sales and earnings. The agriculture industry is subject to seasonal and weather factors, which can vary unpredictably from period to period.”

Annual report 2025A · The company itself

“Climate change may increase the frequency or intensity of extreme weather such as storms, floods, heat waves, droughts and other events that could affect the quality, volume and cost of seed produced for sale as well as demand and product mix. Climate change may also affect the availability and suitability of arable land and contribute to unpredictable shifts in the average growing season, pest pressures and types of crops produced.”

Annual report 2025A · The company itself

“•Deliver Innovation to Farmers, Faster – Corteva aims to deliver greater value and productivity to growers through more differentiated and sustainably advantaged solutions, which in turn promise to strengthen global food security and help farmers address the impacts of climate change. •Deploy capital with discipline – the company aims to prioritize investment, organic and inorganic growth, and returning cash to shareholders.”

Annual report 2025A · The company itself

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

Annual report 2025A · The company itself

“Physical impacts of climate-related events (including, but not limited to, floods, droughts, more frequent and/or intense storms, and wildfires) may disrupt our operations, as well as the operations of our suppliers and customers.”

Annual report 2025A · The company itself

“With a significant proportion of construction activity undertaken outside (e.g. highway construction), demand for and the utilization of the Company's products and services such as cementitious materials, aggregates, asphalt, concrete, and concrete products can be highly seasonal in line with customer demand, and may additionally be impacted by acute and/or chronic changes in global and/or localized weather events/conditions.”

Annual report 2025A · The company itself

“Seasonality Activity in the construction industry is dependent to a considerable extent on the seasonal impact of weather on the Company’s operating locations, with periods of higher activity in some markets during spring and summer which may reduce significantly in winter due to inclement conditions and extreme weather events.”

Annual report 2025A · The company itself

“CRH FORM 10-K Climate Change and Policy The impact of climate change may adversely affect CRH’s operations and cost base and the stability of markets in which the Company operates. Risks related to climate change that could affect the Company’s operations and financial performance include both physical risks (such as acute and chronic changes in weather) and transitional risks (such as technological development, policy and regulation change, and market and economic responses). Risks related to climate change that could affect the Company’s operations and/or financial performance are discussed as follows: Physical Acute weather events such as hurricanes or flooding, and chronic events such as increased precipitation, rising sea levels and/or temperatures may have an adverse effect on the Company’s business and operations.”

Annual report 2025A · The company itself

“Operational productivity and demand for the Company’s products may be reduced during these weather events leading to reduced financial performance.”

Annual report 2025A · The company itself

“The ongoing, efficient operation of our facilities is often dependent on important pieces of equipment and IT networks/infrastructure. These can present single points of failure and can be difficult to quickly and/or easily replace due to long supply chain lead times and high associated capital costs. It is possible we could experience periodic disruption to equipment availability for a variety of reasons, including accidents, mechanical failures, fires/explosions, and extreme weather conditions.”

Annual report 2025A · The company itself

“Achieve a rolling 5-year average >Peers Dynamic business model in an industry underpinned by strong fundamentals An ageing global fleet and a historically low orderbook, combined with stricter environmental regulations and ongoing geopolitical tensions are creating structural supply constraints.”

Annual report 2025A · The company itself

“To mitigate these risks, NORDEN is relying on extensive use of weather routing systems for pricing, securing comprehensive insurance coverage, and carefully assessing freight contracts for chronic risks.”

Annual report 2025A · The company itself

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

Annual report 2025A · The company itself

“Climate change resulting from increased concentrations of carbon dioxide and other greenhouse gases in the atmosphere presents risks to our operations. Physical risk resulting from acute changes (such as hurricane, tornado, wildfire or flooding) or chronic changes (such as droughts, heat waves or sea level changes) in climate patterns can adversely impact our facilities and operations and disrupt our supply chains and distribution systems.”

Annual report 2025A · The company itself

“In addition, interruptions to the availability of gas, electric, water, or other utilities, whether due to aging infrastructure, weather conditions, fire, animal damage, trees, digging accidents, geopolitical impacts, or other reasons largely out of our control, may adversely affect our operations.”

Annual report 2026A · The company itself

“Climate change, adverse weather conditions, and natural disasters could adversely affect our sales or results of operations. The long-term effects of climate change and global warming may result in more severe, volatile weather or extended droughts, which could increase the frequency and duration of weather impacts on our operations.”

Annual report 2026A · The company itself

“Shortages, delays, or interruptions in the supply of food items and other supplies to our restaurants may be caused by animal disease outbreaks affecting livestock and/or poultry; severe weather; natural disasters such as hurricanes, tornadoes, floods, droughts, wildfires, and earthquakes; macroeconomic conditions, such as tariffs and trade disputes, resulting in disruptions to the shipping and transportation industries; labor issues, such as increased costs or worker shortages or other operational disruptions at our suppliers, vendors, or other service providers; the inability of our vendors or service providers to manage adverse business conditions, obtain credit, or remain solvent; or other conditions beyond our control.”

Annual report 2026A · The company itself

“Risks Related to External Conditions Global health conditions, changing population or demographic trends, severe weather events or natural disasters and general economic and political conditions, all of which are highly uncertain and difficult to predict, could have a material adverse impact on our business. We continue to be impacted by external conditions, including, but not limited to, those related to general economic, political and global health conditions, changing population or demographic trends and severe weather events or natural disasters. These conditions can impact our business in a variety of ways, including, among other things, by affecting our patient census, treatment volumes and operating and other costs as further set forth below.”

Annual report 2025A · The company itself

“Severe weather events or natural disasters Severe weather events or natural or other disasters such as hurricanes, earthquakes, fires or flooding that damage, destroy or limit access to our facilities or impact our key suppliers or service providers could adversely impact our operations. In the past, such severe weather events or natural disasters impacting us or our suppliers have adversely impacted our patient census and treatment volumes and led to increased costs including, among other things, supply costs. If we experience such events or natural disasters in the future, we may face similar or greater risks, including among other things, potential limitations on our ability to admit new patients or provide dialysis treatments or clinical laboratory services, or potential threats to the safety of our teammates or patients at any of those locations.”

Annual report 2025A · The company itself

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

Annual report 2025A · The company itself

“We have experienced service disruptions relating to key business functions and supply chain shortages with respect to certain of our equipment and clinical supplies, including critical clinical and other supplies. For example, after a severe weather event in September 2024 damaged a supplier’s manufacturing plant and halted production of critical clinical products, we implemented responsive operational measures to maintain continuity of care for our patients, which resulted in increased expense and slowed growth of our home-based dialysis business in 2024 and the early portion of 2025.”

Annual report 2025A · The company itself

“As a result, our inventory levels, working capital requirements, and results of operations may be adversely affected by a number of factors, including: •constraints or inefficiencies in transportation capacity, delivery timing, inventory flow, or production scheduling, which may contribute to uneven inventory receipts, elevated inventory levels, or delays in fulfilling demand; •unfavorable or unexpected weather patterns that affect consumer demand for seasonally-driven products, particularly within our UGG brand, which may be intensified by the effects of climate change; •changes in consumer preferences, discretionary spending patterns, prevailing fashion trends, and pricing pressure that may require increased promotional activity to sell inventory; •macroeconomic conditions, including inflation, interest rate volatility, or global economic uncertainty, that may affect consumer purchasing behavior, supplier capacity, or logistics costs; and •market acceptance of our products and competing offerings, and variability in product availability.”

Annual report 2026A · The company itself

“Natural disasters and other catastrophic events, including those associated with climate change and extreme weather conditions, may disrupt our operations, supply chain, international markets, and the global economy. Our business is subject to interruption from events such as extreme weather, power shortages, pandemics, war, political instability, terrorism, and failures of infrastructure or communications systems.”

Annual report 2026A · The company itself

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

Annual report 2026A · The company itself

“We depend on our information technology and manufacturing infrastructure to achieve our business objectives. Natural disasters, manufacturing failures, telecommunications system failures, or defective or improperly installed new or upgraded business management systems could lead to disruptions in this infrastructure.”

Annual report 2026A · The company itself

“Extreme weather and natural disasters within or outside the United States could make it more difficult and costly for us to manufacture and deliver our products to our customers, obtain production materials from our suppliers, or perform other critical corporate functions.”

Annual report 2026A · The company itself

“We may experience additional supply shortages and price increases caused by changes to raw material availability, increased demand, manufacturing capacity, labor shortages, public health issues, tariffs, trade disputes and protectionist measures, extreme weather events or effects of climate change, and significant changes in the financial condition of our suppliers.”

Annual report 2026A · The company itself

“Also, drought conditions in certain markets have resulted in water usage restrictions and proposals to further restrict water usage. Our data center facilities could face restrictions on water usage, water efficiency mandates, or higher water prices. Climate change could also limit water availability.”

Annual report 2025A · The company itself

“In addition, sea level rise and more frequent and severe weather events caused or contributed to by climate change pose physical risks to our facilities. Additional risks related to our business and operations as a result of climate change include both physical and transition risks such as: ● Higher energy costs (e.g., due to more extreme weather events, extreme temperatures or increased demand for limited resources); ● Increased environmental regulations impacting the cost to develop, or the ability to develop in certain areas; ● Higher costs of materials due to environmental impacts from extraction and processing of raw materials and production of finished goods; ● Higher costs of supply chain services, with potential supply chain disruptions related to climate change; and ● Lost revenue or higher expenses related to climate change events (e.g., higher insurance costs, uninsured losses, diminished customer retention in areas subject to extreme weather or resource availability constraints).”

Annual report 2025A · The company itself

“Fysisk klimarisiko som DNB er utsatt for kan forekomme blant annet gjennom utlån til eiendom, både innen næringseiendom- og boliglånsporteføljen. Framtidige klimarelaterte hendelser kan redusere verdien på eiendommer, eller føre til skade på eiendommene, noe som kan svekke verdien av panteobjekter og kredittverdigheten til kunder.”

Annual report 2024A · The company itself

“Dette kan igjen føre til økt mislighold og nedskrivinger i eiendomsporteføljen.”

Annual report 2024A · The company itself

“For example, consumer activity is often impacted by weather. We generally see increases in consumer demand in colder or more inclement weather, while we generally see decreases in consumer demand in warmer or sunny weather. In contrast, the number of available Dashers has decreased, and is generally expected to decrease, during periods of cold or inclement weather when we need more Dashers available to fulfill orders driven by increased consumer demand. In such instances, we typically rely on incentive pay to attract sufficient Dashers to maintain the quality of our platform, which increases our costs.”

Annual report 2025A · The company itself

“Factors that could impact sales volumes, generation of electricity and market prices at which the Duke Energy Registrants are able to sell electricity and natural gas include the following: •weather variability such as extreme seasonal conditions, storm-related outages, or drought impacting generation economics; •transmission or transportation constraints, purchased power availability and competitive alternative energy sources; •customer-owned generation, energy efficiency adoption and technological advances reducing demand; and •fuel procurement challenges for coal, natural gas, crude oil and uranium and capacity limitations for transmission services.”

Annual report 2025A · The company itself

“Natural disasters or operational accidents may adversely affect the Duke Energy Registrants’ operating results, financial position or cash flows. Natural disasters or operational accidents within the Company or industry (such as wild fires, earthquakes, hurricanes or natural gas transmission pipeline explosions) could have direct or indirect impacts to the Duke Energy Registrants or to key contractors and suppliers.”

Annual report 2025A · The company itself

“Sustained severe drought conditions could impact generation by hydroelectric plants, as well as fossil and nuclear plant operations, as these facilities use water for cooling purposes and for the operation of environmental compliance equipment. Furthermore, destruction caused by severe weather events, such as hurricanes, flooding, tornadoes, severe thunderstorms, snow and ice storms, droughts, extreme temperatures, and wild fires, including from climate change, can result in lost operating revenues due to outages, property damage or total loss, including downed transmission and distribution lines, personal injury, reputational harm, and additional unexpected expenses to mitigate storm damage, including incremental financing costs.”

Annual report 2025A · The company itself

“Disruption in the delivery of fuel, including disruptions as a result of, among other things, changing economic conditions, bankruptcies, transportation delays, weather, labor relations, physical or cyber attack, force majeure events or environmental regulations affecting any of these fuel suppliers, could limit the Duke Energy Registrants' ability to operate their facilities.”

Annual report 2025A · The company itself

“Dynavox Group vet att avfall, materialinflöde och materialutflöde utgör betydande högriskområden, både ur ett finansiellt perspektiv och ur ett hållbarhetsperspektiv. Dessa risker är nära kopplade till miljöpåverkan från vår verksamhet och effektiviteten i vår resursanvändning. DMA:n identifierade klimatförändringar, energiförbrukning och förlust av biologisk mångfald som väsentliga frågor med stor påverkan, relevanta för både Dynavox Groups verksamhet och dess värdekedja.”

Annual report 2024A · The company itself

“Extreme weather may result in risk of damage to our infrastructure and therefore our ability to provide services, and may lead to changes in federal, state and foreign government regulation, all of which could materially and adversely affect our business, results of operations and financial condition.”

Annual report 2025A · The company itself

“Satellites are subject to significant operational risks while in orbit. These risks include, but are not limited to, malfunctions, commonly referred to as anomalies, which have occurred and may occur in the future in our satellites and the satellites of other operators. Any single anomaly could materially and adversely affect our ability to utilize the satellite. Anomalies may also reduce, among other things, the expected capacity, commercial operation and/or useful life of a satellite, thereby reducing the revenue that could be generated by that satellite, or create additional expenses due to the need to provide replacement or back-up satellites or satellite capacity earlier than planned and could have a material adverse effect on our business.”

Annual report 2025A · The company itself

“We have discovered and remediated, and may discover new vulnerabilities due to the scale of activities on our platforms, and may not be able to mitigate or fix such vulnerabilities on acceptable timeframes or at all, due to other factors, including, but not limited to, issues outside of our control such as natural disasters/climate change such as sea level rise, drought, flooding, wildfires, increased storm severity, power loss, and we may be notified of such vulnerabilities via third parties. Any of the foregoing developments may, among other things, negatively affect user and customer trust, harm our reputation and brands and adversely affect our business and financial results.”

Annual report 2025A · The company itself

“Extreme weather has the potential to directly damage our network facilities and other infrastructure and/or disrupt our ability to build and maintain portions of our network and could potentially disrupt suppliers’ ability to, among other things, provide the products and services we require to support our operations. Any such disruption could delay our Hybrid MNO plans, interrupt service for our customers, increase our costs and have a negative effect on our operating results and financial condition. The potential physical effects of extreme weather, such as storms, floods, fires, freezing conditions, sea-level rise and other adverse weather events could negatively affect our operations and infrastructure and, as a result, our financial results.”

Annual report 2025A · The company itself

“The occurrence of (a) litigation or claims, (b) the loss or insolvency of a major customer or distributor, (c) repeated or prolonged federal government shutdowns or similar events, (d) war (including acts of terrorism or hostilities which impact our markets), (e) natural or manmade disasters, (f) water shortages or (g) severe weather conditions affecting our operations or the energy, foodservice, hospitality and travel industries may have a material adverse effect on our business.”

Annual report 2025A · The company itself

“War (including acts of terrorism or hostilities), natural or manmade disasters, water shortages or severe weather conditions, including the effects of climate change, affecting the energy, foodservice, hospitality, travel, health care, food processing, pulp and paper, mining, steel and other industries can cause a downturn in the business of our customers, which in turn can have a material adverse effect on our consolidated results of operations, financial position or cash flows.”

Annual report 2025A · The company itself

“SCE continues to implement its WMP to reduce the risk of SCE equipment contributing to the ignition of wildfires. Further to the investments SCE is making as part of its WMP, SCE also uses its PSPS program to proactively de-energize power lines as a last resort to mitigate the risk of significant wildfires during extreme weather events.”

Annual report 2025A · The company itself

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

Annual report 2025A · The company itself

“Eaton Fire In January 2025, several wind-driven wildfires impacted portions of SCE's service area, causing loss of life, substantial damage to both residential and business properties, and service outages for SCE customers. One of the largest of these wildfires, the Eaton Fire, ignited in SCE's service area in Los Angeles County and spread due to a number of contributing factors under conditions of an extreme Santa Ana windstorm.”

Annual report 2025A · The company itself

“While SCE has not conclusively determined that its equipment caused the ignition of the Eaton Fire, a viable explanation is that a de-energized idle SCE transmission facility in the preliminary area of origin was associated with the ignition of the fire and SCE is not aware of evidence pointing to another possible source of ignition. Absent additional evidence, SCE believes that it is likely that its equipment could have been associated with the ignition of the Eaton Fire and is pursuing settlement of claims through its Wildfire Recovery Compensation Program, a program designed to enable eligible individuals and businesses impacted by the Eaton Fire to seek expedited resolution of their claims.”

Annual report 2025A · The company itself

“As of December 31, 2025, SCE had recorded $1.1 billion in losses related to these settlements. SCE also recorded expected recoveries from customer-funded self-insurance of $917 million, from the Wildfire Fund of $134 million, and through FERC electric rates of $70 million.”

Annual report 2025A · The company itself

“Through December 31, 2025, SCE has recorded estimated losses of $9.9 billion, recoveries from insurance of $2.0 billion, all of which have been collected, and expected recoveries through electric rates of $3.4 billion, $413 million of which has been collected through FERC rates subject to refund, related to the 2017/2018 Wildfire/Mudslide Events claims. The cumulative after-tax net charges to earnings recorded through December 31, 2025, have been $3.2 billion.”

Annual report 2025A · The company itself

“Regulatory Proceedings Wildfire Related Regulatory Proceedings In response to the increase in wildfire activity and faster progression of and increase in damage from wildfires across SCE's service area and throughout California, SCE has incurred wildfire mitigation and wildfire and drought restoration related spending at levels exceeding amounts authorized in SCE's GRCs.”

Annual report 2025A · The company itself

“For example, SCE has incurred, and expects to further incur, wildfire mitigation expenses before it is clear whether such costs will be recoverable from customers. Also, the CPUC may deny recovery of costs incurred by SCE, including uninsured wildfire-related costs, if the CPUC determines that SCE was not prudent.”

Annual report 2025A · The company itself

“Operating Risks Damage claims against SCE for wildfire-related losses may materially affect SCE's financial condition and results of operations. Prolonged drought conditions and shifting weather patterns in California resulting from climate change as well as, among other things, buildup of dry vegetation in areas severely impacted by years of historic drought and lack of adequate clearing of hazardous fuels by responsible parties have increased the duration of the wildfire season and the risk of severe wildfire events.”

Annual report 2025A · The company itself

“Edison International's and SCE's costs of accessing capital markets have increased due to the risks associated with wildfires in Southern California. Edison International's and SCE's access to the bank and capital markets could also be constrained and/or the costs of accessing those markets could increase further as a result of wildfire risk, including if Edison International's and/or SCE's credit ratings are downgraded or placed on negative watch due to concerns about Edison International and/or SCE's financial health as a result of wildfires.”

Annual report 2025A · The company itself

“Climate change exacerbated weather-related incidents and other natural disasters have and could continue to materially affect SCE's financial condition and results of operations. Weather-related incidents, including storms and events caused, or exacerbated, by climate change, such as wildfires, flooding and debris flows, and other natural disasters such as earthquakes can disrupt the generation and transmission of electricity, and can seriously damage the infrastructure necessary to deliver power to SCE's customers.”

Annual report 2025A · The company itself

“Climate change has caused, and exacerbated, extreme weather events and wildfires in southern California, and wildfires could cause, among other things, public safety issues, property damage and operational issues. In addition, the risk of flooding and debris flows occurring as a result of rain may be heightened.”

Annual report 2025A · The company itself

“Extreme heat events have and can continue to lead to prolonged widespread outages due to, among other things, state-wide capacity supply shortages or equipment failure. Extreme weather events can also lead to use of PSPS.”

Annual report 2025A · The company itself

“Adverse weather conditions, particularly during the winter season, could impact our construction services operations as those conditions affect our ability to safely and efficiently perform work outdoors in certain regions of the United States, adversely affecting the revenues and profitability of those operations. Unsafe outdoor air quality, such as that resulting from large wildfires in the United States or Canada, could have a similar adverse effect.”

Annual report 2025A · The company itself

“However, the absence of snow in certain regions of the United States during the winter could also cause us to experience reduced revenues and profitability in our United States building services segment, as a portion of their revenues is generated from snow removal contracts.”

Annual report 2025A · The company itself

“Climate Change Related Risk Factors Climate change and related environmental issues could have a material adverse impact on our business, financial condition, and results of operations. Climate change related events, such as increased frequency and severity of storms, floods, wildfires, droughts, hurricanes, freezing conditions, and other natural disasters, may have an adverse impact on our business, financial condition, and results of operation.”

Annual report 2025A · The company itself

“For example, severe weather or a catastrophic natural disaster could negatively impact our and our customers’ offices, facilities, or job sites. Access to clean water and reliable energy where we conduct our business is also critical to our operations.”

Annual report 2025A · The company itself

“Table of Contents Accordingly, severe weather events or natural disasters have the potential to disrupt our and our customers’ businesses and may cause us to experience work stoppages, project delays or cancellations, financial losses, and additional costs to resume operations, in addition to potential adverse impacts on the health and safety of our workforce and their ability to work or travel. Further, climate change poses direct physical risks to infrastructure across the market sectors we serve, both as a result of chronic environmental changes, such as rising sea levels and temperatures, as well as acute events, such as hurricanes, droughts, and wildfires. These impacts, and the costs to address them, could result in fewer resources for strategic investment by our customers, which could result in a decrease in demand for certain of our services.”

Annual report 2025A · The company itself

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

Annual report 2025A · The company itself

“The volume/weather variance is primarily due to an increase in industrial usage and the effect of more favorable weather on residential sales.”

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. •A delay or failure in recovering amounts for storm restoration costs incurred as a result of severe weather could have material effects on Entergy and its Utility operating companies affected by severe weather. •Weather, economic conditions, technological developments, and other factors may have a material impact on electricity usage and otherwise materially affect the Utility operating companies’ results of operations.”

Annual report 2025A · The company itself

“(Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, and Entergy Texas) A delay or failure in recovering amounts for storm restoration costs incurred as a result of severe weather, the impact on customer bills of permitted storm cost recovery, or the inability to securitize future storm restoration costs could have material effects on Entergy and its Utility operating companies. Entergy’s and its Utility operating companies’ results of operations, liquidity, and financial condition can be materially affected by the destructive effects of severe weather.”

Annual report 2025A · The company itself

“Changing weather patterns and extreme weather conditions, including hurricanes or tropical storms, droughts, wildfires, flooding events, or ice storms, the frequency or intensity of which may be exacerbated by climate change, may stress the Utility operating companies’ generation facilities and transmission and distribution systems, resulting in increased maintenance and capital costs (and potential increased financing needs), limits on their ability to meet peak customer demand, increased regulatory oversight, criticism or adverse publicity, and reduced customer satisfaction.”

Annual report 2025A · The company itself

“In addition, Entergy’s and the Registrant Subsidiaries’ liquidity needs could significantly increase in the event of a hurricane or other weather-related or unforeseen disaster similar to that experienced in Entergy’s service area with Hurricane Katrina and Hurricane Rita in 2005, Hurricane Gustav and Hurricane Ike in 2008, Hurricane Isaac in 2012, Hurricane Laura, Hurricane Delta, and Hurricane Zeta in 2020, and Winter Storm Uri and Hurricane Ida in 2021.”

Annual report 2025A · The company itself

“Access to capital markets could be restricted and/or borrowing costs could be increased due to certain sources of debt and equity capital avoiding participating in offerings to fund fossil fuel projects or companies that are impacted by extreme weather events or other catastrophes, that rely on fossil fuels, or that are impacted by risks related to climate change, or such sources of capital de-emphasizing their interest in investing in clean or renewable energy projects.”

Annual report 2025A · The company itself

“Potential physical risks from climate change include an increase in sea level, wind and storm surge damages, more frequent or intense hurricanes and wildfires, wetland and barrier island erosion, flooding and changes in weather conditions (such as increases in precipitation, drought, or changes in average temperatures), and potential increased impacts of extreme weather conditions or storms. Entergy’s subsidiaries own assets in, and serve, communities that are at risk from sea level rise, changes in weather conditions, storms, floods, and loss of the protection offered by coastal wetlands.”

Annual report 2025A · The company itself

“Additionally, prolonged drought conditions and shifting weather patterns resulting from climate change as well as, among other things, buildup of dry vegetation in areas severely impacted by drought may increase the risk of severe wildfire events within the Utility operating companies’ service areas.”

Annual report 2025A · The company itself

“Catastrophic wildfires occurring in the Utility operating companies’ service areas could give rise to large damage claims against Entergy or its subsidiaries for fire-related losses alleged to be the result of utility practices and/or the failure of electric and other utility equipment and could also cause Entergy or its subsidiaries to suffer reputational harm or face a more challenging operating, political and regulatory environment.”

Annual report 2025A · The company itself

“Resilience and Grid Hardening Entergy Louisiana In December 2022, Entergy Louisiana filed an application with the LPSC seeking a public interest finding regarding Phase I of Entergy Louisiana’s Future Ready resilience plan and approval of a rider mechanism to recover the program’s costs. Phase I in the December 2022 application reflected the first five years of a ten-year resilience plan and included investment of approximately $5 billion, including hardening investment, transmission dead-end structures, enhanced vegetation management, and telecommunications improvement.”

Annual report 2025A · The company itself

“In July 2022, Entergy New Orleans filed with the City Council a response identifying a preliminary plan for storm hardening and resiliency projects, including microgrids, to be implemented over ten years at an approximate cost of $1.5 billion.”

Annual report 2025A · The company itself

“Entergy Texas In June 2024, Entergy Texas filed an application with the PUCT requesting approval of Phase I of its Texas Future Ready Resiliency Plan, a set of measures to begin accelerating the resiliency of Entergy Texas’s transmission and distribution system. Phase I is comprised of projects totaling approximately $335.1 million, including approximately $137 million of projects to be funded by Entergy Texas and approximately $198 million of projects contingent upon Entergy Texas’s receipt of grant funds in that amount from the Texas Energy Fund.”

Annual report 2025A · The company itself

“The projects in Phase I include distribution and transmission hardening and modernization projects and targeted vegetation management projects to mitigate the risk of wildfire.”

Annual report 2025A · The company itself

“Due in part to the increase over the past two decades in frequency and intensity of major storm activity along the Gulf Coast, Entergy has and continues to pursue and execute on plans to accelerate investments that would enhance the resilience of the electric systems of the Utility operating companies to enable them to better withstand major storms or other significant events, to mitigate the cost of restoration of the electric system after major storms or other significant events, to enable more rapid restoration of electricity after major storm or other significant adverse events, and to deliver electricity to critical customers more immediately after such events. These plans are generally subject to approval by the Utility operating companies’ retail regulators and may not be approved in full or at all.”

Annual report 2025A · The company itself

“Based on the double materiality analysis, Entra has identified the following material impacts, risks, and opportunities (IROs): Environment Description of IROs Category Time horizon Interaction with business operations and value chain Topic Sub-topic Short term Medium term Long term Upstream Own operations Downstream E1 Climate change Climate change adaption Acute physical climate changes, such as extreme weather events, can cause physical damage to, and reduced value of, Entra’s properties, which constitutes most of Entra’s balance sheet. It can also lead to increased insurance costs and reduced customer satisfaction.”

Annual report 2024A · The company itself

“This need for resilience can result in higher construction costs, especially for materials, and increased maintenance expenses Risk Financial impact ● Property development Property management Policies and regulations aimed at reducing negative climate impacts, such as the EU’s Building Energy Directive, may impose increased costs Risk Financial impact ● Property development The adoption of new technologies to mitigate climate change, such as low-carbon materials, solar panels and emission-free vehicles and machinery, can lead to higher expenses Risk Financial impact ● Property development Letting Property management Increasingly stricter climate policy and regulations may boost the demand for climatefriendly products and services.”

Annual report 2024A · The company itself

“Sea levels are expected to rise by between 46 cm (Oslo) and 78 cm (Stavanger). Risks related to future changes in rainfall intensity and flood flows in 2100 have been assessed based on the relevant regional profile from the Norwegian Centre for Climate Services. In the Oslo area, short-term rainfall intensity is expected to increase by up to 50 per cent, while flood flows in larger rivers may increase by around 20 per cent.”

Annual report 2024A · The company itself

“All of Entra’s properties have been subject to individual climate risk and vulnerability assessments performed in accordance with Appendix A, see the section on climate risk in the Environment chapter in the sustainability statement. The most important identified physical climate risks for the properties in Entra’s portfolio are water-related, with mostly low to mediums risks.”

Annual report 2024A · The company itself

“Many scientists have concluded that increasing concentrations of GHGs in the Earth's atmosphere produce climate changes that may have significant physical effects, such as increased frequency and severity of storms, fires, floods, droughts, and other extreme climatic events. If any such effects were to occur, they have the potential to cause physical damage to our assets or affect the availability of water and thus could have an adverse effect on our operations. Potential adverse effects could include disruption of our production activities; delays in getting our and our customers' produced natural gas and NGLs to market or possibly shut-in as a result of physical damage to pipelines, other midstream infrastructure and processing facilities; increases in our costs of operation or reductions in the efficiency of our operations; reduced availability of electrical power, road accessibility, and transportation facilities; impacts on our personnel, supply chain, distribution chain or customers; and potentially increased costs for insurance coverages in the aftermath of such effects.”

Annual report unknown yearA · The company itself

“Table of Contents Environmental Performance Climate change presents systemic risks to the global economy, infrastructure, and supply chains, making it critical to our long-term business resilience. Reducing greenhouse gas emissions helps us manage regulatory exposure, energy price volatility and climate related disruptions, while also enabling us to meet rising customer expectations, access sustainable capital and drive operational efficiency across our global portfolio.”

Annual report 2025A · The company itself

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

Annual report 2025A · The company itself

“Factors that may materially adversely affect local market and economic conditions include regionally specific acts of nature (e.g., earthquakes, wildfires, floods, etc.), changes in specific or broad sectors of the economy (such as growth or decline in technology-based companies), and those other factors listed in the risk factor titled “General real estate investment risks may materially adversely affect property income and values” and elsewhere in this Item 1A.”

Annual report 2025A · The company itself

“Under various federal, state and local environmental and public health laws, regulations and ordinances, we have been required, and may be required in the future, regardless of our knowledge or responsibility, to provide warnings about certain chemicals, investigate and remediate the effects of hazardous or toxic substances or petroleum product releases at our properties (including in some cases naturally occurring substances such as methane and radon gas) or properties that we acquire, develop, manage or directly or indirectly invest in. We may be held liable under these laws or common law to a governmental entity or to third parties for compliance and response costs, property damage, personal injury or natural resources damages and for investigation and remediation costs incurred as a result of the impacts resulting from such releases.”

Annual report 2025A · The company itself

“However, there are types of losses, generally catastrophic in nature, such as losses due to wars, acts of terrorism, earthquakes, wildfires, pollution, environmental matters or extreme weather conditions such as hurricanes and floods that are uninsurable or not economically insurable.”

Annual report 2025A · The company itself

“Climate change may materially adversely affect our business. As a result of climate change, we may experience extreme weather, an increase in frequency and severity of natural disasters, changes in precipitation, temperature, wildfire and drought exposure, and impacts of rising sea-levels, all of which may result in damage to our communities, a decrease in demand for our communities located in these areas or affected by these conditions, disruption of services at our communities or increased costs associated with water or energy use and maintaining or insuring our communities.”

Annual report 2025A · The company itself

“Our company provides products for the following lines of business: •Property provides protection for property damage and other related losses covered in the underlying insurance policies. Losses might arise from property loss or property damage, as well as other related risks, such as business interruption and other non-property losses that arise from the covered peril. Perils covered by such policies may be natural or man-made and include hurricanes, tornadoes, hail, windstorms, earthquakes, freezes, floods, explosions and fires. •Catastrophe is a specific line of property reinsurance that provides protection against catastrophic losses from natural perils such as hurricanes, windstorms, earthquakes, floods, tornadoes and fires.”

Annual report 2025A · The company itself

“Certain reserves, including losses from widespread catastrophic events, cannot be estimated using traditional actuarial method. Rather, loss and LAE reserves are estimated by completing an in-depth analysis of the individual contracts which may potentially be impacted by the loss.”

Annual report 2025A · The company itself

“Wildfires have the potential to negatively affect communities within the Evergy Companies' service territories and the surrounding areas, as well as its network of electric transmission and distribution lines and facilities. The 23 Table of Contents possibility of wildfires and the risk of damage to the Evergy Companies' network and facilities resulting therefrom may be exacerbated by severe weather events and the effects of climate change. The continued expansion of the wildland-urban interface has also increased wildfire risk to communities in the Evergy Companies' service territories. While the Evergy Companies proactively take steps to mitigate wildfire risk in the areas of its electrical assets, wildfire risk is always present.”

Annual report 2025A · The company itself

“Weather is a major driver of the results of operations, financial position and cash flows of the Evergy Companies and the Evergy Companies are subject to risks associated with climate change. Weather conditions directly influence the demand for and price of electricity. The Evergy Companies are significantly impacted by seasonality, and, due to energy demand created by air conditioning load, their highest revenues are typically recorded in the third quarter. Unusually mild winter or summer weather can adversely affect sales.”

Annual report 2025A · The company itself

“Additionally, because many of the Evergy 24 Table of Contents Companies' generating stations utilize water for cooling, low water and flow levels can increase maintenance costs at these stations, result in limited power production and require modifications to plant operations. High water conditions can also impair planned deliveries of fuel to generating stations or otherwise adversely impact the ability of the Evergy Companies to operate these stations. Climate change may produce more frequent or severe weather events, such as storms, droughts or floods. These events could lead to unforeseen changes in water supply quality and create additional costs related to water treatment and complying with environmental discharge requirements.”

Annual report 2025A · The company itself

“Exposure to these risks is affected by a number of factors including the quantity and availability of fuel used for generation and the quantity of electricity customers consume, as well as the wholesale market prices received by the Evergy Companies' generation resources and the wholesale market prices paid to procure power to serve customer load or satisfy regulatory or contractual obligations. Customers' electricity usage could also vary from year to year based on the weather or other factors.”

Annual report 2025A · The company itself

“Physical and Transitional Impacts of Climate Change: Eversource assesses the physical impacts of climate change that are presented in the form of weather and natural events or longer-term shifts in climate patterns, as well as transitional impacts related to a shift to a lower-carbon economy and mitigation and adaptation requirements.”

Annual report 2025A · The company itself

“Physical risks from climate change may be acute due to increased severity of extreme weather events, such as extreme heat, severe storms, droughts, wildfires, and floods. Acute risks are often exacerbated by chronic risks due to changes in precipitation patterns, extreme variability in weather patterns, rising mean temperatures, and/or rising sea levels.”

Annual report 2025A · The company itself

“These risks may result in customers’ energy and water usage increasing or decreasing depending on the duration and magnitude of the changes, degradation of water quality, and our ability to reliably deliver our services to customers.”

Annual report 2025A · The company itself

“Our electric, natural gas and water utility subsidiaries serve large customer bases and are subject to adverse publicity regarding service safety, reliability and response times to outages, leaks or other interruptions, including those related to storms or climate change. Negative publicity can harm our reputation, influence legislative and regulatory bodies, and result in unfavorable outcomes, such as stricter operational standards, vegetation management requirements, fines, penalties or other sanctions.”

Annual report 2025A · The company itself

“Additionally, these types of weather events risk interruption of the supply chain and could disrupt the delivery of goods and services required for our operations.”

Annual report 2025A · The company itself

“Our water business faces an inherent strategic risk related to adequacy of supply (i.e., water scarcity). We expect that climate change will cause both an increase in demand due to increasing temperatures and a potential for a decrease in available supply due to shifting rainfall and recharge patterns.”

Annual report 2025A · The company itself

“Our transmission and distribution businesses face several operational risks, including the breakdown, failure of, or damage to operating equipment, information technology systems, or processes, especially due to age; labor disputes; disruptions in the delivery of electricity, natural gas and water; increased capital expenditure requirements, including those due to environmental regulation; catastrophic events resulting from equipment failures such as wildfires and explosions, or external events such as a solar event, an electromagnetic event, or other similar occurrences; increasingly severe weather conditions due to climate change beyond equipment and plant design capacity; human error; global supply chain disruptions; and potential claims for property damage or personal injuries beyond the scope of our insurance coverage.”

Annual report 2025A · The company itself

“Our operations, revenues and operating income may be adversely impacted by, for example, increases in unemployment rates, rising interest rates, changing demographics, decreases in the volume of housing market transactions, recessions, perceptions about the safety of our stores, changes in local zoning laws, consequences from climate change, public health emergencies, as well as earthquakes, hurricanes and other natural disasters, terrorist acts, civil disturbances or acts of war.”

Annual report 2025A · The company itself

“The impact of natural disasters, public health emergencies and any government responses to such emergencies, or regulations passed in an attempt to protect consumers could lead to lower demand for storage facilities, lower rental rates, inability to raise rents, reduced late fee collection and impaired ability to hold auctions resulting in higher accounts receivable and bad debt.”

Annual report 2025A · The company itself

“Climate change may adversely affect our results of operations. Climate change may cause extreme weather, changes in precipitation and temperature, increases in wild fire risk and rising sea levels in the areas in which we operate which may cause physical damage to our stores or a decrease in demand for rental space in the areas affected by these conditions.”

Annual report 2025A · The company itself

“Certain of our operations are located in areas that are subject to natural disasters and severe weather conditions such as hurricanes, earthquakes, droughts, snow storms, floods and fires. The impact of climate change or the occurrence of natural disasters can delay new development projects, increase investment costs to repair or replace damaged properties, increase operating costs, create additional investment costs to make improvements to existing properties to comply with climate change regulations, increase future property insurance costs, impact the availability of water and other natural resources, and negatively impact the tenant demand for space.”

Annual report 2025A · The company itself

“We also understand that we face risks presented by climate change and are working to evaluate our risk exposure.”

Annual report 2025A · The company itself

“We are committed to embedding resiliency in our operations as the physical risks of climate change increase, causing extreme weather events, strain on electricity grids, and higher energy costs. We invest in infrastructure reinforcement to meet growing electricity demand and evolving renewable generation standards, in addition to mitigating the potential for storm damage.”

Annual report 2026A · The company itself

“Finally, given the broad and global scope of our operations and our susceptibility to global macroeconomic trends, we are particularly vulnerable to the physical risks of climate change that could affect all of humankind, such as shifts in weather patterns and world ecosystems.”

Annual report 2026A · The company itself

“Our operations are exposed to adverse weather conditions and localized risks from natural or man-made disasters such as earthquakes, volcanoes, wildfires, hurricanes, tornadoes, wind gusts, floods, severe winter weather, heat waves, or extended droughts, conflicts or unrest, or subject to terrorist or other physical attacks, or other disturbances, actual or threatened.”

Annual report 2026A · The company itself

“Additionally, shifts in weather patterns caused by climate change could increase the frequency, severity, or duration of certain adverse weather conditions.”

Annual report 2026A · The company itself

“Prolonged interruptions or disruptions at a key location such as our FedEx Memphis World Hub or one of our information-technology centers could materially and adversely affect our business, financial condition, cash flows and results of operations.”

Annual report 2026A · The company itself

“Seasonality The sale of electric power is generally a seasonal business, and weather patterns can have, and have in the past had, a material impact on FirstEnergy’s Electric Companies' operating results, including JCP&L. Demand for electricity in their service territories historically peaks during the summer and winter months.”

Annual report 2025A · The company itself

“In addition, severe weather, such as tornadoes, hurricanes, ice or snowstorms, droughts, high winds or other natural disasters, may cause outages and property damage that may require us to incur additional costs that are generally not insured and that may not be recoverable from customers. The effect of the failure of our facilities to operate as planned under these conditions would be particularly burdensome during a peak demand period and could have an adverse effect on our financial condition and results of operations, which adverse effects could be further exacerbated by an increased frequency of such severe weather events.”

Annual report 2025A · The company itself

“Operation of transmission and distribution facilities, and in the case of MP, electric generation facilities, involves risk, including the risk of potential breakdown or failure of equipment or processes due to aging infrastructure, fuel supply or transportation disruptions, accidents, labor disputes or work stoppages by employees, human error in operations or maintenance, acts of terrorism or sabotage, cyber-attacks, construction delays or cost overruns, shortages of or delays in obtaining equipment, material and labor, operational restrictions resulting from environmental requirements and governmental interventions, and operational performance below expected levels. In addition, weather-related incidents and other natural disasters can disrupt generation, transmission and distribution delivery systems.”

Annual report 2025A · The company itself

“Our results of operations could be adversely affected by events beyond our control, such as natural disasters, public health crises, government shutdowns, trade wars, recessions, political crises, negative global climate patterns, mine subsidence, or other catastrophic events. Our operations, or those of our vendors or suppliers, could be negatively impacted by various events beyond our control, including, but not limited to: natural disasters, such as hurricanes, tornadoes, floods, earthquakes, wildfires, extreme cold weather events and other adverse weather conditions; public health crises, such as pandemics and epidemics; prolonged government or regulator furloughs or shutdowns; trade wars; recessions; political crises, such as terrorist attacks, war, labor unrest, and other political instability; negative global climate patterns, especially in water stressed regions; surface subsidence from underground mining impacting our facilities; or other catastrophic events, such as fires or other disasters occurring at our distribution facilities or our service providers’ facilities, whether occurring in the United States or internationally.”

Annual report 2025A · The company itself

“The physical risks associated with climate change may have an adverse impact on our business operations, financial condition and cash flows. Physical risks of climate change, such as flooding, wildfires, rising sea levels, and other related phenomena, resulting from more frequent or more extreme weather events and changes in temperature and precipitation patterns associated with climate change, could affect some, or all, of our operations. Frequent or extreme weather events could disrupt our operations and/or be destructive, which could result in increased costs, including supply chain costs.”

Annual report 2025A · The company itself

“An extreme weather event within the Electric Companies' and Transmission Companies’ service areas could also directly affect their capital assets, such as downed wires, poles, or damage to other operating equipment, resulting in service disruptions to customers and possibly creating hazardous conditions. Further, as extreme weather conditions increase system stress, we may incur costs relating to additional system backup or service interruptions and, in some instances, we may be unable to recover such costs.”

Annual report 2025A · The company itself

“Drivhusgasudledning fra egen drift Flüggers produktion og drift udleder drivhusgasser, der negativt påvirker miljøet. Drivhusgasudledninger bidrager til globale klimaforandringer og de relaterede miljømæssige og samfundsmæssige påvirkninger.”

Annual report 2026A · The company itself

“A work stoppage or other limitation on production has occurred, and could in the future occur, at Ford’s facilities, at a facility in its supply chain, or at one of its logistics providers for any number of reasons, including as a result of labor issues, such as shortages of available employees, disputes under existing collective bargaining agreements with labor unions or in connection with negotiation of new collective bargaining agreements, absenteeism, public health issues (e.g., COVID), stay-at-home orders, or in response to potential restructuring actions (e.g., plant closures); as a result of supplier financial distress or other production constraints, such as limited quantities of components or raw materials, quality issues, capacity limitations, or other difficulties; as a result of a natural disaster (including climate-related physical risk); social unrest; cybersecurity incidents; or for other reasons.”

Annual report 2025A · The company itself

“Given the worldwide scope of our supply chain and operations, we and our suppliers face a risk of disruption or operating inefficiencies that may increase costs due to the adverse physical effects of climate change, which are predicted to increase the frequency and severity of weather and other natural events, e.g., wildfires, extended droughts, flooding, and extreme temperatures. In addition, in the event a weather-related event, strike, international conflict, or other occurrence limits the ability of freight carriers to deliver components or other materials to us, or logistics providers are unable to transport our products for an extended period of time, it may increase our costs and delay or otherwise impact our production operations and customers’ ability to receive our products.”

Annual report 2025A · The company itself

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

Annual report 2025A · The company itself

“A significant natural disaster, such as an earthquake, drought, fire, power outage, typhoon, flood, viral outbreak or other catastrophic event, could have a material adverse impact on our business, operating results and financial condition. Our corporate headquarters are located in the San Francisco Bay Area, a region known for seismic activity, and our research and development and data center in Burnaby, Canada, from which we deliver to customers our FortiGuard and other security subscription updates, is subject to the risk of flooding and is also in a region known for seismic activity. Any earthquake in the Bay Area or Burnaby, or flooding in Burnaby, could materially negatively impact our ability to provide products and services, such as FortiCare support and FortiGuard subscription services and could otherwise materially negatively impact our business.”

Annual report 2025A · The company itself

“Sään ääri-ilmiöt ja ilmastonmuutos Fortumin toiminta ja omaisuuserät altistuvat ulkoisille tapahtumille, joiden esiintymistiheys ja laajuus voivat kasvaa ilmastomuutoksen seurauksena. Sateiden, tuulien ja lämpötilojen muutokset sekä äärimmäiset sääilmiöt voivat vaikuttaa sekä energian tuotantoon että bioenergian tarjontaan ja saatavuuteen.”

Annual report 2025A · The company itself

“Ilmastonmuutos Riski Läpi arvoketjun Pitkä aikaväli Krooninen ilmastoriski: Keskilämpötilojen muutos (mukaan lukien veden lämpötilan muutos) voi vaikuttaa sähkön, kaasun ja lämmön kysyntään sekä tuotannon ja toimitusten jatkuvuuteen.”

Annual report 2025A · The company itself

“Ilmastonmuutos Riski Läpi arvoketjun Pitkä aikaväli Akuutti ilmastoriski: Äärimmäiset sääilmiöt kuten myrskyt tai lämpöaallot ja kuivat kaudet voivat aiheuttaa esimerkiksi metsäpaloja, millä voi olla vaikutuksia sähköntuotantoon ja -jakeluun.”

Annual report 2025A · The company itself

“Näiden ennusteiden laatiminen edellyttää johdolta arvioita tulevaisuuden rahavirroista, mukaan lukien ilmastonmuutoksen arvioidut vaikutukset.”

Annual report 2025A · The company itself

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

Annual report 2026A · The company itself

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

Annual report 2026A · The company itself

“Cerro Verde is located in a desert environment with rainfall averaging less than two inches per year and is in an active seismic zone.”

Annual report 2025A · The company itself

“El Abra is located in a desert environment with rainfall averaging less than one inch per year and is in an active seismic zone.”

Annual report 2025A · The company itself

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

Annual report 2025A · The company itself

“The PTFI project area receives considerable rainfall that makes it susceptible to periodic floods and mudslides, the nature and magnitude of which cannot be predicted. Conversely, the area has experienced, and may in the future experience, certain extended periods without rainfall, which can impact water availability at the milling operations.”

Annual report 2025A · The company itself

“Natural disasters, catastrophic events, or climate change and associated requirements and pressures could affect our financial results. Natural disasters and extreme weather events, such as tsunamis, typhoons, floods, wildfires, or earthquakes, could occur in a region where we have a manufacturing or warehousing facility which could cause disruptions in our business operations, loss of inventory, or affect the sale of our products. Global climate change could also result in certain types of these natural disasters occurring more frequently or with greater intensity.”

Annual report 2025A · The company itself

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

Annual report 2025A · The company itself

“Given our competitive strengths in our traditional power generation markets, we believe we are well-positioned to execute on the growing opportunity for backup power for homes and businesses, where increased penetration is being driven by multiple mega-trends that are resulting in poorer power quality for end users.”

Annual report 2025A · The company itself

“Those mega-trends and growth themes are as follows: Key Mega-Trends: ● Lower power quality continuing to drive demand for backup power solutions: o More frequent, severe, and volatile weather impacting an aging grid, causing increased power outage activity.”

Annual report 2025A · The company itself

“The impact of climate change has received increased global focus in recent years, and an aging and under-invested electrical grid infrastructure remains highly vulnerable to potentially more severe and volatile weather.”

Annual report 2025A · The company itself

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

Annual report 2025A · The company itself

“Sales of our residential products are subject to consumer buying patterns, and demand for the majority of our products is affected by power outage events caused by thunderstorms, hurricanes, wildfires, ice storms, blackouts, public safety power shutoffs, and other power grid reliability issues, all of which affect our ability to accurately manage our business and forecast future results. The impact of these outage events on our sales can vary depending on the location, frequency and severity of the outages.”

Annual report 2025A · The company itself

“Sustained periods without major power disruptions can lead, and in the past have led, to reduced consumer awareness of the benefits of standby and portable generator products and can result and have previously resulted in reduced sales growth rates and excess inventory.”

Annual report 2025A · The company itself

“This process requires us to make multiple forecasts and assumptions relating to the demand of our distributors, their end customers, general market conditions, and other macroeconomic conditions. The frequency and duration of power outages also affects demand for our products as described above.”

Annual report 2025A · The company itself

“While we seek to operate our facilities in compliance with applicable rules and regulations and take measures to minimize the risks of disruption at our facilities, a material disruption at one of our manufacturing facilities could prevent us from meeting customer demand, reduce our sales and/or negatively impact our financial results. Any of our manufacturing facilities, or any of our equipment within an otherwise operational facility, could cease operations unexpectedly due to a number of events, including: ● equipment or information technology infrastructure failure; ● disruptions in the transportation infrastructure including roads, bridges, railroad tracks and container ports; ● fires, floods, tornadoes, earthquakes, disease, pandemics, acts of violence, or other catastrophes; and ● other operational problems.”

Annual report 2025A · The company itself

“Krig i Europa og flere andre deler av verden, klimaendringer og høye levekostnader er blant faktorene som skapte usikkerhet og en opplevelse av utrygghet for våre kunder i 2024. Samfunnsoppdraget vårt er skape trygghet og forutsigbarhet gjennom å bære risiko for kundene våre, og sikre dem mot økonomiske tap. I 2024 hentet vi frem et gammelt slagord som er svært godt kjent i Norge – Tiden går, Gjensidige består – for å understreke at Gjensidige tilbyr trygghet i en tid der mange opplever frykt og usikkerhet.”

Annual report 2024A · The company itself

“Verden påvirker oss, og vi påvirker den Selv om vi ikke opplevde betydelige naturkatastrofer i våre markeder i 2024 hadde vi en uvanlig streng vinter, særlig i Norge, som forårsaket mange skader. Vi legger til grunn at været vil bli mer uforutsigbart i tiårene som kommer, som følge av klimaendringer. Konsekvensen vil være hyppigere forekomst av styrtregn, flom og storm, og hyppigere veksling mellom kulde og mildvær.”

Annual report 2024A · The company itself

“Skadekostnadene for eiendomsforsikring er i sin natur mer volatile, og avhenger blant annet av tilfeldige variasjoner i vær og temperatur. Den langsiktige trenden er likevel at vannskader som følge av flom og styrtregn øker. Også på dette området har det derfor vært behov for prisjusteringer, samtidig som vi engasjerer oss for å gjøre samfunnet mer robust mot konsekvensene av klimaendringer.”

Annual report 2024A · The company itself

“Økende frekvens av værhendelser, økt oppmerksomhet rundt konsekvenser av klimaendringer og tap av natur skaper behov for mer bærekraftige forsikringsløsninger. Klimatilpasning og skadeforebygging er viktige oppgaver der samfunnet har forventninger og stiller krav til forsikringsbransjen.”

Annual report 2024A · The company itself

“Samfunnsansvar har vært sentralt gjennom hele Gjensidiges historie, som en naturlig konsekvens av vår rolle som et ledende forsikringsselskap. Å gi kundene økonomisk trygghet og hjelpe dem å unngå at skader oppstår, har gått hånd i hånd.”

Annual report 2024A · The company itself

“På kort sikt vil klimaendringer gi økt fysisk klimarisiko gjennom hyppighet av ekstremvær som flom og styrtregn. På mellomlang sikt ser vi en risiko for å kunne hjelpe kundene raskt nok som følge av kapasitetsutfordringer hos våre leverandører ved ekstremværhendelser.”

Annual report 2024A · The company itself

“På lang sikt ser vi en økende overgangsrisiko for sekundære effekter av fysisk klimarisiko som fører til økt volatilitet i frekvensskader for både ting- og helseforsikringer. Dette vil kunne gi økt volatilitet i vår økonomiske resultater.”

Annual report 2024A · The company itself

“Vi gjennomfører hvert år to stresscenarioer for å teste soliditeten med hensyn til klimarisiko over kommende planperiode, som er neste fem år. Dette gjøres som en del av egenvurderingen av risiko og solvens (ORSA, Own Risk and Solvency Assessment). Det ene stresscenariet undersøker effekten av økte erstatninger for produkter utsatt for klimaendringer (fysisk risiko) under scenarioet «Mislykket overgang».”

Annual report 2024A · The company itself

“En endring i styrke og frekvensen av værhendelser som skiller seg fra historisk statistikk gjør prising vanskelig og skaper en risiko for feilprising. Denne klimarelaterte risikoen anses å være knyttet til både fysisk risiko og omstillingsrisiko.”

Annual report 2024A · The company itself

“Fysisk risiko - akutt Fysisk risiko - kronisk KLIMARISIKOMATRISE - NETTO NULL 2050 (NGFS NET ZERO 2050) Politikk og regelverk Markedsrisiko - Egen drift Markedsrisiko - Landbruk Markedsrisiko - Motor Styrtregn og regnflom Teknologi Skadebehandling Elveflom Prising, UW, reserver Egne utslipp Investeringer Politikk og regelverk I4 M5 O2 I2 O4 O6O5 I5 I8 M6 O3 Lav Medium Høy KONSKVENSER Kort sikt (0-3 år) Mellomlang sikt (3-10 år) Lang sikt (10 år) TIDSHORISONT I4 M5 O2 I2 O4 O6 O5 I5 I8 M6 O3 M3 M3 ANALYSE AV KLIMASCENARIOER Fysisk klimarisiko for eiendeler som er balanseført som firmabiler og kontorlokaler er vurdert å være lav.”

Annual report 2024A · The company itself

“Gjensidige ser en mulighet til å bidra til å begrense klimautslipp gjennom å inkludere konkrete skadeforebyggende tiltak i prising av risiko, og andre insentivordninger til kunder som gjennomfører slike tiltak. Dette kan gi økt kundetilfredshet, reduserte erstatningsutbetalinger og reduserte klimagassutslipp.”

Annual report 2024A · The company itself

“Derfor må vi også forstå hvordan deres behov utvikler seg i takt med endret samfunnsutvikling, som blant annet alderssammensetting i befolkningen, urbanisering, teknologisk utvikling og klimaendringer.”

Annual report 2024A · The company itself

“Vanskelige værforhold i første kvartal påvirket resultatet negativt, med en innvirkning på motorskader anslått til 11,9 millioner kroner (0).”

Annual report 2024A · The company itself

“Skadeprosenten økte med 0,8 prosentpoeng, noe som gjenspeiler en høyere underliggende frekvensskadeprosent og større storskader. Økte avviklingsgevinster, høyere diskonteringseffekt og endringer i risikojusteringer bidro positivt.”

Annual report 2024A · The company itself

“Den underliggende frekvensskadeprosenten bedret seg med 5,3 prosentpoeng. Justert for værrelaterte motorskader i første kvartal 2024 forbedret den underliggende frekvensskadeprosenten seg med 5,9 prosentpoeng, hovedsakelig drevet av bil- og eiendomsforsikring i begge porteføljer, og privat helseforsikring.”

Annual report 2024A · The company itself

“Skadeforebygging er sentralt i vår kundeorientering og vi er opptatt av å dele vår kunnskap og innsikt så våre kunder kan gjennomføre tiltak som reduserer skaderisiko. Vi er også opptatt av å legge til rette for klimatilpasning, både gjennom insentiver i våre produkter, og gjennom å bidra i forskningsprosjekter og å dele data med det offentlige.”

Annual report 2024A · The company itself

“Vi har etablert et partnerskap med teknologiselskapet Fell Tech, som har utviklet et system for kontroll av vannlekkasjer, med sikte på reduserte vannskader. Så langt har vi nådd ut til cirka 7 000 kunder.”

Annual report 2024A · The company itself

“De tre viktigste prioriteringene innen bærekraft er å bidra til et tryggere samfunn, bærekraftig skadebehandling og ansvarlige investeringer.”

Annual report 2024A · The company itself

“Derfor jobber vi med å hjelpe og veilede kundene i skadeforebyggende tiltak. Vi gjør en grundig vurdering av mulige risikoreduserende tiltak ved inngåelse av nye kundeavtaler.”

Annual report 2024A · The company itself

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

Annual report 2025A · The company itself

“Statements about our sustainability goals are based on our current expectations and are subject to the risk that we may not achieve these targets and goals due to, among other things, global socio-demographic and economic trends, energy prices, lack of technological innovations, climate-related conditions and weather events, legislative and regulatory changes, client behavior and demand, and other unforeseen events or conditions.”

Annual report 2025A · The company itself

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

Annual report 2025A · The company itself

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

Annual report 2025A · The company itself

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

Annual report 2025A · The company itself

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

Annual report 2025A · The company itself

“Climate-related physical and transition risks could disrupt our businesses and adversely affect client activity levels and the creditworthiness of our clients and counterparties, and we are at increased risk of being subject to conflicting legal and regulatory requirements and stakeholder expectations regarding climate-related matters. Extreme weather events and the shifts in climate could disrupt operations at one or more of our primary locations, which may negatively affect our ability to service and interact with our clients, adversely affect the value of our investments, including our real estate investments, and reduce the availability or increase the cost of insurance.”

Annual report 2025A · The company itself

“The risks associated with, and the perspective of government officials, regulators, shareholders, employees and other stakeholders regarding, climate change are continuing to evolve rapidly, which makes it difficult to assess the ultimate impact on us of climate change-related risks and uncertainties. In addition, due to divergent stakeholder views relating to climate change, any actual or perceived action, or lack thereof, by us relating to climate change could be perceived negatively by some stakeholders and subject us to criticism, which may adversely affect our business, reputation, and efforts to recruit and retain employees.”

Annual report 2025A · The company itself

“VD har ordet 5Årsredovisning 2024 | VD-ord Green Landscaping Group AB (publ) Klimatförändringarna – vi är en del av lösningen Under 2024 drabbades Europa av flera extrema väderhändelser. I Nordeuropa var det ovanligt kraftiga snöstormar, medan Centraleuropa upplevde omfattande översvämningar. Samtidigt drabbades Östeuropa och Sydeuropa av intensiva värmeböljor.”

Annual report 2024A · The company itself

“Hantering av konsekvenser från klimatförändringar Städer i Europa har på senare år fått uppleva de negativa effekterna av klimatförändringarnas konsekvenser i form utav sämre luftkvalitet, fler värmeböljor och översvämningar. Asfalt, betong, och annat byggmaterial bidrar till att städer blir till ”värmeöar” gentemot landsbygden, samt att dagvattenhanteringen och luftkvaliteten blir sämre. För att motverka dessa negativa effekter spelar grönskande utemiljöer en avgörande roll.”

Annual report 2024A · The company itself

“Klimatförändringen kan leda till krav på fler och mer intensiva insatser för markskötsel till följd av ökad nederbörd och ökade temperaturer. Medan ökade insatser leder till högre intäkter sommartid medför ett varmare klimat färre insatser och därmed minskade intäkter vintertid när nederbörden inte faller som snö.”

Annual report 2024A · The company itself

“Under vintertid sker snöröjning och halkbekämpning av gator, vägar, parkeringsytor, torg och fastighetsmark.”

Annual report 2024A · The company itself

“Examples of how weather can impact our business include: -the severity and duration of the winter in North America can have a significant impact on drilling activity and on natural gas storage levels; -the timing and duration of the spring thaw in Canada directly affects activity levels due to road restrictions; -typhoons and hurricanes can disrupt coastal and offshore operations; and -severe weather during the winter normally results in reduced activity levels in the North Sea.”

Annual report 2025A · The company itself

“Our business could be materially and adversely affected by severe weather, particularly in Canada, the Gulf of America, and the North Sea.”

Annual report 2025A · The company itself

“Stormar och oväder riskerar logistikstörningar i hela värdekedjan, i synnerhet på områden där HANZA förlitar sig på enstaka leverantörer.”

Annual report 2024A · The company itself

“hvor især kvaliteten af sommervejret har væsentlig betydning for omsætningen”

Annual report 2026A · The company itself

“Efterspørgslen i Danmark og Tyskland er under påvirkning af sæsonudsving, og sommervejret har betydelig indflydelse på den samlede efterspørgsel.”

Annual report 2026A · The company itself

“På de nordeuropæiske markeder er Harboe desuden påvirket af sæson, hvor især kvaliteten af sommervejret har væsentlig betydning for omsætningen.”

Annual report 2026A · The company itself

“Industry conditions are evolving as automobile premium growth moderates with improving margin conditions, while homeowners show signs of stabilization even as catastrophe frequency and severity remain a key consideration.”

Annual report 2025A · The company itself

“Changing climate and weather patterns may adversely affect our business, financial condition and results of operation. Climate change presents risks to us as an insurer, investor and employer. Climate models indicate that rising temperatures will likely result in rising sea levels over the decades to come and may increase the frequency and intensity of natural catastrophes and severe weather events.”

Annual report 2025A · The company itself

“Extreme weather events such as abnormally high temperatures may result in increased losses associated with our property, automobile, workers’ compensation and employee benefits businesses. Changing climate patterns may also increase the duration, frequency and intensity of heat/cold waves, which may result in increased claims for property damage, business interruption and losses under workers’ compensation, group disability and group life coverages.”

Annual report 2025A · The company itself

“Additionally, there may be an impact on the demand, price and availability of automobile and homeowners insurance, and there is a risk of higher reinsurance costs or more limited availability of reinsurance coverage.”

Annual report 2025A · The company itself

“Climate change-related risks, including risks associated with global energy transition, may also adversely impact the value of the investments that we hold, resulting in potential realized or unrealized losses on our invested assets. Our decision to invest in certain securities, loans, or other investments may also be impacted by changes in climate patterns due to: •changes in supply/demand for traditional sources of energy (e.g., coal, oil, natural gas); •advances in low-carbon technology and renewable energy development; •effects of extreme weather events on the physical and operational exposure of industries and issuers; and •internal investment guidelines and policies related to the global energy transition.”

Annual report 2025A · The company itself

“Climate change effects may also lead to decreases in real estate values in various locations and for a variety of reasons, reducing premium and demand for commercial property and homeowners insurance and adversely impacting the value of our real estate-related investments.”

Annual report 2025A · The company itself

“As an insurer, insurance affordability and availability trends are under scrutiny by federal and state lawmakers and state insurance regulators with new laws and regulations potentially impacting exposure mix, growth, and reinsurance strategies. For example, regulators could impose new disclosure requirements regarding underwriting or investment in certain industry sectors or take other actions such as implementing a temporary moratorium on cancellation of policies within catastrophe prone areas.”

Annual report 2025A · The company itself

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

Annual report 2025A · The company itself

“Catastrophe losses in the 2025 period included losses from tornado, wind and hail events across several regions, but concentrated in the South and Midwest regions, and to a lesser extent, the Mid Atlantic and Mountain West regions as well as a loss of $305, net of reinsurance, from the January 2025 California Wildfire Event.”

Annual report 2025A · The company itself

“Catastrophe losses in the 2024 period included losses from tornado, wind and hail events across several regions of the United States, as well as hurricanes and tropical storms primarily in the Southeast, South and Mid-Atlantic regions, and, to a lesser extent, from winter storms, primarily in the Pacific, Northeast, and South regions. •Employee Benefits losses and LAE increased slightly as a higher long-term disability loss ratio was partially offset by a lower group life loss ratio, reflecting reduced mortality, and improved results on the paid family and medical leave product due to pricing actions.”

Annual report 2025A · The company itself

“Underwriting Gain Year ended December 31, 2025 compared to 2024 Underwriting gain increased due to the effect of earned premium growth, higher favorable prior accident year development, and lower CAY catastrophe losses.”

Annual report 2025A · The company itself

“Underwriting Gain (Loss) Year ended December 31, 2025 compared to 2024 Underwriting gain increased, primarily due to the effect of an increase in earned premium due to renewal price increases and more favorable prior accident year development, partially offset by higher current accident year catastrophe losses.”

Annual report 2025A · The company itself

“during the course of employment, or from equipment, with each loss resulting in short-term or long-term disability payments. •Longevity- Risk of loss from increased life expectancy trends among policyholders receiving long-term benefit payments. •Cyber Insurance- Risk of loss to property, breach of data and business interruption from various types of cyber-attacks.”

Annual report 2025A · The company itself

“Catastrophe risk primarily arises in the property, automobile, workers' compensation, casualty, group life, and group disability lines of business but could also arise from other coverages such as losses under PV&T and CPRI policies.”

Annual report 2025A · The company itself

“The Hartford closely monitors scientific literature on climate change to help identify climate change risks impacting our business. We use data from the scientific community and other outside experts including partnerships with third-party catastrophe modeling firms to inform our risk management activities and stay abreast of potential implications of climate-related impacts that we incorporate into our risk assessment. We regularly study these climate change implications and incorporate these risks into our catastrophe risk assessment and management strategy through product pricing, underwriting and management of aggregate risk to manage implications of severe weather and climate change in our insurance portfolio.”

Annual report 2025A · The company itself

“Reinsurance as a Risk Management Strategy The Company uses reinsurance to transfer certain risks to reinsurance companies based on specific geographic or risk concentrations. A variety of traditional reinsurance products are used as part of the Company's risk management strategy, including excess of loss occurrence-based products that reinsure property and workers' compensation exposures, and individual risk (including facultative reinsurance) or quota share arrangements, that reinsure losses from specific classes or lines of business.”

Annual report 2025A · The company itself

“Reinsurance for Catastrophes- The Company utilizes various reinsurance programs to mitigate catastrophe losses including excess of loss occurrence-based treaties covering property and workers’ compensation, a catastrophe bond, an aggregate property catastrophe treaty, and individual risk agreements (including facultative reinsurance) that reinsure losses from specific classes or lines of business. The aggregate property catastrophe treaty covers the aggregate losses of catastrophe events (up to $350 per event) designated by the Property Claim Services office of Verisk and, for international business, net losses arising from two or more risks involved in the same loss occurrence totaling at least $500 thousand, in excess of a $750 retention. The occurrence-based property catastrophe treaty responds in excess of $200 per occurrence for all perils other than earthquakes and named hurricanes and tropical storms.”

Annual report 2025A · The company itself

“[2]In addition to the Per Occurrence Property Catastrophe Treaty, for Florida homeowners wind events, The Hartford has purchased the mandatory FHCF reinsurance for the annual period starting June 1, 2025. Retention and coverage varies by writing company. For the 2025 - 2026 period, the writing company with the largest coverage under FHCF is Hartford Insurance Company of the Midwest, with coverage of $37 in per event losses in excess of a $23 retention (estimates are based on best available information at this time and are periodically updated as information is made available by Florida). [3]Named hurricanes and tropical storms are defined as any storm or storm system declared to be a hurricane or tropical storm by the US National Hurricane Center, US Weather Prediction Center, or their successor organizations (being divisions of the US National Weather Service).”

Annual report 2025A · The company itself

“We may encounter difficulty acquiring hospitals and other health care businesses, encounter challenges integrating the operations of acquired hospitals and other health care businesses and/or become liable for unknown or contingent liabilities as a result of acquisitions. • Our facilities are heavily concentrated in Florida and Texas, which makes us sensitive to regulatory, economic, public health, environmental and competitive conditions and changes in those states. • Our business and operations are subject to risks related to hurricanes, extreme weather events or other natural disasters. • The industry trend toward value-based purchasing may negatively impact our revenues.”

Annual report 2025A · The company itself

“Our hospitals and other facilities, including those in Florida, Texas and other coastal states, are located in regions that have been, and may in the future be, impacted by hurricanes, extreme weather events or other natural disasters, the intensity or frequency of which could be affected by changing global weather patterns. These events could result in, for example, temporary declines in the number of patients seeking our services, closures of our hospitals and related facilities, supply chain disruptions, increased costs of products, commodities and energy (including utilities) and disruptions in our information systems, which in turn could negatively impact our business and results of operations.”

Annual report 2025A · The company itself

“Economic conditions, natural disasters, weather, and other events or conditions that negatively affect geographic areas where we have concentrated investments could have a material adverse effect on our business, results of operations, and financial condition. We are subject to increased exposure to adverse conditions affecting the geographies in which our properties are located, including: (i) downturns in local economies or increases in unemployment rates; (ii) changes in local real estate conditions, including increases in real estate taxes and property insurance premiums; (iii) increased competition; (iv) decreased demand; (v) changes in political administrations, or federal, state, and local legislation, including changes affecting business or property taxes; (vi) local climate events and natural disasters and other catastrophic events, such as pandemics, earthquakes, hurricanes, windstorms, flooding, wildfires, and mudslides and other physical climate risks, including water stress and heat stress; and (vii) failures of regional banks.”

Annual report 2025A · The company itself

“In addition, significant climate changes in areas where we own property could result in extreme weather and changes in precipitation, temperature, and other weather patterns, all of which could result in physical damage to or a decrease in demand for properties located in these areas or affected by these conditions or delays in construction. Moreover, an increase in volatility and difficulty predicting adverse weather events, such as freeze events in warmer climates in recent years, as well as increased hurricane intensity, may result in additional losses.”

Annual report 2025A · The company itself

“In particular, (i) a significant portion of our lab development projects and approximately 69% of our lab portfolio (based on gross asset value as of December 31, 2025) was concentrated in California, which is known to be subject to earthquakes, wildfires, and other natural disasters, and (ii) approximately 69% of our life plan community portfolio (based on gross asset value as of December 31, 2025) was concentrated in Florida, which is known to be subject to hurricanes.”

Annual report 2025A · The company itself

“Our worldwide operations and supply chain could be disrupted by natural or human-induced events including, but not limited to, earthquakes; tsunamis; floods; hurricanes, cyclones or typhoons; fires; other extreme weather conditions; power or water shortages; telecommunications failures; materials scarcity and price volatility; terrorist acts, civil unrest, conflicts or wars; trade tensions, tariffs, quotas, or import or export restrictions, and changes thereto, which are difficult to accurately predict; and health epidemics or pandemics.”

Annual report 2025A · The company itself

“Climate change serves as a risk multiplier that could increase both the frequency and severity of natural disasters that may affect our worldwide business operations and those of suppliers and customers. Our corporate headquarters is located in Spring, Texas, which suffers from floods, hurricanes, and other extreme weather, and a portion of our research and development activities are located in California, which suffers from drought conditions and catastrophic wildfires, each potentially affecting the health and safety of our employees and our business in these locations.”

Annual report 2025A · The company itself

“Hexagons produktions- och distributionsenheter är utsatta för risker (brand, explosion, naturkatastrofer, maskinskador, cyberhot, infrastrukturstörningar, strömavbrott etc.) som kan leda till egendomsskador och avbrott i verksamheten. Denna risk kan förstärkas ytterligare av klimatförändringarna som kan ha en direkt inverkan på frekvensen och svårighetsgraden på många av dessa händelser.”

Annual report 2024A · The company itself

“Yhtiön strategialla on vaikutuksia kaikkiin yhtiölle olennaisiksi tunnistettuihin kestävyysseikkoihin, joista kaikkein keskeisimmät keskipitkällä tai pitkällä aikavälillä ovat ilmastonmuutos, kuluttajien terveys ja turvallisuus sekä eläinten hyvinvointi.”

Annual report 2025A · The company itself

“Pääraaka-aineen tuottamisella on suurin vaikutus ilmastonmuutokseen, ja se on HKFoodsin kannalta merkittävin haaste päästövähennystavoitteiden saavuttamisessa. Muita merkittäviä pääraaka-aineeseen liittyviä kestävyysaiheita ovat maataloudesta aiheutuva vesien pilaantuminen, vesivarojen hyödyntäminen, biologinen monimuotoisuus ja ekosysteemit sekä resurssien käyttö ja kiertotalous.”

Annual report 2025A · The company itself

“Ilmastonmuutokseen liittyvät riskit ja mahdollisuudet sekä niiden vaikutukset HKFoodsin liiketoiminnalle Riski/ mahdollisuus Kategoria Alakategoria Kuvaus Taloudellinen vaikutus Aikajänne Haavoittuvuusanalyysi Fyysinen riski ▲ Akuutti Epidemiat ja pandemiat Eläin- ja kasvitautien aiheuttamien toimitushäiriöiden lisääntyminen koti markkinoilla, toimitusketjussa ja viennissä Liikevaihto Lyhyt Korkea Äärimmäisten sääilmiöiden (kuivuus, helleaalto, rankkasateet) vaikutukset Äärimmäisten sääilmiöiden vaikutus: Alkutuotannon pysähtyminen tai häiriö syntyneiden vahinkojen ja/tai kuljetusvaikeuksien seurauksena Liikevaihto Kulut Keskipitkä Korkea Krooninen Nousevat keskilämpötilat, muutokset sademäärissä Keskilämpötilojen nousun ja sateen määrän muutosten negatiivinen vaikutus rehukasvien satoihin, karjan olosuhteisiin sekä raakaaineiden saatavuuteen ja hintoihin.”

Annual report 2025A · The company itself

“Lisäksi se auttaa sopimustiloja kehittämään toimintaansa tehokkaammaksi ja kestävämmäksi. Laskennan käyttöön ottaneet tilat voivat tarkastella tuottajaportaalista oman tilansa ilmastovaikutuksia. Lisäksi työkalu tarjoaa toimenpidesuosituksia, joiden tuella tuottajat voivat kehittää toimintaansa ja pienentää tilansa ympäristövaikutuksia. • Osana FF2DH-hanketta toteutettiin vuoden 2025 kasvukauden aikana säätösalaojia koskeva pilottitutkimus, jossa selvitettiin niiden käyttöä pelloilla ja havainnoitiin vaikutuksia pellon vesitalouteen ja rehuherneen satotasoon. • Ilmatieteen laitos mallinsi pilottihankkeena maaperän hiilensidonnan ja luonnolliset maaperäpäästöt HKFoodsin broilerisopimustuottajan pelloilla.”

Annual report 2025A · The company itself

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

Annual report 2026A · The company itself

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

Annual report 2026A · The company itself

“Demand for certain of our products has historically been influenced by the occurrence of seasonal events, such as storms. The impact of these events on our sales varies depending on their location, frequency and magnitude.”

Annual report 2026A · The company itself

“Furthermore, the potential long-term impacts of climate change, whether involving physical risks (such as extreme weather conditions) or transition risks (such as regulatory or technology changes), could be widespread and unpredictable. Over time, these changes could affect, for example, the availability and cost of or demand for certain products, commodities, and energy (including utilities), which in turn may impact our ability to procure certain goods or services for the operation of our business at the quantities and levels we consider optimal.”

Annual report 2026A · The company itself

“The impact of a changing climate may also increase disease risks due to changes in weather or migratory patterns, which may result in certain types of diseases occurring more frequently or with more intense effects.”

Annual report 2025A · The company itself

“The Company may be subject to decreased availability or less favorable pricing for nuts, tomatoes, avocados, or other produce if poor growing conditions have a negative effect on agricultural productivity. Reductions in crop size or quality due to unfavorable growing conditions may have an adverse effect on the Company’s results.”

Annual report 2025A · The company itself

“The physical effects of a changing climate, such as natural disasters, extreme weather conditions, drought, and rising sea levels, could adversely affect the Company's results of operations, including by reducing the availability of necessary raw materials, increasing the cost of raw materials, increasing its energy costs, disrupting its supply chain, negatively impacting its workforce, damaging its facilities, and threatening the habitability of the locations in which the Company operates.”

Annual report 2025A · The company itself

“Total Energy Consumption increased from 2023 to 2024 due to the return to normal operations at properties impacted by weather events in 2023, partially offset by efficiency investments. Total Water Consumption decreased from 2023 to 2024 primarily due to decreased occupancy across our Maui resorts, following the wildfires.”

Annual report 2025A · The company itself

“An economic downturn, an increase in hotel supply in these cities and markets, natural disasters, weather events, terrorist attacks, health epidemics, or similar events in any one of these cities and markets likely would cause a decline in hotel demand and adversely affect occupancy rates, the financial performance of our hotels in these cities and markets and our overall results of operations.”

Annual report 2025A · The company itself

“For example, lodging demand in Maui, one of our largest markets by revenues, has been significantly impacted by the wildfires that occurred in August 2023, and the effect on lodging demand is expected to continue in 2026.”

Annual report 2025A · The company itself

“We face possible risks associated with natural disasters and the physical effects of climate change. We are subject to various physical, operational and financial risks associated with natural disasters and the physical effects of climate change, including more frequent or severe storms, droughts, hurricanes, flooding, earthquakes, wildfires, power shortages or outages and extreme temperatures, any of which could have a material adverse effect on our hotels, operations and business including, but not limited to, by damaging properties, by increasing the costs associated with our properties, or by decreasing the attractiveness of certain locations.”

Annual report 2025A · The company itself

“For example, lodging demand in Maui, one of our largest markets by revenues, has been significantly impacted by the wildfires that occurred in August 2023, and a significant number of our hotels in Florida were affected by Hurricanes Helene and Milton in September and October 2024, respectively.”

Annual report 2025A · The company itself

“Over time, our coastal markets are expected to continue to experience increases in storm intensity and rising sea levels causing damage to our hotels.”

Annual report 2025A · The company itself

“Our worldwide operations could be disrupted by natural disasters, telecommunications failures, cybersecurity incidents or other disruptions impacting information technology systems, manufacturing equipment failures, power or water shortages, fires, extreme weather conditions, and other disasters or catastrophic events, for which we are predominantly self-insured.”

Annual report 2025A · The company itself

“Global climate change is resulting, and is projected to continue to result, in natural disasters and adverse weather, such as drought, wildfires, storms, sea-level rise, flooding, heat waves, and cold waves, occurring more frequently or with greater intensity.”

Annual report 2025A · The company itself

“These disruptions could make it more difficult and costly for us to deliver our products and services, obtain components or other supplies through our supply chain, maintain or resume operations or perform other critical corporate functions, and could reduce customer demand for our products and services.”

Annual report 2025A · The company itself

“Humble har en faktisk negativa inverkan på vattenresurser genom: • Vattenförbrukning i känsliga områden. Våra produktionsanläggningar i Australien och Portugal är belägna i områden med hög vattenstress, där ökad vattenanvändning kan bidra till lokala vattenbrister.”

Annual report 2024A · The company itself

“Australien är särskilt utsatta för torka och bränder vilket kan leda till produktionsstopp och ökade kostnader för att säkerställa kontinuitet. Transporter och logistikflöden kan också påverkas av extremväder. • Störningar i råvaruförsörjning och prisökningar.”

Annual report 2024A · The company itself

“The outbreak of certain diseases (such as African swine fever) among livestock or poultry, or the adverse impact of climate change-related events (such as hurricanes, earthquakes, fires, and floods), could lead to the widespread death or precautionary destruction of such animals in the affected regions, reducing herd or flock sizes, which could reduce the demand for our testing products for such animals.”

Annual report 2025A · The company itself

“Climate change, or legal, regulatory or market measures to address climate change, could adversely affect our business, financial condition, and results of operation We operate in many regions around the world where our businesses and the activities of our customers and suppliers could be disrupted by climate change.”

Annual report 2025A · The company itself

“Potential physical risks from climate change may include altered distribution and intensity of rainfall, prolonged droughts or flooding, increased frequency of wildfires and other natural disasters, rising sea levels, and a rising heat index, any of which could cause negative impacts to our and our customers’ and suppliers’ businesses. Increased frequency and severity of extreme weather events could adversely impact our suppliers, manufacturing locations, logistics, and/or customers. Such impacts may include losses incurred as a result of physical damage to facilities, loss or spoilage of inventory, and business interruption and disruption (e.g., decrease in companion animal clinical visits and diagnostic utilization).”

Annual report 2025A · The company itself

“Environmental and climate-related events, including severe weather, droughts, floods, and water scarcity, can also impact crop yields, transportation, and energy costs, increasing sourcing challenges or prices of input costs.”

Annual report 2025A · The company itself

“Detta kan innebära köp av portföljer med säkra tillgångar, till exempel där fastighetsvärden kan förändras i klimatutsatta områden, även genom högre försäkringspremier samt marknadsrisker, förtroenderisker och risker i samband med nya regelverk, till exempel koldioxidprissättning.”

Annual report 2024A · The company itself

“44Års- och hållbarhetsredovisning 2024Om Intrum Styrning och kontroll Förvaltningsberättelse Finansiella rapporter Hållbarhetsinformation Task Force on Climate-Related Financial Disclosures Klimatförändringarna är en av vår tids allra största utmaningar. Den påverkar alla och kommer att i allt större utsträckning påverka den globala ekonomin under de kommande åren.”

Annual report 2024A · The company itself

“Strategiska hållbarhetsmål Fokusområde Strategiskt hållbarhetsmål 2023-2026 Utfall 2024 Främja hållbara betalningar Öka kundnöjdhetsindex till 4.5 av 5.0 4,2 Bevara kulturindex över 85/100 86/100 Upprätthålla nivån av nöjdhetsindex bland våra uppdragsgivare över 75/100 72/100 Växa genom att göra skillnad Säkra fortsatt högt engagemangsindex bland våra medarbetare över 80/100 78/100 Uppnå en mer balanserad könsfördelning i hela bolaget (40/60%) Styrelse: Kvinnor 43%, Män 57% Koncernledning 1 : Kvinnor 29%, Män 71% Hela organisationen: Kvinnor 60%, Män 40% Vara en respekterad aktör med högt förtroende Uppnå klimatneutralitet före 2030 och minska våra totala utsläpp av växthusgaser med minst 20% jämfört med 2019 Våra utsläpp har minskat med totalt -32% jämfört med basår 2019 från 7 277 ton till 4 947 ton.”

Annual report 2024A · The company itself

“Vara en respekterad aktör med högt förtroende BEKÄMPA KLIMAT- FÖRÄNDRINGARNA Mål 13 - Bekämpa klimatförändringarna Delmål 13.2 Integrera åtgärder mot klimatförändringar i politik och planering Genom att ha miljö och klimat högt på agendan, med tydliga målsättningar och åtgärdsplaner bidrar vi till att bekämpa klimatförändringarna.”

Annual report 2024A · The company itself

“In addition, our results of operations may be affected by seasonal factors. Customers tend to reduce shipments after the winter holiday season, and our operating expenses tend to be higher in the winter months, primarily due to colder weather, which causes higher fuel consumption from increased idle time and higher maintenance costs.”

Annual report 2025A · The company itself

“Extreme or unusual weather conditions can disrupt our operations, impact freight volumes, and increase our costs, all of which could have a material adverse effect on our business results. Certain weather conditions such as ice and snow can disrupt our operations. Increases in the cost of our operations, such as towing and other maintenance activities, frequently occur during the winter months. Natural disasters such as hurricanes and flooding can also impact freight volumes and increase our costs.”

Annual report 2025A · The company itself

“In particular, substantially all of our coffee production takes place in New Orleans, Louisiana and is subject to risks associated with hurricane and other weather-related events, and some of our production facilities are located in places where tornadoes or wildfires can frequently occur, such as Alabama, Kansas, Arkansas, and California.”

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 expect the green coffee commodity markets to remain challenging due to ongoing and significant price volatility. For example, during 2025, we experienced extreme drought impact, which substantially reduced green coffee production in Brazil. Due to the significance of green coffee to our coffee business, combined with our ability to only partially mitigate future price risk through purchasing practices and hedging activities, significant increases in the cost of green coffee could have an adverse impact on our profitability, as compared to that of our competitors. In addition, if we are not able to purchase sufficient quantities of green coffee due to any of the above factors or to a worldwide or regional shortage, we may not be able to fulfill the demand for our coffee, which could have a material adverse effect on our business, financial condition, and results of operations.”

Annual report 2026A · The company itself

“Specifically, in January 2024, a snow and ice storm in the south caused our cat food plant in Decatur, Alabama to be temporarily shut down. Although we consider these to be uncommon events, and we were able to effectively minimize any disruptions through our business continuity planning efforts, extreme weather could disrupt our production in the future, adversely affecting our ability to meet customer deadlines and supply demands.”

Annual report 2026A · The company itself

“Risks Related to Sustainability and Corporate Responsibility •Climate change and related environmental issues, including those related to compliance with new and evolving federal, state, local and foreign laws and regulations, could have a material adverse impact on our business, financial condition and results of operations. •We may be unable to achieve our climate commitments and targets. •Increasing scrutiny and changing and conflicting expectations from governmental organizations, clients, investors, suppliers and partners, communities and our employees with respect to our practices and disclosures related to sustainability and corporate responsibility may impose additional costs on us or expose us to new or additional risks.”

Annual report 2025A · The company itself

“Climate change related events, such as increased frequency and severity of storms, floods, wildfires, droughts, hurricanes, freezing conditions, and other natural disasters, may have both immediate and long-term impacts on our business, financial condition and results of operations.”

Annual report 2025A · The company itself

“Ökning av extremväder Markförvärv Planering Produktion Ökad kostnad: • Klimatskal • Regleringsrisk • Försäkringar • Vatten/avlopp • Kommunala krav Robusta klimatskal som tål fukt och temperaturförändringar Förkortad produktionstid p.g.a. mildare vintrar Hanteras enligt: • Hållbarhetskriterier vid genomlysning av förvärv • Robusta beprövade produkter • Aktiv produktutveckling • Strukturerad produktion • Eftermarknad 6.”

Annual report 2024A · The company itself

“Vidare bedöms JM ha goda förutsättningar att anpassa verksamheten efter eventuella klimatrelaterade utmaningar.”

Annual report 2024A · The company itself

“Global climate change and related regulations could negatively affect our business. The effects of climate change create financial and operational risks to our business. For example, the effects of climate change could impact the availability and cost of materials needed for manufacturing, exacerbate existing risks to our supply chain and increase insurance and other operating costs.”

Annual report 2025A · The company itself

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

Annual report 2025A · The company itself

“Both physical risks and transition risks associated with climate change could negatively impact JPMorganChase and its clients and customers. Physical risks include the increased frequency or severity of acute weather events and shifting climate patterns, which may lead to lower asset values, increased insurance costs, and business and supply chain disruptions. Transition risks, including evolving regulatory requirements, carbon taxes and the adoption of new technologies to support lower-carbon operations, may increase compliance and operational costs, contribute to commodity price volatility and impact the profitability of clients and customers that are adapting to a low-carbon economy. Any of these impacts could have a negative effect on the financial condition of JPMorganChase, the financial condition or creditworthiness of JPMorganChase’s clients and customers, JPMorganChase’s exposure to affected companies and markets, or the effectiveness of JPMorganChase’s existing business strategy.”

Annual report 2025A · The company itself

“För K2A kan akuta fysiska risker såsom översvämning, extremväder (exempelvis skyfall, snöfall, värmeböljor, stormar och brand) samt långsiktiga fysiska risker, komma att öka K2A:s kostnader för skador och kräva investeringar för att motverka påverkan.”

Annual report 2024A · The company itself

“Extrema snö- eller skyfall kan orsaka driftsstopp och/eller fuktskador, vilket medför längre produktionstid och ökade materialkostnader.”

Annual report 2024A · The company itself

“Extremväder och ändrade nederbördsmönster medför skador på klimatskal samt sättningar i mark.”

Annual report 2024A · The company itself

“Extremväder påverkar inomhuskomfort i ej klimatanpassade bostäder, med minskad kundnöjdhet, och/eller utflytt som följd.”

Annual report 2024A · The company itself

“Sen lisäksi, että Kalmar on alttiina ilmastoon liittyville riskeille, meneillään olevasta siirtymäprosessista aiheutuu uusia riskejä, joiden realisoitumisella voi olla merkittäviä taloudellisia vaikutuksia. Nämä riskit voivat johtaa esimerkiksi tuotteiden lyhentyneestä elinkaaresta johtuviin omaisuuserien arvonalentumisiin sekä uusien teknologioiden käyttöönottoon liittyviin lisäkustannuksiin, joita voi syntyä tuotekehityksessä, projektiriskien realisoituessa, varastojen kasvuna ja uudenlaisina takuuvirheinä.”

Annual report 2025A · The company itself

“Kalmar on kevyen taserakenteensa takia kuitenkin erityisen riippuvainen globaalista toimittajaverkostostaan, ja fyysisten ilmastoriskien lisääntyminen kaikkialla maailmassa kasvattaa toimitushäiriöiden riskiä.”

Annual report 2025A · The company itself

“Natural disasters, including wildfires, tornadoes, severe storms, and hurricanes, have seemingly become more frequent and severe. The timing and effects of these climate-related physical risks are difficult to accurately predict, and the potential impact of such risks on our operations, employees, communities, and customers could have a material adverse effect on our business, financial position, and results of operations.”

Annual report 2025A · The company itself

“Severe weather events can directly affect our operations by interrupting systems, damaging facilities, disrupting our supply chain, and hindering our ability to conduct business as usual. Additionally, these events can indirectly impact us by damaging or destroying customer businesses, impairing their ability to repay loans, or causing damage to properties pledged as collateral for loans made by Key.”

Annual report 2025A · The company itself

“Climate change poses a threat to the production of natural materials like cotton, potentially reducing supply and driving up prices. As raw material costs rise, the affordability of lower-priced products within Kid Group's assortment could be affected, leading to long-term financial risks related to material availability and potential customer loss.”

Annual report 2024A · The company itself

“The potential consequences of a decreased or unstable supply of cotton fibers due to climate change could significantly impact the Kid Group Topic Sub-topic Location in value chain IRO* Positive/ Negative Impact Description of material impacts, risks and opportunities identified in our materiality assessment Actual/ Potential Expected time horizon Climate Change Climate change adaptation Upstream, own operations and downstream I+R Negative Impact on properties, land or local communities in own operations and in the value chain due to the failure to adapt to climate change. Risk that climate change leads to several effects taking place at the same time, such as extreme heat waves which forces factories to temporarily close, drought which affects cotton prices and less material accessible overall.”

Annual report 2024A · The company itself

“This risk is closely linked to biodiversity loss driven by factors such as water scarcity, pollution, and temperature fluctuations, all of which affect cotton cultivation which is the most used material in the assortment. The upstream activities can potentially contribute to land-use change, pollution, and climate impacts are anticipated to occur across all time horizons.”

Annual report 2024A · The company itself

“From time to time, we decide to develop a vacant land parcel or redevelop existing properties, which subjects us to risks and uncertainties associated with construction and development. These risks include, but are not limited to, risks related to obtaining all necessary zoning, land-use, building occupancy and other governmental permits and authorizations, risks related to the environmental concerns of government entities or community groups, risks related to changes in economic and market conditions, especially in an inflationary environment, between development commencement and stabilization, risks related to construction labor disruptions, adverse weather, natural disasters, acts of God or shortages of materials and labor, which could cause construction delays and risks related to increases in the cost of labor and materials, which could cause construction costs to be greater than projected and adversely impact the amount of our development fees or our financial condition, results of operations and cash flows.”

Annual report 2025A · The company itself

“Natural disasters, severe weather conditions and the effects of climate change could have an adverse impact on our financial condition, results of operations and cash flows. Our operations are located in areas that are subject to natural disasters and severe weather conditions such as hurricanes, tornados, earthquakes, snowstorms, floods and fires, and the frequency of these natural disasters and severe weather conditions may increase due to climate change. The occurrence of natural disasters, severe weather conditions and the effects of climate change, including extreme temperatures or changes to meteorological or hydrological patterns, can delay new development or redevelopment projects, decrease the attractiveness of locations, increase investment costs to repair or replace damaged properties (or make repair or replacement impossible), increase operation costs, including the cost of energy at our properties, increase costs for future property insurance, negatively impact the tenant demand for lease space and cause substantial damages or losses to our properties, which could exceed any applicable insurance coverage.”

Annual report 2025A · The company itself

“In addition, weather-related events, including hurricanes, may impact our facilities and access to them and, thus, the profitability of certain terminals for limited periods of time or, in relatively rare cases of severe damage to facilities, for longer periods.”

Annual report 2025A · The company itself

“Hurricanes, earthquakes, flooding, and other natural disasters, as well as subsidence and coastal erosion and climate-related physical risks, could have an adverse effect on our business, financial condition, and results of operations. Some of our pipelines, terminals, and other assets are located in, and our shipping vessels operate in, areas that are susceptible to hurricanes, earthquakes, flooding, and other natural disasters or could be impacted by subsidence and coastal 28 erosion.”

Annual report 2025A · The company itself

“Many climate models indicate that global warming is likely to result in rising sea levels, increased frequency and severity of weather events such as winter storms, hurricanes and tropical storms, extreme precipitation, and flooding. These climate-related changes could result in damage to our physical assets, especially operations located in low-lying areas near coasts and river banks, and facilities situated in hurricane-prone and rain-susceptible regions.”

Annual report 2025A · The company itself

“We are also affected by natural disasters or catastrophes, such as public health crises, pandemics, epidemics, security events, and weather events, any of which could have an adverse impact on our ability to conduct our investment management and insurance businesses. Potential changes in climatic conditions, together with the response or failure to respond to these changes, could precipitate the frequency, severity, and impact of natural disasters or catastrophes.”

Annual report 2025A · The company itself

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

Annual report 2025A · The company itself

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

Annual report 2024A · The company itself

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

Annual report 2024A · The company itself

“En generelt aldrende fartøysflåte og strengere krav knyttet til klimagassutslipp, gir behov for fornyelse av flåten, noe som underbygger langsiktig etterspørsel etter forretningsområdets løsninger.”

Annual report 2024A · The company itself

“Maritim virksomhet står i dag for rundt tre prosent av globale klimagassutslipp årlig. International Maritime Organization (IMO) har besluttet at klimagassutslippene fra skipsfarten skal være null innen 2050.”

Annual report 2024A · The company itself

“Vi jobber systematisk for å identifisere risiko og muligheter knyttet til klimaendringer og omstillingen til et lavutslippssamfunn.”

Annual report 2024A · The company itself

“Våre produkter bidrar til å løse utfordringer knyttet til både bærekraft og sikkerhet. Dette er to markedsdrivere som vil være svært viktige i årene som kommer.”

Annual report 2024A · The company itself

“Oppstrøms Ikke relevant for risikoer Lang sikt Klimatilpasning Risiko Det er en risiko for at økte tilfeller av ekstremvær kan påvirke uforberedte produksjonsanlegg hos våre leverandører, noe som potensielt kan føre til betydelige produksjons- og leveringsforsinkelser, noe som kan påvirke inntektene våre.”

Annual report 2024A · The company itself

“Akutt og kronisk risiko, som orkaner, ekstreme værhendelser og endringer i nedbørsmønstre, utgjør trusler mot personell, drift og leverandørkjeder. Disse risikoene kan føre til driftsforstyrrelser og økte kostnader.”

Annual report 2024A · The company itself

“Vi ser en økt etterspørsel etter kommunikasjons- og overvåkingsutstyr tilpasset ekstreme værforhold, i alle fremtidige scenarioer. Vårt produktspekter på tvers av forretningsområdene er godt posisjonert for å levere i dette markedet.”

Annual report 2024A · The company itself

“Tre av de 20 var fysiske risikoer fra akutte hendelser som ekstremvær som påvirker personell, drift, og leverandørkjeder. Overgangsrisikoer involverer regulatoriske endringer og økte produksjonskostnader, mens muligheter inkluderer utvikling av lavutslippsløsninger som grønn skipsfart og bærekraftig havforvaltning.”

Annual report 2024A · The company itself

“Klimarisiko og muligheter KONGSBERG vurderer både klimarisiko og muligheter i målingen av gjenvinnbart beløp. På nåværende tidspunkt vurderer vi at konsernet ikke er vesentlig påvirket av fysisk klimarisiko, men at det er en en risiko for at bruksverdien kan blir påvirket av klimadrevne endringer i etterspørsel etter konsernets produkter, og lover og regler.”

Annual report 2024A · The company itself

“På den annen side så er det identifisert muligheter knyttet til teknologiutvikling der KONGSBERG leverer banebrytende teknologier og møter etterspørselen etter mer bærekraftig produkter spesielt innen den maritime sektoren.I tillegg kan klimaendringene i form av økt ekstremvær føre til økt etterspørsel etter løsninger og teknologi av spesielt høy kvallitet og robusthet som for eksempel kommunikasjons- og overvåkingsutstyr tilpasset ekstreme værforhold.”

Annual report 2024A · The company itself

“Kongsberg Maritimes overordnede mål er å beskytte mennesker og planeten.”

Annual report 2024A · The company itself

“In addition, extreme weather events such as storms and floods can cause significant disruptions to production volumes. Risks related to power outages are also acute and can lead to production stops and reduced production volumes, which has a direct impact on the business.”

Annual report 2025A · The company itself

“In the medium and long term, climate change mitigation can increase harvest volumes and facilitate production and revenue growth. The change in the growing season caused by global warming increases the growth rate of trees and opens up new opportunities for cultivating various tree species.”

Annual report 2025A · The company itself

“The impacts of the EU Biodiversity Strategy for 2030 are estimated to increase costs and require new operating models in the value chain. • The negative impacts of climate change on forests will increase. Droughts and extreme weather events are becoming more common. This is expected to weaken the availability of raw materials and increase price volatility.”

Annual report 2025A · The company itself

“In particular, the loss of forest biodiversity and soil degradation are critical factors that can weaken the raw material supply chain. • Impacts of climate change: The degradation of ecosystems, including the reduction of forest carbon sinks and the increase in extreme weather events, increases both operating costs and difficulties in accessing raw materials.”

Annual report 2025A · The company itself

“The decline in biodiversity weakens the ecological resilience of forests, increases the impacts of pests, diseases and climate-related risks and reduces tree growth and quality. This may lead to reduced availability of wood raw material, price fluctuations and disruptions in the supply chain.”

Annual report 2025A · The company itself

“Risks related to the physical impacts of climate change may disrupt the availability of raw materials Upstream Koskisen’s manufacturing operations (panel and sawmill industries) are highly dependent on wood raw material. Climate change may have adverse effects on forest growth and health due to rising average temperatures. These effects may include forest damage, wildfires, storms, compacted snow, reduced forest growth, warmer winters, and increased vulnerabilities. Disruptions in the availability, price, or quality of wood raw material would likely have wide-ranging impacts on operational cash flows and asset values.”

Annual report 2025A · The company itself

“Koskisen’s most significant short-term physical risks are related to sudden weatherrelated events and their effects on the availability of wood raw material. Acute climate change-related events can reduce the duration of the soil frost period and make harvesting more difficult. This has a direct impact on the availability of wood and increases costs.”

Annual report 2025A · The company itself

“In the medium term, the chronic physical changes caused by climate change are emphasised. High temperatures and drought cause slow growth and forest damage, which affects the availability and quality of wood. These factors increase the price of wood raw material and reduce profitability.”

Annual report 2025A · The company itself

“In the long term, extreme weather events such as storms, cyclones and floods, which affect the availability and price of wood raw material, emerge as the most significant risk. These events can have a significant impact on costs and profitability over the longer term.”

Annual report 2025A · The company itself

“From the perspective of climate change adaptation, the environmental principles emphasise goals and measures that focus on reducing physical acute and chronic risks in the upstream value chain. Commitment to the procurement of certified wood raw material, considering biodiversity in forest management and providing advice and training to forest owners and logging companies promote the resilience of forest nature to extreme weather events and, as climate change progresses, increasing drought, heat and the resulting loss of biodiversity.”

Annual report 2025A · The company itself

“The gradual increase in global average temperatures is projected to contribute to significant changes in weather patterns in the regions where we and our suppliers operate, including an increase in the frequency and severity of natural disasters, and changes in agricultural productivity. Increased natural disasters and decreased agricultural productivity in such regions may limit the availability or increase the cost of the natural resources and commodities used in the production of our products.”

Annual report 2025A · The company itself

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

Annual report 2025A · The company itself

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

Annual report 2025A · The company itself

“Our corporate headquarters and significant business operations are located in Florida, which is subject to the risk of major hurricanes.”

Annual report 2025A · The company itself

“Our worldwide operations and operations of our suppliers and customers could be subject to natural disasters or other significant disruptions, including hurricanes, typhoons, tsunamis, floods, earthquakes, fires, water shortages, other extreme weather conditions, epidemics, pandemics, acts of terrorism, power shortages and blackouts, telecommunications failures and other natural and man-made disasters or disruptions.”

Annual report 2025A · The company itself

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

Annual report 2025A · The company itself

“Many of the Company’s facilities, or the operations conducted therein could be difficult to replace in a short period of time. Any event that causes a disruption of the operation of these facilities might impact the Company’s ability to provide services to customers and, therefore, could have a material adverse effect on the Company’s financial condition, results of operations, and cash flows.”

Annual report 2025A · The company itself

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

Annual report 2026A · The company itself

“Ympäristöpalveluiden kysynnän odotetaan kasvavan tietoisuuden lisääntymisen, yritysten ja valtiollisten toimijoiden ilmastoon ja biodiversiteettiin keskittymisen, tiukentuvan sääntelyn, lisääntyvien geopoliittisten riskien ja laajamittaisen historiallisen saastumisen vuoksi.”

Annual report 2024A · The company itself

“Cooler than Normal Summers and Warmer than Normal Winters May Depress Our Sales. Demand for our products and services is seasonal and strongly affected by the weather. Cooler than normal summers depress our sales of replacement air conditioning and refrigeration products and services. Similarly, warmer than normal winters have the same effect on our heating products and services.”

Annual report 2025A · The company itself

“Additionally, the effects of extreme weather events and natural disasters, long-term changes in temperature levels, water availability, increased cost for decarbonizing process heating, supply costs impacted by increasing energy costs, or energy costs impacted by carbon prices or offsets, as a result of climate change or other factors, may exacerbate supply chain constraints and disruption.”

Annual report 2025A · The company itself

“This inability to fully meet demand would be exacerbated if a single-location production facility is disrupted due to external factors including, but not limited to, a climate-related disaster, pandemic or epidemic, geopolitical instability, or war.”

Annual report 2025A · The company itself

“External disruptions, including, but not limited to, conflicts, wars, natural disasters (the nature and severity of which may be impacted by climate change), public health crises, terrorist acts, or other civil or political disruptions, may cause significant damage or disruption to our operations, employees, facilities, systems, suppliers, supply chain, distributors, resellers, or customers in the U.S. and internationally for extended periods of time and could also affect demand for our products.”

Annual report 2025A · The company itself

“Klimat, miljö och resursanvändning Klimatförändringen På kort sikt kan klimatförändringen leda till ökade kostnader i försörjningskedjan genom ökade regleringar och högre miljöavgifter i leverantörsleden. På medellång sikt finns risken att höjda havsvattennivåer, brist på fossilfria bränslen och vatten, fler hårda stormar och högre temperaturer påverkar kostnaderna för och tillgängligheten till insatsvaror och transporter.”

Annual report 2024A · The company itself

“På medellång och lång sikt finns risken att Lifcobolagen eller dess leverantörer inte anpassar sig till exempelvis höjda havsvattennivåer, vattenbrist, högre temperaturer, högre miljöavgifter, ökade regleringar eller misslyckas med omställningen till fossilfria bränslen. Detta kan komma att påverka efterfrågan, leveransförmåga, produktkvalitet samt tillgången till kapital vilket kan påverka det finansiella resultatet.”

Annual report 2024A · The company itself

“Tidiga insikter om behovet av klimatanpassningar både i den egna verksamheten och hos leverantörer samt kunder kan stärka Lifcobolagens marknadsposition och därmed påverka efterfrågan och vinstmarginaler positivt.”

Annual report 2024A · The company itself

“The extent of CNA’s losses from catastrophes is a function of the total amount of its insured exposures in the affected areas, the frequency and severity of the events themselves, the level of CNA’s reinsurance coverage, reinsurance reinstatement premiums and state residual market assessments, if any. It can take a long time for the ultimate cost of any catastrophe losses to CNA to be finally determined, as a multitude of factors contribute to such costs, including evaluation of general liability and pollution exposures, infrastructure disruption, business interruption and reinsurance collectability.”

Annual report 2025A · The company itself

“The availability and cost of the reinsurance protection CNA purchases, which affects the volatility and profitability of its business, as well as the level and types of risk CNA retains, is determined by many factors, including general economic conditions and conditions in the reinsurance market, such as the occurrence of significant reinsured events or unexpected adverse trends, including those associated with climate change.”

Annual report 2025A · The company itself

“CNA’s, or its vendors’, facilities and systems could become unavailable, inoperable, or otherwise impaired from a variety of causes, including natural events, such as hurricanes, tornadoes, windstorms, earthquakes, severe winter weather and fires, or other events, such as explosions, terrorist attacks, computer security breaches or cyber attacks, riots, hazardous material releases, medical epidemics or pandemics, utility outages, interruptions of data processing and storage systems or unavailability of communications facilities or systems.”

Annual report 2025A · The company itself

“In addition, rules and regulations are being introduced, or are being considered, in the areas of AI, information security and climate change, which may also affect CNA’s business.”

Annual report 2025A · The company itself

“These proposals expose Boardwalk Pipelines’ operations as well as the operations of its fossil fuel producer customers to a series of regulatory, political, litigation and financial risks.”

Annual report 2025A · The company itself

“Political, litigation and financial risks may result in Boardwalk Pipelines’ fossil fuel producer customers restricting or canceling production activities, incurring liability for infrastructure and other damages as a result of climatic changes, or impairing their ability to continue to operate in an economic manner, which also could reduce demand for 33 Table of Contents Boardwalk Pipelines’ services.”

Annual report 2025A · The company itself

“Climatic events can cause disruptions to, delays in or suspension of Boardwalk Pipelines’ services, by interrupting its operations, causing loss of or damage to its facilities or equipment, or having similar impacts on its customers or third-party suppliers. In general, Boardwalk Pipelines’ operations could be significantly impacted by climatic conditions such as increased frequency and severity of storms, floods and wintry conditions.”

Annual report 2025A · The company itself

“Boardwalk Pipelines’ pipeline operations along coastal waters and offshore could be adversely impacted by climatic conditions such as rising sea levels, subsidence and erosion, which could result in serious damage to Boardwalk Pipelines’ facilities and affect its ability to provide transportation services. Such damage could result in leakage, migration, releases or spills from Boardwalk Pipelines’ operations and could result in liability, remedial obligations or otherwise have a negative impact on operations.”

Annual report 2025A · The company itself

“Such climatic conditions could also impact Boardwalk Pipelines’ customers’ ability to utilize Boardwalk Pipelines’ services and third-party suppliers’ ability to provide Boardwalk Pipelines with the products and services necessary to maintain operation of its facilities.”

Annual report 2025A · The company itself

“In recent years, local governments and landowners in Louisiana have filed lawsuits against energy companies, including Boardwalk Pipelines, alleging that their operations contributed to increased coastal rising seas and erosion and are seeking, or have been awarded, substantial damages.”

Annual report 2025A · The company itself

“In addition, Loews Hotels & Co’s properties in Florida are subject to the effects of adverse acts of nature, such as hurricanes, strong winds and flooding, which have in the past caused damage to its hotels in Florida, and which may in the future be intensified as a result of climate change.”

Annual report 2025A · The company itself

“Our business has been and could continue to be affected by uncharacteristic or significant weather conditions, as well as other catastrophic events, which could impact our operations. Natural disasters, such as hurricanes and tropical storms, fires, floods, tornadoes, and earthquakes; unseasonable, or unexpected or extreme weather conditions, such as major or extended winter storms or droughts, whether as a result of climate change or otherwise; severe changes in climate; pandemics and public health concerns; acts of terrorism or violence, including active shooter situations; civil unrest; or similar disruptions and catastrophic events could have, and in certain instances in the past had, an adverse effect on our operations or financial performance.”

Annual report 2026A · The company itself

“These events can affect consumer spending and confidence and consumers’ disposable income, particularly with respect to home improvement or construction projects, and could have an adverse effect on our financial performance.”

Annual report 2026A · The company itself

“Natural disasters or catastrophic climate events may, and in certain instances in the past has, increased demand for certain of our products, and if we are unable to meet such customer demands, our reputation, business, and financial operations could be harmed, particularly if our responses to such events are less adequate than those of our competitors.”

Annual report 2026A · The company itself

“Our business and operations are subject to climate-related risks. These include both physical risks (such as extreme weather conditions or rising sea levels) and transition risks (such as regulatory or technology changes), which are expected to be widespread and unpredictable.”

Annual report 2026A · The company itself

“The concentration of our primary offices, several of our distribution centers, and a number of our stores along the west coast of North America could amplify the impact of a natural disaster occurring in that area to our business.”

Annual report 2026A · The company itself

“We are subject to physical and transitional risks related to climate change, as well as increasing pressure from investors, regulators, and advocacy organizations regarding climate-related disclosures and action. Physical risks, such as rising global temperatures, changing weather patterns, and increasing frequency and severity of extreme weather events, could disrupt our supply chain, increase raw material and production costs (including cotton availability and pricing), and reduce consumer demand or shift purchasing behavior.”

Annual report 2026A · The company itself

“The TSF may be subject to ground movements, deteriorating ground conditions, or extraordinary weather events. Although the Company conducts extensive maintenance and monitoring, engages external consultants and incurs significant costs to maintain the TSF, unanticipated failures or damage as well as changes to laws and regulations may occur that could cause injuries, production loss, environmental damage which may affect nearby communities, a loss event in excess of insurance coverage, reputational damage, potential for a temporary shutdown of a portion or all of the operations at Fruta del Norte, or other materially adverse effects on the Company’s operations and financial condition resulting in significant monetary losses, restrictions on operations and/or legal liability.”

Annual report 2024A · The company itself

“Physical risks related to climate change may include more extreme temperatures, precipitation levels and other weather events. Extreme high or low temperatures could impact the operation of equipment and the safety of personnel at Fruta del Norte, which could result in damage to equipment, injury to personnel and production disruptions. Increases or decreases in precipitation levels or extreme weather events, such as severe storms or floods or drought, which may be more probable and more extreme due to climate change, may damage critical infrastructure such as public roads, bridges and ports, lead to a decline in power availability, negatively impact operations, disrupt production, lead to water management challenges, landslides or breach of containment facilities.”

Annual report 2024A · The company itself

“Sääolosuhteet • Sään ääri-ilmiöt, esimerkiksi huomattavasti kasvanut vuotuinen sade- ja lumimäärä, voivat aiheuttaa kustannusten nousuapalvelutuotannon vaikeutuessa.”

Annual report 2025A · The company itself

“Kaksoisolennaisuusanalyysin perusteella Luotean olennaiset yhteiskuntaan ja ympäristöön kohdistuvat vaikutukset (vaikutusten olennaisuus) sekä kestävyyteen liittyvät riskit ja mahdollisuudet (taloudellinen olennaisuus) liittyvät ympäristön osalta ilmastonmuutokseen (E1), biologiseen monimuotoisuuteen ja ekosysteemeihin (E4), resurssien käyttöön ja kiertotalouteen (E5) sekä yhteiskunnan osalta omaan työvoimaan (S1) ja arvoketjun työntekijöihin (S2).”

Annual report 2025A · The company itself

“Kiinteistöpalvelut Suomen tammi-joulukuun liikevaihto oli 224,4 miljoonaa euroa (238,0). Kiinteistöpalvelut Suomen liikevaihdon supistumiseen vaikuttivat suunniteltu sopimussalkun tervehdyttäminen sekä vähäluminen alkuvuosi 2025.”

Annual report 2025A · The company itself

“Disruptions of supplies may occur as a result of transportation issues resulting from natural disasters, water levels, and interruptions in marine water routes, among other causes, which can affect the operations of vessels, barges, rails, trucks and pipeline traffic. These risks are particularly prevalent in the U.S. Gulf Coast area.”

Annual report 2025A · The company itself

“In recent years, we have had to temporarily shut down plants on the U.S. Gulf Coast as a result of various hurricanes and cold weather events impacting Texas and Louisiana.”

Annual report 2025A · The company itself

“The physical impacts of climate change can negatively impact our facilities and operations. Potential physical impacts of climate change include increased frequency and severity of hurricanes and floods as well as freezing conditions, tornadoes, and global sea level rise.”

Annual report 2025A · The company itself

“A number of our facilities are located on the U.S. Gulf Coast, which has been impacted by hurricanes that have required us to temporarily shut down operations at those sites.”

Annual report 2025A · The company itself

“Our sites rely on rivers and other waterways for transportation that may experience restrictions in times of drought or other unseasonal weather variation. In addition, scarcity of water and drought conditions could reduce the availability of fresh water needed to produce our products which could increase our costs of operations.”

Annual report 2025A · The company itself

“•The Company’s reported financial condition and results of operations depend on management’s selection of accounting methods and require management to make estimates about matters that are uncertain. •The Company’s models used for business planning purposes could perform poorly or provide inadequate information. •The Company's reputation may be harmed, which could negatively impact investor and customer confidence. •The Company’s framework for managing risks may not be effective. •Pandemics, acts of war or terrorism and other adverse external events could significantly impact the Company’s business. •The Company’s assets, communities, operations, reputation and customers could be adversely affected by the impacts of climate-related risk.”

Annual report 2025A · The company itself

“The Company’s assets, communities, operations, reputation and customers could be adversely affected by the impacts of climate-related risk. The Company operates in regions where its businesses and the activities of its customers could be negatively impacted by climate-related risk. This includes the physical risks resulting from chronic shifts in climate, such as rising average global temperatures, rising sea levels, and acute climate events, such as an increase in the frequency and severity of extreme weather events and natural disasters, including floods, wildfires, hurricanes and tornados.”

Annual report 2025A · The company itself

“Such chronic shifts and acute events could damage or otherwise impact the value or productivity of customers’ assets and disrupt the Company’s operations and the operations of customers or third parties on which the Company relies. They could also result in market volatility, negatively impact the Company’s customers’ ability to repay outstanding loans, and deteriorate the value of collateral.”

Annual report 2025A · The company itself

“For example, over time, the occurrence of acute climate events may result in both increasing insurance premiums for and reduced availability of insurance, which could have a broader impact on the economy.”

Annual report 2025A · The company itself

“Sijoitusomaisuutta koskevilla ilmastomuutoksen fyysisillä riskeillä tarkoitetaan kroonisia ja akuutteja riskejä, jotka aiheutuvat ilmastomuutoksesta johtuvien ympäristövaikutusten, kuten tulvien ja kuivuuden, seurauksena aiheuttaen vahinkoa kohdeyhtiöiden omaisuudelle tai haitaten niiden toimintaa saaden näin aikaan taloudellista vahinkoa, joka heijastuu negatiivisesti Mandatumin sijoitusten arvoon. Siirtymäriskeillä puolestaan tarkoitetaan riskejä, jotka syntyvät toiminta- ja sääntelyympäristön muuttuessa ja siirryttäessä kohti hiilineutraalia taloutta. Sijoitusomaisuuteen liittyvät siirtymäriskit voivat realisoitua, kun kohdeyhtiöt kohtaavat haasteita, esimerkiksi muuttuvan sääntelyn, yhtiöön kohdistuvien oikeustoimien tai muuttuvan asiakaskysynnän seurauksena niin, että sillä on vaikutusta Mandatumin sijoitusten arvoon.”

Annual report 2025A · The company itself

“Vuonna 2025 Mandatum suoritti yhdessä ulkoisen palveluntarjoajan kanssa ilmastoriskien skenaarioanalyysin, jossa ilmastoriskejä arvioitiin kolmessa eri skenaariossa liki kahdeksankymmenen vuoden ajanjaksolla. Analyysissa käytetyt kolme skenaariota pohjautuvat NGFS:n (Network for Greening the Financial System) skenaarioihin ja ovat seuraavat: • Nykyisten politiikkojen mukainen skenaario, jossa vain tällä hetkellä toteutetut ilmastopolitiikat säilyvät ja fyysiset riskit korostuvat. Ilmastotavoitteita ei saavuteta, mikä johtaa yli kolmen asteen lämpötilan nousuun. • Nettonolla 2050 -skenaario, jossa kestävä siirtymä onnistuu, ja ilmaston lämpeneminen saadaan rajoitettua 1,5 asteeseen.”

Annual report 2025A · The company itself

“Mandatumin olennaiset ilmastoriskit liittyvät sen sijoitusportfolioihin, minkä vuoksi skenaarioanalyysissa on keskitytty sijoitusomaisuuden analysointiin. Vuonna 2025 Mandatum suoritti yhdessä ulkoisen palveluntarjoajan kanssa ilmastoriskien skenaarioanalyysin, jossa ilmastoriskejä arvioitiin kolmessa eri skenaariossa liki kahdeksankymmenen vuoden ajanjaksolla.”

Annual report 2025A · The company itself

“We, the hotels in our system, and our other lodging offerings are subject to the risks associated with extreme weather, natural disasters, and climate change, including physical impacts, changes in laws and regulations, and changing consumer preferences. We have seen a decline in travel and reduced demand for lodging as a result of natural disasters and extreme weather in some markets and in areas of the world from which we draw guests, and the prevalence and impact of these events may increase or worsen in the future. Natural disasters, extreme weather, and other climate impacts and events (including rising sea levels, extreme hot or cold weather, hurricanes and typhoons, flooding, water shortages, fires, and droughts) have impacted, and continue to impact, hotels in our system, including by causing physical damage that prevents or limits the operations of the property or resulting in increases in insurance, energy or other operating costs.”

Annual report 2025A · The company itself

“The heavy-side construction business is conducted outdoors, as are a significant portion of the Building Materials business’ operations. Therefore, weather patterns, seasonal changes and other climate-related conditions, including precipitation, flooding, hurricanes, snowstorms, extreme hot and cold temperatures, wildfires, earthquakes and droughts, can significantly affect production schedules, shipments, costs, efficiencies and profitability.”

Annual report 2025A · The company itself

“Our Building Materials business is seasonal and sensitive to weather and climate-related conditions that can significantly disrupt operations, shipments and demand. The heavy-side construction business is conducted outdoors. Accordingly, our production, distribution, and customer demand are affected by seasonal weather patterns and adverse weather. Adverse weather conditions, including hurricanes and tropical storms, extreme temperatures, snow, heavy or sustained rainfall, wildfires and earthquakes, reduce construction activity, restrict the demand for our products and impede our ability to efficiently transport material.”

Annual report 2025A · The company itself

“Therefore, erratic weather patterns, precipitation and other weather-related conditions, including flooding, hurricanes, extreme hot and cold temperatures, earthquakes, droughts and wildfires, can significantly affect production schedules, shipments, costs, efficiencies and profitability. Generally, the financial results for the first and fourth quarters are influenced by the impacts of winter weather, while the second and third quarters can be subject to the impacts of heavy precipitation and excessive heat.”

Annual report 2025A · The company itself

“Our transaction switching systems and other offerings may experience interruptions as a result of technology malfunctions, network degradation, updates and migrations to new technology and platforms, supply-chain attacks, fire, floods, earthquakes, weather events, power outages, telecommunications disruptions, terrorism, workplace violence, accidents or other catastrophic events (including those related to climate change).”

Annual report 2025A · The company itself

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

Annual report 2025A · The company itself

“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

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

Annual report 2025A · The company itself

“We could have an interruption in our business, loss of inventory or data, or be rendered unable to accept and fulfill customer orders as a result of a natural disaster, catastrophic event, epidemic, computer system failure, or cyber-attack. Natural disasters could include an earthquake, fire, floods, drought, tornado, hurricane or severe storm.”

Annual report 2025A · The company itself

“Unseasonable or unusual weather or long-term climate changes may negatively impact the price or availability of spices, herbs and other raw materials.”

Annual report 2025A · The company itself

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

Annual report 2025A · The company itself

“Vinterkyla medför normalt sett en ökad efterfrågan.”

Annual report 2024A · The company itself

“En eventuell skada, till exempel brand eller teknisk störning vid något av koncernens distributionscenter, skulle medföra negativa konsekvenser för bolagets försäljning och leverans till kunder i den berörda regionen.”

Annual report 2024A · The company itself

“MEKO påverkar miljö och klimat genom sina aktiviteter och de produkter och tjänster som koncernen erbjuder. • Klimatförändringar kan leda till fysiska risker såsom risk för översvämning av lager samt regulatoriska risker i form av regleringar för fordonsbranschen, marknadsrisker i form av behov av nya produkter och tjänster, nya fordonstekniker och ökade krav från investerare på hållbarhetsprestanda. • Utöver mer lagstiftning inom klimatområdet kan skärpt lagstiftning för kemiska produkter, avfallshantering samt ökade skatter och andra styrmedel leda till investeringsbehov och/eller lägre lönsamhet • Eventuella överträdelser av regelverk skulle ha rättslig inverkan och skada förtroendet för våra erbjudanden och varumärken.”

Annual report 2024A · The company itself

“The adverse impacts of climate change include increased frequency and severity of natural disasters and extreme weather events such as hurricanes, tornados, wildfires (exacerbated by drought), flooding, and extreme heat. Extreme weather, inland flooding and sea-level rise pose physical risks to the Company’s facilities as well as those of its suppliers.”

Annual report 2025A · The company itself

“Other potential physical impacts due to climate change include reduced access to high-quality water in certain regions and the loss of biodiversity, which could impact future product development. These risks could disrupt the Company’s operations and its supply chain, which may result in increased costs.”

Annual report 2025A · The company itself

“Other risks specific to animal health include epidemics and pandemics affecting livestock, government procurement and pricing practices, weather and global agribusiness economic events.”

Annual report 2025A · The company itself

“The Company believes that climate change has the potential to negatively affect its business, results of operations, cash flows and prospects. The Company is exposed to physical risks (such as extreme weather conditions, inland flooding or rising sea levels), risks in transitioning to a low-carbon economy (such as additional legal or regulatory requirements, changes in technology, market risk and reputational risk) and social and human effects (such as population dislocations and harm to health and well-being) associated with climate change.”

Annual report 2025A · The company itself

“In addition, changes in discretionary consumer spending or consumer preferences could be driven by factors such as the increased cost of travel, an unstable job market, perceived or actual disposable consumer income and wealth, outbreaks of contagious diseases or fears of war and acts of terrorism or other acts of violence.”

Annual report 2025A · The company itself

“Extreme weather conditions, potentially exacerbated by climate change, may cause property damage or interrupt business, which could harm our business and results of operations. Certain of our properties are located in areas that may be subject to extreme weather conditions, including, but not limited to, hurricanes, floods, tornados, wildfires, and winter storms in the United States and severe typhoons in Macau.”

Annual report 2025A · The company itself

“In particular, our performance is disproportionately influenced by job growth and unemployment. To the extent the economic conditions, job growth and unemployment in any of these markets deteriorate or any of these areas experiences natural disasters, the value of our portfolio, our results of operations and our ability to make payments on our debt and to make distributions could be adversely affected.”

Annual report 2025A · The company itself

“Environmental problems are possible and can be costly. Under various federal, state and local laws, ordinances and regulations, a current or previous owner or operator of real estate may be liable for the costs of removal or remediation of certain hazardous or toxic substances in, on, around or under such property. Such laws often impose such liability without regard to whether the owner or operator knew of, or was responsible for, the presence of such hazardous or toxic substances.”

Annual report 2025A · The company itself

“Many of our apartment communities are located in areas, such as coastal regions, that have historically been vulnerable to extreme weather events. To the extent climate change causes changes in weather patterns, areas where many of our communities are located could experience more frequent and intense extreme weather events and rising sea levels, which may cause significant damage to our properties, disrupt our operations and adversely impact our residents and rental revenue.”

Annual report 2025A · The company itself

“For example, the current and potential impacts of climate change, along with the increased risk of extreme weather events and natural disasters have caused significant increases in our property insurance premiums and may adversely affect the availability and terms of coverage in the future.”

Annual report 2025A · The company itself

“Extremt väder, som blir allt vanligare, utgör en växande utmaning för livsmedelsproduktionen och därmed även för Midsona. Ett varmare klimat riskerar leda till högre verksamhetskostnader genom till exempel ökat kylbehov i produktionsanläggningarna.”

Annual report 2024A · The company itself

“Slutsatsen av den senaste scenarioanalysen visar att ett 1,5°C scenario påverkar Midsonas verksamhet och värdekedja inom många områden. Flera klimatrelaterade risker och möjligheter har identifierats som sannolikt kommer att påverka lönsamheten och kostnaderna över tid vilket därför ligger väl i linje med bolagets åtgärd med nya förstärkta klimatmål att arbeta emot.”

Annual report 2024A · The company itself

“Vatten blir en viktig resurs med begränsad tillgänglighet och klimatrelaterade konflikter ökar på grund av dålig fiskevård, skogsbruk, jordbruk och levnadsvillkor. När världen värms upp ökar svårighetsgraden och frekvensen av extrema väderhändelser.”

Annual report 2024A · The company itself

“Our business could be interrupted and our financial results could be materially adversely impacted by physical risks such as earthquakes, fires, hurricanes, floods, other severe weather events, acts of war, terrorist attacks, cyberattacks and other disruptions in information systems, such as the March 2021 cybersecurity incident, disease outbreaks or pandemics and other natural disasters or catastrophic events that damage, disrupt or destroy one of our breweries or key facilities or the key facilities of our significant suppliers.”

Annual report 2025A · The company itself

“Increased frequency or duration of extreme weather conditions, including power disruptions and/or water availability implications due to the foregoing, could also impair production capabilities, disrupt our supply chain, distribution networks and routes to market, or impact demand for our products, any of which may cause us to experience additional costs to maintain or resume operations.”

Annual report 2025A · The company itself

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

Annual report 2025A · The company itself

“Many of these conditions are or could be exacerbated or worsened by climate change. Increased government intervention and consumer or activist responses caused by increased focus on climate change, deforestation, water, plastic waste, animal welfare and human rights concerns and other risks associated with the global food system could adversely affect our or our suppliers’ reputation and business and our ability to procure the materials we need to operate our business.”

Annual report 2025A · The company itself

“Decreased agricultural productivity caused by such physical risks has limited and in the future may continue to limit the availability of the commodities we purchase and use and increase the costs of such products. These include cocoa, which is a critical raw material for our chocolate and biscuits & baked snacks portfolios that is particularly sensitive to changes in climate and has recently had a global decrease in availability and increase in price, as well as other raw materials such as dairy, wheat, vegetable oils, sugar and nuts.”

Annual report 2025A · The company itself

“Weather events such as floods, severe storms or water shortages, including those partially caused or exacerbated by climate change might disrupt our business operations or those of our suppliers, their suppliers, our external manufacturing partners, distributors or other business partners and could increase our insurance and other operating costs.”

Annual report 2025A · The company itself

“We have also experienced decreased demand for chocolate during periods when temperatures are warmer.”

Annual report 2025A · The company itself

“However, industry-wide shortages of certain ingredients, including flavors, fruits and fruit juices, coffee, tea, dairy-based products, carbon dioxide, supplement ingredients and sweeteners have been, and could from time to time in the future be, encountered, which could interfere with and/or delay production of certain of our products.”

Annual report 2025A · The company itself

“The volume of sales in the beverage industry is affected by weather conditions. However, the energy drink category appears to be less seasonal than traditional beverages.”

Annual report 2025A · The company itself

“Our business is subject to seasonality, which may cause fluctuations in our operating results. ● The costs of packaging supplies, raw material inputs, ocean and domestic freight, tariffs, and inflation generally may adversely affect our results of operations. ● Global or regional catastrophic events could impact our operations and affect our ability to grow our business. ● Climate change and natural disasters may negatively affect our business. ● If we are not able to retain the services of our workforce, there may be an adverse effect on our operations and/or our operating performance until we find suitable replacements. ● Negative publicity (whether or not warranted) could damage our brand image and corporate reputation and may cause our business to suffer.”

Annual report 2025A · The company itself

“Our business is subject to seasonality, which may cause the sale of our products to fluctuate from period to period due to the inherent demands and timing of our customers and consumer needs as well as seasonal factors, such as poor weather conditions.”

Annual report 2025A · The company itself

“Because of our increasingly global presence, our business could be affected by unstable political conditions, civil unrest, protests and demonstrations, large-scale terrorist acts, especially those directed against the United States or other major industrialized countries where our products are distributed, the outbreak or escalation of armed hostilities, major natural disasters and extreme weather conditions, such as hurricanes, wildfires, tornados, earthquakes or floods, or widespread outbreaks of infectious diseases (such as the COVID-19 pandemic). Such catastrophic events could impact our operations and our supply chain, including the production and/or distribution of our products.”

Annual report 2025A · The company itself

“Our headquarters and a large part of our operations are located in California, a state at greater risk for earthquakes and wildfires.”

Annual report 2025A · The company itself

“Changing weather patterns could result in decreased agricultural productivity in certain regions, and/or outbreaks of diseases or other health issues, which may limit the availability and/or increase the cost of certain key ingredients, juice concentrates, supplements and other ingredients used in our products and could impact the food security of communities around the world.”

Annual report 2025A · The company itself

“Increased frequency, duration, and intensity of extreme weather conditions and/or natural disasters could also impair our production capabilities, disrupt our supply chain, impact demand for our products, and/or create financial risk due to rising insurance premiums or the inability to maintain coverage.”

Annual report 2025A · The company itself

“Natural disasters and extreme weather conditions, such as hurricanes, wildfires, earthquakes or floods, and outbreaks of diseases (such as the COVID-19 pandemic) or other health issues, have affected, and may continue to affect, our operations and the operation of our supply chain, impact the operations of our bottlers/distributors and unfavorably impact our consumers’ ability to purchase our products. In September and October 2024, for example, Hurricanes Helene and Milton impacted sales at retail in certain states.”

Annual report 2025A · The company itself

“Revenues are highly dependent upon conditions in the agriculture industry and can be affected by, among other factors: crop conditions; changes in agricultural production practices; worldwide economic conditions, including the increasing world population, household incomes and demand for more protein-rich food, particularly in developing regions such as China, India and Latin America; changing demand for biofuels; variability in commodity pricing; governmental policies; the level of inventories in the crop nutrient distribution channels; customer expectations regarding farmer economics, future crop nutrient prices and availability, and transportation costs, among other matters; market trends in raw material costs; market prices for crop nutrients; and weather.”

Annual report 2025A · The company itself

“Furthermore, our crop nutrients business is seasonal to the extent farmers and agricultural enterprises in the markets in which we compete purchase more crop nutrient products during the spring and fall. The international scope of our business, spanning the northern and southern hemispheres, reduces to some extent the seasonal impact on our business. The degree of seasonality of our business can change significantly from year to year due to conditions in the agricultural industry and other factors.”

Annual report 2025A · The company itself

“Farmers tend to apply crop nutrients during two short application periods, the strongest one in the spring, before planting, and the other in the fall, after harvest. As a result, the strongest demand for our products typically occurs during the spring planting season, with a second period of strong demand following the fall harvest. In contrast, we generally produce our products throughout the year. As a result, we and our customers generally build inventories during the low demand periods of the year in order to provide timely product availability during the peak sales seasons.”

Annual report 2025A · The company itself

“Adverse weather conditions, including hurricanes, and excess heat, cold, snow, rainfall and drought, have in the past, and may in the future, adversely affect our operations, and result in increased costs, decreased sales or production and potential liabilities. Adverse weather conditions have in the past and may in the future adversely affect our operations, particularly our Phosphate operations.”

Annual report 2025A · The company itself

“In the past, hurricanes have resulted in physical damage to and outages at our facilities in Florida and Louisiana.”

Annual report 2025A · The company itself

“If adverse weather conditions occur, as they have in the past, our facilities may be required to take additional measures to manage process water to comply with existing or future requirements and these measures could potentially have a material effect on our business and financial condition. Adverse weather conditions may also cause a loss of production and may disrupt our supply chain or adversely affect delivery of our products to our customers.”

Annual report 2025A · The company itself

“Excess rainfall and drought have in the past, and may in the future, adversely affect us. For example, in 2019 we experienced the wettest year in North America in nearly 50 years, which reduced fertilizer applications by farmers. Excess rainfall also resulted in higher river levels which adversely affected delivery of our products.”

Annual report 2025A · The company itself

“Drought can reduce farmers’ crop yields and the uptake of phosphate and potash, reducing the need for application of additional phosphate and potash for the next planting season.”

Annual report 2025A · The company itself

“Severe climate change could impact our costs and operating activities, the location and cost of global grain and oilseed production, and the supply and demand for grains and oilseeds. A number of our sites are located in areas that are exposed to weather events and have been adversely impacted by hurricanes and excessive rainfall as described elsewhere in these risk factors. To the extent climate change exacerbates these weather events, our operations could experience increased costs and disruptions to our business, which could be material.”

Annual report 2025A · The company itself

“Leading the blue revolution strategy board statements financial statements analytical appendices In Scotland, Mowi has experienced increasingly challenging environmental conditions over the past few years, driven by rising seawater temperatures, and this has also negatively impacted cost.”

Annual report 2024A · The company itself

“This was the result of an unusually cold winter combined with a less efficacious vaccine for winter sores in recent years, compounded by the largest prevalence of string jellyfish for 20 years.”

Annual report 2024A · The company itself

“Supply from Scotland increased by 31 200 tonnes, equivalent to 22.6% y-o-y, due to improved biological conditions, improved fish welfare and higher survival rates.”

Annual report 2024A · The company itself

“Since 2020, the winter sore vaccine has become less efficacious. This, combined with an unusually cold winter and the largest prevalence of string jellyfish for 20 years, negatively impacted superior share and prices.”

Annual report 2024A · The company itself

“Region North also had more pressure than usual from environmental conditions in 2024, with winter sores and an unusually cold winter in the first half, exacerbated by string jellyfish, and record-high sea temperatures and high lice pressure in the autumn.”

Annual report 2024A · The company itself

“Biology was improved in 2024 with lower seawater temperatures and less issues with algae and jellyfish compared with 2023.”

Annual report 2024A · The company itself

“Physical climate risks such as severe drought and flooding can have an impact on the availability and price of agricultural commodities.”

Annual report 2024A · The company itself

“When it comes to the market, prices in Norway were negatively impacted by winter sore issues in the first half compounded by string jellyfish, and prices in Americas were affected by temporarily muted US demand following increased cost-of-living.”

Annual report 2024A · The company itself

“As of 2024, our total GHG emissions are 2 477 798 metric tonnes of CO2 equivalent. Our strategy includes a continuous effort to reduce our carbon footprint through energy efficiency improvements, the transition to renewable energy sources and further developments in our upstream and downstream supply chain.”

Annual report 2024A · The company itself

“•increased seawater temperatures (potentially impacting mainly our own operations). Fish stock survival, health, growth and welfare is affected by environmental factors such as plankton, low oxygen levels and fluctuating seawater temperatures. Increased seawater temperatures can e.g. cause Harmful Algae Blooms (HABs) leading to fish illness and mortality.”

Annual report 2024A · The company itself

“However, under more severe climate scenarios, physical risks like extreme weather events and increased seawater temperatures could potentially put greater pressure on farming operations.”

Annual report 2024A · The company itself

“In the short term, we are focusing on extreme weather events (acute hazard).”

Annual report 2024A · The company itself

“Actions such as the electrification and the installation of hybrid management systems at our seawater sites mitigate this risk. •Reputational Risks are linked with extreme weather events that could lead to escape incidents and negatively impact the perception of our sector.”

Annual report 2024A · The company itself

“Mowi has 66 sites located in biodiversity sensitive areas, but none of these sites have documented negative impact on the local habitat with regards to land degradation, desertification or soil sealing or to the disturbance of the species for which the protected area has been designated. In Norway, eight sites are located in Marine Protected Areas (MPAs), whereas one of them is also located in a National Preservation fjord for Atlantic salmon.”

Annual report 2024A · The company itself

“•Climate risks related to storm damage due to extreme weather events and algae blooms due to increased temperatures. •Risk of seabed impact beyond environmental carrying capacity. •Risk related to feed raw materials, such as severe drought, deforestation and limited marine fish stocks, can have an impact on the availability and price of agricultural commodities. •Freshwater-related risks connected to sites located in areas of high or extreme high risk of water stress, where the risk of limited available water resources can potentially affect production by halting or reducing processing activities. •Escaped farm-raised salmon can represent a risk as it may have a negative impact on the environment, due to ecological interactions and interbreeding with wild populations.”

Annual report 2024A · The company itself

“% of sites with restored seabed impact According to national seabed quality standards*, results show that, on average, 89% (94%) of our sea sites surveyed in 2024 have a minimal impact on faunal communities and/or sediment chemistry near to the fish pens. In Canada East, Iceland, Region 186 Leading the blue revolution strategy board statements financial statements analytical appendices North and West in Norway, 100% of our sites were classified as very good or good.”

Annual report 2024A · The company itself

“Our comprehensive sustainability strategy includes reducing greenhouse gas emissions in line with the Paris agreement, promoting sustainable feed, ensuring sustainable use of freshwater resources, safeguarding animal welfare and farming in harmony with nature, protecting ecosystems, and maintaining biodiversity. Mowi’s commitment to sustainability is not just about environmental stewardship but also about creating long-term social and economic value.”

Annual report 2024A · The company itself

“Nearly all our farms in Scotland have now been fully updated with high-specification nets and moorings. In Chile, a technical standard has been established in 2020 with standardised methodology for the information collection, processing and calculations of the engineering study, and technical specifications of the fish farming structures.”

Annual report 2024A · The company itself

“Klimaforandringerne giver også anledning til væsentlige muligheder, hvor koncernen kan skabe værdi gennem løsninger, der understøtter samfundets tilpasning og omstilling. Der forventes et stigende behov for klimatilpasningsprojekter som skybrudssikring, kystsikring og renovering af havneområder samt energieffektiv renovering af den eksisterende bygningsmasse.”

Annual report 2025A · The company itself

“Risikovurderingen analyserer koncernens aktivers og forretningsmodellers sårbarhed under forskellige klimascenarier ift. to typer af risici: Fysiske risici omfatter ekstreme vejrhændelser og klimarelaterede naturfænomener direkte afledt af klimaforandringer og er baseret på EU’s taksonomiforordning, (EU) 2020/852. Omstillingsrisici og -muligheder omfatter de forhold inden for lovgivning, marked, teknologi og omdømme, der opstår, når samfundet overgår til en lavemissionsøkonomi.”

Annual report 2025A · The company itself

“Flere aktiver og forretningsaktiviteter er sårbare over for fysiske risici især i de høje klimascenarier (RCP 8.5). De væsentligste fysiske risici er: oversvømmelse, kraftig nedbør, havvandsstigninger og jordskred.”

Annual report 2025A · The company itself

“Disse risici vurderes særligt at påvirke koncernens aktiviteter inden for nybyggeri samt anlæg & infrastruktur. Omstillingsmulighederne er især relevante i de lave klimascenarier, der kan skabe øget efterspørgsel efter klimatilpasningsprojekter og energieffektive renoveringer, hvilket kan medføre konkurrencemæssige muligheder.”

Annual report 2025A · The company itself

“Tidshorisonterne er fastlagt ud fra tilgængelig data til modstandsdygtighedsanalysen: Kort sigt: Frem til 2050 Mellem sigt: 2050 - 2070 Lang sigt: : 2070 - 2100 Sårbarhed Høj Middel Lav Tidspunkt for effekt Forventet periode Fuld effekt Ekponering Høj Over Middel Middel Lav Risiko Beskrivelse Klimascenarier Tidshorisont Berørte forretningsaktiviteter RCP 2.6 RCP4.5 RCP8.5 Kort Mellem Lang Anlæg & infrastruktur Nybyggeri Renovering Drift og service Fysiske risici Oversvømmelse I Danmark er der risiko for skader på bygninger nær vand på lang sigt. På Maldiverne er der oversvømmel - sesrisiko for bygninger og aktiver såsom maskiner og skurvogne på mellemlang sigt.”

Annual report 2025A · The company itself

“I Vietnam og Maldiverne udgør havvandsstigning en risiko for bygninger. På Maldiverne er aktiver som ma - skiner og skurvogne også i risiko, hvilket særligt berører forretningsaktiviteter inden for anlæg & infrastruktur.”

Annual report 2025A · The company itself

“Stigende forretningspotentiale af klimatilpasningsprojekter, herunder skybrudssikring, kystsikring og renovering af havneområder. Som følge af klimaforandringer og øgede vandstande forventes en voksende efterspørgsel på sådanne løsninger fra særligt offentlige bygherrer.”

Annual report 2025A · The company itself

“The expertise of our nearly 4000 experts is in high demand and our skilled and dedicated employees create solutions that positively impact citizens and society every day. The demand related to energy transition remained strong and the request for solutions concerning climate adaptation and nature preservation is on the increase.”

Annual report 2024A · The company itself

“Throughout 2024, the impacts of climate change have affected society and infrastructure. Our skilled employees contribute daily to climate adaptation solutions, securing existing structures and providing robust future solutions. The demand for nature, climate, and sustainable solutions increased significantly.”

Annual report 2024A · The company itself

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

Annual report 2024A · The company itself

“Three of the five ambitions in the updated strategy focus on the group’s ambition of enabling the green transition: • Expanding our position as preferred partner in the energy transition • Driving urban transformation and development • Safeguarding biodiversity and climate The opportunities and potential positive impacts identified for the environmental topics relates to these ambitions.”

Annual report 2024A · The company itself

“Several climate-related IROs were evaluated as material: Opportunities: • Growth in climate consultancy services • Growth in climate adaptation solutions Climate-related opportunities are considered substantial for Multiconsult and a key driver in the strategy. This includes growth in consultancy services and adaption solutions related to climate topics.”

Annual report 2024A · The company itself

“As climate adaptation becomes increasingly relevant, opportunities in surface water management and flood hazard reduction are emerging.”

Annual report 2024A · The company itself

“9.1 Engineering activities and related technical consultancy dedicated to adaptation to climate change Engineering projects and consultancy within climate change adaptation. This includes assessments of risks and impacts, for example for flood prevention.”

Annual report 2024A · The company itself

“In this scenario, increased client demand for risk assessments, adaption strategies and infrastructure resilience planning is anticipated, particularly in areas where Multiconsult excels in addressing physical climate risks.”

Annual report 2024A · The company itself

“Ilmastonmuutos Nesteen liiketoiminta altistuu suorille ja akuuteille fyysisille riskeille sekä ilmastonmuutokseen liittyville siirtymäriskeille. Äärimmäiset sääolosuhteet ja luonnonilmiöt voivat aiheuttaa odottamattomia häiriöitä Nesteen tuotannossa ja logistiikassa. Fyysiset ilmastoriskit voivat myös vaikuttaa käyttöhyödykkeiden saatavuuteen ja erilaisten raaka-aineiden hankintaan liittyvien hankkeiden toteutettavuuteen.”

Annual report 2025A · The company itself

“As a global company, our business is influenced by worldwide economic and market conditions, including, among others, rising inflation, slower growth, economic downturns or recessions, changes in fiscal and monetary policies, higher interest and tax rates, economic uncertainty, political instability, ongoing international and regional conflicts (including conflicts in the Middle East), warfare, extreme weather events and effects from climate change, natural disasters and pandemics, supply chain interruptions and shortages, changes in laws and regulations, reduced consumer confidence and spending, international trade protection measures and disputes (including economic and trade barriers, tariffs, sanctions and export controls), rapid technological changes, and the threat and potential of trade control policies and retaliatory trade control policies (including retaliatory tariffs).”

Annual report 2026A · The company itself

“Furthermore, any economic failure or other material disruption caused by natural disasters, including fires, floods, droughts, hurricanes, tornadoes, earthquakes, and volcanoes; power or water loss or shortages; environmental disasters; telecommunications or business information systems failures or break-ins and similar events could also adversely affect our ability to conduct business. As a result of climate change, we expect the frequency and impact of such natural disasters or other material disruptions to increase.”

Annual report 2026A · The company itself

“•Our operations and projects are subject to a range of transitional and physical risks related to climate change. •Our Company and the mining industry are facing continued geotechnical, geothermal and hydrogeological challenges, which could adversely impact our production and profitability. •Our operations and projects may be adversely affected by rising energy prices or energy shortages. •Our operations and projects are dependent on the availability of sufficient water supplies and subject to water-related risks. •Our operations and projects are subject to risks related to our relationships and/or agreements with local communities, including Indigenous Peoples, and laws for the protection of cultural heritage. •Our operations and projects are subject to risks of doing business in multiple jurisdictions. •New or changing legislation and tax risks in certain operating jurisdictions could negatively affect us.”

Annual report 2025A · The company itself

“Unusually dry climates can increase the chance of our operations being impacted by bush or forest fires. Physical risks related to extreme weather events such as extreme precipitation, flooding, longer wet or dry seasons, flooding and drought conditions, increased temperatures, sea level rise, landslides, mine flooding, tsunami, geysers and outbursts, avalanches, landslides, wildfires or brushfires, or more severe storms may have financial implications for the business.”

Annual report 2025A · The company itself

“For example, we experienced severe flooding in early 2017 at our Tanami mine in Australia which led to shutdown of operations for several weeks.”

Annual report 2025A · The company itself

“In late 2025, a bushfire that began in mid‑December affected the area surrounding our Boddington operations in Western Australia, resulting in a temporary suspension of operations. While major infrastructure remained secure and undamaged due to established bushfire preparedness protocols, portions of the site’s water supply infrastructure were impacted.”

Annual report 2025A · The company itself

“For example, Brucejack’s glacial access road, which is an essential means of entering that mine site, may be subject to a risk of thawing due to the potential for an increase in average temperatures, which may be related to climate change.”

Annual report 2025A · The company itself

“Severe storm events can also result in unpermitted off-site discharges, slope instability, mine pit erosion and structural failures, tailings storage facility overtopping and other impacts, including water storage and treatment facility capacity considerations.”

Annual report 2025A · The company itself

“For example, in January 2023, our Tanami site in Australia experienced unexpected and significant rain resulting in flooding and road closure limiting our ability to get supplies to the site, causing mill backup and impacts to production.”

Annual report 2025A · The company itself

“NEE's and FPL's business, financial condition, results of operations and prospects can be materially adversely affected by weather conditions and related impacts, including, but not limited to, the impact of severe weather. Weather conditions directly influence the demand for electricity and natural gas and other fuels and affect the price of energy and energy-related commodities.”

Annual report 2025A · The company itself

“In addition, severe weather and natural disasters, such as hurricanes, floods, tornadoes, droughts, extreme temperatures, icing events, wildfires, severe convective storms and earthquakes, can be destructive and cause power outages, personal injury and property damage, reduce revenue, affect the availability of fuel and water, and require NEE and FPL to incur additional costs, for example, to restore service and repair damaged facilities, to obtain replacement power, to access available financing sources, to obtain insurance, to pay for any associated injuries and damages and to fund any associated legal matters and compliance penalties.”

Annual report 2025A · The company itself

“Climate change, extreme weather conditions and disasters may have an adverse impact on our business and results of operations. There are concerns that increased levels of carbon dioxide and other greenhouse gases in the atmosphere have caused, and may continue to cause, potentially at a growing rate, increases in global temperatures, changes in weather patterns and increasingly frequent and/or prolonged extreme weather and climate events. Climate change may also exacerbate challenges relating to the availability and quality of water and raw materials, including those used in the production of our products.”

Annual report 2026A · The company itself

“Our distribution facilities have in the past and could in the future be interrupted by information technology problems, disasters such as earthquakes or fires or disease outbreaks or government actions taken to mitigate their spread.”

Annual report 2026A · The company itself

“The impacts of natural disasters, acts of terrorism, acts of war, civil unrest, accidents, public health emergencies or other catastrophic events may disrupt operations and reduce the ability to service customers. A disruption or failure of natural gas distribution systems, or within electric generation, transmission or distribution systems, in the event of a hurricane, tornado, wildfire, flood, or other major weather event, or terrorist attack, acts of war, international military invasions, including the political and economic disruption and uncertainty related to such terrorist attack, acts of war, or international military invasions, civil unrest, accident, public health emergency (e.g. pandemic), or other catastrophic event could cause delays in completing sales, providing services, or performing other critical functions.”

Annual report 2025A · The company itself

“The physical impacts of climate change and the transition to a lower carbon future are impacting our business and could materially adversely affect our results of operations. Climate change is exacerbating risks to our physical infrastructure by increasing the frequency of extreme weather, including temperature stresses to our electric and gas systems and equipment and storms and floods that damage infrastructure.”

Annual report 2025A · The company itself

“Throughput The increase in total volumes sold and transported in 2025 compared to 2024 of 46.2 MMDth is primarily attributable to the effects of colder weather.”

Annual report 2025A · The company itself

“Acute physical events and natural disasters The nature of our business as a fabless manufacturer means that Nordic is heavily reliant on semiconductor manufacturing in Taiwan, as well as testing and assembly in Asia. Acute physical events from climate change could affect our suppliers located in Southeast Asia where tropical cyclones and flooding, or natural disasters such as earthquakes, have the potential to damage production facilities and infrastructure.”

Annual report 2024A · The company itself

“Identification of climate hazards: Short-, medium- and long-term climate-related hazards, including extreme weather events, water scarcity, and supply chain disruptions, are evaluated based on regional data and exposure levels specific to key supplier locations, considering scenarios aligned with limiting global warming to 1.5°C. This can especially affect our manufacturing suppliers located in Southeast Asia. These locations are susceptible to events like droughts and floods.”

Annual report 2024A · The company itself

“Acute physical events from climate change could affect our manufacturing suppliers, especially those located in Southeast Asia, where tropical cyclones and floods have the potential to damage production facilities and infrastructure. Such events are likely to impact suppliers' production capacity and our delivery capability in the short-to-medium term and potentially have a negative effect on Nordic's revenue.”

Annual report 2024A · The company itself

“Chronic risks (long-term shifts in climate patterns) Long-term changes and extreme variability in climate patterns, as well as events like droughts and floods, can potentially impact accessibility to clean water and affect Nordic’s manufacturing suppliers and their production capacity. Such events potentially impact our ability to deliver products to our customers and lead to reduced/delayed revenue.”

Annual report 2024A · The company itself

“Opportunities in climate-resilient products: Nordic has the opportunity to develop and market products and services that support customers' efforts to adapt to climate change impacts. This could include climate-resilient technologies, such as smart sensors, cellular IoT and energy harvesting, and infrastructure designed to withstand extreme weather or changing environmental conditions. Such innovation helps businesses prepare for climate risks, strengthen customer relationships, and open new revenue streams.”

Annual report 2024A · The company itself

“In addition, our facilities, supply chains, distribution systems and products may be impacted by natural or man-made disruptions, including armed conflict, demand surges, damaging weather or other acts of nature (including weather or other acts of nature caused by climate change), pandemics or other public health crises. A shutdown of, or inability to utilize, one or more of our facilities, our supply chain, or our distribution system could significantly disrupt our operations, delay production and shipments, impact our relationships and reputation with customers, suppliers, employees and others, result in lost or decreased sales, or result in legal exposure and large remediation or other expenses, which could adversely affect our business, financial condition, results of operations and cash flows.”

Annual report 2025A · The company itself

“While we have taken precautions to prevent production and service interruptions at our global facilities, severe weather conditions, including any that may be caused by global climate change, such as hurricanes or tornadoes, as well as major earthquakes, wildfires and other natural disasters in areas in which we have manufacturing facilities or from which we obtain products may cause physical damage to our properties, closure of one or more of our manufacturing or distribution facilities, lack of an adequate work force in a market, temporary disruption in the supply of inventory, disruption in the transport of products and utilities, and delays in the delivery of products to our customers. Any of these factors may disrupt our operations and adversely affect our business, financial condition and results of operations.”

Annual report 2025A · The company itself

“CLIMATE CHANGE RISKS Severe weather and disasters have caused, and could again cause, significant business interruptions and expenditures. Severe weather conditions and other natural phenomena resulting from changing weather patterns and rising sea levels or other causes, including hurricanes, floods, fires, landslides, extreme temperatures, significant precipitation, and earthquakes, have caused, and may again cause damage to our network, our workforce to be unavailable, and us to be unable to use our equipment, or otherwise cause significant interruptions to our operations. Additionally, shifts in weather patterns caused by climate change are expected to increase the frequency, severity, or duration of certain adverse weather conditions, which could cause more significant business interruptions that result in increased costs, increased liabilities, and decreased revenues.”

Annual report 2025A · The company itself

“The current and anticipated effects business model, value chain, strategy, and decision-making are: • Water shortage risks: Anticipated water scarcity (especially in the Norske Skog Golbey and Norske Skog Bruck mills due to higher temperatures and drier summers) could lead to production disruptions, forcing the company to consider water rationing or find alternative water sourcing methods. • Climate change and water availability: A wetter climate in Norway and Australia reduces water risks in those locations.”

Annual report 2024A · The company itself

“Freshwater availability is a critical factor in production, and climate change-induced droughts pose a significant operational risk. To mitigate this, the group has implemented water efficiency measures and invested in wastewater treatment technologies.”

Annual report 2024A · The company itself

“The availability of forest resources is threatened by overexploitation, deforestation, climate change, biodiversity loss, erosion, and fluctuating wood prices.”

Annual report 2024A · The company itself

“Environmental impacts create short and long-term financial risks to our business globally. We have significant operations located in regions that have been, and may in the future be, exposed to significant weather events and other natural disasters. These events could damage our and our suppliers’ facilities, products, and other assets, and cause disruptions to our business operations and supply chain as well as the operations of our customers, and require an increase in expenditures to improve climate resiliency.”

Annual report 2025A · The company itself

“•Our business is subject to significant disruptions caused by natural disasters or other events outside of our control, which could have a material adverse effect on our financial position, results of operations and/or cash flows. We have significant operations, including centers of excellence, located in regions that have been, and may in the future be, exposed to hurricanes, earthquakes, water levels, fires, windstorms, heat waves, other extreme weather conditions, acts of terrorism, power shortages and blackouts, telecommunications failures, epidemics, pandemics, and similar outbreaks, and other significant disruptions.”

Annual report 2025A · The company itself

“We expect our facilities, operations, employees and communities to continue to be at risk for future natural disasters or other weather events, particularly at facilities prone to extreme weather events, such as in Florida and California. Climate related changes can impact weather patterns (e.g., increased frequency and severity of significant weather events), natural hazards (e.g., increased fire risk), mean temperature and sea levels, and long-term precipitation patterns (e.g., increased risk of drought, desertification, water scarcity and/or poor water quality).”

Annual report 2025A · The company itself

“Our subcontractors and other suppliers have also been, and may in the future be, subject to natural disasters or other significant disruptions that could delay or otherwise affect their ability to deliver or perform. Disruptions also impact the availability and cost of materials needed for manufacturing and can increase insurance and other operating costs, or result in a lack of available coverage.”

Annual report 2025A · The company itself

“INVESTIGATIONS, CLAIMS AND LITIGATION For over 25 years, the company has worked closely with the United States Navy, the United States Environmental Protection Agency, the New York State Department of Environmental Conservation, the New York State Department of Health and other federal, state and local governmental authorities, to address environmental conditions allegedly resulting from historic operations at the former United States Navy and Grumman facilities in Bethpage, New York. We have incurred, and expect to continue to incur, as included in Note 11, substantial remediation costs related to these Bethpage environmental conditions, including potential costs relating to unanticipated developments such as new discoveries of potential contaminants.”

Annual report 2025A · The company itself

“The operation of cruise ships carries an inherent risk of loss caused by adverse weather conditions and maritime disasters, including, but not limited to, oil spills and other environmental mishaps, extreme weather conditions, fires, 31 Table of Contents mechanical failures, collisions, human error, war, terrorism, piracy, political action, civil unrest and insurrections in various countries and other circumstances or events.”

Annual report 2025A · The company itself

“Any such event may result in loss of life or property, loss of revenue or increased costs and the frequency and severity of natural disasters may increase due to climate change.”

Annual report 2025A · The company itself

“Our ships, port facilities, corporate offices and island destinations have in the past and may again be adversely affected by an increase in the frequency and intensity of adverse weather conditions caused by climate change. For example, certain ports have become temporarily unavailable to us due to hurricane damage and other destinations have either considered or implemented restrictions on cruise operations due to environmental concerns.”

Annual report 2025A · The company itself

“Our commitment to sustainable growth extends beyond organisational efficiency to environmental accountability. Our environmental performance demands urgent action.”

Annual report 2025A · The company itself

“Seasonality and Price Volatility The sale of power and natural gas to retail customers are seasonal businesses with the demand for power generally peaking during the summer, and the demand for natural gas generally peaking during the winter.”

Annual report 2025A · The company itself

“Weather may impact operating results and extreme weather conditions could have a material impact.”

Annual report 2025A · The company itself

“Operation of power generation facilities involves significant risks and hazards customary to the power industry that could have a material adverse effect on NRG's revenues and results of operations, and NRG may not have adequate insurance to cover these risks and hazards.”

Annual report 2025A · The company itself

“Power generation involves hazardous activities, including acquiring, transporting and unloading fuel, operating large pieces of rotating equipment and delivering electricity to transmission and distribution systems. In addition to natural risks such as earthquake, flood, lightning, wildfires, hurricane and wind, other hazards, such as fire, explosion, structural collapse and machinery failure are inherent risks in the Company's operations. These and other hazards can cause significant personal injury or loss of life, severe damage to and destruction of property, plant and equipment, contamination of, or damage to, the environment and suspension of operations.”

Annual report 2025A · The company itself

“The Company's earnings and cash flows could also be adversely affected in any period in which its customers' actual usage of electricity or gas significantly varies from the forecasted usage, which could occur due to, among other factors, weather events, changes in usage patterns, competition and economic conditions.”

Annual report 2025A · The company itself

“Fluctuations in weather and other environmental conditions, including temperature and precipitation levels, may affect consumer demand for electricity or natural gas.”

Annual report 2025A · The company itself

“In addition, the potential physical effects of climate change, such as increased frequency and severity of storms, floods and other climatic events, could disrupt NRG's operations and supply chain, and cause it to incur significant costs in preparing for or responding to these effects. These or other changes in climate could lead to increased operating costs or capital expenses.”

Annual report 2025A · The company itself

“Weather — Weather conditions in the regions of the U.S. in which NRG conducts business influence the Company's financial results. Weather conditions can affect the supply and demand for electricity and fuels and may also impact the availability of the Company's generating assets. Changes in energy supply and demand may impact the price of these energy commodities in both the spot and forward markets, which may affect the Company's results in any given period. Typically, demand for and the price of electricity is higher in the summer and the winter seasons, when temperatures and resultant demand are more extreme.”

Annual report 2025A · The company itself

“Extreme weather or other events, such as significant hurricanes, tornadoes, earthquakes, forest fires, floods, snowfalls, terrorist attacks or war may affect our markets, our operations and our profitability. These events may impact our physical facilities or those of our suppliers or subcontractors and our housing inventories, causing us material increases in costs, or delays in construction of homes.”

Annual report 2025A · The company itself

“Table of Contents In addition, severe weather conditions and natural disasters may increase the cost of homeowner's insurance or potentially reduce insurance availability which could negatively impact demand in certain of our markets perceived to be more vulnerable to increased severe weather events and other impacts of climate change.”

Annual report 2025A · The company itself

“If flooding, heavy precipitation, a large earthquake, volcanic eruption or, extreme weather event or other natural disaster were to 22 directly damage, destroy or disrupt our manufacturing facilities, it could disrupt our operations, delay new production and shipments of existing inventory or result in costly repairs, replacements or other costs, all of which would negatively impact our business.”

Annual report 2025A · The company itself

“The impact of any such natural disasters depends on the specific geographic circumstances but could be significant, as some of our factories are located in areas with known earthquake fault zones, flood or storm risks, including but not limited to Singapore, Taiwan, Malaysia or Thailand.”

Annual report 2025A · The company itself

“The Company’s operations, both onshore and offshore, face risks and hazards inherent to operating in the energy industry. These include well blowouts, fires, explosions, pipeline ruptures, spills, emissions or releases of regulated materials into the soil, surface water, ground water or the marine environment, material or mechanical failures, power outages, industrial accidents, abnormally pressured or structured formations, severe weather events (such as hurricanes, floods, freezes, heat waves or droughts), land deformations (such as earthquakes, landslides or subsidence), other acts of nature, pandemics, physical or cyber-attacks, terrorist attacks, piracy and other events that cause operations to be curtailed or cease.”

Annual report 2025A · The company itself

“Seasonality Our tonnage levels and revenue mix are subject to seasonal trends common in our industry, although other factors, such as macroeconomic changes, could cause variation in these trends.”

Annual report 2025A · The company itself

“Our revenue and operating margins in the first and fourth quarters are typically lower than those during the second and third quarters due to reduced shipments during the winter months.”

Annual report 2025A · The company itself

“Harsh winter weather, hurricanes, tornadoes, floods and other natural disasters can also adversely impact our performance by reducing demand and increasing operating expenses.”

Annual report 2025A · The company itself

“Our results of operations may be affected by seasonal factors, harsh weather conditions and disasters. Our operations are subject to seasonal trends common in our industry.”

Annual report 2025A · The company itself

“Harsh weather or natural disasters, including but not limited to hurricanes, tornadoes, floods, fires, earthquakes and storms, can also adversely impact our performance by disrupting freight shipments or routes, destroying our assets, disrupting fuel supplies, increasing fuel costs, increasing maintenance costs, reducing demand and negatively impacting the business or financial condition of our customers, any of which could harm our results of operations or make our results of operations more volatile.”

Annual report 2025A · The company itself

“Our operations are subject to all the risks and hazards typically associated with the operation of gathering, transportation and distribution pipelines, storage facilities and processing and fractionation facilities, which include, but are not limited to, leaks, pipeline ruptures, damage by third parties, the breakdown or failure of equipment or processes and the performance of facilities below expected levels of capacity and efficiency. Other operational hazards and unforeseen interruptions include adverse weather conditions (including extreme cold weather), public health crises including a pandemic, cybersecurity attacks, geopolitical events, accidents, explosions, fires, the collision of equipment with our pipeline facilities (for example, this may occur if a third party were to perform excavation or construction work near our facilities) and catastrophic events such as tornados, hurricanes, earthquakes, floods and other similar events beyond our control.”

Annual report 2025A · The company itself

“Some of our customers’ energy needs vary with weather conditions, primarily temperature. To the extent weather conditions may be affected by climate change, customers’ energy use could increase or decrease depending on the duration and magnitude of any changes.”

Annual report 2025A · The company itself

“Extreme weather conditions in general require more system backup, adding to costs, and can contribute to increased system stresses, including damage to our assets or service interruptions.”

Annual report 2025A · The company itself

“Similar operational hazards and unforeseen interruptions may also impact our producers or suppliers; for example, extreme cold weather can result in supply reductions from producer wellhead freeze-offs, as well as power curtailments or outages.”

Annual report 2025A · The company itself

“Orion’s own production and other operations are exposed to risks that may materially disrupt their operations or even interrupt them at least temporarily. Such risks include, for example, accidents, damages, natural disasters, strikes, employee illness, conflicts, terrorism, cyber-attacks, hybrid influence, disruption of information or communication systems, disruption of energy supply, and disruption of supply and logistics chains.”

Annual report 2025A · The company itself

“Extreme weather events and chronic climate-related and systemic effects may adversely affect production, security of supply and the safety of workers both in own operations and in the value chain. This may take the form of e.g. supplier shutdown, close of logistics routes, or civil unrest causing inability to operate.”

Annual report 2025A · The company itself

“Based on the results of the scenario analysis and Orion’s risk assessment process there are vulnerabilities particularly within Orion’s value chain. Physical climate risks are part of the ESG risks related to Orion’s supply chain, which are overall significant.”

Annual report 2025A · The company itself

“Physical climate risks could potentially materialise through supply chain disruptions.”

Annual report 2025A · The company itself

“The possible arising risks in the medium- and long-term are acknowledged, and Orion has begun to monitor them.”

Annual report 2025A · The company itself

“Orklas største risikoer knyttet til miljø, sosiale og forretningsetiske forhold («ESG») er relatert til klimaendringer og endringer i biologisk mangfold og økosystemer, og Orklas evne til å tilpasse sin virksomhet. Endringer her kan blant annet påvirke tilgjengeligheten og prisene på kritiske råvarer og andre viktige ressurser i verdikjeden.”

Annual report 2024A · The company itself

“Our business depends on continuous operation of our facilities, particularly at our mills. Any of our manufacturing facilities, or any of our machines within such facilities, could cease operations unexpectedly for a significant period of time due to a number of events, including: • Unscheduled maintenance outages. • Prolonged power failures. • Equipment or information system breakdowns or failures. • Explosion of a boiler or other major facilities. • Disruption in the supply of raw materials, such as wood fiber, energy, or chemicals. • A spill or release of pollutants or hazardous substances.”

Annual report 2025A · The company itself

“Extreme Weather Events – Our facilities are susceptible to extreme weather events, which could disrupt our business. Extreme weather events like hurricanes, tornadoes, floods and winter storms have caused disruptions to our business both directly and indirectly in recent history. Climate change may increase the frequency and intensity of these extreme weather events.”

Annual report 2025A · The company itself

“Business interruptions or systems failures may impair the availability of our websites, applications, products or services, or otherwise harm our business. Our systems and operations and those of our service providers and partners have experienced from time to time, and may experience in the future, business interruptions or degradation of service because of distributed denial-of-service and other cyberattacks, insider threats, hardware and software defects or malfunctions, human error, earthquakes, hurricanes, floods, fires, and other natural disasters, public health crises (including pandemics), power losses, disruptions in telecommunications services, fraud, military or political conflicts, terrorist attacks, computer viruses or other malware, or other events. The frequency and intensity of weather events related to climate change are increasing, which could increase the likelihood and severity of such disasters as well as related damage and business interruption.”

Annual report 2025A · The company itself

“In addition, our business operations, including our supply chain, are subject to disruption by geopolitical events and tensions, wars and other military conflicts, natural disasters, pandemics, epidemics or other events beyond 11 Table of Contents our control that could negatively impact product availability and decrease demand for our products if our crisis management plans do not effectively mitigate these issues.”

Annual report 2025A · The company itself

“Natural disasters and extreme weather conditions also pose physical risks to our facilities and those of our suppliers, which could impair our production capabilities and disrupt our supply chain.”

Annual report 2025A · The company itself

“Climate change or measures to address climate change and other sustainability matters can negatively affect our business or damage our reputation. Climate change may increase the frequency or severity of natural disasters and other extreme weather conditions, including rising temperatures and drought. Natural disasters and extreme weather conditions could pose physical risks to our facilities, impair our production capabilities, disrupt our supply chain or impact demand for our products.”

Annual report 2025A · The company itself

“Klimaforandringerne kræver nytænkning og nationale systemændringer, så vi får tilpasset fx vores havne, bygninger, forsyningsnet samt by- og naturområder. For Aarsleff fører det blandt andet til projekter med fokus på stormflods- og kystsikring, regnvandshåndtering og nytænkning af forsyningsstrukturer, som hører til vores kerneforretning, og som vi forventer stigende forretningsmuligheder inden for.”

Annual report 2025A · The company itself

“Fysiske risici: Direkte konsekvenser af klimaændringer er fx øgede nedbørsmængder og temperaturstigninger, der kan forstyrre byggepladser, forsyningskæder og beskadige materialer.”

Annual report 2025A · The company itself

“Stålproduktion er afhængig af stabile energi- og klimaforhold. Forstyrrelser i nedbør, ekstreme temperaturer eller oversvømmelsesrisiko kan føre til ineffektivitet eller produktionsstop.”

Annual report 2025A · The company itself

“Dermed rummer klimaændringer ikke alene risici, men også en række vækstmuligheder, hvor Aarsleff kan bidrage med løsninger, der understøtter den nødvendige omstilling.”

Annual report 2025A · The company itself

“Although the Utility has taken extensive measures to reduce the threat of future wildfires, the potential that the Utility’s equipment will be involved in the ignition of future wildfires, including catastrophic wildfires, is significant. This risk may be attributable to, and exacerbated by, a variety of factors, including climate (in particular, extended periods of seasonal dryness coupled with periods of high wind velocities and other storms), infrastructure, and vegetation conditions.”

Annual report 2025A · The company itself

“The Utility may incur additional costs or receive reduced revenue without cost recovery for many reasons including changing market circumstances, unanticipated events (such as wildfires, storms, earthquakes, accidents, or catastrophic or other events affecting the Utility’s operations), whether the CAISO wholesale electricity market continues to function effectively, or compliance with new state laws or policies.”

Annual report 2025A · The company itself

“The occurrence of any of these events could interrupt fuel supplies, affect demand for electricity or natural gas, cause unplanned outages or reduce generating output, damage the Utility’s assets or operations, damage the assets or operations of third parties on which the Utility relies, damage property owned by customers or others, and cause personal injury or death. As a result, the Utility could incur costs to purchase replacement power, to repair assets and restore service, and to compensate third parties. Any such incidents also could lead to significant claims against the Utility.”

Annual report 2025A · The company itself

“Risks Related to Environmental Factors Severe weather events, extended drought, and climate change could materially affect PG&E Corporation and the Utility. Extreme weather, drought and shifting climate patterns have intensified the challenges associated with many of the other risks facing PG&E Corporation and the Utility, particularly wildfire management in California. The Utility’s service area encompasses some of the most densely forested areas in California and, as a consequence, is subject to higher risk from vegetation-related ignition events than other California IOUs.”

Annual report 2025A · The company itself

“Further, environmental extremes, such as drought conditions and extreme heat followed by periods of wet weather, can drive additional vegetation growth (which can then fuel fires) and influence both the likelihood and severity of extraordinary wildfire events. In particular, the risk posed by wildfires, including during the recent wildfire seasons, has increased in the Utility’s service area as a result of an ongoing extended period of drought, bark beetle infestations in the California forest, and vegetation growth due to rising temperatures and record rainfall following the drought, and strong wind events, among other environmental factors.”

Annual report 2025A · The company itself

“Precipitation patterns in California vary significantly from year to year, often leading to periods of severe to extreme drought. Drought conditions often occur and can persist in nearly all of the Utility’s service area depending on the amount of precipitation received in the current or previous water years.”

Annual report 2025A · The company itself

“Severe weather events, particularly wildfires, have had a material effect on PG&E Corporation's and the Utility's financial condition, results of operations, liquidity and cash flows, including through significant claims being made against the Utility. In addition, severe weather events and other natural disasters, including wildfires and other fires, storms, tornadoes, floods, extreme heat events, drought, earthquakes, lightning, tsunamis, rising sea levels, mudslides, pandemics, solar events, electromagnetic events, wind events or other weather-related conditions, climate change, or natural disasters, could result in severe business or operational disruptions, prolonged power outages, property damage, injuries and loss of life, significant decreases in revenues and earnings, and significant additional costs to PG&E Corporation and the Utility.”

Annual report 2025A · The company itself

“Further, these events could result in regulatory penalties and disallowances, particularly if the Utility encounters difficulties in restoring power to its customers on a timely basis or if the related losses are found to be the result of the Utility’s practices or the failure of electric and other equipment of the Utility.”

Annual report 2025A · The company itself

“The Utility has been studying the potential effects of climate change (increased severity and frequency of storm events, sea level rise, land subsidence, change in temperature extremes, changes in precipitation patterns and drought, and wildfire) on its assets, operations, and services, and the Utility is developing adaptation plans to set forth a strategy for those events and conditions that the Utility believes are most significant. Consequences of these climate-driven events may vary widely and could include increased stress on the energy supply network due to new patterns of demand, reduced hydroelectric output, physical damage to the Utility’s infrastructure, higher operational costs, and an increase in the number and duration of customer outages and safety consequences for both employees and customers.”

Annual report 2025A · The company itself

“As a result, the Utility’s hydroelectric generation could change, and the Utility would need to consider managing or acquiring additional generation. If the Utility increases its reliance on conventional generation resources to replace hydroelectric generation and to meet increased customer demand, it may become more costly for the Utility to comply with GHG emissions limits imposed by California.”

Annual report 2025A · The company itself

“In addition, climate hazards have damaged and could again damage the Utility’s facilities. The Utility could incur substantial costs to repair or replace facilities, restore service, or compensate customers and other third parties for damages or injuries, or regulators could order the Utility to perform additional work.”

Annual report 2025A · The company itself

“Recorded liabilities in connection with the 2019 Kincade fire and the 2021 Dixie fire have exceeded potential amounts recoverable under applicable insurance policies. See “Loss Recoveries” in Note 14 of the Notes to the Consolidated Financial Statements in Part II, Item 8.”

Annual report 2025A · The company itself

“The Utility’s ability to recover wildfire costs depends on the Wildfire Fund or the Continuation Account having sufficient remaining funds, and the Wildfire Fund or the Continuation Account may also be depleted more quickly than expected as a result of claims made by California’s other participating electric utility companies.”

Annual report 2025A · The company itself

“In particular, the Utility will need to make substantial, sustained investments to its infrastructure to adapt to climate change, enable the clean energy transition, and mitigate wildfire risk.”

Annual report 2025A · The company itself

“Seasonality Our business segments are not significantly affected by seasonality, although in certain markets cigarette consumption may be lower during the winter months due to the cold weather and may rise during the summer months due to outdoor use, longer daylight, and tourism.”

Annual report 2025A · The company itself

“Risks related to the natural environment and related legal or regulatory developments may have a negative impact on our business and results of operations. While we seek to mitigate the physical risks to our business associated with the natural environment through a comprehensive strategy that includes the development and implementation of robust mitigation and adaptation measures, we recognize that there are residual risks that lie beyond our operational control. For example, increased frequency and intensity of extreme droughts, floods, and/or heatwaves could negatively affect our manufacturing operations, tobacco-growing areas, third-party operators and third-party manufacturers sites, and supply regions for products and raw materials, all of which may lead to disruption of our supply chain and of operations at factories, warehouses and other premises.”

Annual report 2025A · The company itself

“Factors beyond our control, such as, without limitation, natural disasters; extreme weather events; pandemics; adverse economic, political or regulatory events; acts of war or threats of war; formal or informal bans or boycotts or changes in consumer preferences resulting from geopolitical developments; geopolitical instability affecting international trade; or other developments, could disrupt or increase the expenses related to our supply chain, manufacturing capabilities, distribution capabilities, or the energy and other utility services required to operate our factories, warehouses, and other premises.”

Annual report 2025A · The company itself

“As with other agricultural products, the price of tobacco leaf and cloves can be influenced by imbalances in supply and demand and the impacts of natural disasters and pandemics such as COVID-19.”

Annual report 2025A · The company itself

“In addition to our own operational risks, we could experience interruptions of supply or increases in costs to deliver our products to market if the ability to transport is disrupted because of weather events, natural disasters, accidents, governmental regulations, public health crises, armed hostilities, or third-party actions, including protests.”

Annual report 2025A · The company itself

“We operate facilities located in coastal regions of the United States, which have been impacted by hurricanes that have required us to temporarily, or even permanently, shut down operations at those sites. CPChem also operates facilities on the Gulf Coast and has had to temporarily shut down sites in the past as a result of hurricanes. Any extreme weather events or rising sea levels may disrupt the ability to operate our facilities located near coastal areas or to transport crude oil, refined petroleum or petrochemical and plastics products in these areas. Extended periods of such disruption could have an adverse effect on our results of operations.”

Annual report 2025A · The company itself

“APS also intends to harden its infrastructure in order to improve resiliency, which involves system and operational improvements aimed at reducing the impact of extreme weather events and other disruptions upon APS’s operations. Wildfire safety remains a critical focus for APS and other utilities. APS has increased investment in fire mitigation efforts to clear defensible space around its infrastructure, continue ongoing system upgrades, build partnerships with government entities and first responders, and educate customers and communities.”

Annual report 2025A · The company itself

“In addition, APS has historically sold less power, and consequently earned less income, when weather conditions are milder. As a result, unusually mild weather could diminish APS’s financial condition, results of operations, or cash flows.”

Annual report 2025A · The company itself

“Weather extremes such as drought and high temperature variations are common occurrences in the southwestern United States’ desert area, and these are risks that APS considers in the normal course of business in the engineering and construction of its electric system. Large increases in ambient temperatures could require evaluation of certain materials used within its system and may represent a greater challenge. Limitations on water supplies necessary to operate electric generation infrastructure could arise from prolonged drought and shortage declarations associated with key surface water resources.”

Annual report 2025A · The company itself

“Table of Contents Higher temperatures may decrease the snowpack, which might result in lowered soil moisture and an increased threat of wildfires. Wildfires could threaten APS’s communities and electric transmission lines and facilities. Any damage caused as a result of wildfires could negatively impact APS’s financial condition, results of operations, or cash flows.”

Annual report 2025A · The company itself

“In addition, the decrease in snowpack can also lead to reduced water supplies in the areas where APS relies upon non-renewable water resources to supply cooling and process water for electricity generation. Prolonged and extreme drought conditions can also affect APS’s long-term ability to access the water resources necessary for thermal electricity generation operations. Reductions in the availability of water for power plant cooling could negatively impact APS’s financial condition, results of operations, or cash flows.”

Annual report 2025A · The company itself

“In addition, the region in which APS’s power plants are located suffers from prolonged drought conditions, which could potentially affect the plants’ water supplies. Climate change is projected to exacerbate such 38 Table of Contents drought conditions. Colorado River water supplies for Arizona are subject to shortage declarations that substantially limit the quantity of water available to the state.”

Annual report 2025A · The company itself

“Wildfires have the potential to affect communities within APS’s service territory and the surrounding areas, as well as APS’s vast network of electric transmission and distribution lines and facilities. The potential likelihood and severity of wildfires has increased due to many of the same weather and climate change impacts existing in Arizona as those that led to catastrophic wildfires in other states. The continued expansion of the wildland urban interface has also increased wildfire risk to surrounding communities.”

Annual report 2025A · The company itself

“However, APS’s fire mitigation efforts may be insufficient to prevent wildfires in APS’s expansive service territory and surrounding areas and could result in claims alleging damages due to the use, non-use, timing, or effectiveness of such measures. In addition, APS could be sued regardless of fault for damages incurred as a result of wildfires and may not be able to recover all or a substantial portion of any such damages or costs from insurance or through rates.”

Annual report 2025A · The company itself

“PPL is aware of the various risks associated with climate change, including increased frequency and severity of severe weather. To address these risks, PPL continues to work to advance grid modernization and improve the company's equipment to help mitigate the impacts of extreme weather events and improve reliability.”

Annual report 2025A · The company itself

“Table of Contents Natural disasters or operational accidents (such as wildfires, earthquakes, hurricanes or natural gas transmission pipeline explosions) could have direct or indirect impacts on the Registrants or key contractors or suppliers.”

Annual report 2025A · The company itself

“Climate change may produce changes in weather or other environmental conditions, including temperature or precipitation levels, and thus may impact consumer demand for electricity. In addition, the potential physical effects of climate change, such as increased frequency and severity of storms, floods, and other climatic events, could disrupt our operations and cause us to incur significant costs to prepare for or respond to these effects.”

Annual report 2025A · The company itself

“Miljöinformation Väsentligt ämne Underämne Påverkan, risk, möjlighet Beskrivning E1 Klimatförändringar Anpassning till klimat förändringar • Risk Klimatförändringar ökar kostnader samt osäkerhet i leveranskedjan, särskilt för råmaterial och vid transporter.”

Annual report 2024A · The company itself

“As a property insurer, we have exposure to losses from catastrophes, including hurricanes, and other severe weather events.”

Annual report 2025A · The company itself

“Those tools are based on historical data and other assumptions that limit their reliability and predictive value, and they may become even less reliable due to climate change. Therefore, our forecasting efforts may generate projections and loss estimates that prove to be materially inaccurate. As a result, an increase in the frequency, severity or duration, or unanticipated changes in geographic location or scope, of severe weather or other catastrophes could materially adversely affect our financial condition, cash flows, and results of operations.”

Annual report 2025A · The company itself

“Our logistics facilities and the global supply chain are and may continue to be exposed to severe weather events, such as storms or floods. If the frequency of extreme weather events increases, our exposure to these events could increase. We may also be adversely impacted by transition risks, such as potential impacts to the supply chain as a real estate developer or changes in laws or regulations, including the need to invest in low-carbon technologies like solar and battery storage, electric vehicle charging, and LED lighting.”

Annual report 2025A · The company itself

“Table of Contents A number of our investments, both wholly owned and owned through co-investment ventures, are located in areas that are known to be subject to earthquake activity. U.S. properties located in active seismic areas include properties in our markets in California and Washington. International properties located in active seismic areas include Japan and Mexico.”

Annual report 2025A · The company itself

“Furthermore, a number of our properties are located in areas that are known to be subject to hurricane or flood risk. We carry hurricane and flood hazard insurance on all of our properties located in areas historically subject to such activity, subject to coverage limitations and deductibles, if we believe it is commercially reasonable.”

Annual report 2025A · The company itself

“In addition, the successful operation of new facilities or transmission or distribution projects is subject to risks relating to supply interruptions; labor availability, work stoppages and labor disputes; weather interferences; unforeseen engineering and environmental problems, including those related to climate change; opposition from local communities, and the other risks described herein.”

Annual report unknown yearA · The company itself

“Severe weather or acts of nature, including hurricanes, winter storms, earthquakes, floods, wildfires and other natural disasters can stress systems, disrupt operation of our facilities and cause service outages, and property damage that require incurring additional expenses. In addition, the effects of climate change will have increased the physical risks to our facilities and operations resulting from such climate hazards as more severe weather events (extreme wind, rainfall and flooding), such as experienced from Superstorm Sandy and Tropical Storms Isaias and Ida, sea level rise, and extreme heat and drought.”

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

“We are exposed to the risk of asset and equipment failures, gas explosions or leaks, accidents, pandemics, natural disasters, severe weather events, acts of war or terrorism or other acts of violence, including active shooter situations, sabotage, physical attacks or security breaches, cyberattacks or other incidents, which could result in damage to or destruction of our substations or other facilities or infrastructure, or damage to persons or property, fire, loss of life, outages, mechanical problems, environmental pollution, electric and gas supply interruptions or other adverse impacts to our business.”

Annual report unknown yearA · The company itself

“PJM’s capacity market design rules continue to evolve and change, including in response to projections of higher demand, lack of sufficient generation capacity and extreme weather events. These changes have led to capacity market auction delays and rules changes that have created regulatory and business uncertainty.”

Annual report unknown yearA · The company itself

“Risks Related to Our Properties and Our Business Natural disasters, terrorist attacks, civil unrest, or other events that could damage or otherwise disrupt our ability to operate our facilities could adversely impact our business and financial results. Natural disasters, such as earthquakes, fires, hurricanes, drought, extreme temperatures and floods, terrorist attacks, civil unrest, and other events that damage our facilities or our tenants’ property, or that make our facilities temporarily unavailable, have in the past and may in the future adversely impact our business and financial results.”

Annual report 2025A · The company itself

“We are also subject to potential liability relating to moisture infiltration, which can result in mold or other damage to our or our customers’ property, as well as potential health concerns. When we receive a complaint or otherwise become aware that an air quality concern exists, we implement corrective measures and seek to work proactively with our customers to resolve issues, subject to our contractual limitations on liability for such claims.”

Annual report 2025A · The company itself

“Local, state, and federal governments have and may in the future adopt regulations that could adversely impact our operations, including in response to natural disasters and public health crises. For example, in response to wildfires in 2018, 2019, and early 2025 and floods in 2023, the State of California and some localities in California adopted temporary regulations that imposed certain limits on the rents we could charge at certain of our facilities and the extent to which we could increase rents to existing tenants.”

Annual report 2025A · The company itself

“In particular, locations throughout our primary operating regions, including but not limited to, the United States, Canada and Australia, have recently experienced and are increasingly impacted by wildfires, including locations that have not historically experienced wildfire events but that are becoming more susceptible to wildfire events due to changes in climate. Our customers operate electrical power, natural gas, communications and other infrastructure assets in these areas, which in turn has exposed us and other contractors to increased risk of liability in connection with our operations, as these wildfire events can be started by electrical power and other infrastructure on which we have performed services, including inspection, consulting, construction, upgrade, repair and maintenance and other services.”

Annual report 2025A · The company itself

“Our business and operating results are subject to physical risks associated with changes in climate. Changes in climate have caused, and are expected to continue to cause, among other things, changes to meteorological and hydrological patterns, as well as impacts to the frequency and intensity of wildfires, hurricanes, floods, droughts, extreme heat, other storms and severe weather-related events and natural disasters.”

Annual report 2025A · The company itself

“En infrastruktur som dessutom har en bristvara samtidigt som järnvägen behöver mer underhåll än någonsin, blir bolagets effektiva och skonsamma maskiner viktiga för att utföra entreprenadarbeten som stor underhållsskuld där entreprenad- mer liknar ett stopp i en Formel1-depå. Dessa entreprearbeten ska utföras parallellt med den nadarbeten minskar dessutom risken för att efterföljanökade trafiken, och där extremväder de större spårbyte inte får stillestånd och därmed inte påverkar ytterligare.”

Annual report 2024A · The company itself

“Med tilltagande extremväder blir avvattning alltmer kritiskt för järnvägens stabilitet. Railcare har de senaste åren sett en ökad efterfrågan gällande avvattning och tillståndsbedömningar.”

Annual report 2024A · The company itself

“Railcare har långa kontrakt inom transporter och snöröjning vilket skapar en god bas för verksamheten.”

Annual report 2024A · The company itself

“I slutet av januari 2025 tecknade vi även ett nytt avtal med Trafikverket för snöröjning som inleds i oktober 2025. Avtalet gäller under en sexårsperiod, vilket inkluderar två optionsår, och det totala värdet uppgår till drygt 350 MSEK. Snökontraktet är väldigt viktigt för att ha beläggning även under vinterhalvåret.”

Annual report 2024A · The company itself

“Our products must appeal to a broad range of consumers worldwide across various price points whose preferences cannot be predicted with certainty and are subject to rapid change, influenced by fashion trends, economic conditions, and weather conditions, among other factors.”

Annual report 2026A · The company itself

“In addition, the cost and availability of raw materials used to manufacture our products are subject to significant fluctuation as a result of certain of the beforementioned factors (including inflationary pressures), as well as crop yields which could be negatively impacted by severe weather conditions.”

Annual report 2026A · The company itself

“Our distribution centers generally utilize computer-controlled and automated equipment, which are subject to various risks, including software viruses, security breaches, power interruptions, or other system failures. If any of our distribution centers were to close or become inoperable or inaccessible for any reason, including, but not limited to, natural disasters, severe weather, labor shortages, fires, and system failures, pandemic diseases, or if we fail to successfully consolidate existing facilities or transition to new facilities, we could experience a substantial loss of inventory, disruption of deliveries to our customers and our stores, increased costs, and longer lead times associated with the distribution of products during the period that would be required to reopen or replace the facility.”

Annual report 2026A · The company itself

“The occurrence of natural disasters or other catastrophic events may result in sudden disruptions in the business operations of the local and regional economies affected, as well as the global economy as a whole, including, but not limited to, shortages and/or rising costs of raw materials or energy, public health issues, system failures, and reduced retail traffic.”

Annual report 2026A · The company itself

“Increased frequency and/or severity of extreme weather events due to climate change could adversely impact global supply chains, including the availability, quality, and cost of raw materials (such as cotton, a key raw material used in the production of our products that is highly susceptible to severe weather conditions), the ability of our manufacturers to fulfill our orders timely and to our specifications, and shipping disruptions and/or higher freight costs.”

Annual report 2026A · The company itself

“Our business is subject to risks associated with the effects of climate change and a market shift to a lower carbon economy and may be subject to further risks in the future. A failure to adequately adapt to climate change could adversely affect our business through both chronic and acute perils including, but not limited to, extreme weather, changes in precipitation and temperature, and rising sea levels, all of which may result in physical damage to, or a decrease in demand for, our properties located in the areas affected by these conditions, and may adversely impact consumer behaviors, preferences and spending for our clients, and insurance costs, which may impact their ability to fulfill their obligations under our leases, or our ability to re-lease the properties in the future.”

Annual report 2025A · The company itself

“We work with experts to plan for the potential physical, operational and financial impacts of climate change on our business, and we cannot reliably predict the extent, rate, timing, or impact of climate change. To the extent climate change causes adverse changes in weather patterns and natural disasters, our properties in certain markets may experience increases in frequency and intensity of severe weather events, natural disasters and rising sea‑levels. Further, population migration may occur in response to these or other factors and negatively impact our centers. For example, climate and other environmental changes may result in more unpredictable or decreased demand for retail space and in shopper traffic at certain of our properties, reduced rent and/or, in extreme cases, our inability to operate certain properties at all.”

Annual report 2025A · The company itself

“Vår byggda miljö, inklusive byggnader, vattenförsörjning samt transport- och kommunikationssystem, står inför ökade risker till följd av klimatförändringar, geopolitisk instabilitet och nya säkerhetshot.”

Annual report 2024A · The company itself

“Vi måste möta kundernas krav på kompetens inom till exempel hur infrastruktur och byggnader kan anpassas till klimatrisker. Vi ser också en risk att inte kunna leverera i enlighet med kundernas behov i förhållande till energiomställningen, där behoven är mycket stora som en konsekvens av ökade energipriser och inflation.”

Annual report 2024A · The company itself

“Genom dialog identifierades viktiga fokusområden som begränsning av klimatförändringar, en ansvarsfull värdekedja, inkludering och personlig utveckling.”

Annual report 2024A · The company itself

“Bedömningen visar att det viktigaste bidraget finns inom området för begränsning av klimatförändringar.”

Annual report 2024A · The company itself

“Detta omfattar elektrifiering av transport- och värmesystem, skydd mot extremväder, resurseffektivitet under hela byggnadernas livslängd, optimering av robusta mobil- och IT-nät som kan stå emot cyberhot och andra digitala sårbarheter samt civilförsvar och krisberedskap.”

Annual report 2024A · The company itself

“We provide essential environmental services in the communities we serve and our operations can be adversely affected by periods of inclement or severe weather and natural disasters, which could increase the volume of material collected under our existing contracts (without corresponding compensation), delay the collection and disposal of material, reduce the volume of material delivered to our disposal sites or delay the construction or expansion of our landfill sites and other facilities. These risks may increase with the physical impacts of climate change.”

Annual report 2025A · The company itself

“Acute and chronic weather events, including those brought about by climate change, may adversely impact our operations and increase the costs of collection, transfer, disposal and other environmental services we provide. Our operations could be adversely impacted by extreme weather events, changing weather patterns and rising mean temperature and sea levels, some of which we are already experiencing.”

Annual report 2025A · The company itself

“In 2025, we strengthened our climate risk assessment to better protect our factories against severe weather events. We also clearly defined how our products help strengthen resilience against climate change events, including wildfires, heavy precipitation and flooding, as well as drought and water stress.”

Annual report 2025A · The company itself

“Physical opportunities from climate and weather changes ROCKWOOL offers products that can strengthen resilience against climate change and severe weather. These opportunities are presented in more detail in the scenario analysis.”

Annual report 2025A · The company itself

“Physical risks due to acute and chronic climate changes ROCKWOOL’s factories, key assets with capital-intensive technologies, could be harmed by acute climate changes driven events.”

Annual report 2025A · The company itself

“Increased demand for Grodan for horticulture to maximise crop yield with less water, less land and less fertilizer in droughtprone and heat-waves regions Long-term Medium- to long-term Heavy precipitation Flood; Precipitation variability Increased demand for Rainwater Systems helps cities and industries mitigate risks and store excess water during storms.”

Annual report 2025A · The company itself

“Climate change and unfavorable weather conditions could adversely impact our financial results. Our operations are directly impacted by the weather conditions worldwide, including catastrophic events, natural disasters and potential impacts from climate change. Our business is also affected by extreme weather such as hurricanes, wildfires, snow storms, and other storms which can impact our ability to operate as well as drought and cold weather which can greatly reduce the pest population for extended periods.”

Annual report 2025A · The company itself

“Our business is also affected by seasonality associated with our pest and termite control services. The decrease in pest presence and activity in the fall and winter has historically resulted in a decrease in the revenue and income of our pest and termite control operations during such periods.”

Annual report 2025A · The company itself

“Accrual for Termite Contracts—The Company maintains an accrual for termite claims representing the estimated costs of reapplications, repairs and associated labor and chemicals, settlements, awards and other costs relative to termite control services. Factors that may impact future costs include termiticide life expectancy and government regulation.”

Annual report 2025A · The company itself

“Adverse or unseasonable weather may affect shopping patterns and consumer demand for seasonal apparel and other merchandise, and may result in temporary store closures and disruptions in deliveries of merchandise to our stores. Unseasonable weather and prolonged, extreme temperatures, as well as events such as storms, affect consumers’ buying patterns and willingness to shop, and may adversely affect the demand for merchandise in our stores, particularly in apparel and seasonal merchandise. Among other things, weather conditions may also affect our ability to deliver our products to our stores or require us to close certain stores temporarily, thereby reducing store traffic.”

Annual report 2026A · The company itself

“Our information systems, including our back-up systems, are subject to damage or interruption from power outages, computer and telecommunications failures, cyberattacks, computer viruses, internal or external security breaches, catastrophic events such as severe storms, fires, earthquakes, floods, acts of terrorism, and design or usage errors by our associates or by third parties.”

Annual report 2026A · The company itself

“A disruption within our logistics or supply chain network could adversely affect our ability to timely and efficiently transport merchandise to our stores or our distribution centers, which could impair our ability to meet customer demand for products and result in lost sales or increased supply chain costs. Such disruptions may result from public health issues such as pandemics, cyberattacks, damage or destruction to our distribution centers, equipment failures, weather-related events, natural disasters, power outages, fires, trade restrictions, tariffs, third-party strikes or ineffective cross-dock operations, work stoppages or slowdowns, shipping capacity constraints, supply or shipping interruptions, or other factors beyond our control.”

Annual report 2026A · The company itself

“Natural or other disasters, such as wildfires, earthquakes, hurricanes, tornadoes, floods, or other extreme weather and climate conditions, or fires, explosions, and acts of war or terrorism, or public health issues, in any of our markets could disrupt our operations or our supply chain, or could shut down, damage, or destroy our stores or distribution facilities.”

Annual report 2026A · The company itself

“Natural disasters (e.g., earthquakes, volcanos, wildfires), weather and/or climate events (including hurricanes and typhoons) could impact our source markets and operations resulting in travel restrictions, guest cancellations, an inability to source our crew or our provisions and supplies from certain places. We may be required to alter itineraries and cancel a cruise or a series of cruises or to redeploy our ships due to these types of events, which could have an adverse effect on our sales, operating costs and profitability in the current and future periods.”

Annual report 2025A · The company itself

“The year was characterised by favourable weather conditions and claims frequency development, except for the fourth quarter, which was impacted by two storms.”

Annual report 2025A · The company itself

“However, the Nordics have seen wintry weather conditions at the beginning of 2026, creating some uncertainty around severe weather claims costs for the first quarter.”

Annual report 2025A · The company itself

“Physical climate-related risks include storms, floods, heavy rains, landslides, erosion, hailstorms, and heat waves. The scale or frequency of these natural disasters can increase claims costs.”

Annual report 2025A · The company itself

“Climate change and environmental issues can impact Sampo Group’s business on short, medium, and long term. Climate-related risks can be categorised into physical risks and transition risks. The financial position and performance of Sampo Group’s insurance operations are especially affected by physical risks. Effects on the financial position related to extreme weather events and natural disasters are considered in internal risk models, for instance through the consideration of trends in related insurance claims.”

Annual report 2025A · The company itself

“As climate change may increase the frequency and/or severity of physical risks, Sampo Group conducts sensitivity analyses using scenarios that assume increased severity of natural catastrophes.”

Annual report 2025A · The company itself

“Given the inherent uncertainty of P&C insurance operations, there is a risk of losses due to unexpectedly high claim expenses. Examples of what could lead to high claim expenses include large fires, and natural catastrophes, or an unforeseen increase in the frequency or the average size of small and mediumsized claims.”

Annual report 2025A · The company itself

“If a fire (including a climate change-related fire), flood, earthquake, tsunami or other natural disaster, condition or event such as power outage, contamination event, water scarcity, terrorist attack, cybersecurity incident, physical security breach, political instability, act of war, civil unrest, localized labor unrest, or a public health crisis or epidemic negatively affects any of these facilities or regions, it could significantly disrupt the supply of wafers, components, equipment or services; impair customer demand; significantly affect our ability to manufacture or sell our products; or otherwise materially adversely affect our business and financial results.”

Annual report 2026A · The company itself

“We maintain limited insurance coverage and, in some cases, no coverage at all, for natural disasters and damage to our facilities, as these types of insurance are sometimes not available or available only at a prohibitive cost. Climate change may reduce the availability or increase the cost of certain types of insurance by contributing to an increase in the incidence and severity of certain natural disasters.”

Annual report 2026A · The company itself

“The Group is exposed to various health and safety and environmental risks, such as natural disasters and hazards following physical risks of climate change that are beyond Sanoma’s control and that could cause business interruption and result in costs.”

Annual report 2025A · The company itself

“Acute physical hazards like flooding, driven by increased severity of extreme weather events, may pose a risk to Sanoma’s facilities and warehouses. The risk is particularly related to damages to facilities due to floods and heavy rain in flooding risk locations.”

Annual report 2025A · The company itself

“Acute physical risks like flooding, driven by increased severity of extreme weather conditions, may pose a risk to Sanoma’s printing houses, facilities and warehouses. In particular, the risk relates to damages caused to facilities due to floods and heavy rain in high flooding risk locations.”

Annual report 2025A · The company itself

“To the extent that we are not able to meet our contractual obligations to our customers, due to a natural disaster or other catastrophic circumstances, our customers may not be obligated or willing to pay their lease expenses; however, we may be required to continue paying our fixed expenses related to the affected tower, including expenses for ground leases and other property interests. If we are unable to meet our contractual obligations to our customers for a material portion of our towers, our operations could be materially and adversely affected.”

Annual report 2025A · The company itself

“Changes in weather patterns due to rising temperatures may disrupt operations, increase operating costs and result in lost revenue or missed growth opportunities for Scanfil.”

Annual report 2025A · The company itself

“The result indicates that Scanfil is exposed to acute and chronic physical risks in terms of extreme weather events in some of its production facilities, which consequently added one additional material financial risk into the Groups DMA.”

Annual report 2025A · The company itself

“Also, many of these direct and indirect component suppliers are geographically concentrated, making our supply chain more vulnerable to regional disruptions such as severe weather, local or global health issues or pandemics, acts of terrorism, war and an unpredictable geopolitical climate.”

Annual report 2026A · The company itself

“Geopolitical uncertainty, political unrest, terrorism, instability or war, such as the conflict between Ukraine and Russia and conflicts in the Middle East, including the Iran conflict, natural disasters, public health issues and other business interruptions have caused and could cause damage or disruption to international commerce and the global economy, including by contributing to global or regional economic slowdowns, reduced enterprise and consumer spending and increased volatility in financial markets, and thus could have a strong negative effect on our business, our direct and indirect suppliers, logistics providers, manufacturing vendors and customers.”

Annual report 2026A · The company itself

“Our business operations are also subject to interruption by natural disasters such as floods and earthquakes, fires, power or water shortages, terrorist attacks, other hostile acts, labor disputes, political unrest, public health issues and related mitigation actions, and other events beyond our control. Such events may decrease demand for our products, make it difficult or impossible for us to make and deliver products to our customers or to receive components from our direct and indirect suppliers, and create delays and inefficiencies in our supply chain.”

Annual report 2026A · The company itself

“A significant natural disaster, such as an earthquake, fire, flood, or significant power outage could have an adverse impact on our business, results of operations, and financial condition.”

Annual report 2026A · The company itself

“The impact of climate change may increase these risks due to changes in weather patterns, such as increases in storm intensity, sea-level rise and temperature extremes in areas where we or our suppliers and customers conduct business.”

Annual report 2026A · The company itself

“Större förändringar Vi ser nio stora förändringar som påverkar den framtida säkerhetsmarknaden. • Brist på nya välutbildade väktare och experter på cybersäkerhet Sociala • Ökad kriminalitet • Offentliga myndigheter uppgraderar till teknikstödda säkerhetstjänster • Ökat distans- och hybridarbete Miljömässiga • Ökad frekvens av extrema väderhändelser driver efterfrågan på säkerhetstjänster vid nödsituationer • Ökat fokus på säkerhet för knappa och kritiska miljöresurser Legala • Stränga regler för datasekretess • Ökad efterfrågan på privata säkerhetstjänster • Hög aktivitet inom förvärv och avyttringar 1 2 3 4 5 6 7 8 9 27Den globala säkerhetsmarknaden och trender 27Securitas Års- och hållbarhetsredovisning 2024 Den globala säkerhetsmarknaden och trender Introduktion Om Securitas Koncernchefens kommentar Medarbetare Strategi och mål Vårt erbjudande Vår verksamhet Den globala säkerhetsmarknaden och trender Vårt hållbarhetsarbete Bolagsstyrningsrapport och ledning Securitas finansiella modell Årsredovisning Hållbarhetsnoter Securitas aktie Securitas historia Finansiell information Högre förväntad tillväxt för digital säkerhet jämfört med bemannade bevakningslösningar, driven av införandet av teknik och datadrivna applikationer.”

Annual report 2024A · The company itself

“Miljö Risk för att våra verksamheter kan medföra negativ miljöpåverkan eller bidra negativt till klimatförändringar, och att vi inte når koncernens miljömål.”

Annual report 2024A · The company itself

“Electricity demand is also impacted by seasonal weather patterns (or “seasonality”), tending to increase in the summer months to meet the cooling load and in the winter months to meet the heating load.”

Annual report 2025A · The company itself

“Natural gas demand largely depends on the health and expansion of the Southern California economy, prices of alternative energy products, consumer preferences, environmental regulations, legislation, California’s energy policy supporting increased electrification and renewable power generation, and the effectiveness of energy efficiency programs, among other factors. Other external factors such as weather, the price of, demand for, and supply sources of electricity, the use and further development of renewable energy sources and energy storage, development of or requirements for new natural gas supply sources, demand for natural gas outside California, storage levels, transport capacity and availability of supply into California and general economic conditions can also result in significant shifts in the market price of natural gas, which may in turn impact demand.”

Annual report 2025A · The company itself

“Natural gas transported for electric generating plant customers may be affected by the overall demand for electricity, growth in self-generation from rooftop solar, the addition of more efficient gas technologies, new energy efficiency initiatives, and the degree to which regulatory changes in electric transmission infrastructure investment divert electric generation from SoCalGas’ and SDG&E’s service areas. The demand for natural gas may also fluctuate due to volatility in the demand for electricity due to seasonality, weather conditions and other impacts, and the availability of competing supplies of electricity, such as renewable energy sources, among other factors.”

Annual report 2025A · The company itself

“The natural gas distribution business is subject to seasonality. Demand for natural gas in our service territory typically rises during the winter months to accommodate heating needs and the summer months to support peak electric generation.”

Annual report 2025A · The company itself

“Oncor’s revenues and results of operations are subject to seasonality, weather conditions and other electricity usage drivers, with revenues being highest in the summer.”

Annual report 2025A · The company itself

“Moreover, weather-related incidents have become more prevalent, unpredictable and severe due to climate change or other factors. As a result, these incidents could have a greater impact on our businesses than currently anticipated and, for our regulated utilities, rates may not be adequately or timely adjusted to reflect any such increased impact.”

Annual report 2025A · The company itself

“More and Increasingly Severe Wildfires In recent years, California has experienced some of the largest wildfires (measured by acres burned and/or structures destroyed) in its history. Frequent and severe drought conditions, inconsistent and extreme swings in precipitation, changes in vegetation, unseasonably warm temperatures, low humidity, strong winds and other factors have increased the duration of the wildfire season and the intensity, prevalence and difficulty of preventing and containing wildfires in California, including in SDG&E’s and SoCalGas’ service territories. Changing weather patterns, including as a result of climate change, could exacerbate these conditions.”

Annual report 2025A · The company itself

“The LA Fires burned in SoCalGas’ service territory. The California Department of Forestry and Fire Protection estimates that the Palisades and Eaton fires destroyed approximately 16,200 structures and damaged approximately 2,000 structures. Although the majority of SoCalGas’ infrastructure in the fire-affected areas is underground, these fires resulted in service disruptions, response costs and damage to some of SoCalGas’ infrastructure and third-party property.”

Annual report 2025A · The company itself

“Risks Related to Real Estate Holdings and Operations Some of our properties are subject to potential natural or other disasters. A material amount of our share of NOI is derived in states such as Florida, California, Texas and New York which are located in areas which may be subject to a higher risk of natural disasters such as tornados, floods, blizzards, hurricanes, heatwaves, fires, drought, earthquakes or tsunamis.”

Annual report unknown yearA · The company itself

“We face risks associated with climate change. Due to changes in weather patterns caused by climate change, our properties in certain markets including Florida, California, Texas and New York, where we derive a material amount of our share of NOI could experience increases in storm intensity, storm frequency and be impacted by rising sea levels.”

Annual report unknown yearA · The company itself

“För SkiStar kommer ett förändrat klimat ha en direkt och betydande påverkan på vår verksamhet. Vita, kalla vintrar är en förutsättning för vår vinterverksamhet och ett mer instabilt väder förändrar vår förmåga att planera och driva verksamheten.”

Annual report 2024A · The company itself

“SkiStar är en långsiktig aktör. Därför är det viktigt att verksamhetens strategi beaktar de områden som bedöms ha stor påverkan på lång sikt, däribland klimatfrågan.”

Annual report 2024A · The company itself

“• Varmare vintrar: Medeltemperaturen ökar med 2,5–3 grader på samtliga destinationer. Färre dagar med naturligt snötäcke, högre avsmältning under driftsäsong, snöfall blir till regn. • Kortare vintersäsong: Vinterkylan kommer en månad senare, starten för snöproduktion försenas och möjligheten att ha en komplett skidanläggning öppen till jul/nyår försämras.”

Annual report 2024A · The company itself

“Utökade behov av konstsnö. • Starkare vind: Antalet dagar med driftstopp ökar, mer slitage på infrastruktur, sämre väder för gästerna. • Varmare somrar, mer nederbörd: Sämre gästupplevelse på destinationernas exponerade delar. • Naturkatastrofer som översvämning, markrörelser och värmebölja. • Risk för påfrestningar på resurser till följd av ökad turism: Ökade temperaturer kommer leda till minskad snömängd i Alperna.”

Annual report 2024A · The company itself

“• Förändringen går fortare än väntat Möjligheter • Klimatförändringarnas effekt på människors rörelsemönster. • Ökad turism på kort sikt då Skandinaviska anläggningar har en geografisk fördel. • Ökad sommarturism med långsiktigt gynnsamma förhållanden. • Bygga ut snöproduktionen både vad gäller omfång och kapacitet.”

Annual report 2024A · The company itself

“Den övervägande delen av SkiStars intäkter genereras under perioden december – april.”

Annual report 2024A · The company itself

“Antalet besökande gäster på SkiStars destinationer påverkas av väderförhållanden och snöläge. En sen vinter med lite kyla och natursnö till julveckan, ger lägre efterfrågan.”

Annual report 2024A · The company itself

“En lägre efterfrågan kan även uppstå under vintrar med långvarig kyla och ett bra snöläge i de södra befolkningstäta delarna av Skandinavien, då snö, kyla och skidåkning kan erbjudas närmare hemorten.”

Annual report 2024A · The company itself

“Årets vintersäsong startade rekordtidigt och samtliga svenska och norska destinationer var fullt öppna under hela vintersäsongen.”

Annual report 2024A · The company itself

“SkiStar möter riskerna genom ständig utveckling av snösystem för att säkerställa skidåkning samt genom att via tidig försäljning säkerställa att övervägande del av boendekapaciteten är uppbokad innan julveckan, då högsäsongen startar.”

Annual report 2024A · The company itself

“Variationer mellan säsonger hanteras också via investeringar i snösystem för att säkerställa skidåkning tidigt på säsongen.”

Annual report 2024A · The company itself

“Additionally, our operations may be affected by lengthy or recurring disruptions of operations at any of our production facilities, as well as disruptions at facilities operated by our subcontractors or customers. These disruptions may result from electrical power outages or fluctuations, water shortages, fire, earthquake, flooding, war, acts of terrorism, health advisories or risks, or other natural or man-made disasters, outages or disruptions to our information technology infrastructure, including those portions provided by third parties, as well as equipment or software maintenance, repairs, updates, and/or upgrades. Disruptions of our manufacturing operations, or those of our subcontractors and customers, could cause significant delays in shipments until we are able to shift production of the impacted products from an affected facility or subcontractor to another facility or subcontractor, or until the affected customer resumes operations and accepts shipments from us.”

Annual report 2025A · The company itself

“Further, the third-party foundries may experience financial difficulties or changes in control, be unable to deliver products to us in a timely manner, be unwilling to invest in processes that meet our needs, or suffer damage or destruction to their facilities, particularly since some of them are located in areas prone to natural disasters or to severe weather events and other impacts of climate change. If any disruption of manufacturing capacity occurs, we may not have alternative manufacturing sources immediately available. We may therefore experience difficulties, delays, or additional costs in securing an adequate supply of our products, which could impair our ability to meet our customers’ needs and have a material adverse effect on our operating results.”

Annual report 2025A · The company itself

“For example, operations at several of our facilities located in the south and southeastern U.S. have been interrupted in recent years by hurricanes and severe winter weather, resulting in, among other things, lost mill production.”

Annual report 2025A · The company itself

“Our physical assets and infrastructure, including our manufacturing operations, are subject to risks from volatile and damaging weather events. For example, severe weather, such as hurricanes, tornadoes, other extreme storms, wildfires, and floods, have resulted in and/or could in future periods result in lost production and/or physical damage to our facilities.”

Annual report 2025A · The company itself

“Climate change and the impacts of climate change may materially adversely affect Solventum’s business, results of operations, financial condition and cash flows. The impacts of climate change may include physical risks (e.g., rising sea levels or frequency and severity of extreme weather conditions, including natural disasters), social and human effects (e.g., population dislocations, economic disruption, political and social instability or harm to health and well-being) and transition risks (e.g., regulatory or technology changes), shifts in market trends (e.g., customers increasingly prioritize purchasing products that are sustainably made) and other adverse effects.”

Annual report 2025A · The company itself

“Table of Contents Such impacts may cause physical damage to Solventum’s facilities as well as those of its suppliers, customers and other business partners, and disrupt Solventum’s supply chain and operations by adversely affecting its ability to procure goods or services required for the operation of its business at the quantities and levels it requires due to impairment of the availability and cost of certain products, materials, natural resources, commodities and energy.”

Annual report 2025A · The company itself

“As a result, Southern Power's ability to recover fixed and variable operations and maintenance expenses is dependent upon the level of energy generated from these facilities, which can be impacted by weather conditions, equipment performance, transmission constraints, and other factors.”

Annual report 2025A · The company itself

“The Subsidiary Registrants have historically sold less power and natural gas when weather conditions are milder. Volatile or significant weather events could result in substantial damage to the transmission and distribution lines of the traditional electric operating companies, the generating facilities of the traditional electric operating companies and Southern Power, and the natural gas distribution and underground storage facilities of Southern Company Gas, which is likely to negatively impact revenue and/or earnings.”

Annual report 2025A · The company itself

“The Subsidiary Registrants have significant investments in the Atlantic and Gulf Coast regions and Southern Power and Southern Company Gas have investments in various states that could be subject to severe weather and natural disasters, including hurricanes, wildfires, and extreme temperatures. Further, severe drought conditions can reduce the availability of water and restrict or prevent the operation of certain generating facilities.”

Annual report 2025A · The company itself

“For example, in September 2024, Hurricane Helene caused significant damage to Georgia Power's transmission and distribution facilities. The incremental restoration costs related to this hurricane totaled approximately $880 million, of which approximately $780 million was deferred in the regulatory asset for storm damage, approximately $75 million was capitalized to property, plant, and equipment, and approximately $25 million was deferred as future billings to open access transmission tariff customers.”

Annual report 2025A · The company itself

“Table of Contents The Company’s operations have been, and in the future may again be, materially and adversely disrupted by extreme weather events. An inability to quickly and effectively restore operations following adverse weather, a localized disaster, or disturbance in a key geography has adversely and materially impacted, and in the future could again adversely and materially impact, the Company’s business, results of operations, and financial condition.”

Annual report 2025A · The company itself

“While the Company operates across a diverse geographic footprint, its operations at times have been adversely and materially impacted by severe weather, such as Winter Storm Fern in January 2026, Hurricane Milton in October 2024, and Winter Storm Elliott in December 2022. Depending on location, the Company’s assets and route network have been or could be exposed to ongoing risks arising from a variety of adverse weather conditions or localized natural or manmade disasters such as earthquakes, volcanoes, wildfires (such as the 2023 Maui wildfires and the 2025 Los Angeles wildfires), hurricanes, tropical storms, tornadoes, floods, sea-level rise, severe winter weather, sustained or extreme cold or heat, drought, or other disturbances, actual or threatened.”

Annual report 2025A · The company itself

“•The Company’s operations have been, and in the future may again be, materially and adversely disrupted by extreme weather events. The airline industry is made up of inherently complex systems and is affected by many conditions that are beyond its control.”

Annual report 2025A · The company itself

“In addition, the occurrence of extreme weather events (regardless of cause), such as flooding, acute or prolonged winter storms, tropical storms, and hurricanes, can also disrupt the jet fuel supply chain and affect fuel prices.”

Annual report 2025A · The company itself

“Longer-term changes in weather patterns could adversely impact any of the Company’s destination cities and, as a result, alter Customers’ travel behavior.”

Annual report 2025A · The company itself

“Banken har per i dag ikke identifisert engasjementer som har økt tapsrisiko grunnet overgangsrisiko og/ eller fysisk klimarisiko, selv etter uværet Hans høsten 2023.”

Annual report 2024A · The company itself

“ESG-risiko er risiko for tap som følge av • Fysiske endringer i klima- natur- og/eller miljøforhold (Environment) som direkte eller indirekte vil kunne ha negativ effekt for konsernet.”

Annual report 2024A · The company itself

“Vi har per nå en negativ, indirekte klima- og naturpåvirkning på samfunnet rundt oss fordi vi, gjennom å gi lån til bedrifter og privatpersoner, finansierer klimagassutslipp og naturpåvirkning. Dette er et vesentlig bærekrafttema for oss.”

Annual report 2024A · The company itself

“Fysisk klimarisiko blir stadig med aktuelt, og vår erfaring med ekstremværet ”Hans” har vist at flere av våre kunder er utsatt for klimarisiko i form av flom og ekstremnedbør.”

Annual report 2024A · The company itself

“Norsk klimaservicesenter peker på følgende fysiske klimarisikoer for kommunene i vårt markedsområde : Kilde: Norsk Klimaservicesenter Sannsynlig økning Ekstrem nedbør (Buskerud, Oppland, Akershus) «Det forventes at episoder med kraftig nedbør øker vesentlig både i intensitet og hyppighet. Dette vil også føre til mer overvann».”

Annual report 2024A · The company itself

“Samlet viser tilgjengelige data at utlånsporteføljen i relativt liten grad er utsatt for fysisk klimarisiko, men at mye fortsatt er ukjent eller ikke kartlagt.”

Annual report 2024A · The company itself

“Bærekraftrisiko innen omsetning og drift av eiendommer (57 % av BM-porteføljen*) Kundenes virksomhet innen omsetning og drift av eiendommer kan påvirkes av blant annet følgende bærekraftrisiko: • Økt sannsynlighet for ekstremvær kan påvirke verdien av eiendommene og øke sannsynligheten for fysiske skader • Økt etterspørsel etter energieffektive leieobjekter kan påvirke verdien av eksisterende bygningsmasse • Endrede krav og forventninger med hensyn til biodiversitet i byggeprosjekter Banken har i sitt arbeid mot kunder innen næringen et særlig fokus på etterlevelse av arbeidsrettsregler, skatte- og avgiftsregler, og forebygging av hvitvasking.”

Annual report 2024A · The company itself

“Kundenes virksomhet innen næringen kan påvirkes av blant annet følgende bærekraftrisiko: • Sannsynlig økning i ekstrem nedbør kan påvirke avlinger • Mulig sannsynlig økning i fare for tørke om somrene kan påvirke avlinger • Strengere reguleringer knyttet til utslipp, biodiversitet, arealbruk etc. kan påvirke driften • Endret forventning fra konsumenter med økt fokus på redusert konsum av kjøtt og på økologiske produkter kan påvirke driften Landbruket i vår region har vært utsatt for flere værhendelser, både tørkeperioder og nedbør/flom i løpet av de siste ti årene.”

Annual report 2024A · The company itself

“Bærekraftrisiko innen bygg og anlegg (14 % av BM-porteføljen*) Kundenes virksomhet innen bygg og anlegg kan påvirkes av blant annet følgende bærekraftrisiko: • Økt sannsynlighet for ekstremvær kan øke risikoen for fysiske skader på anleggsvirksomheten • Endret krav til utslipp ved anleggsvirksomhet, herunder krav til fossilfrie anleggsplasser • Endret krav og forventninger til hensyn til biodiversitet i byggeprosjekter Banken har i sitt arbeid mot kunder innen næringen særlig oppmerksomhet på etterlevelse av arbeidsrettsregler, skatte- og avgiftsregler, og forebygging av hvitvasking.”

Annual report 2024A · The company itself

“Høyere temperaturer og økt fordamping gir økt fare for tørke om sommeren i alle fylkene.”

Annual report 2024A · The company itself

“«Kortere isleggingssesong, hyppigere vinterisganger samt isganger høyere opp i vassdragene enn i dag».”

Annual report 2024A · The company itself

“Om lag 0,9 prosent av vårt totale utlånsvolum knyttet til pantesikkerhetene har økt risiko for store fjellskred.”

Annual report 2024A · The company itself

“(mill. kroner) Mål for 2024 Utlån 2024 Mål for 2025 Grønne utlån privatmarkedet 600 833 1.133 Grønne utlån bedriftsmarkedet 125 147 250 Klimarisiko Styring av klimarelaterte risikoer og muligheter Klimarisiko er risiko for skader og tap som følge av endringer i klima og klimapolitikken. Klimarisiko består av fysisk risiko, overgangsrisiko og ansvarsrisiko. «Fysisk klimarisiko oppstår fordi det er usikkerhet om fremtidige klimaendringer, mens overgangsrisiko oppstår fordi det er usikkerhet knyttet til fremtidig samfunnsutvikling, klimapolitikk og teknologiutvikling» .”

Annual report 2024A · The company itself

“Produkter og tjenester med fokus på bærekraft Landbrukskundene står for en stor andel av våre estimerte, finansierte klimagassutslipp og de er utsatt for effektene av klimaendringene.”

Annual report 2024A · The company itself

“De vesentlige negative funnene er: • Konsernet har en indirekte negativ påvirkning på klima og natur gjennom finansierte utslipp fra lån og investeringer i sektorer som landbruk, fiskeri, næringseiendom og husholdninger.”

Annual report 2024A · The company itself

“Klimaomstilling av utlånsporteføljen er en av de største utfordringene SpareBank 1 Østlandet står overfor i årene som kommer, og vil påvirke hvordan strategi og forretningsutvikling utformes i årene mot 2030 og 2050.”

Annual report 2024A · The company itself

“SpareBank 1 Østlandet har vesentlige risikoer knyttet til klimarisiko, både fysisk risiko og overgangsrisiko.”

Annual report 2024A · The company itself

“2025) beskriver hvordan vi har jobbet for å sikre en robust strategi og forretningsmodell i møte med nye utfordringer i den bærekraftige omstillingen. Som beskrevet over, er det spesielt viktig å sikre en utlånsportefølje som beveger seg i en stadig mer bærekraftig retning, der kunder, eiendeler og aktiviteter som mottar finansiering er robuste, spesielt i møte med klimaendringer og klima omstillingen.”

Annual report 2024A · The company itself

“Risiko – Økte krav kan redusere verdien av utlåns porteføljen og medføre risiko for mislighold Klimaendringer som medfører mer ustabilt og mer ekstremt vær utgjør direkte risiko for landbruksproduksjonen. Dette krever betydelige investeringer i produksjonstilpasning, inkludert teknologi.”

Annual report 2024A · The company itself

“Basert på gjennomførte scenarie og risikoanalyser er ikke utlånsporteføljen vesentlig påvirket av klimarisiko i et mellomlangt perspektiv.”

Annual report 2024A · The company itself

“Geopolitiske uroligheter utgjør et alvorlig bakteppe for norsk økonomi, kombinert med at effektene av klima og naturkrisen blir mer og mer tydelig.”

Annual report 2024A · The company itself

“• Vi skal ikke medvirke til alvorlig miljøskade, herunder omfattende utslipp av klimagasser eller irreversibel skade på sårbare områder, økosystemer eller menneskegrupper. • Vi skal utvise forsiktighet med finansiering av spesielt klimautsatte eiendommer, eksempelvis i ras og flomutsatte områder. • Vi skal sikte mot å ha en portefølje som er robust mot de negative konsekvensene av overgangsrisiko. • Vi skal bidra til å motvirke hvitvasking og annen økonomisk kriminalitet. Vektleggingen av bærekraftsforhold i kredittgivningen vil måtte avstemmes mot utviklingen i samfunnet og bankens forretningsstrategi slik at vi får en balansert og forutsigbar endring i årene som kommer.”

Annual report 2024A · The company itself

“Klimaendringene medfører økt finansiell risiko. Finansieringsvalgene som tas, påvirker bankens bærekraftsrisiko og den finansielle risikoen.”

Annual report 2024A · The company itself

“Utvikling av bærekraftige produkter og tjenester er vesentlig for å nå bankens klimamål, da bankens klimarisiko er sentrert i bankens nedstrøms verdikjede.”

Annual report 2024A · The company itself

“Det er også risiko for at objekter banken tar pant i ikke kan forsikres. Omsetning av objekter kan også bli vanskeligere på grunn av krav og pålegg fra regulatoriske myndigheter.”

Annual report 2024A · The company itself

“Tabellen viser at 1,3 prosent av bankens utlån har pant i eiendom eksponert for kronisk fysisk risiko, som stigende havnivå. Samtidig viser tabellen at 3,0 prosent av bankens utlån har pant i eiendom forbundet med akutt fysisk risiko, som skred og flom.”

Annual report 2024A · The company itself

“Havbruk, som utgjør om lag 7 prosent av bankens utlån til bedriftskunder, er også vurdert å være eksponert mot fysisk risiko på mellomlang til lang sikt. Mer ekstremvær gir økt risiko for tap av fisk, redusert inntjening og forstyrrelser i kundenes verdikjeder.”

Annual report 2024A · The company itself

“Utslipp fra fiskeri påvirkes av værforhold, klimaendringer, etterspørsel etter norsk sjømat, endring i fiskebestandenes foretrukne leveområder og størrelse, kvotestørrelser, internasjonale avtaler og politiske forhold, som alle er forhold utenfor bankens direkte kontroll. Disse forholdene vil påvirke markedsmekanismer, og politisk endring og regulatoriske krav vil påvirke bankens evne til å nå utslippsmålene.”

Annual report 2024A · The company itself

“Banken er utsatt for klimarisiko i form av fysisk risiko og overgangsrisiko.”

Annual report 2024A · The company itself

“Boliglån har potensiale til å bidra til miljømål en dersom objektene som finansieres er tilstrekkelig energieffektive, uten at de er sårbare for fysisk klimarisiko. Derfor er bankens største påvirkning bankens evne til å tilby rimeligere finansiering til kunder med objekter som samsvarer med kriteriene i EUs taksonomi.”

Annual report 2024A · The company itself

“Videre fører dette med seg positiv påvirkning på våre kunder gjennom høy kvalitet på rådgivningen de får og dermed fornøyde kunder. For banken betyr god rådgivning innen bærekraft at vi tar ned klimarisikoen i porteføljen og dermed bygges en mer robust utlånsportefølje.”

Annual report 2024A · The company itself

“Banken har gjennomført opplæring i klimarisiko (TCFD) for styret, ledelse og store deler av organisasjonen i banken.”

Annual report 2024A · The company itself

“Banken vurderer at kundens risiko er bankens risiko, og banken jobber derfor for å gjøre det attraktivt for kunden å ta bærekraftige valg.”

Annual report 2024A · The company itself

“Supply and price can be affected by multiple factors in the producing countries, including weather and extreme weather events, water supply quality and availability throughout the coffee production chain, natural disasters, crop disease and pests, general increases in farm inputs and costs of production, inventory levels, and political and economic conditions. Climate change may further exacerbate many of these factors.”

Annual report 2025A · The company itself

“Coffee supply and pricing are influenced by factors in producing countries, including weather and extreme weather events, water availability, natural disasters, crop disease, input costs, inventory levels, political and economic conditions, and actions by organizations seeking to influence global prices. Climate change may intensify these risks—for example, droughts or frosts in Brazil have in the past driven price increases.”

Annual report 2025A · The company itself

“Climate change can affect the supply and pricing of coffee and other non-coffee inputs due to weather volatility, water scarcity, and other environmental factors in producing regions.”

Annual report 2025A · The company itself

“Operating in 89 global markets, our properties and operations are increasingly vulnerable to extreme weather events—such as wildfires and droughts—which may disrupt operations, close stores, affect customers and suppliers, and increase costs, potentially resulting in financial losses.”

Annual report 2025A · The company itself

“Store development is subject to risks including site selection, lease negotiations, permitting and regulatory compliance, contractor availability, labor and material costs, and external disruptions such as weather events, natural disasters, or pandemics.”

Annual report 2025A · The company itself

“We purchase green coffee beans from multiple coffee-producing regions around the world and custom roast them to our exacting standards for our many blends and single-origin coffees.”

Annual report 2025A · The company itself

“Climate change may increase the frequency and severity of major weather events, and measures to transition to a low carbon economy may drive regulatory and business model change that could adversely affect our business operations and resiliency, our clients, our counterparties or other financial market participants and could adversely affect our consolidated results of operations and financial condition. Our businesses and the activities of our clients, our counterparties and financial market participants on which we and they rely could be adversely affected by major weather events, changing climate patterns or other disruptions caused by climate change affecting the regions, countries and locations in which we or they have operations or other interests.”

Annual report 2025A · The company itself

“Acts of terrorism, natural disasters or the emergence of a new pandemic could significantly affect our business.”

Annual report 2025A · The company itself

“Klimatförändringar är en central utmaning och innebär risker för bolagets verksamhet.”

Annual report 2024A · The company itself

“Klimatförändringar utgör en ökande risk för skador på byggnader, vilket främst kan orsakas av förändringar i vädermönster såsom extremväder, stigande temperaturer och ökande havsnivåer.”

Annual report 2024A · The company itself

“Ilmastonmuutos – fyysiset vaikutukset Pitkän aikavälin (25–30 vuotta) muutokset sademäärissä, kuivuus, myrskyt, yhä useammin toistuvat äärimmäiset sääilmiöt ja korkeammat keskilämpötilat, jotka lisäävät metsäpalojen ja hyönteistuhojen riskiä, voivat vahingoittaa toimintoja, metsiä ja puuviljelmiä. Tällainen kehitys voi lisätä metsäpalojen, hyönteisten leviämisen, tuulivahinkojen ja muiden ilmastoon liittyvien vaikutusten riskiä ja vaikuttaa metsäomaisuuden arvoon ja paikallisiin puun hintoihin.”

Annual report 2025A · The company itself

“Yhä tiheämmät äärimmäiset sääilmiöt lisäävät myös häiriöiden riskiä tuotannossa, logistiikassa sekä raaka-aineiden ja energian toimituksessa.”

Annual report 2025A · The company itself

“Yhtiön strategiaan vaikuttavia keskeisiä vastuullisuuteen liittyviä asioita ovat ilmastonmuutos ja biologisen monimuotoisuuden heikentyminen, jotka voivat vaikuttaa kielteisesti metsien ja puuviljelmien elinvoimaisuuteen ja resilienssiin, metsäomaisuuden arvoon ja puun hintaan.”

Annual report 2025A · The company itself

“Pitkän aikavälin (25-30 vuotta) muutokset sademäärissä, kuivuusjaksot, usein toistuvat sään ääri-ilmiöt ja korkeammat keskilämpötilat, jotka lisäävät metsäpalojen ja hyönteisten leviämisen riskiä, voivat kuitenkin aiheuttaa vahinkoa toiminnoille, metsille ja puuviljelmille. Useammin toistuvat äärimmäiset sääilmiöt lisäävät myös tuotanto-, logistiikka- ja raaka-aineiden sekä energian toimituskatkosten riskiä.”

Annual report 2025A · The company itself

“Riski Lyhyt, keskipitkä, pitkä aikaväli Arvoketjun alkupää, omat toiminnot Vaikutukset ekosysteemipalveluihin ja riippuvuudet niistä Globaali biodiversiteetin väheneminen voi heikentää Stora Enson metsäomaisuuden arvoa ja metsien kykyä selviytyä ulkoisista häiriöistä sekä vaikuttaa puun hyväksyttävyyteen raaka-aineena.”

Annual report 2025A · The company itself

“Suojellut alueet kokonaisuudessaan 324 000 ha ja koostuvat tuottavasta ja eituottavasta maasta, joka on jätetty puuntuotannon tai infrastruktuurihankkeiden ulkopuolelle joko vapaaehtoisesti tai lainsäädännön vaatimusten johdosta.”

Annual report 2025A · The company itself

“Kestävä metsänhoito parantaa metsäekosysteemien resilienssiä, vähentäen ilmastoon liittyvien vahinkojen riskiä ja säilyttäen metsäomaisuuden arvon.”

Annual report 2025A · The company itself

“Innen skadeforsikring er mesteparten av risikoen knyttet til utvikling i erstatningsutbetalinger fra bil- og boligforsikringer. Klima- og værendringer påvirker fremtidige utbetalinger.”

Annual report 2024A · The company itself

“På kort sikt er den største fysiske klimarisikoen at akutte klimaendringer, spesielt styrtregn, gir økte skadeforsikringsutbetalinger. Risikoen øker hvis Storebrand og resten av bransjen ikke evner å tilpasse premier til en ny normal.”

Annual report 2024A · The company itself

“Våre aktiviteter som finansaktør har indirekte negative påvirkninger på klimaet gjennom klimagassutslipp i vår verdikjede og egen virksomhet. Dette inkluderer finansierte utslipp fra investeringer, forsikringsporteføljer og utlån. I tillegg har vi utslipp fra anskaffelser av varer og tjenester, skadeoppgjør, energiforbruk i egne bygg, forretningsreiser og andre interne aktiviteter.”

Annual report 2024A · The company itself

“Fysiske klimaendringer kan gi betydelige tap for vår investerings- og forsikringsvirksomhet dersom de ikke håndteres effektivt. Overgangsrisikoer, som regulatoriske endringer eller markedsrisikoer, kan også vesentlig påvirke Storebrand.”

Annual report 2024A · The company itself

“Storebrand har nullutslipp i 2050 med tilhørende risikoer som basis-scenario. Det er høy sannsynlighet for andre scenarioer med høyere overgangsrisiko og/eller høyere fysisk risiko som resultat.”

Annual report 2024A · The company itself

“Også fysiske klimaendringer kan påvirke verdien av investeringene og samlet sett vil effekten mest sannsynlig være negativ.”

Annual report 2024A · The company itself

“Fysisk risiko knytter seg til klimaendringer som gir mer ekstremvær som kan påvirke boligene som står som sikkerhet i vår portefølje. Dette er hovedsakelig dekket av kundens forsikring, men det kan påvirke kundens betalingsevne.”

Annual report 2024A · The company itself

“Det er også av betydning for skadeforsikring, gjennom rask håndtering av forsikringssaker etter katastrofer, da dette hjelper lokalsamfunn å komme seg raskere ut av en krise.”

Annual report 2024A · The company itself

“Storebrand planlegger i 2025 å fortsette vårt arbeid med å treffe nødvendige risikoreduserende tiltak og utføre produkttilpasninger i tråd med taksonomiens kriterier.”

Annual report 2024A · The company itself

“Bruk av framoverskuende klimarisikomodell i prising Storebrand bruker Geodata som dataleverandør for å vurdere klimarelatert risiko, spesielt overvannsproblematikk som ikke dekkes av naturskadepool.”

Annual report 2024A · The company itself

“Forsikringsproduktet inneholder insentiver for skadeforebygging For eiendomsrelaterte forsikringer i både privatog bedriftsmarkedet, belønner vi kunder med skadeforebyggende løsninger som reduserer eller forsinker overvann. Belønningen er vilkårsfestet, og innebærer bortfall av egenandel ved slik skade.”

Annual report 2024A · The company itself

“Storebrand har lansert en varslingstjeneste som gir forebyggingsråd til kunder i ulike kanaler når kjøreforholdene er vanskelige. Kunder som er påmeldt varslingstjenesten belønnes med gratis sjekk av dekk, inkludert rabatert dekkbytte, i samarbeid med Vianor.”

Annual report 2024A · The company itself

“Å håndtere og prise klimarisiko på en god og hensiktsmessig måte 4.”

Annual report 2024A · The company itself

“Klassifisering av forsikringsprodukter i tråd med EU-taksonomien Storebrand tilbyr skadeforsikring til norske kunder. Skadeforsikring er inkludert som en aktivitet som kan støtte taksonomiens mål om klimatilpasning av økonomien og er en såkalt «muliggjørende aktivitet» som kan bidra til bedre klimatilpasning innen andre sektorer og næringer, i tillegg til en generell klimarobusthet.”

Annual report 2024A · The company itself

“Storebrand har brukt splitt-metoden for to produkter i 2024 som er knyttet til klimarelaterte risikoer; forsikring av eiendom og kjøretøy. For eiendom ble det gjort en analyse av skadekoder for å avgjøre hva som var skadeårsak og deretter avgjøre hvilke skadeårsaker som kunne relateres til klima. I store trekk dreide dette seg om skader fra vanninntrengning, storm, snøtyngde eller skred.”

Annual report 2024A · The company itself

“Innovative forsikringsdekninger som møter krav for klimatilpasning Storebrand tilbyr forsikringspoliser som omfatter klimarelaterte skader, inkludert naturkatastrofer og driftsforstyrrelser. Vi skiller mellom skader dekket av norsk naturskadepool og de som dekkes direkte av Storebrand.”

Annual report 2024A · The company itself

“The most impactful physical risks relate to heatwaves and their impact on operational cooling, increasing water stress, and the potential impact on the supply chain from wildfires.”

Annual report 2025A · The company itself

“Hållbarhet och grön omställning Drivkrafter I Europas pågående gröna omställning är behovet att möta klimatutmaningarna den stora katalysatorn. Extremväder resulterar i stora påfrestningar på byggnader, infrastruktur och leveranskedjor vilket medför stigande behov av investeringar i klimatanpassning och resiliens. Den gröna omställningen blir därmed drivande för EU:s investeringar för en hållbar utveckling och stärkt konkurrenskraft.”

Annual report 2024A · The company itself

“Den ökade risken för extremväder och den geopolitiska instabiliteten driver efterfrågan på tjänster dels inom klimatanpassning av byggnader och infrastruktur, dels inom säkerhet och samhällsberedskap.”

Annual report 2024A · The company itself

“Our business is susceptible to risks associated with climate change, including through disruption to our supply chain, potentially impacting the production and distribution of our products including availability and pricing of raw materials, as well as shipping disruptions and/or higher freight costs. Climate change can lead to physical and transition risks impacting our business.”

Annual report 2026A · The company itself

“Increased frequency and/or intensity of extreme weather events (such as storms and floods) due to climate change could also lead to more frequent store and fulfillment center closures, adversely impacting retail traffic and/or consumer's disposable income levels or spending habits on discretionary items, or otherwise disrupt business operations in the communities in which we operate, any of which could result in lost sales or higher costs.”

Annual report 2026A · The company itself

“Our costs for raw materials are affected by, among other things, weather, customer demand, speculation on the commodities market, the relative valuations and fluctuations of the currencies of producer versus customer countries and other factors that are generally unpredictable and beyond our control. Any of these factors may be exacerbated by global climate change. In addition, political instability, trade relations, sanctions, price inflationary pressure, or other geopolitical or economic conditions could cause raw material costs to increase and have an adverse effect on our future margins.”

Annual report 2026A · The company itself

“Our Downstream marketing business can be significantly impacted by seasonal and weather-driven demand, which can impact the price and volume of product sold in the markets we serve, as well as the level of inventory we hold in order to meet anticipated demand.”

Annual report 2025A · The company itself

“Operational Risks and Insurance We are subject to all risks inherent in the midstream natural gas, NGLs and crude oil businesses. These risks include, but are not limited to, explosions, fires, mechanical failure, cyberattacks, terrorist attacks, product spillage, weather, nature and inadequate maintenance of rights of way.”

Annual report 2025A · The company itself

“We do not own most of the land on which our pipelines, terminals and compression facilities are located, which could disrupt our operations. • Weather events may damage our assets, limit our ability or increase the costs to operate our business and adversely impact our customers on whom we rely on for throughput as well as third party vendors from whom we receive goods, which developments could cause us to incur significant costs and adversely affect our business, results of operations and financial condition. • Our business involves many hazards and operational risks, some of which may not be insured or fully covered by insurance. If a significant accident or event occurs for which we are not fully insured, if we fail to recover all anticipated insurance proceeds for significant accidents or events for which we are insured, or if we fail to rebuild facilities damaged by such accidents or events, our operations and financial results could be adversely affected.”

Annual report 2025A · The company itself

“The demand for propane as a heating fuel is significantly affected by weather conditions.”

Annual report 2025A · The company itself

“Weather events in the areas in which we or our customers operate can cause disruptions and in some cases suspension of our operations and development activities. For example, unseasonably wet weather, extended periods of below freezing weather, or hurricanes, among other disruptive weather patterns, may cause a loss of throughput from temporary cessation of activities or lost, damaged or ineffective equipment.”

Annual report 2025A · The company itself

“Potential climatic changes may have significant physical effects, such as increased frequency and severity of storms, floods, droughts, extreme temperatures, wildfires and wintry conditions and could have an adverse effect on our infrastructure or continued operations as well as the operations of our oil and gas exploration and production customers that deliver natural gas to us for processing and throughput, our third party vendors that supply us with goods, utilities necessary for our, our suppliers’, or our customers’ continued operations, and third party insurance providers that make insuring products available to defray our costs or offset any damages and losses we incur.”

Annual report 2025A · The company itself

“Our operations along the Gulf Coast, in offshore waters and at major river crossings in particular could be adversely impacted by changing climatic conditions, as rising sea levels, subsidence and erosion are potential causes for serious damage to our pipelines and other facilities, which could affect our ability to provide services. These damages could result in leakage, migration, releases or spills from our operations to surface or subsurface soils, surface water, groundwater or to the Gulf of America and could result in liability, remedial obligations or otherwise have a negative impact on continued operations.”

Annual report 2025A · The company itself

“RISK FACTORS Table of Contents Index to Financial Statements Political or economic uncertainty or instability, trade policies, disputes, or sanctions, currency fluctuations, the outbreak of pandemics or other illnesses, labor shortages, labor unrest or strikes, transport capacity and costs, inflation, port security, weather conditions, natural disasters, geopolitical conflicts, social unrest, terrorist attacks, armed conflicts, or other events that have affected, and could in the future affect, foreign trade are beyond our control. These types of events have impacted us, and could impact us in the future, including by disrupting our supply of merchandise, increasing the price and limiting the availability of raw materials, increasing our costs, and adversely affecting our results of operations.”

Annual report 2026A · The company itself

“Uncharacteristic or significant weather conditions, including the physical impacts of a changing climate, and other catastrophic events can affect consumer shopping patterns, particularly in apparel and seasonal items, which could lead to lower sales or greater than expected markdowns and adversely affect our results of operations.”

Annual report 2026A · The company itself

“In addition, we have significant operations in certain states where natural disasters (including hurricanes, tropical storms, floods, fires, and earthquakes) are more prevalent. Natural disasters in those states or in other areas where we operate has previously resulted, and could in the future result, in significant physical damage to, or closure of, one or more of our stores, distribution centers, facilities, or key vendors.”

Annual report 2026A · The company itself

“The physical effects of a changing climate, such as natural disasters, extreme weather conditions, drought or water scarcity, and rising sea levels, could adversely affect our results of operations, including by increasing our energy costs, disrupting our supply chain, negatively impacting our workforce, damaging our stores, distribution centers, and inventory, and threatening the habitability of the locations in which we operate.”

Annual report 2026A · The company itself

“We may be impacted by natural disasters, wars and other geopolitical conflicts, health epidemics, weather conditions, the long-term effects of climate change, power outages or other events outside of our control. For example, our Fremont Factory and Gigafactory Nevada are located in seismically active regions in Northern California and Nevada, and our Gigafactory Shanghai is located in a flood-prone area. Moreover, the area in which our Gigafactory Texas is located experienced severe winter storms in the first quarter of 2021 that had a widespread impact on utilities and transportation.”

Annual report 2025A · The company itself

“In addition, due to increased seismicity in the Delaware and Midland Basins, the Texas Railroad Commission recently began implementing seismic response areas (“SRAs”) limiting the permitted capacity and use of certain saltwater disposal wells (“SWDs”) for the injection of produced water. For example, in January 2024, the Railroad Commission of Texas indefinitely suspended all deep oil and gas produced water injections in Culberson and Reeves counties. The implementation of SRAs could limit the volume of produced water disposed on the Company’s surface within the SRAs or, in certain cases, could direct additional volumes of produced water to SWDs on the Company’s surface outside of SRAs.”

Annual report 2025A · The company itself

“Table of Contents Our revenues depend on natural and environmental conditions with respect to operations that result in royalties to us, or that use our water services. Our business and financial results are therefore subject to disruption from natural or human causes beyond our control, including physical risks from severe storms, floods, droughts resulting in aquifer declines and other forms of severe weather, war, accidents, civil unrest, political events, fires, earthquakes, system failures, pipeline disruptions, environmental hazards such as oil and produced water spills, terrorist acts and epidemic or pandemic diseases, any of which could result in a material adverse effect on oil and gas production and, therefore, our results of operations.”

Annual report 2025A · The company itself

“Natural disasters or other events outside of our control have disrupted and may in the future disrupt our operations, adversely affect our results of operations and financial condition, and may not be fully covered by insurance. Natural disasters, including hurricanes, fires, tornados, floods and other forms of severe weather, the intensity and frequency of which are being exacerbated by climate change, along with other impacts of climate change, such as rising sea waters, as well as other events outside of our control including public health crises, pandemics, power outages and industrial accidents, have in the past and could in the future disrupt our operations and adversely affect our business.”

Annual report 2026A · The company itself

“We have significant operations in California, near major earthquake faults, which make us susceptible to earthquake risk. An earthquake or other natural disaster (including the effects of climate change such as sea level rise, drought, flooding, wildfires and more intense weather events), could disrupt our operations, including the ability to fulfill supply obligations to our customers, or impair our critical systems.”

Annual report 2025A · The company itself

“In addition, if any of our facilities, including our manufacturing or warehouse facilities, or the facilities of our suppliers, third-party service providers, or customers, is affected by natural disasters, such as earthquakes, tsunamis, power shortages or outages, fires, floods or monsoons, public health crises, such as pandemics and epidemics, political crises, such as terrorism, war, political instability or other conflict, or other events outside of our control, such as trade protectionism, strikes or other labor unrest, our results of operations could be adversely affected. Moreover, these types of events could negatively impact customer spending in the impacted regions or depending upon the severity, globally, which could also adversely impact our operating results.”

Annual report 2025A · The company itself

“Tivoli er i begrænset grad rustet til at kunne modstå væsentlige klimaforandringer, f.eks. større skybrud og oversvømmelser i Haven, tørke og vandingsforbud”

Annual report 2025A · The company itself

“De største udefra kommende usikkerheder i Tivolis forretning relaterer sig som vanligt primært til vejrlig og generel forbrugeradfærd, om end at det de senere år er lykkedes i nogen grad at mitigere indvirkningerne på Tivolis forretning ved en mere diversificeret forretningsmodel.”

Annual report 2025A · The company itself

“We could be compelled to cancel or postpone all or part of an event for many reasons, including severe weather conditions, issues with obtaining permits or government regulation, athletes failing to participate, as well as operational challenges caused by extraordinary incidents, such as terrorist or other security incidents, mass-casualty incidents, natural disasters, public health concerns including pandemics, or similar events.”

Annual report 2025A · The company itself

“The ability of our key personnel, contractors and the athletes and performers that participate in our events to travel internationally for their work or to participate in our events is impacted by a variety of laws and regulations, policy considerations of foreign governments, the processing procedures of various government agencies and geopolitical actions, including war and terrorism (for example, the conflicts in Eastern Europe and the Middle East), severe weather events or natural disasters including earthquakes, hurricanes, floods, fires, as well as pandemics.”

Annual report 2025A · The company itself

“Catastrophic events, severe weather conditions and natural disasters could adversely affect our operations, sales or financial results. Catastrophic events, including severe weather events, natural disasters, cyber-incidents, power disruptions, pandemics, acts of terrorism or other events may adversely affect our operation of live events and experiences in affected regions, consumer ability to travel to our events, or result in cancellation or delays of events, outages, disruptions and/or degradations of networks or streaming infrastructure, a failure in our ability to conduct normal business operations, or the closure of event spaces in which consumers engage with our events, brands, and talent, all of which could materially impact our reputation and brand, financial condition and operating results.”

Annual report 2025A · The company itself

“Seasonality and Weather Our business is seasonal. Historically, our sales and profits are the highest in the second and fourth fiscal quarters due to the sale of seasonal products.”

Annual report 2025A · The company itself

“Historically, weather conditions, including unseasonably warm weather in the fall and winter months and unseasonably cool weather in the spring and summer months, have unfavorably affected the timing and volume of our sales and results of operations. In addition, extreme weather conditions, including snow and ice storms, flood and wind damage, hurricanes, tornadoes, extreme rain, and droughts have impacted operating results both negatively and positively, depending on the severity and duration of these conditions.”

Annual report 2025A · The company itself

“Weather conditions affect the demand for, timing of demand for, and in some cases the supply of, products, which in turn has an impact on prices. Historically, weather conditions, including unseasonably warm weather in the fall and winter months and unseasonably cool weather in the spring and summer months, have affected the timing and volume of our sales and results of operations. In addition, extreme weather conditions, such as more frequent or intense hurricanes and tropical storms, thunderstorms, tornadoes, flood, fires, droughts, earthquakes, and snow or ice storms, as well as rising sea levels, have impacted operating results both positively and negatively and may positively or negatively impact our business in the future.”

Annual report 2025A · The company itself

“In addition, extreme weather conditions, such as more frequent or intense hurricanes and tropical storms, thunderstorms, tornadoes, flood, fires, droughts, earthquakes, and snow or ice storms, as well as rising sea levels, have impacted operating results both positively and negatively and may positively or negatively impact our business in the future. While extreme weather conditions can positively impact our operating results by increasing demand in affected locations for products needed to cope with the weather condition and its effects, they can also negatively affect our business depending on the severity and length of these conditions, as a result of store closings, damage to our stores or merchandise, or the inability of customers to shop at our stores due to weather conditions.”

Annual report 2025A · The company itself

“We rely on our distribution and transportation network, including third-party logistics providers, to provide goods to our stores and to our customers in a timely and cost-effective manner through deliveries to our distribution facilities from vendors and then from the distribution facilities or direct ship vendors to our stores or customers by various means of transportation, including shipments by sea, air, rail, and truck. Disruptions due to extreme weather conditions, including snow and ice storms, flood and wind damage, hurricanes, tornadoes, extreme rain, fires and droughts have at times resulted and may in the future 13 Table of Contents result in delays in the transportation and delivery of merchandise to our distribution centers, our stores, or our customers.”

Annual report 2025A · The company itself

“Also, a fire, tornado, snow or ice storm, or other disaster at one of our distribution facilities could disrupt our timely receiving, processing, and shipment of merchandise to our stores which could adversely affect our business. Shortages or interruptions in the receipt or supply of products caused by unanticipated demand, such as occurred during the COVID-19 pandemic, problems in production or distribution, financial or other difficulties of supplies, inclement weather or other economic conditions, including the availability of qualified drivers and distribution center team members, could adversely affect the availability, quality and cost of products, and our operating results.”

Annual report 2025A · The company itself

“Climate change presents immediate and long-term risks to our Company and to our customers, with the risks expected to increase over time, including, among others, acute physical risks (such as flooding, hurricanes, or wildfires) or chronic physical risks (such as droughts, heat waves, or sea level changes).”

Annual report 2025A · The company itself

“The occurrence of one or more catastrophic events including hurricanes, fires, earthquakes, floods and other forms of severe weather, health epidemics or pandemics or other contagious outbreaks or other catastrophic events, including wars, conflicts, or terrorism in the U.S. or in other countries in which we operate or are located could adversely affect our operations and financial performance. Natural disasters, power outages, health epidemics or pandemics or other contagious outbreaks or other unexpected events, including wars, conflicts, or acts of terrorism, could result in physical damage to and complete or partial closure of one or more of our plants, temporary or long-term disruption of our operations by causing business interruptions, material scarcity, price volatility or supply chain disruptions.”

Annual report 2025A · The company itself

“Catastrophe Exposure The Company’s property and casualty insurance operations expose it to claims arising out of catastrophes. The Company uses various analyses and methods, including proprietary and third-party modeling processes, to monitor and analyze underwriting risks of business in natural catastrophe-prone areas and target risk areas for conventional terrorist attacks (defined as attacks other than nuclear, biological, chemical or radiological events). The Company relies, in part, upon these analyses to make underwriting decisions designed to manage its exposure on catastrophe-exposed business.”

Annual report 2025A · The company itself

“In addition to the normal risks associated with any multiple-peril coverage, the profitability and pricing of both homeowners and automobile insurance are affected by the incidence of catastrophes and other weather-related events, as well as other unusual circumstances, such as the impact of supply chain disruptions, labor shortages and elevated inflation.”

Annual report 2025A · The company itself

“The reinsurance agreement provides coverage of up to $575 million to the Company through May 24, 2026 for certain losses from tropical cyclones, earthquakes, severe thunderstorms or winter storms in the locations listed above.”

Annual report 2025A · The company itself

“States from time to time have passed legislation, and regulators have taken action, that have the effect of limiting the ability of insurers to manage catastrophe risk, such as legislation restricting insurers from reducing exposures or withdrawing from catastrophe-prone areas or mandating that insurers participate in residual markets involving catastrophe-prone areas.”

Annual report 2025A · The company itself

“Furthermore, the reduction or elimination of the National Flood Insurance Program could result in an increase in the Company’s exposure to flood risk if insurers become required to cover flood risk under certain types of policies.”

Annual report 2025A · The company itself