Business cycle and GDP growth
Business cycle and GDP growth affects
Business cycle and GDP growth drives goods flows in global trade volumes
strengthensBusiness cycle and GDP growth drives activity in construction
strengthensStrongest quotes
A. O. Smith · Driver
“Economic and Industry Risks ■The effects of global and regional economic conditions could have a material adverse effect on our business A decline in economic activity, such as a recession or economic downturn, in the U.S., China, and other regions in the world in which we do business, could further adversely affect consumer confidence and spending patterns which could result in decreased demand for the products we sell, a delay in purchases, increased price competition, or slower adoption of energy-efficient water heaters and boilers, or high-quality water treatment products, which could negatively impact our profitability and cash flows.”
Annual report 2025A · The company itself
A. O. Smith · Driver
“In our Rest of World segment, China third-party sales declined 12 percent in local currency in 2025 due to continued weak consumer demand and the cessation of the government appliance subsidy programs in the second half of the year. For the full year 2026, we project our third-party sales in China to decrease mid-single digits in local currency compared to 2025 due to continued softness in consumer demand.”
Annual report 2025A · The company itself
A.P. MØLLER - MÆRSK A/S · Driver
“The heightened risk level in the operating environment manifests itself through the risk of a global recession that could impact the demand for transportation services, potential Ocean overcapacity, and the risk of increased geopolitical tension that could create both operational and commercial friction in supply chains through, for example, hostilities along trade routes or tariffs impacting trade levels.”
Annual report 2025A · The company itself
A.P. MØLLER - MÆRSK A/S · Driver
“CP0 – Logistics & Services Risk owner............................CTIO What is this risk There is a risk that current economic imbalances could trigger a severe and persistent global economic recession and financial crisis leading to a deep demand shock for containerised transportation. This would imply severe drops in freight rates and pose a significant threat to Logistics & Services growth as well as the profitability in Terminals.”
Annual report 2025A · The company itself
Companies with exposure
Driver · weakens · strength 3/3
“Economic and Industry Risks ■The effects of global and regional economic conditions could have a material adverse effect on our business A decline in economic activity, such as a recession or economic downturn, in the U.S., China, and other regions in the world in which we do business, could further adversely affect consumer confidence and spending patterns which could result in decreased demand for the products we sell, a delay in purchases, increased price competition, or slower adoption of energy-efficient water heaters and boilers, or high-quality water treatment products, which could negatively impact our profitability and cash flows.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“New or increased tariffs could also negatively affect U.S. national or regional economies, which could negatively affect the demand for our products.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“We estimate that 2025 residential industry unit volumes were approximately flat compared to the prior year and we project 2026 industry residential unit volumes will be flat to down, driven by softness in new construction.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“In our Rest of World segment, China third-party sales declined 12 percent in local currency in 2025 due to continued weak consumer demand and the cessation of the government appliance subsidy programs in the second half of the year. For the full year 2026, we project our third-party sales in China to decrease mid-single digits in local currency compared to 2025 due to continued softness in consumer demand.”
Annual report 2025A · The company itself
Driver · strengthens · strength 2/3
“The Global Composite Purchasing Managers Index averaged 52.6 in Q4 2025 and points to a robust economic expansion. Many analysts underestimated the scale of the boost from AI-related investment that was being built in parallel to the tariff and uncertainty shock.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“The heightened risk level in the operating environment manifests itself through the risk of a global recession that could impact the demand for transportation services, potential Ocean overcapacity, and the risk of increased geopolitical tension that could create both operational and commercial friction in supply chains through, for example, hostilities along trade routes or tariffs impacting trade levels.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“CP0 – Logistics & Services Risk owner............................CTIO What is this risk There is a risk that current economic imbalances could trigger a severe and persistent global economic recession and financial crisis leading to a deep demand shock for containerised transportation. This would imply severe drops in freight rates and pose a significant threat to Logistics & Services growth as well as the profitability in Terminals.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“A sovereign debt crisis in a major economy – such as a default or near-default by a G20 country – leading to widespread financial market panic, tightening credit conditions and a collapse in global investment and trade flows.”
Annual report 2025A · The company itself
Driver · mixed effect · strength 2/3
“ABL Group is market dependent to provide consultancy services to our clients and fill the gaps in the supply chain that our clients cannot do internally, so as market conditions shift, we must shift with their priorities.”
Annual report 2024A · The company itself
Driver · weakens · strength 3/3
“ABL Group serves three main industries oil and gas, along with renewables and maritime - industries which experience volatile business cycles. These cycles come with a risk of market fluctuations, which carries the risk of secured employment for our staff, which also carries financial risk for our employees and in turn, our business, as this has the potential to negatively impact employee retention and decrease revenue.”
Annual report 2024A · The company itself
Driver · weakens · strength 3/3
“Business discontinuity Operating in volatile sectors such as the Oil & Gas and the Maritime business and sectors with high governmental support or regulation, ABL Group has been and is exposed to risks coming from market fluctuations and political changes. To mitigate this risk, ABL Group has continued in 2024 to diversify in terms of countries to operate in and the spread of sectors across those countries and regions to balance out country or sector-specific fluctuations and to ensure business continuity and overall financial stability.”
Annual report 2024A · The company itself
Driver · weakens · strength 3/3
“Health emergencies or pandemics; acts of terrorist violence; political, social and civil unrest; regional and international war and other hostilities and international responses to these wars and hostilities; natural disasters, sea level rise, floods, droughts and water scarcity, heat waves, wildfires and storms, and earthquakes; or the threat of or perceived potential for these events; and other acts of god have had and could in the future have significantly negative impacts on us. These events could adversely affect our clients’ levels of business activity and precipitate sudden and significant changes in regional and global economic conditions and cycles.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Elections, changes in government or political developments, including government closures or shutdowns, budget deficits, shortfalls or uncertainties, government spending reductions or other debt constraints have resulted and could in the future result in our projects being reduced in price or scope, delayed or terminated altogether, which also could limit our recovery of incurred costs, reimbursable expenses and profits on work completed prior to the termination.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Our results of operations are affected by economic conditions, including macroeconomic conditions, the overall inflationary environment, new and rapidly changing technologies, and levels of business confidence. We continue to see significant economic and geopolitical uncertainty in many markets around the world, which has impacted and may continue to impact our business.”
Annual report 2025A · The company itself
Driver · strengthens · strength 3/3
“Sjukvården i Europa är i stor utsträckning skattefinansierad och med ett ständigt växande behov. Vården är en högt prioriterad samhällsfråga, särskilt efter pandemin. Behovet är ständigt, vilket skapar en viss immunitet mot budgetnedskärningar, även i tider av ekonomisk åtstramning.”
Annual report 2023A · The company itself
Driver · strengthens · strength 2/3
“Denna stabila tillväxt kan ses genom att analysera BNP-tillväxt i relation till sjukvårdsutgifter över tid på de marknader där AddLife är verksam. Detta visar på att AddLife verkar inom en marknad där efterfrågan är stabilt växande och relativt oberoende av konjunktursvängningar [3].”
Annual report 2023A · The company itself
Driver · strengthens · strength 2/3
“Denna marknad växer med 5% per år och är okänslig för konjunktursvängningar.”
Annual report 2023A · The company itself
Driver · strengthens · strength 2/3
“En viktig trend under året var återhämtningen inom planerad kirurgi efter pandemin som AddLife planerat för, vilket resulterade i en ökad efterfrågan på Medtechs produkter i.”
Annual report 2023A · The company itself
Driver · strengthens · strength 3/3
“Många av de nischer som AddLife har prioriterat växer ännu snabbare. Marknaden är relativt okänslig för konjunktursvängningar och drivs av demografiska faktorer, en åldrande befolkning och en ökad utbredning av kroniska sjukdomar. De demografiska faktorerna tillsammans med teknikutveckling, en ökad efterfrågan på preventiv- och individanpassad medicin och ett ökat fokus på tidsbesparande processer ökar efterfrågan på AddLifes produkter inom vård, omsorg, diagnostik och forskning.”
Annual report 2023A · The company itself
Driver · mixed effect · strength 2/3
“AddLife påverkas av allmänna globala ekonomiska, finansiella och politiska förutsättningar. Efterfrågan på Bolagets produkter och lösningar är till viss del beroende av makroekonomiska trender.”
Annual report 2023A · The company itself
Driver · strengthens · strength 2/3
“AddLifes dotterbolag verkar på en till stor eller viss del icke-cyklisk marknad, vilket generellt gör koncernen mindre känslig för konjunktursvängningar. I de flesta länder och situationer prioriteras vården även i sämre tider.”
Annual report 2023A · The company itself
Driver · mixed effect · strength 2/3
“Seasonality In recent years, new annualized premium sales are generally higher in the fourth quarter for Aflac U.S. group business due to the timing of open enrollment for many employers. As a result, a significant portion of total new annualized premium sales for Aflac U.S. group business are generated in the fourth quarter, which typically results in over one third of Aflac U.S. total sales being generated in the fourth quarter.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“It is possible that lenders or debt investors may also become concerned if the Company incurs large investment losses or if the level of the Company's business activity decreases due to a market downturn or there are further adverse economic trends in the U.S. or Japan, specifically, or generally in developed markets.”
Annual report 2025A · The company itself
Driver · mixed effect · strength 3/3
“Broad economic factors such as consumer spending, business investment, government spending, the volatility and strength of the capital markets and inflation, as well as ongoing central bank responses to these factors, all affect the business and economic environment and, indirectly, the amount and profitability of the Company's business.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Any potential deterioration in Japan's credit quality or access to markets, the overall economy of Japan, or an increase in Japanese market volatility could adversely impact Aflac Japan's operations and its financial condition and thereby Aflac's overall financial performance.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Samtidigt har året präglats av ett fortsatt utmanande omvärldsläge med geopolitiska spänningar och en svag konjunktur. Till följd av detta har den globala tillväxten varit dämpad, och marknaden har på flera håll påverkats av låg efterfrågan och investeringsvilja.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“Efterfrågan inom industrin har under året varit varierad med en ökad osäkerhet inom vissa segment.”
Annual report 2024A · The company itself
Driver · weakens · strength 3/3
“Our business is sensitive to negative changes in general economic conditions, both inside and outside the United States. Slower global economic growth, increasing interest rates, inflationary pressures, instability and uncertainty in the markets in which we operate may adversely impact our business resulting in: •reduced demand and longer sales cycle for our products, delays in the shipment of orders, or increases in order cancellations; •increased risk of excess and obsolete inventories; •increased price pressure for our products and services; and •greater risk of impairment to the value, and a detriment to the liquidity, of our investment portfolio.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Our quarterly sales and operating results are highly dependent on the volume and timing of orders received during the fiscal quarter, which are difficult to forecast and may be cancelled by our customers. In addition, our revenue and earnings forecasts for future fiscal quarters are often based on the expected seasonality of our markets.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Our income could be harmed if we are unable to adjust our purchases to reflect market fluctuations, including those caused by the seasonal nature of the markets in which we operate. The sales of our products and services are dependent, to a large degree, on customers whose industries are subject to seasonal trends in the demand for their products.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Because we cannot immediately adapt our production capacity and related cost structures to rapidly changing market conditions, when demand does not meet our expectations, our manufacturing capacity may exceed our production requirements. If during a market downturn we had excess manufacturing capacity, then our fixed costs associated with excess manufacturing capacity would adversely affect our gross margins and operating results.”
Annual report 2025A · The company itself
Driver · strengthens · strength 2/3
“If, during a general market upturn or an upturn in one of our segments, we cannot increase our manufacturing capacity to meet product demand, we may not be able to fulfill orders in a timely manner which could lead to order cancellations, contract breaches or indemnification obligations. This inability could materially and adversely limit our ability to improve our gross margins and operating results.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Unfavorable conditions in the global economy or regional economies, the markets we serve, or financial markets may decrease the demand for our goods and services and adversely impact our revenues, operating results, and cash flows. Demand for our products and services depends in part on the general economic conditions affecting the regions and markets in which we do business. Weak economic conditions and changing supply and demand balances in the markets we serve have negatively impacted demand for our products and services in the past and may do so in the future.”
Annual report 2025A · The company itself
Driver · strengthens · strength 3/3
“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
Driver · strengthens · strength 3/3
“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
Driver · strengthens · strength 3/3
“Economic downturns have historically reduced travel spending, and future downturns could similarly decrease demand for our platform, leading to lower bookings, increased cancellations, and reduced revenue, thereby materially adversely affecting our business, results of operations, and financial condition.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“In addition, our results of operations may fluctuate as a result of a variety of other factors, some of which are beyond our control, including: •reduced travel and cancellations due to events such as health concerns, including epidemics and pandemics, natural disasters, wars, political instability, regional hostilities or law enforcement demands, and other regulatory actions; •global macroeconomic conditions; •periods with increased investments in our platform for existing offerings, new offerings and initiatives, marketing, and the accompanying growth in headcount; •our ability to maintain growth and effectively manage that growth; •increased competition; •our ability to expand our operations in new and existing regions; •changes in governmental or other regulations affecting our business; •changes to our internal policies or strategies; •harm to our brand or reputation; and •other risks described in these Risk Factors and elsewhere in this Annual Report on Form 10-K.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Because we operate globally, our business, revenues and profitability are impacted by global macroeconomic and geopolitical conditions. The success of our activities is affected by general economic, political and market conditions, including inflation, foreign exchange rates, interest rates, tax rates, economic uncertainty or contraction, political instability, warfare or acts of terrorism, public health crises, changes in laws, policy - and regulatory-related changes resulting from U.S. government actions and regulatory priorities, trade barriers including announced or expected tariffs, changes in export controls, the actual or perceived failure or financial difficulties of financial institutions, reduced consumer confidence and spending and economic and trade sanctions.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Table of Contents Global Economic Conditions Global macroeconomic and geopolitical conditions continue to impact our customers, as well as our business and revenue growth rates. We, along with our customers, continue to manage through an uncertain period of fluctuating inflation, regulatory policies and resources that may negatively impact business, economic and political uncertainty, decreased consumer confidence and pressure on prices during contract renewals, uncertain energy supplies, heightened geopolitical tensions and conflict, potential for supply chain disruptions, changes in legislation and regulations, including U.S. and international tax laws, volatility and increasing tensions related to changing trade policies, including announced or expected tariffs, fluctuations in foreign exchange rates and elevated interest rates. To the extent these macroeconomic conditions continue, the impact may adversely affect our business, operations and financial results.”
Annual report 2025A · The company itself
Market · strengthens · strength 2/3
“In particular, customers in verticals such as media and gaming have optimized their traffic to manage through underlying business challenges at a time of global macroeconomic and geopolitical headwinds. Some of our customers' businesses have been impacted by these headwinds, and as a result, they may continue to reduce their spending or optimize their traffic, which would reduce traffic on our network and revenue.”
Annual report 2025A · The company itself
Market · strengthens · strength 2/3
“Additionally, we believe macroeconomic headwinds are causing some customers to increase their focus on cost optimization, which negatively impacted traffic on our network and had a negative impact on delivery revenue. In 2024, these headwinds caused a large social media customer to increase their focus on cost optimization and "do-it-yourself" solutions, which additionally reduced traffic on our network.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Trots dessa lättnader har Sveriges BNP-tillväxt varit fortsatt svag. För helåret 2024 ökade BNP med 1 procent i jämförelse med föregående helår 2023. Det är en tydlig förbättring från recessionen under 2023, men långt under den genomsnittliga tillväxttakten på 1,9 procent under perioden 2011–2023.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“Efterfrågan på anläggningsmaskiner avtog i de flesta regioner under 2024, inte minst på den viktiga europeiska marknaden då höjda räntor och låg framtidstro bland företagen hämmade byggbranschen. Den nordamerikanska marknaden höll i sig bättre men efterfrågan var klart lägre än de mycket höga nivåerna under 2023.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“För Volvo Penta försvagades slutkundernas efterfrågan inom det marina segmentet och det gällde särskilt inom fritidsbåtsmarknaden samtidigt som efterfrågan på industrimotorer och kraftgenereringslösningar höll sig väl uppe, vilket resulterade i en gynnsam mix mot större motorer.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“God lönsamhet på normaliserade marknader Under 2024 fortsatte vi att bygga en stark koncern med 526,8 miljarder kronor (552,8) i nettoomsättning då efterfrågan på många marknader fortsatte att normaliseras jämfört med de höga nivåerna under 2023. De senaste fem åren har den genomsnittliga årliga tillväxten varit 9%.”
Annual report 2024A · The company itself
Driver · strengthens · strength 2/3
“Mellan 2020 och 2024 ökade nettoomsättningen från 338,4 mdr kr till 526,8 mdr kr. De senaste fem åren har den genomsnittliga årliga tillväxten varit 9%.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“Ett tydligt och enkelt mål för rörelsemarginalen stödjer ansträngningarna med att öka lönsamheten i koncernen genom konjunkturcykeln.”
Annual report 2024A · The company itself
Driver · weakens · strength 3/3
“Under året fortsatte efterfrågan att normaliseras där transport- och byggaktiviteten sjönk i många regioner runt om i världen jämfört med de mycket höga nivåerna under 2023.”
Annual report 2024A · The company itself
Driver · weakens · strength 3/3
“Normalisering på marknaderna Under 2024 sjönk den europeiska lastbilsmarknaden jämfört med de höga nivåerna 2023 då fraktvolymer och fraktpriser kom ned från tidigare toppnivåer. Den underliggande efterfrågan drevs främst av ersättningsinvesteringar.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“Den nordamerikanska marknaden drevs främst av bygg- och anläggningssegmentet medan efterfrågan på fjärrtransportlastbilar var svagare.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“Många mindre kunder var i ett avvaktande läge och ville ha mer klarhet om fraktmarknadens och räntornas utveckling.”
Annual report 2024A · The company itself
Driver · strengthens · strength 2/3
“Den brasilianska lastbilsmarknaden var på en bra nivå och den inhemska konsumtionen höll sig relativt väl uppe.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“I Indien återhämtade lastbilsmarknaden sig efter valet men påverkades negativt av en längre monsunperiod än vanligt, vilken inverkade negativt på både infrastrukturprojekt och gruvdrift.”
Annual report 2024A · The company itself
Driver · weakens · strength 3/3
“Konkurrensen på den kinesiska fraktmarknaden var fortsatt hård, med överkapacitet i transportbranschen, höga återförsäljarlager och prispress.”
Annual report 2024A · The company itself
Driver · weakens · strength 3/3
“Det lägre resultatet 2024 var främst en effekt av lägre leveransvolymer och högre FoU-kostnader, vilka delvis kompenserades av prisrealisering.”
Annual report 2024A · The company itself
Driver · weakens · strength 3/3
“Volvo CE:s valutajusterade nettoomsättning var 15% lägre än under 2023.”
Annual report 2024A · The company itself
Driver · weakens · strength 3/3
“Stabil utveckling på en marknad med utmaningar Totalt sett minskade efterfrågan utanför Kina stadigt under 2024, medan marknaden i Kina växte. Detta återspeglade en global branschtrend med ett försvagat ekonomiskt klimat i nästan alla regioner, men särskilt i Europa och Nordamerika.”
Annual report 2024A · The company itself
Driver · weakens · strength 3/3
“Efter de historiskt höga nivåerna 2023, drevs nedgången på marknaderna i Europa initialt av försiktighet bland slutkunderna, som tilltog under loppet av året i linje med en något mättad slutmarknad och låg framtidstro bland företagen.”
Annual report 2024A · The company itself
Driver · strengthens · strength 2/3
“Sydamerika var en av regionerna som växte, till stor del drivet av god efterfrågan i Brasilien, Peru och Chile, där det fanns tecken på återhämtning inom olika branscher.”
Annual report 2024A · The company itself
Driver · strengthens · strength 2/3
“Samtidigt började den kinesiska marknaden 2024 med en nedgång på grund av ihållande låga investeringsnivåer, men den växte sedan stadigt från andra kvartalet och framåt, med visst stöd av statliga åtgärder för att stimulera ekonomin.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“Förbättrad lönsamhet Nettoomsättningen ökade med 9% till 24.544 Mkr (22.423). Justerat för valutakursförändringar ökade nettoomsättningen med 10%, varav fordonsförsäljningen ökade med 11% och serviceförsäljningen med 8%.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“Ett år med minskad efterfrågan Under 2024 mötte Volvo Penta en minskad efterfrågan inom de flesta kundsegment.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“VOLVOKONCERNEN 2024 FÖRVALTNINGSBERÄTTELSE Operativt kassaflöde Under 2024 uppgick det operativa kassaflödet i Industriverksamheten till 45,3 miljarder kronor (45,8 ).”
Annual report 2024A · The company itself
Strategy · strengthens · strength 2/3
“Att växa serviceaffären är ett prioriterat område.”
Annual report 2024A · The company itself
Strategy · strengthens · strength 2/3
“Återkommande serviceintäkter skapar stabilitet och motståndskraft i vår lönsamhet under hela konjunkturcykeln. Vi har kommit långt på detta område, men det finns fortfarande mer att göra både vad gäller marknadsandelar och den fortsatta utvecklingen av tjänsteportföljen för att stödja våra kunders drifttid och produktivitet.”
Annual report 2024A · The company itself
Market · strengthens · strength 2/3
“VOLVOKONCERNEN 2024 FÖRVALTNINGSBERÄTTELSE Lastbilar God lönsamhet på lägre volymer Under 2024 minskade den valutajusterade nettoomsättningen i lastbilsverksamheten med 2% till 360.610 Mkr till följd av lägre leveranser. Det justerade rörelseresultatet uppgick till 45.826 Mkr, vilket motsvarar en justerad rörelsemarginal på 12,7%.”
Annual report 2024A · The company itself
Market · strengthens · strength 2/3
“För kraftgenerering var efterfrågan fortsatt god med en betydande ökning för högeffektsgeneratorer.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“A general economic slowdown could heavily affect trade across the portfolio”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“At the early stage of the year, 2026 appears to be characterised by uncertainty as extreme as in 2025. The global economy remains in a stage of anxiety, which, in combination with geopolitical tensions, may impact international markets of importance to Schouw&Co.’s sales.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“A general economic slowdown could heavily affect trade across the portfolio. A slowdown would depress demand and volumes and create excess stock and profit pressure.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“GPV reported revenue down 3% on the year before, due to continued soft demand, although with a higher intake of new orders.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Borg Automotive is experiencing continued weak demand for Reman products and fierce competition across most markets. Nevertheless, 2026 revenue is expected to be maintained at the 2025 level and with a gradual earnings recovery in 2026.”
Annual report 2025A · The company itself
Driver · strengthens · strength 2/3
“The reported Q4 2025 revenue of DKK 4,264 million was in line with the year before but based on higher sales volume.”
Annual report 2025A · The company itself
Driver · strengthens · strength 2/3
“Demand generally remained soft during Q4 2025 but appears to be gradually normalising with a higher level of order intake, where signs of increasing demand are seen within Transport, CleanTech, Measurement & Control and HighTech Consumer.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“For the full year of 2025, GPV reported revenue of DKK 8,702 million, a year-on-year decrease of 3%.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Full-year 2025 revenue was DKK 3,190 million, up 5% from DKK 3,031 million in 2024.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“In the fourth quarter of 2025, Borg Automotive experienced continued weak demand in the Reman segment and extremely fierce price competition across most markets. Revenue for the quarter totalled DKK 325 million, which was DKK 105 million below the level of the same period of 2024.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Full-year revenue in 2025 amounted to DKK 1,720 million, a 9% reduction compared to DKK 1,882 million in 2024.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Many of our customers are in industries, including the electronics, building and construction, oilfield and automotive industries, that are cyclical in nature, or which are subject to secular market downturns or may face adverse effects of evolving regulatory regimes. Historically, cyclical or secular industry downturns have resulted in diminished demand for our products, excess manufacturing capacity and lower average selling prices, and we may experience similar problems in the future.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Albemarle Corporation and Subsidiaries General Risk Factors Adverse conditions in the economy, and volatility and disruption of financial markets can negatively impact our customers, suppliers and other business partners and therefore have a material adverse effect on our business and results of operations. A global, regional or localized economic downturn may reduce customer demand or inhibit our ability to produce our products, negatively impacting our operating results. Our business and operating results have been and will continue to be sensitive to the many challenges that can affect national, regional and global economies, including economic downturns (including credit market tightness, which can impact our liquidity as well as that of our customers, suppliers and other business partners), declining consumer and business confidence, fluctuating commodity prices and volatile exchange rates.”
Annual report 2025A · The company itself
Driver · strengthens · strength 2/3
“We generally will not commence new development projects for aboveground construction of new Class A/A+ laboratory space without first securing significant pre-leasing for such space, except when there is solid market demand for high-quality Class A/A+ properties.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“We may fail to achieve the financial results expected from development or redevelopment projects. There are significant risks associated with development and redevelopment projects, including, but not limited to, the following possibilities: •We may not complete development or redevelopment projects on schedule or within budgeted amounts. •We may be unable to lease development or redevelopment projects on schedule or within projected amounts. •We may encounter project delays or cancellations due to unavailability of necessary labor and construction materials. •We may expend funds on, and devote management’s time to, development and redevelopment projects that we may not complete. •We may abandon development or redevelopment projects after we begin to explore them, and as a result, we may lose deposits or fail to recover costs already incurred.”
Annual report 2025A · The company itself
Driver · weakens · strength 1/3
“It is uncertain whether we would be able to source the essential commodities, supplies, materials, and skilled labor timely or at all without incurring significant costs or delays, particularly during times of economic uncertainty resulting from events outside of our control.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“If our tenants experience a downturn in their business or other types of financial distress, they may be unable to make timely payments under their leases. In addition, because of the impact to the business environment due to civil unrest, high cost of living, taxes, and other increased region-specific costs of doing business in certain of our markets and submarkets, such as those located in the states of California and Washington, tenants may choose not to renew or re-lease space.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Certain significant expenditures, such as mortgage payments, real estate taxes, insurance, and maintenance costs, are generally fixed and do not decrease when revenues at the related property decrease.”
Annual report 2025A · The company itself
Driver · weakens · strength 1/3
“The market price and volatility of our common stock may be adversely affected by our financial performance, our ability to meet market expectations, and a wide range of external factors outside of our control. Our actual financial results may differ materially from expectations and/or the guidance we provide.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Poor economic conditions in our markets could adversely affect our business. Our properties are primarily located in the following markets: •Greater Boston •San Francisco Bay Area •San Diego •Seattle •Maryland •Research Triangle •New York City •Texas As a result of our geographic concentration, we depend upon the local economic and real estate conditions in these markets. We are therefore subject to increased exposure (positive or negative) to economic, tax, and other competitive factors specific to markets in confined geographic areas.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Some of our current or future tenants may also include technology companies in their startup or growth phases of their life cycle. Fluctuations in market confidence in these companies or adverse changes in economic, financial, or banking conditions, such as the failure of financial institutions, including the events discussed above, may have a disproportionate effect on the operations of such companies.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Government factors Negative impact on economic growth resulting from the combination of federal income tax policy, debt policy, and government spending may adversely affect our results of operations. Global macroeconomic conditions affect our and our tenants’ businesses. Instability in the banking and government sectors of the U.S. and/or the negative impact on economic growth resulting from the combination of government tax policy, debt policy, and government spending, may have an adverse effect on the overall economic growth and our future revenue growth and profitability.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Volatile, negative, or uncertain economic conditions could undermine business confidence in our significant markets or in other markets and cause our tenants to reduce or defer their spending, which would negatively affect our business. Growth in the markets we serve could be at a slow rate or could stagnate or contract in each case for an extended period of time.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Widespread tariffs, restricted trade, increased market volatility, and reduced investor confidence may trigger inflationary pressure and elevate the risk of a U.S. recession.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Additionally, the broader economic and capital market consequences of an extended shutdown, such as weakened investor confidence, deferred initial public offerings (“IPOs”), and a slower pace of venture and private equity deployment, could further strain tenants’ access to capital. Our tenants may seek to reduce cash outflows by delaying rent payments, renegotiating lease terms, downsizing existing space commitments, or filing for bankruptcy or ceasing operations altogether.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“The rapid spread, development, and fluidity of a highly infectious or contagious disease may result in significant disruption of the global financial market and labor markets and may lead to a deterioration of economic conditions, an economic downturn, and/or a recession at a global scale, which could materially affect our (or our tenants’) performance, financial condition, results of operations, and cash flows.”
Annual report 2025A · The company itself
Driver · strengthens · strength 3/3
“Macroeconomic conditions impact consumer confidence and discretionary spending, which can reduce or shift spending away from elective procedures, drive patients to pursue less costly orthodontic treatments, decrease the number of orthodontic case starts, reduce patient traffic in dental offices, or reduce demand for dental services generally.”
Annual report 2025A · The company itself
Driver · mixed effect · strength 2/3
“The market price of our common stock is subject to rapid and large price fluctuations attributable to various factors, many of which are beyond our control.”
Annual report 2025A · The company itself
Driver · strengthens · strength 3/3
“Demand for our security products and solutions relies on the institutional, commercial, and residential construction and remodeling markets, which are marked by cyclicality based on national, regional and local economic conditions, including consumer confidence and disposable income, corporate and government spending, work-from-home trends, availability of credit and demand for new housing and infrastructure.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Avmattningen i efterfrågan som tilltog i slutet av 2023 fortsatte under 2024. Nettoomsättningen var i stort sett oförändrad och uppgick till 9 333 MSEK (9 335).”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“Risken är att vändningen i marknaden dröjer. För att möta detta arbetar vi löpande med kostnadsbesparingar samtidigt som vi fortsätter att investera för framtiden.”
Annual report 2024A · The company itself
Driver · weakens · strength 3/3
“En svag konjunktur riskerar att påverka samtliga segment. Nedgången var tydlig inom de flesta branschsegment, men störst inom byggindustrin.”
Annual report 2024A · The company itself
Driver · mixed effect · strength 2/3
“Efterfrågan minskade mest bland små och medelstora företag framför allt inom branschsegmentet byggindustri. Detta motverkades delvis genom förvärv och ökad efterfrågan från större industrikunder och offentlig verksamhet, exempelvis försvarsindustrin.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“Avmattningen i efterfrågan på marknaden fortsatte under perioden och var relaterad till flertalet kundsegment förutom olja och gas i Norge och offentlig verksamhet i Sverige som hade en fortsatt bra utveckling.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“Den organiska tillväxten uppgick till cirka -6 procent och är relaterad till alla kundsegment förutom offentlig verksamhet.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“Den svagare efterfrågan på marknaden som noterades redan 2023 har fortsatt under 2024 även om en viss återhämtning skett under hösten.”
Annual report 2024A · The company itself
Driver · weakens · strength 3/3
“Macro, regulatory and risk environment Conditions in the global economy and capital markets could adversely affect the business and results of operations Global economic and capital market conditions could adversely impact demand for our products, returns on our investment portfolio and results of operations. The conditions that may have the largest impact on our business include: •Low or negative economic growth •Interest rate levels •Rising inflation increasing claims and claims expense •Trade policy actions, such as tariffs and quotas •Substantial increases in delinquencies or defaults on debt •Significant downturns in the market value or liquidity of our investment portfolio •Prolonged downturn in equity valuations •Reduced consumer spending and business investment Stressed conditions, volatility and disruptions in global capital markets or financial asset classes could adversely affect our investment portfolio.”
Annual report 2025A · The company itself
Driver · strengthens · strength 2/3
“Suomen lisäksi Alma Median päämarkkinamaat ovat Tšekki ja Slovakia Keski- Euroopassa sekä Kroatia Etelä-Euroopassa. Komission ennusteen mukaan Tšekin BKT:n kasvuvauhti olisi 1,9 %, Slovakian 1,0 % ja Kroatian 2,9 % vuonna 2026.”
Annual report 2025A · The company itself
Driver · strengthens · strength 2/3
“Ne ovat: liikevaihdon vuosittainen kasvu yli 5 % (muuttumaton), oikaistu liikevoittomarginaali yli 30 % (aiempi: yli 25 %) ja nettovelan suhde käyttökatteeseen alle 2,5 (muuttumaton).”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Negatiivisia vaikutuksia syntyy erityisesti mainosmarkkinan laskun sekä markkinavolyymien lasku (kysyntä tai tarjonta) konsernin merkittävillä liiketoiminta-alueille rekrytoinnissa, asumisessa tai autoilussa.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Negatiivisia vaikutuksia syntyy erityisesti mainosmarkkinan laskun sekä markkinavolyymien lasku (kysyntä tai tarjonta) konsernin merkittävillä liiketoiminta-alueille rekrytoinnissa, asumisessa tai autoilussa.”
Annual report 2025A · The company itself
Driver · mixed effect · strength 2/3
“Vuonna 2025 strategiaan tehtiin täsmennyksiä rullaavan prosessin mukaisesti. Muutokset perustuvat asiakkaiden ja markkinoiden tarpeisiin sekä toimintaympäristön muutoksiin.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Ilmastoon liittyvät siirtymäriskit voivat toteutuessaan aiheuttaa kustannuspaineita, sääntelyyn liittyviä velvoitteita sekä maineeseen kohdistuvia vaikutuksia, mikäli päästövähennystavoitteita ei saavuteta suunnitellusti.”
Annual report 2025A · The company itself
Strategy · strengthens · strength 2/3
“Yhtiön strategisena tavoitteena on edistää kestävää taloudellista, sosiaalista ja yhteiskunnallista kehitystä erityisesti digitalisaation, tiedon saatavuuden ja toimivien markkinoiden kautta.”
Annual report 2025A · The company itself
Driver · strengthens · strength 3/3
“Expenditures by advertisers tend to correlate with overall economic conditions. Adverse macroeconomic conditions have affected, and may in the future affect, the demand for advertising, resulting in fluctuations in the amounts our advertisers spend on advertising, which could harm our financial condition and operating results.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“I en hyresmarknad tydligt präglad av en svagare konjunktur fortsatte den negativa vakansutvecklingen under 2024 trots ett hårt arbete från förvaltningsorganisationen. Under de senaste 24 månaderna har vakansvärdet ökat från 280 MSEK till 401 MSEK vilket hämmat kassaflödestillväxten.”
Annual report 2024A · The company itself
Driver · weakens · strength 3/3
“= Ökad bevakning = Oförändrad bevakning = Minskad bevakning Omvärld Risk Riskhantering Exponering Makro Verksamheten påverkas av makroekonomiska faktorer såsom ekonomiskt klimat, inflation, andel nybyggnation av kommersiella byggnader samt förändringar i infrastruktur och demografi. En ekonomisk nedgång som leder till högre arbetslöshet, sämre betalningsförmåga hos hyresgäster samt en ökad inflation skulle kunna få en negativ påverkan på bolagets resultat och ställning.”
Annual report 2024A · The company itself
Driver · weakens · strength 3/3
“Förvaltning Risk Riskhantering Exponering Hyresintäkter En ekonomisk nedgång, inflation, konkurrens mellan kommersiella lokaler samt förändringar i infrastruktur och demografi kan leda till ökade vakanser eller lägre hyresnivåer som får en negativ påverkan på bolagets hyresintäkter.”
Annual report 2024A · The company itself
Strategy · strengthens · strength 2/3
“Marknadsbevakning och omvärldsanalyser. Löpande dialog med kapital- och kreditmarknaden. Indexerade hyresavtal. Derivatinstrument.”
Annual report 2024A · The company itself
Strategy · strengthens · strength 2/3
“Kreditbedömning av hyresgäster vid nyuthyrning och under avtalstiden. Hyresavtal kompletteras vid behov med erforderlig säkerhet (borgen, deposition eller bankgaranti). Kvartals- eller månadsvis förskottsbetalning av hyra.”
Annual report 2024A · The company itself
Driver · weakens · strength 3/3
“Our revenue and operating profit growth depends on the continued growth of demand for the products and services offered by us or our sellers, and our business is affected by, among other things, general economic, business, and geopolitical conditions worldwide. A softening of demand, whether caused by changes in customer preferences or a weakening of the U.S. or global economies, may result in decreased revenue or growth.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“The amount of compensation we receive under certain of our commercial agreements is partially 12 Table of Contents dependent on the volume of the other company’s sales. Therefore, when the other company’s offerings are not successful, the compensation we receive may be lower than expected or the agreement may be terminated.”
Annual report 2025A · The company itself
Driver · mixed effect · strength 3/3
“Sales of our products and services are closely tied to our customers' sales volumes to end consumers. Shifts in consumer preferences across the industries we serve, or in the packaging formats used to deliver those products, may arise from changes in cost, economic conditions, regulatory developments (including end user taxes), or evolving expectations related to convenience, health, environmental impact, and social considerations.”
Annual report 2026A · The company itself
Driver · weakens · strength 2/3
“When challenging economic conditions exist, our customers may delay, decrease, or cancel purchases from us, and may also delay payments or fail to pay us altogether.”
Annual report 2026A · The company itself
Driver · strengthens · strength 1/3
“Among the factors that could cause actual results to differ materially from those in the forward-looking statements are: • Changes in economic conditions, electric market demand and demographic patterns in AEP service territories.”
Annual report 2025A · The company itself
Driver · weakens · strength 1/3
“The disruption of AEP’s business operations due to impacts of economic or market conditions, costs of compliance with potential government regulations, electricity usage, supply chain issues, customers, service providers, vendors and suppliers caused by natural disasters or other events. • Construction and development risks associated with the completion of the 2026-2030 capital investment plan, including shortages or delays in labor, materials, equipment or parts. • Prolonged or recurring U.S. federal government shutdowns could adversely affect AEP’s operations, regulatory approvals, and financial performance and could cause volatility in the capital markets which may interrupt our access to capital. • New legislation, litigation or government regulation, including changes to tax laws and regulations, oversight of nuclear generation, evolving environmental standards, energy commodity trading and new or modified requirements related to emissions of sulfur, nitrogen, mercury, carbon, soot or PM and other substances that could impact the continued operation, cost recovery and/or profitability of generation plants and related assets.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“AEP subsidiaries are exposed to risks through participation in the market and transmission structures in various regional power markets that are beyond their control. (Applies to all Registrants) Differences in the market and transmission structures in various regional power markets are likely to affect results.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“AEP’s results of operations and cash flows may be negatively affected by a lack of growth or slower growth in the number of customers, a decline in customer demand or a recession. (Applies to all Registrants) Growth in customer accounts and growth of customer usage each directly influence demand for electricity and the need for additional power generation and delivery facilities. Customer growth and customer usage are affected by a number of factors outside the control of AEP, such as economic and demographic conditions, population changes, job and income growth, housing starts, new business formation and the overall level of economic activity.”
Annual report 2025A · The company itself
Driver · strengthens · strength 2/3
“•A $76 million increase in fuel revenues. •A $23 million increase in weather-related usage primarily due to a 30% increase in heating degree days. These increases were partially offset by: •An $86 million decrease due to regulatory provisions for refund. •Off-system Sales increased $137 million primarily due to economic hedging activity and Rockport Plant, Unit 2 merchant sales. •Transmission Revenues increased $9 million primarily due to the June 2025 FERC order related to the treatment of NOLCs in transmission formula rates.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Strategic and Reputational Risks Macroeconomic conditions are a major driver of our results of operations and changes in the business and economic environment may materially adversely affect our business. We offer a broad array of products and services to consumers, small businesses, mid-sized companies and large corporations and thus are very dependent upon the level of consumer and business activity and the demand for payment and financing products. Slow economic growth, economic contraction, persistent inflationary pressures or shifts in broader consumer and business trends can significantly impact customer behaviors, including spending on our cards, the ability and willingness of Card Members to borrow and pay amounts owed to us, demand for fee-based products and services and levels of customers’ deposits with us.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Likewise, spending by small business and corporate clients, which comprised approximately 41 percent of our worldwide billed business during 2025, depends in part on the economic environment and a favorable climate for continued business investment and new business formation.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“We face continued intense competitive pressure that may materially impact the prices we charge for accepting our cards for payment, as well as the risk of losing merchant relationships, which could have a material adverse impact on our business and results of operations. We face pressure from competitors that primarily rely on sources of revenue other than discount revenue or have lower costs that can make their pricing for card acceptance more attractive. Merchants, business partners and third-party merchant acquirers, processors and payment facilitators are also able to negotiate incentives, pricing concessions and other favorable contractual provisions from us as a condition to accepting our cards, being cobrand partners, offering benefits to our Card Members or signing merchants to accept American Express cards.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“We generally do not prohibit surcharging in our agreements with merchants so long as it is permitted by law and a merchant does not discriminate against American Express cards by engaging in differential surcharging. Table of Contents American Express cards could become less desirable to consumers and businesses generally due to surcharging, steering or other forms of discrimination, which could result in a decrease in cards-in-force, coverage and transaction volumes, including as a result of related actions we may take to enforce our merchant contractual provisions such as terminating merchant contracts.”
Annual report 2025A · The company itself
Driver · strengthens · strength 3/3
“Revenue growth is dependent on increasing consumer and business spending on our cards, growing loan balances and increasing fee revenue. We have been investing in a number of growth initiatives, including to attract new Card Members, retain existing Card Members, grow merchant acceptance and capture a greater share of customers’ total spending and borrowings. We have also introduced complementary products, such as travel and dining platforms, checking accounts, debit cards and expense management tools.”
Annual report 2025A · The company itself
Driver · strengthens · strength 3/3
“Our brand and reputation are key assets of our Company, and our business may be materially affected by how we are perceived in the marketplace. Our brand and its attributes are key assets, and we believe our continued success depends on our ability to preserve, grow and realize the benefits of the value of our brand. Our ability to attract and retain consumer and small business Card Members and corporate clients is highly dependent upon the external perceptions of our level of service, trustworthiness, business practices, fraud prevention, privacy and data protection, management, workplace culture, merchant acceptance, financial condition, response to political and social issues or catastrophic events and other subjective qualities.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Due to the interconnectivity and complexity of information systems and their reliance on common systems, software and vendors (e.g., large technology and cloud-service providers), disruptions or degradations have had, and will likely continue to have, wide-reaching consequences, including the potential to disrupt the overall financial system and other key systems in the global economy. Service disruptions or degradations impacting us or our partners can prevent access to online services and account information, compromise or limit access to company or customer data, impede or prevent transaction processing, communications to customers and financial reporting, disrupt ordinary business operations, result in contractual penalties or obligations, trigger regulatory reporting obligations, and lead to regulatory investigations and fines, increased regulatory oversight, and litigation (including class action litigation). Any such service disruption or degradation could adversely affect the perception of the reliability of our products and services and materially adversely affect our overall business, reputation and results of operations.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Increased credit risk, whether resulting from underestimating the credit losses inherent in our portfolio of loans and receivables, deteriorating economic or political conditions (particularly in the United States, as U.S. Card Members were responsible for approximately 79 percent of our total Card Member loans and receivables outstanding as of December 31, 2025), increases in the level of loan and receivable balances, changes in our mix of business or otherwise, could require us to increase our provisions for losses and could have a material adverse effect on our results of operations and financial condition.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“MARKET CONDITIONS Deterioration of economic conditions, geopolitical tensions, changes in market conditions or weakening global capital markets have affected and may continue to materially affect our businesses, results of operations, financial condition and liquidity.”
Annual report 2025A · The company itself
Driver · strengthens · strength 3/3
“If our customers or potential customers are unable to raise adequate capital to fund their business plans or face capital constraints, they may reduce their spending, file for bankruptcy, reduce or terminate their operations or exit certain markets, which could materially and adversely affect demand for our communications infrastructure and our services business.”
Annual report 2025A · The company itself
Driver · strengthens · strength 3/3
“Wealth Management Our wealth management business is the primary growth engine of Ameriprise with a significant market opportunity.”
Annual report 2025A · The company itself
Driver · strengthens · strength 3/3
“Revenues in the Asset Management segment are primarily earned based on managed asset balances, which are impacted by market movements, net asset flows, asset allocation and product mix.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Our businesses have been, and in the future may be, adversely affected by U.S. and global capital market and credit crises, the repricing of credit risk, equity market volatility and decline, and stress or recession in the U.S. and global economies generally. Each of our segments operates in these markets with exposure for us and our clients in securities, loans, derivatives, alternative investments, seed capital and other commitments.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ materially from such statements.”
Annual report 2025A · The company itself
Strategy · strengthens · strength 2/3
“We continue to execute on our strategy to grow our Advice & Wealth Management business with complementary Asset Management and Retirement & Protection Solutions businesses. Our integrated model leverages key business linkages to drive growth and consistency across market cycles.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Risks Related to Our Operations Our growth could suffer if the markets into which we sell our products and services decline, do not grow as anticipated, experience cyclicality, or a general downturn in the economy could adversely affect our business. A number of the industries in which we operate are cyclical in nature and therefore are affected by factors beyond our control. A downturn in the U.S. or global economy, and, in particular, in the aerospace and defense, oil and gas, process instrumentation or power markets could have an adverse effect on our business, financial condition and results of operations.”
Annual report 2025A · The company itself
Driver · mixed effect · strength 1/3
“Seasonality Our sales are subject to a varying degree of seasonality. Historically, sales to customers during our first fiscal quarter have been lower than other quarters due to plant shutdowns at some of our customers.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“These changes have, and similar changes in the future may continue to, increase the cost or reduce the availability of raw materials and supplies we need to operate, cause customers to advance, delay, reduce, or cancel orders, shift buying patterns, impact demand in our end markets, complicate demand forecasting for us and our customers, increase supply chain complexity and contribute to volatility, a broader economic slowdown or recession.”
Annual report 2025A · The company itself
Driver · mixed effect · strength 3/3
“The markets for semiconductor products are cyclical, and increased production may lead to overcapacity and lower prices, and conversely, we may not be able to satisfy unexpected demand for our products. The cyclical nature of the semiconductor industry has resulted in periods when demand for our products has increased or decreased rapidly.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Increased competition in certain markets has resulted in and may continue to result in declining average selling prices, reduced gross margins and loss of market share in those markets.”
Annual report 2025A · The company itself
Driver · mixed effect · strength 3/3
“In addition, the semiconductor market has historically been cyclical and subject to significant economic upturns and downturns. Our business and certain of the end markets we serve are also subject to rapid technological changes and material 15 fluctuations in demand based on end-user preferences.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“We typically do not have sales contracts with our customers that include long-term product purchase commitments. In certain markets where end-user demand may be particularly volatile and difficult to predict, some customers place orders that require us to manufacture product and have it available for shipment, even though the customer is unwilling to make a binding commitment to purchase all, or even any, of the product. In other instances, we manufacture products based on non-binding forecasts of customer demands, which may fluctuate significantly on a quarterly or annual basis and at times may prove to be inaccurate.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Our leverage could have negative consequences, including increasing our vulnerability to adverse economic and industry conditions, limiting our ability to obtain additional financing and limiting our ability to acquire new products and technologies through strategic acquisitions.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Our ability to make payments of principal and interest on our indebtedness when due depends upon our future operating performance, which may be impacted by general economic conditions, industry cycles and other factors beyond our control.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Risks Related to Our Business •An overall decline in economic and business activity could have a material adverse effect on the financial condition and results of operations of our business. •We face significant competitive pressures from traditional and non-traditional competitors that could affect our business. •If we are unable to effectively develop and implement innovative strategies, efficiencies and new solutions for our clients, our reputation, ability to compete effectively and financial condition may be adversely affected. •If our clients are not satisfied with our services, we may face additional cost, loss of profit opportunities, damage to our reputation, or legal liability. •Revenues from commission arrangements may fluctuate due to many factors, including cyclical or permanent changes in the insurance and reinsurance markets outside of our control.”
Annual report 2025A · The company itself
Driver · mixed effect · strength 3/3
“The demand for property and casualty insurance generally rises as the overall level of economic activity increases and generally falls as such activity decreases, affecting both the commissions and fees generated by our Risk Capital segment. The economic activity that impacts property and casualty insurance is most closely correlated with employment levels, corporate revenues, and asset values.”
Annual report 2025A · The company itself
Strategy · strengthens · strength 2/3
“This diversification of our client base helps provide our firm with stability in different economic scenarios that could affect specific industries, customer segments, or geographies.”
Annual report 2025A · The company itself
Driver · strengthens · strength 2/3
“We have seen capital demand increasing over six discrete markets on a global basis: institutional investor alternative allocations, individuals, insurance, traditional asset managers, institutional investors for fixed income and equity replacement, and defined contribution/401(k).”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Furthermore, investments in highly leveraged entities are inherently more sensitive to declines in revenues, increases in expenses and interest rates and adverse economic, market and industry developments. As a result, the risk of loss associated with a leveraged entity is generally greater than for companies with comparatively less debt.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Investors in some of the funds we manage may also at times redeem their investments on an annual, semiannual, quarterly or monthly basis following the expiration of a specified period of time when capital may not be redeemed (typically between one and five years). In a declining market, the pace of redemptions and consequent reduction in our AUM could accelerate.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“The performance of the funds we manage, and our performance, may be adversely affected by the financial performance of portfolio companies of the funds we manage and the industries in which the funds we manage invest. Our performance and the performance of many of the funds we manage are significantly affected by the value of the companies in which the funds we manage have invested. The funds we manage invest in companies in many different industries, each of which is subject to volatility based upon a variety of factors, including economic, political and market factors.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Geopolitical and macroeconomic conditions contribute to volatility in the financial markets and may restrict the liquidity sources available to us and further may result in an increase of our liquidity demands.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“In addition to the concentration risk arising from our retirement services business’ investments in single issuers within the nonbank lending sector 51 Table of Contents of the financial services industry, we have significant exposure to the financial services industry more broadly as a result of the composition of investments in our retirement services business’ investment portfolio. Economic volatility or any further macroeconomic, regulatory or other changes having an adverse impact on the financial services industry more broadly, could have a material and adverse effect on our business, financial condition, results of operations and cash flows.”
Annual report 2025A · The company itself
Driver · strengthens · strength 3/3
“Net investment income was $19.2 billion in 2025, an increase of $3.5 billion from $15.7 billion in 2024, primarily driven by significant growth in Athene’s investment portfolio attributable to strong net flows of $47.9 billion in 2025, higher rates on new deployment in comparison to Athene’s existing portfolio related to the higher interest rate environment, earlier deployment into assets during the year compared to 2024 and more favorable investment fund performance in 2025.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Table of Contents Scenario Analysis—Athene evaluates exposure to credit risk by analyzing its portfolio’s performance during simulated periods of economic stress. Athene manages business, capital and liquidity needs to withstand stress scenarios and target capital it believes will maintain its current ratings in a moderate recession scenario and maintain investment grade ratings under a deep recession scenario, a substantially severe financial crisis akin to the Lehman scenario in 2008.”
Annual report 2025A · The company itself
Market · strengthens · strength 2/3
“Management fees increased by $479 million to $2.4 billion in 2025 from $1.9 billion in 2024. The increase in management fees was primarily attributable to $342 million of aggregate management fees earned from Atlas, Bridge funds, ADS, S3 Equity and Hybrid Solutions and AIOF III, partially offset by an aggregate decrease of $41 million in management fees earned from Fund IX and Fund VIII.”
Annual report 2025A · The company itself
Market · strengthens · strength 2/3
“The increase in management fees was primarily attributable to $493 million of aggregate management fees earned from Athene, Bridge funds, ADS, S3 Equity and Hybrid Solutions, and AIOF III, partially offset by an aggregate decrease of $41 million in management fees earned from Fund IX and Fund VIII. The increase in management fees earned from Athene was primarily driven by increases in fee-generating AUM as a result of strong organic inflows at Athene, while the increase in management fees earned from Bridge funds is due to the Bridge acquisition.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“The Company has international operations with sales outside the U.S. representing a majority of the Company’s total net sales. In addition, the Company’s global supply chain is large and complex and a majority of the Company’s supplier facilities, including manufacturing and assembly sites, are located outside the U.S. As a result, the Company’s operations and performance depend significantly on global and regional economic conditions.”
Annual report 2025A · The company itself
Driver · mixed effect · strength 3/3
“Our business is based on capital equipment investments by major semiconductor and other manufacturers, and is subject to significant variability in customer demand for our products. Customers’ expenditures depend on many factors, including: general economic conditions; anticipated market demand and pricing for semiconductors and other electronic devices; the development of new technologies; customers’ factory utilization; capital resources and financing; trade policies and export regulations; and government incentives.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“This industry is subject to rapid technological change, vigorous competition, cyclical and short product life cycles, reduced consumer demand patterns and industry consolidation.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Our business in China is sensitive to economic and market conditions that drive automotive sales volumes in China and may be impacted if there are reductions in vehicle demand in China. If we are unable to maintain our position in the Chinese market or if vehicle sales in China continue to experience minimal growth or decrease, our business and financial results could be materially adversely affected.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“From time to time, we have underutilized our manufacturing lines. This excess capacity means we incur increased fixed costs in our products relative to the net revenue we generate, which could have an adverse effect on our results of operations, particularly during economic downturns. If we are unable to improve utilization levels for these manufacturing lines and correctly manage capacity, the increased expense levels will have an adverse effect on our business, financial condition and results of operations.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“As a result, each company could be more vulnerable to global economic trends, geopolitical risks, demand or supply shocks, and changing industry or market conditions, which could have a material adverse effect on its business, financial condition, cash flows and results of operations.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“These programs are primarily focused on reducing global overhead costs, the continued rotation of our manufacturing footprint to best cost locations in Europe and aligning our manufacturing capacity with the current levels of automotive production in each region.”
Annual report 2025A · The company itself
Driver · strengthens · strength 3/3
“Strategy. The mortgage insurance market operates on a distinct underwriting cycle, with demand driven mainly by the housing market and general economic conditions. As a result, the creation of the mortgage group provides us with a more diverse revenue stream. Our mortgage group’s strategy is to capitalize on its financial capacity, mortgage insurance technology platform, operational flexibility and experienced management to offer mortgage insurance, reinsurance and other risk-sharing products in the U.S., Europe, the U.K. and Australia.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“For our U.S. and Australian mortgage insurance businesses, in addition to utilizing reinsurance, we have developed proprietary risk models that simulate the maximum loss resulting from severe economic events impacting the housing market. See “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Catastrophic Events and Severe Economic Events.””
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“The insurance and reinsurance industry is highly cyclical, and we may at times experience periods characterized by excess underwriting capacity and unfavorable premium rates. Historically, insurers and reinsurers have experienced significant fluctuations in operating results due to competition, frequency of occurrence or severity of catastrophic events, levels of capacity, general economic conditions, inflation, changes in equity, debt and other investment markets, changes in legislation, case law and prevailing concepts of liability and other factors. Demand for reinsurance is influenced significantly by the underwriting results of primary insurers and prevailing general economic conditions.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“While our business has not been directly impacted by the existing and proposed Trump administration tariffs on imported goods, there may be a ripple effect on how these impact certain industries where we provide insurance or reinsurance. It is too early to determine the long-term effect, if any, of the Trump administration tariff policy, but sustained escalation of tariffs and trade disputes may result in a global economic slowdown which impacts us and our clients.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Adverse developments in the financial markets, resulting from inflation, global recessionary pressures, geopolitical conflict, liquidity conditions among other factors, can increase uncertainty and heighten volatility in the credit and equity markets.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Disruption to the financial markets and weak economic conditions resulting from situations such as supply/demand imbalances, inflation and political unrest may adversely and materially impact our investments, financial condition and results of operation.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Deteriorating economic conditions, potentially due to prolonged recessionary conditions increasing levels of unemployment and inflation, could adversely affect the performance of our mortgage insurance portfolio and could adversely affect our results of operations and financial condition.”
Annual report 2025A · The company itself
Driver · mixed effect · strength 2/3
“Other factors affecting the volume of low down payment mortgage originations include, among others: restrictions on mortgage credit due to stringent underwriting standards and liquidity issues affecting lenders; changes in affordability due to increased mortgage interest rates and home prices, and other economic conditions in the U.S., Australian and regional economies; population trends, including the rate of household formation and immigration; supply constraints and increased building costs; and U.S. and Australian government housing policy, including policies encouraging loans to first time home buyers.”
Annual report 2025A · The company itself
Market · strengthens · strength 2/3
“The following tables set forth our insurance segment’s net premiums written by major line of business: Year Ended December 31, 2025 2024 Amount % Amount % North America Property and short-tail specialty $ 1,329 17.0 $ 1,220 17.7 Other liability - occurrence 1,302 16.7 1,002 14.6 Other liability - claims made 793 10.2 858 12.5 Commercial multi-peril 781 10.0 461 6.7 Commercial automobile 602 7.7 485 7.1 Workers compensation 576 7.4 555 8.1 Other 341 4.4 288 4.2 Total North America 5,724 73.4 4,869 70.8 International Property and short-tail specialty $ 1,102 14.1 $ 1,082 15.7 Casualty and other 972 12.5 923 13.4 Total International 2,074 26.6 2,005 29.2 Total $ 7,798 100.0 $ 6,874 100.0 Net premiums written by the insurance segment were 13.4% higher in 2025 than in 2024.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“The Company is subject to risks relating to global and regional economic downturns, which could adversely affect the Company’s operating results. A significant downturn in the global economy could lead to reduced demand for agricultural commodities and food products, which could adversely affect the Company’s business and results of operations.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Both developed and emerging market areas are subject to impacts of economic downturns, including decreased demand for the Company’s products, and reduced availability of credit, or declining credit quality of the Company’s suppliers, customers, and other counterparties.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“The Company’s business is affected by, among other things, geopolitical and market risks, including fluctuations in agricultural commodity cash prices and derivative prices, transportation costs, energy prices, interest rates, foreign currency exchange rates, and equity markets, as well as operational and other disruptions, and compliance and regulatory exposures.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“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
Driver · weakens · strength 3/3
“Our businesses are materially affected by conditions in the global financial markets and economic and political conditions throughout the world that are outside our control. These conditions may affect the level and volatility of securities prices and the liquidity and value of investments, and we may not be able to or may choose not to manage our exposure to these conditions. This could in turn materially reduce our revenue, earnings and cash flow and adversely affect our financial prospects and condition.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Negative financial results in our funds’ portfolio companies may reduce the value of their portfolio companies, the net asset value of our funds and the investment returns for our funds, which could have a material adverse effect on our operating results and cash flow.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Our funds may be unable to deploy capital at a steady and consistent pace, which could have an adverse effect on our results of operations and future fundraising. The pace and consistency of our funds’ capital deployment has been, and may in the future continue to be, affected by a range of factors, including market conditions, regulatory developments and increased competition, which are beyond our control.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“In particular, the private equity and certain real estate markets have from time to time experienced challenges with downward pressure on valuations and muted opportunities for investment and realizations. These market dynamics may impact the pace and consistency of our funds’ capital deployment.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Significant ongoing volatility or a protracted economic downturn could adversely affect the financial resources of our funds and their investments (in particular those investments that depend on credit from third parties or that otherwise participate in the credit markets) and their ability to make principal and interest payments on outstanding debt, or refinance outstanding debt when due. Moreover, these events could affect the terms of available debt financing with, for example, higher rates, higher equity requirements and/or more restrictive covenants, particularly in the area of acquisition financings for leveraged buyout and real estate assets transactions.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“For example, in many non-distressed private equity investments, indebtedness may be as much as 75% or more of a portfolio company’s or real estate asset’s total debt and equity capitalization, including debt that may be incurred in connection with the investment, 67 Table of Contents whether incurred at or above the investment-level entity. In distressed situations, indebtedness may exceed 100% or more of a portfolio company’s capitalization. Investments in highly leveraged entities are inherently more sensitive to declines in revenues, increases in expenses and interest rates and volatile or adverse economic, market and industry developments.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“These investments are subject to the potential for deterioration of market fundamentals and the risk of adverse changes in local market and economic conditions, which may include changes in supply of and demand for liquid credit, alternative credit and direct lending.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“The power, infrastructure and energy companies in which certain of our funds invest have been and may be negatively impacted by material declines in power and energy related commodity prices and are subject to other risks, including among others, supply and demand risk, operational risk, regulatory risk, depletion risk, reserve risk, reputational risk, severe weather, climate change and catastrophic event risk (including of cyber-attacks). Commodity prices fluctuate for several reasons, including changes in market and economic conditions, the impact of weather on demand, climate initiatives of government entities, levels of domestic production and international production, policies implemented by the Organization of Petroleum Exporting Countries, power and energy conservation, domestic and foreign governmental regulation and taxation and the availability of local, intrastate and interstate transportation systems.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Our funds invest in companies in many different industries, each of which is subject to volatility based upon a variety of factors, including economic, market, and geopolitical factors.”
Annual report 2025A · The company itself
Driver · strengthens · strength 3/3
“Public cloud titans and, more recently, AI Neocloud providers have been at the forefront of this evolution, pioneering the development of large-scale data and AI centers to meet the growing demands of their users, including business customers. These networks have become the benchmark for superior performance and efficiency of IT infrastructure at the lowest unit cost.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“We have experienced unpredictability in the timing of orders from our large customers primarily due to the overall complexity of these large orders and changes in demand specific to these customers, including reductions in or changes in the mix of capital expenditures by these customers and the impact of cost reduction and other efficiency efforts by these customers. In addition, the variability in customer concentration is linked to the timing of new product deployments, and spending cycles with these customers, as well as the time it takes these customers to evaluate, test, qualify and accept our products and services, and we expect continued variability in our customer concentration and timing of sales on a quarterly and annual basis.”
Annual report 2025A · The company itself
Driver · strengthens · strength 3/3
“Our business depends on the overall demand for information technology, network connectivity and access to data and applications. Weak domestic or global economic conditions and continuing economic uncertainty, fear or anticipation of such conditions, a recession, geopolitical pressures, including international trade disputes, changes in tariff policies, global pandemics, a reduction in information technology and network infrastructure spending or a deterioration of the financial performance, condition or prospects of our customers, could adversely affect our business, financial condition, results of operations and prospects in a number of ways, including longer sales cycles, reduced demand or lower prices for our products and services, higher default rates among our channel partners, reduced unit sales and lower or no growth.”
Annual report 2025A · The company itself
Driver · strengthens · strength 2/3
“The market demand for networking solutions has increased in recent years as customers have deployed larger, more sophisticated networks and have increased the use of virtualization and cloud computing.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Av detta skäl påverkas efterfrågan på Arla Plasts produkter av bland annat allmänna makroekonomiska faktorer, däribland den allmänna konjunkturen, den globala tillväxttakten, regionala trender samt osäkerhet på de nansiella marknaderna.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“For example, our clients might reduce the amount of insurance coverage, reinsurance coverage, consulting services or claims administration services they purchase due to reductions in headcount, payroll, or replacement and asset values, among other factors. Whether these reductions are caused by an overall economic downturn or declines in certain countries, regions and industries in which we operate, our commission and fee revenues, consulting revenues, or revenues 12 Table of Contents from managing third-party insurance claims could be adversely impacted.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“We have a significant amount of receivables from certain of the underwriting enterprises with which we place insurance and reinsurance. If those companies experience liquidity problems or other financial difficulties, we could encounter delays or defaults in payments owed to us, which could have a significant adverse impact on our consolidated financial condition and results of operations.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Moreover, premiums are cyclical in nature and may vary widely based on market conditions. Because of market cycles for insurance and reinsurance product pricing, which we cannot predict or control, our brokerage revenues and profitability can be volatile or remain depressed for significant periods of time.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“The portion of our revenue derived from consulting engagements and special project work is more vulnerable to reduction, postponement, cancellation or non-renewal during an economic downturn than traditional insurance brokerage commissions.”
Annual report 2025A · The company itself
Driver · mixed effect · strength 3/3
“Various factors, including competition for market share among underwriting enterprises, increased underwriting capacity and improved economies of scale following consolidations, can result in flat or reduced property/casualty premium rates (a “soft” market). A soft market tends to put downward pressure on commission revenues. Various countervailing factors, such as greater than anticipated loss experience, unexpected loss exposure and capital shortages, can result in increasing property/casualty premium rates (a “hard” market). A hard market tends to favorably impact commission revenues.”
Annual report 2025A · The company itself
Driver · mixed effect · strength 2/3
“We also bear risk at the time our debt matures. Our ability to make interest and principal payments, to refinance our debt obligations and to fund our acquisition program and planned capital expenditures will depend on our ability to generate cash from operations.”
Annual report 2025A · The company itself
Driver · strengthens · strength 3/3
“In our property/casualty brokerage operations, during the twelve-month period ended December 31, 2025, we saw strong customer retention and, new business generation, in addition to continued renewal premiums increases (premium rates and exposures).”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“We believe these favorable trends should continue in 2026; however, if economic conditions worsen or renewal premium increases slow, we could see our revenue growth be lower than growth in 2025.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“We believe these favorable net new business trends should continue for 2026, however, worsening economic conditions or a reversal in the number of workers employed, could cause fewer new liability and core workers’ compensation claims to arise in future quarters.”
Annual report 2025A · The company itself
Driver · strengthens · strength 2/3
“OPERATING ENVIRONMENT IN 2025 Economic performance in the European Union improved but remained modest throughout 2025. GDP growth is estimated at 1.6%, compared with 0.8% in the previous year.”
Annual report 2025A · The company itself
Driver · strengthens · strength 1/3
“Industrial production is expected to have increased by 1.5% over the year.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“The business environment for Aspo’s core operations remained challenging. ESL Shipping’s net sales declined and continued to be affected by low contract demand and weak spot-market price levels.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“In recent years, economic growth and especially industrial production in Europe have been very weak. Delays in the recovery of or a further decline in economic activity could have a negative impact on the businesses of Aspo’s customers and thereby also on Aspo’s financial performance.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Overall market development, especially in Europe, has been weak. Price volatility and demand fluctuations have had their biggest impact on commodity products.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Sale of Green Coaster vessels 25.2 25.3 Supra 7.5 16.8 EBITA, MEUR 25.5 9.2 17.8 Items affecting comparability, MEUR 9.1 -7.6 -0.6 Invested capital, MEUR 217.2 212.1 218.4 Comparable ROCE, % 7.7 7.8 8.7 In 2025, ESL Shipping’s net sales decreased by 10% from the previous year to EUR 184.6 (206.2) million. Sales development of the handy segment was flat, whereas coaster net sales declined by 15%. The decreased net sales were mainly due to lower capacity, very weak spot market pricing and softer contractual freight volume demand caused by overall modest industrial activity, especially in the coaster segment.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Economic growth is expected to slowly revive throughout the year in our core markets, however, the markets are expected to continue challenging in the early part of the year. Geopolitical uncertainty and global trade tensions are also expected to have a negative impact on economic growth and global trade going forward.”
Annual report 2025A · The company itself
Driver · mixed effect · strength 2/3
“For ESL Shipping, demand is expected to slightly improve for 2026, with spot market pricing also gradually improving from the current low levels. High level of dockings is expected to negatively impact the second quarter of the year.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“The pricing and market access environment is highly complex and subject to dynamic economic, political and social pressures. Deterioration in socio-economic conditions may affect customers’ ability or willingness to purchase our medicines and may adversely affect our business and results of operations. • Implementation of pricing, reimbursement and policy frameworks. • Focus on key products. • Demonstrate value of medicines/health economics. • Implement innovative value-based agreements focused on patient outcomes. • Global footprint. • Diversified portfolio.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Pricing, affordability, access, competitive pressures and failures or delays in the quality or execution of the Group’s commercial strategies. – Scenario 1: Government action on pricing, higher than anticipated competition and other commercial headwinds result in lower than anticipated growth rates for our medicines. – Scenario 2: A significant incident leads to reputational damage in a key market resulting in an ongoing 10% reduction in revenue achieved in this market. • Principal Risk: Failure or delay in the delivery of our pipeline or launch of new medicines. – Scenario 3: Assumes no launches of new products. • Principal Risk: Failure to maintain supply of compliant, quality medicines. – Scenario 4: Major equipment failure or a significant regulatory observation at one of our major manufacturing sites results in a 12-month loss of manufacturing capability for one of our key oncology products, leading to supply interruption.”
Annual report 2025A · The company itself
Strategy · strengthens · strength 2/3
“Datroway was approved in the US for the treatment of adult patients with locally advanced or metastatic EGFR-mutated NSCLC who have received prior EGFR-directed therapy and platinumbased chemotherapy. In December 2025, As anticipated, 2025 was an unprecedented year in advancing the 2030 ambition. Financially, we continued to make strong progress towards our $80 billion Total Revenue goal, while sustaining significant investment in the R&D that will drive growth well beyond 2030.”
Annual report 2025A · The company itself
Market · strengthens · strength 2/3
““AstraZeneca achieved Total Revenue of $58.7 billion in 2025, driven predominantly by $58.6 billion of Product Revenue, representing growth of 9% (CER: 8%).” 2025 delivered strong commercial performance, driven by business-wide growth and exceptional pipeline delivery.”
Annual report 2025A · The company itself
Market · strengthens · strength 2/3
“Product Sales grew by 9% (CER: 9%) to $55.6 billion, with 13 blockbuster medicines. Demand growth for our Oncology and CVRM products and new launch indications in Oncology, delivered continued Product Sales growth, with Oncology achieving 17% (CER: 16%) and CVRM achieving 3% (CER: 2%).”
Annual report 2025A · The company itself
Driver · strengthens · strength 2/3
“Atea expects that the IT infrastructure market will maintain a healthy growth rate in 2025, in line with IDC’s forecasts of market growth of 6-10% in the Nordic and Baltic countries.”
Annual report 2024A · The company itself
Driver · strengthens · strength 2/3
“Risk factors Market risk The market for IT infrastructure has historically maintained a relatively stable growth rate throughout the economic cycle. According to data from IDC, the Nordic market for IT infrastructure has grown at an annual rate of approximately 7% during the last 10 years.”
Annual report 2024A · The company itself
Driver · mixed effect · strength 3/3
“Letter from the CEO 2024 has been a challenging year for the IT infrastructure VAR sector, primarily due to a slower market for hardware at the start of the year. By the second half of 2024, Atea’s sales began to accelerate as the hardware market emerged from a cyclical downturn.”
Annual report 2024A · The company itself
Driver · strengthens · strength 3/3
“The Group’s financial position depends significantly on salmon spot prices which have historically been volatile.”
Annual report 2024A · The company itself
Driver · strengthens · strength 3/3
“Since the first US harvest in September 2020, Atlantic Sapphire has consistently achieved a revenue per kg of above USD 11 for superior fish branded as Bluehouse Salmon, however due to small harvest size, a limited share of the fish qualified for the premium segment in 2024. Notably, the premium price achievement has been stable despite significant fluctuations in the salmon commodity price, proving that Bluehouse Salmon is not seen as a direct substitute for other farmed Atlantic salmon.”
Annual report 2024A · The company itself
Driver · strengthens · strength 2/3
“The global commodity market for farmed Atlantic salmon is expected to continue to be strong for the rest of 2025, supporting the sales efforts of the Group.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“After a very strong start, the market conditions became increasingly unpredictable towards the end of the year and were characterized by a level of hesitancy. Despite this the overall demand for Atlas Copco Group’s equipment and services remained stable.”
Annual report 2024A · The company itself
Driver · strengthens · strength 3/3
“This is Atlas Copco Group Technology that transforms the future • This is how we do business Financials Market review and demand The overall demand for Atlas Copco Group’s equipment and services remained stable in 2024.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“Orders for equipment, on the other hand, decreased by 2% adjusted for currency, due to weaker demand for most product groups.”
Annual report 2024A · The company itself
Driver · strengthens · strength 2/3
“The strong order growth was driven by significantly higher demand for industrial compressors and gas and process compressors.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“The demand for compressors weakened and the order intake for industrial compressors, and gas and process compressors, decreased. Orders for industrial assembly and vision solutions also decreased due to lower investment levels in the automotive and general industry.”
Annual report 2024A · The company itself
Driver · strengthens · strength 2/3
“• The year in review Business areas Sustainability report Risks, risk management and opportunities reporting Financials Revenues The Group’s revenues increased 2% to a record MSEK 176 771 (172 664), corresponding to a 2% organic increase.”
Annual report 2024A · The company itself
Driver · weakens · strength 3/3
“A widespread financial crisis and economic downturn would not only affect the Group negatively but could also impact customers’ ability to finance their investments. Changes in customers’ production levels also have an effect on the Group’s sales of spare parts, service and consumables.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“In the case of industrial customers, such as manufacturing plants, adverse economic conditions, including higher gas costs, could cause these customers to use alternative sources of energy, such as electricity, or bypass our systems in favor of special competitive contracts with lower per-unit costs.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“A deterioration in economic conditions could adversely affect our customers and negatively impact our financial results. Any adverse changes in economic conditions in the states in which we operate could adversely affect the financial resources of many domestic households. As a result, our customers could seek to use less gas and it may be more difficult for them to pay their gas bills. This would likely lead to slower collections and higher than normal levels of accounts receivable.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Additionally, should economic conditions deteriorate, our industrial customers could seek alternative energy sources, which could result in lower transportation volumes.”
Annual report 2025A · The company itself
Driver · mixed effect · strength 2/3
“The primary factors that impact the results of our distribution operations are our ability to earn our authorized rates of return, competitive factors in the energy industry, and economic conditions in our service areas.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Finally, higher gas costs, as well as competitive factors in the industry and general economic conditions may cause customers to conserve or, in the case of industrial consumers, to use alternative energy sources.”
Annual report 2025A · The company itself
Driver · mixed effect · strength 2/3
“Our pipeline and storage segment is impacted by seasonal weather patterns, competitive factors in the energy industry, and economic conditions in our Texas and Louisiana service areas.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Adverse economic conditions and currency exchange rates in the countries that contribute a significant portion of our net revenue, including emerging economies, may have an adverse effect on our business in those countries and our overall financial performance.”
Annual report 2026A · The company itself
Driver · weakens · strength 3/3
“Global economic and political conditions may further impact our industries, business, and financial results. Our overall performance depends largely upon domestic and worldwide economic and political conditions. The United States and other countries’ economies have experienced cyclical downturns, in which economic activity was impacted by falling demand for a variety of goods and services, restricted credit, poor liquidity, decreased government spending, reduced corporate profitability, volatility in credit, equity, and foreign exchange markets, inflationary pressures and higher interest rates, bankruptcies, and overall uncertainty.”
Annual report 2026A · The company itself
Driver · weakens · strength 3/3
“Our international revenue, some of which comes from emerging economies, is subject to economic and political conditions in foreign markets, including those resulting from economic and political conditions in the United States. Our total revenue is also impacted by the relative geographical and country mix of our revenue over time. Our dependency on international revenue makes us much more exposed to global economic and political trends, which can negatively impact our financial results even if our results in the United States are strong for a particular period.”
Annual report 2026A · The company itself
Driver · weakens · strength 2/3
“Customer renewal rates may decline or fluctuate due to a number of factors, including offering pricing; competitive offerings; customer satisfaction; and reductions in customer spending levels, customer activity, or number of users due to economic downturns or financial markets uncertainty.”
Annual report 2026A · The company itself
Driver · weakens · strength 2/3
“Light vehicle sales have decreased in several regions, inflation remained high, and although the volatility in Light Vehicle Production (LVP) improved, it remained above pre-pandemic level.”
Annual report 2024A · The company itself
Driver · strengthens · strength 3/3
“However, global LVP has declined from a peak of 92 million in 2017, to 87 million in 2024. We expect that LVP will continue to grow both in the medium and in the long term.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“When significant volatility in LVP occurs, as we saw in 2022 and 2023 due to supply disruptions, or when there is a shift in regional LVP, the capacity adjustments can take more time and be more costly. During 2024 the volatility of LVP continued to improve, although it is still more volatile than prior to the COVID-19 pandemic.”
Annual report 2024A · The company itself
Driver · weakens · strength 3/3
“The cyclical nature of automotive sales and production can adversely affect our business. Our business is directly related to LVP in the global market and by our customers, and automotive sales and LVP are the most important drivers for our sales Automotive sales and production are highly cyclical and can be affected by general or regional economic or industry conditions, the level of consumer demand, recalls and other safety issues, labor relations issues, technological changes, fuel prices and availability, vehicle safety regulations and other regulatory requirements, governmental initiatives, trade agreements, political volatility (especially in energy producing countries and growth markets), changes in interest rate levels and credit availability, and other factors.”
Annual report 2024A · The company itself
Driver · weakens · strength 3/3
“A prolonged recession and/or a downturn in our industry could result in us having insufficient funds to continue our operations and external financing may not be available to us or available only on materially different terms than what has historically been available Our ability to generate cash from our operations is highly dependent on automotive sales and LVP, the global economy, and the economies of our important markets. If LVP were to remain on low levels for an extended period of time, we would experience a significantly negative cash flow.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“2024 light vehicle market was impacted by a technological and geopolitical uncertainties with continued high customer call-off volatility and inflationary pressure on costs for labor.”
Annual report 2024A · The company itself
Driver · weakens · strength 3/3
“Around 30% of Autoliv’s costs are fixed; therefore, short-term earnings are dependent on sales volumes and highly dependent on capacity utilization in the Company’s plants. Global LVP is an indicator of the Company’s sales development.”
Annual report 2024A · The company itself
Driver · weakens · strength 3/3
“Political, economic and social factors may materially adversely affect our business and financial results 20 Trade, including the imposition of tariffs or other trade restrictions, monetary and fiscal policies, and political and economic conditions may substantially change, and credit markets may experience periods of constriction and volatility. A slowdown in the economy or other negative changes, including in employment levels (as a result of AI or otherwise), the level of interest rates or the level of inflation, may have a negative impact on our businesses.”
Annual report 2026A · The company itself
Driver · mixed effect · strength 2/3
“Global megatrends such as the e-commerce and automation drive, changing consumer demand, the emergence of micro-fulfillment centers and a general need for more sustainable solutions constitute a strong platform for continued growth.”
Annual report 2022A · The company itself
Driver · weakens · strength 3/3
“AutoStore’s operations are affected by global economic conditions. The Covid-19 pandemic negatively impacted the global economy, disrupted consumer spending and global supply chains, and created significant volatility and disruption of financial markets. Further, Russia’s invasion of Ukraine in February 2022 increased the risk of negative impacts on the global economy.”
Annual report 2022A · The company itself
Driver · weakens · strength 3/3
“the economy. In periods of declining economic conditions, including as a result of inflation, high levels of consumer debt, and/or high interest rates, consumers may reduce their discretionary spending by deferring vehicle maintenance or repair. Additionally, such conditions may affect our customers’ ability to obtain credit.”
Annual report 2025A · The company itself
Driver · mixed effect · strength 2/3
“Same store sales are impacted both by customer demand levels and by the prices we are able to charge for our products, which can also be negatively impacted by economic pressures.”
Annual report 2025A · The company itself
Driver · strengthens · strength 2/3
“Samtidigt driver också den strukturella trenden i samhället mot ett allt större ansvar på individen när det kommer till den egna ekonomin.”
Annual report 2024A · The company itself
Driver · strengthens · strength 1/3
“Kvinnor är också en viktig målgrupp, som idag sparar en mindre andel av sin lön jämfört med män samt i högre utsträckning på sparkonto. Löneskillnaderna mellan män och kvinnor består, samtidigt som andelen kvinnor som studerar vidare på universitet och högskola är högre än bland männen, vilket kan innebära en förändring i löneskillnaderna på sikt. Vi ser också antalet kvinnliga aktieägare öka år för år i såväl Euroclears mätningar som bland Avanzas kunder.”
Annual report 2024A · The company itself
Driver · strengthens · strength 3/3
“Fortsatt stor tillväxtpotential i Sverige Den svenska sparmarknaden växte på årsbasis med 11% enligt den senaste marknadsstatistiken, stärkt av en positiv börs och ett imponerande nysparande trots en lite haltande nationalekonomi.”
Annual report 2024A · The company itself
Driver · strengthens · strength 2/3
“Under den senaste tioårsperioden har den svenska sparmarknaden vuxit med i snitt 7 procent per år.”
Annual report 2024A · The company itself
Driver · strengthens · strength 3/3
“Den ekonomiska utblicken för svenska hushåll ser nu betydligt ljusare ut med högre förväntad BNP-tillväxt, skattelättnader, sjunkande räntor och därmed högre realinkomster. Att hushåll ställer om och anpassar sin ekonomi efter rådande ekonomiska förutsättningar är positivt, och en ljusare ekonomi framöver kan få positiva effekter för sparandemarknaden och finanssektorn.”
Annual report 2024A · The company itself
Driver · strengthens · strength 2/3
“Den svenska sparmarknaden uppgick till 12 300 miljarder kronor per den sista september 2024, en ökning med 10 procent sedan utgången av 2023. Avanzas sparkapital steg med 19 procent under motsvarande period.”
Annual report 2024A · The company itself
Driver · weakens · strength 3/3
“Macroeconomic developments such as impacts from slower growth in the geographic regions in which we operate; inflation resulting from, among other things, increased raw material, energy and freight costs; labor shortages; geopolitical, social, supply chain and other disruptions; epidemics, pandemics or other outbreaks of illness, disease or virus; and uncertainty in global credit or financial markets could result in a material adverse effect on our business as a result of, among other things, lower consumer spending, fluctuations in foreign currency exchange rates, reduced asset valuations, diminished liquidity and credit availability, volatility in securities prices, and credit rating downgrades.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“The profitable growth of our business in emerging markets is an important part of our long-term growth strategy and our regional results have and can fluctuate significantly based on their economic conditions and other events that occur more frequently in these markets and can significantly and adversely impact our operations (such as power outages, civil unrest or other hostilities, and labor stoppages).”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“2024 har präglats av en svag marknad i Sverige och en osäker omvärld där B3 ställt om, anpassat kostnadskostymen samt genomfört strategiska satsningar inom exempelvis AI för att positionera oss för framtiden.”
Annual report 2024A · The company itself
Driver · strengthens · strength 2/3
“Efter ett utmanande år präglat av osäkerhet ser analytiker nu tecken på en gradvis återhämtning i marknaden under 2025. De senaste analyserna från Radar Group visar att IT-ekonomin stärks, att investeringar i digital transformation ökar och att företag i allt högre grad prioriterar innovation och effektivisering.”
Annual report 2024A · The company itself
Driver · strengthens · strength 2/3
“Cirka 50 procent av omsättningen var relaterad till branscher med lågt eller måttligt konjunkturberoende, och intäkter från egna ramavtal utgjorde 28 procent.”
Annual report 2024A · The company itself
Driver · weakens · strength 3/3
“Efterfrågan och konjunktur Hantering Risker utanför B3s kontroll är främst kopplade till konjunktur där efterfrågan på bolagets tjänster påverkas. Bolagets tjänster är konjunkturberoende och efterfrågan på B3s tjänster kan förväntas skifta iolika konjunkturlägen.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“Cirka 50 procent av bolagets omsättning är relaterad till branscher med lågt eller måttligt konjunkturberoende.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“Per den 31 december uppgick kvoten till 4,7 (1,1).”
Annual report 2024A · The company itself
Driver · strengthens · strength 3/3
“The global energy landscape is undergoing a period of structural transformation, with sustained demand growth driven by population expansion, rising living standards, industrialization, electrification, and the rapid proliferation of digital infrastructure.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Changes in the global economy could impact our customers' spending levels and our financial condition, results of operations and cash flows. Demand for our services and products is highly correlated with global economic growth and substantially dependent on the levels of expenditures by our customers.”
Annual report 2025A · The company itself
Driver · strengthens · strength 3/3
“Demand for our products and services, and our overall growth, depend in large part on overall demand and growth in the healthcare market.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Global economic conditions, including inflation, have adversely affected, and could continue to adversely affect, our operations. General global economic downturns and macroeconomic trends, including heightened inflation, capital markets volatility, interest rate and currency rate fluctuations, changes in monetary policy and economic slowdown or recession, have resulted in, and may continue to result in, unfavorable conditions that negatively affect demand for our products and exacerbate other risks described in this “Risk Factors” section that affect our business, results of operations, financial condition, and cash flows. Both domestic and international markets have been experiencing significant inflationary pressures in recent years and inflation rates in the U.S., as well as in other countries in which we operate, are currently expected to continue at elevated levels for the near term.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“The escalating global economic competition and trade tensions among the U.S. and its trading partners could have an adverse effect on our business, results of operations, financial condition and cash flows, and there is risk of additional tariffs and other kinds of restrictions, including in connection with the transition to new political administrations.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“In addition, there continues to exist significant uncertainty about the future relationship between the U.S. and other countries with respect to trade policies, treaties, and tariffs. These developments, or the perception that they could occur, may have a significant adverse effect on global economic conditions and the stability of global financial markets, and may significantly reduce global trade and, in particular, trade between the impacted countries.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Inflation and general macroeconomic factors have caused certain of our customers to reduce or delay orders for our products and services and could cause them to do so in the future, which could have a material adverse impact on our sales and results of operations.”
Annual report 2025A · The company itself
Driver · strengthens · strength 2/3
“Beijer Refs marknad är global och växer till följd av ökad välfärd, efterfrågan på miljöanpassade produkter och pågående elektrifiering.”
Annual report 2024A · The company itself
Driver · strengthens · strength 2/3
“Verksamheten är relativt okänslig för konjunkturcykler, tack vare att en stor andel av produkterna används inom livsmedelsindustrin och säljs på eftermarknaden. Ökad befolkningstillväxt och en växande medelklass med förbättrad köpkraft bidrar också till en fortsatt positiv efterfrågan, särskilt inom segmentet komfortkyla.”
Annual report 2024A · The company itself
Driver · weakens · strength 3/3
“Negativa ekonomiska utvecklingstrender eller en försvagning av köpkraften hos Beijer Refs slutkunder på de marknader där Beijer Ref verkar kan utlösa en branschövergripande försäljningsnedgång.”
Annual report 2024A · The company itself
Driver · strengthens · strength 2/3
“Acme operates 12 clay brick manufacturing sites located in four states and three concrete block facilities in Texas. The demand for Acme’s products is seasonal, with higher sales in the warmer weather months, and is subject to the level of construction activity, which is cyclical.”
Annual report unknown yearA · The company itself
Driver · weakens · strength 3/3
“Our operating businesses are subject to normal economic cycles affecting the general economy or the specific industries in which they operate. Significant deteriorations of economic conditions, including significant inflation over prolonged time periods could produce a material adverse effect on one or more of our significant operations.”
Annual report unknown yearA · The company itself
Market · strengthens · strength 2/3
“PacifiCorp is a regulated electric utility company headquartered in Oregon, serving electric customers in portions of Utah, Oregon, Wyoming, Washington, Idaho and California. The combined service territory’s diverse regional economy ranges from rural, agricultural and mining areas to urban, manufacturing and government service centers. No single segment of the economy dominates the combined service territory, which helps mitigate PacifiCorp’s exposure to economic fluctuations.”
Annual report unknown yearA · The company itself
Driver · strengthens · strength 3/3
“Our revenue and profitability depend on the continued growth of demand for the products and services offered by us, and our business is affected by general economic and business conditions worldwide.”
Annual report 2026A · The company itself
Driver · weakens · strength 3/3
“We closed the year with a mere 1.8 per cent vacancy rate, while simultaneously achieving a 50 per cent increase in rental income compared to 2022.”
Annual report 2023A · The company itself
Driver · weakens · strength 3/3
“In practice, an economic downturn may decrease the market value the group’s properties. Reductions in property value would have a negative impact on the group’s future earnings and financial position.”
Annual report 2023A · The company itself
Driver · weakens · strength 3/3
“If growth in the global economy or in any of the markets we serve slows for a significant period, if there is significant deterioration in the global economy or such markets or if improvements in the global economy do not benefit the markets we serve, our business and financial results can be adversely affected. International political, compliance and business factors, including the military conflicts and trade tensions, can negatively impact our operations and financial results.”
Annual report unknown yearA · The company itself
Driver · strengthens · strength 2/3
“Trots en fortsatt osäker omvärld och en ekonomi som visat tecken på återhämtning med lägre inflation och räntesänkningar, har vi lyckats överträffa oss själva.”
Annual report 2024A · The company itself
Driver · mixed effect · strength 3/3
“Konjunkturpåverkan Bolagets försäljning påverkas övergripande, liksom all detaljhandel, av förändringar i det allmänna konjunkturläget. En mer gynnsam konjunktur får ett positivt genomslag på hushållens ekonomi och därigenom på deras konsumtionsmönster. En försämring i konjunkturen får motsatt effekt, något som särskilt demonstrerades under de senaste åren med en instabil efterfrågan på marknaden, med effekter på koncernens underklädes - och sportklädesförsäljning.”
Annual report 2024A · The company itself
Driver · weakens · strength 3/3
“Risks Related to Our Business • Our business could be adversely affected by difficult market, economic and geopolitical conditions, each of which could materially reduce our revenue, earnings and cash flow and adversely affect our operating results and financial prospects and condition. • A slower than expected decrease in interest rates and other challenges in the financial markets could negatively impact the values of certain assets or investments and the ability of our funds and their portfolio companies to access the capital markets, which could adversely affect investment and realization opportunities. • A decline in the pace or size of investments made by, or poor performance of, our funds may adversely affect our revenues and obligate us to repay Performance Allocations previously paid to us, and could adversely affect our ability to raise capital.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Our business is materially affected by financial market and economic conditions and events throughout the world that are outside our control. We may not be able to or may choose not to manage our exposure to these conditions and/or events. Such conditions and/or events can adversely affect our business in many ways, including reducing the ability of our funds to raise or deploy capital, reducing the value or performance of our funds’ investments and making it more difficult for our funds to exit and realize value from existing investments.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Table of Contents A decline in the pace or size of investments made by our funds may adversely affect our revenues. The revenues that we earn are driven in part by the pace at which our funds make investments and the size of those investments, and a decline in the pace or the size of such investments may reduce our revenues.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Our revenue, earnings, net income and cash flow can all vary materially due to our reliance on Performance Revenues, which may make it difficult for us to achieve steady earnings growth on a quarterly basis and may cause the price of our common stock to decline. Our revenue, earnings, net income and cash flow can all vary materially due to our reliance on Performance Revenues.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“If growth of the global economy decelerates, or conditions in the financing markets were challenged, the investment performance of our funds could suffer, resulting in, for example, the payment of decreased or no Performance Allocations to us.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Table of Contents • Large financial institutions are dependent on one another to meet their liquidity or operational needs, such that a default by one may cause a series of defaults by the others. This “systemic risk” may adversely affect the financial intermediaries (such as clearing agencies, clearing houses, banks, securities firms and exchanges) with which the hedge funds interact on a daily basis. • The efficacy of investment and trading strategies depends largely on the ability to establish and maintain an overall market position in a combination of financial instruments.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“In the event of a counterparty default, particularly a default by a major investment bank or a default by a counterparty to a significant number of our contracts, one or more of our funds may have outstanding trades that they cannot settle or are delayed in settling. As a result, these funds could incur material losses and the resulting market impact of a major counterparty default could harm our businesses, results of operations and financial condition.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“While we would expect defaults to rise from a historically low level as the credit cycle progresses, our Credit & Insurance segment funds’ holdings are predominantly in senior secured credit with significant equity subordination from institutional borrowers. We believe this should position our Credit & Insurance segment well.”
Annual report 2025A · The company itself
Strategy · strengthens · strength 2/3
“Furthermore, our organizational documents do not limit our ability to enter into new lines or business, and, from time to time, we may pursue new or different investment strategies and expand into geographic markets and businesses that may not perform as expected and result in poor performance by us and our investment funds.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Economic, financial, and tax risks: •a deterioration of general macroeconomic conditions; •any inability to secure financing on favorable terms, or at all; •our ability to service our debt, including our Convertible Notes and our Senior Notes (each as defined below); •counterparty risk with respect to our convertible note hedge transactions; •our bitcoin investments being subject to volatile market prices and other risks of loss; •foreign exchange rates risks; and •any greater-than-anticipated tax liabilities or significant valuation allowances on our deferred tax assets.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Our sellers’ activity with us may decrease for a variety of reasons, including sellers’ level of satisfaction with our products and services, our pricing and the pricing and quality of competing products or services, conditions impacting their businesses, including the effects of economic conditions, or reductions in the aggregate spending of our sellers’ customers.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Our loan products are subject to risks related to general macroeconomic conditions and increase our exposure to customer defaults. Revenue generated by our loan products such as Square Loans, as well as Cash App Borrow, and our BNPL products depends on our ability to recoup the loan amount and to effectively manage risk.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Our performance is subject to economic conditions and the impact of such conditions on levels of spending by businesses and individuals. Most of the sellers that use our services are small businesses, many of which are in the early stages of their development, and these businesses are often disproportionately adversely affected by economic downturns and may fail at a higher rate than larger or more established businesses.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“In addition, customers who utilize our BNPL products and consumer loan products, such as Cash App Borrow, may also be disproportionately adversely affected by economic downturns, which could negatively impact demand or eligibility for these product offerings and have caused and may continue to cause loss rates on such products to increase.”
Annual report 2025A · The company itself
Driver · strengthens · strength 3/3
“The commercial aircraft market is predominantly driven by long-term trends in airline passenger and cargo traffic. The principal factors underlying long-term traffic growth are sustained economic growth and political stability in both developed and emerging markets. Demand for our commercial aircraft is further influenced by additional factors including airline profitability, availability of aircraft financing, trade policies, geopolitics, technological advances, price and other competitive factors, fuel prices, inflationary pressures, terrorism, pandemics, epidemics, sustainability-related preferences, environmental regulations, and reputational factors.”
Annual report 2025A · The company itself
Driver · strengthens · strength 2/3
“Levels of U.S. defense spending are very difficult to predict and may be impacted by numerous factors such as the evolving nature of the national security threat environment, U.S. national security strategy, U.S. foreign policy, the domestic political environment, macroeconomic conditions and the ability of the U.S. government to enact relevant legislation such as authorization and appropriations bills.”
Annual report 2025A · The company itself
Driver · strengthens · strength 2/3
“USA spelade en central roll i att driva på tillväxten, med stöd av robust arbetsmarknad och högre konsumtion.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“Eurozonen fortsatte däremot att kämpa med svag tillverkning, dämpat konsumentförtroende och förhöjda energikostnader.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“Kinas ekonomi stod inför en inbromsning på grund av utmaningar på bostadsmarknaden och ett potentiellt deflationstryck.”
Annual report 2024A · The company itself
Driver · strengthens · strength 3/3
“Även om tillväxten på lång sikt förväntas minska både globalt och i Kina, förväntas efterfrågan på metaller öka för att stödja klimatomställningen och elektrifieringen av samhällen. Fossila bränslen måste fasas ut för att begränsa den globala uppvärmningen, vilket kräver stora metallintensiva investeringar relaterade till elproduktion, infrastruktur för eldistribution och elektrisk utrustning. Den globala efterfrågan på basmetaller förväntas växa på lång sikt.”
Annual report 2024A · The company itself
Driver · strengthens · strength 3/3
“Kina står för ungefär hälften av all global efterfrågan på basmetaller och en betydande del av världens metallförsörjning. Den ekonomiska utvecklingen i landet är därför av stor betydelse för Bolidens marknader.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“Vår miljöprestanda och våra finansiella resultat kan påverkas negativt av oplanerade produktionsstörningar, till exempel på grund av tekniska problem, skador, olyckor eller strejker. Pandemiåren visade också på risken för produktionsstörningar på grund av samhälleliga restriktioner och störningar i våra leveranskedjor.”
Annual report 2024A · The company itself
Strategy · strengthens · strength 2/3
“Denna stabilitet förstärks av att smältlönerna tenderar att röra sig i motsatt riktning mot de rörliga basmetallpriserna.”
Annual report 2024A · The company itself
Driver · strengthens · strength 2/3
“Bonava ska bidra till att stärka Europas tillväxt.”
Annual report 2024A · The company itself
Driver · strengthens · strength 2/3
“Europa behöver stärka sin konkurrenskraft och fler moderna bostäder kommer att behöva byggas.”
Annual report 2024A · The company itself
Driver · weakens · strength 3/3
“Efterfrågan på bostäder påverkas av makroekonomiska faktorer såsom det allmänna ekonomiska läget, inflation och räntenivåer, sysselsättningsnivån, takten i nyproduktion av bostäder, förändringar i infra - struktur och demografiska trender.”
Annual report 2024A · The company itself
Driver · weakens · strength 3/3
“Mot bakgrund av de senaste årens utmanande marknad och för att säkra lönsamhet och en stabil verksamhet för framtiden, genomgick organisationen en omfattande omstrukturering under 2023.”
Annual report 2024A · The company itself
Strategy · strengthens · strength 2/3
“Bonavas projektportfölj är diversifierad avseende kundsegment, produkttyp och upplåtelseform samt geografi. Vilket segment som är starkt och vilken typ av bostäder som efterfrågas varierar över tid. Dessutom kan den makroekonomiska situationen skilja sig mellan länder.”
Annual report 2024A · The company itself
Strategy · strengthens · strength 2/3
“Geografisk spridning Med geografisk närvaro i sex länder kan vi möta lokala förändringar i efterfrågan genom att investera i de marknader som genererar bäst avkastning. Bonava bevakar och utvärderar makroekonomi och andra kriterier på marknaderna löpande för att säkerställa att vi verkar i de marknader som är mest attraktiva för bolagets långsiktiga affär.”
Annual report 2024A · The company itself
Driver · mixed effect · strength 2/3
“Finansiella mål och kapitalallokering Prognos 2025 Boozt förväntar sig en nettoomsättningstillväxt inom intervallet 4–9% och en justerad rörelsemarginal om 5,8–6,5% för räkenskapsåret 2025. Prognosen förutsätter att de nuvarande marknadsförutsättningarna för mode- och livsstilsprodukter förblir relativt oförändrade under 2025.”
Annual report 2024A · The company itself
Driver · weakens · strength 3/3
“Tillväxten drevs av fortsatta investeringar i marknadsföring samt framgångsrikt arbete med att omvandla kunder från enkategorikunder till flerkategorikunder. E-handeln tappade dock generellt momentum på grund av negativa makroekonomiska faktorer, medan konsumentsentiment och inflationstryck ytterligare dämpade efterfrågan under året.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“Ökningen är främst hänförlig till ett högre lagersaldo vid utgången av 2024 än vid utgången av 2023. Lagrets procentandel av nettoomsättningen under de senaste 12 månaderna ökade till 32,4%, jämfört med 29,4% vid utgången av 2023. Ökningen drevs främst av att försäljningen under fjärde kvartalet 2024 blev lägre än förväntat.”
Annual report 2024A · The company itself
Driver · weakens · strength 3/3
“Risk Beskrivning Motverkande åtgärder Sannolikhet Inverkan 1) Makroekonomiska faktorer Förändringar i de övergripande makroekonomiska förutsättningarna på koncernens geografiska marknad kan påverka koncernens verksamhet när det gäller den generella efterfrågan på mode- och livsstilsvaror, kundbeteende som en följd av ökad miljömedvetenhet, störningar i försörjningskedjan osv.”
Annual report 2024A · The company itself
Driver · weakens · strength 3/3
“Året bjöd på sina utmaningar med fortsatt lågt globalt konsumentsentiment och ett geopolitiskt läge som visade sig instabilare än vi hade hoppats. Inledningsvis förväntade vi oss en starkare återhämtning men konsumentsentimentet har ännu inte förbättrats, och den ”globala situationen” visar endast obetydliga tecken på förbättring.”
Annual report 2024A · The company itself
Driver · weakens · strength 3/3
“Etenkin Suomessa ja Baltian maissa toimivien yhtiöiden kysyntään vaikutti heikkona jatkunut taloussuhdanne, ja siitä johtunut asiakkaiden alhainen investointihalukkuus.”
Annual report 2024A · The company itself
Driver · strengthens · strength 2/3
“Ruotsissa toimivien yhtiöiden kysyntä kehittyi positiivisemmin.”
Annual report 2024A · The company itself
Driver · weakens · strength 3/3
“If there were a general economic slowdown or recession, we may experience decreased customer spending or demand for our products and services, and our customers’ ability to pay for our products on a timely basis, or at all, may be impacted.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Konsekvenserna av en sådan geopolitisk eskalering är svåra att förutse och kan försvåra Boules verksamhet eller leda till negativa konsekvenser för den globala ekonomin och viktiga ekonomiska faktorer såsom BNP-tillväxt samt räntor och inflation. En sådan utveckling skulle kunna komma att väsentligt negativt påverka Boules framtida intjäningsförmåga och lönsamhet.”
Annual report 2024A · The company itself
Driver · strengthens · strength 2/3
“Modular finance) Andel av kapital/röster Antal aktier AB Grenspecialisten Svolder AB 5 787 268 4 289 159 4 038 728 3 432 230 3 355 850 2 551 542 1 369 948 1 060 967 992 937 14,9% 11,0% 10,4% 8,8% 8,6% Thomas Eklund inkl. bolag Swedbank Robur Fonder Nordea Funds Tredje AP-fonden 6,6% Andra AP-Fonden Tomas Wedel 3,5% 2,7% Avanza Pension 2,6% Aktia Asset Management Protean Funds Scandinavia Torben Nielsen 992 540 2,6% 746 988 1,9% 650 000 9 564 947 38 833 104 1,7% Övriga aktieägare (2 380) Totalt antal aktier 24,6% 100,0% Framtida utveckling Koncernens miljöarbete Boule har trots hård internationell konkurrens och i vissa marknader prispress, under en följd av år med undantag av pandemiåren, uppvisat en god försäljning i linje med marknadstillväxten som bedöms vara cirka en till två procent.”
Annual report 2024A · The company itself
Driver · strengthens · strength 2/3
“Bouvets mål er høy medarbeiderog kundetilfredshet og langsiktige kundeforhold, i tillegg flere nye kunder hvor konsernet kan bidra i tråd med visjonen.”
Annual report 2024A · The company itself
Driver · strengthens · strength 3/3
“Digitaliseringstakten er preget av at stadig flere virksomheter må ta innover seg og håndtere endrede rammebetingelser knyttet til uforutsigbare økonomiske rammer, et endret trusselbilde og hurtig teknologisk utvikling.”
Annual report 2024A · The company itself
Driver · weakens · strength 3/3
“Framför allt södra delarna av Sverige och Finland har uppvisat en tydlig nedgång i efterfrågan samt en kraftig prispress.”
Annual report 2024A · The company itself
Driver · weakens · strength 3/3
“Priserna har pressats hårt inom en del områden vilket gjort att vi valt att inte gå in i vissa projekt. Självfallet har detta haft en negativ inverkan på vår orderstock, men varit nödvändigt för att säkra vår långsiktiga lönsamhet.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“Compliance with foreign and U.S. laws and regulations that are applicable to our international operations could cause us to incur higher than anticipated costs, and inadequate enforcement of laws or policies such as those protecting intellectual property, could affect our business and the Company’s overall results of operations. These factors may include: •economic, political and market conditions; •legislative and regulatory changes; including executive orders and similar directives •social and health conditions, including widespread outbreak of an illness or pandemic such as the Covid-19 pandemic; •acts of war or terrorism and international conflict, such as the ongoing conflicts in the Middle East, Russia and Ukraine; •natural or man-made disasters or other catastrophes; •extreme or unusual weather patterns caused by climate change; •the availability of short-term and long-term funding and capital; •the level and volatility of interest rates; •currency values and inflation; •trade policies, disputes, barriers and other restrictions •financial well-being of our clients; and •taxation levels affecting securities transactions.”
Annual report 2026A · The company itself
Driver · strengthens · strength 3/3
“For example, our services are impacted by the number of unique securities positions held by investors through our clients, the level of investor communications activity we process on behalf of our clients, trading volumes, market prices, and liquidity of the securities markets, which are in turn affected by general national and international economic and political conditions, and broad trends in business and finance that could result in changes in participation and activity in the securities markets. Accordingly, any significant reduction in participation and activity in the securities markets would likely adversely impact our business and results of operations.”
Annual report 2026A · The company itself
Driver · weakens · strength 2/3
“Our liquidity position may be negatively affected by changes in general economic conditions, regulatory requirements and access to the capital markets, which may be limited if we were to fail to renew any of the credit facilities on their renewal dates or if we were to fail to meet certain ratios. Our ability to meet expenses and debt service obligations will depend on our future performance, which could be affected by financial, business, economic and other factors.”
Annual report 2026A · The company itself
Driver · weakens · strength 3/3
“If economic conditions were to worsen, a number of negative effects on our business could result, including declines in insurable exposure units, declines in insurance premium rates, the financial insolvency of insurance companies, or the reduced ability of customers to pay. Also, if general economic conditions are poor, some of our customers may cease operations completely or be acquired by other companies, which could have an adverse effect on our results of operations and financial condition.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“If these customers are affected by poor economic conditions, but yet remain in existence, they may face liquidity problems or other financial difficulties that could result in delays or defaults in payments owed to us, which could have a significant adverse impact on our consolidated financial condition and results of operations.”
Annual report 2025A · The company itself
Driver · mixed effect · strength 3/3
“The volume of business from new and existing customers, fluctuations in insurable exposure units, changes in premium rate levels, changes in general economic and competitive conditions, a reduction of purchased limits, or the occurrence of catastrophic weather events all affect our revenues.”
Annual report 2025A · The company itself
Driver · strengthens · strength 2/3
“Conversely, increasing costs of litigation settlements and awards could cause some customers to seek higher levels of insurance coverage.”
Annual report 2025A · The company itself
Driver · strengthens · strength 2/3
“The Retail segment’s total commissions and fees increased 24.5% and the Organic Revenue growth rate was 2.8% for 2025. The Organic Revenue growth rate was driven by net new business written during the preceding twelve months and growth on renewals of existing customers.”
Annual report 2025A · The company itself
Driver · mixed effect · strength 1/3
“We expect the market in 2026 to show modest organic growth.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Probability: ■ High Impact: ■ High Geopolitical uncertainties can lead to macroeconomic downturns involving inflation, rising interest rates, increasing energy costs, etc. This could impact the construction industry overall and decrease market demand.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Efterfrågan på utbildningstjänster är konjunkturkänslig. Avtagande tillväxt och kostnadsbesparingsprogram kan påverka företagens utbildningsbudgetar negativt.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“The factors expected to contribute to this variability include, among others: (i) the volatility of prices of lumber, wood products and other building products, (ii) the cyclical nature of the homebuilding industry, (iii) general economic conditions in the markets that we serve, (iv) the intense competition in the industry, including expansion and growth strategies by competitors, (v) the production schedules of our customers and suppliers, (vi) the effects of the weather and (vii) labor costs, labor shortages and available capacity to meet customer demand for our products.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“We are operating in an uncertain economic environment. The global credit and financial markets have experienced extreme volatility and disruptions, including severely diminished liquidity and credit availability, declines in consumer confidence, declines in economic growth, increases in unemployment rates, high rates of inflation, and uncertainty about economic stability and the risk of a potential recession.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Additionally, from time-to-time, agricultural production shortfalls in certain regions, and growing demand for agricultural commodities for feed, food, and fuel use have caused prices for relevant agricultural commodities to rise. High commodity prices and regional crop shortfalls have led, and in the future may lead, governments to impose price 7 Table of Contents controls, tariffs, export restrictions and other measures designed to ensure adequate domestic supplies and/or mitigate price increases in their domestic markets, as well as increase the scrutiny of competitive conditions in their markets.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Over the past few years, certain of our competitors have added oilseed processing and refining capacity in response to growing demand.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“We are subject to global and regional economic downturns and related risks. The level of demand for our products is affected by global and regional demographic and macroeconomic conditions, including population growth rates and changes in standards of living. A significant downturn in global economic growth, or recessionary conditions in major geographic regions, may lead to reduced demand for agricultural commodities and food products, which could adversely affect our business and results of operations.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Further, deteriorating economic and political conditions in our major markets, such as inflation, increased unemployment, decreases in disposable income, declines in consumer confidence, uncertainty about economic stability, political unrest, wars or other armed conflicts, or economic slowdowns or recessions, could cause a decrease in demand for our products.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Additionally, a slowdown in China's economy over a prolonged period, including as a result of tensions with the United States, or other western countries, population decline, the ongoing real estate crisis and other factors, could lead to reduced global demand for agricultural commodities.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“We require significant amounts of capital to operate our business and fund capital expenditures. Our working capital needs are directly affected by the prices of agricultural commodities, with increases in commodity prices generally causing increases in our borrowing levels.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“(Henrik) Inledningen av 2025 har färgats mycket av utvecklingen inom den nya administrationen i USA. Det är svårt att se att någon vinner på kraftiga policyförändringar, hot om tariffer och andra oförutsägbara utspel som hittills har kommunicerats. Detta skapar tyvärr en generell osäkerhet om framtiden vilket kommer påverka såväl aktiemarknaderna som det globala affärslandskapet.”
Annual report 2024A · The company itself
Driver · weakens · strength 3/3
“Risks Related to Our Business and Operations Our performance depends upon the economic conditions, particularly the supply and demand characteristics, of our markets—Boston, Los Angeles, New York, San Francisco, Seattle and Washington, DC. Substantially all of our revenue is derived from properties located in six markets: Boston, Los Angeles, New York, San Francisco, Seattle and Washington, DC. A downturn in the economies of these markets, or the impact that a downturn in the overall national economy may have upon these economies, could result in reduced demand for office space and/or a reduction in rents.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“As with other publicly traded equity securities, the value of BXP’s common stock depends on various market conditions that may change from time to time. Among the market conditions that may affect the value of BXP’s common stock are the following: •the extent of investor interest in our securities; •the general reputation of REITs and the sentiment towards the office sector and the attractiveness of our equity securities in comparison to other equity securities, including securities issued by other real estate-based companies; •our underlying asset value; •investor confidence in the stock and bond markets, generally; •national economic conditions; •changes in tax laws; •our financial performance; •changes in our credit ratings; •differences between the yields paid on other investments available in the market and BXP’s dividend yield; and •general stock and bond market conditions, including changes in interest rates.”
Annual report 2025A · The company itself
Driver · strengthens · strength 2/3
“Styrelseordförande: Per Sjöstrand Verkställande direktör: Johan Nordström Byggmästarens styrelserepsresentant: Tomas Bergström Ägarandel: 16,1 % Byggmästarens kommentarer • Efterfrågan på Green Landscapings tjänster drivs av återinvesteringar i infrastruktur, specialla klimatanpassningar, trygghetsåtgärder, urbanisering, demografiska förändringar och ökade krav på gemensamma rum. Det är rimligt att tro att underliggande marknad organiskt växer något över generell BNP under många år, i vart fall i Europa och Nordamerika. • Trots sin storlek och ledande position har Green en relativt låg marknadsandel.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“Sammanfattning 2024 Trots ett fortsatt utmanande marknadsläge under större delen av 2024 har Infrea successivt förbättrats från låga nivåer. Omsättningen och EBITA visar en försiktig tillväxt jämfört med föregående år, vilket tyder på en gradvis stabilisering.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“Enligt branschorganisationen Kompetensföretagens estimat var totala marknaden för bemanning, rekrytering, och omställning ned med ungefär en tiondel från 2023 till 2024. Utöver generell konjunkturell motvind påverkades branschen även av att 24-månadersregeln trädde i kraft i oktober.”
Annual report 2024A · The company itself
Driver · strengthens · strength 2/3
“Ett annat utvecklingsspår är därför att organiska expandera in i ansgränsande segment såsom ekonomi, IT, administration eller teknik. • Tecken finns på att den svenska konjunkturen återhämtar sig något under 2025 och att farten är betydligt bättre 2026. Räntorna är lägre, distansarbete är inte längre lika modernt och fastighetsbolagen mår bättre.”
Annual report 2024A · The company itself
Driver · strengthens · strength 2/3
“För Mitt I gäller det således att tala direkt med annonsörerna i så stor utsträckning som möjligt. • När konjukturen, och därmed annonsinvesteringarna, kommer tillbaka är hävstången på Mitt I:s affärmodell god. Att producera, trycka och distribuera en tidning kostar ungerfär lika mycket varje vecka.”
Annual report 2024A · The company itself
Driver · weakens · strength 3/3
“Detta ändras nu snabbt och radikalt, naturligtvis drivet av den nytillträdde presidenten i USA, men där andra länder vill, eller tvingas, följa efter. Makromässigt och finansiellt är det rimligt att på kort sikt förvänta sig högre osäkerhet där t ex tullar och handelshinder kan öka pristryck och därmed korta räntor, i värsta fall i kombination med sjunkande tillväxt.”
Annual report 2024A · The company itself
Driver · weakens · strength 3/3
“The transportation industry historically has experienced cyclical fluctuations in financial results due to economic recessions, downturns in business cycles of our customers, interest rate fluctuations, currency fluctuations, and other economic factors beyond our control. Deterioration in the economic environment subjects our business to various risks, which may have a material and adverse impact on our operating results and cause us to not reach our long-term growth goals: •Decrease in volumes: A reduction in overall freight volumes in the marketplace may reduce our opportunities for growth.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“We plan our operating expenses based on forecasted revenue, expected business needs and other factors such as inflation. These expenses and the effect of long-term commitments are relatively fixed in the short term. Bookings and the related revenue are harder to forecast in a difficult economic environment. If we experience a shortfall in bookings, our operating results could differ from our expectations because we may not be able to quickly reduce our expenses in response to short-term business changes.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Uncertainty in the global economy and instability within international relations, including changes in governmental policies relating to technology, may negatively affect our business and reduce our bookings levels and revenue. Uncertainty caused by challenging global political and economic conditions, including inflation, interest rates, bank failures, government deficit concerns, government shutdowns or political stalemates, geopolitical conflicts and other adverse changes to international relationships among countries in which we or our customers operate or do business, protectionist measures or decline in corporate or consumer spending could negatively impact our customers’ businesses, reducing the number of new chip designs and their overall research and development spending, including their spending on our products and services, and as a result decrease demand for our products and services.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“While AI Technologies may drive future growth in the semiconductor and electronics systems industries as well as our business, worldwide markets for AI-enabled products may not develop in the manner or time periods we anticipate, or at all. If domestic or global economies worsen, overall spending on the development of AI-related products may decrease, which would adversely impact demand for our products in these markets.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Our operating results and revenue could be adversely affected by customer payment delays, customer bankruptcies and defaults, modifications or non-renewals of licenses. Our customers have and may continue to face challenging financial or operating conditions, including due to macroeconomic conditions or catastrophic events, and delay or default on their payment commitments to us, request to modify contract terms, or modify or cancel plans to license our products.”
Annual report 2025A · The company itself
Driver · strengthens · strength 2/3
“In our Credit Card business, we generally experience fluctuations in purchase volume and the level of outstanding loan receivables from seasonal variances in consumer spending and payment patterns which, for example, have historically been the highest around the winter holiday season.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Changes or instability in the macroeconomic environment may impact payment patterns, consumer spending and credit losses. Because we offer a broad array of financial products and services to consumers, small businesses and commercial clients, our financial results are impacted by the level of consumer and business activity and the demand for our products and services. A prolonged period of economic weakness, volatility, slow growth or a significant deterioration in economic conditions, in the countries in which we operate, could have a material adverse effect on our financial condition and results of operations as customers or commercial clients default on their loans, maintain lower deposit levels or, in the case of credit card accounts, carry lower balances and reduce credit card purchase activity.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Decreases in overall business activity and changes in customer behavior (such as the increased use of debt settlement companies) may lead to increases in our charge-off rate caused by bankruptcies and may reduce our ability to recover debt that we have previously charged off. Such changes may also decrease the reliability of our internal processes and models, including those we use to estimate our allowance for credit losses, particularly if unexpected variations in key inputs and assumptions cause actual losses to diverge from the projections of our models and our estimates become increasingly subject to management’s judgment.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Rising credit losses or leading indicators of rising credit losses (such as higher delinquencies, higher rates of nonperforming loans, higher bankruptcy rates, lower collateral values, elevated unemployment rates or changing market terms) may require us to increase our allowance for credit losses, which would decrease our profitability if we are unable to raise revenue or reduce costs to compensate for higher credit losses, whether actual or expected.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Historically, customers are more likely to miss payments during an economic downturn, recession, periods of high unemployment, or prolonged periods of slow economic growth. Customers might also be more likely to miss payments if the payment burdens on their existing debt grow due to higher interest rates, or if inflation outpaces wage growth.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“We operate in a highly competitive environment across all of our lines of business, whether in making loans, attracting deposits or in the global payments industry, and we expect competitive conditions to continue to intensify with respect to most of our products, particularly in our card, payment network and consumer banking businesses.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Our debt requires a significant amount of cash to service and our ability to generate sufficient cash depends on many factors, some of which may be beyond our control. Our financial condition and operations could be adversely impacted if we are unable to service our debt or satisfy our covenants. Our ability to meet our debt service obligations depends on our future operating and financial performance and our ability to generate cash. This will be affected by our ability to successfully continue to execute on our business strategy and by general economic, financial, geopolitical, competitive, regulatory and other factors beyond our control.”
Annual report 2025A · The company itself
Driver · mixed effect · strength 2/3
“In addition, our financial performance may be influenced by the production and utilization of transport equipment, including truck production cycles in North America and Europe.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Our business and financial performance is also adversely affected by decreases in the general level of economic activity, such as decreases in business and consumer spending and construction (both residential and commercial as well as remodeling).”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“In addition, lower volume in our light commercial business (down 20%) further impacted segment results.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Results in our residential and light commercial business decreased (down 5%) due to lower volumes across the region as economic conditions, inflationary cost pressures and regulatory uncertainty impacted end-market demand.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“These results were partially offset by our global truck and trailer business (down 3%) as lower end-market demand in Asia and Europe more than offset modest growth in North America.”
Annual report 2025A · The company itself
Driver · strengthens · strength 2/3
“This segment benefits from multiple tailwinds, most notably an increased desire for large occupiers and investors to outsource and consolidate real estate services to optimize costs, operational efficiencies and workplace experiences.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Risks Related to our Business Environment Our performance is significantly related to general economic, political and regulatory conditions and, accordingly, our business, operations and financial condition could be materially adversely affected by economic slowdowns, liquidity constraints, inflationary pressures, significant rises in interest rates, significant public health events, fiscal or political uncertainty and possible subsequent downturns in commercial real estate asset values, property sales and leasing activities in the geographies or industry sectors that we or our clients serve.”
Annual report 2025A · The company itself
Strategy · strengthens · strength 2/3
“While our leasing and capital markets business lines are sensitive to changes in macro-economic 1 Table of Contents conditions, the value investors and occupiers place on our insights and execution capabilities as they adjust their real estate portfolios enables us to typically outperform the market during downcycles. Our loan servicing and valuations businesses, while a smaller part of our revenue mix, have proven to be resilient across economic cycles.”
Annual report 2025A · The company itself
Driver · weakens · strength 1/3
“Also, customers may delay spending while they evaluate new technologies.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“These fluctuations may cause the market price of our common stock to be volatile and may result from many factors, including the state of the technology industry in general, shifts in demand and pricing for hardware, software, and services, and the introduction of new products or upgrades. Further, if our customers’ businesses are adversely affected by global or regional economic conditions such as cost inflation or rising interest rates, they may delay or reduce purchases from us, which could adversely affect our results of operations.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Weak or unstable economic conditions, inflation, and actions taken by central banks to counter inflation, sustained uncertainty about global political conditions, periods of intense diplomatic or armed conflict, government spending cuts or prolonged governmental shutdowns, and the impact of new government policies (including the introduction of new or increased taxes, the imposition of minimum taxes, or new or increased limitations on deductions, credits, or other tax benefits, or any other changes to tax laws), or a tightening of credit markets, including as a result of rising interest rates or bank failures, could cause our customers and potential customers to postpone or reduce spending on technology products or services or put downward pressure on prices, which could have an adverse effect on our business, results of operations, or cash flows.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“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
Driver · weakens · strength 3/3
“Higher electric power demand and load growth could also significantly increase the prices of energy and capacity, which could in turn affect customer rates or be perceived to affect customer rates and raise affordability concerns, as well as raise resource adequacy and reliability concerns, particularly if that increased demand outpaces the addition of firm generation capacity and in transmission constrained zones. For example, there has been increasing media attention and public claims regarding the link between large load customers such as data centers and increased customer bills.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Declines in demand for electricity and natural gas in our service territories due to pipeline incidents of other utilities, increased electricity and natural gas prices as experienced during the February 2021 Winter Storm Event and during periods of persisting high inflation or economic downturns, among other factors, could reduce overall usage and lessen cash flows, especially as industrial customers reduce production and, therefore, consumption of electricity and natural gas.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Industry Risk Factors •Several of our product and service offerings, including our non-human primate supply, are dependent on a limited source of supply that, when interrupted, adversely affects our business. •Demand volatility, risk of credit losses, or a reduction or delay in government funding of R&D may adversely affect our business. •Changes in government regulation or in practices relating to the pharmaceutical or biotechnology industries, including potential healthcare reform, could decrease the need for the services we provide.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Our business could be adversely affected by any significant decrease in drug R&D expenditures by pharmaceutical and biotechnology companies, as well as by academic institutions, government laboratories or private foundations. Similarly, economic factors and industry trends that affect our clients in these industries also affect their R&D budgets and, consequentially, our business as well.”
Annual report 2025A · The company itself
Driver · strengthens · strength 3/3
“Business Trends In fiscal year 2025, demand from biopharmaceutical clients stabilized and began to show early signs of improvement as clients continued to navigate a challenging and evolving environment. Demand from larger biopharmaceutical clients began to improve early in the year following the prior year’s constrained budgetary spending as a result of restructuring initiatives and reprioritization of their drug development programs.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Our business can be adversely affected by the general environment – economic, corporate, securities market, regulatory, and geopolitical developments all play a role in client asset valuations, trading activity, interest rates, and overall investor engagement, and are outside of our control. Deterioration in the housing and credit markets and decreases in securities valuations negatively impact our results of operations and capital resources.”
Annual report 2025A · The company itself
Driver · strengthens · strength 2/3
“Total net revenues increased 22% year-over-year to $23.9 billion in 2025.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“If there were a prolonged general economic downturn, we may experience increased cancellations or non-payment by our customers or unfavorable changes in the mix of products purchased. This may include an increase in the number of homes that replace their video service with Internet-delivered or over-air content, as well as an increase in the number of Internet and voice customers substituting mobile data and voice products for wireline services, which would negatively impact our ability to attract customers, increase rates and maintain or increase revenue.”
Annual report 2025A · The company itself
Driver · weakens · strength 1/3
“Weak economic conditions may also have a negative impact on our advertising revenue.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Total revenues decreased slightly primarily due to lower customers, higher seamless entertainment allocation and lower advertising sales, partly offset by mobile line growth and higher average revenue per customer.”
Annual report 2025A · The company itself
Driver · mixed effect · strength 3/3
“Production levels from the members of Organization of Petroleum Exporting Countries (OPEC), Russia and the United States are major factors in determining worldwide supply. Demand for crude oil and its products and for natural gas is largely driven by the conditions of local, national and global economies, although weather patterns, the pace of energy transition and taxation relative to other energy sources also play a significant part.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“In addition, extended periods of low commodity prices can have a material adverse impact on the results of operations, financial condition and liquidity of the company’s suppliers, vendors, partners and equity affiliates upon which the company’s own results of operations and financial condition depend.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Restaurant dining generally is dependent upon consumer discretionary spending, which may be affected by macroeconomic conditions that are beyond our control. A prolonged economic downturn or slow recovery may reduce consumer spending, leading to lower demand or shifts to lower-priced options. Factors such as unemployment, inflation, interest rate changes, taxes, access to credit, public health crises, trade disputes, and geopolitical instability can all impact consumer behavior, including discretionary spending, potentially reducing demand for our products.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Decreases in demand for our products would decrease our sales and profitability. Factors that can affect demand include competitors’ products, advertising and pricing actions, inflationary pressures, rates of unemployment, consumer confidence, health care costs, including increased costs as a result of changes in federal regulations, significant shifts in government policies, the deterioration of economic or trade relations between countries or regions, commodity costs, fuel and other energy costs and other economic factors affecting consumer spending behavior, including gasoline and home heating oil pricing, reduced unemployment benefits in periods of high unemployment, restrictions on travel and access to public spaces, and changes in tax policies, other effects of governmental shutdowns or a lapse of appropriations or fear of exposure to or actual impacts of a widespread disease outbreak.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Other financial uncertainties in our major markets and unstable geopolitical conditions in certain markets, including civil unrest and governmental changes, could undermine global consumer confidence and reduce consumers’ purchasing power, thereby reducing demand for our products.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Dessa egenskaper är verksamhetens konjunktursoberoende natur och motståndskraft mot den negativa effekten av e-handeln.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“Egenskaperna ger en högre stabilitet och lägre risk jämfört med andra handelsfastigheter, vilket visade sig inte minst under Covid-19 pandemin, men även under tider med hög inflation.”
Annual report 2024A · The company itself
Driver · weakens · strength 3/3
“Vi har valt just dagligvarufastigheter då dagligvaror är en icke-cyklisk bransch med stabila kassaflöden, både genom dagligvarorna i sig och genom solida hyresgäster, indexerade hyror, långsiktiga hyresförhållanden och möjligheten till en väldiversifierad portfölj.”
Annual report 2024A · The company itself
Driver · weakens · strength 3/3
“Fastigheter inom dagligvaruhandeln har i allmänhet två huvudsakliga kännetecken som skiljer dem från de flesta andra typer av handelsfastigheter. Dessa kännetecken är följande: — Verksamhetens konjunkturoberoende natur — Fastigheter som gynnas av e-handeln då de agerar som ett distributionsnät för andra varor handlade online Hållbarhet Cibus har ett helhetsperspektiv på hållbarhet.”
Annual report 2024A · The company itself
Driver · weakens · strength 3/3
“Dagligvaror och framför allt livsmedel är icke-cykliska produkter och utvecklas stabilt över tid.”
Annual report 2024A · The company itself
Driver · strengthens · strength 2/3
“Detta kommer att hjälpa den svenska ekonomin att fortsätta sin återhämtning efter den milda lågkonjunkturen under de senaste två åren.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“Den norska ekonomin har upplevt måttlig tillväxt sedan mitten av 2022, påverkad av successiva räntehöjningar, hög inflation och dämpad internationell efterfrågan, vilket tillsammans har hämmat den ekonomiska aktiviteten.”
Annual report 2024A · The company itself
Driver · strengthens · strength 1/3
“Under 2024 växte Norges BNP med 2,4%, stöttad av en expansiv finanspolitik och styrkan i olje- och gassektorn.”
Annual report 2024A · The company itself
Driver · weakens · strength 1/3
“Samtidigt har den långsammare tillväxten på viktiga exportmarknader, som Tyskland och Sverige, skapat viss osäkerhet för den danska ekonomin.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“Nederländerna (Cibus verksam i landet från 2025) Den nederländska ekonomin upplevde ett utmanande år 2024, med en stagnerande BNP-tillväxt på grund av hög kärninflation och geopolitiska osäkerheter. Nederländernas BNP ökade med blygsamma 0,1% under året, och arbetslösheten steg till 3,8% när företag anpassade sig till förändrade förhållanden.”
Annual report 2024A · The company itself
Driver · mixed effect · strength 2/3
“Our results of operations have been in the past, and will continue to be, subject to quarterly and annual fluctuations as a result of numerous factors, some of which may contribute to more pronounced fluctuations in an uncertain global economic environment.”
Annual report 2026A · The company itself
Driver · weakens · strength 3/3
“Challenging global economic conditions, including tariffs or other trade barriers or disruptions, rising inflation, or other changes, have contributed, and may continue to contribute, to slowdowns in the markets in which we operate, resulting in: reduced demand for our products due to constrained IT-related spending by customers, particularly service provider, cloud, enterprise and other customer markets; increased price competition for our products, not only from our competitors but also as a consequence of customers disposing of unutilized products; risk of excess and obsolete inventories; risk of supply constraints; risk of excess facilities and manufacturing capacity; and higher overhead costs as a percentage of revenue and higher interest expense.”
Annual report 2026A · The company itself
Driver · weakens · strength 2/3
“Our quarterly revenue is difficult to predict, which can be exacerbated during challenging global macroenvironments and resulting market uncertainty. As in prior periods, we may experience a decline or slower revenue growth rate on a year-over-year basis.”
Annual report 2026A · The company itself
Driver · weakens · strength 1/3
“Growth in the economy is likely to create greater pressures on us and our suppliers to accurately project component demand and optimize component levels and manufacturing capacity, especially for labor-intensive components, components for which we purchase a substantial portion of the supply, or the re-ramping of manufacturing capacity for highly complex products.”
Annual report 2026A · The company itself
Driver · weakens · strength 2/3
“Weakness in orders from this industry, including as a result of any slowdown in capital expenditures by service providers (which may be more prevalent during a global economic downturn, or periods of economic, political or regulatory uncertainty), could materially harm our business, results of operations, or financial condition.”
Annual report 2026A · The company itself
Driver · weakens · strength 2/3
“Our exposure to credit risks relating to our financing activities may increase if our customers are negatively impacted by global economic downturn or uncertainty.”
Annual report 2026A · The company itself
Driver · weakens · strength 3/3
“Our financial performance may be adversely affected by deterioration in borrower credit quality. Risks arising from actual or perceived changes in credit quality and uncertainty over the recoverability of amounts due from borrowers is inherent in our businesses. If the economic environment were to deteriorate, our borrowers may have difficulty in repaying their loans which could result in higher credit losses and increased loan loss provision expense.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Any deterioration in national economic and political conditions could have a material adverse effect on our business, financial condition, and results of operations. Our business is affected by national economic and political conditions, as well as perceptions of those conditions and future economic prospects, with changes in such conditions neither predictable or controllable. Adverse economic and political conditions, such as global trade policies, inflationary pressures, and government shutdowns could have a material adverse effect on our business, financial condition, and results of operations.”
Annual report 2025A · The company itself
Driver · mixed effect · strength 2/3
“The level of net interest income is primarily a function of the difference between the effective yield on our average interest-earning assets and the effective cost of our interest-bearing liabilities. Factors that influence our net interest income include, but are not limited to, the pricing and mix of interest-earning assets and interest-bearing liabilities which, in turn, are impacted by external factors such as economic conditions, competition for loans and deposits, the monetary policy of the FRB, and market interest rates.”
Annual report 2025A · The company itself
Driver · mixed effect · strength 2/3
“Property-type concentrations and both geographic and property-type performance metrics are actively monitored for all CRE loan types, with a focus on loans identified as higher risk based on our risk rating methodology.”
Annual report 2025A · The company itself
Driver · mixed effect · strength 2/3
“The mix and level of loan balances, delinquency levels, assigned risk ratings, previous loss experience, current business conditions, amount and timing of expected future cash flows, and factors specific to commercial credits such as competition, business, and management performance are also considered.”
Annual report 2025A · The company itself
Driver · mixed effect · strength 2/3
“Forward-looking economic assumptions include real GDP, unemployment rate, interest rate curve, and changes in collateral values.”
Annual report 2025A · The company itself
Strategy · strengthens · strength 2/3
“Under the income approach, cash flow projections are based on multi-year financial forecasts developed for each reporting unit that consider key business drivers such as new business initiatives, customer retention standards, market share changes, anticipated loan and deposit growth, fees and expenses, forward interest rates, historical performance, credit performance, and industry and economic trends, among other considerations.”
Annual report 2025A · The company itself
Driver · mixed effect · strength 2/3
“Historically, periods of heightened uncertainty have tended to increase our trading volume due to increased hedging activity and the increased need to manage the risks associated with, or speculate on, volatility. However, in the period after a material market disturbance, there may persist extreme uncertainties, which may lead to decreased volume due to factors such as reduced risk exposure, fluctuating interest rates, central bank asset purchase programs and lack of available capital.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“A reduction in overall trading volume or in certain products could render our markets less attractive to market participants as a source of liquidity, which could result in further loss of trading volume and associated transaction-based revenue. Material decreases in trading volume would have a material adverse effect on our financial condition and operating results.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Additionally, from time to time, certain customers may represent a significant portion of the open interest in our individual product lines or contracts, and a substantial decrease in their trading activity could have a negative impact on the liquidity of the particular product line or contract. If we fail to maintain trading volume, as a result of a loss of customers or decrease in trading activity; expand our product offerings or execution facilities; or are unable to attract new customers, our business and revenues will be adversely affected.”
Annual report 2025A · The company itself
Driver · weakens · strength 1/3
“Declines in trading volume may also negatively impact market liquidity, which could lead to further loss of trading volume.”
Annual report 2025A · The company itself
Driver · strengthens · strength 3/3
“Our business is subject to the impact of financial markets volatility, which is caused by conditions that are beyond our control. Trading volume in our markets and products is largely driven by the degree of volatility - the magnitude and frequency of fluctuations - in prices and levels of the underlying commodities, securities, indices, financial benchmarks or other instruments.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Were there to be a sustained period of stability in the prices or levels of the underlying commodities, securities, indices, benchmarks or other instruments of our products, we could experience lower trading volumes, slower growth or declines in revenues. Because our cost structure is largely fixed, if demand for our current products and services declines for any reason, we may not be able to adjust our cost structure to counteract the associated decline in revenues, which would cause our net income to decline.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Our market data revenues may be reduced by decreased demand, poor overall economic conditions, regulatory changes or a significant change in how market participants trade and use market data.”
Annual report 2025A · The company itself
Driver · strengthens · strength 3/3
“If we are unable to expand our business in emerging and developing markets, our growth could be negatively affected. Our success depends in part on our ability to grow our business in emerging and developing markets, which in turn depends on economic and political conditions in those markets and on our ability to work with local bottlers to make necessary infrastructure enhancements to production facilities, distribution networks, sales equipment and technology.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Volatile, negative or uncertain economic and geopolitical conditions, including as a result of recession or slowing economic growth, inflation, higher interest rates, tightening of credit markets and changes in trade policy (including trade disputes, the threat or imposition of tariffs or other trade restrictions and related retaliatory actions), have in the past and could in the future cause our clients to reduce, postpone or cancel spending on new or existing projects with us, negatively affecting our business and making it more difficult for us to accurately forecast client demand and have available the right resources to profitably address such client demand.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Our operations may prove more expensive than we currently anticipate, and we may not succeed in increasing our net revenue sufficiently to offset these higher expenses. Additionally, our revenue growth may be negatively impacted by, among other things, reduced demand for our offerings, increased competition, adverse macroeconomic conditions, any decrease in the growth or size of our industry, regulatory uncertainty or scrutiny, changes that impact our ability to offer certain products or services, or failure of new products and services to gain market adoption.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Borrower loan loss rates may be significantly affected by economic downturns or general economic conditions beyond our control and beyond the control of individual borrowers. In particular, loss rates on loans may increase due to factors such as prevailing market conditions in our industry, the price of Bitcoin and other crypto assets, which have experienced significant fluctuations, the amount of liquidity in the markets, and other factors.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Our performance is subject to general economic conditions, and their impact on the crypto asset markets and our customers.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Adverse general economic conditions have impacted in the past, and may impact in the future, the onchain economy, although the extent of such impacts remains uncertain and dependent on a variety of factors, including market adoption of crypto assets, global trends in the onchain economy, central bank monetary policies, instability in the global banking system, volatility and disruptions in the capital and credit markets, and other events beyond our control.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“If such a market condition were to become widespread in the onchain economy, we could suffer from increased counterparty risk, including defaults or bankruptcies of major customers or counterparties, which could lead to significantly reduced activity on our platform and fewer available crypto market opportunities in general. Further, forced selling of crypto assets by distressed companies could lead to lower crypto asset prices and may lead to a reduction in our revenue.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Unfavorable global macroeconomic conditions, such as a recession, an economic slowdown, inflation, high interest rates and/or reduced category growth rates, including as a result of geopolitical events and tensions, wars and military conflicts, such as in Ukraine, the Middle East and Venezuela, and developments in trade relations (including new or increased tariffs, sanctions, export controls, import restrictions or other trade barriers), have negatively impacted and/or could negatively impact our business and result in declining revenues, profitability and/or cash flows.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Covid-19, geopolitical tensions, persistent inflation, and a fundamentally changed market landscape in China created new headwinds that challenged our original assumptions and strategic ambitions.”
Annual report 2025A · The company itself
Driver · strengthens · strength 2/3
“The addressable market in which Coloplast operates is expected to continue growing at 4-5%.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“In the short- to medium-term primarily in Russia, Ukraine, and Iran due to sanctions. In Argentina, Brazil, and Türkiye due to economic instability and inflation. • Economic and political instability and emerging geopolitical areas of concern negatively affecting our costs and result in disruptions of operations, commercial activities, and supply chain, and impact our ability to conduct business globally.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“prolonged customer decision cycles and cautious investment behavior weighed on market momentum”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Throughout 2025, prolonged customer decision cycles and cautious investment behavior weighed on market momentum, resulting in a modest decline in revenue compared to the prior year.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Resilience in a challenging market Columbus’ revenue amounted to DKK 1,576m in 2025, corresponding to a decrease of 5%.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“July 2025) to reflect a more cautious investment environment, characterized by extended customer decision-making cycles and delays in larger transformation projects.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“This decline was primarily driven by the Dynamics 365 Business Line, where revenue declined by 8%, reflecting prolonged decision-making and delays in larger Cloud ERP projects.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“In 2025, Dynamics experienced a decrease in service revenue of 8%, amounting to DKK 899m. The decline is primarily driven by continued project delays and hesitation to commit to new long-term ERP and IT projects in the Danish and Norwegian Market Units.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“In 2025, M3 delivered service revenue of DKK 322m, reflecting a flat development compared to 2024. This was primarily driven by declining activity in M3's key markets Sweden and Germany.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“The Swedish Market Unit, which is our largest market, experienced a negative growth of 5% in service revenue compared to 2024. Service revenue for 2025 amounted to DKK 484m, down from DKK 507m in 2024. The decline is attributed to the deteriorating market conditions, leading to customer reluctance to initiate new IT projects as well as longer decision-making processes.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“In 2025, the risks related to competitive pressure, market changes and macroe-conomic uncertainty increased, as a consequence of the macroeconomic development, which has led to market caution with our customers, prolonged decision-making and downscaling of IT projects. This has affected the activity level in Columbus in 2025.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Rapid changes and competitive pressures from both existing and emerging market players may weaken Columbus' competitive edge. Market volatility and a fragile economic outlook further increase risk, while macroeconomic uncertainty - including low growth, trade barriers, tarriffs and geopolitical shifts - may challenge demand, pricing and project pipelines.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Macroeconomic uncertainty and low growth rates may reduce customer demand and impact profitability. This is particularly the case where IT investments are delayed.”
Annual report 2025A · The company itself
Driver · strengthens · strength 2/3
“Many factors affect mechanical and electrical services industry growth, including but not limited to, (i) population growth, which increases the need for commercial, industrial and institutional space, (ii) an aging installed base of buildings and equipment, (iii) increasing sophistication, complexity and efficiency of mechanical and electrical systems, and (iv) growing emphasis on internal air quality, environmental sustainability and energy efficiency.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Cyclicality and Seasonality The construction industry is subject to business cycle fluctuation. As a result, our volume of business, particularly in new construction projects and renovation, may be adversely affected by declines in new installation and replacement projects in various geographic regions of the United States during periods of economic weakness.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Risks Related to Our Business Economic downturns in the markets in which we operate may materially and adversely affect our business because our business is dependent on levels of construction activity. The demand for our services is dependent upon the existence of construction projects and service requirements within the markets in which we operate.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Further, there are concerns that the United States economy could experience a recession.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“These activities, when combined with any retaliatory actions that have or may be taken by other countries, have impacted and could continue to pose risk to our business as well as the global economy, such as by shifting consumer behaviors, inhibiting sales, increasing costs, causing further economic and supply chain disruptions (including impacts on prices and supply of certain commodities, such as aluminum and aluminum derivatives, corn, crude oil, natural gas, and steel) and inflationary pressures, and reducing economic activity.”
Annual report 2026A · The company itself
Driver · weakens · strength 3/3
“These factors may include subdued spend, depressed sentiment, value-seeking behaviors, and reductions in the discretionary income available to purchase our products among consumers, elevated unemployment, changing prices, inflation, other unfavorable global and regional economic conditions, demographic trends in the U.S., global supply chain disruptions and constraints, geopolitical events and tensions, wars, and military conflicts, including the conflict in the Middle East.”
Annual report 2026A · The company itself
Driver · weakens · strength 3/3
“Unfavorable global or regional economic conditions, including trade barriers, tariffs, trade wars, economic slowdown or recession, instability in the banking sector, and the disruption, volatility, and tightening of credit and capital markets, as well as unemployment, tax increases, governmental spending cuts, or continuing high levels of inflation, could affect consumer spending patterns and purchases of our products.”
Annual report 2026A · The company itself
Strategy · strengthens · strength 2/3
“LIQUIDITY AND CAPITAL RESOURCES General Our primary source of liquidity has been cash flow from operating activities. Our ability to consistently generate robust cash flow from our operations is one of our most significant financial strengths.”
Annual report 2026A · The company itself
Driver · weakens · strength 3/3
“The market price for electricity is also affected by changes in the demand for electricity and the available supply of electricity. Unfavorable economic conditions, milder than normal weather, regulatory intervention, and the growth of energy efficiency and demand response programs can rapidly increase supply or depress demand.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“The impacts of significant economic downturns (i.e., recession) could lead to decreased volumes delivered and increased expense for uncollectible customer balances. The impacts of significant economic downturns on our retail customers, such as less demand for the products and services provided by our C&I customers, could result in an increase in the number of uncollectible customer balances and related expense.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Uudisrakentamisen heikkona pysynyt kysyntä ja yksityisten kiinteistösijoitusyhtiöiden varovaisuus käynnistää uusia korjaushankkeita on pitänyt yllä kireää kilpailua sekä korjaushankkeista että taloteknisistä urakoista. Kokonaisuutena onnistuimme siis kohtalaisen hyvin kompensoimaan rakentamisen pitkittyneen matalasuhdanteen vaikutukset parantamalla operatiivista tehokkuuttamme.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Suomen Pankki arvioi BKT:n kasvaneen vuonna 2025 0,2 prosenttia. Vuodelle 2026 kasvun odotetaan olevan 0,8 prosenttia.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Vuoden 2025 liiketulokseen vaikutti heikentävästi pitkittynyt rakentamisen matalasuhdanne, tilauskannan turvaamiseksi tehdyt panostukset tarjous- ja neuvottelutoimintaan sekä Service- eli palveluliiketoiminnan matala liikevaihto- ja kannattavuustaso.”
Annual report 2025A · The company itself
Driver · mixed effect · strength 3/3
“Under 2023 och 2024 ledde kundernas försiktighet till försenade investeringar. När ekonomin återhämtar sig förväntas investeringarna ta fart igen under 2025, vilket kan driva ny tillväxt i marknaden.”
Annual report 2024A · The company itself
Driver · strengthens · strength 2/3
“Röntgensegmentet har vuxit under året och ökat sin andel av vår totala intäkt.”
Annual report 2024A · The company itself
Driver · mixed effect · strength 2/3
“Dessutom börjar mogna marknader närma sig mättnad, vilket skapar en förflyttning från nyförsäljning till ersättningsbehov snarare än köp av helt nya system.”
Annual report 2024A · The company itself
Driver · weakens · strength 3/3
“ContextVisions största riskfaktorer inkluderar affärsrisker kopplade till den globala ekonomiska utvecklingen, nivån på hälso- och sjukvårdsinvesteringar på olika marknader, valutakursrisker, bolagets förmåga att rekrytera och behålla kvalificerade medarbetare, samt effekten av politiska beslut.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“Bolaget påverkas i regel inte av säsongsvariationer, men är i hög grad beroende av produktionshastigheten och produktcyklerna hos sina kunder. Om en kund exempelvis försenar lanseringen av en ny produkt eller ett nytt system, kommer detta att medföra en motsvarande försening i inköp av mjukvarulicenser.”
Annual report 2024A · The company itself
Driver · strengthens · strength 3/3
“Efter en periode med fald i transaktionsvolumen, var niveauet i 2025 steget med mere end 30% sammenlignet med året forinden. Den Europæiske Centralbank sænkede i 2025 renten til 2%, hvilket sammenholdt med at den økonomiske usikkerhed globalt synes at være aftaget, har medvirket til at ejendomsmarkedet er landet på et stabilt sted.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Der er risiko for, at tilsvarende økonomisk afmatning og svækkelse af dele af ejendomsmarkedet kan påvirke Copenhagen Capital koncernen negativt. Det kan for eksempel betyde faldende efterspørgsel på udlejningsmarkedet, hvilket kan betyde faldende udlejningsprocenter og stigende tomgang. Over en længere periode kan dette ændre markedsvilkårene for udlejning herunder nedadgående prispres, hvilket betyder faldende lejepris pr. kvadratmeter.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Hyresmarknaden på kontorssidan har generellt varit lite avvaktande medan efterfrågan på välbelägna lager- och logistikfastigheter är fortsatt god.”
Annual report 2024A · The company itself
Driver · weakens · strength 3/3
“MARKNADSRISKER Riskområde S | K Beskrivning Hantering KONJUNKTUR OCH MAKRO- EKONOMISKA FAKTORER En generell konjunkturnedgång kan medföra minskad efterfrågan på lokaler, ökade kostnader och sänkta hyresnivåer i bolagets samtliga marknader.”
Annual report 2024A · The company itself
Driver · strengthens · strength 1/3
“The size, scale and nature of our lodging customer base enables us to negotiate lodging nightly rates lower than the rates most companies could negotiate directly and below the rates available to the general public.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Adverse effects on demand for our business-related products and services, from unfavorable macroeconomic conditions, weather conditions, natural catastrophes or public health crises or from changes to business purchasing practices, could adversely affect our financial condition and operating results. Adverse macroeconomic conditions within the U.S. or internationally, including but not limited to recessions or economic downturns, inflation, rising or volatile interest rates, deteriorating credit conditions, labor shortages and disputes, high unemployment, currency fluctuations, actual or anticipated large-scale defaults or failures, terrorist attacks, prolonged or recurring government shutdowns, regional or domestic hostilities, and economic sanctions and export controls (including tariffs), as well as the prospect or occurrence of more widespread conflicts, rising energy prices, a slowdown of global trade, and reduced consumer, small business, government and corporate spending, have a direct impact on the demand for our business-related products, including fuel, lodging and payment services.”
Annual report 2025A · The company itself
Driver · strengthens · strength 3/3
“We believe that the following factors and trends are important in understanding our financial performance: •Global economic conditions—Our results of operations are materially affected by conditions in the economy generally, in North America, Brazil, the U.K. and in other locations internationally. Factors affected by the economy include our transaction volumes, the credit risk of our customers and changes in tax laws across the globe. These factors affected our businesses in each of our segments. •Foreign currency changes—Our results of operations are significantly impacted by changes in foreign currency exchange rates; namely, by movements of the Australian dollar, Brazilian real, British pound, Canadian dollar, Czech koruna, euro, Mexican peso and New Zealand dollar, relative to the U.S. dollar.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Table of Contents General economic factors, domestically and internationally, may adversely affect our business, financial condition, and results of operations. Higher energy and gasoline costs, inflation, levels of unemployment, healthcare costs, consumer debt levels, foreign-currency exchange rates, unsettled financial markets, weaknesses in housing and real estate markets, reduced consumer confidence, changes and uncertainties related to government fiscal, monetary and tax policies including changes in interest rates, tax rates, duties, tariffs, or other restrictions, sovereign debt crises, pandemics and other health crises, and other economic factors could adversely affect demand for our products and services, require a change in product mix, or impact the cost of or ability to purchase inventory.”
Annual report 2025A · The company itself
Driver · strengthens · strength 3/3
“The North American market’s positive fundamentals, including significant public investment in infrastructure and private investment in reindustrialization activity, is driving demand for CRH’s connected portfolio of materials, products and services.”
Annual report 2025A · The company itself
Driver · strengthens · strength 2/3
“In Eastern Europe and Australia we see high-growth potential through strong economic activity, while in Western Europe, CRH’s businesses operate in attractive markets backed by significant public infrastructure spending and region-wide initiatives that promote increased construction activity. In these regions, CRH is experiencing increasing demand for its materials and product offering.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Risks Related to Our Industry and Our Business Industry Cyclicality and Economic Conditions CRH’s business depends on construction demand, and construction activity is inherently cyclical and influenced by multiple factors, including global and national economic circumstances (particularly those affecting the infrastructure and construction markets), monetary policy, consumer sentiment, swings in fuel and other input costs, and weather conditions that may, individually or collectively, disrupt outdoor construction activity.”
Annual report 2025A · The company itself
Driver · strengthens · strength 2/3
“In addition, broader key trends affecting the development of CRH's businesses include: •Population growth and urbanization driving increasing demand for construction and building materials; •Economic development and further investment in infrastructure, non-residential and residential projects; and •The recurring need to maintain, repair and upgrade the built environment as buildings and civil infrastructure age and wear.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“In addition to competitive pressures affecting the Company’s ability to obtain new customers or retain existing customers, the Health Care Benefits segment’s medical membership has been and may continue to be adversely affected by adverse and/or uncertain economic conditions and reductions in workforce by existing customers due to adverse and/or uncertain general economic conditions, especially in the U.S. and industries where such membership is concentrated.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Risks Relating to Our Businesses We may not be able to accurately forecast health care and other benefit costs, including as a result of pandemics or disease outbreaks, which could adversely affect our Health Care Benefits segment’s operating results. There can be no assurance that future health care and other benefit costs will not exceed our projections.”
Annual report 2025A · The company itself
Strategy · strengthens · strength 2/3
“Value-Based Care In response to rising healthcare spending in the U.S., commercial, government and other payors are shifting away from fee-for-service payment models towards value-based models, including risk-based payment models that tie financial incentives to quality, efficiency and coordination of care. Value-based care (“VBC”) refers to the goal of incentivizing healthcare providers to simultaneously increase quality while lowering the cost of care for patients.”
Annual report 2025A · The company itself
Market · strengthens · strength 2/3
“The Company’s primary care operations rely on its value-based capitated partnerships with payors and CMS which manage and market Medicare Advantage plans across the U.S. The Company had strategic value-based relationships with over 25 different payors as of December 31, 2025, including each of the top 5 national payors by number of Medicare Advantage patients.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Risks Related to our Business and our Industry Our homebuilding, rental and land development operations are cyclical and significantly affected by changes in economic, real estate or other conditions that could adversely affect our business and financial results. Our homebuilding, rental and land development operations are cyclical and are significantly affected by changes in general and local economic and real estate conditions, such as: •employment levels; •consumer confidence and spending; •housing demand; •availability of financing for homebuyers; •availability of financing for companies that purchase our rental properties; •interest rates; •inflation; •availability and prices of new homes and existing homes for sale and availability and market values of rental properties; and •demographic trends.”
Annual report 2025A · The company itself
Driver · strengthens · strength 3/3
“Our revenues and earnings vary with the level of general economic activity in the markets we serve.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Market volatility and structural constraints Volatility will remain a defining feature of freight markets, driven by macroeconomic fragmentation, heightened geopolitical risk and structurally constrained global fleet growth.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“This improvement was supported mainly by reduced losses in the Dry operator (large vessels) segment, where EBIT amounted to USD -35 million in 2025 compared to USD -111 million in 2024. Although a substantial improvement compared to the year before, the large dry operator segment still experienced a challenging year.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Højttaler og Hi-Fi aktivitet Omsætning og resultat er faldet i forhold til sidste år, primært som følge af et usikkert marked, der har været præget af makroøkonomiske usikkerheder.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Unfavorable conditions in the economy both in the United States and abroad, including conditions resulting from changes in gross domestic product growth in the United States or abroad, changes in trade policies, such as trade wars, tariffs or other trade restrictions or the threat of such actions, financial and credit market fluctuations, fluctuating inflation and interest rates, international trade relations, political turmoil, natural catastrophes, outbreaks of contagious diseases, warfare and terrorist attacks on the United States, Europe, the Asia Pacific region or elsewhere, such as the conflicts in Ukraine and the Middle East, could cause a decrease in business investments, including spending on information technology, disrupt the timing and cadence of key industry events, and negatively affect the growth of our business and our results of operations.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“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
Driver · weakens · strength 3/3
“Under året kvarstod och utökades regionernas begränsningar för inhyrning av vårdpersonal, vilka började införas under 2023. Tillsammans med en period av vårdstrejker och övertidsblockader bidrog detta till en mycket utmanande vårdbemanningsmarknad, som sammantaget minskade 35,8 procent under året. Dedicares intäkter i Sverige minskade som följd kraftigt med 31 procent.”
Annual report 2024A · The company itself
Driver · weakens · strength 3/3
“Under 2024 fick Dedicare förnyat förtroende att bemanna alla sjukhus i samtliga regioner i Norge med läkare, specialistläkare, psykologer och annan vårdpersonal, och för andra året i rad utsågs Dedicare till Norges bästa arbetsplats av organisationen A Great Place To Work. Efterfrågan på sjuksköterskebemanning var fortsatt stark under året, men likt övriga marknader minskade även den norska marknaden under året med 6,9 procent jämfört med 2023.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“Under 2024 utvecklades läkarbemanningen väl i Danmark och Dedicare kunde under året stärka sin position på denna del av marknaden. Begränsningar för inhyrning av sjuksköterskor på långtidskontrakt, som infördes 2023, påverkade dock omsättningen negativt under hela 2024.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“Efterfrågan på läkarbemanning inom Storbritannien försvagades dock under året. Liksom i de nordiska länderna försöker NHS i ökande grad att hitta interna lösningar för bemanningen inom sjukvården.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“På senare tid har statliga National Health Service, NHS, styrt mot interna bemanningslösningar, vilket har lett till en avvaktande marknad. Inom internationell rekrytering och bemanning, till bland annat de brittiska territorierna, ökar efterfrågan.”
Annual report 2024A · The company itself
Driver · strengthens · strength 2/3
“Inom socialt arbete, där socionomer är den största yrkesgruppen, har efterfrågan ökat de senaste åren. Det gäller både i Sverige och Norge, där Dedicare verkar. Kommunerna, som bland annat behöver socialsekreterare, köper in bemanning via offentlig upphandling på en marknad med många aktörer och som uppskattas till 1-2 miljarder kronor för Sverige och Norge sammantaget.”
Annual report 2024A · The company itself
Driver · strengthens · strength 2/3
“Även samhällsutvecklingen med bland annat ökad gängkriminalitet ökar behoven av stöd och behandling för barn och unga, där vård och omsorg måste hantera alltmer komplex problematik kring missbruk och kriminalitet.”
Annual report 2024A · The company itself
Driver · strengthens · strength 2/3
“I den utvecklingen ökar även behoven av kvalificerade medarbetare. Växande utmaning med kompetensförsörjningen • Brist på kvalificerad personal För att klara de ökande behoven inom välfärden i framtiden kommer tillgången till kvalificerad personal vara avgörande.”
Annual report 2024A · The company itself
Driver · weakens · strength 3/3
“Totalt uppgick nettomsättningen för 2024 till 1 720 MSEK, en minskning med 12,7 procent jämfört med föregående år, och EBITA-resultatet uppgick till 69 MSEK.”
Annual report 2024A · The company itself
Driver · weakens · strength 3/3
“Men även i Norge såg vi en marknadsnedgång med 6,9 procent Vd:s kommentar Bård Kristiansen Vd och koncernchef för Dedicare Efter flera år av kraftig tillväxt blev 2024 ett år med nedgång på samtliga marknader, framförallt i Sverige. Som en följd av utvecklingen tappade Dedicare intäkter och lönsamheten sjönk.”
Annual report 2024A · The company itself
Driver · weakens · strength 3/3
“As a global company with customers operating in a broad range of businesses and industries, our performance is affected by global and regional economic conditions and the demand for technology products and services in international markets.”
Annual report 2026A · The company itself
Driver · weakens · strength 2/3
“Our revenue and gross margins could be negatively affected if the financial condition or operations of channel participants weaken as a result of adverse economic conditions or other business challenges, or if uncertainty regarding the demand for our products causes channel participants to reduce their orders for these products.”
Annual report 2026A · The company itself
Driver · weakens · strength 2/3
“Our financial services activities, conducted primarily through Dell Financial Services, can be negatively affected by adverse economic conditions that contribute to loan delinquencies and defaults.”
Annual report 2026A · The company itself
Driver · weakens · strength 3/3
“As a result of the discretionary nature of air travel, the airline industry has been cyclical and particularly sensitive to changes in economic conditions, as well as related consumer perceptions. Because we operate globally, our business is subject to economic and political conditions throughout the world. During periods of unfavorable or volatile economic conditions in the economy in the U.S. or abroad, demand for air travel can be significantly impacted as business and leisure travelers choose not to travel, seek alternative forms of transportation for short trips or conduct business using technological alternatives.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“These dynamics have, unfortunately, reduced the willingness to invest and resulted in delayed purchases”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Medium- to long-term target: Growth of 8-10% p.a. in local currencies EBIT before special items (DKK million) Medium - to long-term target: Incremental EBIT margin expansion in constant currencies (DKK million) Medium - to long-term target: Excess free cash flow after acquisitions to be used for share buy-backs 19.7 21.6 22.4 23.0 3,207 4,506 4,404 3,960 1,000 2,000 3,000 4,000 5,000 1,840 2,301 1,000 1,500 2,000 2,500 Overview 2025 has been a challenging year for the global hearing healthcare market, which continued to be impacted by macroeconomic uncertainties. These dynamics have, unfortunately, reduced the willingness to invest and resulted in delayed purchases. In turn, this led to lower-than-normal growth in the hearing healthcare market, especially in the US, and thus intense competition.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“The macroeconomic uncertainties also impacted performance in our Diagnostics business area.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“This brings me back to our plan for 2026: While we remain optimistic about the underlying need for hearing treatment, we expect no signs of changes to the soft global hearing healthcare market and intense competition.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“These conditions have been adversely impacted by continued global economic uncertainty, political instability and military hostilities in multiple geographies, concerns over continued sovereign debt, potential recessions, a potential U.S. federal government shutdown, monetary and financial uncertainties in Europe and other international jurisdictions, and global health pandemics.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“These conditions have made and may continue to make it difficult for our customers and potential customers to afford our products, and could cause our customers to stop using our products or to use them less frequently. If that were to occur, our revenue may decrease and our performance may be negatively impacted.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Our operations and performance depend on worldwide economic and political conditions. These conditions have been adversely impacted by continued global economic uncertainty, political instability and military hostilities in multiple geographies, monetary and financial uncertainties in Europe and other international countries, global health pandemics, rising interest rates, and domestic and global inflationary trends.”
Annual report 2025A · The company itself
Driver · weakens · strength 1/3
“Our revenues and operating results may fluctuate significantly from quarter to quarter.”
Annual report 2025A · The company itself
Driver · strengthens · strength 3/3
“Europe’s economic growth (GDP: Gross Domestic Product) is expected to be around 1% in 2026”
Annual report 2025A · The company itself
Driver · strengthens · strength 3/3
“Demand is to a large extent linked to the level of economic activity and trade in primarily Europe, especially northern Europe, including the UK, as well as adjacent regions, including Türkiye and Morocco.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“The main external challenge was the mentioned Turkish transport market disruption and a slowdown in northern European transport markets, especially in the first half of the year.”
Annual report 2025A · The company itself
Driver · strengthens · strength 2/3
“General economic growth prospects Europe’s economic growth (GDP: Gross Domestic Product) is expected to be around 1% in 2026 (Source: Thomson Reuters).”
Annual report 2025A · The company itself
Driver · strengthens · strength 2/3
“The GDP-growth in 2026 for Türkiye and northern African countries is expected to be around 3-5%.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“We expect Türkiye’s growth to rebound once inflation has been reduced further while no material pickup in Europe’s growth is expected in the coming years.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“The North Sea market was overall stable although the general slowdown in European industrial volume led to a 2% decline in volumes compared to 2024.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Ferry Division overview The strategic priority of focusing on profit-overgrowth was raised in 2025 in response to continued challenging market conditions for both transport and logistics solutions. Demand remained overall flat as sentiment among industrials and consumers was held back by geopolitical and macroeconomic uncertainties.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“EFUEL har inte haft ett lätt år, världsläget har gjort att marknaden för EV och därmed också laddboxar är lägre än vi räknat med samt att EFUELS huvudprodukt, Easee-laddare, har varit stoppad under en stor del av året. Året har använts till återstående rotationer av ”gamla” Easee-laddare, att bygga nyförsäljning med en bredare bas av laddboxar och att utöka sortimentet av tillbehör och installationsmaterial.”
Annual report 2024A · The company itself
Driver · weakens · strength 3/3
“Under 2024 har marknaden för laddboxar minskat kraftigt, primärt under första halvåret, drivet av konjunktur och minskad försäljning av laddningsbara fordon. Marknaden har glädjande nog visat på återhämtning under slutet av året.”
Annual report 2024A · The company itself
Driver · mixed effect · strength 2/3
“Koncernens kunder finns inom flera branscher och kan vara både företagskunder liksom kunder som säljer till slutkonsument, vilket minskar konjunkturkänsligheten. • Tillämpa riskhantering med koppling till budgetering genom att hålla sig uppdaterad i omvärlden.”
Annual report 2024A · The company itself
Driver · strengthens · strength 3/3
“Strategi og verdier I strategien vår løfter vi fram det aller viktigste vi må lykkes med de neste årene, i en tid der markedet er i endring og konkurransen er tøff.Vi må jobbe hver dag for å være godt likt og ha høy tillit, slik atkunden velger oss.Vi er tydelige på hvorfor DNB er et godt valg for privatkunder og bedrifter. Gjennom sterk konkurransekraft og lønnsom vekst skal vi nå våre finansielle mål og levere bærekraftig verdiskaping.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“Til tross for geopolitisk usikkerhet internasjonalt og lavere fart i den norske økonomien hadde DNB et sterkt årsresultat, drevet av gode resultater i hele konsernet.”
Annual report 2024A · The company itself
Driver · strengthens · strength 2/3
“Den friske utlånsporteføljen økte i gjennomsnitt med 21,4 milliarder kroner, eller 1,1 prosent, fra 2023.”
Annual report 2024A · The company itself
Driver · strengthens · strength 2/3
“Brutto nasjonalprodukt (BNP) for fastlands-Norge steg med henholdsvis 0,4 prosent og 0,3 prosent de første to kvartalene i 2024. I tredje kvartal steg veksten til 0,5 prosent.”
Annual report 2024A · The company itself
Driver · weakens · strength 3/3
“Business, Strategic and Competitive Risks Economic factors may reduce our customers’ confidence and spending, impair our ability to execute our strategies and initiatives, and increase our costs and expenses, which could result in materially decreased sales and/or profitability.”
Annual report 2026A · The company itself
Driver · weakens · strength 3/3
“A deterioration in economic conditions could reduce consumer spending or cause customers to shift their spending to products we either do not sell or do not sell as profitably. Adverse economic conditions such as a recession could disrupt consumer spending and significantly reduce our sales, decrease our inventory turnover, cause greater markdowns, or reduce our profitability due to lower margins.”
Annual report 2026A · The company itself
Driver · weakens · strength 2/3
“Adverse events such as inclement 14 Table of Contents weather or unfavorable economic conditions during the fourth quarter could cause a reduction in sales during these periods, which in turn could adversely affect our operating results, particularly operating and net income, to a greater extent than if a reduction occurred at other times of the year.”
Annual report 2026A · The company itself
Driver · weakens · strength 3/3
“Året påverkades av återhållsam konsumtion bland konsumenter samt kunder som fort - satte ha en försiktig hållning i fråga om sina lagernivåer. På grund av dessa utmanande marknadsförhållanden minskade organisk nettoomsättning för helåret med 12 procent.”
Annual report 2024A · The company itself
Driver · weakens · strength 3/3
“2024 var ett utmanande år som påverkades av återhållsam konsumtion bland konsumenter och kunder som hade en fortsatt försiktig hållning i fråga om sina lagernivåer. Branschens produktion av RV-fordon och båtar låg på den lägsta nivån på tio år och konsumenter fokuserade på att reparera utrustning i stället för att uppgradera eller byta ut produkter.”
Annual report 2024A · The company itself
Driver · weakens · strength 3/3
“Nettoomsättningstillväxten uppgick till –11 procent, varav den organiska tillväxten var –12 procent.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“Fokus under 2024 låg på att stärka organisationen generellt, genomföra effektiviseringsåtgärder och minska lagren, samtidigt som försäljningssatsningar genomfördes för framtida tillväxt.”
Annual report 2024A · The company itself
Driver · weakens · strength 3/3
“Organisk tillväxt, % –15% 8% –3% 1) 1) EBITA-marginal före av- och nedskrivningar av förvärvsrelaterade immateriella tillgångar och jämförelsestörande poster nyckeltal Segmentets andel av koncernens nettoomsättning LV APAC, 5% MARINE Produktionen inom båtbranschen i USA tappade fart och var den lägsta på tio år under 2024, vilket hade en negativ påverkan på nettoomsättningen inom OEM-försäljningskanalen.”
Annual report 2024A · The company itself
Driver · mixed effect · strength 3/3
“The overall food service market, food delivery market and the QSR market are intensely competitive with respect to food quality, price, service, image, convenience and concept, and are often affected by changes in: • consumer tastes and perceptions; • international, national, regional or local economic conditions; • marketing, advertising and pricing, including both price increases and discounting, and publicity; • macroeconomic changes, disposable purchasing power and demographic trends; and • currency fluctuations and geopolitical considerations related to international operations.”
Annual report 2025A · The company itself
Driver · strengthens · strength 2/3
“First, we are committed to achieving organic sales growth above that of gross domestic product (4% to 6% annually on average) over a long-term business cycle, absent prolonged adverse economic conditions, complemented by growth through strategic acquisitions.”
Annual report 2025A · The company itself
Driver · mixed effect · strength 2/3
“Our businesses serving the major equipment markets, such as power generation, chemical and processing industries, have longer lead times geared to seasonal, commercial, or consumer demands and customers in these markets tend to delay or accelerate product ordering and delivery to coincide with those market trends which moderates the aforementioned seasonality patterns.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Business and Operational Risks •Recessions, adverse market conditions or downturns in the markets we serve could adversely affect our operations. In the past, our operations have been exposed to volatility due to changes in general economic conditions or consumer preferences, recessions or adverse conditions in the markets we serve.”
Annual report 2025A · The company itself
Driver · strengthens · strength 2/3
“Organic revenue growth of 1.6% is primarily driven by robust trends in our secular-growth-exposed end markets and above and below-ground retail fueling and pricing actions, partially offset by lower volumes in our vehicle service business and project timing in retail refrigeration equipment and services.”
Annual report 2025A · The company itself
Driver · strengthens · strength 3/3
“growth in global air and sea freight volumes of around 2-3%, in line with or slightly lower than global GDP forecasts”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“These tariffs, ongoing trade disputes, macroeconomic shifts, and persistent geopolitical uncertainties together with fluctuating currencies all contributed to increased volatility and had significant impact on customers’ supply chains and overall demand. Despite these challenges, global transport volumes sustained their long-term growth trajectory, especially in the first half of the year, followed by more muted activity in the second half.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“European road freight remained highly competitive as volumes aligned with the slow growth of European economies.”
Annual report 2025A · The company itself
Driver · strengthens · strength 2/3
“We foresee consolidation to continue in the coming years driven by customer demand for efficient and flexible endto-end global supply chains, digitalisation and sustainability. GDP drives market growth Historically, there has been a close correlation between the growth in global trade and the expansion of the global economy.”
Annual report 2025A · The company itself
Driver · strengthens · strength 2/3
“For 2026, we expect growth in global air and sea freight volumes of around 2-3%, in line with or slightly lower than global GDP forecasts.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Market situation The road freight market experienced challenges in 2025 due to weak economic activity and macroeconomic uncertainties, notably in Europe, leading to reduced demand and low freight rates in both Europe and the US. The overall low freight demand persists, particularly within domestic groupage in Europe, which has a negative impact on the division’s utilisation levels and profitability.”
Annual report 2025A · The company itself
Driver · strengthens · strength 2/3
“This is due to overall increasing economic activity in the Euro zone and expected financial stimulus benefitting economic activity in Germany.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“The OECD forecasts moderate global GDP growth of around 3.0%, with continued uneven growth across regions. The freight and logistics sector may face margin pressure and slower volume recovery, particularly in markets exposed to protectionism and nearshoring.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Sustained downturns or sluggishness in the economy generally affect the markets in which the Duke Energy Registrants operate and negatively influence operations. Declines in demand for electricity or natural gas as a result of economic downturns in the Duke Energy Registrants’ regulated service territories will reduce overall sales and lessen cash flows, especially as industrial customers reduce production and, therefore, consumption of electricity and the use of natural gas.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“These market prices may fluctuate substantially over relatively short periods of time and could negatively impact the Company's ability to accurately forecast the financial impact or reduce the Duke Energy Registrants’ revenues and margins, thereby diminishing results of operations.”
Annual report 2025A · The company itself
Driver · strengthens · strength 2/3
“Efter en period av återhållsamhet och låga volymer karaktäriseras marknaden idag av ett uppdämt behov av uppdaterad hårdvara och lanseringen av AI-anpassade datorer samt uppdateringen till Windows 11. Vi gynnas av detta och en historiskt långsiktigt växande marknad, driven av ökad e-handel och digitalisering, samt en accelererande efterfrågan på säkra och flexibla IT-lösningar.”
Annual report 2024A · The company itself
Driver · weakens · strength 3/3
“Året har präglats av en fortsatt avvaktande marknad vilket återspeglats i såväl vår försäljning och vårt resultat som vår verksamhet. Segmentet små och medelstora företag har haft den största utmaningen, där kunderna påverkats av det osäkra makroekonomiska läget i högre utsträckning och därmed varit fortsatt försiktiga.”
Annual report 2024A · The company itself
Driver · weakens · strength 3/3
“Nettoomsättningen uppgick till 21,5 miljarder kronor vilket motsvarar en nedgång med 8,9 procent jämfört med föregående år. Vår organiska tillväxt var negativ med cirka tio procent.”
Annual report 2024A · The company itself
Driver · weakens · strength 3/3
“Väl positionerade i en utmanande marknad Marknadsdata från ledande analysföretag som Canalys, IDC och Gartner visar på en kraftig försäljningsnedgång för datorer globalt med omkring 15 procent per år under 2022 och 2023. Samma analysföretag spår nu en svagt positiv tillväxt för den globala datorförsäljningen under 2024, för att sedan visa ökad tillväxt kommande år.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“Under de senaste två åren har marknadsutvecklingen påverkats av en svagare konjunktur och visat negativ tillväxt för IT-branschen som helhet.”
Annual report 2024A · The company itself
Driver · strengthens · strength 3/3
“Den ekonomiska tillväxten på Eastnines marknader har långsiktigt varit högre än den genomsnittliga tillväxten i Europa.”
Annual report 2024A · The company itself
Driver · strengthens · strength 3/3
“Våra marknader har under väldigt många år, med bara något enstaka undantag, haft en betydligt högre ekonomisk tillväxt än Sverige, EU-snittet och flertalet EU-länder.”
Annual report 2024A · The company itself
Driver · strengthens · strength 2/3
“Samtliga Eastnines marknader förväntas uppvisa positiv tillväxt under 2025, framför allt Polen och Litauen med 3 procent per år de närmaste åren.”
Annual report 2024A · The company itself
Driver · strengthens · strength 2/3
“Polen är med nära 37 miljoner invånare EU:s femte största land sett till befolkningsmängd och landets ekonomi är bland de snabbast växande i EU.”
Annual report 2024A · The company itself
Driver · strengthens · strength 2/3
“För 2024 hamnade BNP-tillväxten på 2,7 procent och 2025 väntas den ekonomiska tillväxten ligga strax under tre procent.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“Fortsatt svag konjunktur och svaga ekonomiska utsikter riskerar att påverka hyresgästers verksamheter, deras betalningsförmåga samt efterfrågan på kontor.”
Annual report 2024A · The company itself
Driver · mixed effect · strength 2/3
“Konjunkturläget och tillväxt i ekonomierna i Eastnines verksamhetsländer påverkar sysselsättningsgrad, utbud och efterfrågan på kommersiella lokaler och därmed vakansgrader samt hyresnivåer.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“Eaton's segment revenues, operating results, and profitability have varied in the past and may vary from quarter to quarter in the future. Profitability can be negatively impacted by macroeconomic conditions, newly competitive market players, and volatility in the end markets that we serve.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Our global business is sensitive to macroeconomic conditions. Macroeconomic downturns may have an adverse effect on our business, results of operations and financial condition, as well as our distributors, customers and suppliers, and on activity in many of the industries and markets we serve. Among the economic factors that may have such an effect are disruptions in financial markets; adverse changes in the availability and cost of capital; economic downturns; military conflicts; wars; terrorism; pandemics, epidemics and public health emergencies; political changes and trends; tariffs and retaliatory counter measures; monetary policies; interest rates; inflation and deflation; recessions; commodity prices; currency volatility or exchange control; and ability to expatriate earnings.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Competition and Economic Risks ● We face intense and increasing competition from providers of video, broadband and/or wireless services. Changing consumer behavior and new technologies in our Pay-TV and/or Wireless business may reduce our subscriber activations and may cause our subscribers to purchase fewer services from us or to cancel our services altogether, resulting in less revenue to us.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“In addition, as a result of this increased competitive environment and the maturation of the pay-TV industry, future growth opportunities of our DISH TV business may be limited and our margins may be reduced, which could have a material adverse effect on our business, results of operations and financial condition. Our gross new DISH TV subscriber activations continue to be negatively impacted by stricter subscriber acquisition policies (including, but not limited to, a focus on attaining higher quality subscribers) and increased competitive pressures, including, but not limited to, aggressive marketing, more aggressive retention efforts, bundled discount offers combining broadband, video and/or wireless services and other discounted promotional offers.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Market saturation is expected to continue to cause subscriber growth rates in the wireless services industry to moderate in comparison to historical growth rates, leading to increased competition for subscribers. As the industry matures, competitors increasingly must seek to attract a greater proportion of new subscribers from each other’s existing subscriber bases rather than from first-time purchasers of wireless services.”
Annual report 2025A · The company itself
Driver · weakens · strength 1/3
“Economic weakness may create greater incentive for signal theft, piracy and subscriber fraud, which could lead to higher subscriber churn and reduced revenue.”
Annual report 2025A · The company itself
Driver · strengthens · strength 3/3
“Rising electricity demand across the U.S. economy is a primary force reshaping grid needs and investment planning. SCE projects electricity demand to nearly double between 2025 and 2045, driven by transportation electrification, new residential housing, and increases in commercial and industrial consumption.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“SCE's ability to recover its costs and earn a reasonable rate of return can be affected by many factors, including the time lag between when costs are incurred and when those costs are recovered in customers' rates and differences between the forecast or authorized costs embedded in rates (which are set on a prospective basis) and the amount of actual costs incurred.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“SCE's capital investment plan, increasing procurement of renewable power and energy storage, inflation, commodity price volatility, increasing self-generation, load departures to CCAs or Electric Service Providers, and increasing environmental regulations, among other things, collectively place continuing upward pressure on customer rates.”
Annual report 2025A · The company itself
Driver · strengthens · strength 2/3
“Due to the working life megatrends and the increased need for flexible workforce we believe in the growth potential of the market during the strategy period.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“The economic cycle continued to be challenging, which affected largely the demand of Eezy’s services.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Poor economic development in Finland may have an adverse impact on Eezy’s business and result. In economic downturn it is possible that companies use less staffing services and other HR services offered by Eezy.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“The prevailing economic situation is reflected in the 2025 results in many ways. The number of people employed has fallen due to subdued demand in the staffing services market.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Egetis kommer även fortsättningsvis att behöva betydande kapital för vidareutveckling, godkännande, lansering och kommersialisering av sina läkemedelskandidater i den omfattning som Bolaget anser är i Bolagets och dess aktieägares intressen.”
Annual report 2024A · The company itself
Driver · weakens · strength 3/3
“Weak global economic growth, inflationary pressures and high interest rates have led to a slump in demand in the construction market in China and in Europe, and created headwinds for the automotive and steel sectors in Europe and the US. There has been an oversupply of silicone capacity in China.”
Annual report 2024A · The company itself
Driver · mixed effect · strength 2/3
“In doing so, we will ensure that Elkem remains a competitive producer of world-leading advanced materials, creating value for all stakeholders through profitable and sustainable growth.”
Annual report 2024A · The company itself
Driver · weakens · strength 3/3
“Operating income for the Silicon Products division decreased by 13 per cent due to negative price development for silicon and ferrosilicon driven by weaker demand, in addition to lower sales volume. Carbon Solutions’ operating income decreased by 13 per cent, driven by lower prices and lower sales volumes.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“EBITDA improved to NOK 4 146 million in 2024 resulting in an EBITDA 1 margin of 13 per cent compared to 11 per cent in 2023.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“Consolidated profit and loss statement Consolidated operating income for the Elkem group amounted to NOK 33 004 million compared to NOK 34 760 million in 2023.”
Annual report 2024A · The company itself
Driver · weakens · strength 3/3
“The challenging conditions of 2023 persisted throughout 2024, with weak growth, high inflation, and high interest rates. This has generally resulted in weak demand, particularly from construction and automotive, which are important end-markets to Elkem.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“The challenging market conditions of 2023 continued throughout 2024, affecting sales prices and demand for most of Elkem’s products.”
Annual report 2024A · The company itself
Strategy · strengthens · strength 2/3
“We completed the silicones expansion project in China on time and on budget in May. The plant was ramped up in six months, increasing overall production capacity by 50 per cent, i.e. an additional 120 kmt silox annually.”
Annual report 2024A · The company itself
Driver · strengthens · strength 2/3
“Egna varumärken breddar sortimentet med prisvärda alternativ och ger möjligheter till merförsäljning. • Elon agerar på en betydande och stabilt växande adresserbar marknad som uppskattningsvis omsätter årligen 300miljarder kronor i Norden.”
Annual report 2024A · The company itself
Driver · weakens · strength 3/3
“Inom B2C följer den organiska tillväxten tydligt konjunktursvängningarna vilket inneburit att konsumenten varit mer avvaktande att investera under främst den första delen av året.”
Annual report 2024A · The company itself
Driver · mixed effect · strength 3/3
“Finansiering och likviditet Högt beroende av en nyckelkund i Norge: Omförhandlingar av kontrakt och förändringar i volymer som kommer från nyckelkunden har en betydande inverkan på omsättningen, lönsamheten och verksamheten av den norska landsenheten.”
Annual report 2024A · The company itself
Driver · mixed effect · strength 3/3
“Under 2024 och 2023 hade koncernen två kunder som står för mer än 10 procent av den totala omsättningen. Dessa kunders andel av den totala omsättningen uppgår till 26 procent (29). Nettoomsättningen från dessa kunder rapporterades främst inom segmenten Norge och Sverige och i mindre utsträckning även i andra landssegment.”
Annual report 2024A · The company itself
Driver · mixed effect · strength 3/3
“Economic and Strategic Risk Factors Economic downturns, recessions, or periods of slow growth have historically led to reductions in demand for our services. Negative conditions in the credit markets, including elevated interest rates, may adversely impact our results of operations and our ability to operate our business.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“In addition, existing and potential customers may reduce the number or size of projects available to us because of general economic conditions or due to their inability to obtain capital or pay for services we provide.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Amounts included in our remaining performance obligations may not result in actual revenues or translate into profits. Many contracts are subject to cancellation or suspension on short notice at the discretion of the client, and the contracts in our remaining performance obligations are subject to changes in the scope of services to be provided as well as adjustments to the costs relating to the contract.”
Annual report 2025A · The company itself
Driver · strengthens · strength 2/3
“Vi förväntar oss en återgång till tillväxt under 2025.”
Annual report 2024A · The company itself
Driver · weakens · strength 3/3
“2024 innebar en historiskt utmanande period för spelindustrin, med cirka 14 800 förlorade arbetstillfällen under året, den högsta siffran någonsin. Det har varit en svår tid för många, men tack vare EG7:s starka kassaposition och stabila operativa kassaflöde från liveserviceportföljen kan vi ta vara på möjligheter som uppstår och investera i attraktiva projekt, såsom Palia, för att ytterligare stärka vår kärnverksamhet.”
Annual report 2024A · The company itself
Driver · strengthens · strength 1/3
“Samtidigt har Petrol sett en marginell förbättring i resultatet, tidiga tecken på att branschen börjat att återhämta sig och att marknadskorrigeringen närmar sig sitt slut.”
Annual report 2024A · The company itself
Driver · strengthens · strength 2/3
“Med tanke på att tjänsteleverantörernas intäkter inte utvecklas i takt med den ökade nätverkstrafiken skapar detta också efterfrågan på mjukvara för att utnyttja nätverkets resurser bättre, förhindra intäktsläckage och ge konkurrensdifferentiering genom snabb tjänsteförsörjning och överlägsen användarupplevelse.”
Annual report 2024A · The company itself
Driver · weakens · strength 3/3
“Merparten av intäkterna kommer från kunder i telekombran - schen, vilket medför att de makroekonomiska riskerna inte bara är kopplade till konjunkturen i allmänhet utan även till telekombranschens utveckling. Om kundernas ekonomiska förmåga att investera minskar kan det ha en negativ inverkan på bolagets verksamhet och finansiella ställning.”
Annual report 2024A · The company itself
Driver · weakens · strength 3/3
“The demand for Enento Group’s products and services depends on the activity of the business operations of its customers. Slow economic growth or a declining economy may result in a weakening demand for the services of the Group.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Nettoomsättning per geografisk marknadsregion engcon | Års- och hållbarhetsredovisning 2024 Året har präglats av svag efterfrågan på grund av makroekonomiska omvärldsfaktorer, vilket påverkat försäljning och resultat framför allt i Norden.”
Annual report 2024A · The company itself
Driver · weakens · strength 3/3
“De mätbara och riskbegränsande finansiella målen för 2024 var: Nettoomsättningstillväxt, engcons mål är att överträffa tillväxten inom bolagets befintliga marknader genom organisk tillväxt. Nettoomsättningstillväxten har under året uppgått till -13 (-6) procent.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“Det rådande omvärldsläget med osäkerhet kopplat till politisk oro, ökande protektionism och väpnade konflikter samt konjunktursituation kan påverka efterfrågan på våra produkter.”
Annual report 2024A · The company itself
Driver · weakens · strength 3/3
“Marknadsrisker Beskrivning av potentiella risker Hur Eniro hanterar risken Konjunktur och omvärld Omvärldssynen och den ekonomiska konjunkturen kan påverka kundernas investeringsvilja och efterfrågan. Enirokoncernen möter dessa risker genom att bedriva verksamhet mot företag i flera olika branscher och mot flera olika marknader. En hög andel återkommande intäkter och en balanserad kundstruktur bidrar till en positiv intjäning över tid.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“Omvärldens osäkerhet har ökat av flera faktorer, inklusive internationella konflikter och ekonomiska utmaningar som en försvagad valuta och konjunktur.”
Annual report 2024A · The company itself
Driver · strengthens · strength 2/3
“Positive outlook for the Norwegian economy Entra is well-positioned within a stable Norwegian economy, supported by low unemployment and positive prospects for employment growth and mainland GDP growth. It is difficult to predict how escalating geopolitical tensions and trade conflicts may impact inflation, interest rates, and overall economic conditions.”
Annual report 2024A · The company itself
Driver · strengthens · strength 2/3
“Letting market development Office vacancy in the Oslo and Bergen area has increased slightly over the last two years but remains at low levels of around six to eight per cent.”
Annual report 2024A · The company itself
Driver · strengthens · strength 2/3
“There has been a broad and robust growth in market rents over the last few years. Expectations for employment growth, combined with low vacancy and low newbuild volumes, provide room for continued market rental growth in the years to come.”
Annual report 2024A · The company itself
Driver · strengthens · strength 3/3
“The unemployment rate remains low at 2.2 per cent, and the growth in employment is expected to pick up in 2025. The solid fiscal position of Norway, with an all-time high sovereign wealth fund, has supported an expansionary fiscal policy, smoothened business cycles and stabilised the performance of the Norwegian economy. Monetary policy is expected to provide further stimulus through rate cuts in 2025 and 2026. Combined, this points to a pick-up in economic activity in 2025.”
Annual report 2024A · The company itself
Driver · weakens · strength 3/3
“Fokus på lönsamhet i en dämpad marknad Att inga transaktioner genomfördes under 2024 visar på en avvaktande hållning och ökade avkastningskrav bland kunder. Den svaga nordiska marknaden präglas av lägre prognosticerade elpriser, högre kostnader för vindturbiner och ett förhöjt ränteläge.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“Med en europeisk och framförallt nordisk marknad som präglades av förlängda säljcykler och politisk osäkerhet presterade Eolus ändå god framdrift av såväl projekt under utveckling och byggnation som kommersialisering på samtliga marknader.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“Vi har både adderat och avslutat projekt under året men främst beror nettominskningen på en ombalansering av Eolus fokus från tillväxt i volym till tillväxt i värde.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“Politiska villkor sätter förutsättningar för utveckling av projekt för förnybar energi, men branschen påverkas även av konjunktur, ränteläge, elpriser och valutakurser.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“Kundernas förmåga och vilja att investera i förnybara energianläggningar påverkas av makroekonomiska och politiska förändringar.”
Annual report 2024A · The company itself
Driver · weakens · strength 3/3
“Redan under 2023 såg vi tecken på svagare konjunktur, med lägre orderingång i mer konjunkturkänsliga segment som exempelvis tillverkande industri. Under 2024 har nedgången påverkat även mindre konjunkturkänsliga segment, där även vissa infrastrukturprojekt har förskjutits i tid, vilket har påverkat våra kunders efterfrågan.”
Annual report 2024A · The company itself
Driver · weakens · strength 3/3
“Utvecklingen 2024 Efterfrågan på Beijer Electronics produkter påverkades av sämre konjunktur, främst inom tillverkande industri och i Asien, medan det marina segmentet utvecklades positivt. » I början av året tog Beijer Electronics beslut om en ny strategi med fokus på det marina området, på tillverkande industri och på applikationer för särskilt krävande miljöer, samtliga exempel på styrkeområden för affärsenheten.”
Annual report 2024A · The company itself
Driver · weakens · strength 3/3
“Svagare efterfrågan påverkade försäljning och resultat Beijer Electronics orderingång uppgick till 807 mkr (892). Omsättningen nådde 946 mkr (1 033).”
Annual report 2024A · The company itself
Driver · weakens · strength 3/3
“2024 var ett mellanår för Ependion på en marknad som kännetecknades av geopolitisk osäkerhet och försämrad konjunktur, vilket resulterade i avvaktande kunder och svagare efterfrågan på affärsenheternas produkter och lösningar.”
Annual report 2024A · The company itself
Driver · weakens · strength 3/3
“Westermo påverkades under 2024 av att projekt försköts i tiden och en tillfälligt mer avvaktande hållning från kundernas sida, vilket bidrog till svagare orderingång på 1 237 mkr för helåret.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“Risken för större konjunkturnedgångar som får allvarliga konsekvenser för affärsenheternas försäljningsutveckling och resultat balanseras genom att fokussegmenten har olika cykler och olika stor känslighet för konjunktursvängningar, samt genom interna anpassningar och stor kostnadsmedvetenhet. • IT-säkerhetsrisk: Risken för intrång i datorsystem, stöld av affärskritiska data eller sabotage av kritiska datorsystem genom cyberattacker motarbetas med hjälp av ett noga utformat säkerhetsarbete och regelbundna utbildningsinsatser. • Beroende av kunder: Risken att förändringar hos enskilda kunder medför betydande negativ påverkan på försäljning och resultat balanseras genom att affärsenheterna har olika exponering och att affärslogiken skiljer sig åt inom de fem fokussegmenten. • Störningar och skador som påverkar produktions- och försörjningskedjan: Risken för betydande förseningar och problem vid uppstart av ny produktserie, vid kraftig tillväxt eller vid leverantörsrelaterade störningar, hanteras genom väl etablerade processer för såväl teknik- som kompetensöverföring, ett rutinbaserat arbetssätt som säkerställer kvalitet och genom de satsningar som skett för att stärka försörjningskedjan och säkerställa redundans.”
Annual report 2024A · The company itself
Driver · strengthens · strength 3/3
“Den växande globala befolkningen och den starka urbaniseringstrenden är två långsiktiga drivkrafter för tillväxt för investeringar inom infrastruktur.”
Annual report 2024A · The company itself
Driver · mixed effect · strength 2/3
“Utrustningen kräver regelbundet underhåll och kundernas behov av reservdelar och förbrukningsvaror är återkommande och relativt stabilt över konjunkturcykeln. Till exempel, vid en lågkonjunktur när investeringarna i ny utrustning minskar, då är det ännu viktigare för kunderna att sköta underhållet för att bibehålla eller förbättra produktiviteten samt öka utrustningens livslängd.”
Annual report 2024A · The company itself
Driver · weakens · strength 3/3
“Efterfrågan av Epirocs utrustning och tjänster påverkas av förändringar i kunders investeringsplaner och produktionsnivåer. Dessa kan förändras på grund av ekonomiska nedgångar, geopolitiska spänningar och volatilitet i priserna på mineralråvaror.”
Annual report 2024A · The company itself
Strategy · strengthens · strength 2/3
“Epirocs mål är att uppnå en årlig intäktstillväxt på 8% över en konjunkturcykel. Den genomsnittliga årliga intäktstillväxten var 9% under 2015-2024.”
Annual report 2024A · The company itself
Driver · strengthens · strength 3/3
“Det är inte längre nödvändigt att gå till börsen för att finansiera tillväxt. Aktörer på den privata investeringsmarknaden såsom EQT kan stödja företag från ett tidigt skede till att de blir globala marknadsledare.”
Annual report 2024A · The company itself
Driver · strengthens · strength 3/3
“Modellen för privat ägande Omfattande investeringsuniversum med attraktiva möjligheter Privat ägande erbjuder en ägarmodell med tydliga fördelar för många företag och tillgångar. Tillgången till kapital, djup sektorspecifik och operationell expertis samt globala insikter möjliggör att företag och tillgångar snabbt kan skalas och transformeras, med stark styrning och incitamentsstruktur som grund.”
Annual report 2024A · The company itself
Driver · strengthens · strength 3/3
“Marknaden förväntas fortsätta växa till följd av ökade investeringsallokeringar i takt med att både institutionella och privata investerare söker sig till privata marknader. Marknaden förväntas dubbleras till 2030 och sedan dubbleras igen till 2040 1) .”
Annual report 2024A · The company itself
Driver · weakens · strength 3/3
“Risker som uppstår från en rad ekonomiska faktorer och marknadsvolatilitet, vilket kan påverka portföljens avkastning, värderingar och investeringsutfall. Potentiell påverkan: — Osäkerhet kring värderingar kan leda till långsammare takt för investeringar och avyttringar. — Svaga resultat eller finansiella problem i portföljbolag. — Hårdare finansieringsvillkor för nya transaktioner. — Ändrade förutsättningar för börsnoteringar begränsar de potentiella avyttringsmöjligheterna och leder till längre innehavsperioder. — Carried interest senarelagd eller inte uppnådd. — Längre tidsramar för kapitalanskaffning.”
Annual report 2024A · The company itself
Strategy · strengthens · strength 2/3
“EQT:s tematiska investeringsstrategi bygger på att investera i bolag och tillgångar med starka marknadspositioner inom motståndskraftiga sektorer som gynnas av långsiktiga strukturella trender, vilket gör dem mindre korrelerade med konjunkturcykeln.”
Annual report 2024A · The company itself
Driver · weakens · strength 3/3
“Negative changes in general economic conditions, including interest rates, the level of inflation, unemployment rates, income, home prices, investment values and consumer confidence, could adversely affect us. Our customers, and therefore our business and revenues, are sensitive to negative changes in general economic conditions, including the demand and availability of affordable credit and capital, the level and volatility of interest rates, the level of inflation, employment levels, consumer confidence, and housing demand, both inside and outside the United States.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Demand for our services tends to be correlated to general levels of economic activity and to consumer credit activity, which can be impacted by changes in interest rates and the level of inflation.”
Annual report 2025A · The company itself
Driver · strengthens · strength 3/3
“Demand for our services tends to be correlated to general levels of economic activity and to consumer credit and small business commercial credit decisioning and portfolio review, marketing, identity validation and fraud protection activity, employee hiring and onboarding activity, and activity in provisioning support services in the U.S. by government agencies.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Svak industriproduksjon i Europa og posisjonering av finansinstitusjoner førte til et press nedover på prisen gjennom året.”
Annual report 2024A · The company itself
Driver · weakens · strength 3/3
“Vesentlig finansiell risiko: Helse og sikkerhet effekter på verdiskaping Manglede opprettholdelse av forhold knyttet til helse og sikkerhet i forbindelse med våre egne aktiviteter og oppstrøms i verdikjeden kan ha innvirkning på våre operasjoner, tillatelse til å drive virksomhet, kontantstrøm og fremtidig verdiskaping. Flere risikofaktorer kan bidra til helse- og sikkerhetshendelser, som operasjonell svikt, eksponering for farlige stoffer, naturkatastrofer, epidemier eller pandemier etc. Flere eksempler og informasjon vedrørende dette er å finne under delen om helse-, sikkerhets- og miljøfaktorer i kapittel 5.2 Risikofaktorer.”
Annual report 2024A · The company itself
Strategy · strengthens · strength 2/3
“For å vurdere vår omstillingssrisiko og samsvar med scenarioer for globale utslippsreduksjoner som er forenlige med Paris-avtalen, gjennomfører vi årlige robusthetstester av porteføljen vår ved å benytte IEAs STEPS, APS og NZE-scenarier.”
Annual report 2024A · The company itself
Driver · strengthens · strength 3/3
“Hallituksen toimintakertomus 2 2 Hallituksen toimintakertomus 1.1.–31.12.2025 TOIMINTAYMPÄRISTÖ Etteplanin liiketoimintaan vaikuttaa keskeisimmin globaali koneja metalliteollisuuden kehitys.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“LIIKETOIMINNAN RISKIT JA EPÄVARMUUSTEKIJÄT Etteplanin taloudellinen tulos on alttiina useille strategisille, toiminnallisille ja taloudellisille riskeille. Yleisen taloudellisen kehityksen aiheuttamat epävarmuudet ovat edelleen Etteplanin liiketoiminnan riskejä.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Asiakkaiden liiketoiminnan mahdolliset muutokset ja kustannussäästöt ovat merkittävä riski Etteplanin liiketoiminnalle.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Epävarmuus ja siitä johtuva heikko kulutuskysyntä näkyvät asiakkaidemme kustannussäästöinä ja uusien investointipäätösten hitautena. Hankkeita keskeytetään ja lykätään edelleen, mikä heikentää kysyntätilannettamme ja tekee markkinatilanteen ennakoinnista erittäin vaikeaa.”
Annual report 2025A · The company itself
Market · strengthens · strength 2/3
“Etteplanin asiakaskunnasta suurin osa on teollisuusyrityksiä, joiden toimintaympäristön kehitykseen vaikuttaa moni globaali megatrendi, kuten globaalin talouden rakenteelliset muutokset, kaupungistuminen, ilmastonmuutos sekä kestävä kehitys.”
Annual report 2025A · The company itself
Driver · strengthens · strength 3/3
“Under Connecticut law, all of CL&P's customers are entitled to choose their energy suppliers, while CL&P remains their electric distribution company. For those customers who do not choose a competitive energy supplier, CL&P purchases power on behalf of, and passes the related cost, without mark-up, through to those customers under standard service (SS) rates for customers with less than 500 kilowatts of demand (residential customers and small and medium commercial and industrial customers), and supplier of last resort service (LRS) rates for customers with 500 kilowatts or more of demand (larger commercial and industrial customers).”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Risks Related to Our Stores and Operations Adverse economic or other conditions in the markets in which we do business could negatively affect our occupancy levels and rental rates and therefore our operating results. Our revenues and net operating income can be negatively impacted by general economic factors and other conditions that lead to a reduction in demand for rental space in the markets in which we operate.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Uncertainty in the credit and financial markets may negatively impact our ability to access additional debt financing or to refinance existing debt maturities on favorable terms (or at all), which may negatively affect our ability to make acquisitions and fund development projects. Credit and financial markets can be volatile and may be impacted by diminished liquidity and credit availability, rising interest and inflation rates, declines in economic growth and uncertainty about economic stability as well as geopolitical events such as the ongoing conflict between Russia and Ukraine, Israel and Hamas, and Israel and Iran, terrorism, civil unrest and acts of war.”
Annual report 2025A · The company itself
Market · strengthens · strength 2/3
“Self-storage provides a convenient way for individuals and businesses to store their possessions due to life changes, or simply because of a need for storage space. The mix of residential tenants using a store is determined by a store’s local demographics and often includes people who are experiencing life changes such as downsizing their living space or others who 7 are not yet settled into a permanent residence.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“General Risks •Macroeconomic downturns or uncertainties may harm our industry, business, and results of operations; •We face risks associated with having operations and employees located in Israel; •Our business is subject to the risks of earthquakes, fire, power outages, floods, and other catastrophic events, and to interruption by man-made problems such as terrorism; and •Climate change and associated regulation may have an impact on our business.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Table of Contents General Risks Macroeconomic downturns or uncertainties may harm our industry, business, and results of operations We operate globally and as a result, our business, revenues, and profitability may be impacted by global macroeconomic conditions. Adverse macroeconomic conditions both in the U.S. and abroad, including, but not limited to, rising interest rates, inflationary pressures on goods and services, challenges in the financial and credit markets, labor shortages, supply chain disruptions, trade uncertainty, adverse changes in global taxation and tariffs, sanctions, outbreaks of pandemic diseases, political unrest and social strife, armed conflicts, or other impacts from the macroeconomic environment could adversely affect our business, financial condition, results of operations and cash flows through, among others, softer demand of our products and services as well as unfavorable increases to our operating costs, which could negatively impact our profitability.”
Annual report 2025A · The company itself
Driver · strengthens · strength 3/3
“igen den høje beskæftigelse og gode økonomiske vilkår som gør det muligt for rigtig mange familier at realisere deres boligdrømme. København (22% over 2024) og Århus (62 % over 2024) trak igen i 2025 godt op i statistikken, hvilket er bemærkelsesværdigt da det sker på baggrund af solide prisstigninger igennem en årrække.”
Annual report 2025A · The company itself
Driver · strengthens · strength 3/3
“Transaktionsmiljøets vilkår har været relativt sunde, igen i 2025 på baggrund af en stærk dansk økonomi, høj beskæftigelse og et mere roligt og stabilt renteniveau.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Merparten av Fastpartners hyresavtal är helt eller delvis bundna till konsumentprisindex (KPI) vilket innebär att de är helt eller delvis inflationsjusterade. l l l KREDITRISK Fastpartners primära motpartsrisk ligger i att hyresgästerna inte kan fullgöra sina betalningar enligt hyres kontrakten.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“Det finns alltid en risk att hyresgästerna inte kan infria åtaganden i form av de hyreskontrakt som de ingått med Fastpartner. I samband med förvärv och uthyrningar värderas motpartsrisken och avtalen kompletteras vid behov med säkerheter i form av depositioner, bankgarantier, moderbolagsborgen och liknande. Fastpartner arbetar mycket nära sina hyresgäster och följer löpande utvecklingen av deras finansiella ställning. Fastpartner bedömer att bolagets hyresgäster, med ett fåtal undantag, har en god finansiell ställning. l l l RISKER I SAMBAND MED FASTIGHETS- FÖRVÄRV Fastighetsförvärv är en del av Fastpartners löpande verksamhet och är till sin natur alltid förenade med viss osäkerhet.”
Annual report 2024A · The company itself
Driver · weakens · strength 3/3
“Fastpartner bedömer att bolaget besitter rätt kompetens för att genomföra fastighetsförvärv och integrera dessa i verksamheten. l l l EXPONERING MOT VÄRDE- FÖRÄNDRINGAR PÅ FASTIGHETER Fastpartner är exponerat mot förändringar av fastighetsportföljens marknadsvärde. Sjunkande marknadsvärden kan inträffa bland annat till följd av försvagad konjunktur, stigande räntelägen, avflyttningar av hyresgäster eller försämrad teknisk standard. Fallande fastighetsvärderingar slår direkt på resultatet och leder till minskat eget kapital.”
Annual report 2024A · The company itself
Driver · weakens · strength 3/3
“Our performance and value are subject to general risks associated with the real estate industry. Our economic performance and the value of our real estate assets, and consequently, the value of our investments, are subject to the risk that if our properties do not generate revenues sufficient to meet our operating expenses, including debt service and capital expenditures, our cash flow and ability to pay distributions to our shareholders will be adversely affected.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“A decline in current economic conditions could adversely impact our volume of leasing activity and the amount of rent we are able to charge to new or renewing tenants.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Our ability to make scheduled principal payments of, to pay interest on, or to refinance our indebtedness will depend primarily on our future performance, which to a certain extent is subject to economic, financial, competitive and other factors beyond our control. There can be no assurance that our business will continue to generate sufficient cash flow from operations in the future to service our debt or meet our other cash needs.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“We continue to experience strong demand for our commercial space as evidenced by the 2.3 million square feet of comparable space leasing we've completed in 2025, and the 2.0% spread between our leased rate of 96.1% and our occupied rate of 94.1%. However, the effects of inflationary pressures and elevated interest rates continue to negatively impact our business with the largest impacts being higher interest costs, increased material costs, and higher operating costs.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Our primary business is to transport goods, so our business levels are directly tied to the purchase and production of goods and the rate of global trade growth — key macroeconomic measurements influenced by, among other things: inflation and deflation; international trade policies and relations; supply chain disruptions; interest rates; currency exchange rates; labor costs and unemployment levels; fuel and energy prices; inventory levels; spending patterns (including shifts from goods to services and vice versa); disposable income; debt levels; credit availability; political uncertainty; public health crises; geopolitical tensions or conflicts; emerging global trade corridors; and changes to social conditions and regulations. When individuals and companies purchase and produce fewer goods, we transport fewer shipments, and as companies move manufacturing closer to consumer markets and expand the number of distribution centers, we transport shipments shorter distances, which materially and adversely affects our revenue per shipment and results of operations.”
Annual report 2026A · The company itself
Driver · weakens · strength 3/3
“It was a challenging year, even more than we/I anticipated. e very strong market during Covid and eects from a low growth in many countries and other diculties arising from the po - litical and macroeconomic situation in the world aected our business. In earlier periods of low growth and recessions usu - ally the outdoor industry and Fenix Outdoor especially has gained from people buying more goods doing local outdoor ac - tivities and travelling less, but in 2024 the situation was dierent. People travelled more than ever and were also, to some extent, already equipped with goods and equipment purchased during the covid.”
Annual report 2024A · The company itself
Driver · mixed effect · strength 2/3
“We are still facing a challenging market in 2025. In terms of orderbooks for 2025 we do see an improvement for both fall and winter.”
Annual report 2024A · The company itself
Driver · weakens · strength 3/3
“Toimintaympäristö oli läpi vuoden epävakaa, ja vuotta leimasivat työtaistelutoimet, kohonneet kustannukset sekä geopoliittinen ja taloudellinen epävarmuus keskeisillä markkinoillamme.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“vi vil være mere effektive Vi er gået ind i 2026 med udfordrende priser på mælk, grise og afgrøder. Det kalder på at genbesøge planlagte investeringer og vedligehold – er der noget der kan udsættes til 2027.”
Annual report 2025A · The company itself
Strategy · strengthens · strength 2/3
“Aktionærerne Vi sikrer investorerne attraktive afkast på drift og værditilvækst og har fokus på risikospredning på lande, geografi, produkter og driftsgrene.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“A prolonged poor economic environment, including a potential recession in the U.S. or other economies in which our business operates, could result in significant decreases in demand by current and potential clients for our products and services and in the number or dollar amount of transactions we process or accounts we service, which could have a material adverse effect on our business, results of operations and financial condition.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Our exposure to financially troubled customers or suppliers has in the past adversely affected, and could in the future adversely affect, our results of operations. We provide manufacturing services to companies and industries that have in the past, and could in the future, experience financial difficulty.”
Annual report 2026A · The company itself
Driver · weakens · strength 2/3
“High fixed and semi-fixed costs in our manufacturing operations can magnify the impact of utilization variability on earnings and cash flows.”
Annual report 2026A · The company itself
Driver · weakens · strength 3/3
“High or rising interest rates could have a dampening effect on overall economic activity and/or the financial condition of our customers, either or both of which could negatively affect customer demand for our manufacturing services and our customers' ability to repay obligations to us.”
Annual report 2026A · The company itself
Driver · weakens · strength 2/3
“These conditions may result in reduced consumer and business confidence and spending in many countries, tightening in credit markets, reduced liquidity in financial markets, heightened volatility in credit, fixed income, and equity markets, and currency exchange rate fluctuations.”
Annual report 2026A · The company itself
Driver · weakens · strength 3/3
“The worldwide automotive industry is affected significantly by general economic and political conditions over which we have little control. Vehicles are durable goods, and consumers and businesses have latitude in determining whether and when to replace an existing vehicle. The decision whether to purchase a vehicle may be affected significantly by slowing economic growth, geopolitical events, and other factors (including the cost of purchasing and operating cars, trucks, and utility vehicles, the availability and cost of financing, cost of fuel, and EV charging availability and cost).”
Annual report 2025A · The company itself
Driver · mixed effect · strength 2/3
“Our wholesale unit volumes vary with the level of total industry demand and our share of that industry demand. Our wholesale unit volumes also are influenced by the level of dealer inventory, and our ability to maintain sufficient production levels to support desired dealer inventory in the event of supplier disruptions or other types of disruptions affecting our production.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Macroeconomic, Market, and Strategic Risks With a global footprint and supply chain, Ford’s results and operations have been and could continue to be adversely affected by economic or geopolitical developments, including protectionist trade policies such as tariffs, or other events. Because of the interconnectedness of the global economy, financial crises, economic downturns or recessions (including reduced consumer spending), pandemics, natural disasters, wars, social unrest, geopolitical crises, or other significant events in one market can have an immediate and material adverse impact on other markets where Ford operates.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Industry sales volume can be volatile and could decline if there is a financial crisis, recession, public health emergency, or significant geopolitical event.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“•Adverse economic conditions, such as a possible economic downturn or recession, and possible impacts of inflation or stagflation, tariffs, trade policies or other trade disruptions, changing interest rates, changes in government spending or regulation or reduced information technology (“IT”) spending, including firewall spending, may adversely impact our business. •We have been, are currently and may in the future be susceptible to supply chain constraints, supply shortages and disruptions, long or less predictable lead times for components and finished goods and supply changes because some of the key components in our products come from limited sources of supply. •During prior periods of supply chain disruption, including during the COVID-19 pandemic, we increased our purchase order commitments.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“•Our billings, revenue and free cash flow growth, including our product and service billings and revenue, may slow, and our operating margins may decline, particularly if our billings and revenue do not improve or grow as anticipated, or if customer demand, renewal rates, pricing, competitive dynamics, implementation timing, cost structure, or macroeconomic conditions adversely affect our business, which could negatively impact our financial condition and results of operations. •Our real estate assets, including construction, acquisitions, improvements, leasing activity, and ongoing maintenance and management of office buildings, warehouses, data centers and points of presence (“PoPs”), as well as data center operations, expansions or enhancements, could involve significant risks to our business. •Any weakness in sales strategy, productivity, personnel, hiring and retention, and execution could negatively impact our results of operations.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Adverse economic conditions, such as a possible recession and possible impacts of inflation or stagflation, tariffs or other trade disruptions, changing interest rates, reduced information technology spending, including firewall and other security spending, or any economic downturn or recession, may adversely impact our business.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“We may experience slowing growth or a decrease in billings, revenue, operating margin and free cash flow for a number of reasons, including a slowdown in pipeline growth or for demand for our products or services generally, a shift in demand from products to services, decrease in services revenue growth, increased competition, execution challenges including sales execution challenges and lack of optimal sales productivity, worldwide or regional economic challenges based on inflation or possible stagflation, a regional recession or a recession in the global economy, changing interest rates, as a result of regional conflicts, a decrease in the growth of our overall market or softness in demand in certain geographies or industry verticals, such as the service provider industry, changes in our strategic opportunities, execution risks, lower sales productivity and our failure for any reason to continue to capitalize on sales and growth opportunities due to other risks identified in the risk factors described in this periodic report.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“In addition, a significant percentage of our operating expenses are fixed in nature over the near term. Accordingly, in the event of revenue shortfalls, we are generally unable to mitigate the negative impact on margins in the short term.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“In addition, in light of macroeconomic trends and in the event of sales execution challenges for any reason, we may face excess sales capacity, low sales productivity generally, and a decline in productivity in our sales organization.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“The sales prices for our products and services may decline for a variety of reasons or our product mix may change, resulting in lower growth and margins based on a number of factors, including competitive pricing pressures, discounts or promotional programs we offer, a change in our mix of products and services and anticipation of the introduction of new products and services. We have recently conducted such price decreases. Competition continues to increase in the market segments in which we participate, and we expect competition to further increase in the future, thereby leading to increased pricing pressures.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“General Risks Global economic uncertainty, an economic downturn, the possibility of a recession, inflation, changing interest rates, changes to government spending and regulations, and weakening product demand could adversely affect our business and financial performance. Economic challenges caused by economic downturn, any resulting recession, inflation, GDP impact (both domestically and internationally) or change in interest rates can weaken and harm our financial position. The U.S. capital markets have experienced and continue to experience extreme volatility and disruption.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Periods of economic weakness also could accelerate industry-wide shifts in advertising expenditures from linear to digital advertising.”
Annual report 2026A · The company itself
Driver · weakens · strength 2/3
“The strength of the advertising market can fluctuate in response to the economic prospects of specific advertisers or industries, advertisers' spending priorities and the economy in general or the economy of an individual geographic market as described further below.”
Annual report 2026A · The company itself
Driver · weakens · strength 3/3
“Factors that have affected and could in the future affect economic and financial conditions include actual or perceived uncertainty about economic stability (including taxes and tariffs) and social and political 23 uncertainties and conflicts, changes in consumer confidence, recession, high inflation, declining economic growth, diminished availability of credit, higher interest rates, unemployment rates and changes in consumer spending habits. Weak economic conditions have had and may continue to have an adverse impact on the Company's business, financial condition and results of operations. For example, reduced advertising expenditures due to a weak economy can negatively impact our advertising revenues, and increasing inflation raises our labor and other costs required to operate our business.”
Annual report 2026A · The company itself
Driver · weakens · strength 2/3
“These increases were partially offset by lower political advertising revenue principally due to the absence of the 2024 presidential and congressional elections.”
Annual report 2026A · The company itself
Driver · mixed effect · strength 3/3
“Broadly speaking, other than AUM changes due to acquisitions, changes in our AUM depend primarily upon two factors: (i) the increase or decrease in the market value of the securities and instruments held in the portfolio of investments, and (ii) the level and direction of net flows. Changing market conditions, reputational harm and the evolving needs of our clients may cause asset volatility and a shift in our asset mix, which may result in an increase or decrease in our revenues and income.”
Annual report 2025A · The company itself
Driver · strengthens · strength 2/3
“We believe the softer demand growth can to a greater degree be explained by overall economic activity. In developed and mature economies, fuel tends to correlate to the general demand of other consumer goods, meaning oil and products demand will continue to be cyclical for many years to come.”
Annual report 2024A · The company itself
Driver · mixed effect · strength 3/3
“Historically, market rates for charters of our vessels have been volatile. Periodic adjustments to the supply of and demand for oil and product tankers causes the industry to be cyclical in nature. We expect continued volatility in market rates for our vessels in the foreseeable future with a consequent effect on our short and medium term liquidity.”
Annual report 2024A · The company itself
Driver · mixed effect · strength 3/3
“Our reliance on the spot market contributes to fluctuations in cash flows from operating activities as a result of its exposure to highly cyclical tanker rates. Any increase or decrease in the average TCE rates earned by our vessels will have a positive or negative comparative impact, respectively, on the amount of cash provided by operating activities.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“TCE is therefore impacted by both movements in operating revenues, as determined by market freight rates, and voyage expenses, which are primarily comprised of bunker expenses, port charges and canal tolls. In 2024, average market quoted TCE rates decreased for VLCCs, Suezmax tankers and LR2 product tankers as compared to 2023, see “Market Overview and Trend Information” above. The net decrease in average quoted market rates led to a $136.7 million decrease in cash provided by operating activities for the year ended December 31, 2024.”
Annual report 2024A · The company itself
Driver · weakens · strength 3/3
“The principal risks and uncertainties that the Company faces relate to tanker market volatility, ESG factors, operations, compliance, and cyber security as follows: Tanker market volatility Historically, the tanker industry has been highly cyclical, with volatility in profitability, charter rates and asset values resulting from changes in the supply of, and demand for, tanker capacity and changes in the supply of and demand for oil and oil products. These factors may adversely affect the rates payable and the amounts we receive in respect of our vessels.”
Annual report 2024A · The company itself
Strategy · strengthens · strength 2/3
“Our revenues are affected by our strategy to employ some of our vessels on time charters, which have a fixed income for a pre-set period of time as opposed to trading ships in the spot market where their earnings are heavily impacted by the supply and demand balance. If we are not able to obtain new contracts in direct continuation with existing charters or for newly acquired vessels, or if new contracts are entered into at charter rates substantially below the existing charter rates or on terms otherwise less favorable compared to existing contracts terms, our revenues and profitability could be adversely affected.”
Annual report 2024A · The company itself
Driver · weakens · strength 3/3
“den internationale efterspørgsel efter erhvervsmøbler, som er koncernens primære marked, fortsatte en nedadgående tendens i 2024/25”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“At tekstilforretningen har realiseret vækst i et fortsat faldende marked, er et udtryk for, at Gabriel formår at tage markedsandele som følge af en veleksekveret årelang vækststrategi.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Det er ledelsens vurdering, at den internationale efterspørgsel efter erhvervsmøbler, som er koncernens primære marked, fortsatte en nedadgående tendens i 2024/25.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“We have operations outside the United States that make up a significant portion of our total revenue, which can present challenges depending on economic and geopolitical conditions on both a global and regional scale. Adverse economic conditions, including higher interest rates, inflation, higher fuel prices, higher unemployment, or recession, could adversely affect demand for our products and services.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“2024 har präglats av en osäker omvärld, där makroekonomisk instabilitet har påverkat investeringsviljan i flera sektorer. Vi har sett en kraftig minskning av nybyggnationen av bostäder och framför allt en mer långsam tillväxt av laddinfrastruktur än vad som allmänt förutsågs.”
Annual report 2024A · The company itself
Driver · weakens · strength 3/3
“Marknadsförutsättningarna på de marknader där GARO är verksamt har varit utmanande under 2024, präglade av makroekonomiska faktorer som höga räntor, inflation och osäkerhet på finansmarknaderna. Detta har lett till en dämpad aktivitet inom nybyggnation och renovering.”
Annual report 2024A · The company itself
Driver · weakens · strength 3/3
“Den snabba tillväxttakten inom laddinfrastruktur som de flesta förväntade sig har förändrats drastiskt. Lågkonjunkturen, med rådande makroekonomisk osäkerhet, har haft en negativ påverkan på köpbeteende och investeringsbeslut.”
Annual report 2024A · The company itself
Driver · weakens · strength 3/3
“ETT UTMANANDE ÅR MED KRAFTIGA SVÄNGNINGAR För affärsområdet E-mobility blev 2024 ett utmanande år där en prognosticerad stark tillväxt på marknaden kraftigt dämpades. Efterfrågan minskade rejält vilket skapade problem med komponentlager som hade anpassats för en förväntad expansion.”
Annual report 2024A · The company itself
Driver · strengthens · strength 1/3
“Vi bedömer att marknaden återhämtar sig under andra halvåret 2025 vilket skapar nya möjligheter för en fortsatt expansion inom E-mobility.”
Annual report 2024A · The company itself
Driver · strengthens · strength 3/3
“We believe that gas power plays an essential role in the energy transition, serving as a fundamental source of reliable and dispatchable power to support industrialization, grid stability needs, and rising electricity demand from hyperscalers and data centers.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“We operate in highly competitive domestic and international markets, and our products, solutions, and services face significant pressure on technology, quality, delivery, and price.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Customers and counterparties, including those undertaking large infrastructure projects, may delay or cancel purchases or be unable to meet their obligations due to business deterioration, cash flow constraints, reduced availability of financing for certain technologies (such as prohibitions on financing for fossil fuel–based projects), macroeconomic conditions, changes in law or policy, disputes, or other delays.”
Annual report 2025A · The company itself
Driver · strengthens · strength 2/3
“We believe that our industry-defining technologies and commitment to innovation position us well to capitalize on, as well as mitigate adverse impacts from, these long-term trends: •Demand growth for electricity generation – Significant investment, infrastructure, and supply diversity will be essential to help meet forecasted energy demand growth arising from population and global economic growth.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“•Adverse macroeconomic conditions have adversely affected and may continue to adversely affect the consumer finance industry and our MoneyLion business. •Fluctuations in our quarterly financial results have affected the trading price of our stock in the past and could affect the trading price of our stock in the future. •We may be required to issue shares under our contingent value rights agreement. •Changes to our effective tax rate could increase our income tax expense and reduce (increase) our net income (loss), cash flows and working capital, and audits by tax authorities could result in additional tax payments for prior periods. •Our corporate and legal entity structure, as well as our intercompany arrangements, are subject to the tax laws of multiple jurisdictions.”
Annual report 2026A · The company itself
Driver · weakens · strength 3/3
“We may need to change our pricing models to compete successfully. The intense competition and evolving general and economic business conditions (including rising government debt levels, potential government policy shifts, changing U.S. consumer spending patterns, economic volatility, fluctuating tariff rates, trade wars, and high inflation and interest rates, among other things), may require us to change our pricing practices.”
Annual report 2026A · The company itself
Driver · weakens · strength 3/3
“Accordingly, such customers have historically been, and may in the future become, disproportionately affected by adverse macroeconomic conditions. Sustained high levels of unemployment or financial stress due to the global macroeconomic conditions, including elevated interest rates and inflation, may increase delinquencies, defaults, non-payments, foreclosures and bankruptcies with respect to our loans and earned wage access products and may reduce customer engagement with our investment and other 28 Table of Contents financial services.”
Annual report 2026A · The company itself
Driver · weakens · strength 3/3
“Economic downturns could limit consumer demand for our products. The willingness of consumers to purchase our products depends in part on local economic conditions. In periods of economic uncertainty, consumers may purchase more generic, private label, and other economy brands and may forego certain purchases altogether.”
Annual report 2026A · The company itself
Driver · weakens · strength 3/3
“Minskad efterfrågan på bolagets lokaler och bostäder kan leda till ökad vakansnivå. Efterfrågan kan påverkas negativt av externa drivkrafter i form av makroekonomiska faktorer såsom konjunktur- och sysselsättningsutveckling som en följd av högre räntenivåer och inflation eller politiska beslut, Konsekvenser kan vara ökade vakanser, framför allt avseende kommersiella kunder, vilket leder till minskade intäkter och ökade kostnader för beläggning av vakans, såsom anpassning av lokaler och renoveringar.”
Annual report 2024A · The company itself
Driver · mixed effect · strength 2/3
“Verksamhet i fastighetssektorn är även i hög grad påverkad av makroekonomiska faktorer såsom allmän konjunkturutveckling, regionalekonomisk utveckling, sysselsättningsutveckling, produktionstakt för nya bostäder och lokaler, förändringar i infrastruktur, befolkningstillväxt, befolkningsstruktur, inflation, räntenivåer med mera.”
Annual report 2024A · The company itself
Strategy · strengthens · strength 2/3
“Mindre spekulativt, mer hållbart och långsiktigt – Genovas modell bygger på att vi successivt realiserar värdet i våra byggrätter genom egen projektutveckling eller försäljning. Detta ger oss en flexibel kapitalallokering där vi kan anpassa oss efter marknadsförutsättningarna. Vi kan välja att bygga när det är lönsamt eller avyttra byggrätter när det skapar störst värde, i stället för att vara beroende av högt prissatta markanvisningar med fasta åtaganden.”
Annual report 2024A · The company itself
Driver · weakens · strength 3/3
“In 2025, the market for welllocated properties was characterized by generally lower valuation multiples (gross capitalization factors), see note 12. Lower valuation multiples on the German properties has led to a decrease in the value of German high street properties. Based on the valuation report as of December 31, 2025, the Group has decreased the value of the German property portfolio by EUR 6.6 million, from EUR 91.1 million to EUR 84.5 million.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“These include energy price shocks following geopolitical tensions in Europe, subdued global demand, and a period of elevated inflation. After two consecutive years of economic contraction, the German economy returned to modest growth in 2025, with GDP increasing by approximately 0.2%.”
Annual report 2025A · The company itself
Driver · mixed effect · strength 3/3
“The portfolio's value depends on its commercial operation and income and the development and pricing of investment properties in Germany - specifically, German high street properties.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Competition We operate in a highly competitive environment. Our products compete with other commercially available products based primarily on efficacy, safety, tolerability, acceptance by doctors, ease of patient compliance, ease of use, price, insurance and other reimbursement coverage, distribution and marketing.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“HØYE SKADEKOSTNADER FOR MOTORFORSIK- RING I NORGE Forsikringsinntekter fra skadeforsikring økte med 11.0 prosent i 2024. Combined ratio forbedret seg med 1,1 prosentpoeng fra 2023 til 86,0 prosent, drevet av en sterk drift og god fremgang FINANSIELLE MÅL MÅLOPPNÅELSE 2024 MÅL 2024 86,0 % <84 % Kostnadsandel 12,3 % <14 % Solvensmargin internmodell 185 % 140-190% Egenkapitalavkastning etter skatt 22,7 % >22% Utbytte Basert på resultatet for 2024 kr 9,00 Utbyttepolitikk Utdeling av overskuddskapital kr 1,00 Definert som alternativt resultatmål (APM).”
Annual report 2024A · The company itself
Driver · strengthens · strength 2/3
“Forsikringsresultatet økte med 69,7 prosent, drevet av en forbedret skadeprosent, lavere driftskostnader og høyere forsikringsinntekter.”
Annual report 2024A · The company itself
Driver · mixed effect · strength 2/3
“De økonomiske utsiktene internasjonalt er usikre. De nordiske økonomiene har et sterkt utgangspunkt for å takle dagens volatilitet.”
Annual report 2024A · The company itself
Driver · strengthens · strength 2/3
“Den organiske veksten ventes over tid å være i tråd med den nominelle BNP-veksten i Gjensidiges markedsområder i Norden.”
Annual report 2024A · The company itself
Driver · weakens · strength 3/3
“Due to global economic unpredictability and prolonged investment hesitation, our full-year order intake was down by 13%, which also affected net sales development.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Changing customer behavior, such as reduced demand due to a change in customer preferences, may affect the demand for Glaston’s products in the medium and long term. Even if the financial effect was significant, the likelihood of the risk was assessed as low.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Risks Related to General Economic Conditions •We are subject to changes to the macroeconomic and geopolitical environment, health and social events or conditions, the business cycles and credit risk of our customers and the overall level of consumer, business and government spending, which we cannot control and could adversely affect our business, financial condition, results of operations and cash flows. •Investor and other stakeholder interest in our sustainability practices, and our disclosed performance and aspirations for these practices, may, from time to time, result in additional considerations or expectations and expose us to risks.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Events outside of our control and outside of a merchant’s control, including macroeconomic trends, geopolitical developments, and natural disasters may increase the likelihood of chargebacks to certain merchants and, accordingly, losses to our business.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Adverse macroeconomic conditions in any of our markets could force merchants or other customers to cease operations or petition for bankruptcy protection, resulting in lower revenue and earnings for us and greater exposure to potential credit losses and future transaction declines.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“uncertain trade policies and macroeconomic weakness presented multiple challenges to consumers and companies”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Investments in innovation and agile operations create strong foundation for profitable growth in years ahead Solid financial performance in a challenging year During 2025, uncertain trade policies and macroeconomic weakness presented multiple challenges to consumers and companies around the world – including GN.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Organic growth was -6% in 2025, reflecting focused execution in a gradually improving market but negatively impacted by the uncertain trade policies.”
Annual report 2025A · The company itself
Strategy · strengthens · strength 2/3
“This has had the added benefit of de-risking and mitigating impact from current macroeconomic instability and uncertain trade policies.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“We cannot be assured that we will achieve increasing growth rates in future periods as our ability to increase sales to new and existing customers and ultimately our total revenue could fluctuate as a result of a number of factors, such as lower demand or satisfaction with our solutions, the timeliness and success of new products or product enhancements, pricing of our solutions compared to our competitors, competitive conditions, customer spending levels, changes in the type and size of our customer base, the reliability and availability of our customer support, general economic and global market conditions, or other factors that are not known to us at this time.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“However, these customers often have limited budgets and may choose not to allocate resources to our solutions, especially in times of economic uncertainty or recessions. In addition, varying economic conditions could result in decreases or increases in business formations or failures of businesses we serve.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“However, our future capital requirements will depend on many factors, including our growth rate, macroeconomic activity, the timing and extent of spending to support domestic and international development efforts, continued brand development and advertising spend, the level of customer care and general and administrative activities, the introduction of new and enhanced product offerings, the costs to support new and replacement capital equipment, the completion of strategic acquisitions or share repurchases.”
Annual report 2025A · The company itself
Driver · strengthens · strength 3/3
“The following is a summary of some of the more important factors that could affect our businesses: Market •Our businesses have been and may in the future be adversely affected by conditions in the global financial markets and broader economic conditions. •Our businesses have been and may in the future be adversely affected by declining asset values, particularly where we have net “long” positions, receive fees based on the value of assets managed, or receive or post collateral. •Our market-making activities have been and may in the future be affected by changes in the levels of market volatility. •Our investment banking, client intermediation, asset management and wealth management businesses have in the past been adversely affected and may in the future be adversely affected by market uncertainty or lack of confidence among investors and CEOs due to declines in economic activity and other unfavorable economic, geopolitical or market conditions.”
Annual report 2025A · The company itself
Driver · strengthens · strength 3/3
“Many of our businesses, by their nature, do not produce predictable earnings, and all of our businesses are materially affected by conditions in the global financial markets and economic conditions generally, both directly and through their impact on client activity levels and creditworthiness. These conditions can change suddenly and negatively. Our financial performance is highly dependent on the environment in which our businesses operate.”
Annual report 2025A · The company itself
Driver · strengthens · strength 2/3
“In addition, concerns about actual or potential increases in interest rates, inflation and other borrowing costs, a public health emergency, sovereign debt risk and its impact on the relevant sovereign banking system, and limitations on international trade, have, at times, negatively impacted the levels of client activity. General uncertainty about economic, political and market activities, and the scope, timing and impact of regulatory reform, as well as weak consumer, investor and CEO confidence resulting in large part from such uncertainty, has in the past negatively impacted client activity, which has in the past adversely affected and could in the future adversely affect many of our businesses.”
Annual report 2025A · The company itself
Driver · strengthens · strength 3/3
“Our investment banking, client intermediation, asset management and wealth management businesses have in the past been adversely affected and may in the future be adversely affected by market uncertainty or lack of confidence among investors and CEOs due to declines in economic activity and other unfavorable economic, geopolitical or market conditions. Our investment banking business has in the past been and may in the future be adversely affected by market conditions. Poor economic conditions and other uncertain geopolitical conditions may adversely affect and have in the past adversely affected investor and CEO confidence, resulting in significant industry-wide declines in the size and number of underwritings and of advisory transactions, which would likely have and have in the past had an adverse effect on our revenues and our profit margins.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“While we employ a broad and diversified set of risk monitoring and risk mitigation techniques, those techniques and the judgments that accompany their application cannot anticipate every economic and financial outcome or the specifics and timing of such outcomes. Thus, in the course of our activities, we have incurred and may in the future incur losses. Market conditions in recent years have involved unprecedented dislocations and highlight the limitations inherent in using historical data to manage risk.”
Annual report 2025A · The company itself
Driver · mixed effect · strength 2/3
“See Note 20 to the consolidated financial statements for further information about our capital ratios. Business Environment During 2025, the global economy grew, including in the U.S., as economic activity remained resilient despite being impacted by continued inflationary pressures and ongoing geopolitical concerns, as well as uncertainty resulting from changes in international trade policies (including tariffs).”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“In the future, if market and economic conditions deteriorate, and market-making activity levels decline or investment banking activity levels decline, or credit spreads related to hedges on our relationship lending portfolio tighten, net revenues in Global Banking & Markets would likely be negatively impacted.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“In the future, if market and economic conditions deteriorate, it may lead to a decline in asset prices, or investors transitioning to asset classes that typically generate lower fees or withdrawing their assets, and net revenues in Asset & Wealth Management would likely be negatively impacted.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“In the future, if economic conditions deteriorate, it may lead to a decrease in consumer spending or a deterioration in consumer credit, and net revenues in Platform Solutions would likely be negatively impacted.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“We conduct various scenario analyses, including as part of preparing our balance sheet plan, Comprehensive Capital Analysis and Review (CCAR), U.S. Dodd-Frank Wall Street Reform and Consumer Protection Act Stress Tests (DFAST) and our recovery and resolution planning.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“As part of capital planning, we project sources and uses of capital given a range of business environments, including stressed conditions. Our stress testing process is designed to identify and measure material risks associated with our business activities, including market risk, credit risk, operational risk and liquidity risk, as well as our ability to generate revenues.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Our goal is to ensure that we maintain sufficient liquidity to fund our assets and meet our contractual and contingent obligations in normal times, as well as during periods of market stress.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Based on the results of our internal liquidity risk models, described above, as well as our consideration of other factors, including, but not limited to, a qualitative assessment of our condition, as well as the financial markets, we believe our liquidity position as of both December 2025 and December 2024 was appropriate.”
Annual report 2025A · The company itself
Driver · mixed effect · strength 2/3
“Market Risk Management Overview Market risk is the risk of an adverse impact to our earnings due to changes in market conditions. Our assets and liabilities that give rise to market risk primarily include positions held for market making for our clients and for our investing and financing activities, and these positions change based on client demands and our investment opportunities.”
Annual report 2025A · The company itself
Driver · mixed effect · strength 2/3
“Forecast Model Inputs as of December 2025 When modeling expected credit losses, the firm employs a weighted, multi-scenario forecast, which includes baseline, favorable and adverse economic scenarios. As of December 2025, this multi-scenario forecast was weighted towards the baseline and adverse economic scenarios.”
Annual report 2025A · The company itself
Strategy · strengthens · strength 2/3
“We have in place a comprehensive and conservative set of liquidity and funding policies. Our principal objective is to be able to fund ourselves and to enable our core businesses to continue to serve clients and generate revenues, even under adverse circumstances.”
Annual report 2025A · The company itself
Driver · strengthens · strength 3/3
“Den andel av de offentliga kundernas totala driftskostnader som läggs på utemiljö är liten och har varit i det närmaste oberoende av konjunktursvängningar under den senaste femtonårsperioden. Att marknaden är kontraktsbaserad bidrar till en stabil efterfrågan mellan åren. Samtidigt prioriterar såväl kommuner som privata företag underhåll av utemiljöer också vid lågkonjunktur.”
Annual report 2024A · The company itself
Driver · strengthens · strength 2/3
“general economic environment, such as interest rates... and overall economic growth, which impacts the demand for new housing”
Annual report 2025B · From the report
Driver · strengthens · strength 2/3
“An industry exposed to cyclicality The industry is affected by the general economic environment, such as interest rates, which influence borrowing costs for both developers and buyers, and overall economic growth, which impacts the demand for new housing. Population growth, urbanisation, and changes in household formation further drive the need for new homes. In addition, government policies, incentives, and regulatory frameworks determine the pace and direction of construction activity across our regions.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“The industry is influenced by a range of factors, including interest rates, which affect borrowing costs for developers and buyers, and general economic growth, which impacts demand for housing. Population growth, urbanisation, and shifts in household formation also play a role in driving the need for new homes.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“The European construction markets remained subdued throughout 2025. Geopolitical uncertainty and low GDP growth continued to weigh on consumer confidence. Residential new build activity stayed substantially below historical peaks across our regions.”
Annual report 2025A · The company itself
Driver · strengthens · strength 2/3
“When markets rebound, we will be well positioned to deliver attractive returns.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Germany remains our primary challenge, as building activities have not improved for three years, resulting in high overcapacity and fierce competition that continue to compress margins and weigh heavily on Group earnings.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Pricing continues to be a key parameter. In regions with a declining market, there is a risk that adopting a volume strategy to avoid excess production capacity leads to increased price pressure.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“As we do not anticipate a significant market upturn in the near term, we will continue to manage the business with rigorous financial discipline and a strong focus on cash management.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Historically, our network was designed for high output, where higher volumes improved utilisation and margins. In 2025, fluctuating conditions required capacity adjustments at selected plants.”
Annual report 2025A · The company itself
Driver · strengthens · strength 1/3
“Activity in the Nordics was relatively low during the early months of the year; however, several major projects commenced towards the end of the third quarter, and demand from housebuilders began to show promising signs of recovery.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Overall, while there remain some risks to the outlook, including global economic headwinds and uncertainty over the outlook for Russian exports, underlying trends in refinery capacity and expected shifts towards longer-haul routes suggest that product tanker markets are likely to remain tight through 2023, even if some volatility continues to be seen.”
Annual report 2022A · The company itself
Driver · mixed effect · strength 3/3
“The market in broad terms is dependent upon two factors: the supply of vessels and the demand for oil products. The supply of vessels depends on the number of newbuilds entering the market, the demolition of older tonnage and legislation that limits the use of older vessels or sets new standards for vessels used in specific trades. The demand side depends mainly on developments in global economic activity.”
Annual report 2022A · The company itself
Driver · weakens · strength 3/3
“Our business is directly affected by changes in capital expenditures by our customers, and reductions in their capital spending could reduce demand for our services and products and have a material adverse effect on our business, consolidated results of operations, and consolidated financial condition.”
Annual report 2025A · The company itself
Driver · strengthens · strength 3/3
“Some of the more significant determinants of current and future spending levels of our customers are oil and natural gas prices, our customers’ expectations about future prices, global oil supply and demand, the impact on natural gas supply and demand in North America of electrification and data centers power requirements, completions intensity, the world economy, the availability of capital, government regulation, and global stability, which together drive worldwide drilling and completions activity.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Den starka finansiella ställningen ger en stabil grund för förvärvet av Leden Under 2024 minskade efterfrågan i flera branscher, såsom skogs- och jordbruksutrustning, textil och gruvdrift. Samtidigt har efterfrågan inom försvar, säkerhet och energi ökat, dock inte tillräckligt för att uppväga nedgången i övriga branscher.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“Vår affärsmodell bygger på att erbjuda en mer effektiv och hållbar tillverkningskedja vilket attraherar kunder även i en svagare konjunktur.”
Annual report 2024A · The company itself
Driver · strengthens · strength 3/3
“De senaste fem åren har HANZA dubblerat omsättningen från 2,1 miljarder SEK 2019 till 4,9 miljarder SEK 2024, en genomsnittlig tillväxt (CAGR) på 18 procent. Samtidigt har EBITA-marginalen gått från 3,3 procent till 5,6 procent och vinst per aktie har ökat från 0,73 SEK till 2,55 SEK.”
Annual report 2024A · The company itself
Driver · weakens · strength 3/3
“HANZA såg en avmattning av orderingången från vissa kunder under inledningen av 2024, samtidigt som en del av kundbasen fortsätter att växa.”
Annual report 2024A · The company itself
Driver · weakens · strength 3/3
“Exklusive förvärv och valuta uppgår tillväxten till -5 procent. EBITDA uppgick till 442 MSEK (464), vilket motsvarar en EBITDA marginal om 9 procent (11).”
Annual report 2024A · The company itself
Driver · weakens · strength 3/3
“Konjunkturutveckling – Kontraktstillverkning är en relativt konjunkturkänslig verksamhet där HANZA är beroende av hur och i vilken omfattning bolagets kunder väljer att driva sin produktion. En försvagad konjunktur i Sverige eller internationellt skulle kunna medföra en lägre marknadstillväxt för bolaget. Vid en försämring i den allmänna konjunkturen finns risk att HANZAs omsättning och resultat skulle kunna påverkas negativt.”
Annual report 2024A · The company itself
Driver · weakens · strength 3/3
“Risks Relating to Economic, Political and Global Market Conditions Unfavorable economic, political and global market conditions may adversely impact our business and results of operations. The Company’s investment portfolio, Hartford Funds business, and insurance businesses are sensitive to changes in economic, political and global capital market conditions, such as the effect of a weak economy, including: •labor supply shortages •low labor force participation •lower family income •high unemployment •changes in interest rate levels •changes in credit spreads •equity market disruptions •rising inflation •changes in foreign currency exchange rates •a weak real estate market •lower business investment •lower consumer spending In an economic downturn, these factors may adversely affect the demand for insurance and financial products, insurance loss costs, valuation and returns on the investment portfolio, and lower the Company's profitability in some cases, including adverse impacts to our net investment income and operating results.”
Annual report 2025A · The company itself
Driver · mixed effect · strength 2/3
“Written premium growth, for the Company's property and casualty insurance businesses, is a function of retention, pricing, exposure growth and new business, all of which can be impacted by competitive market conditions and general economic conditions.”
Annual report 2025A · The company itself
Driver · mixed effect · strength 2/3
“Changes in the economy can cause an increase or decrease in the number of reported claims (claim frequency). For example, an improving economy could result in more automobile miles driven and a higher number of automobile-related claims, or a change in economic conditions can lead to more or fewer workers’ compensation reported claims.”
Annual report 2025A · The company itself
Driver · strengthens · strength 2/3
“Net Income Year ended December 31, 2025 compared to 2024 Net income increased primarily due to a higher underwriting gain and higher net investment income.”
Annual report 2025A · The company itself
Driver · strengthens · strength 2/3
“Despite general economic uncertainty, currency headwinds and trade policy uncertainty, the demand in the sauna market remained firm, which is a strong signal of resilience and interest in wellbeing through sauna.”
Annual report 2025A · The company itself
Driver · strengthens · strength 2/3
“Read more Sauna culture is gaining significant momentum in the U.S. and Asian markets. Driven by social media and public wellness trends, the total addressable market is continuously expanding.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“There were some positive signs of slowly improving market sentiment, even if the macroeconomic challenges – including weak consumer confidence and challenges in the construction sector – remained largely unchanged.”
Annual report 2025A · The company itself
Driver · strengthens · strength 3/3
“Growing global sauna market Leading global player Strong brands, comprehensive product and service oering and market-leading innovations • Market potential is significant: the global sauna market is close to 4 billion euros and highly fragmented. • Thanks to the increasing awareness of sauna and its health benefits, the market is poised for growth, estimated to exceed the historical average of 5% for the next five years. • The sauna market boasts resilience, especially inthe more mature regions, thanks to consistent replacement demand. • Harvia’s management estimates that the company’s market share has increased during the last few years and surpassed 5% in 2025.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Risks related to macroeconomic conditions: • Our overall business results may suffer during periods of significant inflation, general economic weakness or recessions or as a result of changing governmental policies.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Budget deficits at the federal level and within some state and local government entities have had a negative impact on spending for many health and human service programs, including Medicare, Medicaid and similar programs, which represent significant payer sources for our hospitals and other providers. We anticipate that federal and state budget deficits, the growing magnitude of Medicare and Medicaid expenditures and the aging and health status of the U.S. population, among other factors, will continue to place pressure on government health care programs.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Other risks we face during periods of economic weakness and high unemployment include potential declines in the population covered under managed care agreements, increased patient decisions to postpone or cancel elective and nonemergency health care procedures (including delaying surgical procedures), increases in the uninsured and underinsured populations, increased adoption of health plan structures that shift financial responsibility to patients and increased difficulties in collecting patient receivables for copayment and deductible amounts.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Our facilities may experience growth in total uncompensated care as a result of a number of factors, including conditions impacting the overall economy and unemployment levels.”
Annual report 2025A · The company itself
Strategy · strengthens · strength 2/3
“To achieve these objectives, we align our efforts around the following growth agenda: • grow our presence in existing markets; • achieve industry-leading performance in clinical, operational and satisfaction measures; • recruit and retain physicians and other health care professionals to meet the need for high-quality health services; • continue to utilize economies of scale to grow the Company; • pursue a disciplined development strategy; and • advance our digital and artificial intelligence (“AI”) capabilities.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Uncertain global and domestic macro-economic and political conditions could materially adversely affect our results of operations and financial condition. Uncertain global and domestic macro-economic and political conditions that affect the economy and the economic outlook of the United States, Europe, Asia and other parts of the world could have a material adverse effect on our business, financial condition or operating results.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Recessionary or inflationary conditions and depressed levels of consumer and commercial spending may also cause customers to reduce, modify, delay, or cancel plans to purchase our products and may cause suppliers to reduce their output or change their terms of sale. We have experienced inflationary pressures, including higher freight costs and interest expense, and pressures resulting from the strengthening of the dollar, which have and continue to impact our results of operations.”
Annual report 2025A · The company itself
Driver · strengthens · strength 2/3
“The Centers for Medicare and Medicaid Services, or CMS, published “National Health Expenditure Data” indicating that total national health care spending reached approximately $5.3 trillion in 2024, or 18.0% of the nation’s gross domestic product, the benchmark measure for annual production of goods and services in the United States. Health care spending is projected to reach approximately $8.6 trillion by 2033, or 20.3% of the nation’s projected gross domestic product.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Economic weakness or uncertainty has contributed, and may contribute, to customer financial difficulties, thereby constraining customer spending on IT projects or upgrades, including through reduced, postponed, or cancelled orders. Such dynamics have resulted in, and may result in, decreased revenue and earnings.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Economic weakness and uncertainty and the volatile inflationary and geopolitical environment have constrained spending on enterprise infrastructure. This has in the past adversely affected the demand for our products, services, and solutions, which has impacted our financial condition and results of operations.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Our stock price, like that of other technology companies, can be volatile and can be affected by, among other things, speculation, coverage, or sentiment in the media or the investment community; the announcement and anticipated timing of new, planned or contemplated products, services, technological innovations, acquisitions, divestitures, or other significant transactions by us or our competitors; developments in our aaS business model; our perceived progress in integrating acquired companies; our quarterly financial results and comparisons to estimates by the investment community or financial outlook provided by us; the financial results and business strategies of our competitors; inflation; market volatility or downturns caused by outbreaks, epidemics, pandemics, geopolitical tensions or conflicts, or other macroeconomic dynamics; developments relating to pending investigations, claims, and disputes; or the timing and amount of our share repurchases.”
Annual report 2025A · The company itself
Driver · strengthens · strength 2/3
“Hexagon levererar goda resultat med en stark rörelsemarginal på 29,7% (2024) och siktar på en årlig tillväxt på 8-12% genom en kombination av organisk innovation och strategiska förvärv.”
Annual report 2024A · The company itself
Driver · strengthens · strength 2/3
“Not: Årlig genomsnittlig total tillväxt på 8-12% under 2022-2026. -1%Resultat 2024 8-12%Mål Årlig försäljningstillväxt KORTSIKTIGA MÅL Våra finansiella mål speglar vårt engagemang för hållbar tillväxt, verksamhetsoptimering och värdeskapande för våra intressenter.”
Annual report 2024A · The company itself
Driver · weakens · strength 3/3
“Allmänna ekonomiska och finansiella marknadsförhållanden, inklusive ränteläget, påverkar benägenheten och förmågan hos Hexagons befintliga och potentiella kunder att investera i olika teknologier. Svaga makroekonomiska förhållanden globalt eller i delar av världen kan därför leda till lägre marknadstillväxt än förväntat och minska intäkterna för Hexagon, eller ha andra effekter, som att förlänga försäljningscykeln.”
Annual report 2024A · The company itself
Driver · weakens · strength 1/3
“Det framtida faktiska utfallet kan således skilja sig från uttalandena på grund av faktorer såsom ändrade förhållanden inom ekonomi, marknad och konkurrenssituation, ändrade lagar och andra politiska åtgärder samt valutakursfluktuationer och andra faktorer.”
Annual report 2024A · The company itself
Driver · weakens · strength 3/3
“2024 var Generell tillverkning den enskilt största kundkategorin och stod för 12 procent av nettoomsättningen. För Hexagon kan denna kundkategori innebära vissa risker då en nedgång eller svag utveckling inom Generell tillverkning kan ha en negativ inverkan på Hexagons verksamhet.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“Refinansieringsrisk består i att Hexagon inte har tillräcklig finansiering tillgänglig för att refinansiera lån som förfaller, beroende på att befintliga långivare inte vill lämna ytterligare kredit eller att Hexagon stöter på svårigheter att skaffa nya långivare vid en given tidpunkt. Koncernens förmåga att klara den framtida kapitalförsörjningen är till stor del beroende av hur väl Hexagon lyckas i sin försäljning av produkter och tjänster.”
Annual report 2024A · The company itself
Driver · weakens · strength 3/3
“With a weaker near-term demand outlook, capital discipline is now the key priority as we enter 2025.”
Annual report 2024A · The company itself
Driver · weakens · strength 3/3
“Hexatronic är beroende av makroekonomiska förhållanden samt tillväxt och finansiell utveckling hos sina största kunder.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“Omsättningen har minskat med 7 procent för koncernen jämfört med föregående räkenskapsår.”
Annual report 2024A · The company itself
Strategy · strengthens · strength 2/3
“Hexatronic mål är att växa med minst 20 procent per år över en konjunkturcykel. Under 2024 minskade försäljningen med 7 procent till 7 581 MSEK.”
Annual report 2024A · The company itself
Driver · weakens · strength 3/3
“HEXPOL levererade under 2024 ännu en gång ett bra resultat med starka marginaler och bra kassaflöde, och det i en marknad med svåra utmaningar och en aldrig sinande ström av osannolika omvärldsförändringar.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“I likhet med vad som gäller för nästan all verksamhet påverkar det allmänna konjunkturläget volymerna hos HEXPOL:s befintliga och potentiella kunder. En svag konjunkturutveckling i hela eller delar av världen kan därför komma att medföra lägre marknadstillväxt än vad som förväntats.”
Annual report 2024A · The company itself
Driver · weakens · strength 3/3
“Toiminnan uudelleenjärjestelyt Tammi-syyskuun 2025 osavuosikatsauksen yhteydessä Hiab ilmoitti käynnistäneensä suunnittelun ohjelmasta, jonka tavoitteena on saavuttaa noin 20 miljoonaa euroa alhaisempi kustannustaso vuonna 2026 vuoteen 2025 verrattuna. Ohjelmalla Hiab pyrkii ennakoivasti sopeutumaan markkinaympäristön jatkuneeseen epävarmuuteen.”
Annual report 2025A · The company itself
Strategy · strengthens · strength 2/3
“Kasvihuonekaasupäästöjen vähentäminen ja samalla ilmastonmuutoksen hillinnän tuomiin mahdollisuuksiin tarttuminen ovat keskeisiä tekijöitä Hiabin strategiassa ja tulostavoitteissa. Tätä todistaa myös yhtiön tavoite lisätä ekoratkaisujen tuoteryhmän liikevaihdon osuutta kokonaisliikevaihdosta (lisätietoja kohdassa Hiabin strategia ja liiketoimintamalli osiossa Yleiset tiedot).”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Some of our management contracts provide early termination rights to hotel owners upon certain events, including the failure to meet certain financial or performance criteria. Performance test measures typically are based upon the hotel’s performance individually and/or in comparison to specified competitive hotels.”
Annual report 2025A · The company itself
Driver · mixed effect · strength 2/3
“Seasonality The hospitality industry is seasonal in nature. The periods during which our properties experience higher or lower levels of demand vary from property to property, depending principally upon their location, type of property and competitive mix within the specific location.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Cyclicality The hospitality industry is cyclical, and demand generally follows, on a lagged basis, key macroeconomic indicators. There is a history of increases and decreases in the development and supply of and demand for hotel rooms, occupancy levels and room rates realized by hotel owners through economic cycles.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Macroeconomic conditions, geopolitical activity, public health concerns and other factors beyond our control can adversely affect and reduce demand for our products and services. Macroeconomic conditions, geopolitical activity, public health concerns and other factors beyond our control can reduce demand for hospitality products and services, including demand for rooms at our hotels.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Consumer demand for our services is closely linked to the performance of the general economy and is sensitive to business and personal discretionary spending levels. Decreased global or regional demand for hospitality products and services can be especially pronounced during periods of economic contraction or low levels of economic growth, and the recovery period in our industry may lag overall economic improvement.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“VÄSENTLIGA HÄNDELSER 2024 har levererat en svagare orderingång och därmed minskat organiskt försäljningsresultat. Å ena sidan har 2024 präglats av en avvaktande marknad där investeringar skjutits på framtiden på grund av höga kapitalkostnader, avvaktande konsumenter och osäkerheter i omvärlden.”
Annual report 2024A · The company itself
Driver · mixed effect · strength 3/3
“Den ekonomiska cykelns påverkan på marknaden för förfallna lån Stark ekonomisk tillväxt Sämre ekonomisk tillväxt Utbudet av förfallna lån Mer utlåning ger större kreditstock (större utbud) Sämre ekonomi leder till generellt mindre utlåning (mindre utbud) Lägre andel lån med betalningsstörningar (mindre utbud) Ökad andel förfallna lån (större utbud) Återbetalningskapaciteten på fordringar Lägre arbetslöshet ger låntagare med bibehållen betalningsförmåga (större återbetalningskapacitet) Högre arbetslöshet ger låntagare med minskad betalningsförmåga (lägre återbetalningskapacitet) (1) EuropeanBankingAuthority,RiskandDataAnalysis, https://www.eba.europa.eu/risk-and-data-analysis/data Års- och hållbarhetsredovisning 2024 | Marknad 12 Innehåll Året i korthet Vd-ord Om Hoist Finance Strategi och finansiella mål Marknad Den europeiska transaktionsmarknaden för förfallna lån Marknadsdrivkrafter Tre pelare Våra medarbetare Vår aktie Riskhantering Förvaltningsberättelse Bolagsstyrningsrapport Räkenskaper Hållbarhetsrapport Årsredovisningens undertecknande Revisionsrapporter Femårsöversikt Definitioner Aktieägarinformation Tre typer av köpare på marknaden för förfallna lån Köparna på marknaden för förfallna lån kan delas in i tre typer; finansiella investerare, specialiserade kredithanteringsföretag samt reglerade banker och finansinstitut.”
Annual report 2024A · The company itself
Driver · strengthens · strength 2/3
“Efterfrågan på kartong och papper styrs till stor del av den ekonomiska tillväxten och befolkningsutvecklingen, men också av ändrade konsumentbeteenden och en ökad digitalisering.”
Annual report 2024A · The company itself
Driver · weakens · strength 3/3
“Det har dock ännu inte fått fart på konsumtion eller nybyggnation utan marknadsförhållandena var fortsatt utmanande samtidigt som konkurrensen om skogsråvaran var hög.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“Efterfrågan på Holmens produkter påverkas av bland annat makroekonomiska och politiska faktorer samt konkurrenskraften hos främst europeiska producenter.”
Annual report 2024A · The company itself
Driver · strengthens · strength 2/3
“Generally, our highest volume of sales occurs in our second fiscal quarter, as we move into the spring season in the regions in which we operate.”
Annual report 2026A · The company itself
Driver · weakens · strength 3/3
“Our financial performance depends significantly on the stability of the housing and home improvement markets, as well as general economic conditions, including changes in gross domestic product. Adverse conditions in or uncertainty about these markets, the economy, or the political or social climate could adversely impact, and we believe in some cases has adversely impacted, our customers’ confidence or financial condition, causing them to decide against purchasing home improvement products and services, causing them to delay purchasing decisions, or impacting their ability to pay for products and services.”
Annual report 2026A · The company itself
Driver · weakens · strength 2/3
“Further, our specialty trade and MRO customers, who have higher spend and longer-term relationships than a typical retail customer, increasingly use trade credit to finance their purchases, as do some of our other Pros in order to purchase our products. Their ability to pay is highly dependent on the economic strength of the industry in which they operate. If these customers are unable to repay the trade credit invoice, we may face greater default risk, which could reduce our cash flow and adversely affect our results of operations.”
Annual report 2026A · The company itself
Driver · strengthens · strength 3/3
“Our industry is influenced by the cyclical relationship between the supply of and demand for hotel rooms. Lodging demand growth typically is related to the vitality of the overall economy, in addition to local 5 Table of Contents market factors that stimulate travel to specific destinations. Trends in economic indicators such as gross domestic product (“GDP”) growth, business investment, corporate profits and employment growth are key indicators of the relative strength of lodging demand.”
Annual report 2025A · The company itself
Driver · strengthens · strength 3/3
“The performance of the lodging industry traditionally has been affected by the strength of the general economy and, specifically, growth in gross domestic product. Because lodging industry demand typically follows the general economy, the lodging industry is highly cyclical, which contributes to potentially large fluctuations in our financial condition and our results of operations.”
Annual report 2025A · The company itself
Market · strengthens · strength 2/3
“Our customers fall into three broad groups: transient business, group business and contract business. Similar to the majority of the lodging industry, we further categorize business within these broad groups based on characteristics they have in common as follows: Transient business broadly represents individual business and/or leisure travelers. Our hotels attract both business and leisure travelers; therefore, our hotels' performance as it relates to transient demand is driven by trends related to both of these customer types.”
Annual report 2025A · The company itself
Driver · strengthens · strength 3/3
“Howmet is subject to cyclical fluctuations in global economic conditions and lightweight metals end-use markets. Howmet sells many products to industries that are cyclical, such as the aerospace and commercial transportation industries, and the demand for our products is sensitive to, and quickly impacted by, demand for the finished goods manufactured by our customers in these industries, which may change as a result of changes in regional or worldwide economies, currency exchange rates, interest rates, inflation, energy prices or other factors beyond our control.”
Annual report 2025A · The company itself
Driver · strengthens · strength 2/3
“The commercial aerospace industry is historically driven by the demand from commercial airlines for new aircraft and spare parts. Demand for commercial aircraft and spare parts is influenced by airline industry profitability, trends in domestic and global airline passenger traffic, the state of U.S., regional and world economies, the ability of aircraft purchasers to obtain required financing and numerous other factors.”
Annual report 2025A · The company itself
Driver · strengthens · strength 3/3
“Risks Related to Our Business and Operations The markets for Howmet’s products are cyclical, and such markets and Howmet’s operations are influenced by a number of factors, including global economic conditions and regulations. Howmet is subject to cyclical fluctuations in global economic conditions and lightweight metals end-use markets.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“We have faced and expect to continue to face aggressive price competition and have lowered and may in the future need to lower the prices of many of our products and services to stay competitive, while at the same time trying to maintain or improve our market share, revenue and gross margin. Competitors who have a greater presence in some of the lower-cost markets in which we compete, or who can obtain better pricing, more favorable contractual terms and conditions, and/or more favorable allocations of products and components, have been able to offer and may continue to be able to offer lower prices than we are able to offer. Price competition often increases during periods of lower demand, including as a result of declining macroeconomic conditions.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“For example, we observed a competitive pricing environment, variability in commodity costs, demand softness in Print and demand softness in certain geographic regions in Personal Systems, secular declines in demand for certain products or solutions, including printing products and solutions, inflationary pressures, the imposition of new or increased tariffs and other trade restrictions, and foreign currency fluctuations.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“However, historical seasonal patterns may not continue in the future and such patterns have been and may be impacted by supply constraints, macroeconomic conditions, such as an economic slowdown or inflationary pressures, shifts in customer behavior and the impacts of pandemics or other public health crises.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Economic weakness and uncertainty is expected to continue to adversely affect demand for our products and services and, as a result, our business and financial performance. Our business and financial performance depend on worldwide economic conditions and the demand for our products and services. Ongoing economic weakness, including an economic slowdown or recession, uncertainty in markets throughout the world and other adverse economic conditions, including inflation, changes in monetary policy, changes in levels of government spending, increased interest rates, tariffs and other trade restrictions, exchange rates and an evolving global trade environment, have resulted in, and may continue to result in, decreased demand for our products and services and challenges in managing inventory levels and accurately forecasting revenue, gross margin, cash flows and expenses.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“One set of challenges relates to the current macroeconomic environment and the adverse impact on demand for certain of our products.”
Annual report 2025A · The company itself
Driver · strengthens · strength 1/3
“In fiscal year 2025, total net revenue increased 3.2% (increased 3.7% on a constant currency basis) as compared to the prior-year period.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Industry and Economic Risks Inflation and other unfavorable economic conditions may adversely affect our business results of operations and financial condition. Our operating results can be sensitive to changes in general economic conditions, macro-economic effects of the U.S. government federal deficit, inflation, economic slowdowns, stagflation and recessions. Our sales are subject to market conditions that may cause customer demand for our products to be volatile and unpredictable.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“For example, increases in energy demand and supply disruptions caused by the conflict in Ukraine have resulted in significantly higher energy prices, particularly in Europe. Additionally, the conflict in the Middle East has added to the volatility in energy costs. Persistent high energy prices and the potential for further supply disruptions, may have an adverse impact on our business.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Global economic uncertainty could adversely affect us. During periods of prolonged slow growth, or a downturn in conditions in the worldwide or domestic economies, we could experience reduced orders, payment delays, supply chain disruptions or other factors caused by economic challenges faced by our customers, prospective customers and suppliers. Depending upon their severity and duration, these conditions could have an adverse impact on our results of operations, financial condition and cash flows.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“•Changes in demand for our products, market conditions, product quality, or product availability adversely affecting sales levels. •Ability to effectively develop and introduce new products. •Changes in markets or competition adversely affecting realization of price increases. •Continued softness in the grid automation market of Utility Solutions and residential market of Electrical Solutions. •Failure to achieve projected levels of efficiencies, and maintain cost savings and cost reduction measures, including those expected as a result of our lean initiatives and strategic sourcing plans. •Failure to comply with import and export laws. •Changes relating to impairment of our goodwill and other intangible assets. •Inability to access capital markets or failure to maintain our credit ratings. •Changes in expected or future levels of operating cash flow, indebtedness and capital spending.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Kontorsmarknaden i Stockholm var stabil under året, men uthyr - ningsprocesserna drog ut på tiden då företagen var mer avvaktande i sina beslut om nya lokaler. På de flesta delmarknader ökade vakansgraden.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“Året var utmanande med en svag konjunktur och försämrad köpkraft. Besöks- och försäljnings - utvecklingen var trots förutsättningarna positiv i båda varuhusen jämfört med föregående år men vakanser och höga kostnader medförde att resultatet för NK:s fastighetsförvaltning minskade.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“I Göteborg var vakansgraden fortsatt hög, vilket främst beror på ett stort tillskott av nya kontorsytor de senaste åren. Samtidigt ser vi en växande efterfrågan för högkvalitativa lokaler i centrala Göteborg där marknadshyrorna var stabila och nya toppnivåer noterades.”
Annual report 2024A · The company itself
Driver · weakens · strength 3/3
“Konjunktur Hufvudstadens kommersiella fastigheter inrymmer främst kontor och butiker. En nedgång i konjunkturen med minskad tillväxt, ökad arbetslöshet och sämre lönsamhet för företag, kan leda till minskad efterfrågan på kontorsoch butikslokaler.”
Annual report 2024A · The company itself
Driver · weakens · strength 3/3
“Consumption remained muted as a result of the impact of inflation, geopolitical tensions and an overall uncertainty about the economy.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Economic downturns affect customer and consumer behavior and purchasing power.”
Annual report 2025A · The company itself
Driver · mixed effect · strength 2/3
“Our results of operations depend substantially on net interest income, which is the difference between interest earned on interest earning assets (such as investments and loans) and interest paid on interest bearing liabilities (such as deposits and borrowings). Interest rates are highly sensitive to many factors, including governmental monetary policies, inflation, and domestic and international economic and political conditions. Conditions such as inflation, deflation, recession, unemployment, money supply, and other factors beyond our control may also affect interest rates. In addition, the Federal Reserve’s monetary policies, including changes in the federal funds rate and increasing or reducing the size of its balance sheet, may also affect interest rates.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Weakness in economic conditions could adversely affect our business. Continued economic uncertainty and a recessionary or stagnant economy could adversely affect our business, financial condition, and results of operations.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“A U.S. government debt default would have a material adverse impact on our business and financial performance, including a decrease in the value of Treasury bonds and other government securities held by us, which could negatively impact Huntington’s and the Bank’s capital positions and their ability to meet regulatory requirements. Other negative impacts of a U.S. government debt default, budget deficit concerns, government shutdown, or related credit ratings downgrades could include volatile capital markets, an adverse impact on the U.S. economy and the U.S. dollar, as well as increased default rates among borrowers in light of increased economic uncertainty.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Changes in Huntington’s financial condition or in the general banking industry, or changes in interest rates, could result in a loss of depositor confidence.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“We maintain a contingency funding plan that provides for liquidity stress testing, which assesses the potential erosion of funds in the event of an institution-specific event or systemic financial market crisis. Examples of institution specific events could include a downgrade in our public credit rating by a rating agency, a large charge to earnings, declines in profitability or other financial measures, declines in liquidity sources including reductions in deposit balances or access to contingent funding sources, or a significant merger or acquisition. Examples of systemic events unrelated to us that could have an effect on our access to liquidity would be terrorism or war, natural disasters, political events, failure of a major financial institution, or the default or bankruptcy of a major corporation, mutual fund, or hedge fund.”
Annual report 2025A · The company itself
Driver · strengthens · strength 2/3
“Over the last 40 years, the Danish market for new-build detached houses has been largely stable with annual completions of approximately 6,000 houses on average.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“However, since 2021, the detached market has become more volatile following COVID-19 and challenging macro-economics and increased geopolitical turmoil weighing on consumer confidence. In 2021, the number of annual building permits peaked at above 8,500, dropped to around 3,400 in 2023, and recovered to approx. 4,600 permits in 2025.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“In terms of permits, the Swedish market for detached houses increased by approx. 12% to aorund 2,000 units in 2025, supported by modest signs of gradual improvement in the macroeconomic environment. Demand in 2025 was less than 30% of the historical average in Sweden.”
Annual report 2025A · The company itself
Driver · strengthens · strength 2/3
“(Sweden) To fuel the Swedish economy and counter increasing existing house prices, political incentives are expected in 2026 to increase real estate transactions by offering an increased loan ratio and lower down payments. This development points towards a modest increase in economic activity, and we therefore anticipate a slightly increasing market and moderate growth in 2026.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Under samma period ökade nettoomsättningen med 34 procent, från 36,2 Mdkr till 48,4 Mdkr.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“Under 2024 minskade nettoomsättningen för robotgräsklippare till 7,2 Mdkr (8,1).”
Annual report 2024A · The company itself
Driver · weakens · strength 3/3
“Detta år har varit utmanande, främst på grund av inbromsningen i den globala byggindustrin, särskilt i Nordamerika, vilket har påverkat både försäljningsvolymer och marginaler. Som division har vi vidtagit proaktiva åtgärder för att hantera utmaningarna, till exempel genom att optimera våra lagernivåer och hantera resurser så effektivt som möjligt.”
Annual report 2024A · The company itself
Driver · weakens · strength 3/3
“Försäljningen av robotgräsklip - pare för konsumentmarknaden, bensindrivna hjulburna produkter, handhållna produkter, bevattningsprodukter liksom produkter inom Husqvarna Construction-divisionen minskade under året.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“Minskningen berodde främst på lägre volymer med ökade marknadsföringsaktiviteter, lägre kapacitetsutnyttjande i produktionen och ogynnsam produktmix.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“Avtryck och fasta kostnader Koncernen har en relativt stor tillverkningsbas med motsvarande fasta kostnader. Svängningar i efterfrågan som ett resultat av ekonomiska, säsongsbetonade och väderrelate - rade variationer samt tillgänglighet och tillämpliga ledtider av viktiga komponenter kan innebära en risk.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“Vissa risker i Husqvarna Construction-divisionen Byggmarknaden är mindre väderkänslig än skogs- och träd - gårdsmarknaden. Å andra sidan påverkas den av ekonomiska svängningar och ändringar i den politiska miljön.”
Annual report 2024A · The company itself
Driver · weakens · strength 3/3
“Risks Related to Our Business Downturn in Economic Environment and Client Spending Budgets Could Impact the Company’s Business: If overall demand for IBM’s products and solutions decreases, whether due to general economic conditions, or a shift in client buying patterns, the company’s revenue and profit could be impacted.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“The company’s results of operations also could be affected by economic and political changes in those countries and by macroeconomic changes, including recessions, inflation, currency fluctuations between the U.S. dollar and non-U.S. currencies, capital controls, and adverse changes in trade relationships amongst those countries.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“The Company’s Financial Performance Could Be Impacted by Changes in Market Liquidity Conditions and by Customer Credit Risk on Receivables: The company’s financial performance is exposed to a wide variety of industry sector dynamics worldwide, including sudden shifts in regional or global economic activity. The company’s earnings and cash flows, as well as its access to funding, could be negatively impacted by changes in market liquidity conditions.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Risks Related to Economic and Political Conditions A Slowdown in the U.S. or International Economy Could Materially Adversely Affect the Sales and Profitability of the Company’s Businesses.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Significant reductions to the pet population or to veterinary protocols that reduce the frequency of diagnostic testing, due to macroeconomic conditions or other reasons, could have an adverse effect on our results of operations.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Actual or perceived economic weakness, whether due to inflation or other factors, may also reduce demand for our companion animal, water, livestock, poultry, and dairy products and services, and public health-related guidance and directives, including stay-at-home orders that may be deployed to combat public health issues, and severe weather conditions could result in a decrease in companion animal clinical visits, the delay of elective procedures and wellness visits and disruption of veterinary clinic operations, all of which would have a negative effect on veterinary service providers and result in declines in demand for our CAG products and services.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Volume growth was supported by new business gains, our expanded menu of available tests, and higher utilization in our loyal customer base, partially constrained by macroeconomic and sector headwinds.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Vuosikertomus 2025 Toimintaympäristö Hidasta kasvua Vuonna 2025 Suomessa talouden toipuminen jäi odotetusta jälkeen, ja bruttokansantuotteen kasvu hiipui lähes nollatasolle. Vaikka inflaation hellittäminen ja korkotason lasku loivat edellytyksiä kasvulle, kotimainen kulutus ja etenkin rakennusalan kriisi jarruttivat kehitystä.”
Annual report 2025A · The company itself
Driver · strengthens · strength 2/3
“Nyt vuonna 2026 Suomen talous on vihdoin siirtynyt varovaisen elpymisen vaiheeseen. Talouskasvun ennustetaan asettuvan noin prosentin tuntumaan, mitä siivittävät erityisesti kotitalouksien parantunut ostovoima ja vientikysynnän hienoinen piristyminen.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Vuosikertomus 2025 Toimitusjohtajan katsaus Toimintaympäristö ja yleinen taloustilanne jatkuivat epävarmoina koko vuoden 2025. Odotukset suhdanteen kääntymisestä ovat kuitenkin vahvistuneet, kun investointeja on käynnistetty eri toimialoilla.”
Annual report 2025A · The company itself
Driver · strengthens · strength 3/3
“Brändin luottamus ja tehokkuus strategisina prioriteetteina Epävakaassa markkinatilanteessa brändin rakentaminen on noussut eurooppalaisten yritysten tärkeimmäksi prioriteetiksi. Kuluttajien hakeutuminen tuttujen ja luotettavien toimijoiden pariin vaatii yrityksiltä entistä vahvempaa panostusta brändin autenttisuuteen. Samaan aikaan on kasvava paine osoittaa markkinoinnin tuottoaste (MROI).”
Annual report 2025A · The company itself
Driver · strengthens · strength 3/3
“IMPACT BUILT IN – ILKAN STRATEGIA 2026 – 2028 Ilkka Oyj aloittaa uuden strategisen kauden, jonka tavoitteena on kiihdyttää yhtiön kasvua ja vahvistaa sen roolia teknologian, datan ja markkinoinnin asiantuntijana Suomessa ja kansainvälisesti.”
Annual report 2025A · The company itself
Driver · strengthens · strength 3/3
“Suomen markkinaympäristö tarjoaa kasvupotentiaalin toimijalle, joka pystyy vastaamaan yritysten kasvavaan teknologiatarpeeseen sekä tukemaan tekoälyn ja datan strategisessa hyödyntämisessä.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“ARVIO TOIMINNAN RISKEISTÄ JA EPÄVARMUUSTEKIJÖISTÄ Konsernin strategiset riskit liittyvät teknologisen kehityksen, taloudellisen tilanteen, kilpailuympäristön ja asiakaskäyttäytymisen nopeaan muutokseen.”
Annual report 2025A · The company itself
Driver · strengthens · strength 2/3
“Omsättningen uppgick till 32,5 miljarder kronor, med en EBITA-marginal om 14,4 procent.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“Stabil efterfrågan och försäljningsutveckling Trots ett utmanande och oroligt omvärldsoch konjunkturläge var efterfrågan sammantaget stabil under hela 2024. Både orderingång och försäljning växte totalt med 2 procent jämfört med 2023 och uppgick till 32 respektive 32,5 miljarder kronor.”
Annual report 2024A · The company itself
Driver · weakens · strength 3/3
“Goda möjligheter till hållbar lönsam tillväxt 2024 var ett år med geopolitisk osäkerhet och ett dämpat konjunkturläge i flera större kundsegment.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“Omsättningsutvecklingen påverkades negativt av det allmänt svagare konjunkturläget, men var positiv för bland annat bolag med kunder inom fordonseftermarknaden.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“Patrik Stolpe Senior Vice President Technology & Systems Solution Nettoomsättningen ökade under året med 3 procent, varav jämförbara enheter minskade med 3 procent, förvärv bidrog positivt med 7 procent och valutakursförändringar påverkade negativt med 1 procent.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“Framtidsutsikter 2024 var ett år med geopolitisk osäkerhet och ett dämpat konjunkturläge i flera större kundsegment. Det var också ett år där Indutrades diversifierade struktur och flexibla bolag visade motståndskraft.”
Annual report 2024A · The company itself
Driver · mixed effect · strength 3/3
“Risks Related to Our Business We have exposure to the risks associated with instability in the global economy, financial markets and our end markets, which may negatively impact our revenues, liquidity, suppliers and customers. Our financial performance depends, in large part, on conditions in the markets we serve and on the general condition of the global economy, which impacts these markets. Any sustained weakness in demand for our products and services resulting from a contraction or uncertainty in the global economy could adversely impact our revenues and profitability.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Furthermore, our products are sold in many industries, some of which are cyclical and may experience periodic contractions. Cyclical weakness in the industries that we serve could adversely affect demand for our products and affect our profitability and financial performance.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“MD&A 21 Operating Segment Revenue Summary Total Intel Products revenue was $49.1 billion in 2025, down $324 million from 2024. ▪CCG revenue decreased $1.1 billion from 2024. Client revenue (collectively notebook and desktop) was $27.6 billion in 2025, down $1.1 billion from 2024, primarily due to lower 2025 client volume resulting from incremental customer incentives offered to certain customers in the first half of 2024 and customer inventory level reductions in 2025. Customers normalized inventory levels through Q3 2025 and continued to reduce inventory levels in Q4 2025, when supply constraints on our internally manufactured wafers limited product availability despite underlying demand.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“In addition, CCG 2025 revenue was impacted by customer inventory level reductions in 2025 and by supply constraints on our internally manufactured wafers in 2025 which affected our ability to fully meet market demand primarily for our products manufactured using our Intel 7 process node.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“To the extent customers are unwilling to pay prices to access the features that our process and product investments are expected to deliver, or if demand for our products, foundry capacity and assembly and test capacity decreases or we fail to forecast demand accurately, our gross margin and operating income can be disproportionately affected due to our high fixed cost structure, which is difficult to reduce quickly in response to lower demand and other unfavorable market factors.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“The semiconductor industry is a cyclical business and our revenue, cash flows and outlook often fluctuate in accordance with this cycle, as well as prevailing macroeconomic and geopolitical conditions, our business strategy, and other risks described in these risk factors. These fluctuations, together with our debt level and related debt service obligations, could have the effect of, among other things, reducing our flexibility to respond to changing business and economic conditions and increasing the risk of a future downgrade in our credit ratings that can impact the value of our outstanding debt and increase our borrowing costs.”
Annual report 2025A · The company itself
Driver · mixed effect · strength 3/3
“We are affected by domestic and international macroeconomic and political conditions, as well as, the level of interest rates, inflation, and by fiscal and monetary policy. Our business depends in part on the level of global trading volumes and volatility, which are affected by factors beyond our control.”
Annual report 2025A · The company itself
Driver · strengthens · strength 3/3
“Our revenues are dependent on the level of trading activity on securities and derivatives exchanges in the U.S. and abroad and on the general level of interest rates. In the past, our revenues and operating results have varied significantly from period to period primarily due to movements and trends in the underlying markets and to fluctuations in trading and interest rate levels.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“BUSINESS AND INDUSTRY Global economic, political and financial market events or conditions have at times in the past negatively impacted, and may in the future negatively impact, our business. Adverse macroeconomic conditions, including recessions, inflated asset prices, inflation, supply chain issues, labor shortages, government shutdowns, currency fluctuations, interest rate changes, increased mortgage foreclosure volume, decreased mortgage origination or servicing volume, geopolitical events or conflicts, political uncertainty and discord, international trade disputes and sanction laws, including changes to international trade policies and tariffs or other protectionist measures, actual or anticipated large-scale defaults or failures or slowdown of global trade and travel have in the past negatively impacted consumer and corporate confidence and resulted in reductions in consumer, government and corporate spending, and could have such effects in the future, and in turn impact our business.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“During 2025, macroeconomic conditions, including changes in the interest rate environment, inflation, and increased market volatility, as well as changes in government policies implemented by new political administrations in the United States and in many other non-U.S. jurisdictions abroad, alongside other geopolitical events, such as the conflicts in Ukraine and the Middle East and the events in Venezuela, and the imposition of sanctions and tariffs, contributed to continued economic and political uncertainty and volatility in global markets. Those factors resulted in a dynamic operating environment and impacted our operations and results. We expect that these impacts may continue in 2026.”
Annual report 2025A · The company itself
Driver · strengthens · strength 3/3
“Our business is subject to the impact of interest rate and inflation levels and volatility and financial markets volatility, which are caused by conditions that are beyond our control. Trading volume in our markets and products is largely driven by the degree of volatility - the magnitude and frequency of fluctuations - in prices and levels of the underlying commodities, securities, indices, financial benchmarks or other instruments. Volatility increases the need to hedge price risk and creates opportunities for investment and speculative or arbitrage trading.”
Annual report 2025A · The company itself
Driver · mixed effect · strength 2/3
“Factors that are particularly likely to affect price and interest rate levels and volatility, and thus trading and mortgage loan production volumes, include: • global economic and market conditions; • global political conditions; and • concerns over recession, inflated asset prices, inflation, deflation, legislative, regulatory and governmental policy changes, government fiscal and monetary policy, including actions by the Federal Reserve and other foreign monetary units governing bodies, developments related to the U.S. federal debt ceiling, including the possibility of additional government shutdowns, risk of default by the U.S. government on its debt obligations or related credit rating downgrades, and investor and consumer confidence levels.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Owning and operating cash equity and options exchanges for which the revenues are primarily derived from trading activity, market data and listing fees, exposes us to risks. Adverse economic conditions and legal and regulatory changes similar to those discussed elsewhere in this section could result in decreased trading volume on our exchanges, discourage or prohibit market participants from listing on our exchanges or cause them to forgo new offerings.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“If global economic and market conditions, or economic conditions in the U.K., EU, the U.S. or other key markets deteriorate, the value of the pound sterling, euro or U.S. dollar may weaken. Further, financial instability in a particular country could have a contagion effect on the region in which it is located and contribute to general instability and uncertainty in that region. Events that adversely affect our clients and suppliers in a region could in turn have a materially adverse effect on our international business results and our operating results.”
Annual report 2025A · The company itself
Driver · mixed effect · strength 2/3
“Substantially all of our business has experienced, and is expected to continue to experience, cycles relating to industry capacity, customer demand, and general economic conditions. The length and magnitude of these cycles have varied over time and by product.”
Annual report 2025A · The company itself
Driver · mixed effect · strength 2/3
“We are affected by developments in general business and economic conditions, which could have an adverse effect on the demand for our products, our financial condition and the results of our operations including our ability to pay a cash dividend. General economic conditions may adversely affect industrial non-durable goods production, consumer confidence and spending, and employment levels, all which impact demand for our products, or otherwise adversely affect our business.”
Annual report 2025A · The company itself
Driver · mixed effect · strength 3/3
“Further, because the markets for packaging products in many industrialized countries are generally mature, there is a significant degree of correlation between economic growth and demand for packaging products. Therefore, any deterioration in macroeconomic conditions in the U.S., Europe and/or globally resulting in a slowdown in economic growth may correlate with a corresponding decline in demand for packaging products in those markets.”
Annual report 2025A · The company itself
Driver · mixed effect · strength 2/3
“•Fluctuations in the prices of and the demand for our products due to factors such as economic cyclicality and changes in customer or consumer preferences, and government regulations. •Changes in the cost and availability of raw materials, energy and transportation have recently affected, and could continue to affect, our profitability. •Competition and downward pricing pressure in the global packaging industry could negatively impact our financial results.”
Annual report 2025A · The company itself
Driver · strengthens · strength 2/3
“En växande marknad Marknaden för kredithanteringstjänster växer. Detta beror bland annat på våra uppdragsgivares behov av att hantera sina balansräkningar samt makroekonomiska förhållanden som ger ett ökat inflöde av nya ärenden. Det totala utbudet av skuldportföljer förväntas öka, samtidigt som uppdragsgivare i allt högre grad behöver professionella, långsiktiga partners som behandlar deras kunder med omsorg och respekt.”
Annual report 2024A · The company itself
Driver · strengthens · strength 2/3
“Vilken är de viktigaste utsikterna för 2025? – Det finns stora förhoppningar om att den ekonomiska återhämtningen ska bli starkare, då fortsatt löneutveckling bör öka konsumtionen. Större efterfrågan och fortsatta lättnader i penningpolitiken bör ge stimulans för europeiska företag.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“Vilka utmaningar möter europeiska företag 2025? – Den geopolitiska och ekonomiska osäkerheten kan förhindra en starkare återhämtning av konsumtionen. De flesta hushåll har lyckats klara sina ekonomiska åtaganden, men ofta genom uppoffringar, samtidigt som en ökande andel tar till krediter för att få ekonomin att gå ihop.”
Annual report 2024A · The company itself
Driver · strengthens · strength 2/3
“När det gäller Investing, säljer banker och andra institutioner sina nödlidande lån för att fokusera på kärnverksamheten, frigöra kapital, förbättra likviditeten, begränsa risken för osäkra betalningsprofiler och förbättra nyckeltalen.”
Annual report 2024A · The company itself
Driver · weakens · strength 3/3
“Makroekonomisk omvärld Den nuvarande makroekonomiska omvärlden skapar betydande osäkerhet i mätningen avseende viktiga antaganden, inklusive WACC, inflation, ekonomisk produktionstillväxt, utveckling av volymer av nödlidande lån, framtida resultat för nödlidande lån och långsiktiga tillväxttakter. Betydande förändringar i förväntningarna, t.ex. en utdragen lågkonjunktur eller en uppgång i inflationen, kan leda till väsentliga förändringar i dessa antaganden.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“De förvärvade fordringarna är förfallna till betalning och avser ofta gäldenärer som har betalningssvårigheter. Det ligger därför i sakens natur att hela det nominella fordringsbeloppet inte kommer att kunna inkasseras. Å andra sidan förvärvas fordringarna till priser som väsentligt understiger de nominella värdena.”
Annual report 2024A · The company itself
Driver · weakens · strength 3/3
“In particular, we have relationships with banks, credit unions and other financial institutions that support certain critical services we offer to our customers. If macroeconomic conditions or other factors cause any of these institutions to fail, consolidate, stop providing certain services, impose new or higher costs for certain services, or institute cost-cutting efforts, or give rise to speculation relating to such events, it may be more difficult to offer, if at all, those services to our customers, in which case our business and financial results may suffer.”
Annual report 2026A · The company itself
Driver · weakens · strength 2/3
“Some financial institutions and other entities have in the past decreased or suspended their activity on Credit Karma’s platform and could do so in the future.”
Annual report 2026A · The company itself
Driver · strengthens · strength 3/3
“We derive substantially all our revenues from investment management contracts with clients. Under these contracts, the investment management fees paid to us are generally based on the market value of AUM.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Factors that could decrease AUM, revenues, and net income include the following: Declines in the market value of AUM in client portfolios. We cannot predict whether volatility in the markets will result in substantial or sustained declines in the markets generally or result in price declines in market segments in which our AUM are concentrated.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Redemptions and other withdrawals from, or shifting among, client portfolios. These changes could be caused by investors reducing their investments in client portfolios in general or in the market segments in which we focus; investors taking profits from their investments; and portfolio risk characteristics, which could cause investors to move assets to other investment managers.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Risks Related to Market Dynamics and Volatility •Volatility and disruption in global or regional capital and credit markets, equity, debt, private and commodity markets, as well as adverse changes in the global economy, could negatively affect our AUM, revenues, net income and liquidity. •Our revenues and net income would likely be adversely affected by any reduction in AUM as a result of either a decline in market value of such assets or net outflows, each of which would reduce the investment management fees we earn. •Our revenues and net income from money market and other fixed income assets may be harmed by interest rate volatility, prolonged high or low rates, liquidity, and credit volatility. •Our financial condition and liquidity would be adversely affected by losses on our seed capital and co-investments.”
Annual report 2025A · The company itself
Driver · strengthens · strength 3/3
“Latour skapar värden i sina innehav genom att vara en aktiv och långsiktig ägare som med finansiell styrka och djupt industriellt kunnande bidrar till hållbar utveckling av företagen i portföljen. verksamhetsidé Latours övergripande verksamhetsidé är att investera i hållbara företag med egna produkter, en stark utvecklingspotential som stöds av globala megatrender och som har goda framtidsutsikter.”
Annual report 2024A · The company itself
Driver · strengthens · strength 2/3
“Finansiella mål för de helägda industrirörelserna under en konjunkturcykeL Genomsnittlig årlig tillväxt * (minimum för varje innehav) >10 procent Rörelsemarginal (genomsnitt för samtliga innehav) >15 procent Avkastning på operativt kapital (minimum för varje innehav) >15 procent * Organisk tillväxt ska vara prioriterad.”
Annual report 2024A · The company itself
Driver · weakens · strength 3/3
“INDUSTRIRÖRELSEN 1 % Total tillväxt av Industrirörelsen Nettoomsättningen uppgick till 25,9 (25,6) Mdr kr, vilket motsvarar en total tillväxt på 1 (13) procent. Justerat för förvärv och valutaeffekter minskade nettoomsättningen med 2 procent.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“Hur blev det? – Det blev tyvärr som befarat, med svagare efterfrågan och lägre aktivitet i de flesta av de regioner och branscher där vi verkar.”
Annual report 2024A · The company itself
Driver · weakens · strength 3/3
“Orderingång och omsättning dämpades av svag byggmarknad i Europa och Kina.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“var ett år av framgångar och milstolpar för Nord- Lock Group, trots utmaningar i form av bland annat en svag global industrikonjunktur.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“Det har gjort att vi, trots makroekonomiska utmaningar, kunnat växa steg för steg och stärkt vår lönsamhet.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“Viktiga händelser under 2024 Stabil utveckling av orderingång och omsättning trots svag marknad.”
Annual report 2024A · The company itself
Driver · mixed effect · strength 2/3
“Under 2024 fortsatte Alimak Group sin framgångsrika transformation, med hög innovationstakt, ökad effektivitet och en stark finansiell utveckling med ökad lönsamhet och högre kassaflöde.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“Osäkra marknadsförhållanden bidrog till att orderingången och nettoomsättningen minskade något under 2024.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“I en svag makromiljö fortsatte Nederman att flytta fram sina globala positioner inom industriell luftrening.”
Annual report 2024A · The company itself
Driver · weakens · strength 3/3
“Risks Related to Our Business Environment and Industry Our operating results are subject to general economic conditions and risks associated with our real estate assets.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Our investments are and may continue to be concentrated in our markets and in the single-family properties sector of the real estate industry, which exposes us to seasonal fluctuations in rental demand and downturns in our markets or in the single-family properties sector. Our investments in real estate assets and the investments we manage on behalf of others are and may continue to be concentrated in our markets and in the single-family properties sector of the real estate industry. A downturn or slowdown in the rental demand for single-family housing caused by adverse economic, regulatory, or environmental conditions, or other events, in our markets may have a greater impact on the value of our owned and managed properties or our operating results than if we had more fully diversified our investments.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“In addition to global and United States economic conditions, our operating performance will be impacted by the economic conditions in our markets. We base a substantial part of our business plan on our belief that property values and operating fundamentals for single-family properties in our markets will continue to improve over the near to intermediate term. However, these markets have experienced substantial economic downturns in the past and could experience similar or worse economic downturns in the future.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“In addition, increases in unemployment levels and other adverse changes in economic conditions in our markets may adversely affect the creditworthiness of potential residents, which may decrease the overall number of qualified residents for our properties within such markets. Fluctuating global and United States economic conditions, uncertainty in financial markets, and elevated interest rates may materially negatively impact our residents, and our business could be negatively impacted.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“We could also be adversely affected by overbuilding or high vacancy rates of homes in our markets, which could result in an excess supply of homes and reduce occupancy and rental rates. Continuing development of apartment buildings, condominium units, and single-family rental communities in many of our markets will increase the supply of housing and exacerbate competition for residents.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Increases in unemployment levels and other adverse changes in economic conditions in our markets could result in substantial resident defaults.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Our access to additional third-party sources of financing will depend, in part, on: •fluctuating global and United States economic conditions, uncertainty in financial markets, and geopolitical tensions; •the market’s perception of our growth potential; •with respect to acquisition financing, the market’s perception of the value of the homes to be acquired; •our current debt levels; •our current and expected future earnings; •our cash flow and cash distributions; and •the market price of our common stock.”
Annual report 2025A · The company itself
Input · weakens · strength 2/3
“Future acquisitions of properties and development projects may be more costly and have lower yield characteristics than recent past and present opportunities. The following factors, among others, may make acquisitions or development activities more expensive: •improvements in overall economic conditions and employment levels; •greater availability of consumer credit; •improvements in the pricing and terms of mortgages; •the emergence of increased competition for single-family properties and developable land from private investors and entities with similar investment objectives to ours; •tax or other government incentives that encourage homeownership; and •increases in construction costs, including labor, materials, and supplies or delays in construction timelines.”
Annual report 2025A · The company itself
Driver · strengthens · strength 2/3
“Businesses are intensifying their focus on cost efficiency... This increases demand for partners who can deliver transparent, standardised, and efficient solutions”
Annual report 2025B · From the report
Driver · strengthens · strength 3/3
“Strong foundation, clear growth path and attractive returns Equity story Market leader and strong growth potential We operate in the ~ DKK 8 trillion outsourced facility services market projected to grow faster than GDP.”
Annual report 2025A · The company itself
Driver · strengthens · strength 2/3
“Volume growth contributed around 1.5%-point to organic growth in H2 2025 driven by a combination of increased activity levels at customer sites and expansion of contracts with existing customers, mainly in Northern Europe, Asia & Pacific and Americas.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“The negative organic growth was primarily driven by annualisation effects from deliberate contract exits and losses in 2024 as well as tough comparison from 2024, which benefitted from the significant hurricane response and restoration work performed by the US in Q4 2024.”
Annual report 2025A · The company itself
Driver · strengthens · strength 3/3
“Genomsnittlig ökning av nettoomsättningen (CAGR) om 4–8procent per år över en konjunkturcykel. Tillväxten ska ske genom hållbar organisk tillväxt och strategiska förvärv.”
Annual report 2024A · The company itself
Driver · weakens · strength 3/3
“Itera demonstrates its resilience in the difficult market by almost maintaining its topline (-3%).”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“In what can be described as a challenging market, Itera implemented some measures towards rightsizing its organisation to demand, primarily through a lowering of recruitment and some targeted reductions in overheads. Itera chose to keep some idle capacity to drive increased customer activities and integrate AI into our offerings in order to be prepared for a market upturn. The lower billable utilisation impacted revenue and earnings negatively by approximately NOK 13 million.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“Interest rates peaked in 2023, with minor reductions in some countries during 2024. Inflation significantly decreased from the high levels of 2023. Despite these improvements, the IT services industry experienced marginally negative growth in most markets. Many Nordic IT services companies reduced their workforce and focused on cost reduction.”
Annual report 2024A · The company itself
Driver · strengthens · strength 2/3
“For the past 18 months or so, the overall market has been softer than we have experienced in recent years, leading Itera, as well as most other players, to curb or downsize their capacity. With our focused effort on delivering more and broader sales activities and Itera’s strong positioning in terms of its services and capabilities, we have succeeded in winning some significant new and extended agreements during the last few months and see a growing pipeline of promising opportunities both in the Nordic markets and in relation to supporting Nordic companies that wish to enter the Ukrainian market.”
Annual report 2024A · The company itself
Driver · weakens · strength 3/3
“Risks Related to Our Industry Our business can be significantly impacted by economic conditions, customer business cycles, government policies, and seasonal factors. Our business is dependent on the freight shipping needs of our customers, which can be heavily impacted by economic conditions and other factors affecting their businesses.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Recessionary economic cycles and downturns in customers’ business cycles, particularly in market segments and industries where we have a significant concentration of customers, may substantially reduce freight volumes for which our customers need transportation services and lead to excess capacity in the industry and resulting pressure on the rates we are able to obtain for our services.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Risks Related to Our Business Deterioration of national and global macroeconomic conditions, an economic recession or slow growth, periods of inflation, or economic uncertainty in key markets may adversely affect consumer spending and demand for our products. National and global macroeconomic conditions can be uncertain and volatile. We have in the past been, and may continue to be, adversely affected by changes in national and global macroeconomic conditions, such as inflation, rising interest rates, tax rates, availability of capital markets, consumer spending rates, energy availability and costs, supply chain challenges (including changes in tariffs), labor shortages, geopolitical conflicts, the negative impacts caused by pandemics and public health crises, and growing recession risk.”
Annual report 2026A · The company itself
Driver · weakens · strength 2/3
“Our sensitivity to economic cycles and any related fluctuation in consumer demand could negatively impact our business, results of operations, financial condition, and liquidity.”
Annual report 2026A · The company itself
Driver · strengthens · strength 2/3
“We operate in the competitive food industry whose growth potential is positively correlated to population growth. Our success depends in part on our ability to drive revenue growth in our brands faster than the population in general.”
Annual report 2026A · The company itself
Driver · strengthens · strength 3/3
“Dansk økonomi oplevede i 2025 en stærk vækst med en real BNP-stigning på 3,7 %”
Annual report 2025B · From the report
Driver · weakens · strength 3/3
“Samfundsøkonomien og ejendomsmarkedet Ved en samfundsøkonomisk afmatning er der risiko for, at en svækkelse af ejendomsmarkedet kan påvirke Jeudan negativt. På udlejningsmarkedet kan dette generelt betyde, at lejemål opsiges som følge af manglende likviditet hos kunden, og efterspørgslen efter lejemål generelt aftager, og at Jeudan derfor kan opleve faldende udlejningsprocenter. Dette kan på længere sigt medføre en svækkelse af udlejningsvilkårene, herunder pres på niveauet for de lejeindtægter, der kan opnås for de enkelte lejemål. Samtidig øger en økonomisk afmatning risikoen for, at Jeudans kunder og andre aftaleparter ikke vil være i stand til at honorere deres forpligtelser, herunder betaling af leje.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Ved en kundes fraflytning af et lejemål eller ved Jeudans erhvervelse af ejendomme indeholdende ledige lejemål kan der være usikkerhed om, hvorvidt det ledige lejemål kan genudlejes og i så fald til hvilken leje (genudlejningsrisiko). Genudlejningsrisikoen er ud over beliggenhed, kvalitet, lejeniveau m.v. tillige påvirket af de generelle konjunkturer i samfundet. Genudlejningsrisikoen kan påvirke udlejningsprocenten for Jeudans ejendomme.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“De samme forhold gælder på markedet for detailejendomme, hvor Storkøbenhavn har en markedsandel på , mens de øvrige danske hovedmarkeders samlede markedsandel udgør . Andelene bemærkes at være næsten ens med tidligere år, hvilket skyldes en afdæmpet byggeaktivitet.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Risks Related to Macroeconomic and Political Conditions Some of the industries in which we operate are cyclical and, accordingly, demand for our products and services could be adversely affected by downturns in these industries. Much of the demand for our products, services and solutions is driven by commercial, institutional, industrial, data center and governmental construction, industrial facility expansion, retrofit activity, maintenance projects and other capital investments in buildings within the sectors that we serve. Construction and other capital investment projects are heavily dependent on general economic conditions, localized demand for real estate and availability of credit, public funding or other sources of financing.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Levels of industrial capital expenditures for facility expansions and maintenance are dependent on general economic conditions, economic conditions within specific industries we serve, expectations of future market behavior and available financing. The businesses of many of our industrial customers are to varying degrees cyclical and have experienced periodic downturns.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“During such economic downturns, customers in these industries tend to delay major capital projects, including greenfield construction, maintenance projects and upgrades.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“For example, during fiscal year 2024 and fiscal 2025, our results of operations were impacted by the softening of economic conditions in China, negatively impacting the 18 performance of the APAC segment. The continuation of economic weakness in China or in other regions could adversely impact our financial performance in such regions, as well as our consolidated financial performance.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“We compete around the world in various geographic regions and product markets. Global economic and political conditions affect each of our primary businesses and the businesses of our customers and suppliers. Recessions, economic downturns, price instability, inflation, slowing economic growth and social and political instability in the industries and/or markets where we compete could negatively affect our revenues and financial performance in future periods, result in future restructuring charges, and adversely impact our ability to grow or sustain our business.”
Annual report 2025A · The company itself
Driver · weakens · strength 1/3
“We are exposed to the risk that third parties to various arrangements who owe us money or goods and services, or who purchase goods and services from us, will not be able to fulfil their obligations or continue to place orders due to insolvency or financial distress. If third parties fail to perform their obligations under arrangements with us, we may be forced to replace the underlying commitment at current or above market prices or on other terms that are less favorable to us.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Market Adverse economic and market events and conditions could negatively affect JPMorganChase’s results of operations and investment and market-making positions. JPMorganChase’s results of operations could be negatively affected by the occurrence or persistence of adverse changes in any of the following: •the U.S. and global economies •investor, consumer and business sentiment, or confidence in the financial markets •inflation, deflation, recession or employment •the availability and cost of capital, liquidity and credit •levels and volatility of interest rates, credit spreads or market prices of currencies, securities and 14 commodities, and the duration of any such changes, and •economic and geopolitical effects of extraordinary events beyond JPMorganChase’s control. The above factors could be affected by global economic, market and political events and conditions, including the regulatory environment, monetary policies, trade policies, and actions taken by central banks or governmental authorities.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“JPMorganChase’s consumer businesses are particularly affected by U.S. and global economic conditions, including: •the distribution of personal and household income •unemployment or underemployment •changes in housing prices •the level of inflation and its effect on prices for goods and services •consumer and small business confidence levels •prolonged periods of exceptionally high or low interest rates, or significant changes to interest rates •changes in the value of collateral such as residential real estate and vehicles, and •changes in consumer spending or in the level of consumer debt. High unemployment levels could reduce personal and household income, which could degrade consumer credit performance if consumers struggle to service their debts. Adverse economic conditions could also lead to an increase in delinquencies, an increase in the allowance for credit losses or higher net charge-offs, which could reduce JPMorganChase’s earnings.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Unfavorable market and economic conditions could adversely affect JPMorganChase’s wholesale businesses. Market and economic factors can affect the volume of transactions and advisory engagements for which JPMorganChase is engaged and the related revenue from those activities. These factors could also influence the willingness of other financial institutions and investors to participate in capital markets transactions that JPMorganChase manages.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“An adverse change in market conditions in particular segments of the economy, or sustained changes in consumer behavior that affect specific economic sectors, could have a material adverse effect on clients of JPMorganChase whose operations or financial condition are significantly impacted by the health or stability of those segments or economic sectors, as well as clients that are engaged in related businesses. JPMorganChase could incur credit losses on its loans and other commitments to clients that operate in, or are significantly impacted by, any sector of the economy under stress. An economic downturn or sustained changes in consumer behavior that result in shifts in consumer and business spending could also have a negative impact on certain of JPMorganChase’s wholesale clients, and thereby diminish JPMorganChase’s earnings from its wholesale operations.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“JPMorganChase could be exposed to greater credit and market risk if groupings of its clients or counterparties, or obligors on securities and other financial instruments: •engage in similar or related businesses or in related industries •operate in the same geographic region, or •have business profiles that could cause their ability to meet their obligations to be similarly affected by changes in economic conditions.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Similarly, challenging economic conditions that affect a particular industry or geographic area could lead to concerns about the credit quality of counterparties, borrowers or other obligors not only in that industry or geography but also in related or dependent industries, wherever located. These conditions could also heighten concerns about the ability of customers of JPMorganChase’s consumer businesses who live in those areas or work in those industries to meet their obligations.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“More broadly, widespread defaults on consumer debt could lead to recessionary conditions in the U.S. economy, and JPMorganChase’s consumer businesses could earn lower revenues in such an environment.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Any significant failure or disruption of JPMorganChase’s business and operations, or the occurrence of extraordinary events that are beyond its control, could: •hinder JPMorganChase’s ability to provide services to its clients and customers or to transact with its counterparties •require it to expend significant resources to correct the failure or disruption or to address the event •cause it to incur losses or liabilities, including from loss of revenue, property damage, or injuries •disrupt market infrastructure systems on which JPMorganChase’s businesses rely •expose it to litigation or penalties, and •cause reputational harm. The occurrence of extraordinary events could also negatively impact the financial condition or creditworthiness of JPMorganChase’s clients and customers, and could lead to an increase in the allowance for credit losses and higher net charge-offs, which could reduce JPMorganChase’s earnings.”
Annual report 2025A · The company itself
Driver · strengthens · strength 2/3
“Sveriges befolkning växer och med det följer ett växande behov av bostäder. Enligt Boverkets beräkning behövs cirka 50 000 nya bostäder årligen till och med 2033.”
Annual report 2024A · The company itself
Driver · strengthens · strength 3/3
“K2A:s hyresintäkter påverkas av en mängd olika faktorer såsom utveckling i ekonomin på de delmarknader där K2A verkar, utbud av hyres- och studentbostäder, befolkningstillväxt, sysselsättning samt hur väl K2A lyckas utveckla fastighetsbeståndet.”
Annual report 2024A · The company itself
Driver · strengthens · strength 3/3
“De kunder som Karnov riktar sig till är i hög grad icke-cykliskt och finansiellt motståndskraftiga vilket skapar ett kontinuerligt behov som inte är påverkat av konjunktursvängningar.”
Annual report 2024A · The company itself
Driver · strengthens · strength 2/3
“Karnov har en stark position i ett attraktivt och växande segment av professionella informationstjänster i Europa. Dessa marknader präglas av stabila kunder inom både den privata och den offentliga sektorn som står inför en alltmer komplex och snabbt föränderlig lagstiftning, vilket leder till ett växande behov av högkvalitativt innehåll som effektiv stöder deras arbetsflöde.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“To ensure adequate inventory supply, we forecast inventory needs and place orders with our third-party manufacturers before firm orders are placed by our consumers or customers. Factors that could affect our ability to accurately forecast demand for our products include an unanticipated increase or decrease in demand for our products; our failure to accurately forecast acceptance for new products; product introductions by competitors; unanticipated changes in general market conditions; the impact of incidence rates for illnesses certain of our products address; the seasonal nature of certain of our products, including as a result of unseasonable weather conditions; the impact on demand due to natural disasters, weakening of economic conditions or consumer or customer confidence in future economic conditions; and terrorism or acts of war, or the threat thereof, or political or labor instability or unrest.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Uncertain or unfavorable local, regional, or global economic or market conditions, such as a recession, an economic slowdown, inflation or reduced category growth rates, could impact our operating results or lead to significant reductions or volatility in demand for our products, which could adversely affect our business, results of operations, or financial condition. Although we devote significant resources to support our brands and market our products at multiple price points, during periods of economic uncertainty, consumers may reduce consumption or discretionary spending or change their purchasing patterns by forgoing purchasing certain of our products or by instead purchasing private-label or generic non-branded products, which are typically sold at lower prices than our products.”
Annual report 2025A · The company itself
Driver · strengthens · strength 3/3
“The total grocery retail market in Finland (incl. VAT) is estimated to have grown by approximately 2.5% (Finnish Grocery Trade Association PTY), and retail prices are estimated to have risen by some 2.1% (incl. VAT, Statistics Finland). K Group's grocery sales grew by 2.1% (incl. VAT).”
Annual report 2025A · The company itself
Driver · strengthens · strength 2/3
“The gradual recovery in the construction cycle continued, but the pace of recovery was weaker than expected especially in new housing construction. The growth in the division’s net sales was underpinned in particular by acquisitions.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“The combined market performance of first registrations of passenger cars and vans was -1.6% .”
Annual report 2025A · The company itself
Driver · strengthens · strength 3/3
“Outlook 2026 The operating environment for Kesko is estimated to improve in 2026 in all divisions and all operating countries. Kesko’s comparable operating profit is also estimated to improve in 2026 in all divisions and all operating countries.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Table of contents ITEM 1A. RISK FACTORS Summary of Risk Factors The following is a summary of some of the material risks and uncertainties that could have an adverse effect on our business. •Credit Risk ◦We have concentrated credit exposure in commercial and industrial loans, commercial real estate loans, and commercial leases. ◦Should the fundamentals of the commercial real estate market deteriorate, our financial condition and results of operations could be adversely affected. ◦We are subject to the risk of defaults by our loan clients and counterparties. ◦Declining asset prices could adversely affect us. ◦Various factors may cause our allowance for loan and lease losses to increase or to be inadequate. ◦Geopolitical destabilization could adversely impact our loan portfolios. •Market Risk ◦A worsening of the U.S. economy and volatile or recessionary conditions in the U.S. or abroad could negatively affect our business or our access to capital markets.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Present risks to stable asset prices include, but are not limited to: •A correction in equity or housing markets; •The imposition of further tariffs and other changes to U.S. or global trade policies; •Supply chain issues such as closed factories and disrupted port activity, as well as the impact of the Russia-Ukraine war and the Israel-Hamas war on global transportation and the availability of materials; •Recessionary pressures on other major international economies, such as China, that may impact the broader global and our domestic economy; 27 Table of contents •Labor-supply constraints, including as a result of further changes to U.S. immigration policies and laws and immigration enforcement, leading to slowing job growth and rising wages along with inflation (wage-price spiral); and •Negative real GDP growth, as a result of, in part, the Federal Reserve’s monetary policy to arrest inflationary pressures within the broader economy.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Banking conditions may deteriorate during periods of persistent or large and sudden interest rate increases and/or a slowing economy, negatively affecting business and financial performance.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“An economic downturn or recession in one or more geographic regions where we conduct our business, or any significant or prolonged impact on the profitability of one or more of the market segments with which we conduct significant business activity, could adversely affect the demand for our products and services, the ability of our customers to repay loans, the value of the collateral securing loans, and the stability of our deposit funding sources.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Our ability to maintain and grow deposits may be constrained by gaps in our product offerings, emerging technologies and changes in consumer behaviors and preferences, our scale relative to other banks and financial institutions, underlying macroeconomic conditions and monetary policy, and loss of confidence in our brand and our business.”
Annual report 2025A · The company itself
Driver · mixed effect · strength 3/3
“Visibility into our markets is limited. Our quarterly sales and operating results are highly dependent on the volume and timing of technology-related spending and orders received during the fiscal quarter, which are difficult to forecast and may be cancelled by our customers.”
Annual report 2025A · The company itself
Strategy · strengthens · strength 2/3
“We continue to engage actively with our customers and closely monitor the macroeconomic environment, including tariffs, trade restrictions and tightening of export control regulations, monetary and fiscal policies, and geopolitical tensions. We remain confident in the long-term secular growth trends of our markets and our ability to outperform in a variety of market conditions.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Kitron’s revenue for the year was EUR 647.2 million (EUR 775.2 million), which represented a 17 per cent decrease compared with 2023.”
Annual report 2024A · The company itself
Driver · mixed effect · strength 3/3
“Our business is materially affected by market and economic conditions and events throughout the world, including conditions relating to interest rates, fiscal and monetary stimulus (and stimulus withdrawal), availability of credit, inflation rates, economic growth, changes in laws, trade barriers, commodity prices, foreign exchange rates and controls, and liquidity conditions in equity and debt capital markets.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Additionally, a decline in the pace, size, or value of investments by our investment vehicles would result in our receiving less revenue from fees. The transaction, management, and monitoring fees that we earn are driven in part by the pace at which our investment vehicles make investments and the size of those investments.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Our ability to raise capital is also dependent on market and economic conditions and investor perception, including the general appeal of alternative asset investments or our financial products. Our ability to raise capital depends on numerous factors, many of which are beyond our control, including economic conditions, financial market volatility, regulatory developments, investor liquidity and competitive dynamics.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Periods of significant and sustained downturns in securities markets, increased equity volatility, reduced interest rates, or deviations in expected policyholder behavior could cause a number of different materially adverse impacts to us, including an increase in the valuation of our liabilities, the cost of providing policy benefits and required capital, and a reduction in the account balances of certain products, with a resulting reduction in fees earned on and profitability of such products.”
Annual report 2025A · The company itself
Driver · mixed effect · strength 3/3
“Our asset management, insurance, and strategic holdings segments are affected by the various market and economic conditions of the various countries and regions in which we operate. Market and economic conditions are expected to continue to have a substantial impact on our financial condition, results of operations, and our business in various ways that we are unable to control, including our ability to make new investments, the valuations of the investments we manage, the amount of investment proceeds we realize when we exit our investments, the timing for such realization activity, our ability to fundraise or to sell our various investment and insurance products and services, and the level of our capital markets activities, as discussed in the "Risk Factors" section of this report.”
Annual report 2025A · The company itself
Driver · strengthens · strength 2/3
“In Asia, Japan’s economy reaccelerated in 2025, supported by resilient exports and consumer spending. The Bank of Japan continued its gradual monetary policy normalization during 2025, including an increase in its policy rate from 0.25% to 0.75%.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“In China, the economy grew in 2025 but continued to face significant headwinds, including weak domestic demand, ongoing contraction in the property sector, and uncertainty relating to ongoing trade tensions with the United States as discussed further below.”
Annual report 2025A · The company itself
Driver · strengthens · strength 1/3
“In the United States, real GDP expanded by 2.2% for the year ended December 31, 2025, compared to an expansion of 2.8% for the year ended December 31, 2024.”
Annual report 2025A · The company itself
Driver · strengthens · strength 1/3
“Eurozone real GDP is estimated to have expanded by 1.4% for the year ended December 31, 2025, up from 0.9% expansion for the year ended December 31, 2024. In Japan, real GDP expanded by 1.1% for the year ended December 31, 2025, up from a 0.2% contraction for the year ended December 31, 2024.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“The market prices of securities may be volatile and are likely to fluctuate due to a number of factors beyond our control. These factors include actual or anticipated fluctuations in the quarterly and annual results of such companies or of other companies in the industries in which they operate, market perceptions concerning the availability of additional securities for sale, general economic, social or political developments, industry conditions, changes in government regulation, shortfalls in operating results from levels forecasted by securities analysts, the general state of the securities markets, and other material events, such as significant management changes, re-financings, acquisitions, and dispositions.”
Annual report 2025A · The company itself
Driver · strengthens · strength 3/3
“Our business depends upon the capital expenditures of semiconductor, semiconductor-related and electronic device manufacturers, which are driven by current and anticipated market demand for ICs and the products that use them.”
Annual report 2026A · The company itself
Driver · weakens · strength 2/3
“While we do not consider our business to be seasonal, it has historically been cyclical with respect to these manufacturers’ capital equipment procurement practices and is affected by their investment patterns across global markets, industry downturns, broader economic conditions, customer consolidation, and political and regulatory change.”
Annual report 2026A · The company itself
Driver · weakens · strength 3/3
“We operate in industries that have historically been cyclical, including the semiconductor industry, and customer purchasing decisions are highly dependent on local and global economic conditions, industry conditions, capital spending patterns and AI-related investment trends.”
Annual report 2026A · The company itself
Driver · weakens · strength 2/3
“During down cycles in our industry, the financial results of our customers may be negatively impacted, which could result not only in a decrease in, or cancellation or delay of, orders (which are generally subject to cancellation or delay by the customer with limited or no penalty) but also a weakening of their financial condition that could impair their ability to pay for our products or our ability to recognize revenue from certain customers.”
Annual report 2026A · The company itself
Driver · strengthens · strength 2/3
“KlaraBo bedömer att risken för lägre hyresintäkter hänförligt till bostäder är låg, eftersom det råder bostadsbrist i Sverige.”
Annual report 2024A · The company itself
Driver · strengthens · strength 2/3
“Bostadsbristen i Sverige är fortsatt hög och det finns en stor efterfrågan på bostäder.”
Annual report 2024A · The company itself
Driver · mixed effect · strength 2/3
“En förutsättning för att förvärv ska kunna genomföras är att utbudet på marknaden motsvarar KlaraBos förväntningar och investeringsförmåga vad gäller exempelvis läge och förväntad avkastning. Tillgången till, och efterfrågan på, fastigheter och byggrätter, men även faktorer som konkurrens, tillgång till finansiering, planering och lokala föreskrifter kan begränsa koncernens möjligheter att genomföra förvärv på för koncernen förmånliga villkor.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“Hyresutvecklingen för kommersiella lokaler är konjunkturberoende och påverkas främst av faktorer som efterfrågan, typ av lokal, utformning, standard och läge. Hyresgäster som bedriver skattefinansierad verksamhet kan vara föremål för politiska beslut eller kostnadsbesparingar.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“Likväl kvarstår risk för att kunder ställer in sina betalningar eller i övrigt inte fullgör sina förpliktelser, vilket skulle kunna påverka resultatet negativt både direkt och indirekt till följd av lägre fastighetsvärden. Förutom hyresgästernas betalningsförmåga kan hyresintäkterna påverkas av andra faktorer, såsom fastigheternas uthyrningsgrad och möjligheten att ta ut marknadsmässiga hyror.”
Annual report 2024A · The company itself
Driver · weakens · strength 3/3
“Uthyrningsgrad och hyresnivåer styrs bland annat av den allmänna konjunkturutvecklingen, produktionstakten av nya fastigheter, förändringar i infrastruktur samt befolkningstillväxt och syssel sättningsgrad. Förändringen av dessa faktorer kan leda till ökad vakansgrad med risk för att hyresnivåerna sjunker.”
Annual report 2024A · The company itself
Driver · strengthens · strength 3/3
“Konecranesin toimintaympäristöön Teollisessa kunnossapidossa ja Teollisuuslaitteissa vaikuttaa pääasiassa teollinen tuotanto. Valmistavan teollisuuden ostopäällikköindeksi (PMI) ja kapasiteetin käyttöaste ovat makrotalouden mittareita, jotka kuvaavat parhaiten toimintaolosuhteita kahdella teollisuuden liiketoiminta-alueella.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Slow economic growth, inflation, or high unemployment in the markets in which we operate could constrain consumer spending, and declining consumer purchasing power could adversely impact our profitability.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“However, the financial outlook is subject to uncertainty resulting from the geopolitical and macroeconomic environment. A deterioration in these factors could negatively affect travel activity and thereby CPH’s financial performance.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“The Company’s business depends on sustained demand for diagnostic testing and biopharma laboratory services by patients, physicians, hospitals, MCOs, CROs, pharmaceutical, biotechnology, medical device companies, and others. Significant changes in global economic conditions, inflationary pressures, and credit market volatility could negatively affect testing volumes, the demand for biopharma laboratory services, cash collections, profitability, and access to financing.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“The Company’s quarterly results of operations may vary significantly from quarter to quarter making it harder to predict future results. The Company’s results of operations may vary significantly from quarter to quarter and are influenced by factors over which the Company has little control, such as: •changes in the global economy, including the imposition of tariffs; •currency exchange rate fluctuations; •the commencement, completion, delay, or cancellation of large projects or contracts or groups of projects; •the progress of ongoing projects; •adverse weather, natural disasters, geopolitical events, public health crises, hostilities or acts of terrorism, acts of vandalism, disruption to supply chains, inaccessibility of natural resources, and other events beyond the Company’s control; •the timing of and costs associated with completed acquisitions or other events; and •changes in the utilization mix of the Company’s services.”
Annual report 2025A · The company itself
Driver · mixed effect · strength 3/3
“The Semiconductor Capital Equipment Industry Is Subject to Variability and Periods of Rapid Growth or Decline; We Therefore Face Risks Related to Our Strategic Resource Allocation Decisions The semiconductor capital equipment industry has historically been characterized by rapid changes in demand. Variability in our customers’ business plans may lead to changes in demand for our equipment and services, which could negatively impact our results of operations and cash flows. The variability in our customers’ investments during any particular period is dependent on several factors, including, but not limited to, electronics demand, economic conditions (both general and in the semiconductor and electronics industries), industry supply and demand, prices for semiconductors, and our customers’ ability to develop and manufacture increasingly complex and costly semiconductor devices.”
Annual report 2026A · The company itself
Driver · weakens · strength 2/3
“Marknaden är fortsatt dämpad med en kvarstående osäkerhet såväl ur ett makro- som mikroperspektiv, varför vi inte förväntar oss någon generell marknadstillväxt under 2025.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“Affärsområdet har under året navigerat på en svag marknad präglad av förändring. Ett osäkert konjunkturläge påverkar investeringsviljan samtidigt som användningen och disponeringen av kontorsytor förändras.”
Annual report 2024A · The company itself
Driver · weakens · strength 3/3
“Samtidigt är marknaden högt konkurrensutsatt och krympande kontorsytor samt färre nyetableringar har dämpat utvecklingen.”
Annual report 2024A · The company itself
Driver · weakens · strength 3/3
“Morgana verkar på en hårt konkurrensutsatt och prispressad marknad, som framförallt präglats av den låga nybyggnations- och renoveringstakten av kontor i Sverige.”
Annual report 2024A · The company itself
Driver · weakens · strength 3/3
“Ragnars huvudmarknader Sverige och Norge samt övriga marknader Finland, Danmark och Tyskland har präglats av det svaga konjunkturläget.”
Annual report 2024A · The company itself
Driver · strengthens · strength 2/3
“Trots detta finns det möjligheter i att Ragnars kunder väljer att investera i högre kvalitet per kvadratmeter.”
Annual report 2024A · The company itself
Driver · strengthens · strength 2/3
“We believe the mass market segment will continue to exhibit long-term growth as a result of continuing economic growth, expansion of the middle class and increasing number of high net worth individuals across our markets in Asia, accompanied by supportive long-term trends in business and leisure tourism. Our properties are positioned to harness future growth in the mass market that comprise our most profitable gaming segment, while delivering the immersive destination resort experiences that create loyalty with VIP and premium players.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Risks Related to Our Business •Our business is particularly sensitive to reductions in discretionary consumer and corporate spending as a result of downturns in the economy. •Natural or man-made disasters, an outbreak of highly infectious or contagious disease, political instability, civil unrest, terrorist activity or war could materially adversely affect the number of visitors to our facilities and disrupt our operations. •Our business is sensitive to the willingness of our customers to travel. •We are subject to extensive regulations that govern our operations in any jurisdiction where we operate. •Certain local gaming laws apply to our gaming activities and associations in jurisdictions where we operate or plan to operate. •We depend primarily on our properties in two markets for all of our cash flow, and because we are a parent company, our primary source of cash is and will be distributions from our subsidiaries.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Slowdown in economic growth or changes of China’s current policies on travel and currency movements have disrupted, and if such slowdown is continued and prolonged could further disrupt, the number of visitors from mainland China to our Integrated Resorts as well as the amounts they are willing and able to spend while at our properties.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Deterioration of economic conditions or weakening in credit or capital markets may have a material adverse effect on our business, results of operations and financial condition. Volatile, negative, or uncertain economic conditions, an increase in the likelihood of a recession, or concerns about these or other similar risks may negatively impact our customers’ ability and willingness to fund their projects.”
Annual report 2026A · The company itself
Driver · mixed effect · strength 2/3
“Demand for our homes is dependent on a variety of macroeconomic factors, such as employment levels, inflation, interest rates, changes in stock market valuations, consumer confidence, consumer income, housing demand, availability and cost of financing for homebuyers, availability and prices of new homes compared to those of previously occupied homes, and demographic trends.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“The residential homebuilding industry is sensitive to changes in economic conditions and other factors, such as the level of employment, consumer confidence, consumer income, product affordability, availability of financing, inflation, and interest rate levels.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“During fiscal 2025 and 2024, a number of our markets experienced significant softening that required us to make substantial price reductions in order to maintain a steady sales pace. It is possible that a continued market weakness could result in a further decline in demand for new homes with resulting price reductions which could require write downs in the carrying value of our land inventory and write offs of costs of land purchase options we decide not to exercise.”
Annual report 2025A · The company itself
Driver · strengthens · strength 3/3
“Our business is affected by the performance of the U.S. construction industry. Our sales in the residential and commercial new construction markets correlate to the number of new homes and buildings that are built, which in turn is influenced by cyclical factors such as interest rates, inflation, availability of financing, consumer spending habits and confidence, employment rates and other macroeconomic factors over which we have no control.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Our business may be materially and adversely impacted by changes in U.S. or global economic conditions, including recessions, economic downturns, inflation, deflation, fluctuations in interest rates, consumer spending rates, energy availability and commodity prices, and the effects of governmental initiatives to manage economic conditions.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“På grund av svagt marknadsläge inom Demolition & Tools var den organiska minskningen 0,5%.”
Annual report 2024A · The company itself
Driver · strengthens · strength 3/3
“Koncernens och samtliga dotterbolags mål är att den organiska tillväxten i EBITA ska överträffa BNP-tillväxten på relevanta geografiska marknader sett över en konjunkturcykel.”
Annual report 2024A · The company itself
Driver · strengthens · strength 2/3
“Den europeiska marknaden för tandvård är stabil och relativt icke-cyklisk samtidigt som tillväxten historiskt sett varit svag.”
Annual report 2024A · The company itself
Driver · strengthens · strength 2/3
“Efterfrågan på förbrukningsvaror och tandteknik är icke-cyklisk och karaktäriseras av frekventa beställningar och höga krav på leverans- och produktsäkerhet.”
Annual report 2024A · The company itself
Driver · strengthens · strength 2/3
“Försäljningen följer utvecklingen för den globala marknaden för anläggningsmaskiner.”
Annual report 2024A · The company itself
Driver · strengthens · strength 2/3
“Försäljningen av verktyg till grävmaskiner och kranar följer i stort den globala maskinförsäljningen.”
Annual report 2024A · The company itself
Driver · strengthens · strength 2/3
“Eftersom ett köp av Lifcos verktyg är en mindre investering för kunden jämfört med att köpa en ny maskin är marknaden mindre cyklisk än för anläggningsmaskiner.”
Annual report 2024A · The company itself
Driver · weakens · strength 3/3
“Management believes the following risks may significantly impact the company: Weakening economic conditions in markets in which Linde does business may adversely impact its financial results and/or cash flows. Linde serves a diverse group of industries across more than 80 countries, which generally leads to financial stability through various business cycles. However, a broad decline in general economic or business conditions in the industries served by its customers could adversely affect the demand for Linde’s products and impair the ability of its customers to satisfy their obligations to Linde, resulting in uncollected receivables and/or unanticipated contract terminations or project delays.”
Annual report 2025A · The company itself
Driver · strengthens · strength 2/3
“We will deliver more shows, grow the fan base and increase our ticket sales by continuing to build our portfolio of concerts globally, expanding our business into additional top global music markets, and further building our presence in existing markets.”
Annual report 2025A · The company itself
Driver · strengthens · strength 2/3
“We promoted approximately 55,000 live music and other events in 2025.”
Annual report 2025A · The company itself
Driver · mixed effect · strength 2/3
“While our Concerts segment traditionally operates year-round, we experience higher revenue during the second and third quarters due to the seasonal nature of shows at our outdoor amphitheaters and festivals, which primarily occur from May through October.”
Annual report 2025A · The company itself
Driver · strengthens · strength 2/3
“Revenue is generally impacted by the number of events, volume of ticket sales and ticket prices. Event costs such as artist fees and production expenses are included in direct operating expenses and are typically substantial in relation to the revenue.”
Annual report 2025A · The company itself
Driver · strengthens · strength 2/3
“Our ticketing sales are impacted by fluctuations in the availability of events for sale to the public, which may vary depending upon event scheduling by our clients. As ticket sales increase, related ticketing operating income generally increases as well.”
Annual report 2025A · The company itself
Driver · mixed effect · strength 2/3
“We typically experience higher revenue in the second and third quarters as a large portion of sponsorships are usually associated with our outdoor venues and festivals, which are primarily used in or occur from May through October.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Consequently, touring artists have various alternatives to our venues when scheduling tours.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“In addition, during periods of economic slowdown and recession, many consumers have historically reduced their discretionary spending and advertisers have reduced their advertising expenditures. The impact of economic slowdowns on our business is difficult to predict, but they may result in reductions in ticket sales, sponsorship opportunities and our ability to generate revenue.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Negative factors such as challenging economic conditions and public concerns over terrorism and security incidents, particularly when combined, can impact corporate and consumer spending, and one negative factor can impact our results more than another. There can be no assurance that consumer and corporate spending will not be adversely impacted by current economic conditions, or by any future deterioration in economic conditions, thereby possibly impacting our operating results and growth.”
Annual report 2025A · The company itself
Driver · strengthens · strength 3/3
“Loomis har vuxit till en koncern med en omsättning på över 30 miljarder kronor. Det innebär en genomsnittlig valutajusterad tillväxttakt på 11,8 procent under strategiperioden, väsentligt över vårt mål om 5-8 procent. • Strategiska förvärv.”
Annual report 2024A · The company itself
Driver · strengthens · strength 2/3
“2024 var ett framgångsrikt år för Loomis USA, med rekordintäkter och flera viktiga framsteg. Ett tydligt fokus på försäljning och operationell effektivitet bidrog till en stabil organisk tillväxt, ökade marknadsandelar och förbättrade marginaler.”
Annual report 2024A · The company itself
Driver · strengthens · strength 3/3
“Globalt sett uppskattas kontanthanteringsbranschen omsätta över 200 miljarder kronor med stabil tillväxt på senare år.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“Fyra tydliga prioriteringar för strategiperioden 2025-2027 Mål för strategiska perioden 2025-2027 Loomis koncernmål för strategiperioden 2025-2027 handlar om tillväxt, lönsamhet och hållbarhet.”
Annual report 2024A · The company itself
Driver · strengthens · strength 2/3
“There are many variables that affect consumer demand for the home improvement products and services we offer. Key indicators we monitor include home price appreciation, age of the housing stock, real disposable personal income, housing turnover, and residential and commercial construction.”
Annual report 2026A · The company itself
Driver · weakens · strength 3/3
“Legal, Regulatory and Other External Risks Our sales are dependent upon the health and stability of the general economy. Adverse changes in macroeconomic factors specific to the home improvement industry have in the past and may in the future negatively impact the rate of growth of our total sales and comparable sales.”
Annual report 2026A · The company itself
Driver · weakens · strength 3/3
“To ensure adequate inventory supply, we forecast inventory needs and place orders with our manufacturers based on estimates of future demand. Our ability to forecast demand for our products could be affected by many factors, including an increase or decrease in demand for our or our competitors' products, our failure to accurately forecast guest acceptance of new products, product introductions by competitors, unanticipated changes in market conditions (for example, because of global economic conditions such as inflation, an economic downturn, or local and international shipping delays and labor shortages), and weakening of economic conditions or consumer confidence in future economic conditions (for example, because of inflationary pressures, or because of sanctions, restrictions, and other responses related to geopolitical events).”
Annual report 2026A · The company itself
Driver · weakens · strength 3/3
“The current global macroeconomic environment is volatile and continues to be significantly and adversely impacted by inflation and a dynamic demand environment. Additionally, instability in the global credit and banking markets, inflation, trade wars, disputes and tariffs, capital expenditure reductions, unemployment, stock market volatility, armed conflicts and geopolitical tensions in many parts of the world (including as a result of the on-going Russia-Ukraine war, ongoing conflicts in the Middle East, including the U.S.-Iran war, political and territorial conflicts in the Western Hemisphere, the conflict between Cambodia and Thailand, and China-Taiwan relations), economic challenges in China and the U.S., including global economic ramifications of Chinese and U.S. economic difficulties, and other disruptions may continue to put pressure on global economic conditions.”
Annual report 2026A · The company itself
Driver · weakens · strength 2/3
“Spending on optical communication and laser products is subject to cyclical and uneven fluctuations, which could cause our financial results to fluctuate unpredictably.”
Annual report 2026A · The company itself
Driver · weakens · strength 3/3
“Luotean liiketoiminta on altis talouden suhdannevaihteluille, ja muuttuvat markkinaolosuhteet ja vaihtelut Luotean asiakkaiden toimialoilla voivat vaikuttaa Luotean palvelujen ja ratkaisujen kysyntään.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Talouden epävarmuus heijastui kiinteistöpalveluiden kysyntään ja markkinoihin. Asiakkaat kilpailuttivat palveluita ahkerasti ja etsivät kustannustehokkaita ratkaisuja palveluiden tuottamiseen.”
Annual report 2025A · The company itself
Driver · strengthens · strength 3/3
“In general, demand is a function of economic growth, including the regional dynamics that underlie global growth trends.”
Annual report 2025A · The company itself
Driver · mixed effect · strength 3/3
“The chemical industry historically has experienced alternating periods of capacity shortages, causing prices and profit margins to increase, followed by periods of excess capacity, resulting in oversupply, declining capacity utilization rates and declining prices and profit margins.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Table of Contents Large capital projects can take many years to complete, and market conditions could deteriorate significantly between the project approval date and the project startup date, negatively impacting project returns. If we are unable to complete capital projects at their expected costs and in a timely manner, or if the market conditions assumed in our project economics deteriorate, our business, financial condition, results of operations and cash flows could be materially and adversely affected.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“We may be required to reduce production or idle facilities for extended periods of time or exit certain businesses as a result of the cyclical nature of our industry. Specifically, oversupplies of or lack of demand for particular products or high raw material prices may cause us to reduce production.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Sustained unfavorable market conditions may also result in asset impairments. For example, in the third quarter of 2025, a prolonged downturn in, and outlook for, the European petrochemical and global automotive industries, combined with the sustained decline in our market capitalization, resulted in non-cash impairment charges of $1,182 million, presented in both Goodwill impairments and Other impairments on the Consolidated Statements of Income (Loss).”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Risks related to the Global Economy and Multinational Operations Economic disruptions and downturns in general, and particularly continued global economic uncertainty or economic turmoil in emerging markets, could have a material adverse effect on our business, prospects, operating results, financial condition and cash flows.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Economic downturns in the businesses and geographic areas in which we sell our products could substantially reduce demand for our products and result in decreased sales volumes and increased credit risk. Recessionary environments adversely affect our business because demand for our products is reduced, particularly from our customers in industrial markets generally and the automotive and housing industries specifically and may result in higher costs of capital.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Market Risk Weakness in the economy, or fluctuations in market factors, has adversely affected the Company in the past and may adversely affect the Company in the future. Poor business and economic conditions in general or specifically in markets served by the Company could have adverse effects on the Company’s business including: •A decrease in the demand for loans and other products and services offered by the Company. •A decrease in net interest income derived from the Company’s lending and deposit gathering activities. •A decrease in the value of the Company’s investment securities, loans held for sale or other assets secured by residential or commercial real estate. •A decrease in fees from the Company’s brokerage, trust, and investment management businesses associated with declines or lack of growth in stock market prices.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Even after such events fully subside, the U.S. economy may experience a prolonged economic slowdown or recession, and M&T anticipates the Company’s businesses would be materially and adversely affected by a prolonged economic slowdown or recession.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“At the time of the Company’s analysis regarding the determination of the allowance for loan losses as of December 31, 2025 uncertainties existed about the impact of inflationary pressures and potential increases in unemployment on the discretionary income and purchasing power of consumers, which could impact their ability to service existing debt obligations; the volatile nature of global markets and international economic conditions that could impact the U.S. economy, including the effect of international trade policies on domestic businesses and consumers; uncertainty related to Federal Reserve positioning of monetary policy and the potential impacts on future economic growth; shifts in immigration policies and enforcement; changes to government funding and reductions in federal workforce; downward pressures on commercial real estate values and the impacts on the ability of commercial borrowers to refinance maturing debt obligations; and the extent to which borrowers may be negatively affected by general economic conditions.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Malmbergs har en bred kundbas med kunder i olika storlekar och i olika branscher vilket är en styrka vid en konjunkturnedgång.”
Annual report 2024A · The company itself
Driver · weakens · strength 3/3
“Den svaga konjunkturen inom byggbranschen har påverkat vår verksamhet. Viljan att investera har varit låg, vilket speglats i den allmänna samhällsekonomin.”
Annual report 2024A · The company itself
Driver · strengthens · strength 2/3
“Under 2025 förväntar vi oss en försiktig återhämtning av marknaden. Vi tror att efterfrågan på prisvärda artiklar kommer att fortsätta.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“Esimerkiksi talouskasvun alentuminen voi vaikuttaa heikentävästi asiakasvarojen kehitykseen.”
Annual report 2025A · The company itself
Driver · mixed effect · strength 3/3
“Taloudellinen vastuu tarkoittaa huolehtimista toiminnan jatkuvuudesta, kannattavuudesta, tuloksentekokyvystä sekä vakavaraisuudesta kaikissa markkinaolosuhteissa. Toiminnan jatkuvuudesta huolehtiminen luo pohjan asiakkaiden vakuutuksiin liittyvien vastuiden sekä asiakkaiden sijoitusten ja eläkkeiden hoitamiseen vuosikymmenien ajan kestävästi ja vastuullisesti.”
Annual report 2025A · The company itself
Strategy · strengthens · strength 2/3
“Laskuperusteista liiketoimintaa Mandatum pyrkii aktiivisesti pienentämään keskittyessään vähemmän pääomia sitoviin liiketoiminta-alueisiin.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Because we conduct our business on a global scale, we are affected by changes and uncertainties in global, national, or regional economies, governmental policies (including in areas such as trade, travel, spending, immigration, labor, healthcare, and related issues), and geopolitical, public health, social and other conditions and events. Our business, financial results, and growth are impacted by weak or volatile economic conditions; pandemics and other outbreaks of disease; natural and man-made disasters; changes in energy prices, interest rates, inflation, and currency values; political instability, geopolitical disputes or conflict, actual or threatened war, terrorist activity, civil unrest and other acts of violence; heightened travel security measures, travel advisories, and disruptions in air and ground travel; and concerns over the foregoing.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“These conditions, including inflationary expense pressure with our clients, may reduce demand for our services or depress pricing for those services, which could have a material adverse effect on our results of operations.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Macroeconomic or geopolitical conditions, such as a slower economic growth or recession, the war in Ukraine and the conflict throughout the Middle East, inflationary pressures or supply chain challenges, could result in financial difficulties for our clients, which could cause clients to delay payments to us, request modifications to their payment arrangements that could increase our receivables balance or default on their payment obligations to us.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Results in our Risk and Insurance Services segment may be adversely affected by a general decline in economic activity. Demand for many types of insurance and reinsurance generally rises or falls as economic growth expands or slows. This dynamic affects the level of commissions and fees generated by Marsh Risk and Guy Carpenter. To the extent our clients become adversely affected by declining business conditions, they may choose to limit their purchases of risk services and insurance and reinsurance coverage, for example, by choosing to retain more risk, 26 which would adversely impact our commission revenue and other revenue based on premiums placed and services provided by us.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Revenues for the services provided by our Consulting segment may decline for various reasons, including as a result of changes in economic conditions, the value of equity, debt and other asset classes, our clients’ or an industry's financial condition or government regulation or an accelerated trend away from actively managed investments to passively managed investments.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Global economic conditions, including slower GDP growth or recession, inflationary pressure and foreign exchange rate volatility, may negatively impact businesses and financial institutions. Many of our clients, including financial institutions, corporations, government entities and pension plans, have reduced expenses, including amounts spent on consulting services, and used internal resources instead of consultants during difficult economic periods.”
Annual report 2025A · The company itself
Driver · strengthens · strength 2/3
“Revenue in the Consulting segment is affected by, among other things, global economic conditions, including changes in clients’ particular industries and markets.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“In the Nordic countries, weak economic development caused caution among organizations when making procurement decisions. Employment development, particularly in Finland and in Sweden, was weak, and vacancy rates in office real estate markets remained high across all our main market areas.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“In the Nordic countries, weak economic development continued to cause caution among organizations when making procurement decisions.”
Annual report 2025A · The company itself
Driver · strengthens · strength 3/3
“Building Materials Business The profitability of the Building Materials business, which serves customers in the construction marketplace, is sensitive to national, regional and local economic conditions and construction cyclicality, which are in turn affected by fluctuations in public-sector infrastructure funding; interest rates; access to capital markets; and demographic, geographic, employment and population dynamics.”
Annual report 2025A · The company itself
Driver · strengthens · strength 3/3
“Because our businesses depend on construction spending, which can be cyclical, our profits are sensitive to national, regional and local economic conditions and the intensity of the underlying spending on aggregates and cement products.”
Annual report 2025A · The company itself
Driver · strengthens · strength 3/3
“BUSINESS ENVIRONMENT Building Materials Business The Building Materials business serves customers in the construction marketplace. The business’ profitability is sensitive to national, regional and local economic conditions and cyclical swings in construction spending, which are affected by fluctuations in levels of public-sector infrastructure funding; interest rates; access to capital markets; and demographic, geographic, employment and population dynamics.”
Annual report 2025A · The company itself
Driver · strengthens · strength 2/3
“As discussed in more detail, the Company’s operating results are highly dependent upon activity within the construction marketplace, economic cycles within the public and private business sectors, and seasonal and other weather-related conditions.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Economic contractions or recessions have resulted in and could in the future result in a decline in residential repair and remodeling activity or in demand for new home construction, adversely impacting our results of operations and financial position.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“In turn, our customers’ success depends on a variety of factors over which we have little or no influence, including economic conditions in global financial markets or their disintermediation by competitors or emerging technologies, as well as regulation. If our customers become financially unstable, we may lose revenue or we may be exposed to settlement risk.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Adverse economic trends in key countries in which we operate may adversely affect our financial performance.”
Annual report 2025A · The company itself
Market · strengthens · strength 2/3
“Business and Market Insights We offer solutions that provide data insights, analytics and advisory services, all of which are designed to help our customers operate with agility, optimize performance and profitability, and innovate for future growth. Offerings within this area include: •Business and operational intelligence solutions consisting of real-time business insights, industry research, economic intelligence and expert-driven recommendations designed to support informed decision-making, monitor performance and respond to macro trends.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“At the same time, the year was marked by a shift in consumer behaviour as geopolitical tensions impacted the macroeconomic environment. We saw increasing price sensitivity, with some customers trading down - particularly within high-end beauty.”
Annual report 2026A · The company itself
Driver · weakens · strength 2/3
“The macroeconomic outlook remains uncertain, reflected in declining consumer confidence which may impact consumer spending and market growth.”
Annual report 2026A · The company itself
Driver · weakens · strength 2/3
“Changes to macroeconomic factors within Matas Group’s geographical areas may affect Matas Group through changes in overall retail demand, specifically in the health and beauty market, and by supply chain disruptions.”
Annual report 2026A · The company itself
Driver · weakens · strength 3/3
“Risk Description Mitigation Macroeconomic development Matas Group operates in a discretionary consumer spending category and is exposed to changes in the macroeconomic environment within Matas Group’s geographical areas and general changes in consumer behaviour, which may affect Matas Group’s business in terms of demand for health and beauty products.”
Annual report 2026A · The company itself
Driver · weakens · strength 3/3
“Risks Related to Our Company, Business and Operations Deterioration of global economic conditions, an economic recession or slow growth, periods of inflation, or economic uncertainty in our key markets may adversely affect customer and consumer spending as well as demand for our products.”
Annual report 2025A · The company itself
Driver · strengthens · strength 2/3
“The Company's heavily franchised business model is designed to generate stable and predictable revenue, which is largely a function of franchisee sales, and resulting cash flow streams.”
Annual report 2025A · The company itself
Driver · strengthens · strength 3/3
“To drive Systemwide sales, operating income and free cash flow growth, our business strategies – including the components of our Accelerating the Arches growth strategy – must be effective in maintaining and strengthening customer appeal and capturing additional market share.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Such governmental actions may have a broader impact on macroeconomic conditions, geopolitical tensions, anti-American sentiment, consumer demand and the ability of us and our franchisees to operate in certain geographic areas, which in turn may have an adverse impact on our business and financial results.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“From time to time, certain of these factors have adversely affected our advertising revenue to varying degrees.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“The manufacturing, distribution, and sale of our consumer hardware products also may be negatively impacted by macroeconomic conditions, geopolitical challenges, trade disputes, or other actions by governments or non-state actors (including international conflicts, tariffs, sanctions, export controls, and other measures that restrict international trade) that subject us to supply shortages, increased costs, or supply chain or logistics disruptions.”
Annual report 2025A · The company itself
Driver · strengthens · strength 3/3
“Climate change, urbanization, electrification and infrastructure investments continue to drive long-term commodity demand.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Impact of the Chinese economy China is a key market area especially for Metsä Fibre. The country’s economic growth is being slowed down by problems in the real estate market, strict regulations, and weak domestic demand, and economic stimulus has not reversed the trend. The prolonged weakness of China’s economic growth and developments in its own pulp production could affect demand for Metsä Fibre’s products, especially in China.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Email: adam.uhlman@mt.com 13 Table of Contents Item 1A.Risk Factors Factors Affecting Our Future Operating Results Operational Risks We sell primarily to companies in developed countries. An economic downturn in these countries could hurt our operating results.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Economic downturns or recessions adversely affect our operating results because our customers often decrease or delay capital expenditures.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“We recently experienced reduced demand in these segments, which negatively impacted our net sales over the past few years. Market demand in pharma/biopharmaceutical was particularly impacted in 2023 after significant growth during the COVID-19 pandemic.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Our business is particularly sensitive to reductions in discretionary consumer spending and corporate spending on conventions, trade shows and business development. Adverse macroeconomic conditions, including inflation, economic contraction, economic uncertainty, geopolitical uncertainty, or the perception by our customers of weak or weakening economic conditions may cause a decline in demand for hotels, casino resorts, trade shows and conventions, and for the type of luxury amenities we offer.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“In addition, our substantial indebtedness and significant financial commitments could have important negative consequences on us, including: •increasing our exposure to general adverse economic and industry conditions; •limiting our flexibility to plan for, or react to, changes in our business and industry; •limiting our ability to borrow additional funds for working capital requirements, capital expenditures, debt service requirements, execution of our business strategy (including returning value to our shareholders) or other general operating requirements; •making it more difficult for us to make payments on our indebtedness; or •placing us at a competitive disadvantage compared to less-leveraged competitors.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“If regional and national economic conditions deteriorate, including in connection with a recession, revenues from our operations could decline as consumer spending levels decrease and we could fail to generate cash sufficient to fund our liquidity needs or satisfy the financial and other restrictive covenants in our debt and lease instruments.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Our operating results are adversely affected when we operate below normal capacity. In fiscal 2026 and in fiscal 2025, we operated at below normal capacity levels resulting in unabsorbed capacity charges of $200.8 million and $173.0 million, respectively.”
Annual report 2026A · The company itself
Driver · mixed effect · strength 2/3
“Our operating results are impacted by seasonality and wide fluctuations of supply and demand in the industry. The semiconductor industry is characterized by seasonality and wide fluctuations of supply and demand.”
Annual report 2026A · The company itself
Driver · weakens · strength 2/3
“Future adverse conditions in the U.S. or global economies, labor markets, or credit markets, whether resulting from tariffs or other factors, could materially impact distributor operations. Any deterioration in the financial condition, disruption in the operations of our distributors, or disruption of our ability to conduct business with our distributors would likely adversely impact the flow of our products to our end customers and adversely impact our results of operation.”
Annual report 2026A · The company itself
Driver · strengthens · strength 3/3
“Overall cloud growth continues to be driven by the shift of both infrastructure and workloads from on-premises to the cloud. Cloud-native workloads are driving growth through use cases such as AI-enabled intelligent edge devices and augmented reality platforms that store and access data in the cloud or rely on the cloud for compute capability. Cloud servers supporting AI and data-centric workloads require significantly increasing quantities of DRAM, including HBM, and NAND as the task of turning data into insight becomes increasingly memory-centric.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Downturns or ongoing adverse conditions in regional or worldwide economies may harm our business. Downturns or ongoing adverse conditions in regional or worldwide economies, due to inflation, geopolitics, changes in government borrowing or spending, trade disputes, war, major central bank policy actions including interest rate increases, public health crises, or other factors, have harmed our business in the past and current and future downturns could also adversely affect our business.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Risks Related to Our Real Estate Investments and Our Operations Unfavorable market and economic conditions could adversely affect occupancy levels, rental revenues and the value of our properties. General economic conditions in the U.S. have fluctuated in recent years, and concerns persist regarding negative macroeconomic conditions, such as inflation and the labor market. Unfavorable market and economic conditions may significantly affect our occupancy levels, our rental rates and collections, the value of our properties and our ability to acquire or dispose of properties on economically favorable terms.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“A worsening of the current environment could contribute to uncertain rent collections going forward, suppress demand for apartments and could drive lower rent growth on new leases and renewals than what we achieved in the year ended December 31, 2025.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Den ekonomiska motvinden som har påverkat konsumtionsmönster på våra europeiska kärnmarknader avtog under året, men någon tydlig vändpunkt nåddes inte under 2024. Konsumenternas beteende präglades fortsatt av stor försiktighet, liksom av jakten på erbjudanden.”
Annual report 2024A · The company itself
Driver · weakens · strength 3/3
“De senaste årens ekonomiska turbulens präglad av inflation, räntehöjningar och reallönesänkningar, har haft en betydande inverkan på flera branscher i Europa. Livsmedelsbranschen är en av dem som har mött en ökad återhållsamhet hos konsumenterna till följd av nödvändiga prishöjningar.”
Annual report 2024A · The company itself
Driver · weakens · strength 3/3
“Mips har trots det visat en stark utveckling och växte inom alla kategorier och inom alla geografier koncernen säljer till.”
Annual report 2024A · The company itself
Driver · weakens · strength 3/3
“Consumption of our products could be closely tied to general economic conditions. As a result, difficult macroeconomic conditions in our markets, such as further decreases in per capita income and level of disposable income driven by increases in inflation, impacts of tariffs, energy costs, income (and other) taxes and the cost of living, increased and prolonged unemployment or a further decline in consumer confidence, as well as limited or significantly reduced points of access of our product, political or economic instability or other country-specific factors, could continue to have a material adverse effect on the demand for our products.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Additionally, intense pricing competition in certain of our European markets, combined with reduced consumer confidence and a decline in consumers' prioritization of the beer category, may adversely reduce sales or profitability. In particular, the on-going focus by large competitors in Europe to drive increased market share through aggressive pricing strategies could adversely affect our sales and results of operations.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“In conjunction with the impairment review of the Staropramen family of brands, we also reassessed the brand's indefinite-life classification and determined that the impaired brand has characteristics that have evolved and which now indicate a definite-life is more appropriate, including prolonged weakness in consumer demand driven by increased economic and competitive pressures. These factors have resulted in continued declines in performance and these pressures are expected to continue into the future.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Under inledningen av året har vi märkt av konjunkturläget med tuffa omvärldsfaktorer som påverkat såväl våra marginaler i form av ökande omkostnader samt en försiktighet från våra gäster, såväl i antal besökande samt hur mycket man väljer att spendera.”
Annual report 2024A · The company itself
Driver · weakens · strength 3/3
“Wallmans Group påverkades under årets första tre kvartal av det utmanande konjunkturläget inom restaurangbranschen. Lägre beläggning på flera av våra arenor, i kombination med ökade omkostnader till följd av inflationen, satte press på resultatet.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“Det är fortsatt bolagets bedömning att upplevelseindustrin över tid är en tillväxtbransch med goda möjligheter då det finns en stark underliggande efterfrågan på konsumtion av upplevelser, även om det osäkra läget i omvärlden med krig i vår närhet, ökade kostnader, höga räntenivåer och en generellt sett svag konjunktur sannolikt kommer att påverka kunderna på olika sätt även framåt.”
Annual report 2024A · The company itself
Driver · weakens · strength 3/3
“Verksamheterna i affärsområdet ligger nära den av lågkonjunkturen starkt påverkade restaurangbranschen och resultatminskningen är hänförbar till det generella konjunkturläget och den allmänna osäkerheten, vilka påverkat försäljningen. Avvecklingskostnader och uteblivna intäkter i samband med att verksamheten på Hamburger Börs stängde ner från hösten 2024 påverkar resultatet starkt negativt.”
Annual report 2024A · The company itself
Driver · weakens · strength 3/3
“Årets tre första kvartal påverkades negativt av utmaningar med konjunkturläget inom främst de restaurangnäraverksamheterna. Resultatet tyngs fortsatt kraftigt av Hamburger Börs och Kungsportshuset där vi arbetar för att hitta långsiktiga lösningar.”
Annual report 2024A · The company itself
Driver · strengthens · strength 3/3
“Industriproduktion på våra hemmamarknader Nordisk industriproduktion är en nyckelfaktor för efterfrågan på våra produkter och tjänster. Ökad industriproduktion genererar behov av reparation, underhåll, service och relaterade tjänster.”
Annual report 2024A · The company itself
Driver · strengthens · strength 2/3
“Konjunkturläge och förutsättningar för industriproduktionen i Norden. • Ökat fokus på hållbarhet och den cirkulära ekonomin. • Tillverkare söker strategiska kompetensorienterade försäljningskanaler. • Ökad efterfrågan på lokal närvaro och hög tillgänglighet. • Strukturellt intressanta slutkundsmarknader. • Hög grad av fragmentering och högt teknik- och kunskapsinnehåll.”
Annual report 2024A · The company itself
Driver · weakens · strength 3/3
“De ingående bolagens resultat påverkas således av förhållanden i de nordiska ekonomierna, varvid efterfrågan på koncernens produkter och tjänster kan vara lägre i en lågkonjunktur. En utdragen period av låg tillväxt eller ekonomisk tillbakagång kan minska efterfrågan på Momentum Groups produkter och tjänster.”
Annual report 2024A · The company itself
Driver · mixed effect · strength 2/3
“We operate in the cyclical semiconductor industry. While we are subject to industry downturns, we have targeted product and market areas that we believe allow us to operate at above average industry performance levels over the long term.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Our operations and performance depend significantly on global economic conditions. Adverse macroeconomic conditions, including inflation, slowing growth, recession, stagflation, new or increased tariffs and other barriers to trade, tighter credit, higher interest rates, currency fluctuations, higher unemployment, labor shortages, lower capital expenditures by businesses, and lower consumer confidence and spending, have in the past, and could in the future, have a material adverse effect on logistics, demand for our products, and our product and operational costs.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“For example, to the extent there are economic uncertainties, some of our customers may cancel, decrease or delay their existing and future orders with us, which could impact our financial results and make our forecasting much more difficult.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“The current stagnation in China’s economy has adversely impacted, and could further adversely impact, our customers, prospective customers, suppliers, distributors and partners in China, which could have a material adverse effect on our operating results and financial condition.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“There have been several rounds of U.S. tariffs on Chinese goods that have taken effect in the past few years, as well as additional tariffs imposed by the U.S. administration in 2025, some of which prompted, and could prompt additional, retaliatory Chinese tariffs on U.S. goods. The institution of trade tariffs both globally and between the U.S. and China specifically carries the risk of negatively affecting both countries’ overall economic condition, as well as our business and financial results. If these tariffs continue or additional tariffs are imposed in the future, they could have a negative impact on us as we have significant operations in China and the U.S.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Historically, the semiconductor industry has been highly cyclical and, at various times, has experienced significant downturns and wide fluctuations in supply and demand. Certain segments of the semiconductor market may experience significant downturns while other segments could be growing. These conditions have caused significant variances in product demand and production capacity, as well as rapid erosion of average selling prices, which have resulted, and could in the future result, in lower demand for our products, downward pressure on the price of our products, and/or increased inventory due to our customers’ delayed production schedule.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“We have entered into purchase agreements with key packaging and ingredient suppliers to maintain an adequate supply of such packaging and ingredients for the next one to three years based on current anticipated volume needs. Changes to those volume needs could result in shortages or excess supply of these contracted varieties. Many outside factors such as crop yield, weather, agricultural legislation, and the geopolitical climate could impact supply and price; however, we do source certain ingredients from different regions and suppliers to mitigate some of this risk.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Unfavorable economic conditions and financial uncertainties, including economic slowdowns and recessions, and unstable political conditions, including civil unrest and governmental changes, in our major markets could undermine global consumer confidence and reduce consumers’ purchasing power, thereby reducing demand for our products.”
Annual report 2025A · The company itself
Driver · mixed effect · strength 3/3
“Our results of operations have been in the past and may, in the future, be materially affected by global financial market and economic conditions, including, in particular, by periods of low or slowing economic growth in the United States and other major markets, both directly and indirectly through their impact on client activity levels.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“While we believe current valuations and reserves adequately address our perceived levels of risk, future economic conditions, including U.S. real GDP growth rate, credit spreads, interest rates and changes in real estate and other asset values, that differ from or are more severe than forecast, inaccurate models or assumptions, or external factors, such as geopolitical events, changes in international trade policies, global pandemics or natural disasters, could lead to inaccurate measurement of or deterioration of credit quality of our borrowers and counterparties or the value of collateral and result in unexpected losses.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Factors that we cannot control, such as volatility and disruption of the financial markets or negative views about the financial services industry generally, including concerns regarding fiscal matters in the U.S. and other geographic areas, could impair our ability to raise funding.”
Annual report 2025A · The company itself
Driver · strengthens · strength 2/3
“Economic and Market Conditions The economic environment was resilient in 2025, as client and investor confidence and market sentiment improved and markets rebounded from early-year uncertainty. The year was characterized by increased momentum in capital markets activity and lower interest rates.”
Annual report 2025A · The company itself
Driver · weakens · strength 1/3
“At December 31, 2025 and December 31, 2024, we maintained sufficient liquidity to meet current and contingent funding obligations as modeled in our Liquidity Stress Tests.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“In periods of market disruption, the observability of prices and inputs, as well as market liquidity, may be reduced for many instruments, which could cause an instrument to be recategorized from Level 1 to Level 2 or from Level 2 to Level 3. In addition, a downturn in market conditions could lead to declines in the valuation of many instruments carried at fair value.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Liquidity Resources We maintain sufficient Liquidity Resources, which consist of HQLA and cash deposits with banks, to cover daily funding needs and to meet strategic liquidity targets sized by the Required Liquidity Framework and Liquidity Stress Tests. We actively manage the amount of our Liquidity Resources considering the following components: unsecured debt maturity profile; balance sheet size and composition; funding needs in a stressed environment, inclusive of contingent cash outflows; legal entity, regional and segment liquidity requirements; regulatory requirements; and collateral requirements.”
Annual report 2025A · The company itself
Driver · strengthens · strength 2/3
“Our operations serve the top four nutrient-consuming countries in the world: China, India, U.S. and Brazil.”
Annual report 2025A · The company itself
Driver · strengthens · strength 3/3
“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
Driver · weakens · strength 2/3
“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
Driver · weakens · strength 2/3
“Antitrust and competition laws prohibit the members of Canpotex from coordinating their production decisions, including the timing of their respective proving runs. Worldwide potash production levels could exceed then-current market demand, resulting in an oversupply of potash and lower potash prices.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Due to reduced market demand, depressed agricultural economic conditions and other factors, we have at various times suspended or curtailed production at some of our facilities. The extent to which we utilize available capacity at our facilities will cause fluctuations in our results of operations, as we will incur costs for any temporary or indefinite shutdowns of our facilities.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“We extend trade credit to our customers throughout the world, in some cases for extended periods of time. In Brazil, where there are fewer third-party financing sources available to farmers, we also have several programs under which we guarantee customers’ financing from financial institutions that they use to purchase our products. As our exposure to longer trade credit extends throughout the world and use of guarantees in Brazil increases, we are increasingly exposed to the risk that some of our customers will not pay us or the amounts we have guaranteed.”
Annual report 2025A · The company itself
Driver · strengthens · strength 2/3
“We know that global consumption of farm-raised seafood will increase in the future, both in terms of overall volumes and as a percentage of the global food supply. The biennially FAO report (Sofia, 2024) on the state of world fisheries and aquaculture estimates that rising incomes and urbanisation, improvements in post-harvest practices and changes in dietary trends are projected to drive a 12% increase in aquatic food consumption by 2032, reaching an average of 21.3 kg per capita.”
Annual report 2024A · The company itself
Driver · strengthens · strength 2/3
“Supply from Norway increased by 28 000 tonnes in 2024 on generally improved biological KPIs in sea resulting in improved production and harvesting.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“The reference price for Atlantic salmon of Norwegian origin in 2024 was reduced from record-high levels in 2023. Furthermore, price achievement was negatively impacted by quality downgrading in the first half.”
Annual report 2024A · The company itself
Driver · strengthens · strength 1/3
“Price and volume developments Market prices for salmon of Chilean origin increased by 3.4% in 2024 compared with 2023.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“The decrease was mainly related to lower operational earnings driven by lower prices.”
Annual report 2024A · The company itself
Driver · mixed effect · strength 3/3
“Mowi’s financial position depends heavily on developments in the spot price for salmon, and these prices have historically been volatile. As such we are exposed to movements in supply and demand for salmon.”
Annual report 2024A · The company itself
Strategy · strengthens · strength 2/3
“We have a sales contract policy aimed at limiting our exposure to short and medium-term fluctuations in salmon prices.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“A client’s activity with us may decrease for a variety of reasons, including the client’s level of satisfaction with our products and services; the effectiveness of our support services; the pricing of our products and services; the pricing and quality of competing products or services; client events such as mergers, acquisitions, restructurings, or business closures; or the effects of changes in economic conditions and the global capital markets.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Our business is impacted by economic conditions, including economic uncertainty, market downturns and volatility in the global capital markets and evolving investment trends (including volatility and trends resulting from geopolitical events and trade policy changes, including tariffs, retaliatory tariffs and related trade tensions).”
Annual report 2025A · The company itself
Driver · strengthens · strength 3/3
“Samfundsøkonomien ventes at være robust med omkring 2% vækst og stabil inflation”
Annual report 2025A · The company itself
Strategy · strengthens · strength 2/3
“– Vi bygger videre De seneste års fremgang som følge af et skærpet fokus på kerneforretningen har skabt et solidt og tydeligt fundament for den fortsatte udvikling. Med lønsom, robust og organisk udvikling som omdrejningspunkt står koncernen stærkt positioneret til at udnytte og videreudvikle markedsmuligheder frem mod 2028.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Our business performance is impacted by a number of factors, including general economic conditions, current or expected inflation, interest rate fluctuations, market volatility, changes in investment patterns and priorities, regulatory shifts, pandemics and other factors that are generally beyond our control. To the extent that global or national economic conditions weaken and result in slower growth or recessions, our business may be negatively impacted.”
Annual report 2025A · The company itself
Driver · strengthens · strength 2/3
“The number of listings on our markets is primarily influenced by factors such as investor demand, the global economy, available sources of financing, and tax and regulatory policies.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Our Capital Access Platforms segment may be significantly affected by global economic conditions.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“We may experience fluctuations in our operating results, which may adversely affect the market price of our common stock. Our industry is risky and unpredictable and is directly affected by many national and international factors beyond our control, including: •economic, political and geopolitical market conditions; •evolving market or customer preferences for solutions provided locally or outside of the U.S.; •natural disasters, terrorism, pandemics, war or other catastrophes; •broad trends in finance and technology; •changes in price levels and volatility in the stock markets; •the level and volatility of interest rates; •volatility in commodity markets, including the energy markets; •inflation; •disruptions or delays in our supply chains; •changes in government monetary or tax policy; •the imposition of governmental economic sanctions or tariffs, on countries in which we do business or where we plan to expand our business or sell our products and services; and •the perceived attractiveness of the U.S. or European capital markets.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Marknaden har dock under året varit svag, särskilt i Europa, vårt största segment, vilket ledde till att vår nettoomsättning minskade med 12 procent till 3 614 Mkr. De under 2023 och 2024 förvärvade bolagen har bidragit med 4 procent varför den organiska utvecklingen minskat med 16 (15) procent.”
Annual report 2024A · The company itself
Driver · weakens · strength 3/3
“Industriproduktionen har utvecklats svagt, inte minst i Europa, där framför allt stora marknader som Tyskland, Italien och Storbritannien haft en negativ utveckling under andra halvåret.”
Annual report 2024A · The company itself
Driver · weakens · strength 3/3
“Den europeiska marknaden har varit svag under året och det gällde speciellt Tyskland, Nederländerna och Italien.”
Annual report 2024A · The company itself
Driver · strengthens · strength 2/3
“Marknaden har börjat återhämta sig under 2024 och försäljningen har ökat.”
Annual report 2024A · The company itself
Driver · weakens · strength 3/3
“Risktyp Beskrivning Hantering S P MARKNADS- OCH OMVÄRLDS RISKER Efterfrågan Efterfrågan på mönsterkort är beroende av den allmänna konjunkturen och aktiviteten på relevanta marknader och olika slutmarknader. Efterfrågan på de mönsterkort vi säljer beror i slutändan på den underliggande efterfrågan på de slutprodukter i vilka de används.”
Annual report 2024A · The company itself
Driver · weakens · strength 3/3
“Nettoomsättningen minskade under helåret 2024 med 12 procent till 3 614 Mkr (4 088). Mätt i US-Dollar minskade nettoomsättningen med cirka 11 procent.”
Annual report 2024A · The company itself
Driver · weakens · strength 3/3
“EBITA minskade under 2024 till 449,7 Mkr (646,9), motsvarande en EBITA-marginal på 12,4 procent (15,8). EBITA-marginalen har försvagats i alla segment.”
Annual report 2024A · The company itself
Driver · weakens · strength 3/3
“Nettoomsättning Lågkonjunktur och geopolitiskt osäkerhet bidrog till att nettoomsättningen minskade med 4,7 procent till 5 900 Mkr (6 188). Den valutajusterade minskningen blev 4,0 procent.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“Centret är navet i vår globala satsning och kompletterar våra 14 befintliga innovationshubbar” 8 Översikt Långsiktigt stark trend Vi driver utvecklingen för ren luft men vi kan inte komma undan det faktum att vår försäljning och orderingång påverkas av den underliggande investeringsviljan hos våra kunder. Under 2024 präglades denna av relativt stor osäkerhet, dels av oro för konjunkturen, dels, och det är mer komplext, den tilltagande geopolitiska turbulensen i snart alla delar av världen.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“En försämrad global konjunktur, geopolitisk oro och svaghet i vissa marknader och segment bidrog till dämpad efterfrågan på divisionens utrustning och därmed lägre orderingång.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“Även om utvecklingen i våra divisioner för det mesta är positiv finns en risk för att en osäker konjunktur fortsätter att påverka kunders investeringsbeslut under de närmaste kvartalen.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“Risker och riskhantering 69 FÖRVALTNINGSBERÄTTELSE – Verksamhetsöversikt Finansiella risker Hantering Underliggande försvagning av ekonomin Kontinuerlig uppdatering av beredskapsplaner på lokal, regional och global nivå.”
Annual report 2024A · The company itself
Driver · weakens · strength 3/3
“The near- and mid-term market is difficult to predict, influenced by factors beyond the company’s control. This year we will face the consequences of low order intake and project delays or cancellations in 2023 and 2024.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“As a result of renewable hydrogen projects taking longer time to reach final investment decision than anticipated and existing contracts being significantly delayed or cancelled as customers fail to secure funding, Nel has an increased inventory of finished goods and lower backlog for 2025 delivery.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“Several high-quality projects with reputable clients continue to mature and get closer to final investment decisions. In the near- to mid-term, Nel expects projects to be smaller than what was anticipated a few years ago.”
Annual report 2024A · The company itself
Driver · weakens · strength 3/3
“Nellys försäljning påverkas av konjunkturen, utvecklingen av e-handeln och efterfrågan på gruppens produkter och tjänster framför allt i Norden.”
Annual report 2024A · The company itself
Driver · weakens · strength 3/3
“Under året beslutade Riksbanken att sänka styrräntan vid fem tillfällen, från 4,0 procent i januari till 2,5 procent i december. Trots dessa åtgärder förblev hushållens konsumtion återhållsam, vilket har haft en dämpande effekt på den ekonomiska tillväxten. Sveriges BNPtillväxt för 2024 beräknas landa på endast 0,9 procent, vilket speglar den svaga återhämtningen.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“Samtidigt har antalet konkurser nått rekordnivåer. Under 2024 gick 10 141 aktie bolag i konkurs. Det drabbade omkring 33 200 anställda, vilket motsvarar en ökning med 38 procent jämfört med föregående år.”
Annual report 2024A · The company itself
Driver · weakens · strength 3/3
“Risks Related to Our Business and Industry Global economic and geopolitical conditions may adversely affect our industry, business operations, and financial performance, including our revenue growth, profitability, financial condition and cash flows.”
Annual report 2026A · The company itself
Driver · weakens · strength 2/3
“We are exposed to the credit and non-payment risk of our customers, resellers and distributors, especially during times of economic uncertainty and tight credit markets, which could result in material losses. Most of our sales to customers are on an open credit basis, with typical payment terms of 30 days. During periods of economic uncertainty, when access to liquidity may be limited, we may experience increased losses as more customers become unable to pay their obligations to us, either in full or in part.”
Annual report 2026A · The company itself
Driver · weakens · strength 2/3
“If such disruptions result in cancellations of customer orders or 29 contribute to a general decrease in economic activity or corporate spending on IT, or directly impact our marketing, manufacturing, financial and logistics functions, or impair our ability to meet our customer demands, our operating results and financial condition could be materially adversely affected.”
Annual report 2026A · The company itself
Driver · strengthens · strength 3/3
“Gott orderläge och rekordhög orderstock De starka megatrenderna på våra marknader visar sig i vår orderstock som ökade 18,4% till 4,0 miljarder SEK under 2024.”
Annual report 2024A · The company itself
Driver · weakens · strength 3/3
“En viktig styrka är också Netels decentraliserade organisation som innebär att koncernen erbjuder kunderna insikter och kunskap om lokala förhållanden och regelverk samtidigt som dess dotterbolag agerar med Allvarliga makroekonomiska störningar Efterfrågan på Netels tjänster påverkas vanligtvis inte av mindre makroekonomiska variationer. Allvarliga nedgångar i den ekonomiska aktiviteten kommer sannolikt att påverka Netel negativt.”
Annual report 2024A · The company itself
Strategy · strengthens · strength 2/3
“Vi har emellertid mött de nya förutsättningarna på marknaden genom att vidta åtgärder i de verksamheter som levererat lägre marginaler genom att bland annat optimera kostnadsstrukturer och förbättra resursallokeringen.”
Annual report 2024A · The company itself
Strategy · strengthens · strength 2/3
“Netels mål: Årlig tillväxt på 10 procent inklusive förvärv Mål 13 Bekämpa klimatförändringarna 13.3 Öka kunskap och kapacitet för att hantera klimatförändringar Mål 13 syftar till att vidta omedelbara åtgärder för att bekämpa klimatförändringarna och dess konsekvenser.”
Annual report 2024A · The company itself
Driver · strengthens · strength 3/3
“NewCap-koncernen fokuserer på at levere attraktive og risikobalancerede forvaltningsresultater baseret på langsigtede investeringer primært i højrentevirksomhedsobligationer og skræddersyede bilaterale private gældsinvesteringer i Nordeuropa. Vores investeringstilgang er kendetegnet ved disciplineret kreditudvælgelse, fundamental analyse og aktiv, hands-on involvering gennem hele investeringscyklussen.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Bestyrelsen forventer på dette grundlag for 2026 en omsætning på DKK 11,5 – 13,5 mio., et forventet resultat før skat på DKK 2,5 - 5,0 mio. Den væsentligste usikkerhed knytter sig til det generelle økonomiske forhold i Danmark, Norden og det øvrige Nordeuropa, samt eventuelt påvirkning af geopolitiske forhold på kredit, rente- og valutaforhold.”
Annual report 2025A · The company itself
Driver · mixed effect · strength 2/3
“Market perceptions of the mining sector, and, in particular, the role that certain metals will or will not play in the transition to a low-carbon economy remains uncertain.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Numerous countries have implemented changes to their mining regimes that reflect increased government control over or participation in the mining sector, including, but not limited to, changes of law affecting foreign ownership and takeovers, mandatory government participation in mining enterprises, taxation and royalties, working conditions, rates of exchange, exchange controls, exploration licensing, export duties, requirements to sell to the government, repatriation of income or return of capital, environmental protection, as well as requirements intended to boost the local economy, including usage of local goods and employment of local and community staff or contractors, among other benefits to be provided to local residents.”
Annual report 2025A · The company itself
Driver · strengthens · strength 2/3
“FPL customer usage and operating revenues are typically higher during the summer months, largely due to the prevalent use of air conditioning in its service area.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Any changes in Florida law or regulation, whether through new, modified, repealed or overturned legislation, regulation or executive action or through citizen-approved state constitutional ballot initiatives, which increase competition in the Florida retail electricity market, such as government incentives that would further facilitate the installation of solar generation facilities on residential or other rooftops or would permit third-party sales of electricity, could have a material adverse effect on FPL's business, financial condition, results of operations and prospects.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“NEE's and FPL's business, financial condition, results of operations and prospects may be negatively affected by a lack of growth, slower growth or a decline in the number of customers or in customer usage. Growth in customer accounts and growth of customer usage each directly influence the demand for electricity and the need for additional power generation and power delivery facilities, as well as the need for energy-related commodities, such as natural gas.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Vi har under det gångna året upplevt en kraftig nedgång i efterfrågan inom de branscher där våra tre affärsområden är verksamma.”
Annual report 2024A · The company itself
Driver · strengthens · strength 2/3
“Rörelsemarginal senaste fem åren (%) 14,5 12,6 14,9 14,6 13,0* 8,0* *Exkl Jämförelsestörande poster 20242023 2022 20212020 18,1 17,3 14,5* 17,3 5,4* Avkastning på eget kapital senaste fem åren (%) *Exkl Jämförelsestörande poster 20242023202220212020 44,4 46,3 49,9 45,6 51,8 Soliditet senaste fem åren (%) Mål 30 % FINANSIELLA MÅL · 22 · ÅRSREDOVISNING 2024 NIBE INDUSTRIER AB LEDNINGSFILOSOFI VÅRA VÄRDERINGAR Våra värderingar utgör en viktig del av vår ledningsfilosofi och företagskultur samt framhåller att vi vill intressenter och miljön.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“1www.iea.org/events/ 2www.iea.org/reports/ Takten i omställningen beror på ett • Energiprisernas utveckling – framförallt utvecklingen avprisskillnadenmellanelektricitetochfossila bränslensomoljaochnaturgas. • Politiskastyrmedel–delsdirektaekonomiskastödoch subventionerföromställningochenergiskatter,dels indirektastödsompåverkarkostnadernaförny-eller ombyggnationer • Myndighetskravpåprodukter–blandannat Eco-designdirektivet,somangerminimikravpåenergiprestandahosprodukterpåEU-marknaden.Avsikten ärattförbättraprodukternasmiljöprestandaunder helaproduktenslivscykeln. • Begränsningavinstallationavgaspannorvidutbyte avvärmekällaochförbudmotgasanslutningvid nybyggnation. • Utbyggnadenavfossilfriinfrastrukturförklimatisering ochtappvarmvatten. • ”Smartbuildings”–medförökadefterfråganpåbättre energiprestandaochstyrningavbådeenfamiljsbostädersochkommersiellafastighetersklimatsystem. • Fastighets-ochbyggmarknadensutveckling,där nybyggnationochrenoveringoftainnebärinstallation avhållbaraenergilösningar. • Kostnadenförslutkonsumentenäravgörandeför investeringochdriftskostnad,beroendepåenergislag. • Rådandekonjunkturläge–vilkettillfälligtkanminska konsumentersköpkraftmenocksåmedföraen uppdämdefterfrågannärkonjunkturenvänder. · 34 · ÅRSREDOVISNING 2024 NIBE INDUSTRIER AB > NIBE CLIMATE SOLUTIONS 2024 202320222021 2020 -17 Måluppfyllelse 2024202320222021 2020 Måluppfyllelse 17,8 16,1 15,0 16,6 Måluppfyllelse Lorem ipsum 9,3* *Exkl Jämförelsestörande poster Tillväxtmål Under2024varnedgångentotalt-17,0%(+20,3%)varav-21,2%(+14,4%)var organisk.Detinnebärattdenorganiskatillväxtenvar35,6procentenheter lägreän2023.Tillväxtenharigenomsnittvarit9,6%underdesenastefem åren.”
Annual report 2024A · The company itself
Driver · weakens · strength 3/3
“Stora konjunktursvängningar, förändringar av energipriser, energi skatter, subventioner och energilagstiftning kan påverka koncernens utveckling.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“Även om NIBE huvudsakligen agerar på marknader med stark ekonomi kan efterfrågan på bolagets produkter och tjänster påverkas negativt av en generell konjunkturnedgång eller svacka i ett enskilt land eller enskilt segment. Till detta kommer risker i form av ä ndrade lagar och regler, störningar i de finansiella systemen, naturkatastrofer, terrorism, pandemier, geopolitiska hot med mera.”
Annual report 2024A · The company itself
Driver · strengthens · strength 2/3
“Den generella marknaden för Medical Solutions förväntas växa med 4-5 procent årligen. 2024 uppgick affärsområdets tillväxt till 2 procent.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“Affärsområdets marknad har på många håll varit avvaktande under året. Det avvaktande läget bedöms vara en effekt av det allmänna konjunkturläget och att Nolatos erbjudande har en bred exponering mot många olika typer av branscher där slutkunden är konsument.”
Annual report 2024A · The company itself
Driver · strengthens · strength 2/3
“Nolato bedömer att det kommer vara en fortsatt stark tillväxt inom överskådlig framtid, utifrån en bred efterfrågan i marknaden.”
Annual report 2024A · The company itself
Driver · weakens · strength 3/3
“Operativa risker Riskexponering Riskhantering A Konjunkturrisk Risken att en konjunkturnedgång får väsentlig påverkan på Nolatos utveckling och resultat. Verksamheten inom Medical Solutions och vissa delar av Engineered Solutions har tämligen låg känslighet för konjunkturförändringar, medan verksamheten inom Engineered Solutions allmän industri i stort sett följer industrikonjunkturen i norra Europa.”
Annual report 2024A · The company itself
Driver · weakens · strength 3/3
“Fordonsområdet uppvisade tillväxt under första halvåret, men volymerna minskade betydligt under andra halvåret. En lägre efterfrågan i slutkundsledet inom fordonsindustrin bedöms påverka även inledningen av 2025 negativt.”
Annual report 2024A · The company itself
Driver · weakens · strength 3/3
“Cyclical nature of the semiconductor industry The cyclical nature of the semiconductor industry represents an inherent risk factor, characterized by periodic fluctuations in demand and supply that can significantly impact the financial performance and stability of companies operating within this sector. The semiconductor industry faces rapid technological shifts, swift product obsolescence, volatile pricing, evolving standards, short life cycles, and erratic supply and demand, contributing to its inherent instability. The semiconductor industry has experienced significant downturns at times, often in connection with or in anticipation of maturing product cycles of semiconductor companies and their customer's products, as well as declines in general economic conditions.”
Annual report 2024A · The company itself
Driver · strengthens · strength 2/3
“From a financial perspective, Nordic has set clear priorities and is committed to achieving its long-term ambitions, targeting an average annual revenue growth above 20% throughout the decade and progressing toward an operating model profitability of approximately 25% EBITDA within five years.”
Annual report 2024A · The company itself
Driver · weakens · strength 3/3
“Because our business is dependent on the rail shipping needs of our customers, negative changes in domestic and global economic conditions, including reduced import and export volumes, could affect the producers and consumers of the freight we carry. Recessionary economic cycles and downturns in customers’ business cycles, especially in market segments and industries where we have a significant concentration of customers, may substantially reduce our volumes, and lead to excess capacity in the industry, resulting in pressure on rates we are able to obtain for our services.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Vekst i utfordrende markeder I 2024 gjorde forholdene i markedet det mer krevende å nå våre EBITDA-mål. Vi oppnådde justert EBITDA på 26 318 millioner kroner og en justert avkastning på gjennomsnittlig sysselsatt kapital (ARoaCE) på 8,5 prosent, noe som ligger under vårt mål om 10 prosent over forretningssyklusen.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“Salget av grønnere produkter fortsatte å vokse i 2024 til tross for et tregt marked.”
Annual report 2024A · The company itself
Driver · weakens · strength 3/3
“Vekst innen resirkulering og ekstrudering Siden slutten av 2023 har marginene på resirkulering vært under press grunnet både svak etterspørsel etter sluttprodukter kombinert med et stramt marked for skrap grunnet lav økonomisk aktivitet i i viktige segmenter for skrapgenerering.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“Innen ekstrudering opplever vi nå en nedgang i markedet, men vi jobber kontinuerlig med å forbedre, modernisere og optimalisere fleksibiliteten til våre globalt ledende ekstruderingsnettverk.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“Kjøp av bauksitt fra Paragominas og gjennom MRN-avtalene baseres på priser som er delvis knyttet til London Metal Exchange (LME) og til markedsprisen på alumina.”
Annual report 2024A · The company itself
Driver · strengthens · strength 3/3
“Inntektene ved Hydros omsmelteverk påvirkes av volum, LME-prisen og produktpremier.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“The foregoing or similar events also could impact us negatively to the extent that they result in reduced capital markets activity, lower asset price levels, or disruptions in general economic activity in the U.S. or abroad, or in financial market settlement functions. In addition, these or similar events may impact economic growth negatively, which could have an adverse effect on our business and operations, and may have other adverse effects on us in ways that we are unable to predict.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Market volatility and/or weak economic conditions can result in losses or the need for additional provisions for credit losses, both of which reduce our earnings. Credit risk levels and our earnings can be affected by market volatility and/or weakness in the economy in general and in the particular locales in which we extend credit, a deterioration in credit quality, or a reduced demand for credit. Adverse changes in the financial performance or condition of our borrowers resulting from market volatility, elevated interest rates, and/or weakened economic conditions could impact the borrowers’ abilities to repay outstanding loans, which could in turn impact our financial condition and results of operations negatively.”
Annual report 2025A · The company itself
Driver · weakens · strength 1/3
“In addition, regulatory responses in connection with severe market downturns or unforeseen stress events could alter or disrupt our planned future strategies and actions.”
Annual report 2025A · The company itself
Driver · weakens · strength 1/3
“Adverse developments affecting the overall strength and soundness of other financial institutions, the financial services industry as a whole and the general economic climate and the U.S. Treasury market could have a negative impact on perceptions about the strength and soundness of our business even if we are not subject to the same adverse developments.”
Annual report 2025A · The company itself
Driver · mixed effect · strength 2/3
“Macroeconomic factors that are particularly correlated to Northern Trust’s loan portfolio are GDP growth, unemployment, non-farm employment, corporate profits, consumer spending, personal income, commercial real estate prices, housing price index, credit spreads, and market volatility.”
Annual report 2025A · The company itself
Driver · mixed effect · strength 2/3
“Proven Model Our business model has demonstrated resilience through various market cycles. We maintain strong relationships with travel partners, have sophisticated revenue management strategies, and focus on operational excellence to drive shareholder value.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Such events or conditions may also have downstream effects on the global economic environment, including increased fuel and commodity pricing, supply chain shortages, labor shortages, volatility in the global capital markets, contraction of the global economy leading to decreased consumer discretionary spending, and other effects impossible to predict at this time.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Economic conditions remain uncertain, and the potential for an economic slowdown or recession could materially reduce consumer discretionary spending, including spending on cruise vacations.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Den svaga marknaden under 2024, i kombination med att den starka branschtillväxten 2022 och 2023 delvis föranleddes av tidigarelagda leveranser som ursprungligen var planerade för 2024, innebär att försäljningen backade under året. Vår kundportfölj har hög potential och givet starka partnerskap med våra kunder samt vår branschledande roll inom leveranssäkerhet och kvalitet ser vi optimistiskt på framtiden.”
Annual report 2024A · The company itself
Driver · weakens · strength 3/3
“Det svagare konjunkturläget som påverkade vår efterfrågan under senare delen av 2023 fick en fortsatt påverkan på våra kunders aggregerade efterfrågan under 2024. NOTEs försäljning under året uppgick till 3 901 MSEK, vilket motsvarar en negativ tillväxt om 8%.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“Risken att en kund inte kan betala sin skuld till NOTE. NOTE har generellt en diversifierad kundbas där ingen kund (koncern) utgör mer än cirka 5% av försäljningen.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“Orderstocken för 2025 minskade med 2% jämfört med orderstocken vid motsvarande tidpunkt föregående år och följer av en försiktigare marknadssituation. NOTE förväntar sig en omsättning för första kvartalet 2025 som ligger i linje med omsättningen för fjärde kvartalet 2024.”
Annual report 2024A · The company itself
Strategy · strengthens · strength 2/3
“NOTE ska växa med lönsamhet. Målet är att senast uppnå en rörelsemarginal om 10% och därefter ha en successiv förstärkning av rörelsemarginalen.”
Annual report 2024A · The company itself
Driver · strengthens · strength 2/3
“These investments are driven by urbanisation, population growth, sustainability and an increased focus on national security and energy demand. We are confident that, over time, we will establish a foothold in these sectors.”
Annual report 2024A · The company itself
Driver · strengthens · strength 3/3
“The key driver for NRC Group’s strategy and industry is the growing demand for increased construction and maintenance of sustainable infrastructure. Investments in rail and other critical infrastructure are expected to increase from already high levels due the underlying trends such as population growth, urbanisation, more demanding targets for decarbonisation and growing activity related to defence, energy and water supply.”
Annual report 2024A · The company itself
Driver · strengthens · strength 2/3
“The strength and size of the U.S. economy make the United States an attractive market to our foreign competitors.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“As a result, downturns in the U.S. economy or any of these industries could materially adversely affect our results of operations, financial condition and cash flows.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“The housing industry is cyclical and is affected by consumer confidence levels, prevailing economic conditions and interest rates. Other factors that affect the housing industry and the demand for new homes include: the availability and the cost of land, labor and materials; changes in consumer preferences; demographic trends; and the availability of mortgage finance programs.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Our business is affected by the risks generally incident to the residential construction business, including, but not limited to: •actual and expected changes in interest rates, which affect the availability of mortgage financing for potential purchasers of homes; •the availability of adequate land in desirable locations on favorable terms; •employment levels, consumer confidence and spending and unexpected changes in customer preferences; and •changes in the national economy and in the local economies of the markets in which we operate.”
Annual report 2025A · The company itself
Strategy · strengthens · strength 2/3
“In addition to constructing homes primarily on a pre-sold basis and utilizing what we believe is a conservative lot acquisition strategy, we focus on obtaining and maintaining a leading market position in each market we serve. This strategy allows us to gain valuable efficiencies and competitive advantages in our markets, which we believe contributes to minimizing the adverse effects of regional economic cycles and provides growth opportunities within these markets.”
Annual report 2025A · The company itself
Driver · strengthens · strength 2/3
“Demand in these markets fluctuates significantly, driven by consumer spending, consumer preferences, the development of new technologies and prevailing economic conditions.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“The semiconductor industry is characterized by high fixed costs and, notwithstanding our utilization of third-party manufacturing capacity, our production requirements are in part met by our own manufacturing facilities. In less favorable industry environments, like we faced in the first half of 2020, we are generally faced with a decline in the utilization rates of our manufacturing facilities due to decreases in demand for our products. During such periods, our fabrication plants could operate at lower loading level, while the fixed costs associated with the full capacity continue to be incurred, resulting in lower gross profit.”
Annual report 2025A · The company itself
Driver · strengthens · strength 2/3
“New store sites are strategically located in clusters within geographic areas that complement our distribution network in order to achieve economies of scale in management, advertising, and distribution. Other key factors we consider in the site selection process include population density and growth patterns, demographic lifestyle segmentation, age and per capita income, vehicle traffic counts, vehicles in operation, number and type of existing automotive repair facilities, and competing auto parts stores within a predetermined radius.”
Annual report 2025A · The company itself
Driver · strengthens · strength 2/3
“Store Network New Store Site Selection: In selecting sites for new stores, we seek to strategically locate store sites in clusters within geographic areas in order to achieve economies of scale in management, advertising, and distribution. Other key factors we consider in the site selection process are: ● Population density. ● Demographics, including age, life style, and per capita income. ● Market economic strength, retail draw, and growth patterns. ● Number, age, and percent of makes and models of registered vehicles. ● The number, type, and sales potential of existing automotive repair facilities. ● The number of auto parts stores and other competitors within a predetermined radius. ● Physical location, traffic count, size, economics, and presentation of the site.”
Annual report 2025A · The company itself
Driver · strengthens · strength 2/3
“Number of Miles Driven: The number of total miles driven influences the demand for repair and maintenance products sold within the automotive aftermarket. In the U.S., vehicles are driven approximately three trillion miles per year, resulting in ongoing wear and tear and a corresponding continued demand for the repair and maintenance products necessary to keep these vehicles in operation.”
Annual report 2025A · The company itself
Driver · strengthens · strength 3/3
“Size and Age of the Vehicle Fleet: The total number of vehicles on the road and the average age of the vehicle population heavily influence the demand for products sold within the automotive aftermarket industry. As reported by the Auto Care Association, the total number of U.S. registered vehicles increased 13.4% from 2014 to 2024, bringing the number of light vehicles on the road to 286 million by the end of 2024.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“In recent years, we have experienced lower freight volumes due to continued softness in the domestic economy.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Decreased demand for LTL freight services can negatively impact shipment volume and lower weight per shipment, which in turn can negatively impact freight density in our network. Reduced freight density in our network can have a deleveraging impact on fixed costs, including depreciation and other indirect costs as a percent of revenue, which can adversely impact our profitability and cash flows.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Our customers’ and suppliers’ businesses may be impacted by various economic factors such as recessions, inflation, downturns in the economy, global uncertainty and instability, changes in U.S. social, political, and regulatory conditions and/or a disruption of financial markets, which may decrease demand for our services or increase our costs. Adverse macroeconomic conditions, both in the U.S. and internationally, such as high inflation, continued high interest rates and slower economic growth has, and may continue to, negatively affect our customers’ business levels, the amount of transportation services they need, their ability to pay for our services and overall freight levels, any of which might impair our asset utilization.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Customers encountering adverse economic conditions, including as a result of current inflationary pressures, may be unable to obtain additional financing or financing under acceptable terms. These customers represent a greater potential for bad debt losses, which may require us to increase our reserve for bad debt. Economic conditions resulting in bankruptcies of a concentration of our customers could have a significant impact on our financial position, results of operations or liquidity in a particular year or quarter.”
Annual report 2025A · The company itself
Market · strengthens · strength 2/3
“More than 98% of our revenue has historically been derived from transporting LTL shipments for our customers, whose demand for our services is generally tied to industrial production and the overall health of the U.S. domestic economy.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Myyntivolyymin kehitykseen vaikuttivat yleisen markkinatilanteen heikentyminen, kuluttajakäyttäytymisen muutos alkoholittomiin juomiin, kesäsesongin epävakainen sää, kuluttajien ostovoiman heikko kehitys ja menetetyt kaupan omien merkkien myynnit.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Our business, financial condition, operating results and cash flows may be adversely affected by changes in global economic conditions, including levels of consumer and business confidence, commodity prices, raw material and energy costs, supply chain issues, trade policies (including tariffs and trade barriers), foreign currency exchange rates, interest rates, labor costs, levels of government spending and deficits, actual or anticipated default on sovereign debt, political conditions in the U.S. or otherwise, regulatory changes and other challenges that could affect the global economy.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“If current geopolitical conflicts expand to other countries and depending on the ultimate outcomes of these conflicts, which remain uncertain, they or new geopolitical conflicts could have additional adverse effects on macroeconomic conditions, including but not limited to, increased costs, constraints on the availability of commodities, supply chain disruptions and decreased business spending.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Group adjusted EBITDA of EUR 167 million ended slightly below the previous year’s level of EUR 177 million driven by developments in business area Europe. In addition to challenging market conditions, fourth‑quarter profitability in business area Europe was further affected by temporary challenges related to the supply chain planning solution in the Enterprise Resource Planning (ERP) rollout, which amplified the decline in customer deliveries and weighed on results. At the same time, business area Americas achieved a significant improvement in adjusted EBITDA, driven by higher volumes and lower costs, partially supported by short‑term cost‑saving measures.”
Annual report 2025A · The company itself
Driver · strengthens · strength 1/3
“In 2025, apparent consumption in EMEA showed an increase of 2.6% compared to 2024 (Source: CRU Stainless Steel Flat Products Market Outlook November 2025).”
Annual report 2025A · The company itself
Driver · mixed effect · strength 2/3
“Opportunities include higher productivity, stronger employee engagement, innovation, and retention through well-being, safety, belonging, and continuous learning initiatives.(S1-ESRS2-SBM-3-14-(b-d)) Due to the energy-intensive nature of its operations, Outokumpu also considers the effects of its climate transition plan. Mitigating climate change creates opportunities to engage employees in the decarbonization journey, and no material negative impacts on workers are expected, provided that climate targets are achieved.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Capital structure and financial risk management Outokumpu maintained a strong financial position in 2025. Despite weaker profitability and cashflow, net debt increased only moderately and liquidity remained strong.”
Annual report 2025A · The company itself
Strategy · strengthens · strength 2/3
“Building on this foundation, a key milestone in the company’s strategic journey during 2025 was the launch of the EVOLVE growth strategy for 2026–2030, designed to strengthen resilience to market cycles by improving cost competitiveness, building a stronger product portfolio, and differentiating into areas that support higher growth and profitability.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“The Company’s business is highly sensitive to global and national economic conditions as well as economic conditions in the industries and markets it serves. Negative economic conditions and outlook can materially weaken demand for the Company’s equipment and services. The yearly demand for commercial vehicles may increase or decrease more than overall gross domestic product in markets the Company serves, which are principally North America and Europe.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“If economic conditions deteriorate, the U.S. economy could experience a recession, which may result in higher unemployment rates, lower disposable income, lower Company earnings and investment, and lower consumer spending. These factors may result in lower demand for our products and negatively affect our business, results of operations and cash flows.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Table of Contents General Risk Factors Adverse economic conditions or reduced technology spending may adversely impact our business. Our business depends on the economic health of our current and prospective customers and overall demand for technology. In addition, the purchase of our platforms and services is often discretionary and typically involves a significant commitment of capital and other resources.”
Annual report 2025A · The company itself
Driver · strengthens · strength 2/3
“Hotellmarknaden är nu i ett nytt normalläge efter pandemin. Vad är din bedömning om tillväxten framåt? – Vi har en positiv grundsyn och förväntar oss en viss Rev- PAR-tillväxt i hotellmarknaden 2025, drivet av både ökad beläggning och högre genomsnittliga rumspriser.”
Annual report 2024A · The company itself
Driver · strengthens · strength 3/3
“År 2024 var ett starkt år, framför allt tack vare stora evenemang som fotbolls-EM i Tyskland och större konserter i Storbritannien. De flesta hotell presterade bättre än sina konkurrenter, vilket gav ökade marknadsandelar.”
Annual report 2024A · The company itself
Driver · strengthens · strength 2/3
“STRATEGI OCH VÄRDESKAPANDEMARKNADSSTRUKTUR VERKSAMHETEN FASTIGHETER STYRNING FINANSIELLT OCH HÅLLBARHET RevPAR (revenue per available room eller intäkt per tillgängligt rum) är ett centralt nyckeltal i hotellindustrin och ett viktigt mått för Pandox. RevPAR är ett mått på ett hotells – eller i aggregerad form en marknads – intjäningsförmåga och beskriver både hur väl det lyckats belägga sina rum (efterfrågan) och till vilket pris (betalningsviljan). RevPAR varierar med ekonomisk aktivitet och efterfrågan från olika delsegment på resemarknaden samt strukturella faktorer som till exempel land, stad, läge, kommunikationer, produkttyp och utbud i hotellmarknaden.”
Annual report 2024A · The company itself
Driver · strengthens · strength 2/3
“RevPAR ökade 2024 med stöd av en stark eventkalender och en positiv underliggande efterfrågan drivet av en fortsatt normalisering av hotellmarknaden efter pandemin.”
Annual report 2024A · The company itself
Driver · weakens · strength 3/3
“Konjunktur nedgång Ekonomisk aktivitet är en primär drivkraft för både affärs- och fritidsresande och en försvagad konjunktur kan därför påverka efterfrågan negativt. • Portföljen består av många stora hotellfastigheter med god spridning över geografi, läge, varumärke, driftsmodell och typ av efterfrågan (internationell, inhemsk och regional). • Hotellfastigheterna är övervägande fullservicehotell i det övre mellan klassegmentet som historiskt uppvisat en högre stabilitet i intjäning än till exempel högprissegmentet.”
Annual report 2024A · The company itself
Driver · strengthens · strength 2/3
“Vilka marknader ser ni mest potential i? ”För 2025 förväntar vi oss RevPAR-tillväxt i hotellmarknaden drivet av både högre beläggning och ökade snittpriser.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“Överetablering av hotellrum Kapacitetstillskott i form av nya hotell och hotellrum kan ha en betydande negativ påverkan på RevPAR på enskilda marknader.”
Annual report 2024A · The company itself
Driver · strengthens · strength 2/3
“Förmågan att öka cash earnings är beroende av ekonomisk aktivitet, hotellmarknadens tillväxt samt lokala marknadsförutsättningar.”
Annual report 2024A · The company itself
Strategy · strengthens · strength 2/3
“Vi har långa omsättningsbaserade hyresavtal med god garanterad miniminivå med starka och skickliga hotelloperatörer med gemensamma incitament. Vi delar ”uppsidan” i en växande hotellmarknad och har ett ”skydd på nedsidan” i en sämre hotellmarknad.”
Annual report 2024A · The company itself
Strategy · strengthens · strength 2/3
“Pandox har verksamhet på hotellmarknader med olika karaktär och förutsättningar, vilket också avspeglas i RevPAR och därmed styr vilken typ av hotellinvesteringar som är möjliga att göra med lönsamhet. Ju högre RevPAR desto större utrymme för Pandox att göra värde skapande investeringar.”
Annual report 2024A · The company itself
Driver · weakens · strength 3/3
“Our advertising business is sensitive to general macroeconomic conditions as well as the economic prospects and spending priorities of specific advertisers or industries.”
Annual report 2024A · The company itself
Driver · weakens · strength 3/3
“Our business is sensitive to global macro-economic conditions. Macroeconomic downturns may have an adverse effect on our business, results of operations and financial condition, as well as our distributors, customers and suppliers, and on activity in many of the industries and markets we serve.”
Annual report 2026A · The company itself
Driver · weakens · strength 2/3
“Demand for and supply of our products has been and may be adversely affected by numerous factors, some of which we cannot predict or control. Such factors include: •changes in business relationships with and purchases by or from major customers, suppliers or distributors, including delays or cancellations in shipments, disputes regarding contract terms or significant changes in financial condition, and changes in contract cost and revenue estimates for new development programs; •changes in product mix; •changes in the market acceptance of our products; •increased competition in the markets we serve; •declines in the general level of industrial production; •weakness in the end-markets we serve; •fluctuations in the availability or the prices of raw materials; and •fluctuations in currency exchange rates.”
Annual report 2026A · The company itself
Driver · weakens · strength 3/3
“Our customers are sensitive to negative changes in economic conditions. If they cease operations or file for bankruptcy protection, we may not be paid for solutions we already provided, and our customer base will shrink, which will lower our revenue. If under financial pressure, our customers may determine they are no longer willing to pay for the solutions and support we provide, which would reduce our revenue.”
Annual report 2026A · The company itself
Driver · weakens · strength 2/3
“Trade, monetary and fiscal policies, and political and economic conditions may substantially change, and credit markets may experience periods of constriction and variability. Additionally, instability in the banking environment may adversely affect our business. These conditions may impact our business due to lower transaction volumes or an increase in the number of customers going out of business.”
Annual report 2026A · The company itself
Driver · weakens · strength 1/3
“There continues to be uncertainty in the changing market and economic conditions, including the possibility of additional measures that could be taken by the U.S. President, the Federal Reserve and other government agencies related to the overall macroeconomic environment. We will continue to monitor the market and economic conditions.”
Annual report 2026A · The company itself
Driver · strengthens · strength 2/3
“KEY PERFORMANCE METRICS In 2025, we processed $1.79 trillion of total payment volume (“TPV”), an increase of 7% compared to 2024, and 25.4 billion payment transactions, a decrease of 4% compared to 2024.”
Annual report 2025A · The company itself
Driver · strengthens · strength 3/3
“STRATEGY Our ability to grow revenue is affected by, among other things, the macroeconomic environment and its impact on commerce and economic growth, consumer spending patterns, adoption of digital payment methods, the growth of multiple commerce channels, the growth of mobile devices and commerce and payment applications on those devices, the growth of consumers and merchants globally with internet and mobile access, the pace of transition from cash and checks to digital forms of payment, our share of digital payments, and our ability to innovate and introduce new products, services, and features that consumers and merchants value.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“The non-payment rate among account holders may increase due to, among other factors, changes to underwriting standards, risk models not accurately predicting the creditworthiness of a user, worsening economic conditions, such as recessions, economic downturns or government austerity programs, increases in prevailing interest rates, and high unemployment rates.”
Annual report 2025A · The company itself
Driver · mixed effect · strength 2/3
“Vi ser hur våra fyra samverkande affärsområden, omfattande lokala närvaro i Norden och våra kompetenta medarbetare minskar Peabs sårbarhet i rådande marknadsläge.”
Annual report 2024A · The company itself
Driver · strengthens · strength 1/3
“Många badhus i Norden har uppnått sina tekniska livslängder och är i behov av renovering. En del kommuner väljer även att bygga helt nya badhus för att förbättra servicenivån och öka attraktionskraften för invånarna.”
Annual report 2024A · The company itself
Driver · weakens · strength 3/3
“Höga byggkostnader gör det svårare att få ihop kalkyler, vilket hämmar efterfrågan på byggmarknaden i hela Norden.”
Annual report 2024A · The company itself
Driver · weakens · strength 3/3
“We have experienced, and expect to continue to experience, fluctuations in revenues and results of operations due to economic and business cycles. Important factors for our businesses and the businesses of our customers and suppliers include the overall strength of the global economy and various regional economies and our customers’ confidence in these economies, industrial and governmental capital spending, the strength of residential and commercial real estate markets, residential housing markets, the food service industry, the commercial business climate, global supply chain stability, possible tariff increases, unemployment rates, availability of consumer and commercial financing, interest rates, inflation rates and energy and commodity prices. Recessions, economic downturns, inflation, slowing economic growth and social and political instability in the industries and/or markets where we compete could negatively affect our revenues and financial performance in future periods, result in future restructuring charges and adversely impact our ability to grow or sustain our business.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Consumption of tax-paid cigarettes continues to decline in many of our markets. This decline is due to multiple factors, including increased taxes and pricing, governmental actions, the diminishing social acceptance of smoking, health concerns, competition, continuing economic and geopolitical uncertainty, and the continuing prevalence of illicit products.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“The financial and business performance of our smoke-free products is less predictable than our cigarette business. Our SFPs compete in relatively new categories, and the pace at which adult smokers adopt them may vary, depending on the competitive, regulatory, fiscal and cultural environment, and other factors in a specific market.”
Annual report 2025A · The company itself
Driver · strengthens · strength 3/3
“The price at which we purchase crude oil, natural gas, NGLs and renewable feedstocks and the prices at which we can ultimately sell our refined products depend upon factors beyond our control, including, but not limited to: •global and local demand; •production levels of feedstocks; •production levels of refined products by competitors; •import and export capabilities; •seasonality and weather conditions; •transportation availability and cost; •changes in energy prices; •economic, political and regulatory conditions domestically and internationally, including imposition of tariffs or other tax incentives or disincentives; •the impacts of the members of the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC member producing nations that may agree to set production levels; •geopolitical risks, such as the ongoing global impact of conflicts in the Middle East, Eastern Europe and South America; •technological advances affecting energy consumption and supply; and •consumer preferences and the use and availability of substitute products.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Detaljhandeln är särskilt cyklisk och konsumenters köp av sällanköpsvaror, inklusive merparten av Pierces produkter, sjunker normalt under lågkonjunkturer och under andra tider då disponibel inkomst eller konsumtionen är låg.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“Hur inflationen, räntehöjningarna och den eventuella lågkonjunkturen påverkar kundernas beteende och efterfrågan utgör också fortsatt osäkerhetsfaktorer.”
Annual report 2024A · The company itself
Driver · mixed effect · strength 1/3
“Varje segments nyttjandevärde baseras på segmentets uppskattade framtida fria kassaflöden, diskonterade till nuvärde med en vägd kapitalkostnad före skatt. Beräkningen av de framtida kassaflödena grundas i de kommande 10 (10) årens strategiska plan som fastställts av koncernledningen. Sedan 2022 använder Pierce en prognosperiod på 10 år för att avspegla värdet på den förväntade tillväxten, över marknadstillväxten, efter den inledande femårsperioden.”
Annual report 2024A · The company itself
Driver · strengthens · strength 2/3
“APS’s 2025 peak one-hour demand on its electric system was recorded on August 7, 2025, at 8,648 MW, compared to the 2024 peak of 8,210 MW recorded on August 4, 2024.”
Annual report 2025A · The company itself
Driver · strengthens · strength 3/3
“Weather conditions directly influence the demand for electricity and affect the price of energy commodities. Electric power demand is generally a seasonal business. In Arizona, demand for power peaks during the hot summer months, with market prices also peaking at that time.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“General economic factors that are beyond the Company’s control impact the Company’s forecasts and actual performance. These factors include interest rates; recession; inflation; stagflation; deflation; supply chain constraints; unemployment trends; sanctions, trade restrictions, military interventions and the threat or possibility of war; terrorism or other global or national unrest; and political or financial instability.”
Annual report 2025A · The company itself
Driver · strengthens · strength 2/3
“Korrelationen mellan tillväxten för våra branscher och för ekonomin i allmänhet är hög.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“Att ha en stor del av intäkterna från ett fåtal enskilda kunder, eller kunder i en enda bransch, utgör alltid en risk för ett företag av PION Groups typ.”
Annual report 2024A · The company itself
Driver · weakens · strength 3/3
“Det negativa resultatet kan härledas till flera faktorer. • En marknadsnedgång om cirka 20 procent inom konsult- och bemanningsbranschen. • Påverkan från 24-månadersregeln, som stod för cirka 10 procent av omsättningsminskningen. • Kostnader relaterade till den omfattande omstruktureringen.”
Annual report 2024A · The company itself
Driver · strengthens · strength 2/3
“Enligt Almegas tjänsteindikator har den uppgång i konjunkturen som väntats under året fortsatt att dröja. Under det tredje kvartalet vände dock produktionen i tjänstesektorn upp något och ökade med 0,9 procent på årsbasis Almegas tjänsteindikator förutspår att produktionen i tjänstesektorn ökar även det fjärde kvartalet.”
Annual report 2024A · The company itself
Driver · strengthens · strength 3/3
“Our business and overall financial performance are affected to a significant extent by economic conditions, primarily in the U.S. Declining or adverse economic conditions and adverse changes in investor, consumer and business sentiment generally result in reduced business activity, which may decrease the demand for our products and services or reduce the number of creditworthy borrowers.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“A borrower’s ability to repay a loan can be adversely affected by many factors. Individual borrowers can be affected, for example, by declines in income, job losses, health issues or family issues. Commercial borrowers can be affected, for example, by poor business performance, changes in customer behavior or catastrophic losses. Weakness in the economy or in financial markets typically adversely impacts the ability of our borrowers to repay outstanding loans.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“If customers lose confidence due to concerns regarding the economy, the demand for our products and services could suffer.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“These types of indirect effects, whether specific to our counterparties or more generally applicable, could lead, for example, to an increase in delinquencies, bankruptcies or defaults that could result in PNC experiencing higher levels of nonperforming assets, net charge-offs and provisions for credit losses.”
Annual report 2025A · The company itself
Market · strengthens · strength 2/3
“Risks Related to Our Need for Customers Our success depends on our ability to attract and retain customers for our products and services.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Lähiajan merkittävimmät riskit liittyvät maailman geopoliittiseen tilanteeseen, talouskasvun heikkouteen sekä rahoitusmarkkinoiden ja korkotason epävarmuuteen.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Epävakaa maailmantalous ja mahdollisesti kasvavat rahoituskulut voivat heikentää myös metsäkoneiden kysyntää, erityisesti kehittyvillä markkinoilla, joissa valuuttakurssivaihtelut ovat suuria.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Talouden epävarmuuden odotetaan jatkuvan ja vaikuttavan sekä metsäteollisuuden lopputuotteiden että metsäkoneiden kysyntään.”
Annual report 2025A · The company itself
Driver · strengthens · strength 3/3
“The pace of economic growth and level of economic and geopolitical uncertainty could have a negative impact on our results of operations and cash flows. Demand for our products and services depends, in part, on the general economic conditions affecting the countries and markets in which we do business.”
Annual report unknown yearA · The company itself
Driver · strengthens · strength 3/3
“Lågprismarknaden, som är Prismas fokusområde, växer snabbt i Norden och har visat sig vara motståndskraftig över tid. ● Mellan 2004 och 2021 växte lågprishandeln i Sverige med i snitt 8 procent per år, från cirka 30 miljarder kronor till 114 miljarder kronor. ● Lågpris har blivit mainstream – kunder som lockas till lågprishandeln under sämre ekonomiska tider tenderar att stanna kvar även när ekonomin förbättras.”
Annual report 2024A · The company itself
Driver · strengthens · strength 3/3
“En underliggande marknad som står stark genom konjunkturcykler.”
Annual report 2024A · The company itself
Driver · weakens · strength 3/3
“Uncertain economic or social conditions may adversely impact demand for our products or cause our customers and other business partners to suffer financial hardship, which could adversely impact our business. Our business could be negatively impacted by reduced demand for our products related to one or more significant local, regional or global economic or social disruptions. These disruptions have included and may include: a slow-down, recession or inflationary pressures in the general economy; reduced market growth rates; tighter credit markets for our suppliers, vendors or customers; a significant shift in government policies; significant social unrest; the deterioration of economic relations between countries or regions; potential negative consumer sentiment toward non-local products or sources; or the inability to conduct day-to-day transactions through our financial intermediaries to pay funds to or collect funds from our customers, vendors and suppliers.”
Annual report 2026A · The company itself
Strategy · strengthens · strength 2/3
“Strategic Focus Procter & Gamble aspires to serve the world’s consumers better than our best competitors in every category and in every country in which we compete and, as a result, deliver total shareholder return in the top one-third of our peer group. Delivering and sustaining leadership levels of shareholder value creation requires balanced top- and bottom-line growth and strong cash generation.”
Annual report 2026A · The company itself
Driver · weakens · strength 3/3
“Our business and that of other insurers may be adversely affected by a downturn in general economic conditions and other forces beyond our control. Issues such as unemployment rates, the number of vehicles sold, technological advances, home ownership trends, inflation or deflation, tariffs, consumer confidence, and construction spending, among many other factors, will have a bearing on the amount of insurance that is purchased by consumers and small businesses and the costs that we incur.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Our investments in real estate assets are concentrated in the logistics sector. This concentration may expose us to the risk of economic downturns in this sector to a greater extent than if our business activities were more diversified.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Our investments, results of operations and financial condition may also be adversely affected by developments in the global economy, in the U.S. economy (including as a result of actions by the Federal Reserve with respect to interest rate and monetary policy, and adverse political developments), and in the Japanese economy (including due to the effects of inflation or deflation, interest rate volatility, changes in the Japan sovereign credit rating, and material changes in the value of the Japanese yen relative to the U.S. dollar).”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Liquidity Risk As a financial services company, we are exposed to liquidity risk, which is the risk that the Company is unable to meet near-term obligations as they come due. Liquidity risk is a manifestation of events that are driven by other risk types (market, insurance, investment, operational).”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Commercial Mortgage-backed Securities—Interrelationships may exist between the prepayment rate, the default rate and/or loss severity, depending on specific market conditions. In stronger economic cycles, prepayment rates are generally driven by underlying property appreciation and subsequent cash-out refinances, while default rates and loss severity may be lower. During weaker economic cycles, prepayment rates may decline, while default rates and loss severity increase.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“The residential homebuilding industry is sensitive to changes in economic conditions and other factors, such as the level of employment, consumer confidence, consumer income, product affordability, availability of financing, inflation, and interest rate levels.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“The semiconductor industry has historically been, and is likely to continue to be, cyclical, with periodic downturns, resulting in decreased demand for our products. The semiconductor industry may be negatively impacted by factors such as decreased consumer spending, macroeconomic uncertainty and slow or negative economic growth, which could further decrease consumer spending and business investment in technologies and products that contain semiconductors.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“RISKS RELATED TO INDUSTRY DYNAMICS AND COMPETITION •Our revenues depend on our customers’ and licensees’ sales of products and services based on cellular and other communications technologies, including 5G, and customer demand for our products based on these technologies. •Our industry is subject to intense competition in an environment of rapid technological change. Our success depends in part on our ability to adapt to such change and compete effectively; and such change and competition could result in decreased demand for our products and technologies or declining average selling prices for our products or those of our customers or licensees.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“GENERAL RISK FACTORS •We operate in the highly cyclical semiconductor industry, which is subject to significant downturns. We are also susceptible to declines in global, regional and local economic conditions generally.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“The loss of any one of our significant customers, a reduction in the purchases of our products by any of these customers or the cancellation of significant purchases by any of these customers, whether due to the use of their own integrated circuit products or our competitors’ integrated circuit products, government restrictions, a decline in global, regional or local economic conditions, a decline in consumer demand (or a shift in consumer demand away from new devices in favor of refurbished or secondhand devices) or otherwise, would reduce our revenues and could harm our ability to achieve or sustain expected results of operations.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“A decline in global, regional or local economic conditions, or a slow-down in economic growth, particularly in geographic regions with high concentrations of wireless device users or high concentrations of our customers or licensees, could also have adverse, wide-ranging effects on our business and financial results, including: a decrease in demand for our products and technologies; a decrease in demand for the products and services of our customers or licensees; the inability of our suppliers to deliver on their supply commitments to us, our inability to supply our products to our customers and/or the inability of our customers or licensees to supply their products to end users; the insolvency of key suppliers, customers or licensees; delays in reporting or payments from our customers or licensees; failures by counterparties; and/or negative effects on wireless device inventories.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Stagnant or declining economic conditions, including a prolonged economic downturn or recession, as well as significant events that have an impact on financial or capital markets, can adversely impact the demand for our services and result in the delay, reduction or cancellation of certain projects. Macroeconomic conditions, including inflation, slow growth or recession, changes to fiscal and monetary policy, changes in global trade relationships, and tighter credit and higher interest rates could materially adversely affect demand for our services and the availability and cost of the materials and equipment that we need to deliver our services or our customers need for their projects.”
Annual report 2025A · The company itself
Driver · weakens · strength 1/3
“Certain industries in which we operate can be cyclical and our business is subject to seasonality and other factors that can result in significantly different operating results from quarter to quarter, and therefore our results in any particular quarter may 16 not be indicative of future results.”
Annual report 2025A · The company itself
Driver · strengthens · strength 3/3
“North America Sales in North America increased by 10% from the comparison period with reported translation exchange rates and increased by 14% with comparable translation exchange rates. Two consecutive strong ice fishing seasons supported both earlyyear replenishment sales of winter products and load-in orders in the latter part of the year. Sales growth was further driven by the successful launch of the new 13 Fishing product range, the continued strong performance of CrushCity soft plastic lures together with VMC hooks and rigs, and solid momentum across all key brands.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“In contrast, in Europe and Asia, global trade disputes weighed on consumer sentiment and spending remained subdued.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Sales at the beginning of the year were negatively impacted by retailer carryover inventory from the previous season. Consumer activity remained subdued, and retailers continued to exercise extreme caution with replenishment orders.”
Annual report 2025A · The company itself
Driver · strengthens · strength 2/3
“In contrast, Latin American markets performed well, supported by economic recovery and currency stability in key countries. Growth was partly driven by the new Okuma distributorship in Chile.”
Annual report 2025A · The company itself
Driver · mixed effect · strength 3/3
“Starkt finansiellt år När vi nu stänger böckerna och ser tillbaka på 2024 kan vi konstatera att utvecklingen inom Ratos var fortsatt god trots en avvaktande marknad. EBITA och avkastningen på sysselsattoch investerat kapital har fortsatt att öka samtidigt som våra kassaflöden fortsätter att vara starka.”
Annual report 2024A · The company itself
Driver · weakens · strength 3/3
“Anna-Karin Flöjt, vd i Aleido Affärsområden Rapporter ÖvrigtOm Ratos 14 Viktiga händelser 2024 HENT – starkt år i allt tuffare byggmarknad Byggbranschen genomgår ett stålbad i kölvattnet av det rådande makro ekono miska läget och konjunkturen.”
Annual report 2024A · The company itself
Driver · weakens · strength 3/3
“Inom segmentet Construction i affärsområdet Construction & Services har bygg- och installationsbolagen, som tillsammans med konsumentbolagen, haft en tuff marknad, kunnat prestera nya rekordresultat trots lägre försäljningssiffror.”
Annual report 2024A · The company itself
Driver · strengthens · strength 3/3
“Globalt förväntas cancerbördan öka med uppskattningsvis 77 procent till år 2050 (CA: A Cancer Journal for Clinicians).”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“If we experience a decline in the number of Redditors, or a decrease in Redditor growth rate or engagement, including as a result of a lack of valuable or appealing content, or the loss of influential Redditors or subreddits, advertisers may not view our products and services as attractive for their marketing expenditures, and may reduce their spending with us, which would harm our reputation, business, results of operations, financial condition, and prospects.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“We face intense competition for advertising spend both inside and outside the United States, and we are subject to a rapidly evolving technology landscape. If we fail to attract or retain advertisers, or advertisers do not maintain or increase their advertising budgets, our business, results of operations, financial condition, and prospects could be adversely affected.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“The volatility of advertiser spending, particularly in response to economic uncertainty or political instability, could exacerbate these risks, making it difficult for us to predict future performance or ensure consistent growth.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Macroeconomic, political, and geopolitical conditions and governmental policies may adversely impact consumer confidence and spending and the businesses of our tenants and could, in turn, adversely impact our business. Our business, and the businesses of our tenants, are significantly influenced by overall economic conditions and consumer spending in the United States. A variety of macroeconomic, political, and geopolitical factors, driven in some cases by governmental policy decisions, individually or in the aggregate, could adversely affect the operating environment for retailers and service providers, including increasing the potential for a recession.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“We may be unable to sell properties when desired because of market conditions. Our properties, including their related tangible and intangible assets, represent the majority of our total consolidated assets and they may not be readily convertible to cash. Market conditions, including macroeconomic events, interest rate changes, capital availability, and pandemics and other health crises, may impact our ability to sell properties on our preferred timing and at prices and returns we deem acceptable.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Our ability to make scheduled payments or to refinance our indebtedness will depend primarily on our future performance, which to a certain extent is subject to economic, financial, competitive and other factors beyond our control.”
Annual report 2025A · The company itself
Driver · mixed effect · strength 3/3
“The average base rent of new leases signed during 2025 was $36.02 PSF. During periods of macroeconomic uncertainty or weakness, when the percent of our space leased is relatively low, and/or when supply of retail space for lease generally exceeds demand, tenants have more bargaining power, which may result in rental rate declines on new or renewal leases. In periods of macroeconomic strength, when the percent of space leased is relatively high, and/or when supply/demand metrics for retail space favor landlords, we have more bargaining power, which generally results in rental rate growth on new and renewal leases.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Relais Group on ajan myötä rakentanut vahvan alustan kannattavalle kasvulle, joka perustuu yrittäjyyteen, hajautettuun johtamiseen ja läheisiin asiakassuhteisiin. Nämä ominaispiirteet korostavat edelleen konsernin suorituskykyä ja resilienssiä, sillä me toimimme rakenteellisesti kestävässä jälkimarkkinaliiketoiminnassa.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Markkinaolosuhteet pysyivät samanaikaisesti pehmeinä, erityisesti tietyissä hyötyajoneuvojen korjaus- ja huoltosegmenteissä Ruotsissa ja Suomessa.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Orgaanisesti liikevaihto laski 4 %. Asiakaskysyntä laski Ruotsissa ja oli vakaata Suomessa ja Norjassa.”
Annual report 2025A · The company itself
Driver · strengthens · strength 2/3
“Internal Growth Several key drivers of internal growth are discussed below: •Volume Growth - Volume growth through increases in our customer base and service offerings is the most capital efficient method to grow our business. We believe volumes are driven by population growth, household formation and new business formation.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Our business is directly affected by changes in local, national, global and general economic factors and overall economic activity that are outside of our control, including changes in governmental monetary policies, tariffs and international trade restrictions, consumer confidence, slowing economic growth, inflation, pandemics, supply chain issues and interest rates. In recent years, for example, inflation, the Ukraine-Russia conflict, United States-China relations, the Israel-Gaza conflict, monetary policy changes, and the resulting increases in interest rates have negatively impacted the economy, disrupted supply chains and created significant volatility and disruption of financial markets.”
Annual report 2025A · The company itself
Market · strengthens · strength 2/3
“NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 1.BASIS OF PRESENTATION Republic Services, Inc., a Delaware corporation, and its consolidated subsidiaries (also referred to collectively as Republic, the Company, we, us, or our), is one of the largest providers of environmental services in the United States, as measured by revenue.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“The adjustment reflects lower activity in the building segment, where customers have shown increased restraint in their purchasing. This is considered to be linked to general uncertainty in the global economy.”
Annual report 2025A · The company itself
Strategy · strengthens · strength 2/3
“These efforts will support a more market-oriented organization and create a solid platform for expanding our presence and competitiveness in the coming years.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Our results of operations are heavily reliant on the level of trading activity on our platforms and Net Deposits. In the past, our results of operations and other operating metrics have fluctuated from quarter to quarter, including due to movements and trends in the underlying markets, changes in general economic conditions, interest in investing, and fluctuations in trading levels generally, each of which is outside our control and will continue to be outside of our control.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Our transaction-based revenue is sensitive to and dependent on trading volumes and therefore tends to decline during periods in which we experience decreased levels of trading generally.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“For example, we 32 Table of Contents have undertaken multiple restructurings, and in the past, have implemented significant workforce reductions and have scaled back hiring plans. These actions were driven by a general downturn in economic and market conditions. While these steps were taken to improve operational efficiency, there can be no assurance that further restructuring or workforce reductions will not be necessary in the future.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Because a large percentage of our customers are first time investors, we might be disproportionately affected by declines in investor confidence caused by adverse economic conditions.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“A prolonged market weakness, such as a slowdown causing reduced trading volume in securities, derivatives, or cryptocurrency markets, has resulted, and could result in the future in reduced revenues and adversely affect our business, financial condition, and results of operations.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Conversely, significant upturns in such markets or 41 Table of Contents conditions might cause individuals to be less proactive in seeking ways to improve the returns on their trading or investment decisions and, thus, decrease the demand for our products and services.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“The models and approaches used to manage credit risk may not accurately predict future charge-offs and our ability to avoid high charge-off rates also may be adversely affected by general economic conditions including unemployment, the availability of consumer credit and the competitive environment, as well as events that may be difficult to predict, such as a general downturn in economic conditions (like the one that occurred in 2022) or public health threats (like the COVID-19 pandemic).”
Annual report 2025A · The company itself
Market · strengthens · strength 2/3
“The offering of consumer credit cards through Robinhood Credit increases our exposure to customer defaults and credit risk and could result in losses. We market consumer credit cards, such as the Robinhood Gold Card, originated by our partner bank, Coastal Bank, pursuant to the Program Agreement, and indemnify Coastal Bank for certain losses under the Program Agreement. We partner with Coastal Bank to develop proprietary scoring models and other analytical techniques that are designed to set terms and credit limits to appropriately compensate for 84 Table of Contents credit risk in connection with selecting customers, managing accounts and establishing terms and credit limits. The revenue generated from the Program Agreement and the extent of credit losses incurred, as well as our ability to offer competitive features such as the Robinhood Gold Card Rewards Program, depends in part on managing credit risk while attracting new customers with profitable usage patterns.”
Annual report 2025A · The company itself
Market · strengthens · strength 2/3
“Our ability to compete successfully in the financial services and cryptocurrency markets depends on a number of factors, including, among other things: •maintaining competitive pricing; •providing easy-to-use, innovative, and attractive products and services that are adopted by customers; •retaining customers (such as by providing effective customer support and avoiding outages, security breaches, and trading restrictions); •recruiting and retaining highly skilled personnel and senior management; •maintaining and improving our reputation and the market perception of our brand and overall value; •maintaining our relationships with our counterparties; and •adjusting to a dynamic regulatory environment. Our competitive position within our markets could be adversely affected if we are unable to adequately address these factors. If we fail to retain existing customers or attract new customers, or if our customers decrease their use of our products and services, our revenue will decline.”
Annual report 2025A · The company itself
Driver · strengthens · strength 3/3
“Til tross for høye renter og internasjonal uro har 2024 vært et godt år for økonomien i Rogaland. Det er høy etterspørsel etter arbeidskraft og god aktivitet i næringslivet.”
Annual report 2024A · The company itself
Strategy · strengthens · strength 2/3
“Rogaland Sparebank har ambisjoner om vekst og om å bli den mest attraktive sparebanken i Rogaland. Den sammenslåtte banken har mål om bedre lønnsomhet enn det bankene klarer å oppnå hver for seg, og i tillegg vil en lønnsom bank gi mer tilbake til eierne og til lokalsamfunnet i form av kundeutbytte og gaver til samfunnsnyttige formål.”
Annual report 2024A · The company itself
Driver · weakens · strength 3/3
“Risks Related to Market Conditions and External Factors Adverse economic conditions, including inflation and restrictions in customer discretionary expenditures, increases in interest rates or other disruptions in credit or financial markets, geopolitical developments, increases in fuel prices, raw material costs, or other operating costs could materially adversely affect our business. Economic downturns may adversely affect our commercial customers, including food service, hospitality and food processing industries whose business levels are particularly sensitive to adverse economies.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Kina har ökat sin kapacitet för integrerad massaproduktion med flera miljoner ton de senaste åren och svagheten inom byggindustrin har inneburit att flödet av skogsråvara har förflyttats i högre grad till massaproduktion, vilket påverkat råvarukostnaderna positivt.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“Produktionen minskade med 3 procent där produktionsstörningar i början av året påverkade sulfatmassan.”
Annual report 2024A · The company itself
Driver · strengthens · strength 2/3
“Kartongmarknaden uppvisar långsiktig tillväxt och är därmed ett av områdena där Rottneros avser fortsätta expandera.”
Annual report 2024A · The company itself
Driver · mixed effect · strength 2/3
“FOKUSOMRÅDE: HÅLLBAR LÖNSAMHET ÖVERSIKT STRATEGI VERKSAMHETEN HÅLLBARHETSREDOVISNING ÅRSREDOVISNING ÖVRIGT Långsiktigt hållbar tillväxt med god lönsamhet och solida finanser Uthållig tillväxt, god lönsamhet och starka finanser är hörnstenar för Rottneros långsiktiga utveckling och strategi.”
Annual report 2024A · The company itself
Driver · weakens · strength 3/3
“Massaprisrisk Prissättningen i massamarknaden styrs av internationella prisnivåer som beror på efterfrågan och världskonjunkturen. Massaprissäkringar används när prisnivåerna i långtidskontrakten är ekonomiskt fördelaktiga, eller när marknadspriset är så lågt att ytterligare nedgångar kan hota bolagets överlevnad.”
Annual report 2024A · The company itself
Strategy · strengthens · strength 2/3
“Långsiktigt är målet för koncernens massaproduktion att den ska öka till minst 415 tusen ton senast 2030, en ökning med knappt 2 procent årligen från nivån under 2024, 341 tusen ton.”
Annual report 2024A · The company itself
Driver · strengthens · strength 3/3
“Industry The global vacation industry represents a large and expanding market of over $2 trillion, our company currently holds a small share of this market, and we believe our differentiated vacation ecosystem and strategic expansion initiatives provide a compelling opportunity to capture additional market share. In addition, consumers prioritizing experiences over goods is another reason supporting this growth.”
Annual report 2025A · The company itself
Driver · mixed effect · strength 2/3
“Markets and itineraries In an effort to penetrate untapped markets, diversify our consumer base and respond to changing economic and geopolitical market conditions, we continue to seek opportunities to deploy ships to new and stronger markets and itineraries throughout the world. The portability of our ships allows us to deploy our ships to meet demand within our existing and new cruise markets.”
Annual report 2025A · The company itself
Driver · mixed effect · strength 2/3
“Seasonality Our revenues have historically been seasonal based on the demand for cruises. Demand is typically strongest for cruises during the Northern Hemisphere’s summer months and holidays. In order to mitigate the impact of the winter weather in the Northern Hemisphere and to capitalize on the summer season in the Southern Hemisphere, our brands have focused on deployment in the Caribbean, Asia and Australia during that period.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Demand for cruises is affected by international, national, and local economic conditions. Weak or uncertain economic conditions may impact consumer confidence and pose a risk as vacationers postpone or reduce discretionary spending. This, in turn, may result in cruise booking slowdowns, decreased cruise prices and lower onboard revenues.”
Annual report 2025A · The company itself
Driver · strengthens · strength 2/3
“Our future growth strategies depend on the sustained profitability of international markets.”
Annual report 2025A · The company itself
Driver · strengthens · strength 3/3
“We achieved strong financial performance, including 8.5% Gross Margin Yield growth as-reported, Net Yields increased 3.8% as-reported (3.7% in Constant-Currency), Net Income of $4.3 billion and Adjusted EBITDA of $7.0 billion, Operating Income of $4.9 billion, and ROIC of 18.0%.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“continued soft consumer sentiment across our markets”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“The guidance range reflects ongoing macroeconomic uncertainty and pressure on consumers’ discretionary spending power as well as other uncertainties.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“In our niche and multi-niche markets, we work either with distributors or with our own local sales teams, depending on market structure and channel complexity During 2025, operational efficiency has been an important driver of earnings growth. It will remain a key priority in 2026 as the opportunities for further improvement remain significant and we foresee a continuation of the current challenging macroeconomic environment and soft consumer sentiment.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Overall market growth is expected to remain modest, with strongest prospects in non-alcoholic beverages and certain “pockets of growth”, like our international export markets.”
Annual report 2025A · The company itself
Driver · mixed effect · strength 2/3
“Volumes increased by 4% in 2025 to 18.1m hectoliters (2024: 17.4m hectoliters), driven by growth in the International and Western Europe segments. Northern Europe remained flat, consistent with overall market dynamics.”
Annual report 2025A · The company itself
Driver · strengthens · strength 2/3
“EBIT increased across all geographical segments in 2025, led by strong growth in Western Europe. The EBIT margin was 14,0% (2024: 13.1%), driven by the improved gross margin and efficiency gains in sales and distribution.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Although the macroeconomic situation in Denmark is slightly better than in the rest of the Nordics, the beverage sector remains impacted by cautious consumer behavior as consumers tend to spend less when they go out and are buying more on promotion. Nevertheless, we performed well in 2025, driven by continued investments in our strong brand portfolio, our highly engaged employees, and outstanding in-market execution.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“In Finland, market conditions remained challenging in 2025, with geopolitical uncertainty and low consumer confidence continuing to weigh on demand, particularly in the on-trade, and creating pricing pressure in the off-trade. Colder-than-normal weather during late spring and early summer affected consumption negatively in the first half of 2025, but this was largely compensated for by a warmer Q3.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“The Norwegian market continued to be affected by lower consumer confidence in 2025, putting pressure on overall demand across channels. Despite this, our Norwegian business delivered improving commercial momentum through the year, with continued market share gains in the RTD category (including cider).”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Similar to Finland, the Baltic countries continue to be affected by geopolitical uncertainty and soft consumer sentiment. While total beverage market was flat in 2025, demand continued to shift across categories, with declining beer consumption and growth in energy drinks.”
Annual report 2025A · The company itself
Driver · weakens · strength 1/3
“While global trade conditions remain uncertain due to geopolitical developments and macroeconomic volatility, we believe the International segment is well positioned for continued value creation. Our focused portfolio, flexible operating model, and ability to adapt quickly to local market dynamics provide a solid platform for profitable growth over the medium term.”
Annual report 2025A · The company itself
Driver · mixed effect · strength 3/3
“Treasury Department’s Office of Foreign Assets Control. •We may become subject to liability or face reputational harm due to our offerings. •Changes in the volume of securities issued and traded in domestic and/or global capital markets, asset levels and flows into investment products, high interest rates, changes in interest rates and volatility in the financial markets, and volatility in the energy and commodity markets impact our business, financial condition or results of operations.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“For example, military conflicts typically result in adverse and uncertain economic conditions such as negatively impacting global demand for goods and services; causing supply chain disruptions (e.g., tensions across the Taiwan Straight that could lead to semiconductor supply disruption); increasing costs for transportation, energy and other raw materials; and causing an increase in cybersecurity incidents. Such conditions typically result in increased volatility and disruption to the global economy and the markets in which we operate, thereby adversely impacting our results of operations.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“•Our customers that strive to reduce their operating costs may seek to reduce their spending on our products and services.”
Annual report 2025A · The company itself
Driver · strengthens · strength 2/3
“Saga Fursin tärkeimmän vientimaan Kiinan kansantalous kasvoi eri arvioiden mukaan noin 5 prosenttia vuonna 2025 pitkälti maan vahvan viennin ansiosta.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Euroalueen ennustetaan kasvavan vuonna 2026 vain hieman, noin 1,2 prosenttia. Rahapolitiikka jatkunee kireänä.”
Annual report 2025A · The company itself
Driver · strengthens · strength 2/3
“Yhdysvaltain talouden ennustetaan kasvavan vuonna 2025 maltillisesti, reaalisen BKT:n kasvaessa noin 2 prosenttia. Kasvua vauhdittavat kulutuskysyntä ja erityisesti teknologia- ja tekoäly-yhtiöiden voimakkaat investoinnit.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Merkittävimmät liiketoimintaja strategiariskit Toimintaympäristön muutosten ennakoimisessa ja strategisissa valinnoissa epäonnistuminen voi heikentää yhtiön kilpailukykyä tai kannattavuutta sekä pienentää markkinaosuutta. Turkisala on herkkä suhdannevaihteluille, ja maailmantalouden tilan muutokset näkyvät välittömästi markkinatilanteessa.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Yhtiön toimiala on syklinen ja muutoksiin reagoimisen vaikutukset näkyvät liiketoiminnassa viiveellä.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“If our customers do not renew their subscriptions or if they reduce subscriptions at renewal, our revenue and current remaining performance obligation could decline and our business may suffer. If customer usage of consumption-based offerings is below expected levels, our revenue could decline.”
Annual report 2026A · The company itself
Driver · weakens · strength 3/3
“Our attrition rates may increase or fluctuate as a result of various factors, including customer dissatisfaction, customers’ spending levels, mix of customer base, decreases in the number of users at our customers, competition, pricing increases or changes, such as the increased prevalence of consumption-based pricing models and economic downturns.”
Annual report 2026A · The company itself
Driver · weakens · strength 2/3
“If we experience significant fluctuations in our rate of anticipated growth and fail to balance our expenses with our revenue forecasts, our business could be harmed and our stock price could decline. Due to the unpredictability of future general economic and financial market conditions, we may not be able to realize our projected revenue growth plans. We plan our expense and investment levels based on estimates of future revenue and future anticipated rate of growth. We may not be able to adjust our spending appropriately if the addition of new subscriptions or the renewals of existing subscriptions fall short of our expectations, and unanticipated events may cause us to incur expenses beyond what we anticipated.”
Annual report 2026A · The company itself
Driver · weakens · strength 2/3
“Nordic Industrial reported a GWP decline of -3.0 per cent on a like-for-like basis for 2025, while insurance revenue decreased by -11.0 per cent. The top-line development was impacted by softening market conditions, with lower new sales, combined with weaker year-on-year retention.”
Annual report 2025A · The company itself
Driver · strengthens · strength 3/3
“Sampo Group is first and foremost exposed to the general performance of the Nordic economies. However, the Nordic economies typically are at different stages of their economic cycles at any given time, for reasons such as different economic structures and separate currencies.”
Annual report 2025A · The company itself
Driver · mixed effect · strength 2/3
“In addition to interest rate, currency, and liquidity risk, inflation risk and risks relating to GDP growth rates are central ALM risks in Sampo Group.”
Annual report 2025A · The company itself
Driver · strengthens · strength 3/3
“The increase in computing complexity and advancements in AI, along with growth in cloud computing applications, connected mobile devices and Internet-connected products, and edge devices are driving substantial growth in the volume of digital content to be stored and used.”
Annual report 2026A · The company itself
Driver · mixed effect · strength 3/3
“Our operating results may fluctuate due to changes in demand, industry cycles and the timing of customer deployments, including AI-related data center investments, and our ability to accurately forecast demand as a result of these changing market conditions. Sales of certain of our products tend to be seasonal and subject to supply-demand cycles.”
Annual report 2026A · The company itself
Driver · weakens · strength 2/3
“Additionally, as we attempt to expand our OEM and distribution channel sales into emerging economies, the customers with the most success in these regions may have relatively short operating histories, making it more difficult for us to accurately assess the associated credit risks. Our customers’ credit risk may also be exacerbated by an economic downturn or other adverse global or regional economic conditions.”
Annual report 2026A · The company itself
Driver · strengthens · strength 3/3
“Sandvik är väl positionerat att fortsätta leverera lönsam tillväxt då flera globala trender verkar till vår fördel. En växande medelklass och snabb urbanisering ökar behovet av metaller och mineraler samt investeringar i infrastruktur, vilket påverkar efterfrågan på industriell produktion och tillverkning positivt.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“S: 2024 var ett utmanande år med geopolitisk och makroekonomisk instabilitet och som ett resultat har vi sett en försvagad efterfrågan i nyckelsegment. Lägre industriell aktivitet och specifika utmaningar i Europa och i fordonsindustrin hade en negativ påverkan på våra skärverktyg.”
Annual report 2024A · The company itself
Driver · strengthens · strength 2/3
“Gynnsamma mineralpriser stimulerade efterfrågan i flera regioner under hela året.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“Den makroekonomiska osäkerheten gjorde gruvkunderna mer försiktiga med att investera i ny utrustning. Istället prioriterade de att maximera användningen av befintliga maskiner vilket ledde till ett ökat underhållsbehov.”
Annual report 2024A · The company itself
Driver · strengthens · strength 2/3
“Efterfrågan inom gruvindustrin var stabil under hela året, pådriven av gynnsamma mineralpriser.”
Annual report 2024A · The company itself
Driver · strengthens · strength 2/3
“— BNP-tillväxt och resursintensiv industriutveckling — Växande medelklass — Metall- och mineralpriser — Försämrad malmkvalitet (mindre mineral perton) — Produktionsnivåer i befintliga gruvor och expansionsprojekt (orörd samt tidigare exploaterad mark) — Produktivitetsförbättringar och ny teknologi, till exempel digitala lösningar och elektrifiering — Efterfrågan inom miljö, hälsa och säkerhet, till exempel miljöeffektiv finkrossning samt minskad energi- och vattenanvändning Ballastmaterial — BNP-tillväxt/urbanisering — Infrastrukturinvesteringar och utgifter — Trender inom EHS och hållbarhet för teknik i premiumsegmentet — Produktion av ballastmaterial och cement — Tillväxt på nya marknader Rivning och återvinning — Lagar och förordningar — Förändringar i kundernas efterfrågan — Fokus på återvinning och återanvändning Gruvor Huvudsakligen globala konkurrenter som Metso, FLSmidth, WEIR och Terex.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“Makroekonomiska utmaningar och geopolitisk oro ledde till lägre industriell aktivitet och följaktligen svagare efterfrågan inom verkstads industrin. Utmaningar inom fordonsindustrin påverkade efterfrågan på våra lösningar negativt medan flyg industrin fortsatte att utvecklas positivt, trots tillfälliga leverans problem inom sektorn.”
Annual report 2024A · The company itself
Driver · strengthens · strength 2/3
“— BNP-tillväxt och resursintensiv industriutveckling — En växande medelklass — Metall och mineralpriser — Elektrifiering — Produktionsnivåer i befintliga gruvor och expansionsprojekt (orörd samt tidigare exploaterad mark) — Produktivitetsförbättringar och ny teknologi, till exempel automatisering och elektrifiering — Krav inom områdena miljö, hälsa och säkerhet Infrastruktur — BNP-tillväxt/urbanisering — Infrastrukturinvesteringar och utgifter — Statliga stimulansprogram — Produktion av ballastmaterial — Cementförbrukning — Infrastrukturinvesteringar och utgifter Gruvor Huvudsakligen globala konkurrenter som Epiroc, Caterpillar och Komatsu Mining.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“Helåret 2024 uppvisade en varierad efterfrågan, både regionalt och per kundsegment.”
Annual report 2024A · The company itself
Driver · weakens · strength 3/3
“RISK MANAGEMENTScana Group’s main risk is the macroeconomic environment and the development of global markets.”
Annual report 2024A · The company itself
Driver · weakens · strength 3/3
“Uppföljning av finansiella mål Målsättning Utfall Tillväxt: En årlig tillväxt på över 15%, varav minst 10% är organisk Kommentar: Den organiska tillväxten, exklusive förvärvade bolag, var - 10 procent jämfört med samma period 2023. Samtliga dotterbolag med undantag för Nordbutiker och OPO Scandinavia, uppvisade en negativ tillväxt, huvudsaklingen förklarat av svag utveckling för underliggande marknader.”
Annual report 2024A · The company itself
Driver · weakens · strength 3/3
“En justerad EBITA-marginal på över 10% sett över en konjunkturcykel Kommentar: Genomförda kostnadsbesparingar kunde inte fullt ut motverka den negativa tillväxten, vilket resulterade i minskad lönsamhet då koncernens operativa hävstång är betydande.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“Den förväntade förfallorisken baseras framförallt på framåtblickande information om makroekonomiska faktorer så som konjunktur och inflation som påverkar kundernas förmåga att betala fordran.”
Annual report 2024A · The company itself
Driver · strengthens · strength 2/3
“Market Demand and Trends According to the International Data Corporation1 (“IDC”), the global datasphere is expected to grow at a compound annual growth rate of approximately 27% through 2030, reaching around 718 zettabytes annually. As data creation increases, organizations are expanding cloud infrastructure, modernizing data centers and deploying distributed computing environments to store, manage and access larger data sets.”
Annual report 2026A · The company itself
Driver · weakens · strength 2/3
“Demand Patterns Demand for our products varies across our Data Center and Edge IoT end markets based on customer investment cycles, technology transitions, macroeconomic conditions and seasonal purchasing patterns. The data storage industry is also characterized by ongoing technology innovation, rapid product transitions and periodic fluctuations in supply and demand.”
Annual report 2026A · The company itself
Driver · weakens · strength 2/3
“•Changes in demand for computer systems, data storage subsystems and consumer electronic devices have previously caused, and may in the future cause, a decline in demand for our products. •We have a long and unpredictable sales cycle for nearline storage solutions, which impairs our ability to accurately predict our financial and operating results in any period and may adversely affect our ability to manage inventory and forecast the need for investments and expenditures. •We experience seasonal declines in the sales of our consumer products during the second half of our fiscal year which may adversely affect our results of operations. •Our worldwide sales and manufacturing operations subject us to risks that may adversely affect our business related to disruptions in international markets, currency exchange fluctuations and increased costs.”
Annual report 2026A · The company itself
Driver · weakens · strength 2/3
“In addition, deterioration in business and economic conditions has exacerbated price erosion and volatility as distributors and retailers lower prices to compensate for lower demand and higher inventory levels.”
Annual report 2026A · The company itself
Driver · weakens · strength 3/3
“Changes in macroeconomic conditions may affect consumer and enterprise spending, and as a result, our customers may postpone or cancel spending in response to volatility in credit and equity markets, negative financial news, declines in income or asset values and/or shifts in demand related to emerging technologies, including artificial intelligence, all of which may have a material and adverse effect on the demand for our products and/or result in significant changes in our product prices. Other factors that could have a material and adverse effect on demand for our products, financial condition and results of operations include inflation, slower growth or recession, conditions in the labor market, access to credit, consumer confidence and other macroeconomic factors affecting consumer and business spending behavior.”
Annual report 2026A · The company itself
Driver · weakens · strength 3/3
“Macroeconomic developments including new and increased tariffs, trade disputes, sanctions, adverse economic conditions worldwide, government efforts to stimulate or stabilize economies, geopolitical instability and international conflicts have and may continue to adversely impact our business and contribute to global or regional economic slowdowns, reduced enterprise and consumer spending and increased volatility in the financial markets.”
Annual report 2026A · The company itself
Driver · weakens · strength 2/3
“In addition, our operations are conducted at a limited number of facilities, and those of many of our direct and indirect suppliers, manufacturing vendors and customers are similarly concentrated in a limited number of geographic locations. Because our manufacturing footprint, and those of our key suppliers, is concentrated in relatively few sites, a disruption at any single location could affect a disproportionate share of our production capacity and operations, and any of the foregoing risks could be exacerbated as a result.”
Annual report 2026A · The company itself
Driver · weakens · strength 2/3
“Further, our customers could have reduced access to working capital due to global economic conditions, high interest rates, reduced bank lending resulting from contractions in the money supply or the deterioration in the customer’s, or their bank’s financial condition or the inability to access other financing, which would increase our credit and non-payment risk, and could result in an increase in our operating costs or a reduction in our revenue.”
Annual report 2026A · The company itself
Driver · weakens · strength 3/3
“We operate globally and as a result, our business, revenues and profitability are impacted by global macroeconomic and political conditions. The success of our activities is affected by general economic and market conditions, including, among others, inflation, interest rates, tax rates, foreign exchange rates, economic downturns, recession, economic uncertainty, political instability, warfare, changes in laws, trade barriers, supply chain disruptions and economic and trade sanctions.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“These conditions include, among others, high levels of credit defaults, international trade disputes, changes in demand for various goods and services, high levels of persistent unemployment, wage and income stagnation, restricted credit, poor liquidity, reduced corporate profitability, volatility in credit, equity and foreign exchange markets, inflation, bankruptcies, tariffs, international trade agreements, export controls, economic and trade sanctions, health crises and overall economic uncertainty. These conditions can arise suddenly and affect the rate of digital transformation spending and could adversely affect our customers’ or prospective customers’ ability or willingness to purchase our services, delay purchasing decisions, reduce the value or duration of their subscriptions, or affect renewal rates.”
Annual report 2025A · The company itself
Driver · strengthens · strength 2/3
“We have historically experienced seasonality in terms of when we enter into customer agreements. We sign a significantly higher percentage of agreements with new customers, as well as expansion with existing customers, in the fourth quarter of each year. The increase in customer agreements for the fourth quarter is primarily a result of both large enterprise account buying patterns typical in the software industry, which are driven primarily by the expiration of annual authorized budgeted expenditures, and the terms of our commission plans, which incentivize our direct sales organization to meet their annual quotas by December 31.”
Annual report 2025A · The company itself
Driver · strengthens · strength 3/3
“Seasonality The majority of the sales for the Reportable Segments traditionally occur during the second and third quarters.”
Annual report 2025A · The company itself
Driver · strengthens · strength 3/3
“Sinch verkar på den globala marknaden för digital kundkommunikation som kopplar samman företag med deras kunder på ett relevant, effektivt och snabbt sätt. Den globala adresserbara marknaden för Sinch uppskattas till 85 miljarder USD och förväntas växa med 8-9 procent årligen de närmaste fem åren.”
Annual report 2024A · The company itself
Driver · weakens · strength 3/3
“Avståndet mellan Europa och USA ser ut att öka. Det finns tecken på att Europa har halkat efter i konkurrenskraft, framför allt mot Kina och USA där olika typer av stimulanser, stark innovationsförmåga och protektionism ställer krav på en ny strategisk europeisk inriktning. Europa riskerar att få det ännu svårare i balansen mellan USA och Kina.”
Annual report 2024A · The company itself
Driver · strengthens · strength 2/3
“Samtidigt finns tecken på att den aktivitetsbaserade intjäningen ökar, till exempel inom finansiella transaktioner samt avgifter och provisioner.”
Annual report 2024A · The company itself
Driver · strengthens · strength 2/3
“Inflationen har till stora delar kommit under kontroll och i Sverige fortsatte Riksbanken att sänka räntan i syfte att öka den ekonomiska aktiviteten. Tillväxten tog dock inte fart som förväntat under andra halvåret 2024.”
Annual report 2024A · The company itself
Driver · mixed effect · strength 2/3
“Generera lönsam tillväxt • Vi har ett långsiktigt fokus på kundrelationer och kundnöjdhet och en diversifierad affärsmix som ger stabilitet i intjäning över konjunkturcyklerna. • Vi är en ledande bank bland storföretagskunder, varav många har global verksamhet. Detta ger exponering mot den globala ekonomin samtidigt som BNP-tillväxten på våra hemmamarknader i Norden och Baltikum ligger över genomsnittet i euroområdet. • Vi har en kostnadseffektiv verksamhet med noggrann kostnadskontroll. • Vi har en stark riskkultur som har resulterat i låga kredit förluster över tid. • Vi har en stark balansräkning som gör att vi kan stödja kunder i både goda och dåliga tider.”
Annual report 2024A · The company itself
Driver · mixed effect · strength 2/3
“Trots en negativ BNP-tillväxt och hög inflation fanns en solid efterfrågan på bolån och en gradvis förbättrad företagsaktivitet.”
Annual report 2024A · The company itself
Driver · weakens · strength 3/3
“Kreditefterfrågan var dämpad hela året med undantag av kreditportföljen i Baltikum som uppvisade stadig tillväxt med stark och stabil kreditkvalitet.”
Annual report 2024A · The company itself
Driver · strengthens · strength 3/3
“Det makroekonomiska läget och räntenivåerna har stor betydelse för kundernas beteende och är därför en av de faktorer som, tillsammans med hur banken agerar, har störst påverkan på bankens verksamhet och resultat.”
Annual report 2024A · The company itself
Driver · strengthens · strength 2/3
“I tider av positiv ekonomisk utveckling är företag och privatpersoner mer benägna att investera och konsumera. Det kan leda till ökad utlåning, fler betalningar och ett större antal företagst ransaktioner, bland annat, vilket är gynnsamt för räntenettot och provisionsnettot.”
Annual report 2024A · The company itself
Driver · strengthens · strength 2/3
“Huvudprincipen i SEB:s övergripande kreditpolicy är att all kreditbeviljning är analysbaserad och står i proportion till kundens kassaflöde och återbetalningsförmåga. Kunden ska vara känd av banken och syftet med krediten helt inför - stått.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“Affärsrisk är risken för lägre intäkter än förväntat till följd av minskade affärsvolymer eller prispress kombinerat med en oförmåga att kompensera intäktsminskningen med en minskning av kostnader.”
Annual report 2024A · The company itself
Strategy · strengthens · strength 2/3
“Spar- och investeringsverksamheten är mindre känslig för konjunktursvängningar och erbjuder därmed en god och stabil intjäning.”
Annual report 2024A · The company itself
Strategy · strengthens · strength 2/3
“SEB arbetar på olika sätt med att begränsa, mäta och kontrollera dessa risker, till exempel genom regelbunden strategisk översyn av kon - cernens affärsområden, en proaktiv kostnadshantering och en kontinuerligt aktiv dialog med externa intressenter.”
Annual report 2024A · The company itself
Driver · strengthens · strength 3/3
“Verksamheten i USA har vuxit och utgör nu hälften av Byggverksamhetens omsättning. Makroekonomi och federala finansieringsprogram har gett stöd åt den amerikanska byggmarknaden.”
Annual report 2024A · The company itself
Driver · mixed effect · strength 2/3
“Marknadsutsikter för Byggverksamheten utgörs av en stark utsikt för den amerikanska marknaden, med ekonomisk tillväxt och federala finansieringsprogram som stöder investeringar inom infrastruktur och husbyggande. Marknaderna för husbyggande i Europa och Norden är svaga och fortsatt påverkade av lägre aktivitet medan marknaden för anläggningsbyggande mestadels är stabil.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“Uthyrning, totalt 219 000 kvm Geografiskt område Norden, 36% Europa, 17% Orealiserade och realiserade vinster Kv4Kv3Kv2Kv1Kv4Kv3Kv2Kv1Kv4Kv3Kv2Kv1Kv4Kv3Kv2Kv1Kv4Kv3Kv2Kv1 Produkter och tjänster: • Kontor • Hyresbostäder • Life science i Boston, USA • Logistik och kommersiella lagerlokaler i Sverige Marknadsdrivkrafter: • Ekonomisk tillväxt • Ökad efterfrågan på attraktiva kontorslokaler i centrala lägen • Hållbarhet • Finansiella marknader och tillgång till finansiering Bransch-/marknadstrender: • Ökad efterfrågan på högkvalitativa byggnader – ökat intresse för moderna, hållbara och flexibla lokaler med fokus på välbefinnande och serviceutbud • Fortsatt polarisering mellan nya mer attraktiva kontor och mindre moderna fastigheter på både hyresoch investerarmarknaden • Hyresgäster önskar mer flexibla produkter och hyresvillkor Mark Pågående projekt Färdigställda projekt Realiserade vinster, rullande 12 månader Verksamhet Många företag vill öka närvaron på kontoret för att främja företagskulturen och bygga kontakter mellan medarbetare som arbetar tillsammans.”
Annual report 2024A · The company itself
Driver · weakens · strength 1/3
“Efterfrågan på högkvalitativa och hållbara fastigheter är god trots svagare makroekonomi.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“Större förändringar som skapar osäkerhet Makroekonomisk instabilitet eller större störande händelser såsom geopolitiska spänningar, terrordåd eller epidemier/ pandemier • Färre projekt och/eller senareläggning av nya projekt, såväl bland offentliga som privata kunder • Minskad efterfrågan från nyckelkunder eller ett flertal kundkategorier • Ökad fördel för företag med en stark finansiell position och/eller långvariga relationer • Finansiella och icke-finansiella konsekvenser för projekt såsom ökade kostnader eller projektförseningar Vi bevakar och utvärderar makroekonomiska händelser för att kunna förutse eventuella förändringar i företagsklimatet som är viktiga för vår verksamhet.”
Annual report 2024A · The company itself
Driver · strengthens · strength 3/3
“Our earnings are highly dependent on demand. Because our operations generally have high fixed operating costs, and pricing movements can be triggered, at times, by imbalances between supply and demand, our earnings are highly dependent on demand, which tends to fluctuate due to macroeconomic conditions, dynamics in the markets we serve, and due to company- and customer-specific issues.”
Annual report 2025A · The company itself
Driver · strengthens · strength 2/3
“We depend on continuous operation of our facilities.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“A customer’s use of our services may decrease for a variety of reasons, including a decrease in the customer’s own sales and volumes, the customer’s level of satisfaction with our products and services, the expansion of business to offer new products and services, the effectiveness of our support services, the pricing of our products and services, the pricing, range and quality of competing products or services, the effects of global economic conditions, regulatory limitations, trust, perception and interest in the paper and packaging industry and in our products and services.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“In recent years, global financial markets have experienced disruptions and general economic conditions have been volatile.”
Annual report 2025A · The company itself
Driver · strengthens · strength 3/3
“In general, demand for corrugated containers and consumer packaging is closely correlated with overall economic growth and activity.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Market recovery came slower and with less strength than we expected”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Geopolitical uncertainty and slower-than-expected market recovery impacted demand, particularly in the Industry segment, and our EBITDA adjusted for non-recurring items landed sligthly below our latest guidance.”
Annual report 2025A · The company itself
Driver · strengthens · strength 2/3
“The shift to a low-carbon economy offers growth opportunities within Solar’s climate and energy segment but also challenges, especially in decarbonising complex supply chains.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Financial Risks •The airline industry is particularly sensitive to changes in economic conditions, and continued or future unfavorable economic conditions or economic uncertainty could negatively affect the Company’s results of operations and require the Company to adjust its business strategies. •The Company's business, strategic plans, and profitability can be significantly affected by the availability of jet fuel, fuel prices, and volatility of fuel prices, and the Company's operations are subject to disruption in the event of any delayed supply of fuel. •The Company’s low-cost structure has historically been a competitive advantage, and many factors have and could continue to adversely affect the Company’s ability to control its costs. •Increases in insurance costs or reductions in insurance coverage may adversely impact the Company’s operations and financial results.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“The airline industry, which is subject to relatively high fixed costs and highly variable and unpredictable demand, is particularly sensitive to changes in economic conditions, including changes in consumer discretionary spending as a result of inflation, rising interest rates, or other factors. Historically, unfavorable U.S. economic conditions have driven changes in travel patterns and have resulted in reduced spending for both leisure and business travel.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Den generelle konjunkturudvikling og lav vækst i den europæiske industriproduktion påvirker kundernes investerings- og aktivitetsniveau.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Den generelle konjunkturudvikling og lav vækst i den europæiske industriproduktion påvirker kundernes investerings- og aktivitetsniveau.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“(Suomen Pankki, Euro ja talous) Suomen bruttokansantuotteen kasvu jäi arviolta 0,2 %:iin vuonna 2025.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Enligt World Steel Association uppgick den globala råstålsproduktionen under 2024 till 1 839 miljoner ton, 3 % lägre jämfört med 2023. Stålproduktionen i Kina minskade med 2 % och i Nordamerika med 4 %, medan den ökade med 3 % i EU.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“Marknaden för höghållfasta stål var mer stabil än den för standardprodukter, men påverkades av den svaga Europamarknaden.”
Annual report 2024A · The company itself
Driver · weakens · strength 3/3
“SSAB ÅRSREDOVISNING 202429 OM SSAB RAPPORTER INTRODUKTION MARKNAD OCH STRATEGI RÖRELSESEGMENT SSAB Americas nyckeltal Råstålsproduktion (kton) 1 054 1 159 Plåtproduktion (kton) 998 1 100 Plåtleveranser (kton) 1 713 1 803 Antal anställda vid periodens slut 713 691 Efterfrågan och priserna på den nordamerikanska grovplåtsmarknaden försvagades under 2024. Kunderna inom ståldistributörer var avvaktande och efterfrågan inom bygg- och anläggningsmaskiner försvagades.”
Annual report 2024A · The company itself
Driver · weakens · strength 3/3
“Rörelseresultat (Mkr) 81 -220 Plåtleveranser (kton) 794 820 Antal anställda vid periodens slut 1 046 1 059 Marknaden under 2024 var relativt svag. Intäkterna för 2024 minskade med 12 % jämfört med 2023 och uppgick till 12 065 (13 691) Mkr.”
Annual report 2024A · The company itself
Driver · weakens · strength 3/3
“ID Risk Beskrivning Åtgärd Variation i efterfrågan och stålpriser Stålindustrin påverkas av konjunkturutvecklingen. Förändringar i efterfrågan i kombination med relativt fast produktionskapacitet kan leda till snabba förändringar av marknadspriset.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“Global trade, inflation, deflation, and supply chain constraints in the wake of geopolitical tensions and conflicts have adversely impacted, and could adversely impact again, the availability, pricing and lead times for products, component parts and raw materials and thus negatively impact the Company’s results of operations.”
Annual report 2026A · The company itself
Driver · weakens · strength 3/3
“Negative economic conditions and outlooks in the markets the Company serves may weaken demand for the Company’s products. Demand for the Company’s products depends, in part, on the general economic conditions affecting the industries and markets in which it does business, including, but not limited to, construction and housing, general industrial, automotive, aerospace and outdoor, and can be significantly reduced in an economic environment characterized by high unemployment, high interest rates, cautious consumer spending, inflation, lower corporate earnings, and lower business investment.”
Annual report 2026A · The company itself
Driver · weakens · strength 2/3
“Our continued success depends on our ability to adapt brand, marketing, promotional, advertising, and pricing strategies to shifting economic conditions, competitive pressures, and evolving customer preferences.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Financial performance may be adversely affected by reduced discretionary spending, lack of acceptance of new products, brands, or platforms, or declining demand for existing offerings.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“As a retailer reliant on discretionary spending, our financial results are sensitive to macroeconomic conditions. A prolonged downturn or slow recovery may reduce consumer spending, leading to lower demand or shifts to lower-priced products.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Due to the large pools of assets controlled by these clients, the loss or gain of one client, or even a portion of the assets controlled by one client, or a client’s decision to in-source certain services that we provide, could have a significant effect on our AUC/A or our AUM, as applicable, in the relevant period. Loss of all or a portion of the servicing of a client’s assets can occur for a variety of reasons.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Domestic or international markets can suffer from substantial volatility, illiquidity, or disruption, particularly as a result of political or geopolitical events, high inflation, slowing economic growth, uncertainty associated with changes in U.S. presidential administrations, concerns related to the U.S. trade policy, federal debt ceiling and monetary policy uncertainty across key central banks.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Additional areas where we experience exposure to credit risk include: •Short-term credit: The degree of client demand for short-term credit tends to increase during periods of market turbulence, which may expose us to further counterparty-related risks. For example, investors in collective investment vehicles for which we act as a custodian may experience significant redemption activity due to adverse market or economic news. Our relationship with our clients and the nature of the settlement process for some types of payments may result in the extension of short-term credit in such circumstances.”
Annual report 2025A · The company itself
Driver · strengthens · strength 2/3
“Because the demand for credit by our clients, particularly settlement-related extensions of credit, is difficult to predict and control, and may be at its peak at times of disruption in the securities markets, and because the average maturity of our investment securities and loan portfolios is longer than the contractual maturity of our client deposit base, we need to continuously attract, and are dependent on access to, various sources of short-term funding. Since the 2008 financial crisis, the level of client deposits held by us has tended to increase during times of market disruption; however, since such deposits are considered to be transitory, we have historically deposited so-called excess deposits with U.S. and non-U.S. central banks and in other highly liquid instruments.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Our estimate of the profitability of these arrangements can be adversely affected by declines in or inaccurate projections of the assets under the clients’ management, whether due to general declines in the securities markets or client-specific issues.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Strategic Risk Management We define strategic risk as the risk to current or projected financial condition and resilience arising from adverse business decisions, poor implementation of business decisions or lack of responsiveness to changes in the industry and operating environments. Strategic risks are influenced by changes in the competitive environment; decline in market performance or changes in our business activities; as well as by the potential secondary impacts of reputational risks, not already captured as market, interest rate, credit, operational, model or liquidity risks.”
Annual report 2025A · The company itself
Driver · strengthens · strength 2/3
“These factors include the level of domestic production (high quality, low-residual scrap is a by-product of manufacturing activity), the level of exports of scrap from the United States, and the amount of obsolete scrap recycled. In addition, historical domestic ferrous scrap prices typically have a strong correlation and spread to global pig iron pricing. Generally, as domestic steel production increases, so does ferrous scrap demand and resulting scrap prices.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Global and National Risks Related to our Business Our industries, as well as the industries of many of our customers and suppliers upon whom we are dependent, are affected by domestic and global economic factors including periods of slower than anticipated economic growth and the risk of a recession. Our financial results are substantially dependent not only upon overall economic conditions in the United States and globally, including North America, Europe and in Asia, but also as they may affect one or more of the industries upon which we depend for the sale of our products.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Industry Risks Related to our Business Our level of production and our sales and earnings are subject to significant fluctuations as a result of the cyclical nature of the metals industries and some of the other industries we serve. The steel and aluminum manufacturing business is cyclical in nature, and the selling price of the products we make may fluctuate significantly due to many factors beyond our control.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“In addition, a slowdown of industrial or other scrap sources, such as used beverage cans, production in the United States reduces the supply of industrial grades of metal to the metals recycling industry, resulting in our having less recyclable metal available to process, sell, or consume for our steelmaking or aluminum operations.”
Annual report 2025A · The company itself
Strategy · strengthens · strength 2/3
“We strive to provide unique, superior products, customer supply chain solutions, and next-generation technologies and processes. ● Financial Strength – Through our adaptable value-added product diversification, vertically connected businesses model, highly variable operating cost structure and performance-based incentive compensation, along with our continued operating innovations and efficiency, we achieve higher utilization and lower costs, which provide strong cash flow generation through both strong and weak market cycles.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Dessa faktorer innefattar, men är inte begränsade till, tillväxten i bruttonationalprodukt (”BNP”), inflation, räntenivåer, befolkningstillväxt och sysselsättningsgrad.”
Annual report 2024A · The company itself
Driver · mixed effect · strength 2/3
“Under året såldes fastigheter för cirka 783 miljoner kronor som bidrog till att ytterligare renodla portföljen geografiskt och samtidigt stärka bolagets balansräkning.”
Annual report 2024A · The company itself
Driver · mixed effect · strength 3/3
“Fastigheternas värde påverkas av hur väl bolaget lyckas förädla och utveckla fastigheterna, av förvaltnings- och uthyrningsarbetet i form av avtals- och hyresgäststruktur samt av yttre faktorer som konjunkturen och den lokala utbuds- och efterfrågebalansen - antingen per segment (då förändringar i omvärlden kan slå olika på Stenhus olika segment), eller på totalen.”
Annual report 2024A · The company itself
Driver · mixed effect · strength 3/3
“Hyresnivårisk är hänförlig till utvecklingen av aktuella marknadshyror som påverkas av den ekonomiska utvecklingen, demografisk tillväxt samt omfattningen av nybyggnationer på marknaden.”
Annual report 2024A · The company itself
Driver · weakens · strength 3/3
“Risker relaterade till makroekonomiska faktorer, geopolitiska förhållanden och andra externa faktorer Motåtgärder Koncernen är verksam inom onlinespelsbranschen och påverkas av den globala ekonomiska utvecklingen, konsumenttrender och användarnas preferenser. Även om vi fokuserar på digital underhållning och har digitala processer på plats för att säkerställa att vår organisation fungerar mer eller mindre som vanligt i händelse av en force majeure så påverkas koncernens intäkter till stor del av användarnas disponibla inkomst och spelaktiviteter. Dessutom kan en negativ utveckling i den globala ekonomin kan påverka användarnas disponibla inkomster och spelbranschens förmåga och vilja att investera i våra produkter, vilket kan ha en väsentlig negativ inverkan på koncernens verksamhet, netto omsättning och resultat.”
Annual report 2024A · The company itself
Driver · strengthens · strength 2/3
“On the demand side of the equation, incremental chemical demand and trade growth is expected to be stable and to track global GDP.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“We expect continued volatility in supply chains during 2025 due to the macroeconomic climate, and we expect demand growth to remain relatively modest.”
Annual report 2024A · The company itself
Driver · mixed effect · strength 3/3
“Tanker and tank container industry risk The tanker industry is cyclical and volatile, which may lead to reductions and/or volatility in freight rates, volumes and ship values. Fluctuations in the rates that Stolt Tankers can charge result from changes in the supply and demand for ship capacity and changes in the supply and demand for the products carried, particularly the bulk liquids, chemicals, edible oils, acids and other speciality liquids that comprise the majority of the products the Company transports.”
Annual report 2024A · The company itself
Driver · weakens · strength 3/3
“Strategiset riskit Makrotalous, geopolitiikka ja valuuttakurssit Muutoksilla maailmantalouden olosuhteissa, kuten markkinoiden äkillisillä korjausliikkeillä ja valuuttakurssien epävakaudella, voi olla olennaisen kielteinen vaikutus yhtiön tulokseen, rahavirtaan ja taloudelliseen tilanteeseen.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Tuotteiden hintoihin, jotka ovat taipuvaisia syklisyyteen, vaikuttavat kapasiteettien käyttöasteet, jotka laskevat taloudellisesti hitaina aikoina. Hintamuutokset vaihtelevat tuotteiden ja maantieteellisten alueiden välillä.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Oikaistu liiketulos laski 53 % ja oli 110 (231) milj. euroa , mikä johtui pääasiassa myyntihintojen laskusta.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“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
Driver · weakens · strength 2/3
“Framöver kommer vi därför att huvudsakligen titta på bolag inom mindre konjunkturkänsliga branscher.”
Annual report 2024A · The company itself
Driver · weakens · strength 3/3
“MARKNADSUTVECKLING Storskogens affärsområden såg varierad marknadsutveckling under 2024. Inledningen av året var generellt något svagare, med högt ränteläge, återhållen efterfrågan och sviktande konjunktur på vissa av affärsområdenas marknader. Under året var därför operationella initiativ som prisjusteringar, effektivitetshöjande insatser och kostnadskontroll prioriterade inom alla affärsområden och motverkade en dämpad efterfrågan inom vissa segment.”
Annual report 2024A · The company itself
Strategy · strengthens · strength 2/3
“En annan långsiktig trend inom automation är hemtagning av produktion från lågkostnadsländer till Sverige och Europa (reshoring) . Automationslösningar möjliggör högre produktivitet, vilket tillsammans med minskade transportkostnader kompenserar för de högre produktionskostnaderna.”
Annual report 2024A · The company itself
Driver · weakens · strength 3/3
“The weak performance in 2024 is primarily due to the challenging macro environment which began to deteriorate in the second half of 2023. Higher interest rates and weakening currencies in the Nordics required retailers to meet higher return targets for their investments while also facing rising costs for new products. Understandably, this resulted in delayed and reduced new product investments by our customers.”
Annual report 2024A · The company itself
Driver · weakens · strength 3/3
“Customer demand for our products may be impacted by weak macroeconomic conditions, inflation, stagflation, recessionary or lower-growth environments, high or rising interest rates, equity market volatility or other negative economic factors in the U.S. or other nations. For example, under these conditions or expectation of such conditions, our customers may cancel orders, delay purchasing decisions or reduce their use of our services.”
Annual report 2026A · The company itself
Driver · weakens · strength 3/3
“Bruttoresultatet ökade till 995,9 Mkr (795,5), motsvarande en bruttomarginal om 45,6 procent (43,6) samtidigt som EBITA-resultatet uppgick till 312,2 Mkr (240,0), motsvarande en EBITAmarginal på 14,3 procent (13,2). I linje med Stärkta erbjudanden 2024 har präglats av fortsatt svag efterfrågan på våra huvudmarknader, där både renoveringsoch nybyggnadsaktiviteten påverkats av högre räntor, ekonomisk osäkerhet och ett mer avvaktande konsumentbeteende.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“Väl positionerade för 2025 När vi nu går in i 2025 ser vi vissa tecken på stabilisering i marknaden, även om vi fortsatt förhåller oss ödmjuka inför den rådande marknadssituationen.”
Annual report 2024A · The company itself
Driver · weakens · strength 3/3
“Den svaga makroekonomiska utvecklingen resulterade under 2024 i en påtagligt försämrad köpkraft för hushåll, framskjutna investeringar i befintliga fastighetsbestånd och betydligt lägre bostadsbyggande.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“Efterfrågan är fortsatt svag på den nordiska marknaden.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“Danmark, 92% Norge, 5% Övriga, 3% Cassøe Stort fokus på effektivitet och kostnader Givet den generella utvecklingen på marknaden bedrevs under året ett aktivt arbete med bäring på effektivitet och kostnadskontroll.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“Operativa highlights 2024 Fortsatt stark tillväxt Finansiell utveckling Roper Rhodes nettoomsättning 2024 uppgick till 1 138,5 Mkr (1 062,2), motsvarande en ökning med 7,2 procent varav 5 procent organisk.”
Annual report 2024A · The company itself
Driver · mixed effect · strength 2/3
“Bredden i vår tjänsteportfölj och kundmix gör att vi kan möta skiftningar i efterfrågan, och vår närhet till marknad och kund gör att vi kan fatta snabba beslut beroende på hur omvärldsläget utvecklas.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“Medan den geopolitiska instabiliteten och den ekonomiska nedgången fortsatte att påverka Swecos marknader, var den underliggande efterfrågan på Swecos tjänster överlag god under 2024.”
Annual report 2024A · The company itself
Driver · strengthens · strength 3/3
“Försäljningstillväxt – Efterfrågan på konsulttjänster följer den allmänna ekonomiska utvecklingen, framförallt tillväxt i BNP och fasta investeringar.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“Den svenska ekonomin har befunnit sig i en lågkonjunktur sedan slutet av 2021, vilket återspeglas i en fortsatt svag arbetsmarknad. Arbetslösheten har ökat långsamt sedan slutet av 2022, och en tydlig ökning av varsel och minskat antal lediga tjänster indikerar att arbetslösheten kan förbli hög under en längre tid.”
Annual report 2024A · The company itself
Driver · strengthens · strength 3/3
“Därutöver påverkas koncernens hyresintäkter av fastigheternas uthyrningsgrad, möjligheten att ta ut marknadsmässiga hyror och hyresgästernas betalningsförmåga. Uthyrningsgrad och hyresnivåer styrs till stor del av den allmänna och regionala konjunkturutvecklingen.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“Risk för lägre hyresintäkter och negativ hyresutveckling / Risk att efterfrågan på logistiklokaler minskar på lång sikt samt risk för negativ utveckling av aktuella marknadshyror, med lägre uthyrningsgrad och lägre erhållen hyresnivå som följd.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“This uncertain macroeconomic environment has resulted in volatility in credit, equity and foreign currency markets and has led some of our customers to postpone their decision-making, delay their drawdowns under non-cancellable commitments, decrease their spending and/or delay their payments to us.”
Annual report 2025A · The company itself
Driver · mixed effect · strength 2/3
“While AI technology may drive future growth in the semiconductor and electronics industries as well as our business, worldwide markets for AI-enabled products may not develop in the manner or time periods we anticipate, or at all. If domestic or global economies worsen, overall spending on the development of AI-related products may decrease, which would adversely impact demand for our products in these markets.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Our ability to make scheduled payments of the principal of, to pay interest on, or to refinance our indebtedness will depend on, among other factors, our financial position and performance as well as prevailing market conditions and other factors beyond our control. We may not continue to generate cash flow from operations in the future sufficient to service our debt and make necessary capital expenditures and meet other liquidity needs.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Verksamhetsrisk är också påverkan av konjunkturen på respektive marknad. Konjunkturen påverkar kundernas köpkraft och köplust och därmed kundtrafiken i koncernens butiker.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“Fear of these or similar events may alter consumer confidence, behavior and spending patterns, and could adversely affect the economies and financial markets of many countries (or globally), resulting in an economic downturn that could affect customers’ demand for our products.”
Annual report 2026A · The company itself
Driver · weakens · strength 2/3
“Unfavorable macroeconomic conditions, as well as unfavorable conditions in particular local markets, may adversely affect our results of operations and financial condition. Our results of operations are susceptible to regional, national and international economic trends and uncertainties. Economic conditions can affect us in the following ways: •Unfavorable geopolitical, economic and market conditions and developments, including changes in global trade policies and tariffs, can depress demand (including as to mix of products and services), sales and/or gross margins in a given market, and impact consumer confidence and foot traffic to restaurants. •Food cost and fuel cost inflation can lead to reductions in the frequency of dining out and the amount spent by consumers for food-away-from-home purchases, reducing demand for our products.”
Annual report 2026A · The company itself
Driver · weakens · strength 3/3
“A prolonged economic downturn or recession in the U.S. or global economies, and the impact on gross domestic product growth, corporate earnings, consumer confidence, employment rates, income levels and/or personal wealth, could have a material adverse effect on our results of operations and financial condition.”
Annual report 2026A · The company itself
Driver · mixed effect · strength 3/3
“Politiska, geopolitiska och makro-ekonomiska risker Efterfrågan på försvarsmateriel är beroende av att stater har politiskt mandat och vilja samt statsfinansiell möjlighet att göra försvarsinvesteringar. Försvarsindustrin påverkas därför av en rad makroekonomiska faktorer, som exempelvis tillväxttakten i den globala ekonomin, handelshinder och valutakursförändringar. Den är också exponerad för geopolitiska risker och säkerhetssituationen i världen.”
Annual report 2024A · The company itself
Driver · weakens · strength 3/3
“Ennätyksellisestä uusmyynnistä huolimatta talouden hiipuminen vaikutti kuitenkin merkittävästi liikevaihdon kehittymiseen, koska asiakkailta saatava keskimääräinen liikevaihto pieneni ja asiakkaiden liiketoiminnan päättymisiä nähtiin ennätysmäärä muun poistuman ollessa tavanomaisella tasolla.”
Annual report 2024A · The company itself
Driver · weakens · strength 3/3
“Markkinaympäristö oli haasteellinen erityisesti Suomessa ja Ruotsissa.”
Annual report 2024A · The company itself
Driver · strengthens · strength 2/3
“Espanjassa taloussuhdanne on jatkunut positiivisena ja palveluillemme on hyvä kysyntä.”
Annual report 2024A · The company itself
Driver · weakens · strength 3/3
“Euroopan geopoliittisen kriisin mahdollinen eskaloituminen, yleisen taloustilanteen heikkeneminen, vallitseva korkea korkotaso ja inflaatio saattavat johtaa Talenomin asiakkaiden liiketoimintojen supistumiseen tai konkursseihin, mikä aiheuttaisi asiakasmenetyksiä tai asiakkuuksien pienenemistä. • Talenom saattaa epäonnistua yritysostojen toteuttamisessa tai ostettujen yhtiöiden integroinnissa yhtiön liiketoimintaan. • Kilpailutilanne voi kiristyä kilpailijoiden mahdollisesti tuodessa uusia palveluita markkinoille tai aloittamalla hintakilpailun. • Yhtiön omiin tai yhteistyökumppaneiden tarjoamiin IT-järjestelmiin ja tietoliikenneyhteyksiin voi kohdistua tietoturvaloukkauksia tai niiden ylläpidossa ja päivittämisessä voi ilmetä puutteita, vikoja tai häiriöitä. • Laaja-alainen kustannusinflaatio saattaisi johtaa merkittävään kustannustason nousuun. • Epäonnistuminen rekrytoinneissa tai henkilöstön sitouttamisessa.”
Annual report 2024A · The company itself
Driver · weakens · strength 3/3
“Risks Related to Macroeconomic Conditions Economic conditions, such as an economic recession, downturn, periods of inflation or uncertainty, could materially adversely affect our financial condition, results of operations and consumer purchases of discretionary items. Our results can be impacted by a number of macroeconomic factors, including but not limited to: consumer confidence and spending levels, tax rates, levels of unemployment, consumer credit availability, tariffs and trade restrictions, pandemics, natural disasters, raw material costs, fuel and energy costs, bank failures, market volatility, global factory production, supply chain operations, commercial real estate market conditions, credit market conditions and the level of customer traffic in malls, shopping centers and online.”
Annual report 2026A · The company itself
Driver · weakens · strength 1/3
“Unfavorable economic conditions may also reduce consumers’ willingness and ability to travel to major cities and vacation destinations in which our stores are located.”
Annual report 2026A · The company itself
Driver · weakens · strength 3/3
“The automotive industry is dominated by large manufacturers that can exert significant price pressure on their suppliers. Additionally, the automotive industry has historically experienced significant downturns during periods of deteriorating global or regional economic or credit conditions.”
Annual report unknown yearA · The company itself
Driver · weakens · strength 3/3
“Risks Related to our Business and Industry A possible recession in the United States or globally may adversely affect us. We sell products and services to customers in industries that are sensitive to the level of general economic activity and consumer spending habits. If another recession emerges, either globally or in the United States, we may experience declines in revenues, profitability and cash flows from reduced orders, payment delays, collection difficulties, increased price pressures for our products, increased risk of excess and obsolete inventories or other factors caused by the economic problems of our customers.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“We develop and manufacture products for customers in the energy exploration and production markets, commercial aerospace markets, the semiconductor industry, and the consumer electronics, telecommunications, automotive and healthcare industries; each of which has been cyclical, exhibited rapid changes and suffered from fluctuating market demands. A cyclical downturn in one or more of these markets may materially affect future operating results.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“We may not be able to service our debt obligations, which could have a material and adverse effect on our business, financial condition or operating results. Our ability to meet our interest expense and debt service obligations will depend on our future performance, including the cash we generate from operating activities, which will be affected by financial, business, economic and other factors, including potential changes in laws or regulations, industry conditions, industry supply and demand, customer preferences, the success of our products and pressure from competitors.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Capital equipment providers in the electronics, semiconductor industries and robotics, such as Teradyne, have, in the past, been negatively impacted by both sudden slowdowns in the global economies and recurring cyclicality within those industries. These cycles, which can be driven by broad changes to Semiconductor buying patterns, or to specific markets within the Semiconductor industry, have resulted in periods of over-supply; a trend we believe will continue to occur. Our business and results of operations depend, in significant part, upon capital expenditures of manufacturers of semiconductors, electronics, and other industrial products, which in turn depend upon the current and anticipated market demand for those products.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Vuoden kolmannella ja neljännellä neljänneksellä kokonaiskysyntä heikkeni vertailukaudesta, mikä johtui erityisesti matalammasta ylähengitystieinfektioiden esiintyvyydestä sekä työterveyspalveluiden kysynnän vaimeasta kehityksestä. Yritysten varovaisuus epävarmassa taloudellisessa ympäristössä näkyi rajatummassa palveluiden käytössä ja sopimuskattavuudessa, ja Suomen työllisyystilanteen heikkeneminen vaikutti työterveyspalveluiden kysyntään vuoden jälkipuoliskolla.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Markkinan epävarmuus heijastui erityisesti henkilöstövuokrauspalveluiden kysyntään, joka heikkeni alkuvuodesta ja pysyi vaimeana koko vuoden ajan.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Ruotsissa makrotalouden heikkous sekä korkea työttömyys painoivat kysyntää koko vuoden ajan.”
Annual report 2025A · The company itself
Driver · strengthens · strength 2/3
“Terveystalo arvioi vuoden 2026 oikaistun liikevoiton (EBIT) olevan 135–165 miljoonaa euroa (2025: 156,3 miljoonaa euroa). Arviot perustuvat vähitellen parantuvaan kysyntäympäristöön.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“If demand in one or more sectors within our markets declines or the rate of growth slows, our results of operations may be adversely affected. The cyclical nature of the semiconductor market occasionally leads to significant and rapid increases and decreases in product demand.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Market prices for oil and gas are subject to U.S. and global macroeconomic and geopolitical conditions and infrastructure and logistical constraints, amongst others, and, in the past, have been subject to significant price fluctuations. Price fluctuations for oil and gas have been particularly volatile in recent years due to supply and demand factors, worldwide energy conservation measures, OPEC and OPEC+ actions, global conflicts in major oil producing regions, especially in Eastern Europe and the Middle East, and general economic cycles, among other factors.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“The total price obtained, the average price per acre, and the number of acres sold in any one year or quarter should not be assumed to be indicative of future land sales. Our desire to sell and the demand and pricing for any particular tract of our land is influenced by many factors, including but not limited to: (i) access and location, (ii) the national and local economies, (iii) the rate of oil and gas well development by operators, (iv) the rate of development in nearby areas, (v) the livestock carrying capacity, and (vi) the condition of the local 12 Table of Contents industries, which itself is influenced by a range of conditions. Our ability to sell land can be, therefore, largely dependent on the actions of adjoining landowners.”
Annual report 2025A · The company itself
Market · strengthens · strength 2/3
“As a significant landowner, we also generate revenue from land sales. From time to time, we receive offers from third parties to acquire tracts of our land. Sales demand and related sale prices of particular tracts of land are influenced by many factors, including general economic conditions, the rate of development in nearby areas and the suitability of the particular tract for commercial uses.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Aerospace and Defense Industry Risks Demand for our aircraft products is cyclical and lower demand adversely affects our financial results. Demand for business jets, turbo props and commercial helicopters has been cyclical and difficult to forecast.”
Annual report 2026A · The company itself
Driver · weakens · strength 3/3
“Negative macroeconomic factors may have an adverse effect on our business, results of operations and financial condition, as well as on our distributors, customers, subcontractors and suppliers, and on activity in many of the industries and markets we serve.”
Annual report 2026A · The company itself
Driver · weakens · strength 2/3
“Because many of our businesses experience cyclical market demand, they face challenges in maintaining their workforce at levels aligned with market demand which in the past has necessitated workforce reductions at some of our businesses as demand decreased. Conversely, our businesses sometimes need to increase the size of their workforce in order to keep pace with production needs due to increased customer demand.”
Annual report 2026A · The company itself
Driver · strengthens · strength 2/3
“Seasonal Influences Revenues in the fourth quarter are historically stronger than in other quarters due to the capital spending patterns of industrial, pharmaceutical and government customers.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Industry and Economic Risks Our growth would be impacted if the markets into which we sell our products and services decline, do not grow as anticipated or experience cyclicality. Our growth depends in part on the growth of the markets which we serve. Any decline or lower than expected growth in our served markets would diminish demand for our products and services, which would adversely affect our financial statements.”
Annual report 2025A · The company itself
Driver · strengthens · strength 3/3
“Our growth depends in part on the growth of the markets which we serve. Any decline or lower than expected growth in our served markets could diminish demand for our products and services, which would adversely affect our results of operations and financial condition.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Revenues in the academic and government market declined, driven by customer hesitancy in a more uncertain environment in the U.S. and macro conditions in China.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Our leverage could have negative consequences, including increasing our vulnerability to adverse economic and industry conditions, limiting our ability to obtain additional financing and limiting our ability to acquire new products and technologies through strategic acquisitions.”
Annual report 2025A · The company itself
Driver · strengthens · strength 2/3
“Marknaden växte med 2–5 procent årligen före pandemin, med stora variationer för olika produktkategorier och geogra - fiska marknader, beroende på till exempel marknadsmognad, levnadsstandard, urbanisering, konkurrenssituation och varu - märkeskännedom.”
Annual report 2023A · The company itself
Driver · weakens · strength 3/3
“RV Products är Thule Groups enda produktkategori med exponering mot ett historiskt cykliskt marknadssegment. Första halvåret 2023 fortsatte i den tydligt starka trenden som varit RV Products signum i över ett årtionde. Under andra halvåret påverkades dock affärsområdet markant av en svagare konjunktur med bland annat högre priser och ökade finansieringskostnader för en konsument med tunnare plånbok.”
Annual report 2023A · The company itself
Driver · weakens · strength 2/3
“Senare delen av året påverkades också väsentligt av försäljningsminskningen inom RV Products, där branschen nu genomgår en svagare period.”
Annual report 2023A · The company itself
Driver · weakens · strength 3/3
“• Konjunkturförändringar, såväl som ränteförändringar och inflation som leder till minskad köpkraft kan få en negativ inverkan på Thule Groups resultat. • Regionala och globala betydande händelser likt coronapandemin och förändrat säkerhetsläge kan få betydande inverkan på konjunkturen i berörda områden, vilket kan ha en negativ inverkan på Thule Groups verksamhet och resultat. • Ett förändrat globalt säkerhetsläge kan leda till sjunkande optimism hos konsumenter över hela världen, vilket kan leda till minskat intresse för köp av Thules produkter och därmed få en negativ inverkan på Thule Groups resultat. • RV Products är koncernens enda produktkategori som kan anses vara cyklisk då inköp av produkter inom denna kategori ofta sker i samband med köp av själva fordonet (husbil, husvagn) vilket är en betydande finansiell investering för konsumenten.”
Annual report 2023A · The company itself
Strategy · strengthens · strength 2/3
“Hållbar och långsiktig omsättningstillväxt är kärnan i företagets värdeskapande. Tillväxtfokus driver en organisation att prestera bättre och skapar en vinnande kultur.”
Annual report 2023A · The company itself
Market · strengthens · strength 2/3
“Thule Group i korthet Året 2023 i korthet Vd har ordet Omvärld och marknad Affärsidé och varumärke Strategiska prioriteringar Mål och utfall Thule Groups verksamhet Investment case – stabilt växande kategori Vi är globala marknadsledare inom cykelvagnar för barn i premiumsegmentet, den största subkategorin inom Juvenile & Pet, och en av de tre ledande aktörerna inom cykelbarnstolar.”
Annual report 2023A · The company itself
Driver · strengthens · strength 2/3
“We take advantage of opportunities to acquire merchandise at substantial discounts that regularly arise from the production and flow of inventory in the apparel and home fashions marketplace. These opportunities include, among others, closeouts from brands, manufacturers and other retailers; special production direct from brands and factories; order cancellations and manufacturer overruns.”
Annual report 2026A · The company itself
Driver · strengthens · strength 3/3
“Consumer confidence and discretionary spending can be affected by various economic conditions, both on a global level and in particular markets, that can, in turn, affect our business or the retail industry generally. These factors include, among others, inflation and deflation; actual or perceived declines in consumer purchasing power; economic recession; unemployment levels; availability of disposable income and actual and perceived wealth; health care costs; costs of oil, gas and other commodities; interest rates and tax rates and related policies; weakness in the housing market and rising housing costs; volatility in capital markets and credit availability.”
Annual report 2026A · The company itself
Driver · weakens · strength 3/3
“Our results of operations may be sensitive to changes in overall economic and geopolitical conditions that impact consumer spending, including discretionary spending. A weakening of economic conditions affecting disposable consumer income such as lower employment levels, negative consumer outlook, uncertainty, instability or changes in business or political conditions, social and political causes and movements, including government shutdowns, changes in interest rates, inflation/deflation, higher tax rates or tariffs, changes in the value of the U.S. dollar relative to other currencies, higher fuel and energy costs, higher labor and healthcare costs, and other economic matters could reduce consumer spending or cause consumers to shift their spending to competitors.”
Annual report 2025A · The company itself
Driver · strengthens · strength 3/3
“The total addressable market (“TAM”) for global advertising is reported to have surpassed $1 trillion for the first time in 2024. At the same time, advertisers are shifting more and more of their budgets to programmatic advertising as they more precisely target audiences through high-performance, decisioned advertising campaigns.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“•If we fail to maintain and grow our client base and spend through our platform and related offerings, our revenue and business may be negatively impacted. •The loss of advertising agencies, advertisers or holding companies as clients could significantly harm our business, financial condition and results of operations. •Any decrease in the use of the advertising channels that we are primarily dependent upon, failure to expand the use of emerging channels, or unexpected shift in use among the channels in which we operate, could harm our growth prospects, financial condition and results of operations. •Macroeconomic conditions beyond our control could harm the overall demand for advertising and the economic health of agencies and advertisers, which could adversely affect our business, financial condition and results of operations.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“•We are subject to payment-related risks that may adversely affect our business, working capital, financial condition and results of operations, including from advertising agencies that do not pay us until they receive payment from their advertisers and from clients that dispute or do not pay their invoices. •The market price of our Class A common stock may be volatile or may decline regardless of our operating performance, and you may not be able to resell your shares at or above your purchase price. •Substantial future sales of shares of our common stock could cause the market price of our Class A common stock to decline. •Insiders have substantial control over our company, including as a result of the dual class structure of our common stock, which could limit your ability to influence the outcome of key decisions, including a change of control.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Our business depends on the overall demand for advertising and on the economic health of the agencies and advertisers that use our platform. Market uncertainties or downturns, whether global, local or industry or sector specific, and any associated macroeconomic conditions, such as growing inflation, concerns around a potential recession, changes in interest rates, changes in foreign currency exchange rates, changes in trade policies and practices, supply chain disruptions, the impact of global instability in many parts of the world and public health crises, may disrupt the operations of our clients and partners and cause agencies and advertisers to decrease or pause their advertising budgets, which could reduce spend though our platform and adversely affect our business, financial condition and results of operations.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“RISKIENHALLINTA Trainers’ Housen liiketoiminta on suhdanneherkkää, erityisesti valmennusliiketoiminnan osalta.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Our commercial business is directly affected by, among other factors, changes in revenue passenger kilometers (“RPKs”), the size and age of the worldwide aircraft fleet, the percentage of the fleet that is out-of-warranty and changes in the profitability of the commercial airline industry. RPKs and airline profitability have historically been correlated with the general economic environment, although national and international events also play a key role, such as pandemics, general downturns in the global economy, higher fuel prices and conflicts abroad.”
Annual report 2025A · The company itself
Market · strengthens · strength 2/3
“Risks Related to our Operations Our sales to manufacturers of aircraft are cyclical, and a downturn in sales to these manufacturers may adversely affect us. Our sales to manufacturers of large commercial aircraft, such as Boeing, Airbus, and related OEM suppliers, as well as manufacturers of business jets have historically experienced periodic downturns. In the past, these sales have been affected by airline profitability, which is impacted by, among other things, fuel and labor costs, price competition, interest rates, downturns in the global economy and national and international events.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Efterfrågan på koncernens produkter och lösningar följer i huvudsak de konjunkturella svängningarna inom den globala industriproduktionen.”
Annual report 2024A · The company itself
Strategy · strengthens · strength 2/3
“Trelleborg har en tydlig strategi som gradvis styr verksamheten mot en större andel snabbt växande segment och industrier med mindre cyklisk karaktär, samtidigt som flera cykliska verksamheter avyttrats.”
Annual report 2024A · The company itself
Driver · weakens · strength 3/3
“Organiskt har omsättningen, i likhet med 2023, sjunkit i förhållande till föregående år beroende på svag efterfrågan inom framförallt lagersegmentet.”
Annual report 2024A · The company itself
Driver · weakens · strength 3/3
“Toimintaympäristö säilyi haastavana koko vuoden ajan heikon yleisen taloustilanteen, matalan kuluttajaluottamuksen sekä uudis- ja korjausrakentamisen alavireisyyden vuoksi.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Vuonna 2025 toiminnan suorat taloudelliset vaikutukset näille eri sidosryhmille muodostuivat seuraavasti: Asiakkaiden tuottama liikevaihto oli 29,5 (33,3) miljoonaa euroa.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Taloudellinen lama ja siihen liittyvä kuluttajien epävarmuus vaikuttavat asuntorakentamisen ja korjausrakentamisen vähenemiseen, mikä laskee tuotteiden kysyntää ja sitä kautta kannattavuutta. Lama voi myös vaikuttaa kuluttajan valintoihin siten, että hinta nousee määrääväksi tekijäksi, eivät tuotteen ominaisuudet.”
Annual report 2025A · The company itself
Strategy · strengthens · strength 2/3
“Pitkän aikavälin tavoitteemme säilyvät ennallaan: tavoitteenamme on ylittää 50 miljoonan euron liikevaihto vuoteen 2030 mennessä ja saavuttaa yli 12 prosentin vertailukelpoinen liiketulos.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“A prolonged economic slowdown or recession could reduce demand for our software products and services. Governments may face financial pressures that could in turn affect our growth rate and profitability in the future.”
Annual report 2025A · The company itself
Driver · strengthens · strength 3/3
“Table of Contents We are focused on increasing our presence in markets with favorable job formation and income growth, high propensity to rent, strong relative affordability for rental versus homeownership, and a favorable demand/supply ratio for multifamily housing.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Our ability to lease our properties at favorable rates is adversely affected by increases in supply in the multifamily and other rental markets and is dependent upon the overall level in the economy, which is adversely affected by, among other things, job losses and unemployment levels, recession, debt levels, housing markets, stock market volatility, any federal government shutdown and uncertainty about the future.”
Annual report 2025A · The company itself
Driver · strengthens · strength 3/3
“Competitive housing in a particular area, including new supply, could adversely affect our ability to lease apartment homes and increase or maintain rents, which could materially and adversely affect our results of operations and financial condition.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Our rental revenue and operating results depend significantly on the occupancy levels at our properties and the ability of our residents and retail and commercial tenants to meet their rent obligations to us, which have in the past been, and could in the future be, adversely affected by, among other things, job losses, furloughs, store closures, lower incomes, uncertainty about the future as a result of an epidemic, pandemic or other health crisis and related governmental actions such as eviction moratoriums, shelter-in-place orders, prohibitions or limits on charging certain fees, and limitations on collections and or rent increases.”
Annual report 2025A · The company itself
Driver · strengthens · strength 3/3
“The following factors, among others, may affect the income generated by our apartment communities: ● the national and local economies; ● local real estate market conditions, such as an oversupply or increasing supply of apartment homes; ● tenants’ or prospective tenants’ perceptions of the safety, convenience, and attractiveness of our communities and the neighborhoods where they are located; ● our ability to provide adequate management, maintenance and insurance; ● rental expenses, including real estate taxes and utilities; ● competition from other apartment communities or alternative housing options; 25 Table of Contents ● changes in interest rates and the availability of financing; ● changes in governmental regulations and the related costs of compliance; and ● changes in tax and housing laws, including the enactment of rent control laws or other laws regulating multifamily housing.”
Annual report 2025A · The company itself
Strategy · strengthens · strength 2/3
“We plan to continue to pursue our strategy of exiting markets where long-term growth prospects are limited and redeploying capital to primary locations in markets we believe will provide the best investment returns.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“The health of the economy may affect consumer purchases of discretionary items such as beauty products and salon services, which could have a material adverse effect on our business, financial condition, profitability, and cash flows.”
Annual report 2026A · The company itself
Driver · weakens · strength 3/3
“Strategic and operational risks We must manage fluctuating demand for our services and network capacity – Significant reductions in demand for rail services with respect to one or more commodities or changes in consumer preferences that affect the businesses of our customers can lead to increased costs associated with resizing our operations, including higher unit operating costs and costs for the storage of locomotives, rail cars, and other equipment; workforce adjustments; and other related activities, which could have a material adverse effect on our results of operations, financial condition, and liquidity.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“If there is significant demand for our services that exceeds the designed capacity of our network or shifts in traffic flow that are contrary to the designed capacity of our network, we can experience challenges, including congestion and reduced velocity, that could compromise the level of service we provide to our customers. This level of demand also can compound the impact of weather and weather-related events on our operations and velocity.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“General risk factors We are affected by general economic conditions – Prolonged, severe adverse domestic and global macroeconomic conditions or disruptions of financial and credit markets, including, for example, the cycles of recessionary fears, inflationary pressures, changes in interest rates, and/or related monetary policy actions by governments in response to inflation, may affect the producers and consumers of the commodities we carry and may have a material adverse effect on our access to liquidity, results of operations, and financial condition.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“The Company's business and operating results are significantly impacted by U.S. and global economic and political conditions. The airline industry is highly cyclical and the level of demand for air travel is correlated to the strength of the U.S. and global economies, including unemployment levels, consumer confidence levels and the availability of consumer and business credit.”
Annual report 2025A · The company itself
Driver · weakens · strength 1/3
“Rising fuel prices can also lead to constraints on the Company's regional partners, reduced capital available for other spending or other outcomes that could adversely impact the Company.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Given the highly competitive nature of the airline industry, the Company historically has had limited ability to, and may not be able to in the future, increase its fares and fees sufficiently to offset the full impact of increases in fuel prices, especially if these increases are significant, rapid and sustained. Further, any such fare or fee increase may not be sustainable, may reduce the general demand for air travel and may also eventually impact the Company's operations, strategic growth and investment plans for the future.”
Annual report 2025A · The company itself
Driver · strengthens · strength 2/3
“Due to greater demand for air travel during the spring and summer months, revenues in the airline industry in the second and third quarters of the year are generally stronger than revenues in the first and fourth quarters of the year, which are periods of lower travel demand.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Economic, political, or social developments and other risks associated with international operations could materially adversely affect us. We have significant international operations and, as a result, we are exposed to changing economic, political and social developments in several countries which are beyond our control. Emerging markets are often more volatile than those in developed countries, and any broad-based downturn in these markets could reduce our revenues and materially adversely affect us.”
Annual report 2025A · The company itself
Driver · strengthens · strength 3/3
“Our business has been and may in the future be adversely affected by economic conditions in the United States and globally. A worsening of economic conditions, in particular with respect to North American construction and industrial activities, could cause weakness in our end-markets and adversely affect our revenues and operating results, the effect of which could be exacerbated due to end-market concentration.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“One of the reasons some of our customers find it more attractive to rent equipment than own that equipment is the need to deploy their capital elsewhere. However, some of our customers may have liquidity issues and ultimately may not be able to fulfill the terms of their rental agreements with us. If we are unable to manage credit risk issues adequately, or if a large number of customers have financial difficulties at the same time, our credit losses could increase above historical levels and our operating results would be adversely affected.”
Annual report 2025A · The company itself
Driver · strengthens · strength 2/3
“Other factors that affect utilization include general and local economic conditions, market penetration of managed care programs, the degree of outpatient use, the availability of reimbursement programs such as Medicare and Medicaid, and demographic changes such as the growth in local populations.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Our patient volumes, revenues and financial results depend significantly on the universe of patients with health insurance, which to a large extent is dependent on the employment status of individuals in our markets. Worsening of economic conditions, including inflation and rising interest rates, may result in a higher unemployment rate which may increase the number of individuals without health insurance. As a result, our facilities may experience a decrease in patient volumes, particularly in less intense, more elective service lines, or an increase in services provided to uninsured patients.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“In addition, our sales cycle can vary substantially from customer to customer because of various factors, including the discretionary nature of potential customers’ purchasing and budget decisions, the macroeconomic and regulatory environments, the availability of funding in the life sciences industry, the announcement or planned introduction of new solutions by us or our competitors, and the purchasing approval processes of potential customers.”
Annual report 2026A · The company itself
Driver · weakens · strength 2/3
“Moreover, life sciences companies, and in particular early-stage companies with pre-commercial treatments in clinical trials, may ultimately be unsuccessful and may subsequently declare bankruptcy. If our customers declare bankruptcy or otherwise dissolve, they may terminate their agreements with us or we may not be able to recoup the full payment of fees owed to us.”
Annual report 2026A · The company itself
Driver · strengthens · strength 3/3
“In our fiscal years ended January 31, 2026, 2025, and 2024, our total revenues grew by 16%, 16%, and 10% respectively, as compared to total revenues from the prior fiscal years. In our fiscal years ended January 31, 2026, 2025, and 2024, our subscription revenues grew by 17%, 20%, and 10% respectively, as compared to subscription revenues from the prior fiscal years.”
Annual report 2026A · The company itself
Driver · weakens · strength 2/3
“Factors that may affect the renewal rate for our solutions and our ability to sell additional solutions and user subscriptions include: •the price, performance, and functionality of our solutions; •the effectiveness of our professional services; •the strength of our business relationships with our customers; •the availability, price, performance, and functionality of competing solutions and services; •our ability to develop complementary solutions, applications, and services; •the stability, performance, and security of our hosting infrastructure and hosting services; and •the business environment of our customers and, in particular, reductions in spending or headcount, and acquisitions of or business combinations between our customers or other business developments that may result in reductions in user subscriptions.”
Annual report 2026A · The company itself
Driver · weakens · strength 3/3
“Nedgang i entreprenørmarkedet i 2024 Siden toppåret 2022 har det skandinaviske byggog anleggsmarkedet hatt en samlet nedgang på 17 %, hovedsakelig drevet av redusert aktivitet i byggsektoren. Samtidig har anleggsmarkedet holdt et stabilt høyt nivå, støttet av offentlig finansierte prosjekter innenfor samferdsel, vann, avløp og energi. Nedgangen i entreprenørmarkedet i 2024 reflekterer forventede seneffekter av renteøkninger, høy inflasjon og færre igangsettelser i 2022 og 2023.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“I Norge har markedet likevel vært relativt stabilt i denne perioden. Fallet har derimot vært kraf tigere i Sverige og Danmark, som gikk inn i konjunkturnedgangen fra en markant høykonjunktur.”
Annual report 2024A · The company itself
Driver · weakens · strength 3/3
“Bygg og anlegg er en konjunkturutsatt bransje. Under lavkonjunktur kan etterspørselen etter produkter og tjenester falle betydelig, spesielt i de private kundesegmentene, og det kan ha stor påvirking på Veidekkes omsetning og resultat.”
Annual report 2024A · The company itself
Driver · strengthens · strength 2/3
“Da påvirkning på prosess, materialer og risiko skjer før prosjektet igangsettes, prioriteres kunder der Veidekke kan komme inn i tidlig fase.”
Annual report 2024A · The company itself
Strategy · strengthens · strength 2/3
“På overordnet nivå har konsernet ambi sjon om å oppnå en resultatmargin på over 5 %. Gjennom tydelige grep og fokusert innsats er marginen gradvis økt fra 1,6 % i 2019 til 4,1 % i 2024.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“Mobility delivered a 7 percent increase in revenues in 2024, driven by growth in classifieds revenues, particularly within the professional segment, supported by solid ARPA development.”
Annual report 2024A · The company itself
Driver · weakens · strength 3/3
“The Jobs vertical faced continued market headwinds throughout 2024, significantly impacting volumes, with challenges most evident in Sweden and Finland.”
Annual report 2024A · The company itself
Driver · weakens · strength 3/3
“Similarly, under these conditions, business customers may delay purchasing decisions, or full implementation of our service offerings, reduce their use of our services or choose lower-cost offerings from our competitors. In addition, our business with public sector customers has been and may in the future be negatively affected by a reduction of the federal and state government workforce and other government cost efficiency measures.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Such a decline could be driven by, among other things: (1) decreases in sales volumes or long-term growth rate as a result of competitive pressures or other factors; or (2) the reporting unit's inability to achieve or delays in achieving its goals or strategic initiatives including, but not limited to, cost savings efforts.”
Annual report 2025A · The company itself
Driver · strengthens · strength 3/3
“There are a host of different sizes and types of data centers, but they can be broken down into the following primary classifications: •Cloud/Hyperscale: These facilities are large in scale, can span multiple acres and are primarily used to support cloud applications. This portion of the industry is growing rapidly with drivers such as adoption of cloud-based data services and AI workloads.”
Annual report 2025A · The company itself
Driver · weakens · strength 1/3
“The growth of the enterprise market, based on data centers and square footage, has generally been flat for the past three years.”
Annual report 2025A · The company itself
Driver · mixed effect · strength 1/3
“This sector has a generally low single-digit growth profile and generally aligned with telecom capex investment and new mobile deployment cycles.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“If these data centers and communication infrastructures do not continue to grow, whether as a result of changes in the economy, shifts in the level or focus of spending on artificial intelligence, capital spending, building capacity in excess of demand, delays in receiving required permits and approvals, or for any other reason, overall customer demand for our product offerings could decrease, which would have an adverse effect on our business, results of operations and financial condition.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Worldwide economic conditions generally impact demand for our product and service offerings. Macroeconomic weakness and uncertainty in global, regional or local areas may result in decreased orders, revenue, gross margin and earnings.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“We are also continually monitoring the evolving macroeconomic environment, including monitoring inflationary and recessionary pressures resulting from the ongoing tariffs and geopolitical climate. These additional pressures could significantly impact the labor markets, exchange rates, customer demand, supply chain, capital markets and other economic conditions in the jurisdictions we operate throughout 2026 and beyond.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“•We are dependent on the gaming industry and may be susceptible to risks associated with it, including heightened competition, regulatory developments, changes in consumer behavior and discretionary spending, and the overall macroeconomic environment and outlook. •Because a concentrated portion of our revenues are generated from the Las Vegas Strip, we are subject to greater risks than a company that is more geographically diversified. •Our pursuit of acquisitions of, and investments in, experiential assets and other strategic opportunities are in a highly competitive industry and may be unsuccessful or fail to meet our expectations, and we may not identify all potential costs and liabilities in connection with such acquisitions or investments. •Our lending activities carry distinct risks compared to our acquisition and leasing of real estate, including with respect to development and construction loans for non-stabilized properties, which carry additional risks, including cost overruns, completion delays, operational underperformance, and other issues that could have a material adverse effect on us.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Historically, economic indicators such as GDP growth, consumer confidence and employment are correlated with demand for gaming, entertainment and leisure properties, including casinos and racetracks, and economic recessions, contractions or slowdowns have generally led to a decrease in discretionary spending on associated leisure activities. In addition, weakened general economic conditions such as, but not limited to, recessions, lackluster recoveries from recessions, contractions, high unemployment levels, higher income taxes, inflation, low levels of consumer confidence, weakness in the housing market, cultural and demographic changes, instability in global, national and regional economic activity and increased stock market volatility have historically adversely affected, and may continue to adversely affect, leisure and business travel, discretionary spending, consumer preferences, and other areas of economic behavior that directly impact the gaming industry and, as a result, may negatively impact our business, financial condition, and operating cash flows.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“In addition, the annual rent escalations under the lease agreements over specified periods will generally continue to apply regardless of the amount of cash flows generated by the properties that are subject to such lease agreements. Accordingly, if the cash flows generated by such properties decrease, do not increase at the same rate as the rent escalations, or do not increase as anticipated, including in connection with any capital improvement projects (such as those financed through our Partner Property Growth Fund strategy), the rents payable under such lease agreements will over time comprise a higher percentage of the cash flows generated by the applicable tenant and/or guarantor, which could make it more difficult for them to meet their respective obligations to us under the lease agreements (and related guarantees, as applicable) or increase the likelihood that they request concessions or modifications to such obligations.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Vår bedömning är att det allmänna konjunkturläget samt den svaga svenska kronkursen har påverkat hushållens köpkraft och konsumtionsvilja vilket primärt har drabbat långlinjerna i form av begränsad tillväxt.”
Annual report 2024A · The company itself
Driver · weakens · strength 3/3
“Styrelsen bedömer att resultatet före skatter för 2025 kommer att vara i nivå med 2024. En betydande osäkerhet föreligger som en följd av den ekonomiska nedgången i vårt trafikområde under de senaste åren, vilket har påverkat kundernas konsumtionsmönster negativt. Till osäkerheten bidrar även det rådande geopolitiska läget och dess potentiella inverkan på främst energipriserna. Denna osäkerhet gör det svårt att förutse den passagerarrelaterade marknadsutvecklingen.”
Annual report 2024A · The company itself
Driver · weakens · strength 3/3
“Our net revenue is dependent on the volume and number of payment transactions made by consumers, governments, and businesses whose spending patterns may be affected by economic, political, market, health and social events or conditions. Adverse macroeconomic conditions within the U.S. or internationally, including but not limited to recessions, inflation, rising interest rates, increase in tariff rates, high unemployment, currency fluctuations, actual or anticipated large-scale defaults or failures, rising energy prices, a slowdown or disruption of global trade, trade retaliation, government shutdowns, and reduced consumer, small business, government, and corporate spending, have a direct impact on international commerce.”
Annual report 2025A · The company itself
Driver · strengthens · strength 3/3
“EB I TA , MKR (737) ANTAL LÄNDER (22) -11 EBITA-TILLVÄXT, % (4) ANTAL ANSTÄLLDA VID ÅRETS SLUT (2 013) 2024 i korthet Tillbaka till organisk tillväxt I slutet av 2024 visade marknaden tecken på återhämtning efter en längre period av utmanande marknadsförhållanden. Alla tre affärsområden visade organisk omsättningstillväxt i det fjärde kvartalet 2024, för första gången sedan det första kvartalet 2022.”
Annual report 2024A · The company itself
Driver · weakens · strength 3/3
“Kommentar från Martin Hansson, vd för Salix Group Under 2024 fortsatte de makroekonomiska förutsättningarna att vara utmanande, vilket påverkat efterfrågan på Salix Groups produkter. Omsättningen under året ökade med 5 procent, drivet av förvärv.”
Annual report 2024A · The company itself
Driver · strengthens · strength 2/3
“Vi ser nu vissa gröna skott gällande efterfrågan och under det fjärde kvartalet 2024 uppvisade vi för första gången sedan det andra kvartalet 2022 organisk tillväxt.”
Annual report 2024A · The company itself
Driver · weakens · strength 3/3
“Under 2024 fortsatte den svaga konjunkturen att påverka efterfrågan på S:t Eriks produkter riktade mot byggsektorn.”
Annual report 2024A · The company itself
Driver · weakens · strength 3/3
“Tornum Group har under året mött en mycket utmanande marknad. Detta framför allt från kunder inom jordbrukssegmentet som påverkas negativt av låga spannmålspriser samt förseningar i fördelningen av EU-bidrag.”
Annual report 2024A · The company itself
Driver · weakens · strength 3/3
“2024 har präglats av fortsatt makroekonomisk osäkerhet, delvis drivet av väpnade konflikter, till exempel Rysslands invasionskrig i Ukraina. Osäkerhet har lett till en svag konjunktur vilket påverkar marknadsförutsättningarna för Volatis affärsområden.”
Annual report 2024A · The company itself
Driver · strengthens · strength 2/3
“Volati är beroende av att marknaden efterfrågar de produkter och tjänster som produceras och tillhandahålls av verksamheterna, vilka i sin tur är beroende av faktorer som funktionalitet och pris.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“En försvagning av dessa förutsättningar på samtliga eller vissa av de marknader som koncernen är verksam på kan medföra väsentliga negativa effekter på bolagets verksamhet, resultat och finansiella ställning.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“Den globala personbilsmarknaden har stått inför flera utmaningar under 2024, med fortsatt ekonomisk osäkerhet, införande av ytterligare tullar, geopolitiska spänningar och inflation som påverkar både konsumentförtroendet och konsumenters vilja att spendera.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“En försvagad efterfrågan i nyckelregioner som Kina och Europa har dessutom ytterligare pressat marknadsvillkoren.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“Vi bedömer att marknaden inte kommer att växa i samma takt som tidigare år. Detta, i kombination med en hög sannolikhet för ökade rabatter inom branschen, innebär att det kommer att vara utmanande att uppnå de volymer och lönsamhetsnivåer som uppnåddes under 2024.”
Annual report 2024A · The company itself
Driver · strengthens · strength 2/3
“Vårt mål är att växa snabbare än premiumbilsmarknaden fram till 2026 från 2023 avseende sammansatt årlig tillväxt.”
Annual report 2024A · The company itself
Driver · weakens · strength 3/3
“I kombination med den geopolitiska utvecklingen och effekter från en instabil makroekonomi, finns det en risk för negativa effekter på våra tillväxtplaner gällande både volymer och marginaler. Utöver detta upplever marknaden hög prispress då konkurrensen inom segmentet kontinuerligt ökar.”
Annual report 2024A · The company itself
Driver · weakens · strength 3/3
“Risk för negativ påverkan på verksamheten på grund av försämrad makroekonomi, instabil geopolitisk landskap, regional protektionism och potentiell recession med lägre köpkraft bland konsumenter. Även risk att vår leveranskedja kommer att påverkas vid en potentiell marknadsnedgång.”
Annual report 2024A · The company itself
Strategy · strengthens · strength 2/3
“Det kommer hjälpa oss att öka tillväxten och ta marknadsandelar inom premiumsegmentet, samtidigt som vi ökar våra vinstmarginaler.”
Annual report 2024A · The company itself
Strategy · strengthens · strength 2/3
“Den kortsiktiga rörliga kontantersättningen ska vara kopplad till koncernens resultat före räntor och skatter (EBIT), kvalitet och strategiska transformationsaktiviteter. Om det finns långsiktig rörlig kontantersättning som inte antagits av en bolagsstämma, ska ersättningen vara kopplad till uppfyllelse av vissa prestationsvillkor relaterade till rörelsemarginal och omsättningstillväxt mätt under programmets löptid.”
Annual report 2024A · The company itself
Strategy · strengthens · strength 2/3
“Mot bakgrund av detta har Volvo Cars under 2024 justerat ambitionerna för elektrifiering. Det behövs ett balanserat och pragmatiskt förhållningssätt till våra affärs- och produkterbjudanden.”
Annual report 2024A · The company itself
Driver · strengthens · strength 3/3
“In 2024, Vow passed an important milestone by reaching over NOK 1 billion in annual revenue. The company turned a corner financially, moving from a negative to a positive EBITDA.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“In the cruise industry, if overcapacity occurs and consumer pricing comes under pressure, newbuild activities may slow down.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“Furthermore, if financial markets experience a downturn, shipowners may face reduced capacity to finance newbuilds, which could lead to a decrease in new construction projects and impact Vow’s revenue.”
Annual report 2024A · The company itself
Driver · weakens · strength 1/3
“Factors affecting loss frequency include the effectiveness of loss controls and safety programs and changes in economic activity or weather patterns.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“The value of investments in fixed maturity securities is subject to impairment as a result of deterioration in the credit worthiness of the issuer, default by the issuer (including states and municipalities) in the performance of its obligations in respect of the securities and/or increases in market interest rates. To a large degree, the credit risk we face is a function of the economy; accordingly, we face a greater risk in an economic downturn or recession.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Many of these customers operate in markets that are subject to fluctuations resulting from market uncertainty, trade and tariff policies, costs of goods 12 sold, currency exchange rates, interest rate fluctuations, government spending and government shutdowns, economic downturns, recessions, foreign competition, offshoring of production, oil and natural gas prices, geopolitical developments, labor shortages, work stoppages, natural or human induced disasters, extreme weather, outbreaks of pandemic disease, inflation, deflation, and a variety of other factors beyond Grainger’s control.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Accordingly, a significant or prolonged slowdown in economic activity in Canada, Japan, Mexico, the U.S. or any other major world economy, or a segment of any such economy, could negatively impact Grainger’s sales, results of operations and cash flow.”
Annual report 2025A · The company itself
Driver · strengthens · strength 3/3
“Industry Overview and Opportunity The Company primarily serves the global freight rail and passenger transit industries. As such, our operating results are largely dependent on the level of activity, financial condition and capital spending plans of freight railroads and passenger transit agencies around the world, and transportation equipment manufacturers who serve those markets.”
Annual report 2025A · The company itself
Driver · strengthens · strength 2/3
“Many factors influence these industries, including general economic conditions; traffic volumes, as measured by freight carloads and passenger ridership; government spending on public transportation; and investment in new technologies.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Our revenues are subject to cyclical variations in the railway and passenger transit markets and changes in government spending. The railway industry historically has been subject to significant fluctuations due to overall economic conditions, the use of alternate methods of transportation and the levels of government spending on railway projects.”
Annual report 2025A · The company itself
Driver · strengthens · strength 2/3
“For 2025, global GDP growth is projected to strengthen slightly to 3.3 percent , while inflation is expected to decline further and reach its target in almost all major economies by the end of 2025 or early 2026 (OECD).”
Annual report 2024A · The company itself
Driver · weakens · strength 3/3
“The volumes in Q4 hit the lowest level on record, and the loaded volumes declined with 29 percent YoY. YoY, volumes were down 23 percent in 2024.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“In terms of high & heavy demand, global economic growth is the key factor for the activity level. For the construction industry interest rates, higher costs and political initiatives will affect the short-term outlook and demand for machinery.”
Annual report 2024A · The company itself
Driver · weakens · strength 3/3
“Resilience in a market downturn Demand for shipping and logistics services are cyclical and closely correlated to global economic activity in general, and deep-sea transportation of light vehicles (LVs) and high and heavy (H&H) equipment in particular. Changes in the global economy therefore strongly impact the development of Wallenius Wilhelmsen's volumes and financial performance.”
Annual report 2024A · The company itself
Driver · strengthens · strength 3/3
“Declines in U.S., global and regional economic conditions, such as recessions, other less severe slowdowns in economic activity and/or inflationary conditions typically adversely affect demand for our products and services and/or costs to operate our businesses, reducing our revenue and earnings. While a number of different factors affect the demand for our products and services, actual or perceived declines in economic conditions typically have impacts across our businesses, including, among others, lower attendance and spending at our parks and experiences businesses, fees received for our cable programming and DTC services, including as a result of declines in subscription levels, purchases of and prices for advertising on our DTC services and linear networks or licensing fees, while in the case of inflationary conditions, also increasing the prices we pay for goods, services and labor, as well as typically our borrowing costs due to elevated interest rates, making it more difficult to obtain financing for our operations and investments on favorable terms.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“The operation of our businesses, the environment for travel and tourism, the demand for and consumption of our other products and services and ultimately our results of operations and financial condition are subject to adverse impacts from a variety of factors beyond our control in the U.S., globally or in specific geographic regions around the world where we operate, including: health concerns; adverse weather conditions arising from short-term weather patterns or long-term climate change, including longer and more regular excessive heat conditions, catastrophic events or natural disasters (such as excessive heat or rain, hurricanes, wildfires, typhoons, floods, droughts, tsunamis and earthquakes); international, political or military developments, including tariffs and other trade and international disputes and social unrest; legal and 18 TABLE OF CONTENTS regulatory developments; macroeconomic conditions, including a decline in economic activity, inflation and foreign exchange rates; and terrorist attacks.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“In addition, changing technology, consumer purchasing patterns and acceptance of content offerings and macroeconomic conditions may impair the value of our assets.”
Annual report 2025A · The company itself
Driver · strengthens · strength 2/3
“Our services also compete for the sale of advertising with other television networks, including broadcast, cable, local networks, other streaming services, other content distribution outlets (including large social media and free video distribution platforms), and new market participants for their target audiences and the sale of advertising. Our success in selling advertising is a function of the size and demographics of our audiences, quantitative and qualitative characteristics of the audience of each network, the perceived quality of the network and of the particular content, the brand appeal of the network and ratings as determined by third-party research companies, prices charged for advertising and overall advertiser demand in the marketplace.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Financial instability or a general decline in economic conditions in the U.S. and other countries where our content is distributed could adversely affect the spending priorities of our advertising partners who might reduce their spending, which could result in a decrease in advertising rates and volume and in our overall advertising revenues.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Distribution revenue decreased 2% in 2025, primarily attributable to an 9% decline in Networks domestic linear subscribers and the impact of the previously disclosed domestic wholesale deal renewal that occurred in the second quarter of 2025, partially offset by a 13% increase in streaming subscribers as a result of continued growth and global expansion of HBO Max and a 3% increase in domestic contractual affiliate rates.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Revenue from advertising is subject to seasonality, market-based variations, the mix in sales of commercial time between the upfront and scatter markets, and general economic conditions.”
Annual report 2025A · The company itself
Strategy · strengthens · strength 2/3
“In connection with the WarnerMedia Merger, we have announced and taken actions to implement projects to achieve cost synergies for the Company.”
Annual report 2025A · The company itself
Driver · mixed effect · strength 1/3
“In addition to the risks set forth above, implementation of our business strategy could be affected by other factors beyond our control, such as increased competition, legal developments, government regulation, global geopolitical instability, general economic conditions, increased operating costs and changes in industry trends.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Our business is directly affected by changes in consumer trends and economic factors that are outside of our control, including consumer preferences and priorities, consumer confidence, inflation, interest rates and access to capital markets. A weak economy generally results in decreased consumer spending and decreases in volumes of waste generated, which negatively impacts the ability to grow through new business or service upgrades, and may result in customer turnover and reduction in customers’ waste service needs.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“During periods of economic weakness, governmental entities and municipalities can suffer significant financial difficulties, due in part to reduced tax revenue and/or high-cost structures. During these periods, such entities, and our non-governmental customers, could be unable to pay amounts owed to us or renew contracts with us at previous or increased rates.”
Annual report 2025A · The company itself
Driver · strengthens · strength 2/3
“Our industry is directly affected by changes in general economic factors, including increases and decreases in consumer spending, business expansions and construction activity. These factors generally correlate to volumes of waste generated and impact our revenue.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Negative economic conditions and other macroeconomic trends can and have caused customers to reduce their service needs. Such negative economic conditions, in addition to competitor actions, can impact our strategy to negotiate, renew, or expand service contracts and grow our business.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“While there is continued high activity in the energy space, we see many customers in other industries being more reluctant with regards to investments in IT. Decision processes take longer and the willingness to commit capex is in general lower.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“Price risk changes in the market can lead to a decline in hourly rates for IT services, which will impact the Company's revenue. Changes in customer demand, increased competition, technological changes, or similar factors can influence the market development.”
Annual report 2024A · The company itself
Driver · weakens · strength 3/3
“Our results of operations and cash flows are affected by the demand for electricity and natural gas, which can vary greatly based upon: •Fluctuations in customer growth and general economic conditions in our service areas. Customer growth and energy use can be negatively impacted by population declines as well as economic factors in our service territories, including workforce reductions, stagnant wage growth, changing levels of support from state and local government for economic development, business closings, and reductions in the level of business investment.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“As part of our planning process, we estimate the impacts of changes in customer growth and general economic conditions, weather, and customer energy conservation efforts, but risks still remain.”
Annual report 2025A · The company itself
Driver · strengthens · strength 3/3
“The increase in computing complexity and advancements in AI, along with growth in cloud computing applications, connected mobile devices and Internet-connected products and edge devices is driving rapid growth in the volume of digital content to be stored and used. While this growth has led to the creation of several form factors for data storage and an increasing use of a tiered architecture approach, HDDs occupy a unique place in the market by providing an economical means to create, store and utilize an increasing amount of data in the age of AI. We believe HDDs provide a sustainable total cost of ownership advantage to our cloud customers to meet their storage needs.”
Annual report 2026A · The company itself
Driver · mixed effect · strength 2/3
“Cyclicality and Seasonality Although much less than in the past, our business is subject to variability of sales because it is largely dependent on the buying patterns of our large Cloud customers, driven by their needs for deploying our technology in their data center buildouts, as well as on their ability to procure other products that go into such buildouts. Our business is also impacted by cyclicality in the industry, as well as macroeconomic factors.”
Annual report 2026A · The company itself
Driver · weakens · strength 2/3
“Tariffs or other trade restrictions may also lead to negative economic impacts for our customers, declining consumer confidence, significant inflation and diminished expectations for the economy, as well as ultimately reduced demand for our products. Such conditions could have a material adverse impact on our business, results of operations and cash flows.”
Annual report 2026A · The company itself
Driver · weakens · strength 3/3
“Uusien henkilöautojen ensirekisteröinnit jäivät historiallisen matalalle tasolle kuluttajien heikon luottamuksen, talouskasvun hidastumisen ja kansainvälisen epävarmuuden painaessa kysyntää.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Lisäksi Suomen heikko talouskasvu ja työllisyyden heikentyminen heijastuvat henkilöautojen kysyntään.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Liikevaihdon laskuun ja kannattavuuden heikkenemiseen vaikuttivat etenkin haasteellisena vuonna 2025 jatkunut autokaupan markkinatilanne sekä varastoihin tilikaudella tehdyt sopeuttamistoimet.”
Annual report 2025A · The company itself
Driver · strengthens · strength 3/3
“Verkar i en attraktiv region Vår hemmaplan Öresundsregionen har en kraftig befolkningstillväxt, ung och välutbildad befolkning, världsledande teknikutveckling, goda pendlingsmöjligheter och krympande avstånd till kontinenten genom bland annat den kommande Fehmarn Bält-förbindelsen.”
Annual report 2024A · The company itself
Driver · mixed effect · strength 2/3
“Världsekonomin är global och fastighetsbranschen påverkas mer eller mindre direkt av dess skiftningar.”
Annual report 2024A · The company itself
Driver · strengthens · strength 3/3
“Hyresintäkterna är avgörande för kassaflödet från den löpande verksamheten. Fallande hyresnivåer och ökade vakanser leder till lägre fastighetsvärde. Efterfrågan på lokaler styr hyresnivåerna, vilken i sin tur påverkas av tillväxten på olika delmarknader.”
Annual report 2024A · The company itself
Strategy · strengthens · strength 2/3
“Vi tar en aktiv roll i Öresundsregionens tillväxt och utvecklingen av attraktiva, hållbara stadsdelar och kluster, och är därmed med och påverkar våra egna förutsättningar att verka. Vi investerar även i mer utmanande tider, vilket både stärker vår egen och regionens konkurrenskraft över konjunkturcyklerna.”
Annual report 2024A · The company itself
Driver · mixed effect · strength 2/3
“Our fees for consulting services are spread across a variety of complementary businesses that generally remain steady during times of uncertainty. We have some businesses, such as our health and benefits and administration businesses, which can be counter cyclical during the early period of a significant economic change.”
Annual report 2025A · The company itself
Driver · mixed effect · strength 2/3
“Revenue for our career-related businesses is partly seasonal in nature, with heightened activity in the second half of the calendar year during the annual compensation, benefits and survey cycles.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Demand for our services could decrease for various reasons, including a general economic downturn, increased competition, or a decline in a client’s or an industry’s financial condition or prospects, all of which could substantially and negatively affect us.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“For example, any changes in U.S. trade policy (including any increases in tariffs or any retaliatory actions that result in a trade war), recessionary conditions in some of the markets where we do business, inflationary conditions, ongoing stock market volatility or an increase in, or unmet market expectations with respect to, interest rates could adversely affect the general economy. As a result, global financial markets may continue to experience disruptions, including increased volatility and reduced credit availability, which could substantially impact our results.”
Annual report 2025A · The company itself
Driver · mixed effect · strength 1/3
“Quarterly variations in our revenue, cash flow and results of operations have occurred in the past and could occur as a result of a number of factors, such as: the significance of client engagements commenced and completed during a quarter; seasonality of certain types of services; the number of business days in a quarter; colleague hiring and utilization rates; our clients’ ability to terminate engagements without penalty; the size and scope of assignments; our ability to enhance our billing, collection and working capital management efforts; differences in timing of renewals; duration and timing of large scale projects on quarterly revenue; non-recurring revenue from disposals and book-of-business sales; and general economic conditions.”
Annual report 2025A · The company itself
Driver · strengthens · strength 2/3
“Health delivered organic revenue growth in all regions, led by double-digit increases across International which benefited from strong new business and geographic expansion. Wealth generated organic revenue growth from higher levels of Retirement work globally, alongside growth in our Investments business. Career reported revenue growth, largely driven by an uptick in advisory work in Europe and increased compensation survey sales globally.”
Annual report 2025A · The company itself
Driver · strengthens · strength 1/3
“Corporate Risk & Broking had organic revenue growth largely driven by the success of our global specialties model, with higher levels of new 50 business activity along with strong client retention across all regions.”
Annual report 2025A · The company itself
Driver · strengthens · strength 2/3
“Branschens totala omsättning under samma period uppgick till uppskattningsvis drygt 88 miljarder kronor. På knappt tio år har omsättningen i branschen nästan fördubblats, vilket delvis förklaras av en ökad andel bemanning jämfört med tillsvidareanställningar, men även att värdet av kompetensförsörjning, inte minst beträffande chefer och specialister, fått en ökad strategisk betydelse för företagen.”
Annual report 2024A · The company itself
Driver · weakens · strength 3/3
“Svängningarna på den svenska arbetsmarknaden har under det senaste året varit ovanligt stora, både om man jämför olika regioner, branscher och jämfört med tidigare bedömningar. Det tyder på en fortsatt stor osäkerhet på arbetsmarknaden, där många branscher visserligen lider av kompetensbrist men samtidigt inte har tillräcklig framtidstro för att våga satsa på rekrytering fullt ut.”
Annual report 2024A · The company itself
Driver · strengthens · strength 2/3
“På branschnivå är det främst bank-, finans- och fastighetsbranscherna som har en större tillförsikt inför framtiden. Globalt är det IT-branschen som leder utvecklingen, med en sysselsättningsprognos om en stark tillväxt.”
Annual report 2024A · The company itself
Driver · weakens · strength 3/3
“2024 präglades initialt av en förhoppning om att lägre räntor skulle stabilisera konjunkturen och successivt initiera en stigande efterfrågan på Wise Groups tjänster. Tyvärr infriades inte dessa förhoppningar. Utfallet blev i stället en marknad som präglats av fortsatt svag efterfrågan.”
Annual report 2024A · The company itself
Driver · weakens · strength 3/3
“Wise Groups verksamhet är beroende av hur kundernas verksamhet utvecklas. När konjunkturen eller andra större händelser påverkar kunderna så att behoven av rekrytering, konsultuthyrning och HR-tjänster minskar har det en negativ inverkan på Wise.”
Annual report 2024A · The company itself
Driver · weakens · strength 3/3
“För helåret minskade omsättningen med 21 % jämfört med föregående år.”
Annual report 2024A · The company itself
Strategy · strengthens · strength 2/3
“Wise och dess dotterbolag är välkända varumärken med en stark position inom dessa områden. Efterfrågan på vissa tjänster, till exempel stöd vid personalneddragningar, ökar under en lågkonjunktur vilket kan balansera för minskad efterfrågan på andra tjänster, exempelvis rekryteringstjänster.”
Annual report 2024A · The company itself
Strategy · strengthens · strength 2/3
“Blickar jag framåt är utmaningen att få fart på försäljningen. Vi vet att behovet av rekrytering och flexibla konsulttillsättningar hos våra kunder finns och att vårt erbjudande av kvalificerade tjänster alltid kommer att efterfrågas. Oavsett marknadsläge måste vi därför bli ännu bättre på att, genom koordinerad marknadsföring och korsförsäljning, identifiera affärer och matcha vår förmåga att leverera vad kunderna efterfrågar.”
Annual report 2024A · The company itself
Driver · weakens · strength 1/3
“Some customers may be hesitant to switch vendors or to adopt cloud applications such as ours and may prefer to maintain their existing relationships with competitors.”
Annual report 2026A · The company itself
Driver · weakens · strength 2/3
“Our customers’ renewal rates fluctuate as a result of a number of factors, including our mix of customer base and their level of satisfaction with our offerings and pricing, their awareness and adoption of the benefits and features of our applications, their ability to continue their operations and spending levels, reductions in their headcount, the evolution of their business, and the macroeconomic environment.”
Annual report 2026A · The company itself
Driver · weakens · strength 2/3
“Global economic developments, including new or increased tariffs, geopolitical volatilities, downturns or recessions, political instability, and global health crises may negatively affect us or our ability to accurately forecast and plan our future business activity.”
Annual report 2026A · The company itself
Driver · weakens · strength 3/3
“Our future revenues rely on continued demand by existing customers and the acquisition of new customers who may be subject to economic hardship due to recent macroeconomic events, including concerns about the impact of potential or imposed tariffs, inflation or the interest rate environment, and may delay or reduce their enterprise software spending to preserve capital and liquidity.”
Annual report 2026A · The company itself
Driver · weakens · strength 2/3
“In the Products for Work Environments business, the focus is on profitability and renewal In the Products for Work Environments segment, economic and geopolitical uncertainty affected demand, particularly in Finland.”
Annual report 2025A · The company itself
Driver · strengthens · strength 2/3
“In 2025, Wulff Works established its position as one of the most energetic and fastest growing operators in the Finnish personnel services market. The foundation built during the first year of operation enabled over 30% organic growth in all areas.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“The staff leasing market has been changing in recent years, and for example, in 2023 the entire market decreased by 5%. The general decline in the number of employees in Finland has also affected the general demand for temporary workers.”
Annual report 2025A · The company itself
Driver · strengthens · strength 2/3
“As the economy starts to grow, the demand for staff leasing and recruitment services will increase.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Operating model and expertise meet a changing market The exhibition and event industry has slowly recovered after the pandemic, and at the same time, it is noticeable that the market and its dynamics have changed.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“The general economic and market development and the employment rate have a significant impact on the demand for products and services.”
Annual report 2025A · The company itself
Driver · strengthens · strength 2/3
“Measured in numbers, our goal is clear and explicitly measurable: to double our net sales by 2030.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Sales of more traditional workplace products and services followed the general economic and employment situation, decreasing from the comparison period.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“The demand for Wulff’s products and services is essentially influenced by the general development of the economy and the market, as well as the employment rate.”
Annual report 2025A · The company itself
Driver · strengthens · strength 2/3
“The growth of the staff leasing market correlates with the general GDP development.”
Annual report 2025A · The company itself
Driver · strengthens · strength 2/3
“Accountancy business is a defensive, steadily growing and profitable industry, regardless of economic cycles.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Our financial results are affected by the global and regional economies in which we have operations. Consumer demand for hotels, casino resorts, trade shows, conventions and the type of luxury amenities that we offer is particularly sensitive to downturns or perceived downturns in the economies in which we operate, which could harm consumer confidence in the economy and adversely affect discretionary spending.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Affärsområde Bostad har drabbats hårdast av det rådande konjunkturläget. På nationell nivå halverades bostadsbyggandet från 2022 till 2023 och har sedan legat kvar på den lägre nivån under 2024. Detta har också avspeglats i Wästbygg Gruppens orderingång.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“Generellt sett har logistikmarknaden inte varit lika stark som tidigare. Investerarna har visat försiktighet, inte minst till följd av ett relativt stort utbud av outhyrd logistikyta. Under slutet av året märktes dock signaler på ökad aktivitet i såväl Sverige som Norge och Finland.”
Annual report 2024A · The company itself
Driver · strengthens · strength 2/3
“Våra primära marknader är Västsverige, Skåne, Stockholm/Mälardalen samt Norrlandskusten – expansiva regioner där vi ser en fortsatt stark tillväxt både för oss själva och för byggbranschen som helhet.”
Annual report 2024A · The company itself
Driver · strengthens · strength 1/3
“I början av det här året avslutas de sista projekten som signerades i ett annat marknadsläge.”
Annual report 2024A · The company itself
Driver · weakens · strength 3/3
“Det gör att årets intäkter är i nivå med föregående år, trots negativ påverkan av bolagets minskade orderingång och därmed lägre produktionsvolym än tidigare.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“Logistikmarknaden i Sverige är inte lika stark som tidigare. Investerarna visar försiktighet och det finns idag ett relativt stort utbud på marknaden av outhyrd logistikyta.”
Annual report 2024A · The company itself
Driver · weakens · strength 1/3
“Samtidigt finns det fortfarande en hel del projekt att räkna på, även om processen fram till undertecknat kontrakt tar längre tid.”
Annual report 2024A · The company itself
Driver · weakens · strength 3/3
“• Risk för en fortsatt trög marknad i byggbranschen, inte minst inom bostadsmarknaden. • Nuvarande osäkerhet på finansmarknaderna, ökande byggkostnader de senaste åren tillsammans med osäker finansiering medför en fortsatt en avvaktande inställning från beställare och investerare. • Svag efterfrågan, hög arbetslöshet, byggkonkurser och fortsatt osäkerhet på arbetsmarknaden bidrar till minskad köpkraft, dämpad konsumtion, färre bygginvesteringar och fördröjd tillväxt. • Koncernen har genomfört organisationsförändringar för att hantera en minskad produktionsvolym under 2025.”
Annual report 2024A · The company itself
Strategy · strengthens · strength 2/3
“Det är viktigt att rätt förutsättningar finns att skapa fina projekt både för oss som bolag och våra beställare. De projekt vi tagit under 2024 och hittills under 2025 har i regel generellt bättre villkor än tidigare, och mer hälsosamma marginaler.”
Annual report 2024A · The company itself
Driver · weakens · strength 3/3
“Global ekonomisk instabilitet och ett allmänt svagt konjunkturläge föranledde breda åtstramningsåtgärder i form av personalminskningar, skärpt kostnadskontroll och prisjusteringar.”
Annual report 2024A · The company itself
Driver · weakens · strength 3/3
“Reflektioner och insikter Vikande marknadstrender Affärsenhetens utveckling är i hög grad relaterad till förutsättningarna inom global förpackningssektor. Det oroliga världsläget har lett till omfattande finansiell osäkerhet och störningar i försörjningsleden, med flera års låga investeringsnivåer avseende automationsprojekt som följd.”
Annual report 2024A · The company itself
Driver · mixed effect · strength 2/3
“Därför genomför vi fortsatta anpassningar och omstruktureringar, dock i mindre omfattning än under 2024. Samtidigt ser vi att tidigare aktiviteter börjar ge effekt.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“Investeringsambitionen hos några av koncernens större kunder är tätt knuten till den globala ekonomins utveckling. För närvarande ser vi ingen snabb vändning och återhämtning på det etablerade marknader där vi upplevt vikande trender.”
Annual report 2024A · The company itself
Driver · strengthens · strength 3/3
“Economic and industry factors that have had, or may in the future have, a material impact on our businesses and demand for our products and services include: (i) overall strength of, and our customers’ confidence in, local and global macroeconomic conditions; (ii) inflation and related monetary policy actions by governments in response; (iii) overall strength of industrial, governmental, public and private sector spending; (iv) overall strength of the industrial, residential and commercial real estate markets; (v) federal, state, local and municipal governments’ environmental, energy efficiency, fiscal, trade and procurement laws, regulations and policies, including domestic content requirements; (vi) availability of commercial financing for our customers and end-users; and (vii) availability of funding for our public sector customers, including for water infrastructure investments.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Adverse economic conditions or reduced and/or changes in the timing and amount of information technology spending may negatively impact our business. General disruption of financial markets and a related general economic downturn or uncertainty could adversely affect our business and financial condition through a reduction in demand for our offerings by our customers.”
Annual report 2025A · The company itself
Driver · strengthens · strength 3/3
“Our livestock products focus on predicting, preventing, detecting and treating diseases, with the understanding that veterinarians and livestock producers must have the tools at their disposal to treat disease expeditiously, which in turn enables the sustainable production of safe, high-quality animal protein. Human population growth and increased standards of living continue to drive demand for increased production of quality animal protein. Population growth leads to greater consumption of natural resources, driving a need for innovative solutions to increase sustainability and productivity.”
Annual report 2025A · The company itself
Driver · weakens · strength 3/3
“Macroeconomic, business, political and financial disruptions, including public health crises or pandemics, could have a material adverse effect on our operating results, financial condition and liquidity. Certain of our customers and suppliers may be affected directly by economic downturns and could face credit issues or cash flow problems that could give rise to payment delays, increased credit risk, bankruptcies and other financial hardships that could decrease the demand for our products or hinder our ability to collect amounts due from customers or goods from our suppliers. If one or more of our large customers, including distributors, discontinue their relationship with us as a result of economic conditions, public health conditions, sanctions or otherwise, our operating results and financial condition may be materially adversely affected.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Some countries within emerging markets may be especially vulnerable to periods of local, regional or global economic, political or social instability or crisis. Furthermore, we have also experienced lower than expected sales in certain emerging markets due to local, regional and global restrictions on banking and commercial activities in those countries.”
Annual report 2025A · The company itself
Driver · strengthens · strength 2/3
“Livestock health and production are essential to meeting the growing demand for animal protein of a global population. Factors influencing growth in demand for livestock medicines and vaccines include: •human population growth and increasing standards of living, particularly in many emerging markets; 33 | Table of Contents •increasing demand for improved nutrition, particularly animal protein; •natural resource constraints, such as scarcity of arable land, fresh water and increased competition for cultivated land, resulting in fewer resources that will be available to meet an increasing demand for animal protein; •increasing urbanization; and •increased focus on food safety and food security.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“We may be unable to maintain a level of cash flows from operating activities sufficient to permit us to pay the principal and interest on our indebtedness. If our cash flows and capital resources are insufficient to fund our debt service obligations, we could face substantial liquidity problems and could be forced to reduce or delay investments and capital expenditures, or to dispose of material assets or operations, alter our dividend policy, seek additional debt or equity capital or restructure or refinance our indebtedness.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“For example, changes in local economic condition or outlooks, such as lower economic growth rates in China, Europe, or other key markets, impact the demand or profitability of the Company's products.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Following the separation, the Company is a smaller, less diversified company than it was prior to the separation, which could make the Company more vulnerable to factors impacting its performance, such as changing market conditions and market volatility.”
Annual report 2025A · The company itself
Driver · strengthens · strength 2/3
“FINANCIAL POSITION, LIQUIDITY AND CAPITAL RESOURCES years ended December 31 (in millions) 2025 2024 2023 Cash flows provided by (used in) Operating activities $ 19,030 $ 18,806 $ 22,839 Investing activities (6,643) (20,820) (2,009) Financing activities (12,724) (5,211) (17,222) Operating cash flows in 2025 increased compared to the prior year primarily due to increased results from operations driven by higher net revenues, timing of working capital and lower acquisition-related cash expenses, partially offset by higher payments related to litigation matters and higher payments of contingent consideration liabilities.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“With looming geopolitical and macroeconomic uncertainty, it is fair to say that all our business segments are not running at full speed.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“In 2024, the Nordic M&A market showed some growth compared to the relatively subdued activity seen in 2023. While buyers and sellers still faced challenges aligning their price expectations, the gap began to narrow. Despite these improvements, dealmakers remained cautious, with economic uncertainties, inflation concerns and geopolitical tensions continuing to impact M&A activity.”
Annual report 2024A · The company itself
Driver · mixed effect · strength 2/3
“Konjunkturen har särskilt stor betydelse för vuxenutbildningen där man brukar tala om en kontracyklisk verksamhet. När konjunkturen försämras och arbetslösheten går upp är en vanlig motåtgärd stora satsningar på vuxenutbildning, för att människor ska kunna karriärväxla.”
Annual report 2024A · The company itself
Driver · strengthens · strength 2/3
“Konjunkturens utveckling påverkar behovet av vuxenutbildning. Svensk ekonomi befinner sig fortsatt i en lågkonjunktur och arbetslösheten ökar. Enligt Arbetsförmedlingen var 348 000 personer inskrivna arbetslösa i slutet av juni 2024, en ökning med nära 26 000 personer jämfört med året innan.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“Vår ökning i antal medlemmar per anläggning om 12 procent är en stark bedrift i rådande konjunktur och konkurrens.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“Adverse changes in global economic conditions, including, but not limited to recessions or slow economic growth have in the past resulted and may in the future result in our customers’ and business partners’ insolvency, inability to obtain credit to finance or purchase our solutions, or a delay in paying or an inability to pay their obligations to us.”
Annual report 2025A · The company itself
Driver · strengthens · strength 2/3
“Key performance drivers for utilities include the regulated rate of return and tariff, seasonality, weather variations, economic activity, and reliability of service.”
Annual report 2025A · The company itself
Driver · mixed effect · strength 2/3
“Retail sales, after adjustments for weather variations, are also affected by changes in local economic activity, energy efficiency and distributed generation initiatives, as well as the number of retail customers.”
Annual report 2025A · The company itself
Driver · strengthens · strength 2/3
“Key Financial Drivers — Financial results are driven by many factors, including, but not limited to: •changes in hydrology, which impacts the spot prices and exposes the business to variability in the cost of replacement power; •fluctuations in commodity prices, mainly fuel oil and natural gas, which affect the cost of thermal generation and spot prices; •constraints imposed by the capacity of transmission lines connecting the west side of the country with the load, keeping surplus power trapped during the rainy season; and •country demand, as GDP growth is expected to remain strong over the short and medium term.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“56 | 2025 Annual Report Further, the Chinese market has driven global materials demand and pricing for commodities, many of which are produced in our key electricity markets in South America. Volatility in economic growth in China could result in lower economic growth and lower demand for electricity in our key markets.”
Annual report 2025A · The company itself
Driver · weakens · strength 1/3
“We have also located our plants in different geographic areas in order to mitigate the effects of regional economic downturns; however, there can be no assurance that our efforts will be effective.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Customer growth and customer usage in our utilities businesses are affected by external factors, including mandated energy efficiency measures, demand side management requirements, and economic and demographic conditions, such as population changes, job and income growth, housing starts, new business formation and the overall level of economic activity.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Increased market participation may have the effect of lowering our operating margins. Among other steps, FERC has encouraged RTOs and ISOs to develop demand response bidding programs as a mechanism for responding to peak electric demand and has also encouraged the integration of distributed energy resources.”
Annual report 2025A · The company itself
Market · strengthens · strength 2/3
“Colombia Electricity supply in Colombia is concentrated in one main system, the SIN, which encompasses one-third of Colombia's territory and provides electricity to 99% of the country's population. As of December 31, 2025, the SIN's installed capacity was 21,040 MW, composed of hydroelectric (63%), thermal (30%), and other renewables (7%) generation. The marked seasonal variations in Colombia's hydrology result in price volatility in the short-term market.”
Annual report 2025A · The company itself
Driver · strengthens · strength 2/3
“Energisikkerhet, -effektivitet og -omstilling Verdens totale energiforbruk øke r, noe som krever sikre og kostnadseffektive energikilder. Følgelig forventes olje og gass å forbli primære energikilder globalt de kommende årene.”
Annual report 2024A · The company itself
Driver · strengthens · strength 2/3
“Størrelse I 2024 hadde selskapene der Aker er største eier en samlet total omsetning på over 209 milliarder kroner og hadde rundt 28 100 ansatte (inkludert innleide).”
Annual report 2024A · The company itself
Strategy · strengthens · strength 2/3
“Vår strategi fremover er klar: Vi skal fokusere og bli enda mer likvide. Dette innebærer at vi vil spisse vår investeringsstrategi mot større og færre porteføljeselskaper.”
Annual report 2024A · The company itself
Driver · strengthens · strength 2/3
“Financials Revenue in 2024 increased to NOK 53.2 billion, a growth of 47 percent from 2023, with EBITDA margins, excluding special items improving from 3.6 percent to 8.7 percent.”
Annual report 2024A · The company itself
Driver · strengthens · strength 2/3
“Market Outlook and Strategy There are considerable changes across Aker Solutions’ global markets, driven by the energy trilemma of balancing the need for energy reliability, affordability and sustainability. The global oil and gas markets continue to be important for Aker Solutions.”
Annual report 2024A · The company itself
Driver · strengthens · strength 2/3
“Order Intake and Backlog NOK billion Order intake for 2024 was NOK 40.1 billion, compared to NOK 35.3 billion in 2023.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“Dock rådde ett något dämpat investeringsklimat som resultat av höga räntor och osäkra makroekonomiska villkor, som gjorde att kunder sköt upp beslut om större, kapacitetsrelaterade projekt.”
Annual report 2024A · The company itself
Strategy · strengthens · strength 2/3
“Vi presenterade även våra planer för "New Heights 2.0", en vidareutveckling av New Heights-programmet som ytterligare kommer att accelerera lönsam tillväxt under 2026–2030.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“When adjusted for trade inventory movements, smokeable products segment’s domestic cigarette shipment volume declined by an estimated 7% in the fourth quarter of 2025 versus the fourth quarter of 2024. We estimate that, when adjusted for trade inventory movements and other factors, total estimated domestic cigarette industry volume declined by 6.5% in the fourth quarter of 2025 versus the fourth quarter of 2024.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“In addition to the judgments discussed above, the following factors also have the potential to impact our assumptions and thus the expected future cash flows and, therefore, our impairment conclusions: general macroeconomic conditions; governmental actions, including FDA regulatory actions and inaction; changes in category growth (decline) rates as a result of changing adult nicotine consumer preferences; success of planned new product expansions; competitive activity; unfavorable outcomes with respect to litigation proceedings, including actions brought against us alleging patent infringement; and income and excise taxes.”
Annual report 2025A · The company itself
Driver · mixed effect · strength 2/3
“In 2024/25, the global economy demonstrated resilience amid ongoing geopolitical dynamics. The geopolitical dynamics contributed to fluctuations in foreign exchange rates and increased costs of raw materials, energy, and logistics.”
Annual report 2025A · The company itself
Driver · strengthens · strength 2/3
“Drivers of the year Leading position and a trusted partner The markets within Anesthesia & Patient Monitoring are fragmented but typically more mature and steadily growing, driven by demographics, increased healthcare access, and chronic diseases. With refined market data access and the implementation of price increases in low-margin areas, we have changed our longterm outlook assumption to 3-5% market growth versus previously 2-4%.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“These factors include depressed economic conditions, a recession, increasing interest rates, inflation, sanctions, trade restrictions, tariffs or trade wars, government or federal agency shutdowns, political 30 Table of Contents instability, war, terrorism, and extreme volatility in the debt, equity, or credit markets.”
Annual report 2025A · The company itself
Driver · mixed effect · strength 2/3
“Periodic changes in customer rates generally occur through the filing of a rate case by the utility with the PUC. The timing of rate case filings is typically determined by either periodic requirements in the regulatory jurisdiction or by the utility’s need to increase its revenue requirement to recover capital investment costs, changes in operating revenues, operating costs or other market conditions. The Company attempts to minimize “regulatory lag,” which is the time between the occurrence of an event that triggers a change in the utility’s revenue requirement and the recognition in rates of that change.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“A loss of one or more large industrial or commercial customers could have a material adverse impact upon the results of operations of one or more of our Regulated Businesses. Adverse economic conditions may cause our customers, particularly industrial and large commercial customers, to curtail operations. A curtailment of operations by such a customer typically results in reduced water usage by that customer.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“The Company is also exposed to a potential national economic recession or deterioration in local economic conditions in the markets in which it operates. The credit quality of the Company’s customer accounts receivable is dependent on the economy and the ability of its customers to manage through unfavorable economic cycles and other market changes.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“●a global or regional economic slowdown or recession in any of the Company’s end markets (or a prolonging or intensification of such a slowdown or recession), which could negatively affect the financial condition of our customers and result in reduced demand; ●postponement of customer spending, in response to tighter credit, inflationary pressures, financial market volatility and other global economic factors; ●effects of significant changes in economic, monetary and/or fiscal policies, including interest rate changes by the U.S.”
Annual report 2025A · The company itself
Driver · strengthens · strength 2/3
“Annehem verkar i nordiska tillväxtområden med goda kommunikationer. Tillväxten i områdena drivs av ekonomisk utveckling, urbanisering och en växande efterfrågan på hållbara och flexibla fastigheter som möter framtidens behov.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“During periods of macroeconomic uncertainty, levels of advertising spending have historically decreased and are likely to decrease and therefore this competition may intensify, which has at times harmed and may in the future harm our revenue.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Our business is subject to general macroeconomic conditions and a variety of other factors beyond our control that could adversely affect our revenue and results of operations. A deterioration in macroeconomic conditions, whether in the United States, internationally, or globally, could create uncertainty and adversely affect advertising spending or costs related to our operations.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Even if our revenue continues to increase, we expect that our revenue growth rate may decline in the future as a result of a variety of factors, including because of more difficult comparisons to prior periods and the saturation of the market.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Konsernet opererer i et internasjonalt marked og påvirkes av økonomiske svingninger, markedstrender og global geopolitisk utvikling. • Valutarisiko Konsernets transaksjoner foregår for største del i NOK, EUR og SEK.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“En stabil grund för framtiden Vår resa för tillväxt och lönsamhetsförbättring fortsätter trots ett osäkert omvärldsläge, framför allt i Europa.”
Annual report 2024A · The company itself
Market · strengthens · strength 2/3
“Upp till 50–70 procent av patienter med framskriden kolorektalcancer utvecklar levermetastaser och levermetastaser förefaller spela en kritisk roll när det gäller dödsorsak hos patienter med brösteller kolorektalcancer. En korrekt diagnos är avgörande för behandling av patienter med levermetastaser och bildåtergivning har en viktig roll vid den initiala bedömningen av cancer, preoperativ planering, övervakning av behandlingens effektivitet samt vid återfallsbevakning.”
Annual report 2024A · The company itself
Strategy · strengthens · strength 2/3
“Lönsamhet Skadefrekvens Koldioxidavtryck Tillväxt Innovation Årlig tillväxt genom en kombination av organisk och förvärvad tillväxt över en konjunkturcykel 10% Omsättning från produkter som lanserats under de senaste tre åren 25% Minskat antal skador per miljoner arbetade timmar fram till 2025 jämfört med 2019 Minskat absoluta Scope 1 & 2 koldioxid utsläpp fram till 2025 jämfört med 2019 –33% –25% Rörelsemarginal över en konjunkturcykel 16–17% Våra mål 1 ASSA ABLOY | ÅRSREDOVISNING 2024 Inledning Vilka vi är ASSA ABLOY som investering Divisionsöversikt Förvaltningsberättelse Finansiella rapporter ladda ner pdf för utskrift här Innehåll Förvaltningsberättelse”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“We are subject to the risk that clients, distributors and other parties may face financial difficulties (including as a result of macroeconomic challenges), reputational issues, problems with respect to their own products and services, or regulatory restrictions or compliance issues that may lead to lower than expected or cessation of sales of our products and services and have other adverse impacts on our results of operations or financial condition.”
Annual report 2025A · The company itself
Driver · mixed effect · strength 2/3
“Factors affecting these items, including conditions in the financial markets, the global economy, political conditions and the markets in which we operate, fluctuations in exchange rates, interest rates and inflation, and tariffs and global supply chain disruptions may have a material adverse effect on our results of operations or financial condition.”
Annual report 2025A · The company itself
Driver · strengthens · strength 2/3
“Cash Provided by Operating Activities During 2025, cash provided by operating activities was $40,284, compared to $38,771 in 2024, driven by operational growth and lower cash tax payments.”
Annual report 2025A · The company itself
Driver · strengthens · strength 2/3
“NÄKYMÄT VUODELLE 2026 Vuonna 2026 Atria-konsernin oikaistun liikevoiton arvioidaan olevan edellisvuotta korkeampi (69,9 milj. euroa).”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Seasonality Our business operations are influenced by customer budget and technology adoption cycles. Additionally, new product introductions can significantly impact the cadence of net sales, product costs and operating expenses.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Economic slowdowns can also negatively impact municipal and state tax collections and put pressure on law enforcement budgets, which may increase the risk that our customers will be unable to appropriate funds for existing or future contracts with us.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Changes in the economic and political environment may negatively impact our business, both in our ability to buy portfolios and our ability to collect on portfolios acquired.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“Svag makroekonomi och hög statsskuld i ett land kan påverka både offentliga och privata kunders budgetar och därmed efterfrågan. Detta kan också ha en negativ påverkan på landets förmåga och politiska vilja att investera i och fördela offentliga resurser till hälso- och sjukvård.”
Annual report 2024A · The company itself
Driver · strengthens · strength 2/3
“11Revenue growth Revenue growth in local currencies is expected to be from 1% to 5%.”
Annual report 2026A · The company itself
Driver · weakens · strength 2/3
“Risker består bland annat av affärsmässiga risker och finansiella risker. Affärsmässiga risker kan bland annat vara konjunkturutveckling, strukturella förändringar på marknaden, stort kundberoende mot speciella företag, branscher eller geografiska marknader.”
Annual report 2024A · The company itself
Driver · strengthens · strength 2/3
“Fjärde kvartalet bjöd på god orderingång i båda affärsområdena, knappt 30 procent högre än föregående år och god organisk tillväxt om 6 procent.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“Däremot kan en fortsatt hög inflation innebära en allmän konjunkturnedgång vilket i förlängningen kan påverka tillgången på affärer för dotterbolagen.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“I en konjunkturnedgång minskar investeringsviljan, medan den löpande affären påverkas mindre.”
Annual report 2024A · The company itself
Driver · strengthens · strength 2/3
“Efterfrågan på Berner Industriers produkter ligger mitt i samhällets utmaningar och tjänster påverkas i stor utsträckning av växande marknader som städer och samhällen, de allt högre krav vi som människor ställer på omgivning, miljö och förutsättningar att leva normalt, faktorer som ligger utanför bolagets kontroll.”
Annual report 2024A · The company itself
Driver · strengthens · strength 1/3
“Vår bedömning är att total-marknaden under en konjunkturcykel kommer att växa i takt med BNP.”
Annual report 2024A · The company itself
Driver · strengthens · strength 2/3
“BHG bedömer att onlinemarknaden i Norden för våra produktkategorier gradvis kommer att förbättras under 2025. Sverige ligger före övriga nordiska marknader i marknadsåterhämtningen.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“De mindre mogna östeuropeiska marknaderna bedöms vara fortsatt utmanande under perioden.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“Life science-branschen befinner sig fortfarande i en osäker marknadsmiljö. Branschen påverkades av minskad post-pandemisk efterfrågan, liksom minskad efterfrågan från Kina och ökad geopolitisk osäkerhet. Under början av 2025 är en stor del av osäkerheten kopplad till utvecklingen av statlig finansiering av medicinsk forskning i USA samt eventuella ytterligare amerikanska tullar.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“För helåret 2024 uppgick den justerade EBITDA-marginalen till 16 procent vilken, jämfört med Q4, hämmades av begränsade kapitalinvesteringar och den svaga utvecklingen huvudsakligen i SCIENION. Pharma, akademi & forskningsorganisationer och diagnostik ~1 400 miljoner USD HUVUDSAKLIGA KUNDSEGMENT AFFÄRSOMRÅDETS PRESTATION 2024 ESTIMERAD SAM FÖR AFFÄRSOMRÅDET Organisk tillväxt, % -6,9 % -7,7 % Justerad EBITDA-marginal (%) Mkr % Nettoomsättning och justerad EBITDA-marginal, R12M Nettoomsättning (Mkr) BICO GROUP AB (PUBL) ÅRSREDOVISNING / 202428 AFFÄRSOMRÅDEN Automatisering av arbetsflödet för utveckling av cellinjer för att producera terapeutiska antikroppar, gen- och cellterapier.”
Annual report 2024A · The company itself
Driver · strengthens · strength 2/3
“Lab Automation redovisade en organisk tillväxt om 13,6 procent (39,2).”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“Life Science Solutions redovisade en organisk tillväxt om −6,9 procent (−7,7).”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“Marknad och konkurrens Riskbeskrivning Konjunktursvängningar, exempelvis lågkonjunkturer, kan göra att kunderna skär ned på sina investeringar och därmed påverkar efterfrågan för BICOs produkter negativt.”
Annual report 2024A · The company itself
Driver · strengthens · strength 2/3
“Aquaculture continues to grow, supported by global megatrends such as population growth and rising income levels, which drives demand for protein-rich foods.”
Annual report 2025A · The company itself
Driver · strengthens · strength 2/3
“The Shrimp segment saw a 31% volume increase, thanks to a strong market position and product offering in the growing Ecuadorian market.”
Annual report 2025A · The company itself
Driver · strengthens · strength 2/3
“Shrimp farming primarily takes place in Latin America and Southeast Asia by a diverse customer base from large corporations seeking efficient, sustainable operations and advanced technologies to small family-run businesses.”
Annual report 2025A · The company itself
Driver · strengthens · strength 2/3
“The Shrimp segment reported a solid 31% increase in sales volumes in 2025, reflecting a strong market position and product offering in the growing Ecuadorian market.”
Annual report 2025A · The company itself
Driver · mixed effect · strength 2/3
“In the short term, demand for feed can be affected by changing market conditions and by changes in selling prices of farmed fish and shrimp. In shrimp farming, due to the short farming period relative to salmon farming, demand for feed is easily affected by volume adjustments in farming operations.”
Annual report 2025A · The company itself
Driver · mixed effect · strength 2/3
“Mid-term growth for the high-value species, in which BioMar operates are based on market study reports. Salmon in Chile is a matured market competing on a global market, which is expected to grow up o 3% in the coming years.”
Annual report 2025A · The company itself
Driver · strengthens · strength 2/3
“The well-established fish farming markets for high-value species in Europe is expected to grow 3% driven by professionalised farmers and favourable natural conditions. The shrimp market is global with strong and increasing expected demand with a market growth rate of 7% in terms of value.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“The weaker development of product development services has been affected by cuts in new product development projects and postponement of project starts due to cost pressures from customers.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Uncertainty in the international economy can lead to payment delays and increase the risk of credit losses, while also weakening the availability and terms of financing.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“At December 31, 2025, BlackRock’s net economic investment exposure of approximately $4.9 billion in its investments (see Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations – Investments) primarily resulted from co-investments and seed investments in its sponsored investment funds. Movements in the equity, debt or currency markets, or in the price of real assets, commodities or other alternative investments, could lower the value of these investments, increase the volatility of BlackRock’s earnings and cause earnings to decline.”
Annual report 2025A · The company itself
Market · strengthens · strength 2/3
“The Company’s institutional clients consist of the following: • Pensions, Foundations and Endowments BlackRock is among the world’s largest managers of pension plan assets with $3.9 trillion, or 62%, of long-term institutional AUM managed for defined benefit, defined contribution and other pension plans for corporations, governments and unions at December 31, 2025. The market landscape continues to shift from defined benefit to defined contribution, and BlackRock's defined contribution channel represented $2.1 trillion of total pension AUM.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Macroeconomic uncertainties and geopolitical tensions have caused, and in the future may cause, significant volatility in foreign currency exchange rates, stock markets, and oil prices, which can impact consumer travel behavior.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“The growth rate of our operations outside the United States have generally declined over time as the absolute level of our gross bookings increased and online travel growth rates declined, and they may also be impacted by factors such as economic conditions, changes in foreign currency exchange rates, declines in ADRs, increases in cancellations, adverse changes in travel market conditions, and competition.”
Annual report 2025A · The company itself
Strategy · strengthens · strength 2/3
“Expect the margin discount on “green financing” to increase towards 2030, which will mean lower interest expenses. Resilience 800 different products in numerous applications, reduced exposure to cyclical markets.”
Annual report 2024A · The company itself
Driver · strengthens · strength 2/3
“Sꢀgningen i omsætningen skyldes primært opstart af West Electric Trading ApS, sꢀſtet i august 2024, samt en højere akꢀvitet hos moderselskabets kunder.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Noter ꢁl årsrapporten 22 Finansielle risici og valutadisposiꢁoner (fortsat) Kreditrisici Koncernens kreditrisiko i relaꢁon ꢁl kundeꢁlgodehavender er aꢂængig af den ꢁl enhver ꢁd gældende konjunkturmæssige situaꢁon på den del af det industrielle marked, hvorpå koncernen opererer. Koncernen har et erklæret mål om akꢁvt at begrænse sin kreditrisiko over for kunder, hvorfor en kreditvurdering er en del af de almindelige forretningsgange, ligesom der også er tegnet debitorforsikring på større kunder.”
Annual report 2025A · The company itself
Driver · mixed effect · strength 2/3
“Vakansgraden påverkas av bland annat den allmänna konjunkturutvecklingen, produktionstakten för nya fastigheter, förändring i infrastruktur samt befolkningstillväxt och sysselsättning.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“In addition, increased competition and the existence of product alternatives, more complex engineering requirements, lower demand, shifts in spending priorities, constrained resources or capital of our customers, unfavorable changes in economic conditions, industry oversupply or reductions in our technological lead compared to our competitors, and other factors have in the past and may in the future lead to further price erosion, lower revenue and lower gross margin.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Broad market and industry fluctuations, as well as general economic, political and market conditions such as recessions, interest rate changes, market corrections or currency fluctuations, may negatively impact the market price of our common stock.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“In particular, a significant deterioration in economic conditions, including economic slowdowns or recessions, increased unemployment levels, inflationary pressures, or disruptions to credit and capital markets could lead to decreased consumer confidence and consumer spending, thus reducing consumer demand for our products and sales of used barrels.”
Annual report unknown yearA · The company itself
Driver · mixed effect · strength 2/3
“Konsernet driver innenfor to sektorer: Byggevarer og belysning. Omsetningen innenfor hjembelysning er relativt stabil og stort sett uavhengig av de generelle konjunkturer, mens proffmarkedet er noe mer ustabilt og avhengig av aktiviteten i nybygg- og renoveringsmarkedet. Byggevaresektoren har historisk vært ustabil og er i sterkere grad avhengig av nybyggingsaktiviteter, men tendensen til at ROT (renovering, oppussing og tilbygg) markedet øker når nybyggingen reduseres, har blitt sterkere og sterkere de senere år.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“Orderingång, Mkr EBIT, Mkr Intäkter, Mkr Orderingång, Mkr EBIT, Mkr 20242023202220212020 20242023202220212020 Stabil tillväxt och fortsatt ökad lönsamhet 2024 var ett betydelsefullt år för C-RAD, med en omsättning som ökade med 10% till 469 MSEK samtidigt som vi stärkte vår förmåga att bidra till bättre vård och ökad livskvalitet för patienter världen över.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“2024 var ett år då makroekonomiska utmaningar pressade sjukvården och dess investeringar.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“I EMEA har vi mött relativt stora utmaningar, särskilt i Tyskland, där ekonomisk osäkerhet lett till en minskad investeringsvilja.”
Annual report 2024A · The company itself
Driver · strengthens · strength 2/3
“Strålbehandling är avgörande för överlevnad vid cancer och förväntas fortsätta vara en central och avgörande del av patienters cancerbehandling under överskådlig framtid. Tillämpningarna blir fler, och strålbehandling ger en alltmer effektiv och patientcentrerad vård.”
Annual report 2024A · The company itself
Driver · strengthens · strength 2/3
“These markets generally feature the following: •strong economic growth leading to household formation and job growth, which in turn should support higher demand for our apartments; and •an attractive quality of life, which may lead to higher demand and retention for our apartments and allow us to more readily grow revenue.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Unfavorable changes in economic conditions may have a material adverse impact on our cash flows and operating results.”
Annual report 2025A · The company itself
Strategy · strengthens · strength 2/3
“Table of Contents We expect to maintain a strong balance sheet and preserve our financial flexibility by continuing to focus on our core fundamentals which currently are generating positive cash flows from operations, maintaining appropriate debt levels and leverage ratios, and controlling overhead costs.”
Annual report 2025A · The company itself
Driver · strengthens · strength 2/3
“The carbon capture market is experiencing increased activity and is expected to grow rapidly driven by the world’s need to curb CO emissions, limit global warming, and avoid irreversible climate change and an increasingly strong business case for emitters to invest in CCS.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“Till exempel kan regioners beslut om gemensamma journalsystem, som i Västra Götaland och Skåne, begränsa marknaden för Carasents produkter.”
Annual report 2024A · The company itself
Driver · strengthens · strength 2/3
“Risker relaterade till efterfrågan och makroekonomiska faktorer Carasents efterfrågan drivs av demografiska och ekonomiska faktorer, såsom en åldrande befolkning och ökande vårdbehov. Dock kan efterfrågan minska om exempelvis en friskare äldre befolkning eller makroekonomiska faktorer som inflation och budgetnedskärningar påverkar vårdinvesteringarna negativt.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“Ekonomiska nedgångar kan försämra Carasents intjäningsförmåga och kräva kostsamma produktutvecklingsinsatser för att möta förändrade marknadsbehov.”
Annual report 2024A · The company itself
Driver · weakens · strength 1/3
“Detta skulle kunna leda till minskad efterfrågan, lägre intäkter och en försvagad marknadsposition.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“Det osäkra geopolitiska och världsekonomiska läget gör konjunkturutvecklingen svårbedömd. Carasent har vidtagit flera åtgärder för att minska riskerna vid konjunktursvängningar. Bolaget har en växande andel återkommande intäkter från en diversifierad kundbas inom hälso- och sjukvårdssektorn, vilket bidrar till stabilitet.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“Over a number of years, the U.S. healthcare industry has undergone significant changes designed to increase access to medical care, improve safety and patient outcomes, contain costs, and increase efficiencies. These changes include a general decline in Medicare and Medicaid reimbursement levels, efforts by healthcare insurance companies to limit or reduce payments to pharmacies and providers, the basis for payments beginning to transition from a fee-for-service model to value-based payments and risk-sharing models, and the industry shifting away from traditional healthcare venues like hospitals and into clinics, physician offices, and patients’ homes.”
Annual report 2026A · The company itself
Driver · weakens · strength 2/3
“Our global operations are affected by local economic environments, including inflation, recession, and competition.”
Annual report 2026A · The company itself
Driver · strengthens · strength 2/3
“For our revenues and profits to grow, we need a healthy industry and macroeconomic environment, and to successfully increase our penetration in existing markets, enter new markets, acquire more new and repeat customers, further improve the quality of our product offering, features, and complementary products and services, introduce high quality new products, services, and features, expand our brand awareness, and carry sufficient inventory with high enough quality and low enough cost to meet the demand for our vehicles.”
Annual report 2025A · The company itself
Driver · strengthens · strength 2/3
“Danmark har fortsatt framstått som den starkaste ekonomin i Norden, med en förväntad BNP-tillväxt på 3 procent under 2024, följt av en prognostiserad ökning om 2,9 procent under 2025.”
Annual report 2024A · The company itself
Driver · strengthens · strength 2/3
“The nature of customer demand for construction machinery varies around the world. Customers in developing economies often prioritize purchase price in making their investment decisions, while customers in developed economies generally weigh productivity and other performance criteria that contribute to lower owning and operating costs over the lifetime of the machine.”
Annual report 2025A · The company itself
Driver · strengthens · strength 2/3
“Table of Contents Revenues Total revenues for the year ended December 31, 2025 increased $619.7 million, or 15%, compared to the year ended December 31, 2024 primarily due to increases across all revenue captions, driven by an increase in transaction and clearing fees as a result of increased volumes traded on the Cboe options, Cboe U.S. equities, and Cboe European equities exchanges, partially offset by a decrease in regulatory fees due to a decrease in the Section 31 fee rate following a rate change in May 2025.”
Annual report 2025A · The company itself
Driver · weakens · strength 1/3
“The geopolitical situation, continued war in Europe, political instability in many countries, as well as economic risks preoccupy politicians and can draw focus and investments away from modernizing the public sector through digitizing.”
Annual report 2025A · The company itself
Driver · strengthens · strength 2/3
“COTS software offers a faster, more efficient alternative to custom-built IT solutions, reducing costs and risks.”
Annual report 2025A · The company itself
Driver · strengthens · strength 2/3
“Poland benefits from a stable banking sector, a well-developed industrial base, and a growing role as a regional logistics hub. A mature real estate market and increasing demand for modern rental and warehouse formats continue to be supported by solid macroeconomic fundamentals and ongoing inflows of foreign investment.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Adverse economic developments may cause demand for leased premises to decline. In the long term, this may lead to a deterioration in letting conditions and put pressure on the rental income obtainable for individual leases.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Changes in these programs, including due to executive orders or other regulatory actions from the current political administration, could change the number of persons enrolled in or eligible for these programs, reduce funding, delay funding and increase our administrative and healthcare costs under these programs.”
Annual report 2025A · The company itself
Market · strengthens · strength 2/3
“Integrated D-SNPs are designed to enhance the coordination of care and streamline services while delivering improved outcomes.”
Annual report 2025A · The company itself
Market · strengthens · strength 2/3
“Under Medicare Advantage, MCOs contract with CMS to provide services directly to Medicare beneficiaries as well as through employer and union groups.”
Annual report 2025A · The company itself
Driver · strengthens · strength 2/3
“Conditions in the United States, Europe, India, Brazil, China and other countries and regions of global significance in agricultural production significantly impact our operating results.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Den øgede usikkerhed blandt især de mindre virksomheder inden for celle- og genterapi kan dog smitte af på salget af NucleoCounter-produkterne, herunder forbrugsvarerne til instrumenterne. • At USD-kursen forbliver tæt på niveauet ultimo regnskabsåret 2024/25. • At der ikke sker væsentlige ændringer i de makroøkonomiske og geopolitiske forhold.”
Annual report 2025A · The company itself
Driver · strengthens · strength 2/3
“At The Cigna Group our global workforce of approximately 67,700 colleagues strives to fulfill our mission to improve the health and vitality of more than 185 million customer relationships in more than 30 markets and jurisdictions (as of December 31, 2025).”
Annual report 2025A · The company itself
Driver · strengthens · strength 2/3
“Changes in the economy can affect insured exposures that directly relate to premium amounts charged for some policies. For commercial accounts, we usually calculate initial estimates for general liability premiums based on estimated sales or payroll volume, while we calculate workers’ compensation premiums based on estimated payroll volume.”
Annual report 2025A · The company itself
Driver · strengthens · strength 2/3
“A change in sales or payroll volume generally indicates a change in demand for a business’s goods or services, as well as a change in its exposure to risk. Policyholders who experience sales or payroll volume changes due to economic factors may also have other exposures requiring insurance, such as commercial auto or commercial property.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Personal Lines Insurance Outlook The personal lines market of the U.S. property casualty industry experienced softening market conditions and increased competition, particularly in the personal auto line, during 2025, which will pressure premium growth into 2026.”
Annual report 2025A · The company itself
Driver · strengthens · strength 2/3
“Higher levels of unemployment, inflation, recessionary conditions, geopolitical developments, changes in trade agreements, tax rates and other changes in tax laws and other economic factors could adversely affect the demand for Cintas' products and services.”
Annual report 2026A · The company itself
Driver · weakens · strength 1/3
“Konfektyrmarknaden är relativt okänslig för konjunktursvängningar och har en stabil tillväxt som framförallt drivs av befolkningstillväxten och prisökningar.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“Kriser kan ha en negativ inverkan på konsumenternas disponibla inkomster och konsumtionsmönster. De kan påverka Cloetta både i form av lägre försäljning samt genom en övergång till en större priskänslighet som kan leda till att kunder i detaljhandelsledet upplever en lägre lönsamhet, vilket i sin tur kan leda till prispress.”
Annual report 2024A · The company itself
Strategy · strengthens · strength 2/3
“The design and location of these projects will depend on changes in the macroeconomic environment, future energy prices, and regulatory frameworks. We will invest further in countries that offer favorable renewable energy frameworks and competitive energy costs.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“Consumers’ electric and gas utility businesses are affected by the economic conditions impacting the customers they serve. If the Michigan economy becomes sluggish or declines, Consumers could experience reduced demand for electricity or natural gas that could result in decreased earnings and cash flow.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Risks Related to Our Business, Operations and Industry •Our competitive position depends on our ability to develop new products and processes and may require significant investment. •A significant portion of our business is subject to cyclical market factors and we may fail to accurately estimate the size and growth rate of our markets and our customers’ demands. •We contract with a number of large end-user service providers and product companies that have considerable bargaining power, which may require us to agree to terms and conditions that could have an adverse effect on our 3 Table of Contents business or ability to recognize revenues.”
Annual report 2026A · The company itself
Driver · weakens · strength 2/3
“•Products that fail to meet specifications, are defective, or are otherwise incompatible with end uses could impose significant costs on us. •Our reliance on contract manufacturers, and any failure to qualify or requalify our own or our subcontractors’ manufacturing lines for volume production, could adversely affect our ability to meet customer demand and harm our business, results of operations, and financial condition. •We may encounter increased competition, and we may fail to accurately estimate our competitors’ or our customers’ willingness and capability to backward integrate into our competencies and thereby displace us. •We may not be able to achieve expected returns from strategic investments, including capacity expansions. •Global economic downturns may adversely affect our business, results of operations, and financial condition.”
Annual report 2026A · The company itself
Driver · weakens · strength 2/3
“The decrease in revenues during fiscal 2025 was primarily related to weak automotive and Silicon Carbide end market demand and macroeconomic conditions in the industrial segment, partially offset by $73 million higher shipments of laser systems in our display capital equipment market.”
Annual report 2026A · The company itself
Driver · strengthens · strength 2/3
“Marknad Den globala efterfrågan på energi och elektricitet driver investeringar i infrastruktur. De största energikällorna är olja, gas och kol – och runt om i världen planeras och pro - jekteras för en stor mängd anläggningar. Efterfrågan på alternativa och förnyelsebara energi källor ökar stadigt och nya projekt planeras i ett flertal länder, exempelvis inom vindkraft.”
Annual report 2024A · The company itself
Strategy · strengthens · strength 2/3
“Finansiella mål Concejos finansiella mål för perioden 2023–2027 är satta på affärsområdesnivå: Concejo Industrier Verksamheterna inom Concejo Industrier befinner sig i en tillväxtfas. För perioden 2023–2027 ska lönsam tillväxt prioriteras, där lönsamheten successivt ska förbättras. Vid utgången av perioden (2027) är målet att affärsområ - det ska ha en årlig tillväxt som i genomsnitt överstiger 10 procent och en uthållig lönsamhetsnivå med en rörelse - marginal om minst 10 procent.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“Ongoing uncertain economic and financial market conditions may also adversely affect the financial condition of our customers, suppliers and other business partners. When our customers’ financial conditions are adversely affected, customers may reduce their purchases of our products or we may not be able to collect accounts receivable, each of which could have a material adverse impact on our business.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Success in offsetting higher input costs with price increases is largely influenced by competitive and economic conditions and could vary significantly depending on the market served. If Corteva is not able to fully offset the effects of higher input costs, it could have a significant impact on its financial results.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Further, Corteva’s largest currency exposures are the Brazilian real, Euro, Canadian dollar and Argentine peso. Inflation, market uncertainty or an economic downturn in these geographic areas could reduce demand for Corteva’s products and result in decreased sales volume, which could have a negative impact on Corteva’s results of operations.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Corteva’s customers may be exposed to a variety of conditions that could adversely affect their ability to pay their debts. For example, customers in economies experiencing an economic downturn or in a region experiencing adverse growing conditions may be unable to repay their obligations to Corteva, which could adversely affect Corteva’s results.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Our operating results and revenue are subject to fluctuations, and our quarterly financial results may be subject to market cyclicality, each of which could negatively affect our stock price. The real estate market may be influenced by general economic conditions, economic cycles, changes in interest rates, seasonality, and many other factors, which in turn may impact our financial results. The different sectors of the large and fragmented real estate industry, such as office, industrial, retail, multifamily, single family, and others, are influenced differently by different factors, and have historically moved through economic cycles with different timing.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Efter en period av såväl marknadsmässig motvind som bolagsinterna svårigheter valde Creades att under 2024 ta en mer aktiv roll i bolagets utveckling, bland annat genom att tillträda rollen som bolagets ordförande. Det gångna året har präglats av en fortsatt utmanande marknadsmiljö men internt har bolaget tagit viktiga steg i rätt riktning, bland annat genom att Daniel Repfennig tillträdde som ny vd efter sommaren.”
Annual report 2024A · The company itself
Driver · mixed effect · strength 2/3
“Trots en fortsatt svårbedömd marknadsmiljö anser vi att vår nuvarande portfölj med viss inriktning mot defensiv tillväxt bör kunna prestera väl också i en lite svagare konjunktur.”
Annual report 2024A · The company itself
Driver · strengthens · strength 2/3
“•The Need to Reduce Complexity and Simplify Security Operations: Organizations are increasingly looking to reduce the complexity of their security and IT stack. Modern security requires fewer point products, fewer agents and technologies that consume fewer resources. Increasingly, organizations are looking to standardize on trusted platforms that deliver an immediate return on investment and lower total cost of ownership.”
Annual report 2026A · The company itself
Driver · weakens · strength 2/3
“Economic weakness, customer financial difficulties, constrained spending on security and IT operations, and the impact of the July 19 Incident may result in decreased revenue, reduced sales, an increase in multi-phase subscription start dates, shorter terms for customer subscriptions, lengthened sales cycles, increased churn, lower demand for our products, and adversely affect our results of operations and financial conditions.”
Annual report 2026A · The company itself
Driver · weakens · strength 2/3
“In addition, uncertain economic or geopolitical conditions, including in connection with changes in trade policies and tariffs, may lead to additional scrutiny of budgets by current and prospective customers, which has resulted in, for example, longer sales cycles for products and services, and may result in shifting demand for IT products and services, and slower adoption of new technologies.”
Annual report 2026A · The company itself
Driver · weakens · strength 2/3
“We provide financing arrangements for certain of our customers and end-users to purchase our products and services. Such financing activities expose us to the credit risks of our customers and end-users and these risks may be more pronounced if our customers and end-users are negatively impacted by a global economic downturn or periods of economic uncertainty.”
Annual report 2026A · The company itself
Driver · weakens · strength 2/3
“Furthermore, the industries in which our tenants operate (particularly those in the wireless industry) could experience a slowdown or slowing growth rates as a result of numerous factors, including a reduction in consumer demand for data or general economic conditions.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Global economic conditions could negatively affect demand for commodities and other freight.”
Annual report 2025A · The company itself
Driver · strengthens · strength 2/3
“Segment EBITDA Distribution segment EBITDA increased $430 million, primarily due to increased power generation volumes in North America, improved mix, favorable pricing, decreased compensation expenses, lower material costs and improved operational leverage.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Components segment sales decreased $1.5 billion across all businesses.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Even if we compete effectively, we may be required to reduce the prices we charge. •Our growth depends on the timely development and commercialization, and customer acceptance, of new and enhanced products and services (in this Annual Report, references to products and services also includes software), based on technological innovation. Our growth also suffers when the markets into which we sell our products and services decline, do not grow as anticipated or experience cyclicality. •The healthcare industry and related industries that we serve are undergoing significant changes in an effort to reduce (and increase the predictability of) costs, which can adversely affect our business and financial statements.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Our growth also suffers when the markets into which we sell our products and services decline, do not grow as anticipated or experience cyclicality. •The healthcare industry and related industries that we serve are undergoing significant changes in an effort to reduce (and increase the predictability of) costs, which can adversely affect our business and financial statements.”
Annual report 2025A · The company itself
Driver · strengthens · strength 2/3
“The restaurant business is often affected by changes in consumer tastes; national, regional or local economic conditions; demographic trends; traffic patterns; the type, number and location of competing restaurants; and consumers’ discretionary purchasing power.”
Annual report 2026A · The company itself
Driver · strengthens · strength 2/3
“General economic conditions, including slow global recovery from economic downturns, geopolitical conditions, and uncertainty about the strength or pace of economic recovery, have also adversely affected our results of operations and may continue to do so.”
Annual report 2026A · The company itself
Strategy · strengthens · strength 2/3
“Our site selection process incorporates a variety of analytical techniques to evaluate key factors. These factors include trade area demographics, such as target population density and household income levels; competitive influences in the trade area; the site’s visibility, accessibility, and traffic volume; and proximity to activity centers such as shopping malls, hotel/motel complexes, offices, and universities.”
Annual report 2026A · The company itself
Driver · weakens · strength 2/3
“We sell a significant portion of our products through higher-end specialty and department store retailers and online marketplaces. These customers may be adversely affected by economic conditions, geopolitical instability, foreign currency fluctuations, reduced demand for premium products, limited access to credit, and increased competition.”
Annual report 2026A · The company itself
Driver · weakens · strength 2/3
“Many factors, including global economic conditions, may cause our customers to experience a downturn in their businesses or otherwise experience a lack of liquidity, which may weaken their financial condition and impact our estimates as to the probability of collectability of payments, and ultimately result in their failure to make timely rental and other payments or their default under their agreements with us. Further, the development of new technologies, the adoption of new industry standards or other factors could render many of our customers’ current products and services obsolete or unmarketable and contribute to a downturn in their businesses, thereby increasing the likelihood that they default under their leases, become insolvent or file for bankruptcy.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Our revenue and cash available for distribution could be materially adversely affected if any of our significant customers were to become bankrupt or insolvent, suffer a downturn in their businesses, fail to renew their contracts or renew on terms less favorable to us than their current terms.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“We depend upon the local economic conditions in these areas, including local real estate conditions, and our operations, revenue and cash available for distribution could be materially adversely affected by a downturn in local economic conditions in these areas.”
Annual report 2025A · The company itself
Driver · strengthens · strength 2/3
“Enligt Nordea* förväntas norra Sverige ha en starkare ekonomisk tillväxt än resten av landet under 2025. Även om sysselsättningstakten kommer att avta i de allra nordligaste delarna av landet, förväntas vår marknad fortfarande ha en högre tillväxttakt än genomsnittet i resten av Sverige under det kommande året.”
Annual report 2024A · The company itself
Driver · weakens · strength 1/3
“Trots lågkonjunkturen ser vi bara mindre effekter av hyresgäster som önskar minska sina lokaler samtidigt som våra kundförluster ligger fortsatt stabilt på en låg nivå och likaså givna hyresrabatter.”
Annual report 2024A · The company itself
Driver · strengthens · strength 2/3
“Alla de tio städer där vi verkar har mål för befolkningstillväxt, och kommunerna fokuserar på inflyttning som ett sätt att tillsätta de tusentals lediga jobben i norra Sverige.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“Räkenskapsåret 2024 präglades av en allmän ekonomisk nedgång, lägre räntor från centralbankerna och geopolitisk osäkerhet.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“Geopolitiska, makroekonomiska och externa händelser kan direkt eller indirekt påverka vår verksamhet, marknad och fastighetsbranschen.”
Annual report 2024A · The company itself
Driver · strengthens · strength 2/3
“Fastigheter i städer med begränsad tillväxtpotential kan utgöra en exitrisk Vår strategi är att koncentrera beståndet till orter med långsiktig tillväxtpotential, vilket minskar värdefluktuationer och vakanser.”
Annual report 2024A · The company itself
Driver · mixed effect · strength 2/3
“The on-demand local commerce category has grown rapidly since we launched our platform in 2013, but it is uncertain to what extent the market for local commerce platforms will continue to grow. The markets for certain services we facilitate, in particular convenience, grocery, advertising, and certain other categories, are in earlier stages of development than our restaurant category, and it is uncertain whether demand for these services will continue to grow and achieve stable, widespread market acceptance.”
Annual report 2025A · The company itself
Driver · strengthens · strength 2/3
“Under 2024 ökade intäkterna med 23 procent i lokal valuta, varav organisk tillväxt stod för 18 procent av den ökade försäljningen. Vi hade en intäktstillväxt i alla geografiska områden och segment, med kraftiga ökningar i USA och bland yngre personer med funktionsnedsättning, i synnerhet personer med diagnosen autism.”
Annual report 2024A · The company itself
Driver · strengthens · strength 2/3
“Mognadsgraden skiljer sig mellan de geografiska marknaderna där Dynavox Group är verksamt, vilket ger bolaget en gynnsam underliggande riskdiversifiering.”
Annual report 2024A · The company itself
Driver · mixed effect · strength 2/3
“Seasonality We expect volume on our Marketplace platforms to trend with general consumer buying patterns. Seasonal trends have been, and we expect in the future will be, influenced by macroeconomic conditions, including tariffs and global trade policies, foreign exchange rate fluctuations, as well as new and updated products and initiatives by us and our competitors.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Basic Industries sales declined as new business wins were more than offset by continued soft end-market demand.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Paper organic sales declined 3% in 2025 as continued new business wins were more than offset by ongoing soft customer production rates. Organic sales were flat in 2024 as strong new business wins were offset by soft customer production rates.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“At an operating segment level, Light & Heavy organic sales increased 2% in 2025 reflecting double-digit growth in global high-tech, improved growth in downstream and solid manufacturing sales growth, which more than offset soft end-market demand in basic industries.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“At an operating segment level, Institutional organic sales increased 3% in 2025 reflecting sales growth to hospitality customers partially offset by modestly lower sales to hospitals.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Global Macroeconomic and Industry Risks We may be adversely impacted by global economic, political and social conditions. We conduct extensive global operations and have been impacted and may continue to be negatively impacted by general global economic, political and social conditions, although we cannot predict the extent to which such conditions may negatively impact our business. These include, but are not limited to, conditions impacting inflation, credit and capital markets, interest rates, tax law, including tax rate and policy changes, factors affecting global economic stability, tariffs and the political environment relating to health care.”
Annual report 2025A · The company itself
Driver · weakens · strength 1/3
“Men også hovedstaden har været påvirket af den globale efterspørgselsusikkerhed.”
Annual report 2025A · The company itself
Driver · strengthens · strength 2/3
“Berlins økonomiske vækst har de seneste mange år outperformet resten af landet. Byens økonomi er ikke spændt for samme tunge industrilokomotiv som mange af de øvrige delstater – et lokomotiv, der de seneste år har mistet pusten. I stedet er det den voksende techsektor og det dynamiske startupøkosystem, der sammen med turisme skaber vækst og fremdrift i Berlin.”
Annual report 2025A · The company itself
Driver · weakens · strength 1/3
“I 2025 har koncernen haft tab ved misligholdelse af lejekontrakter på 0,62% af omsætningen, mod 0,07% i 2024. Tabet er på et acceptabelt niveau og stammer fra erhvervslejere.”
Annual report 2025A · The company itself
Driver · strengthens · strength 2/3
“The market outlook going forward is positive for the majority of both customer segments and regions, despite a continued cautious market. During the second half of the year, demand increased gradually and is expected to remain stable overall.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“This change is primarily related to the Automotive customer segment that continues to face major structural challenges, which has led to strategic cost-side measures. The majority of the company’s other customer segments, however, are experiencing a gradual improvement in demand.”
Annual report 2024A · The company itself
Strategy · strengthens · strength 2/3
“Elanders divides its customers into six segments according to the industry they work in: Automotive, Electronics, Fashion, Health Care, Industrial and Other. The Group strives to have a good spread and customer mix in the segments. Diversication makes Elanders more robust in business cycle uctuations, swings in demand and global crises.”
Annual report 2024A · The company itself
Strategy · strengthens · strength 2/3
“Part of EMGS’ strategy is to undertake a mix of proprietary and multi-client projects with a flexible and scalable operating model. This is enabled by maintaining an asset-light operating model, including chartering vessels from thirdparty vessel owning companies.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“Factors that have contributed, and may continue to contribute, to a reduction in enrollment include: reductions in workforce by existing customers; a reduction in Medicaid membership due to the implementation of more stringent eligibility redetermination protocols by state agencies; a general economic upturn that results in fewer individuals being eligible for Medicaid programs; a general economic downturn that results in business failures and high unemployment rates; employers no longer offering certain healthcare coverage as an employee benefit or electing to offer coverage on a voluntary, employee-funded basis; participation on Public Exchanges; federal and state regulatory changes, including Medicaid community engagement requirements; changes in procurement practices or funding structures by government agencies; failure to obtain new customers or retain existing customers; premium increases and benefit changes; our exit from a specific market or health plan offering; negative publicity and news coverage; and failure to attain or maintain nationally recognized accreditations.”
Annual report 2025A · The company itself
Driver · weakens · strength 1/3
“Our equity portfolio is subject to the volatility inherent in the stock market, driven by concerns over economic conditions, earnings and sales growth, inflation, and consumer confidence.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Growth in the Finnish economy has been weak.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Geopolitical uncertainties and the soft macroeconomic environment still continued.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“The prevailing uncertainty in the general economy has caused some companies to delay investment decisions and project implementation.”
Annual report 2025A · The company itself
Driver · strengthens · strength 2/3
“Business and Operational Risks We Operate in Businesses That Are Subject to Competitive Pressures That Could Affect Prices or Demand for Our Products Our businesses operate in markets that are highly competitive and potentially volatile, and we compete on the basis of product performance, quality, service and/or price across the industries and markets served. Our businesses are 5 largely dependent on the current and future business environment, including capital and consumer spending.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Recessions, Adverse Market Conditions or Downturns in End Markets We Serve May Negatively Affect Our Operations In the past, our operations have been exposed to significant volatility due to changes in general economic conditions or consumer preferences, recessions or adverse conditions in the end markets we serve. In the future, similar changes could adversely impact overall sales, operating results (including potential impairment charges for goodwill or other long-lived assets) and cash flows.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Yleinen taloudellinen epävarmuus voi heikentää asiakkaiden investointihalukkuutta ja vaikuttaa Enersensen tilauskannassa jo oleviin projekteihin, joiden osalta voi aiheutua viiveitä tai keskeytyksiä. Se voi myös johtaa Enersensen asiakkaiden tai toimittajien taloudellisen aseman heikentymiseen, joka voi toteutuessaan aiheuttaa tappioita ja muita negatiivisia seuraamuksia yhtiölle.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Rahoitus Epävarmuus talouskehityksestä voi vaikuttaa investointiympäristöön negatiivisesti, ja se voi johtaa asiakkaiden taloudellisen aseman heikentymiseen ja Enersensen palveluiden kysynnän heikentymiseen. Investointiympäristön muutoksella saattaa olla negatiivinen vaikutus myös Enersensen taloudelliseen tilanteeseen ja tiettyihin taseen arvostettaviin eriin.”
Annual report 2025A · The company itself
Driver · strengthens · strength 2/3
“Electric and Natural Gas Energy Sales Electric Energy Sales The total electric energy sales of the Utility operating companies are subject to seasonal fluctuations, with the peak sales period normally occurring during the third quarter of each year. On July 22, 2025, Entergy reached a 2025 peak demand of 23,624 MWh, compared to the 2024 peak of 22,697 MWh recorded on August 6, 2024.”
Annual report 2025A · The company itself
Driver · strengthens · strength 2/3
“•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
Driver · strengthens · strength 2/3
“As MISO market participants, the Utility operating companies also participate in MISO’s Day Ahead and Real Time Energy and Ancillary Services markets to economically dispatch generation and purchase energy to serve customers reliably and at the lowest reasonable cost.”
Annual report 2025A · The company itself
Driver · mixed effect · strength 2/3
“The Utility operating companies’ load and capacity projections are reviewed periodically to assess the need and timing for additional generating capacity and interconnections. These reviews consider existing and projected demand, the availability and price of power, the location of new load, the economy, Entergy’s clean energy and other public policy goals, environmental regulations, and the age and condition of Entergy’s existing infrastructure.”
Annual report 2025A · The company itself
Driver · strengthens · strength 2/3
“Electricity sales to industrial customers, in particular, benefit from steady economic growth and favorable commodity markets; however, industrial sales are or may be sensitive to changes in laws, regulations, trade-related governmental actions, including tariffs and other measures, such as new laws or regulations relating to data centers or other large loads, or conditions in the markets in which its customers operate.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“In addition, the Utility operating companies could be exposed to higher costs and market volatility, which could affect cash flow and cost recovery, should their respective regulators decline to approve the construction of the project or new generation needed to meet the reliability needs of customers at the lowest reasonable cost.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Domestic and global economic conditions, including the financial condition of financial institutions generally, may adversely affect the ability of our customers and other contractual counterparties to pay amounts owed to us from time to time and to otherwise satisfy their contractual obligations to us, as well as their ability to access the credit and capital markets for such purposes. Moreover, our customers and other contractual counterparties may be unable to satisfy their contractual obligations to us for reasons unrelated to these conditions and factors, such as (i) the unavailability of required facilities or equipment due to mechanical failure or market conditions or (ii) financial, operational or strategic actions taken by the customer or counterparty that adversely impact its financial condition, results of operations and cash flows and, in turn, its ability to satisfy its contractual obligations to us.”
Annual report 2025A · The company itself
Driver · mixed effect · strength 2/3
“Further, energy demand could increase or decrease as a result of extreme weather conditions. A decrease in energy use due to weather or climatic changes may affect our financial condition through decreased revenues.”
Annual report unknown yearA · The company itself
Driver · weakens · strength 2/3
“Global economic conditions, geopolitical issues and inflation have constrained global and domestic supply chains, which has impacted and could in the future continue to impact our ability to develop our reserves in accordance with our drilling and completions schedule and could impact the development schedule of our midstream customers, thereby resulting in decreased demand for, and revenue from, our midstream services.”
Annual report unknown yearA · The company itself
Driver · strengthens · strength 2/3
“Competitive Landscape While a large number of enterprises and service providers, such as hyperscale cloud service providers, own their own data centers, we believe enterprises are shifting away from single-tenant solutions toward those that enable customers to outsource some or all of their IT infrastructure and interconnection requirements to third-party facilities, such as those operated by Equinix. This shift is being accelerated by the proliferation of hybrid multi-cloud architectures and the adoption of AI.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Finally, any uncertain global economic climate, including the one we are currently experiencing, could harm our ability to attract and retain customers if customers slow spending, or delay decision-making on our offerings, or if customers begin to have difficulty paying us or seek bankruptcy protection and we experience increased churn in our customer base. Any of these factors may hinder the development, growth and retention of a balanced customer base and adversely affect our business, financial condition and results of operations.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“In the event of a recession, continued geopolitical uncertainty or other negative economic effects, including slowing job growth in key markets, the Company could incur reductions in rental and occupancy rates, property valuations and increases in costs.”
Annual report 2025A · The company itself
Driver · strengthens · strength 2/3
“Hygien och hälsa prioriteras Efterfrågan har varit god, trots den fortsatt utmanande globala ekonomin. Människor prioriterar hygien och hälsa och väljer de erbjudanden som bäst förbättrar deras vardag, vilket gör relevant innovation avgörande.”
Annual report 2024A · The company itself
Driver · strengthens · strength 2/3
“Essitys globala hygien- och hälsomarknad uppgick till cirka 540 miljarder SEK på mogna marknader och till cirka 200 miljarder SEK på tillväxtmarknader under 2024.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“Affärsområden | Professional Hygiene Inledning Essity-aktien Strategi Affärsområden Våra affärsområden Health & Medical Consumer Goods Professional Hygiene Koncernen Hållbarhetsrapport Bolagsstyrningsrapport Finansiella rapporter inklusive noter Övrig information Nettoomsättning Nettoomsättningen minskade organiskt med 2,5 %, på grund av lägre volymer främst till följd av omstruktureringar i Nord amerika och Europa. Exklusive effekten från dessa var den organiska tillväxten 3,0 %.”
Annual report 2024A · The company itself
Driver · strengthens · strength 2/3
“No assurance can be given that the expected electricity demand growth and economic development in the Evergy Companies' service territory will occur, or that the Evergy Companies will be successful in implementing their strategy in a timely manner or at all, and a failure to do so could have a material adverse effect on the results of operations, financial position and cash flows of the Evergy Companies and have an adverse impact on the price of Evergy’s common stock. The price of Evergy common stock may experience volatility.”
Annual report 2025A · The company itself
Driver · mixed effect · strength 1/3
“Seasonality Historically, our operating results have been subject to seasonal demand trends, with the first quarter being the weakest and the third and fourth quarters being the strongest; however, there is no assurance that this seasonal trend will occur in the future or to what degree it will be impacted by an uncertain economy. This historical pattern has been the result of, or influenced by, numerous factors, including weather patterns, national holidays, consumer demand, new product launches, just-in-time inventory models, economic conditions, pandemics, governmental policies, inter-governmental disputes and a myriad of other similar and subtle forces.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Many of our customers are subject to the increased tariffs and may experience increased costs of conducting business. This could result in a loss of business, bad debt or increased expenses in the future if our customers were to abandon cargo, enter into bankruptcy or insolvency proceedings, or their ability to pay deteriorates.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Uncertainty about F-Secure’s key markets, financial markets and general economic situation could have an adverse effect on F-Secure’s business and growth opportunities and reduce the demand or increase the cost of the products and services offered by F-Secure.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Opportunities to offer engaging and relevant protection services Risk (OO) Consumer willingness to pay Intensifying competition and negative macro-economic situation may have negative impact on consumer willingness to pay.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Our costs and the demand for our products and services may be impacted by domestic and international factors that are beyond our control. Negative conditions in the general economy in either the U.S. or abroad, including conditions resulting from financial and credit market fluctuations, changes in economic policy, inflation rate fluctuations and trade uncertainty, including changes in tariffs, sanctions, international treaties and other trade restrictions, or other geopolitical events, such as the ongoing military conflicts between Russia and Ukraine and in the Middle East, natural and man-made disasters and public health crises (e.g., pandemics) could result in an increase in our costs and/or a reduction in demand for our products and services, which could have an adverse effect on our results of operations and financial condition.”
Annual report 2025A · The company itself
Market · strengthens · strength 2/3
“Uncertainty or downturns in the global economy and consolidation in the financial services industry may cause us to lose clients and users Many of our clients are asset and wealth managers, investment and commercial bankers, hedge funds, private equity and venture capital professionals, and other financial services entities. Uncertainty or downturns in the global economy or a lack of confidence in the global financial system could negatively impact our clients, which could cause a corresponding negative impact on our business results.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Our customers, and therefore our business and revenues, are sensitive to negative changes in general economic conditions and lending activities.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Table of Contents Purchases of technology products and services and decisioning solutions are subject to adverse economic conditions. When an economy is struggling, companies in many industries delay or reduce technology purchases, and we experience softened demand for our decisioning solutions and other products and services.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Furthermore, the volume of our Scores sales depends heavily on macroeconomic conditions that are hard to forecast, including, for example, the volume of transactions in the U.S. mortgage and credit card markets, which account for a significant portion of the revenues in our Scores segment.”
Annual report 2025A · The company itself
Market · strengthens · strength 2/3
“The FICO® Resilience Index offering is designed to complement FICO® Score models by identifying those consumers who are more resilient to economic stress relative to other consumers within the same FICO Score bands. The FICO Resilience Index is designed to enable lenders to continue to lend and better manage risk by providing a more precise assessment of loan default risk during periods of economic stress.”
Annual report 2025A · The company itself
Driver · mixed effect · strength 2/3
“Based on our customer profile being oriented toward manufacturing, our business has historically been cyclical. However, we believe our model has certain features that moderate the volatility of our results around cyclical changes.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“In 2025, the softer manufacturing economy continued to cause relative weakness in our more cyclical and higher gross margin fastener product line versus our non-fastener product lines.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“A downturn in the economy or in the principal markets served by us and other factors may affect customer spending, which could harm our operating results.”
Annual report 2025A · The company itself
Driver · strengthens · strength 2/3
“De senaste fem åren har förvaltningsresultatet ökat med i genomsnitt 7% per år och substansvärdet med i genomsnitt 9% per år.”
Annual report 2024A · The company itself
Strategy · strengthens · strength 2/3
“… eller med avsikt att avyttras För egen förvaltning … Förvaltningsresultat som skapar möjligheter för nya investeringar eNPS 1) KUNDER Långsiktigt relationsbyggande för ömsesidiga affärsmöjligheter. Aktiv områdesutveckling som skapar trygghet och trivsel såväl som möjligheter för hyresgästen att vara delaktig och ha inflytande samt göra hållbara val.”
Annual report 2024A · The company itself
Driver · strengthens · strength 2/3
“Hur stora värdeförändringarna blir beror dels på Emilshus egen förmåga att, genom förändring och förädling av fastigheter samt avtals- och hyresgäststruktur, höja fastigheternas marknadsvärde, dels på yttre faktorer som påverkar utbud och efterfrågan på den fastighetsmarknad där Emilshus är verksam.”
Annual report 2024A · The company itself
Driver · strengthens · strength 2/3
“Ett dynamiskt näringslivsklimat och stabil regional tillväxt ger förutsättningar för en fortsatt efterfrågan på industri- och lagerlokaler samt kontorsfastigheter på Emilshus marknader.”
Annual report 2024A · The company itself
Driver · mixed effect · strength 2/3
“Seasonality Our business is cyclical in nature, as seasonal fluctuations affect volumes, revenues, and earnings.”
Annual report 2026A · The company itself
Driver · weakens · strength 2/3
“When individuals and companies purchase and produce fewer goods, we transport fewer shipments, and as companies move manufacturing closer to consumer markets and expand the number of distribution centers, we transport shipments shorter distances, which adversely affects our revenue per shipment and results of operations.”
Annual report 2026A · The company itself
Driver · weakens · strength 2/3
“Prolonged interruptions or disruptions have and in the future could materially adversely affect our business and results of operations. Moreover, resulting economic dislocations, including supply chain and fuel disruptions, could materially adversely affect the demand for our services and our ability to timely deliver goods.”
Annual report 2026A · The company itself
Driver · strengthens · strength 1/3
“•Our inability to execute and effectively operate, integrate, leverage and grow any acquired businesses and realize the anticipated benefits of acquisitions, joint ventures, strategic alliances, and investments. •The effects of a widespread outbreak of an illness or any other communicable disease or public health crisis. •Inflation and supply chain impacts on the cost and availability of vehicles and service centers. •Future material impairments in the value of our long-lived assets. •Our inability to make capital decisions based upon projected volume levels, which may be lower or higher than expected. •The exclusive forum provisions included in our bylaws, which could limit a stockholder’s ability to bring a claim in a judicial forum that the stockholder believes is favorable. •Loss or delay in the collection of accounts receivable, including as a result of the terminations of our factoring agreement with FedEx.”
Annual report 2026A · The company itself
Driver · weakens · strength 2/3
“For example, in the past we have seen a slowdown in our end markets caused by softer demand, inflation, higher interest or mortgage rates, and other issues in the market.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“A significant deterioration in the economy could have an adverse effect on our ability to collect our accounts receivable, including longer payment cycles, increased collection costs and defaults.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Customers may react to worsening conditions by reducing or delaying their capital expenditures in general or by specifically reducing or delaying their information technology spending. Additionally, credit card issuers may reduce credit limits and become more selective in their card issuance practices, which would lower purchase volumes. In addition, customers may seek to curtail trading operations or to lower their costs by renegotiating vendor contracts.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“These emerging market economies tend to be more volatile than the more established markets we serve in North America and Europe, which could add volatility to our future revenue and earnings.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“The success of our growth strategy will depend, in part, on the successful growth of revenue resulting from our transmission investments in line with our expectations. Factors that may affect our revenue growth may include: (1) FERC’s timely approval of rates to recover such investments; (2) whether investments are included in PJM's RTEP; (3) FERC's evolving policies with respect to incentive rates for transmission investment assets, the calculation of the base ROE component of transmission rates, and the interconnection of AI data centers and transmission network upgrades supporting such large loads; (4) FERC’s potentially-evolving policies regarding whether certain classes of network transmission upgrade costs can be capitalized as part of transmission rates and whether such costs will be direct charged to the connecting customer; (5) consideration and potential impact of the objections of those who oppose such investments and their recovery; and (6) timely development, construction, and operation of the new facilities.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Competitive market forces or adverse regulatory actions may require FirstEnergy to purchase capacity and energy from the market or build additional resources to meet customers’ energy needs in an expedited manner. If that occurs, we may see opposition to recovery of these additional costs and could experience a lag between when costs are incurred and when regulators permit recovery in rates. These situations could have negative impacts on results of operations and cash flows.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Macroeconomic conditions that are beyond our control, such as government fiscal policy, tariffs, recessions, inflation and interest rate pressures, may negatively impact our financial condition, results of operations, liquidity, and cash flows. Economic conditions, including those that may arise from government fiscal policy, tariffs, recessions, inflationary and interest rate pressures, may impact the demand for electricity and, therefore, any decline in economic conditions could lead to declines in the demand for electricity, which would reduce our revenues.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Additionally, the operations of the Electric Companies are affected by the economic conditions in their respective service territories and those conditions could negatively impact the rate of delinquent customer accounts and our collections of accounts receivable, which could adversely impact our financial condition, results of operations and cash flows.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“However, ongoing hesitation among mining companies to approve capital expenditure programmes has negatively impacted the timing of several larger modernisation and upgrade projects, as well as the delivery of certain first-time spare parts.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Despite commodity prices remaining relatively high during the quarter, persistent uncertainty relating to US tariff measures, the longer-term price levels for minerals and metals as well as broader macroeconomic conditions, have continued to weigh on global demand.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Recessionen i markedet vil naturligvis påvirke omsætning og indtjening”
Annual report 2026A · The company itself
Driver · strengthens · strength 2/3
“Flüggers hovedmarkeder har stærke makroøkonomiske nøgletal. Der er dog usikkerheder forbundet med den internationale handelskrig og konflikten i Mellemøsten, der kan have negativ indirekte betydning på den totale efterspørgsel.”
Annual report 2026A · The company itself
Driver · strengthens · strength 2/3
“Seasonal Nature of Business General economic conditions impact our business and financial results, and certain of our businesses experience seasonal and other trends related to the industries and end markets that they serve. For example, sales of capital equipment and sterilization consumables are often stronger in the fourth calendar quarter and sales to OEMs are often stronger immediately preceding and following the launch of new products.”
Annual report 2025A · The company itself
Driver · mixed effect · strength 2/3
“Certain of our businesses operate in industries that may experience periodic, cyclical downturns. In addition, in certain of our businesses, demand depends on customers’ capital spending budgets, and product and economic cycles can affect the spending decisions of these entities.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“RESULTS OF OPERATIONS Components of Sales Growth Total revenue growth (GAAP) 1.9 % 4.3 % Excluding impact of: Acquisitions and Divestitures 0.2 % (0.6) % Currency exchange rates (0.4) % 0.6 % Core revenue growth (Non-GAAP) 1.7 % 4.3 % Sales growth in 2025 was driven by favorable pricing of 2.2%, partially offset by a volume decline of 0.6%.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Our ability to satisfy our obligations depends on our future operating performance and on economic, financial, competitive, and other factors beyond our control. Our business may not generate sufficient cash flow to meet these obligations.”
Annual report 2025A · The company itself
Driver · strengthens · strength 2/3
“Asiakaskysyntä eri teollisuudenaloilla on kuitenkin edelleen vahvaa, mikä mielestämme heijastaa sähkön kysynnän kasvua pitkällä aikavälillä.”
Annual report 2025A · The company itself
Driver · strengthens · strength 1/3
“Fortumin tavoitteena on jatkaa kilpailukykyisen osingon maksamista. • Fortum arvioi vertailukelpoisen liikevoittonsa kasvavan 330 miljoonalla eurolla vuoteen 2030 mennessä verrattuna 930 miljoonaan euroon eli vuoden 2025 syyskuun edeltävien 12 kuukauden tasoon.”
Annual report 2025A · The company itself
Driver · strengthens · strength 2/3
“Preliminary estimates, which remain under review, indicate that the project economics would be supported using an incentive copper price of less than $4.00 per pound.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Volatility in global economic growth, particularly in developing economies, has the potential to affect adversely future demand and prices for commodities.”
Annual report 2025A · The company itself
Strategy · strengthens · strength 2/3
“We have several projects and potential opportunities to expand production volumes, extend mine lives and develop large-scale underground ore bodies. As further discussed in MD&A, our near-term major development projects will focus on the underground development activities in the Grasberg minerals district as well discretionary growth projects for the development of Kucing Liar and at the Bagdad mine.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Bland dessa faktorer finns förändringar i kunddemografi samt allmänhetens tycke och smak, tillgången till och populariteten hos andra former av underhållning, den globala tillväxten för smarta telefoner, surfplattor och övriga uppkopplingsbara, mobila enheter, samt nivån på en sådan tillväxt och allmänna ekonomiska villkor, i synnerhet de ekonomiska villkor som har en negativ påverkan på icke nödvändig konsumtion.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“Our business is affected by general economic conditions, and uncertainty or adverse changes, such as the prolonged downturn in U.S. residential investment and the impact of more stringent credit standards and rising interest rates or inflation. These have previously led and could lead again to a decline in demand for our products and increase pressure to reduce our prices.”
Annual report 2025A · The company itself
Driver · strengthens · strength 2/3
“We are targeting a total serviceable market of USD 1.8 billion, which is expected to grow by 5-10% annually.”
Annual report 2024A · The company itself
Driver · strengthens · strength 2/3
“Growing market increases spending and drives the need for productivity and cost effectiveness gains that can be achieved e.g. by making assays available on fully automated high throughput platforms.”
Annual report 2024A · The company itself
Driver · strengthens · strength 2/3
“Gentian’s products help boost laboratory productivity and enable clinicians to diagnose diseases at an earlier stage, leading to better treatment decisions. This contributes to both cost savings and protecting life, which is of tremendous value both individually and for society at large.”
Annual report 2024A · The company itself
Driver · strengthens · strength 2/3
“Long-term outlook Gentian targets disease groups that represent a total addressable market of around USD 6.1 billion globally and an estimated growth rate of 5-10% annually over the next 4-6 years, according to leading market data provider Kalorama (2022). From a macro perspective, key growth drivers include a growing and ageing population contributing to an increase in chronic and infectious diseases globally.”
Annual report 2024A · The company itself
Driver · strengthens · strength 2/3
“In the industrial distribution industry, growth is supported by increased manufacturing activity across our diverse end markets, shifts in global supply chains, rising demand for automation and robotics, and an aging technical workforce.”
Annual report 2025A · The company itself
Driver · strengthens · strength 2/3
“With respect to our Industrial segment, the primary factors are: •the level of industrial production and manufacturing capacity utilization, as these indices reflect the need for industrial replacement parts; •changes in manufacturing reflected in the level of the Institute for Supply Management’s Purchasing Managers Index, as an index reading of 50 or more implies an expanding manufacturing economy, while a reading below 50 implies a contracting manufacturing economy; •the consolidation of certain of our manufacturing customers which reduces demand for our products; •changes in legislation or government regulations or policies that could impact international trade among our multi-national customer base and cause reduced demand for our products; and •the economy in general, which in declining conditions may cause reduced demand for industrial output.”
Annual report 2025A · The company itself
Driver · strengthens · strength 2/3
“Under året har vi arbetat intensivt för a möta eerfrågan bland företag som expanderar sin kapacitet. Kunder inom biopharma har återigen börjat generera ökat orderintag eer en lång period av fokus på a minska sina lagernivåer.”
Annual report 2024A · The company itself
Strategy · strengthens · strength 2/3
“Excess cash flow, as we define it, results primarily from the dividends received by the Parent Company from its insurance subsidiaries less the interest paid on debt. The cash received by the Parent Company from our insurance subsidiaries is after they have made substantial investments during the year to grow the business.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Glunz & Jensen's revenue is affected by both global economic developments and changes in industryspecific conditions. The macroeconomic cycles generally affect Glunz & Jensen's customers' probability of investment and may reduce revenue and earnings.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“The risk associated with the investment properties is primarily determined by the uncertainty of the value of the properties involved. As such, a property market recession could materially adversely affect the value of the properties.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Vaikka taloustilanne on kohenemassa, lähivuosilta ei silti odoteta voimakasta kasvua. Kansainvälisen politiikan jännitteet ja maailmankaupan epävarmuudet varjostavat edelleen näkymiä.”
Annual report 2025A · The company itself
Driver · weakens · strength 1/3
“Suomen Pankin joulukuussa 2025 julkaistun ennusteen mukaan Suomen bruttokansantuotteen odotetaan kasvavan 0,8 prosenttia vuonna 2026 (Lähde: Suomen Pankin ennuste 12/2025).”
Annual report 2025A · The company itself
Driver · strengthens · strength 1/3
“Ruotsin keskuspankki on puolestaan nostanut talousennustettaan ja arvioi maan talouden kasvavan 2,9 prosenttia vuonna 2026 (Lähde: Sveriges Riksbank, rahapoliittinen päivitys 12/2025).”
Annual report 2025A · The company itself
Driver · strengthens · strength 1/3
“Virossa talousnäkymät ovat näistä kolmesta vahvimmat: Eesti Pank ennustaa bruttokansantuotteen kasvavan 3,6 prosenttia vuonna 2026 (Lähde: Eesti Pank, talousennuste 12/2025).”
Annual report 2025A · The company itself
Driver · mixed effect · strength 2/3
“Lisäksi GRK panostaa henkilöstön hyvinvointiin työntekijöiden sitouttamiseksi sekä ylläpitää vahvaa työnantajabrändiä uusien ammattilaisten rekrytoimiseksi. x lyhyt ja keskipitkä aikaväli Negatiivinen vaikutus (tosiasiallinen) Infrarakentamiselle tyypillinen kausivaihtelu ja markkinatilanteiden muutos voi aiheuttaa epävarmuutta työllisyydessä. Henkilöstösuunnittelu, osaamisen kehittäminen ja sisäinen liikkuvuus tukevat työllisyyttä kausivaihtelusta huolimatta.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Genom Navigate-planen återställde Gränges det finansiella resultatet och redan 2023 uppnåddes förbättrad lönsamhet med en återgång till en stark tillväxt under 2024.”
Annual report 2024A · The company itself
Driver · strengthens · strength 2/3
“På kort sikt drivs försäljningen till fordonsindustrin främst av antalet tillverkade fordon.”
Annual report 2024A · The company itself
Driver · strengthens · strength 1/3
“Efterfrågan på material till specialförpackningar är relativt stabil och försäljning till övriga nischapplikationer drivs till stor del av aktivitetsnivån inom ekonomin generellt.”
Annual report 2024A · The company itself
Strategy · strengthens · strength 2/3
“Noggrann beredskapsplanering är standard och en del av den årliga planeringen. ● Global närvaro: Gränges närvaro i tre regioner bidrar till att balansera en förändring i efterfrågan under konjunkturcykeln. Den ger flexibilitet att flytta produktionen och styra om leveransflöden om makroekonomiska eller lagstiftnings - relaterade förändringar skulle ha en negativ påverkan på det aktuella upplägget. ● Diversifierad portfölj: En diversifierad produktportfölj minskar Gränges konjunkturkänslighet och beroende av en enskild bransch om förändringar av makroekonomin eller lagstiftningen orsakar störningar.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“modest revenue decline, driven by macroeconomic headwinds and constrained funding environments for small biotech companies”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“The CRO business has grown organically by almost 70% since 2022. In 2025, we saw a modest revenue decline, driven by macroeconomic headwinds and constrained funding environments for small biotech companies, resulting in longer decision cycles.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Demand for CRO services Risk description The demand for Gubra's CRO services is influenced by customers' willingness and ability to initiate contract research, which can be impacted by economic factors and industry trends. In particular, changes in different therapeutic areas can alter the demand for Gubra’s CRO services in that disease area. In terms of overall macroeconomic sensitivity, the pharma industry is in general less susceptible to economic cycles, but funding environment for especially small biotech companies can at times be subdued and reduce or delay their ability to fund purchase of CRO services.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Marknaden är svårbedömd och flera kunder har och kan fortsatt komma att avvakta med större beställningar.”
Annual report 2023A · The company itself
Driver · weakens · strength 2/3
“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
Driver · weakens · strength 2/3
“We may not realize the expected benefits of the Janus Living Offering, including due to macroeconomic trends that may increase operating costs; the effects of economic conditions and market conditions in the markets in which we operate and in which Janus Living will operate; our concentration of real estate investments in the healthcare property sector and Janus Living’s planned concentration of real estate investments in the senior housing sector, which makes us and Janus Living more vulnerable to a downturn in those specific sectors than if we and Janus Living invested across multiple sectors; or a lack of recognition by the market of the value of our senior housing portfolio.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“While the MAE business had had a positive development, the UE business has seen challenges on the volume side due to specific key customers holding back its own capital expenditures in 2024.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“Kestävyyssiirtymä edellyttää uusien teknologioiden ja prosessien käyttöönottoa, mikä voi lisätä merkittävästi yritysten kustannuksia. Jos ruokaketjun toimijat eivät sopeudu muutoksiin riittävän nopeasti, kilpailukyky voi heikentyä ja jopa markkina-asema vaarantua.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Risks to this outlook include macroeconomic conditions in multinational markets, cost inflation, and global trade dynamics.”
Annual report 2025A · The company itself
Driver · strengthens · strength 2/3
“Despite the challenges, global electrolyzer capacity is projected to rise significantly, driving down costs and improving efficiency. making electrolyzers more efficient and cost-effective.”
Annual report 2024A · The company itself
Driver · strengthens · strength 2/3
“2024 Global auto sales reached 88.3 million units, up by 1.7% from 2023. The demand for global light vehicle demand continued its post pandemic recovery in 2024, albeit at a slowing pace.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“Demand for Incap’s services and the company’s financial position are affected by global economic trends and the fluctuation among customer industries.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Förvaltningsberättelse och hållbarhetsrapport – Strategi Tillväxt >10 % årligen över en konjunkturcykel EBITA-marginal >8% Kapitalstruktur < 2,5 ggr Kassakonverteringsgrad 100 % över en rullande tolvmånadersperiod över en konjunkturcykel Utdelningspolicy 30 % av årets resultat efter skatt -4,1% Försäljningstillväxten uppgick till -4,1 procent, varav -6,5 procent organisk.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“A weakening of macroeconomic conditions may also adversely affect our suppliers, which could result in interruptions in supply.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Makroekonomi och geopolitik Makroekonominharunder2024präglatsavstabiliseradinflationimångaländer,menmed låg eller negativ BNP-tillväxt för vissa. Tyskland, tidigare en stark drivkraft i Europa, har visat obefintligtillväxt.Sverigesekonomiärirecessionmedensvagtillväxtpå0,5procentföråret, långt under det historiska snittet på 1,9 procent (2011–2023).”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“Our business is subject to seasonal fluctuations. Historically, placements of our da Vinci surgical systems have tended to be heavier in the fourth quarter and lighter in the first quarter, as hospital budgets are reset. In addition, we have historically experienced lower procedure volume in the first and third quarters and higher procedure volume in the second and fourth quarters.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“I en alltmer komplex och snabbföränderlig värld tog Investor och våra företag viktiga initiativ för att framtidssäkra våra verksamheter: • Generellt utvecklades våra företag inom Noterade Bolag och Patricia Industries väl. De investerade i strategiska satsningar samtidigt som de anpassade sig till den snabbföränderliga makroekonomin.”
Annual report 2022A · The company itself
Driver · weakens · strength 2/3
“Lönsamheten påverkades negativt av lägre volymer och ineffektivitet inom produktionen, främst i Nordamerika.”
Annual report 2022A · The company itself
Driver · strengthens · strength 2/3
“Med utgångspunkt i underliggande makrotrender söker EQT efter högkvalitativa företag med betydande hållbar tillväxtpotential i attraktiva branscher med uthållig tillväxt och starkmotståndskraft.”
Annual report 2022A · The company itself
Strategy · strengthens · strength 2/3
“Mot bakgrund av den utmanande makromiljön fokuserar många företag på att säkerställa effektivitet i verksamheten, samtidigt som de växer. Detta ger utrymme för att återinvestera för framtiden, både i organiska och ickeorganiska satsningar. Ökad digitalisering, automatisering och hållbarhet är alla exempel på framtidssäkrande initiativ som företagen är engagerade i.”
Annual report 2022A · The company itself
Driver · weakens · strength 2/3
“Financial pressures driving the need for increased efficiency. Despite expected accelerating growth in the global life sciences market, we believe our clients will face increased operating margin pressure due to their changing product mix, pricing and reimbursement challenges, and rising costs of compliance. Product portfolios for life sciences companies have shifted toward specialty products with lower peak market sales potential than traditional primary care medicines.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Market Forces •Disruptions in the credit and capital markets and unfavorable general economic conditions could negatively affect our business, results of operations and financial condition. •Our effective income tax rate may fluctuate for a variety of reasons. •Due to the global nature of our business we are subject to international economic, political and other risks that could negatively affect our results of operations and financial condition. •Climate change may have an impact on our business.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Economic factors and industry trends that affect biopharmaceutical companies affect our Research & Development Solutions business. Biopharmaceutical companies continue to seek long-term strategic collaborations with global clinical research organizations with favorable pricing terms. Competition for these collaborations is intense and we may decide to forego an opportunity or we may not be selected, in which case a competitor may enter into the collaboration and our business with the client, if any, may be limited.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Additionally, uncertain macroeconomic conditions, particularly within China, may reduce our purchasers’ demand for the IT asset components that we sell, thereby reducing our revenues and earnings.”
Annual report 2025A · The company itself
Driver · mixed effect · strength 2/3
“Demand for our services is impacted by economic downturns, reductions in private or government spending and times of political uncertainty. We provide full spectrum technical and professional solutions to clients operating in a number of sectors and industries, including programs for various national, state and local governments, including advanced manufacturing, cities & places, energy, environmental, life sciences, transportation, water and other general industrial and consumer businesses and sectors. These sectors and industries and the resulting demand for our services have been, and we expect will continue to be, subject to significant fluctuations due to a variety of factors beyond our control, including economic conditions and changes in client spending, particularly during periods of economic or political uncertainty.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“We are now a smaller, less diversified and more narrowly focused business than before the Separation Transaction, which makes us more vulnerable to changing market and economic conditions. Additionally, the loss of scale from the Separated Business could negatively impact our results of operations, financial condition and cash flows.”
Annual report 2025A · The company itself
Driver · strengthens · strength 2/3
“Fortsatt ekonomisk nolltillväxt och svagt konsumentförtroende men synbara tecken på återhämtning Den finska ekonomin backade under 2024 men tecken finns på att Finland gradvis är på väg ur lågkonjunkturen. I slutet av året var inflationen låg och konsumtionen visade tecken på återhämtning med stöd av starkare köpkraft.”
Annual report 2024A · The company itself
Driver · strengthens · strength 2/3
“Kamux-konsernin liiketoiminnan luonteeseen kuuluu kausivaihtelu, jolloin tyypillisesti liikevaihto on suurinta toisella ja kolmannella vuosineljänneksellä, mikä myös aiheuttaa käyttöpääomaan vaihtelua vuoden sisällä erityisesti varastotasojen muutoksista johtuen.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“Table of Contents •Our financial results may be negatively impacted by unfavorable economic and geopolitical conditions. •U.S. and international laws and regulations could adversely affect our business. •Litigation or legal proceedings could expose us to significant liabilities and damage our reputation.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Changes in economic and financial conditions in the U.S., Canada, Mexico, or other geographies where we do business may negatively impact consumer confidence and consumer spending, which could result in a reduction in our sales volume and/or switching to lower price offerings.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“As two independent, publicly traded companies, our beverage and coffee businesses will each be smaller, less-diversified companies and may be more vulnerable to changing market conditions.”
Annual report 2025A · The company itself
Driver · weakens · strength 1/3
“In the case of residential properties, these risks include competition for prospective residents from other operators whose properties may be perceived to offer a better location or better amenities or whose rent may be perceived as a better value given the quality, location and amenities that the resident seeks. We will also compete against condominiums and single-family homes that are for sale or rent. In the case of office properties, the risks also include changes in space utilization by tenants due to technology, economic conditions and business culture, declines in financial condition of these tenants and competition for credit worthy office tenants.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Our performance depends on our ability to collect rent from tenants, our tenants’ financial condition and our tenants maintaining leases for our properties. At any time, our tenants may experience a downturn in their business that may significantly weaken their financial condition. As a result, our tenants may delay a number of lease commencements, decline to extend or renew leases upon expiration, fail to make rental payments when due, close stores or declare bankruptcy. Any of these actions, which have impacted us and will continue to impact us from time 10 to time, could result in the termination of tenants’ leases and the loss of rental income attributable to these tenants’ leases.”
Annual report 2025A · The company itself
Strategy · strengthens · strength 2/3
“Because of that, we seek to own refined petroleum products pipelines and terminals located in, or that transport to, stable or growing markets and population centers. The transportation rates we charge are generally based on regulated tariffs that are adjusted annually based on changes in the U.S.”
Annual report 2025A · The company itself
Driver · mixed effect · strength 2/3
“KONEen tuotteiden ja palveluiden kysyntään ja kilpailuympäristöön vaikuttavat yleiset suhdannevaihtelut ja rakennusteollisuuden aktiviteettitaso.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“million vehicles, primarily due to reduced production in from weaker construction activity, persistently high (though easing) interest rates, and ongoing economic policy uncertainty.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“The Chinese truck market lost momen- - lus package designed to inject liquidity into the industrial - cle production.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“The region faced persistent chal- - tainty and a weaker demand for new vehicles.”
Annual report 2024A · The company itself
Driver · strengthens · strength 2/3
“Ser vi fremover, så ser vi en økt etterspørsel på tvers av alle våre markeder.”
Annual report 2024A · The company itself
Driver · strengthens · strength 2/3
“Churn remained unsatisfactory, increasing to 12.6% from 10.5% in 2024; however, in Q2 2025, we saw targeted improvements to our onboarding process, which led to reduced terminations. Thus, churn is expected to decline to 6-9% in 2026.”
Annual report 2025A · The company itself
Driver · strengthens · strength 2/3
“Koskisen expects sustainability, urbanisation and the development of trade and transport to support the growth of demand for sustainable wood-based materials and products.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Epäsuotuisa talouskehitys Suomessa voi vaikuttaa Kreaten liiketoimintaan monin tavoin, mukaan lukien Kreaten sekä sen asiakkaiden ja alihankkijoiden tuloihin, varoihin, maksuvalmiuteen, liiketoimintaan ja/tai taloudelliseen asemaan.”
Annual report 2025A · The company itself
Driver · strengthens · strength 2/3
“2025 EXECUTIVE SUMMARY We achieved strong results in 2025, driven by continued performance in eCommerce and pharmacy along with momentum in Fresh and Our Brands. We saw underlying improvements in market share trends and solid sales growth that reflect meaningful progress and demonstrate the strengthening of the business.”
Annual report 2026A · The company itself
Driver · weakens · strength 2/3
“Near-term risks and uncertainties General economic uncertainty may affect the level of economic activity among customers, which may reduce the demand for L&T’s services.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Lassila & Tikanoja’s business is subject to economic cycle fluctuations, and changing market conditions and fluctuations in L&T’s customers’ industries Lassila & Tikanoja’s operating areas are highly competitive, and increased competition or failure to react to the competitive situation may result in L&T losing market share. The Finnish Waste Act was amended in July 2021.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“• The general economic development of L&T’s operating countries, changes in the competitive landscape • Uncertainty in the operating environment slows down investments and the commercialisation of growth concepts • Weak outlook and transformation of traditional process industry in Finland.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“We continue to experience additional pricing pressures, rebates, clawbacks, and other changes in reimbursement policies and programs resulting from periods of uneven economic growth or downturns or uncertainty, and the emergence or escalation of, and responses to, international tension and conflicts.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“External environmental factors have also caused, and in the future may cause, delays in, and/or increase costs related to, distribution of our medicines, the construction or other acquisition of additional manufacturing capacity, procurement activity, and supplier or contract manufacturer arrangements. Relevant external environmental factors include (i) tariffs, (ii) cost inflation and global transportation and logistics challenges; (iii) labor market dynamics; (iv) natural disasters (including increased instances or severity of natural disasters or other events that may be due to climate change); (v) public health outbreaks, epidemics, or pandemics; (vi) periods of uneven economic growth or downturns; and (vii) the emergence or escalation of, or responses to international tension and conflicts.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Economic slowdowns could lead to decreased utilization of our products globally or in specific markets, affecting our sales. Declining tax revenues and increased government spending on other programs attributable to uneven economic growth or downturns may increase the pressure on governments to reduce healthcare spending, leading to increased control of drug prices or lower utilization.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“LINK’s revenue, costs and profits are subject to the risk of changes in customer requirements, changes in technology, competitor products and market expectations, and ability to adapt to market changes resulting from technology, climate or other factors. Certain simple use cases like One-Time Passwords (OTP) or Two-Factor Authentications (2FA), wholesale SMS trading and basic mobile payment services are exposed to margin pressure, and therefore particularly vulnerable.”
Annual report 2024A · The company itself
Driver · strengthens · strength 2/3
“The A2P SMS market grows in high single digits annually as adoption increases throughout markets and industries. LINK operates in a market with one-way mass communication through A2P SMS transitioning to conversational communication on multi-channel CPaaS solutions.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“Commodity prices could affect the operations of certain of Boardwalk Pipelines’ industrial customers, including the temporary closure or reduction of plant operations, resulting in decreased deliveries to those customers.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Boardwalk Pipelines’ ability to comply with the covenants and restrictions contained in its credit agreement may be affected by events beyond its control, including economic, financial and market conditions. If market or economic conditions or its financial performance deteriorate, its ability to comply with these covenants may be impaired.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Although Altium Packaging generally is able to pass changes in the prices of raw materials through to its customers over a period of time, it may not always be able to do so or there may be a lag between when its costs increase and when it passes those costs through to its customers. It may not be able to pass through all future raw material price increases in a timely manner or at all due to competitive pressures.”
Annual report 2025A · The company itself
Driver · mixed effect · strength 2/3
“I Norge har inflationstakten minskat, medan arbetsmarknaden förblir stark med hög efterfrågan på arbetskraft och stigande löner. Fastlands BNP förväntas landa på 0,6 % för 2024.”
Annual report 2024A · The company itself
Driver · strengthens · strength 2/3
“Danmark har fortsatt att överraska med stark makroekonomisk utveckling, rekordhög sysselsättning och solida statsfinanser. BNP-tillväxten väntas bli 3 % för 2024 samt 2,9% för 2025, vilket är väsentligt högre i jämförelse med resterande nordiska länder.”
Annual report 2024A · The company itself
Strategy · strengthens · strength 2/3
“This 27 decrease was combined with lower mining costs as a result of a planned reduction in waste movement, and other cost reduction initiatives as a result of the Chapada Full Potential program, which started in 2022 and focuses on various site optimization activities.”
Annual report 2024A · The company itself
Driver · strengthens · strength 2/3
“Mangold inleder 2025 med en stabil position och en positiv utveckling inom Private Banking, där den ökade aktiviteten under slutet av föregående år ser ut att hålla i sig. Efterfrågan på våra tjänster inom segmentet är fortsatt god.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“Intäktsminskningen är främst hänförlig till ett minskat provisionsnetto.”
Annual report 2024A · The company itself
Driver · strengthens · strength 2/3
“The world economy is forecasted to grow by 3.3 percent in 2026, driven particularly by emerging economies. Among the major economic regions, growth is weakest in Europe; however, the euro area is still expected to grow by 1.3 percent this year.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Inflationary pressure is increased by factors such as supply chain disruptions, labor market tightness, actual or announced tariffs, government policies, interest rate changes, and foreign exchange rate changes. An economic slowdown or a recession could also reduce the prices our customers are able or willing to pay for our products and services and reduce the volume of their purchases.”
Annual report 2026A · The company itself
Driver · weakens · strength 2/3
“Ekonomin och finansieringen inom offentlig vård och omsorg kan också påverka efterfrågan.”
Annual report 2024A · The company itself
Driver · strengthens · strength 2/3
“Cardiovascular diseases are the most common cause of death in the western world and on the rise in Asian and Latin American countries adopting western lifestyles.”
Annual report 2024A · The company itself
Driver · weakens · strength 1/3
“In addition to the macroeconomy, burnout among nurses post- Covid may be adding to the hospitals’ expenses as well as challenging their ability to uphold surgical procedure volumes.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“The global economic situation will affect the company since Medistim is a supplier to the health care sector in many countries.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“If these conditions were to recur or worsen, we may experience reduced demand for a number of our products. We also could experience reduced sales and profits due to delayed payments or the insolvency of healthcare professionals, hospitals and other customers, suppliers and vendors who experience liquidity issues, including as a result of cybersecurity incidents impacting private and government health insurance payors.”
Annual report 2026A · The company itself
Driver · weakens · strength 2/3
“Marknadsutvecklingen har varit avvaktande till följd av en svag samhällsekonomi.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“Efterfrågan i Polen och framförallt på exportmarknaderna har varit svagare som en följd av en svag konjunktur och hög priskonkurrens, medan Baltikum utvecklats något bättre.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“Det är faktorer som spelar en viktig roll i kundernas val av fordon, transportlösningar och leverantörer. • En kraftig minskning av antalet nya bilar eller körda mil kan påverka koncernens verksamhet negativt. • En för långsam anpassning till nya kundbeteenden kan påverka koncernens verksamhet negativt.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“For example, the number of compounds available to treat a particular disease typically increases over time and can result in slowed sales growth or reduced sales of the Company’s products in that therapeutic category.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Adverse economic or market conditions could harm our business. Worsening economic conditions, including inflation, recession, pandemic, or other changes in economic conditions, periods of economic uncertainty, evolution of customer demand, technology investment cycles, interest rates, foreign exchange rates, or the timing and mix of customer spending, may cause lower or delayed IT spending and adversely affect our results of operations.”
Annual report 2026A · The company itself
Driver · strengthens · strength 2/3
“Cash Flows Cash from operations increased $46.8 billion to $182.9 billion for fiscal year 2026, primarily due to an increase in cash received from customers and a decrease in cash used to pay income taxes, offset in part by an increase in cash paid to suppliers.”
Annual report 2026A · The company itself
Driver · weakens · strength 2/3
“Prispressen för medicinska produkter inom Moberg Pharmas indikationsområden är hög och förväntas vara hög eller öka även framöver. Framtida produkter under utveckling av andra företag kommer att medföra ökad konkurrens och kan innebära minskade möjligheter för Moberg Pharma att nå eller bibehålla en attraktiv marknadsandel och ett attraktivt pris för bolagets produkter.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“En konjunkturnedgång på de marknader där bolaget verkar skulle kunna minska efterfrågan på bolagets produkter.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“Moody’s conducts operations in various countries outside the U.S. and derives a significant portion of its revenue from foreign sources. Changes in the economic condition of the various foreign economies in which the Company operates have an impact on the Company’s business.”
Annual report 2025A · The company itself
Driver · mixed effect · strength 2/3
“That was primarily driven by US importers’ fear of increased tariffs and potential port strikes. 3 The global economy has shown resilience over the past years with stabilizing inflation rates and interest rate cuts in many economies. Nonetheless, the global economic outlook for 2025 and 2026 remains below the historical 2000-19 long-term average.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“Macro-economic developments and geopolitical tensions The war in Ukraine, tence geopolitical situation, along with ongoing macro-economic challenges such as inflation and rising costs continues to impact general economic growth. The direct and indirect potential effects of these factors are difficult to predict but has so far had limited impact on Multiconsult. Potentially these factors may affect the financial performance of the group in adverse circumstances.”
Annual report 2024A · The company itself
Market · strengthens · strength 2/3
“Multiconsult has a diversified order backlog with both public and private clients that provides a robust foundation for further business growth.”
Annual report 2024A · The company itself
Driver · strengthens · strength 2/3
“Produktionskapaciteten är under utbyggnad, bland annat hos underleverantörer till dessa ledande bolag.”
Annual report 2024A · The company itself
Driver · strengthens · strength 2/3
“Expected future demand for the current product portfolio depends on the shipyards’ need to implement more efficient production lines which again depends on the general market activity. Currently there are no signs long term that the yard industry will reduce its focus on increased productivity.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“Talouskehitys Makrotalousnäkymien yleisistä elpymisen merkeistä huolimatta kasvunäkymät Nesteen avainmarkkinoilla pysyvät matalina. Mahdollinen maailmantalouden laskusuhdanne voi vaikuttaa heikentävästi Nesteen tuotteiden kysyntään ja kannattavuuteen.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Raakaöljyn hinnat vaihtelivat vuonna 2025, ja Brentin hinta oli 59–82 dollaria barrelilta. Öljymarkkinoihin vaikuttivat makrotaloudellinen epävarmuus, geopoliittiset tapahtumat, pakotteet ja OPECin päätös purkaa tuotantoleikkauksia, mikä kasvatti maailmanlaajuisesti öljyvarastoja.”
Annual report 2025A · The company itself
Driver · strengthens · strength 2/3
“Executive summary Financial review Corporate governance Sustainability statements Financial statements Financial performance Netcompany Group In 2025, organic revenue grew 7.7% (constant 7.9%) compared to 2024.”
Annual report 2025A · The company itself
Driver · strengthens · strength 1/3
“NEXT’s business risk may be summarized in: a - NEXT currently has higher costs than revenues and has negative cash flow from operations. b - NEXT’s business plan assumes additional revenue from existing and new products under development. c - Revenue from NEXT’s products depends, among other things, on market factors which are not controlled by NEXT. d - Competing companies’ products have entered the commercial stage, and the competitive situation for NEXT’s products is constantly changing. e - NEXT’s intended markets are undergoing rapid technological changes.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“We expect the overall business environment and momentum in our key markets, such as China, to be slow in the first half of the year. We expect business conditions to pick-up pace, however, and be strong in the second half of the year.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“Our business is affected by seasonality, which could result in fluctuations in our operating results. We experience moderate fluctuations in aggregate sales volume during the year.”
Annual report 2026A · The company itself
Driver · strengthens · strength 2/3
“Revenues from electric operations are more significant during the cooling season, which is primarily from June through September.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Deteriorating, sluggish or volatile economic conditions in our operating jurisdictions could adversely impact our ability to maintain or grow our customer base and collect revenues from customers, which could reduce our revenue or growth rate and increase operating costs. A continued economic downturn or recession, or slowing or stalled recovery from such economic downturn or recession, may have a material adverse effect on our business, financial condition, or results of operations.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Adverse economic conditions impacting these credit risk exposures could result in an increase in defaults by customers, suppliers and counterparties.”
Annual report 2025A · The company itself
Driver · strengthens · strength 2/3
“The 2024 Plan informs future generation investments required to ensure reliability for NIPSCO’s customers and incorporates factors such as anticipated load growth from data centers and other economic development opportunities, EPA emissions rules, and evolving MISO resource accreditation rules.”
Annual report 2025A · The company itself
Driver · strengthens · strength 2/3
“Favorable (Unfavorable) Changes in Operating Revenues (in millions) 2025 vs 2024 New rates from base rate proceedings and regulatory capital and DSM programs $ 324.2 The effects of weather in 2025 compared to 2024 48.9 The effects of customer growth 12.8 Renewable Joint Venture revenue, fully offset by Joint Venture operating expense and noncontrolling interest net income (loss) (8.6) The effects of customer usage (3.2) Other (3.8) Change in operating revenues (before cost of energy and other tracked items) $ 370.3 Operating revenues offset in operating expense Higher cost of energy billed to customers 147.0 Lower tracker deferrals within operation and maintenance, depreciation and tax 40.1 Reduction in gross receipts tax, offset in operating expenses (0.9) Total change in operating revenues $ 556.5 Weather The results of operations for the NIPSCO Operations segment include income from both electric and gas service lines.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“While some segments and geographies showed improvements, the overall muted economic development in Europe, following years with elevated inflation levels and increased interest rates, negatively impacted construction sentiment and market activity.”
Annual report 2025A · The company itself
Driver · mixed effect · strength 2/3
“In 2026, the market for building wires and construction-exposed 1kV power cables is expected to stabilise or slightly improve compared to 2025.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“This progress was achieved despite geopolitical uncertainties linked to trade war and a soft macroeconomic environment in China.”
Annual report 2025A · The company itself
Driver · strengthens · strength 2/3
“For the financial period, we expect the Group's EBIT margin to remain at the current good level and comparable earnings per share to increase.”
Annual report 2025A · The company itself
Driver · strengthens · strength 2/3
“The demand for restaurant services is according to Company’s evaluation less susceptible to cyclical fluctuations compared to other service and retail industries.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Under 2025 hjälpte vi aktivt våra kunder att stärka deras verksamhet och redovisade stabil volymtillväxt, trots makroekonomisk och geopolitisk osäkerhet.”
Annual report 2025A · The company itself
Driver · strengthens · strength 2/3
“Trots dessa utmanande förutsättningar kunde vi, tack vare vår diversifiering, starka kreditkvalitet och marknadsledande ställning, redovisa ett starkt finansiellt resultat och hög lönsamhet.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Avgifts- och provisionsnettot minskade med 1 procent jämfört med 2024. Nedgången berodde på lägre efterfrågan inom företagsfinansiering.”
Annual report 2025A · The company itself
Driver · mixed effect · strength 2/3
“Tillväxten i världsekonomin stagnerade därmed jämfört med 2024.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Risks Related to Economic Conditions Changes in U.S. or international economic conditions, including declines in the industries we serve, could adversely affect the revenue stream and profitability of any of our operations.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“For the remaining part the price development of wood is linked to the activity in the pulp and paper sector with lower activity and pricing giving lower cost and opposite when activity is high.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“The development in the global economy is important for consumer spending, and this impacts the publication paper and packaging paper industry, and thus Norske Skog’s operations and results.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“While advanced economies like the United States saw upgrades in their growth forecasts, other regions, especially in Europe and emerging markets, faced downgrades due to various disruptions.”
Annual report 2024A · The company itself
Driver · strengthens · strength 1/3
“The global economic outlook for 2025 is cautiously optimistic, with projected growth of 3.3% and a decline in global headline inflation to 4.2%.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“Den svenske økonomi var i 2025 fortsat præget af stabile fundamentale forhold, men genopretningen forløb i et moderat tempo”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Den svenske økonomi var i 2025 fortsat præget af stabile fundamentale forhold, men genopretningen forløb i et moderat tempo. Væksten var afdæmpet, inflationen målt ved KPIF lå i intervallet 2-3%, og ledigheden var fortsat relativt høj.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Det svenske lejeboligmarked var påvirket af udviklingen i den nationale økonomi med lav vækst og fortsat tilbageholdenhed hos forbrugerne.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Det skyldtes en fokuseret eksekvering af de strategiske prioriteter i markeder, der fortsat var præget af geopolitisk uro, lav forbrugertillid og i Sverige også af lav økonomisk vækst.”
Annual report 2025A · The company itself
Driver · mixed effect · strength 2/3
“I Sverige var BostadsPortal påvirket af lav økonomisk vækst og tilbageholdende forbrugere. I 2. halvår 2025 sås dog et øget antal ledige lejeboliger og flere abonnementskøb på portalen.”
Annual report 2025A · The company itself
Driver · weakens · strength 1/3
“BoligPortal forventer i 2026 vækst gennem lancering af nye digitale services i et fortsat udfordrende boligmarked med skævvridning mellem udbud og efterspørgsel, De finansielle forventninger til 2026 er baseret på følgende antagelser: • Videreudvikling og lancering af services til Pro-Universet • Fortsat vækst i Data Insights • Flere boliger og abonnementer på Bostadsportal.se • Implementering af AI-baserede funktioner og services De væsentligste risici forventes at være rekrutterings-begrænsninger i et jobmarked med lav arbejdsløshed, fastfrysning af lejeboligmarkedet i Danmark drevet af den økonomiske udvikling, som kan påvirke efterspørgslen fra lejere og Data Insights kunder negativt, manglende vækst i svensk økonomi, samt væsentlige ændringer i konkurrenceforhold i Danmark og Sverige.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“I forretningen for låneformidling blev fremgang i starten af året opvejet af en øget tilbageholdenhed i de efterfølgende kvartaler hos låntagere og en lavere risikovillighed hos bankerne til at godkende nye lån.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Our industry has experienced, and we expect it will continue to experience, significant changes to business practices globally, in part as a result of changes in the global security and threat environment and an increased focus on affordability, efficiencies, business systems, recovery of costs and a reprioritization of available defense funds. We have experienced and may continue to experience an increased number of audits and challenges to our claims and our business systems for current and past years, as well as longer periods to close audits, broader requests for information and an increased risk of withholdings of payments. The U.S. government has been pursuing and may continue to pursue policies that could negatively impact our profitability, including those that shift additional responsibility, cost and performance risks to the contractor.”
Annual report 2025A · The company itself
Driver · strengthens · strength 2/3
“As interest rates and inflation look to have peaked in the Company’s key markets, customers are now generally expected to experience real wage growth and increasing disposable income. Norwegian recorded a 10 percent growth in the number of passengers for 2024, demonstrating that an increasing number of passengers have chosen to fly with Norwegian.”
Annual report 2024A · The company itself
Driver · strengthens · strength 2/3
“Demand is rising with some markets reaching and exceeding pre-pandemic levels.”
Annual report 2024A · The company itself
Driver · strengthens · strength 2/3
“Future demand is dependent on sustained consumer and business confidence in key markets.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“Förvaltningsberättelse RISKER OCH RISKHANTERING Strategiska och operativa risker Marknadsrisk: Novotek är beroende av konjunkturen i de länder man är verksam i och är konkurrensutsatt, både av stora internationella konkurrenter och även mindre lokala konkurrenter på varje enskild marknad .”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“FRAMTIDA UTSIKTER Den makroekonomiska situationen tenderar att fortsatt påverka beslutsprocesserna hos kunder till att bli mer långdragna, men bilden är splittrad över olika geografier och industrier .”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“includes some uncertainty of a potential lower consumer sentiment for the year”
Annual report 2025A · The company itself
Driver · strengthens · strength 2/3
“We operate in a broad range of markets, and we consistently outperform underlying end-market volume growth of 1 – 2% per year.”
Annual report 2025A · The company itself
Driver · strengthens · strength 2/3
“ERCOT is an energy-only market. The majority of the retail load in the ERCOT market region is served by competitive retail suppliers, except certain areas that have not opted into competitive consumer choice and are served by municipal utilities and electric cooperatives.”
Annual report 2025A · The company itself
Driver · strengthens · strength 2/3
“growth is expected to be broadly in line with European GDP growth”
Annual report 2025A · The company itself
Driver · strengthens · strength 2/3
“Organic growth remains a priority, supported by our network and the potential to increase cross-sales and collaboration across entities.”
Annual report 2025A · The company itself
Market · strengthens · strength 2/3
“For fiscal year 2026, sales to one direct customer represented 22% of total revenue and sales to another direct customer represented 14% of total revenue, all of which were primarily attributable to the Compute & Networking segment.”
Annual report 2026A · The company itself
Driver · weakens · strength 2/3
“The tensions influenced global commodity markets, leading to downward pressure on prices as fears of recession and expectations of weak demand overshadowed concerns about supply. Macroeconomic uncertainty remains, on the back of less economic activity in China and Europe. Global industry and manufacturing continue to struggle, with lower levels of new orders.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“Factors that, in the Group’s view, could affect its results materially, include: volatile oil and gas prices, global political changes regarding energy composition and developments in the renewables sector, competition within the oil and gas services industry, changes in clients’ spending budgets and developments in the financial and fiscal markets.”
Annual report 2024A · The company itself
Driver · weakens · strength 1/3
“Financially, we have seen a growth in revenue this year, albeit EBITDA is slightly down due to product mix and lower bonuses in Operations.”
Annual report 2024A · The company itself
Driver · strengthens · strength 2/3
“The automotive industry is cyclical and the industrial sector tends to thrive during a time of economic expansion. As a result, our customers in each end-market are sensitive to changes in general economic conditions, inflationary pressure, changes in interest rates, disruptive innovation and end-market preferences, any of which can adversely affect sales of our products and, correspondingly, our results of operations.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Recent global economic uncertainty could continue and potentially result in certain economies dipping into economic recessions, including in the United States.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“We are subject to the risk of loss resulting from nonpayment and/or nonperformance by our customers and counterparties. Our customers or counterparties may experience rapid deterioration of their financial condition as a result of changing market conditions, commodity prices or financial difficulties that could impact their creditworthiness or ability to pay us for our services.”
Annual report 2025A · The company itself
Driver · strengthens · strength 2/3
“Finansiella utsikter 2025 • Buprenorfin/naloxon marknaden växer 2–5 procent, baserat på nuvarande tillväxttakt • Nettointäkter för Zubsolv i USD i intervallet USD 50–55 miljoner • OPEX exklusive avskrivningar och amorteringar, i intervallet SEK 460–500 m • Positivt EBITDA för helåret 2025.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“Prosjektene utvikler seg i stor grad som planlagt, selv om salget er noe lavere enn normalt på grunn av et generelt svakt marked.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“Trots politisk eller ekonomisk motvind har dessa investeringar goda förutsättningar att stå sig väl över tid.”
Annual report 2024A · The company itself
Driver · strengthens · strength 2/3
“According to the 2018 World Resource Institute’s report ‘Creating a Sustainable Food Future’, aquaculture production would need to more than double between 2010 and 2050 to meet projected fish demand.”
Annual report 2024A · The company itself
Driver · strengthens · strength 2/3
“The growing population means an increased demand for protein. Thus, we look to grow the business in the coming years.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“We are exposed to the credit and liquidity risk of our customers, and to credit exposure in weakened markets, which could result in material losses. Most of our sales are made on an open credit basis, and we have also experienced demands for customer financing and deferred payments due to, among other things, macro-economic conditions.”
Annual report 2026A · The company itself
Driver · weakens · strength 2/3
“Pandora witnessed a generally soft consumer backdrop, impacting instore traffic in some markets”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“EMPLOYEES ON AVERAGE 32.5 BN DKK REVENUE 44% WOMEN IN SENIOR LEADERSHIP TEAM 6% ORGANIC GROWTH 100% RECYCLED SILVER AND GOLD 23.9% EBIT MARGIN 112 M PIECES * SOLD DELIVERING 6% ORGANIC GROWTH 9% EXECUTIVE SUMMARY Pandora witnessed a generally soft consumer backdrop, impacting instore traffic in some markets, and a highly volatile cost environment with the announcements of tariffs, foreign exchange movements and surging commodity prices.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“OUR REGIONS In 2025, Pandora delivered resilient performance in a persistently challenging global environment.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“The macroeconomic outlook for 2026 and the general consumer environment is associated with elevated uncertainty.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“As an accessible luxury brand, a decline in consumer confidence and lower disposable income may adversely impact our revenue and profitability. • Ongoing review and adjustment of commercial tactics, including pricing adjustments and revenue diversification • Continuous monitoring of consumer behaviour and trends • Strict cost control; ongoing targeted cost reduction programme COMMODITY PRICES & FOREIGN EXCHANGE RATES There is a risk of sustained increased prices for silver and gold.”
Annual report 2025A · The company itself
Driver · strengthens · strength 2/3
“Hotellet opererer i et marked, hvor efterspørgslen efter hotelindkvartering og konferencer påvirkes dels af udvikling i samfundsøkonomien og dels af købekraften generelt.”
Annual report 2025A · The company itself
Driver · strengthens · strength 2/3
“Market Rent Park Street’s portfolio of leases are generally at market rent levels. The Group has an opportunity to review the leases where there is a gap to market rents using section 13 as per The Danish Business Lease Act (Erhvervslejeloven) clause to migrate the lease levels closer to market rents.”
Annual report 2025A · The company itself
Driver · mixed effect · strength 2/3
“Sports-, koncert-, konference-, ejendoms- og feriebrancherne er alle konkurrenceprægede. Fastholdelse af koncernens konkurrenceposition afhænger af koncernens fortsatte evne til at udbyde produkter, der appellerer til forbrugerne. Efterspørgslen i nævnte brancher afhænger af en række eksterne faktorer, herunder den demografiske udvikling, sociale forhold, samt ændringer i økonomiske forhold.”
Annual report 2025A · The company itself
Driver · mixed effect · strength 2/3
“Development in demand and general economic environment may have a more significant impact on Pihlajalinna’s financial result than currently expected.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Utsiktene fremover Lavkonjunkturen i norsk og svensk økonomi har gjort rammebetingelsene utfordrende for mediebransjen i 2024. Samtidig har inflasjonstrykket avtatt markant fra toppen i begge land, selv om priveksten har tiltatt på starten av 2025.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“De eksterne trykkeriinntektene ble redusert med 33% til MNOK 210 (313) i 2024, drevet av nedskalert produksjon av siviltrykk og reduserte volumer for papiraviser. Konserninterne inntekter ble redusert med 16% til MNOK 128 (152) i 2024.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“The B2B parcel market was weaker.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Also, general economic conditions, particularly in Finland, were softer than anticipated.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“The main factor driving growth in the fulfillment and logistics services market is the expected increase in the outsourcing of companies’ logistics services, however, currently the logistics market suffers from overcapacity and underutilization of warehouse space, particularly in Sweden.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Lower demand in B2B and pick-up and delivery services in the freight business decreased total net sales due to the stagnant macroeconomic environment and overall low consumer confidence, however the activity increased toward the end of the year.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“The macroeconomic environment remained challenging during the year resulting in soft customer demand.”
Annual report 2025A · The company itself
Driver · strengthens · strength 2/3
“As Posti serves a broad customer base, both GDP growth and confidence indicators have a direct impact on the sector’s performance.”
Annual report 2025A · The company itself
Driver · strengthens · strength 2/3
“GDP growth forecasts in Finland for 2026 are moderate, while in Sweden and the Baltics growth is expected to continue.”
Annual report 2025A · The company itself
Strategy · strengthens · strength 2/3
“The strategic cornerstones are growth, customer-focused commercial excellence, becoming a preferred brand, sustainability leadership, and industry-leading operational efficiency.”
Annual report 2025A · The company itself
Driver · strengthens · strength 2/3
“Achievement of our emissions goal may be affected by factors that are outside of our control including potential load growth, especially from large load customers, energy policy and regulations at the state and federal level, technological developments, and the cost of new generation technology.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Energy consumption is significantly impacted by overall levels of economic activity and costs of energy supplies. Economic downturns or periods of high energy supply costs can lead to changes in or the development of legislative and regulatory policy designed to promote reductions in energy consumption and increased energy efficiency, alternative and renewable energy sources, and distributed or self-generation by customers.”
Annual report 2025A · The company itself
Driver · strengthens · strength 2/3
“Tyskland oplevede i 2025 den første positive BNP-vækst i tre år med +0,2%. Fjerde kvartal viste +0,3% vækst, primært drevet af offentligt forbrug. Inflationen var under kontrol på 2,3%.”
Annual report 2025A · The company itself
Driver · weakens · strength 1/3
“Med en udlejningsgrad på ca. 97% på boligejendomme er lejerisikoen begrænset. Erhvervssegmentet (MCPF) har højere tomgang og strukturelle udfordringer.”
Annual report 2025A · The company itself
Driver · strengthens · strength 2/3
“FINANSIELLA KONSEKVENSER AV KLIMATRISKER Vid upprättandet av sin finansiella rapport i årsredovisningen 2024 har ProfilGruppen beaktat klimatrelaterade riskers och möjligheters eventuella fi - nansiella konsekvenser och kommit fram till att de är små, men övervägande positiva hållet genom att konstatera: Klimatrelaterade förändringar påverkar våra kunders beteenden och ökar efterfrågan på hållbar energiproduktion och aluminium med lägre koldioxidavtryck. ProfilGruppen är ett av få extruderingsföretag som är lokaliserade i områden med hållbara energikällor och god social ordning. Vidare ökar användningen av extruderat aluminium på bekostnad av miljömässigt sämre materialalternativ.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“Den generella efterfrågan var dämpad och påverkades av rådande ränteläge och osäkerhet för konjunkturen. Detta bidrog till viss avvaktan från e-handels kunder såväl som professionella fotografer.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“That growth can be affected by customer cost pressures which could result from higher commodity costs, higher supply costs to support subsidized renewable generation, higher operating costs, higher tax rates, macro-economic conditions including inflation, and other factors.”
Annual report unknown yearA · The company itself
Driver · mixed effect · strength 2/3
“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
Driver · weakens · strength 2/3
“Our revenues and operating cash flow can be negatively impacted by reductions in employment and population levels, household and disposable income, and other general economic factors that lead to a reduction in demand for self-storage space in each of the markets in which we operate.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Economic conditions can adversely affect our business, financial condition, and growth.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“NÄKYMÄT TILIKAUDELLE 2025 Maailmantalouden epävarmuus ja geopoliittiset jännitteet luovat edelleen haasteita toimintaympäristöön, mikä vaikeuttaa pitkän aikavälin ennusteiden tekemistä.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“The operating environment in 2025 was anything but stable. Weak global economic situation, geopolitical ten‑ sions and increased uncertainty in future outlook across industries contributed to a challenging year for almost everyone in the global product development ecosystem.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“As our customers’ decision‑making cycles lengthened, we made necessary adjustments to our full year growth expec‑ tations.”
Annual report 2025A · The company itself
Driver · strengthens · strength 2/3
“Enligt International Transport Forum (ITF) förväntas den globala eſterfrågan på persontransporter öka 2,3 gånger och godstransporter 2,6 gånger fram till 2050, drivet av befolkningsökning och ökad välstånd. Enligt Trafikverkets nationella plan för transportinfrastrukturen kommer både gods- och persontransporter på järnvägen at öka med omkring 50 procent till 2040. genom att i entreprenadverksamheten utföra nischat spårunderhåll med hjälp av vakuumteknik.”
Annual report 2024A · The company itself
Driver · mixed effect · strength 2/3
“Marknadsutsikter Järnvägen är i många avseenden en konjunkturokänslig bransch. Hittills har behovet av en robust och tillförlitlig järnväg blivit mer påtagligt.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“Pidempään jatkuneessa matalasuhdanteessa elintarviketeollisuuden kokonaiskysyntä on heikentynyt hieman, ja samaan aikaan kuluttajat ovat valinneet halvempia vaihtoehtoja ostoskoriinsa.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Prolonged periods of adverse economic conditions or business disruptions in any of our key regions, or a combination thereof, could impede our ability to pay our obligations as they become due or return value to our shareholders, as well as delay previously planned expenditures related to our operations.”
Annual report 2026A · The company itself
Driver · mixed effect · strength 2/3
“Toiminta, toimitukset ja teknologia Rauten liiketoiminnasta pääosa muodostuu projektitoimituksista, joihin sisältyy riskejä kunkin asiakkaan lopputuotteeseen, tuotantomenetelmiin tai raaka-aineisiin liittyvistä asiakaskohtaisesti räätälöidyistä ratkaisuista. Tarjousja neuvotteluvaiheessa joudutaan ottamaan riskejä luvattavien suoritusarvojen osalta sekä tekemään arvioita toteutuksen kustannuksista.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“We incur credit risk by lending to businesses and individuals, including through offering SBL, C&I loans, CRE loans, REIT loans, residential mortgage loans, and tax-exempt loans. We also incur credit risk through certain of our investments.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“We face the risk that rental revenue from our properties may be insufficient to cover all corporate operating expenses, debt service payments on indebtedness we incur, and distributions on our capital stock.”
Annual report 2025A · The company itself
Driver · mixed effect · strength 2/3
“Rejlers är verksamt i Sverige, Finland, Norge och Abu Dhabi och är därigenom beroende av konjunkturen på dessa marknader.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“Ökad risk för konkurser bland Rejlers kunder – Risken för konkurser bland Rejlers kunder, särskilt när det gäller byggnader, ökar under utmanande ekonomiska tider. Detta kan påverka kundernas vilja att köpa Rejlers tjänster och leda till att kunderna nedprioriterar hållbarhet på kort sikt.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“The long-term trend towards cost-containment, through managed healthcare, or other legislative proposals to reform healthcare, could control or significantly influence the purchase of healthcare services and products and could result in lower prices for our products and services.”
Annual report 2026A · The company itself
Driver · weakens · strength 2/3
“Our customers’ renewal, upgrade and expansion rates may decline or fluctuate for a number of factors, including their satisfaction or dissatisfaction with our offerings, our pricing, the effects of general economic conditions, competitive offerings or alterations or reductions in our customers’ spending levels.”
Annual report 2026A · The company itself
Driver · weakens · strength 2/3
“Economic and political uncertainties, interest and inflation risks and the unstable trade and geopolitical situation may affect the demand for Revenio Group products.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“We are subject to macroeconomic cycles and when recessions occur, we may experience reduced, canceled or delayed orders, payment delays or defaults, supply chain disruptions, or other adverse events as a result of the economic challenges faced by our customers, prospective customers, and suppliers. As our distributor partners and customers work to manage working capital and inventory levels, we may experience volatility in orders.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Demand for our hardware and software products, solutions, and services is sensitive to changes in levels of production and the financial performance of major industries that we serve. As economic activity slows, credit markets tighten, or sovereign debt concerns arise, companies tend to reduce their levels of capital spending, which could result in decreased demand for our hardware and software products, solutions, and services.”
Annual report 2025A · The company itself
Driver · strengthens · strength 2/3
“Market Access and Expansion Over the past decade, our investments in technology and globalization have enabled us to expand our addressed market to approximately $120 billion.”
Annual report 2025A · The company itself
Driver · strengthens · strength 2/3
“Economic Trends In 2025, sales in the U.S. accounted for over half of our total sales.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Through August, the IP Index did not significantly change from the third quarter of fiscal 2025. Manufacturing PMI results remained below 50 for each of the months in the fourth quarter of fiscal 2025.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Compared to the initial EBIT margin outlook announced in February 2025, the realised EBIT margin was negatively affected by market volatility and hesitation resulting from trade-related tensions and other factors, and ended lower than expected at the beginning of the year.”
Annual report 2025A · The company itself
Driver · strengthens · strength 2/3
“Consumer spending levels and shopping behaviors for the merchandise we sell are affected by many external macroeconomic factors. In addition to consumer sensitivity to the price points and value differentiation we offer on the merchandise we sell, elevated consumer costs of living for other goods and services (including increased fuel and energy costs, food prices, interest rates, and housing costs), relative wage rates, unemployment levels, availability of consumer credit, consumer debt levels, income tax rates and the timing of tax refunds, various government policies and practices (including those with respect to immigration), and the resulting effects on consumers’ disposable income and consumer confidence in future economic conditions all have an impact on consumer spending habits for our merchandise.”
Annual report 2026A · The company itself
Driver · weakens · strength 2/3
“At the start of the financial year, RTX entered a period of renewed customer activity following an environment shaped by elevated customer inventories and macroeconomic uncertainty.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Capital spending and demand for aircraft engines, aerospace products, and component aftermarket parts and services is limited to commercial airlines, lessors, other aircraft operators, and aircraft manufacturers that are influenced by a wide variety of factors, including current and predicted traffic levels, load factors, aircraft fuel prices, labor issues, airline consolidation, bankruptcies and restructuring activities, competition, the retirement of older aircraft, corporate profitability and financial health, cost reduction efforts, tightening of credit in financial markets and the availability of aircraft leasing and financing alternatives, remaining performance obligations levels, the satisfaction of certification or other regulatory requirements for aircraft in various jurisdictions, regulatory changes, terrorism and related safety concerns, political stability, and general economic conditions.”
Annual report unknown yearA · The company itself
Driver · weakens · strength 2/3
“RevolutionRace verksamhet är beroende av kundernas inköp och påverkas således av konjunkturförändringar. Bolaget följer noga konjunkturförändringarna och vidtar vid behov lämpliga åtgärder för att anpassa verksamheten till det rådande läget.”
Annual report 2022A · The company itself
Driver · weakens · strength 2/3
“BRANSCH- OCH MARKNADSRELATERADE RISKER Risker relaterade till makroekonomiska trender och efterfrågan på läkemedel Makroekonomiska effekter, likt covid-19-pandemin och andra ekonomiska omvärldsfaktorer såsom väpnade konflikter som den pågående situationen i Ukraina, tilltagande långsiktiga miljöhot som extremväder, geoekonomisk konfrontation, felaktig information och desinformation samt samhällelig polarisering kan påverka Bolagets intjäningsförmåga, tillväxtmöjligheter och rörelseresultat negativt. Den generella efterfrågan på läkemedel påverkas av olika makroekonomiska faktorer och trender, såsom inflation, deflation, lågkonjunktur, handelshinder och valutafluktuationer.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“Dessutom kan Bolagets förmåga att anskaffa ytterligare kapital komma att bero på finansiella, ekonomiska och marknadsmässiga förhållanden och andra faktorer över vilka Bolaget inte har, eller endast har begränsad, kontroll. Marknadsfluktuationer eller andra faktorer kan innebära ytterligare utmaningar och negativt påverka Bolagets förmåga att anskaffa kapital vid behov.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“Possible weakening of the economy, for example due to geopolitical risks or high inflation, may increase the Group’s credit risk, although potential concentrations of credit risk are offset by the Group’s diversified operations and the fact that no individual customer or group of customers is material to the Group.”
Annual report 2025A · The company itself
Driver · strengthens · strength 2/3
“SATS anticipates steady growth in its club membership over time, driven by its strong market position, as well as the growing societal interest in health. The company is confident in its ability to continue adjusting prices, charging a fair price for its product.”
Annual report 2024A · The company itself
Driver · strengthens · strength 2/3
“Hotellmarknaden i Norden har fortsatt att utvecklas positivt, med ökade beläggningsgrader och högre prisnivåer. Fritidsresandet ligger på en stabil nivå, och även företagsresandet visar en positiv trend, även om återhämtningen där sker i en något långsammare takt.”
Annual report 2024A · The company itself
Driver · strengthens · strength 2/3
“På baggrund af selskabets investeringer i selskaber som både betaler rente, udbytter samt månedlige huslejeindtægter samt selskabets drifts- og likviditetsbudget for 2025, er det ledelsens vurdering, at der vil være et tilfredsstillende likviditetsberedskab gennem hele året.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“The total market for tobacco products is declining”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“The decline rate in consumption for our main product categories has been volatile in recent years, first driven by the pandemic and then by a subsequent normalisation, although more negative than anticipated and we still expect the market to return to more normalised decline rates, especially in the U.S.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“The weakening of the global economy and the declining demand of investment goods might have a negative impact on the development of business of Scanfil’s customers and weaken the demand in the contract manufacturing market.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Sedana Medical kan inte förutse utvecklingen på finansiella marknader, ekonomiskt och politiskt klimat eller förutse makroekonomiska händelser. En lågkonjunktur eller en svag ekonomisk utveckling kan innebära påfrestningar för marknaden för medicintekniska produkter och läkemedel och leda till utökat tryck på sjukhus, myndigheter och andra sjukvårdsbetalare att skära ned på kostnaderna, vilket potentiellt sänker viljan att betala för produkterna generellt, Sedana Medicals produkter inkluderat.”
Annual report 2024A · The company itself
Driver · strengthens · strength 2/3
“Business Strategy Sempra’s mission is to build America’s leading utility growth business. We are primarily focused on the largest economies in the U.S., California and Texas, where we are investing in regulated utilities with a view toward producing stable cash flows and improved earnings visibility.”
Annual report 2025A · The company itself
Driver · strengthens · strength 2/3
“Electricity demand is dependent on the health and expansion of the Southern California economy, prices of alternative energy products, consumer preferences, environmental regulations, legislation, renewable power generation, demand-side management impact and DER, among other factors. California’s energy policy supports increased electrification, which could increase electric volumes sold in the coming years. Other external factors, such as the price of purchased power, the use and further development of renewable energy sources and energy storage, the development of or requirements for new natural gas supply sources, demand for and supply of natural gas and general economic conditions, can also result in significant shifts in the market price of electricity, which may in turn impact demand.”
Annual report 2025A · The company itself
Driver · mixed effect · strength 2/3
“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
Driver · strengthens · strength 2/3
“Siili’s long-term financial goals for 2025–2028 are an annual revenue growth of 20%, of which organic growth accounts for about half, and an adjusted EBITA of 12% of revenue.”
Annual report 2025A · The company itself
Driver · strengthens · strength 2/3
“Revenue for 2026 is expected to be EUR102-126 million and adjusted EBITA EUR3.7-6.9 million.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“The real estate market is affected by many factors, such as general economic conditions, availability and terms of financing, interest rates and other factors, including supply and demand for space, that are beyond our control.”
Annual report unknown yearA · The company itself
Driver · weakens · strength 2/3
“Risker och osäkerhetsfaktorer Osäkerhetsfaktorer för SinterCast inkluderar tidpunkten för när OEM-företagen beslutar om nya motorer och komponenter i CGI, beroende av produktionsstartdatum och bedömd ökningstakt, livslängden för varje motorprogram, möjligheten att volymen för befintliga program kan minska eller tidigare än förväntat nå livscykelns slut, den globala ekonomin för nya fordon, tekniktrender och utsläppsregleringar, och den enskilda försäljningsframgången för fordon utrustade med SinterCast-CGI-komponenter.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“Dessa produktmässiga motvindar förstärktes ytterligare under andra halvåret av en avmattning i efterfrågan på försäljning av tunga fordon i både Europa och Nordamerika.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“The market environment is expected to offer few tailwinds in 2026, as the low private and public sector investment volumes are expected to continue, especially in software development and other project business.”
Annual report 2025A · The company itself
Driver · strengthens · strength 2/3
“A broader recovery in private sector demand is tied to an improvement in the general economic situation in Finland.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Market risks Uncertainty created by changes in the global economy and market conditions poses a risk to Sitowise’s business. Rapid cyclical fluctuations in the economy, lengthened economic downturn, and reduction in the use of public funds or a diversion of such funds away from the built environment may contribute to market stagnation.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“A continued decline in economic activity or a delay in market recovery may impact Sitowise’s clients' business prospects leading to, for example, a decrease or postponement of investments and clients’ projects or to clients’ payment difficulties.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Det föreligger dock risk att marknaderna utvecklas i en för koncernen ofördelaktig riktning på grund av förändrade makroekonomiska faktorer, nya regelverk, begränsat skydd för immateriella rättigheter eller andra opåverkbara omvärldsfaktorer.”
Annual report 2024A · The company itself
Driver · mixed effect · strength 2/3
“Därefter har den svaga konjunkturen och sommarvädret påverkat bokningsmönstret under det sista kvartalet med en senare orderingång, främst på den svenska marknaden. Den senaste tidens räntesänkningar och regeringens ekonomiska stimulanspaket är positiva då det möjliggör för hushållen att fortsätta prioritera sin fjällsemester.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“Förändring av människors disponibla inkomst påverkar den privata konsumtionen, som i sin tur har en inverkan på människors möjligheter att resa. SkiStars historiska försäljnings- och resultatutveckling visar att företaget kunnat parera svängningar i konjunkturen väl.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“Segmentin kasvua rajoittivat markkinatilanne sekä investointipäätösten lykkääntyminen uusissa asiakashankkeissa.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“•Solventum operates in highly competitive markets, competition may increase in the future and the healthcare industry may be disrupted, necessitating that Solventum lower prices or resulting in a loss of market share. •Consolidation in the healthcare industry could have an adverse effect on Solventum’s revenues and results of operations. •Reductions in customers’ research budgets or government funding may adversely affect Solventum’s business. •Solventum’s growth objectives are largely dependent on the timing and market acceptance of its new products and services. •The success of many of Solventum’s products depends upon certain key healthcare professionals. •Changes in reimbursement practices of third-party payers or other cost containment measures or worsening economic conditions could affect the demand for Solventum’s products and the prices at which they are sold.”
Annual report 2025A · The company itself
Driver · mixed effect · strength 2/3
“Accordingly, the financial information included herein does not necessarily reflect the financial condition, results of operations or cash flows that Solventum would have achieved as a separate, publicly traded company during the periods prior to the Spin-Off or those that Solventum will achieve in the future primarily as a result of the factors described below: •Prior to the Spin-Off, Solventum’s working capital requirements and capital for its general corporate purposes, including capital expenditures and acquisitions, had historically been satisfied as part of the corporate-wide cash management policies of 3M. Following the Spin-Off, Solventum’s results of operations or cash flows may be more vulnerable to changing market conditions and therefore more volatile.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“In addition, current or worsening economic conditions, including recessionary pressures, may adversely affect the ability of Solventum’s customers to pay for its products and services, and the amount spent on healthcare generally, which could result in decreased demand for Solventum’s products and services, declining cash flows, longer sales cycles, slower adoption of new technologies and increased price competition.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“The Registrants are subject to risks associated with a changing economic environment, customer behaviors, including increased energy conservation, and adoption patterns of technologies by customers. The consumption and use of energy are linked to economic activity. This relationship is affected over time by changes in the economy, customer behaviors, and technologies.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“An economic downturn could be caused by a variety of factors, including wars, geopolitical instability, acts of terrorism, political or financial crises or uncertainty, government shutdowns, trade policies (including tariffs and other trade measures) of the United States and other countries, government fiscal policy, future pandemic health events, or cyclical economic factors. Any economic downturn could negatively impact customer growth and usage per customer.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Europa sliter med svak vekst, politisk ustabilitet og økende budsjettunderskudd, spesielt i Tyskland og Frankrike. Tyskland har hatt nær nullvekst i to år, med mistillit fra næringslivet som følge av høye energipriser.”
Annual report 2024A · The company itself
Driver · weakens · strength 1/3
“Selv om det har vært lavere aktivitet ikke økt konkursraten i sektorene noe vesentlig, og tjenesteytende næringer er fortsatt godt diversifisert for det øvrige næringslivet.”
Annual report 2024A · The company itself
Driver · mixed effect · strength 2/3
“Den globale økonomien forventes å vokse med litt under 3% 2025. USA har et anslag på 2,5%, Europa under 1%, og Norge rundt 1%.”
Annual report 2024A · The company itself
Driver · strengthens · strength 2/3
“Markedsveksten målt ved kredittindikatoren K2 var henholdsvis 3,7 prosent og 1,3 prosent for husholdninger og ikke-finansielle foretak.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“Volumveksten er påvirket av større enkelt engasjementer i bedriftsmarkedet, og den generelle låneetterspørselen har gjennom året vært lav.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“Den generelle låneetterspørselen fra næringslivet er fortsatt lavere enn normalt.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“Her i Midt-Norge har både husstander og bedrifter kjent på en trangere økonomi.”
Annual report 2024A · The company itself
Driver · strengthens · strength 2/3
“I samarbeid med lokale idrettslag og med støtte fra samfunnsutbyttet ble det holdt foredrag, sceneshow og mini-VM i 10 steder i SpareBank 1 SMNs nedslagsfelt. • Etter en periode med redusert, men positiv kredittvekst til husholdninger, har tolvmåneders kredittvekst til husholdninger økt til 3,7 prosent per desember 2024. Tilsvarende tall for ikkefinansielle foretak er 1,3 prosent.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“Personalkostnader 939 828 13,3 % Av/nedskrivninger 105 92 14,3 % IKTkostnader 382 331 15,7 % Markedsføring 83 77 7,0 % Driftskostnader faste eiendommer 58 64 10,4 % Fusjonskostnader 47 4 Øvrige driftskostnader 297 244 22,1 % Sum driftskostnader 1 911 1 640 16,5 % Tap på utlån og garantier I 2024 hadde morbanken en netto kostnad på 254 (232) millioner kroner ved tap på utlån og garantier.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“Vi ser samtidig merk bart lavere aktivitet i flere bransjer på Østlandet. Flere bransjer har vært påvirket av økte priser, høyt rentenivå og lavere etterspørsel gjennom 2024. – De fleste klarer seg likevel godt, men noen bransjer treffes hardere enn andre.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“Økonomien har over lang tid vært preget av høyere kostnadsvekst enn normalt, et høyt og tidvis variabelt nivå på energipriser, økte renter, og svak økonomisk vekst.”
Annual report 2024A · The company itself
Driver · strengthens · strength 2/3
“En bedre økonomisk situasjon for husholdningene vil være positivt for bedriftene i markedsområdet. Det vil kunne bidra til bedre inntjening, vekst i bedriftsinvesteringer, og økt kredittetterspørsel.”
Annual report 2024A · The company itself
Driver · strengthens · strength 2/3
“Veksten i norsk økonomi har vært lav, men gradvis økende gjennom 2024. Husholdningenes kjøpekraft har bedret seg, drevet av god lønnsvekst og lavere prisvekst. Norges Bank har holdt styringsrenten uendret, men signaliserer rentekutt i første halvår av 2025.”
Annual report 2024A · The company itself
Driver · mixed effect · strength 2/3
“Det er store ulikheter mellom næringene, med høy produksjonsvekst i oljeleverandørnæringen, mens varehandelen og bygg og anleggsbransjen opplever fallende aktivitet.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“Kredittveksten for bedriftene var fallende gjennom 2024.”
Annual report 2024A · The company itself
Strategy · strengthens · strength 2/3
“Vi bestreber oss på å være en offensiv og tydelig bank som bygger gode relasjoner og tillit, blant annet gjennom å synliggjøre bankens egenart med åpen og troverdig kommunikasjon til kunder og andre interessenter. Vi beholder forspranget til andre banker på KRI-indeksen, både når det gjelder relasjon og posisjon Vi kjenner kundene og leverer de beste kundeopplevelsene Vi kjenner kundene og leverer de beste kundeopplevelsene Vi skaper morgendagens relasjonsbank i et raust og engasjerende arbeidsmiljø Vi er en tydelig pådriver for bærekraftig omstilling Vi har ett av de mest attraktive egenkapitalbevisene på Oslo Børs Vårt målbilde beskriver hvordan vi skal jobbe innenfor fire sentrale målområder i denne strategiperioden ØSTLANDET”
Annual report 2024A · The company itself
Driver · strengthens · strength 1/3
“Bankens viktigste interessenter ble på strategisamlingene definert som kunder, ansatte, eiere og investorer og samfunnet på Vestlandet. Alle er opptatt av hvordan Sparebanken Vest ivaretar sitt samfunnsoppdrag og bidrar til en bærekraftig omstilling av vår region.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“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
Driver · weakens · strength 2/3
“Økonomiske utfordringer i samfunnet, som strammere marginer i næringslivet og svakere privatøkonomi, kan øke både motivasjonen og omfanget av denne typen kriminalitet.”
Annual report 2024A · The company itself
Strategy · strengthens · strength 2/3
“Banken benytter scenarioer fra Bank of England og Network for Greening the Financial System (NGFS) for å vurdere påvirkning på kapital-, markeds- og likviditets risiko. Disse scenarioene blir benyttet i bankens stresstester i bankens ICAAP- og ILAAP-prosesser, og er tilpasset Sparebanken Vest sin kontekst, risikoprofil og forretningsmodell.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“Yhtiö päättää tapauskohtaisesti USD:n suojaamisesta • Makrotalousympäristön epävarmuus, mikä voi vaikuttaa sekä yhtiön operatiivisiin kustannuksiin ja rahoituskuluihin että asiakkaiden päätöksentekoon ja tuotteiden kysyntään. Epävarmuutta aiheuttavia tekijöitä ovat esimerkiksi korkea inflaatio ja kohonneet markkinakorot, globaali pandemia tai kansainvälinen konflikti kuten sota.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Adverse economic cycles or conditions, and Customer, regulatory or government responses to those cycles or conditions, have affected and could further affect our results of operations.”
Annual report 2026A · The company itself
Driver · weakens · strength 2/3
“Nettoomsättningen ökade med 4,0% (-2,5%) och EBITA med 5,2% (-21,1%) trots en ihållande lågkonjunktur, medan kassaflödet från den löpande verksamheten ökade med 47,5% till 59,9 (40,6) MSEK.”
Annual report 2024A · The company itself
Driver · mixed effect · strength 2/3
“Skulle konjunkturen försämras och vissa fordonsinnehavare väntar med att skifta till nya däck, är Stockwiks bedömning att detta till del eller helt kompenseras av en stigande efterfrågan på regummerade däck.”
Annual report 2024A · The company itself
Driver · mixed effect · strength 2/3
“TJÄNSTER Tjänster uppvisar en låg konjunkturkänslighet. Efterfrågan drivs av kundernas ständiga och i lag reglerade behov av ekonomitjänster kring sina verksamheter respektive inköp av varor och tjänster samt säker tillgänglighet av data för sina verksamheter och tjänster.”
Annual report 2024A · The company itself
Driver · strengthens · strength 2/3
“Detta ger en tämligen bred och mångfacetterad mix med ett icke obetydligt inslag av offentlig sektor, vilket är riskreducerande för Stockwik, som uppvisar låg konjunkturkänslighet.”
Annual report 2024A · The company itself
Strategy · strengthens · strength 2/3
“Stockwik investerar i verksamheter som uppvisar en låg grad av konjunkturkänslighet och hög stabilitet över tid.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“Det høye rentenivået de siste årene gir en risiko for resesjon i årene fremover.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“Men klimaendringene kan gi lavere økonomisk vekst og påvirke bedriftenes lønnsomhet på bred basis, spesielt på lang sikt. Hvis den globale oppvarmingen eller konsekvensen av denne på samfunn og bedrifter blir mer negativ enn det markedet nå tror, kan det gi verdifall for Storebrands investeringer.”
Annual report 2024A · The company itself
Strategy · strengthens · strength 2/3
“Vår største påvirkning har vi som kapitaleier og kapitalforvalter. Vi er forpliktet til å investere våre kunders pensjons- og sparepenger effektivt og ansvarlig, og hjelpe dem med å oppnå økt økonomisk trygghet og frihet.”
Annual report 2024A · The company itself
Strategy · strengthens · strength 2/3
“Selve investeringsvurderingen og løpende oppfølging/ forvaltning vil prioriteres for å nå målet om at 90 prosent av infrastrukturinvesteringene skal være i tråd med netto-null-banen innen 2030. Storebrand vil sikre at aktsomhetsvurderingen av en investeringsmulighet inkluderer en vurdering av tiltak og planer for at investeringen skal være i tråd med netto-null-banen.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“I Europa var væksten mere afdæmpet. Eurozonen voksede samlet set med ca. 1,5% i 2025, mens Tyskland kun havde en svag fremgang.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“We have also reduced prices for certain products due to increased competition and if we further reduce prices, we could become less profitable.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“The overall macroeconomic and geopolitical environment, including tariffs or changes in trade policies, slower economic growth or recession, market volatility and inflation, and uncertainty regarding all of the foregoing, pose risks that could impact our business and results of operations.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“De finansiella marknaderna har under året präglats av ett antal makroekonomiska faktorer såsom centralbankernas inflationsbekämpning och återhämtningstakten i världsekonomin. I augusti utlöste den japanska centralbankens beslut att höja policyräntan betydande volatilitet på de globala marknaderna. Volatiliteten stabiliserades kort därefter men på en högre nivå än under första halvan av 2024.”
Annual report 2024A · The company itself
Driver · weakens · strength 1/3
“Indikationer på världsekonomins hård- eller mjuklandning har tidvis orsakat högre volatilitet i marknaden.”
Annual report 2024A · The company itself
Driver · weakens · strength 1/3
“Detta motverkas i viss mån av negativ ratingmigration i kundstocken. Utöver detta har ett antal mindre faktorer sammantaget bidragit till minskningen av reserveringsbehovet under året.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“Banken har under året tillämpat en expertbaserad reservering baserad på ökade kreditrisker kopplade till osäkerheter som ej bedöms fullt ut fångas av bankens riskmodeller. Dessa osäkerhetsfaktorer är främst kopplade till makroekonomiska förutsättningar och potentiell betydande förändring i efterfrågebilden.”
Annual report 2024A · The company itself
Driver · mixed effect · strength 2/3
“Nuvärde av framtida kassaflöden mkr 2024 2023 2024 2023 >10 år Summa Risker i försäkringsavtal Genom försäkringsavtal är banken främst exponerad för marknadsrisk, kreditrisk, likviditetsrisk och försäkringsrisk.”
Annual report 2024A · The company itself
Strategy · strengthens · strength 2/3
“Banken har och ska ha låga kreditrisker. Handelsbankens tolerans för kreditrisker återspeglas i en förväntan om att banken ska ha en god kapacitet för kreditgivning även i en allvarlig lågkonjunktur utan hjälp av statligt stöd. Detta uppnås bland annat genom den starka lokala förankringen och de nära kundrelationerna.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“The telecommunications industry is highly competitive. As the industry reaches saturation, competition in all market segments, including prepaid, postpaid, enterprise and government customers will likely further intensify, putting pressure on pricing and/or margins for us and all our competitors.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Our ability to service our substantial debt obligations will depend on future performance, which will be affected by business, economic, market, and industry conditions and other factors. There is no guarantee that we will be able to generate sufficient cash flow to service our debt obligations when due.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Finally, the revenues that we derive from advertisements and offers is subject both to seasonality, as companies’ advertising budgets are generally highest during the fourth calendar quarter and decline significantly in the first calendar quarter of the following year, which negatively impacts our revenues in such first calendar quarter, and to the financial health of advertisers, who, as they experience downturns or uncertainty in their own business operations for various reasons, such as the economic effects resulting from world events, may decrease their advertising spending.”
Annual report 2026A · The company itself
Driver · strengthens · strength 2/3
“Residential construction activity recovered in both Denmark and Norway in 2025 following the sharp market correction experienced after the peak in 2022”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Norway, our largest international market, faced continued challenges, including an economic slowdown that affected consumer confidence and demand for home improvement products.”
Annual report 2025A · The company itself
Strategy · strengthens · strength 2/3
“Strategy TCM Group’s strategy is to deliver double-digit annual growth in the short to medium term across all brands, markets and channels. At the same time, we are committed to sustaining top tier profitability and robust cash flow.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Macroeconomic and geopolitical risk The global economy has faced continually increasing challenges over the past years, with slowing growth and higher inflation in Techstep’s key markets, which may impact financial results and weaken the economic outlook.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“Suurin osa Tecnotreen liikevaihdosta tulee kehittyvistä maista, joista useissa on sekä poliittisia että taloudellisia haasteita. Riskinä on, että laskujen maksu näissä maissa viivästyy huomattavasti ja että Tecnotree joutuu kirjaamaan luottotappioita.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“I Baltikum har vi fortsatt att upprätthålla stark tillväxt både i omsättning och resultat genom framgångsrikt genomförande av vår mobilcentrerade konvergens- och mer-för-mer-strategi, trots fortsatt utmanande makroekonomiska förutsättningar.”
Annual report 2024A · The company itself
Driver · mixed effect · strength 2/3
“Under 2024 ökade intäkterna med 2% organiskt till 29 583 (29099) miljoner kronor för koncernen, drivet av fortsatt stark tillväxt i Baltikum och en stabil tillväxt inom konsumentverksamheten i Sverige men delvis motverkat av en nedgång främst inom operatörs - intäkter.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“Telekombranschen är starkt konkurrensutsatt, vilket kräver att Tele2 ständigt utvecklar sin teknik och sina tjänster för att behålla sin marknadsposition. I denna strävan efter innovation och tillväxt kan den konkurrensutsatta miljön innebära risker kopplade till stress och balans mellan arbete och privatliv om de inte hanteras på rätt sätt.”
Annual report 2024A · The company itself
Driver · strengthens · strength 2/3
“Som en vinstdrivande organisation är Tele2 beroende av lönsamhet för att säkerställa sin långsiktiga hållbarhet och fortsatta verksamhet. Företagets vinster bidrar till ekonomisk aktivitet genom löner, skat - teinbetalningar och upphandling av varor och tjänster, vilket driver ekonomisk tillväxt, gynnar samhällen i stort och skapar positiva effekter för regeringar.”
Annual report 2024A · The company itself
Driver · strengthens · strength 2/3
“Socioekonomiska konsekvenser av IKT och digital utbildning Forskning visar att en ökning med 10 % i användningen av mobilt bredband i genomsnitt kan öka den ekonomiska tillväxten med upp till 0,8 %, och effekten är betydligt högre i låginkomstländer 1) . På samma sätt kan ökningar av skolors uppkoppling ha betydande effekter på den ekonomiska tillväxten, med potentiellt tvåsiffriga tillskott till BNP om låginkomstländer uppnår samma uppkopplingsnivåer som de mest uppkopplade ekonomierna 2) .”
Annual report 2024A · The company itself
Driver · strengthens · strength 2/3
“In the Nordics, the focus continues to be on transforming our leading operations to ensure superior customer experiences and solid value creation also in the years to come. In Asia, we continue developing our market-leading telecom positions.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“Going forward, a broader worldwide trade war and increased tariffs may lead to economic disruption and higher prices, which in turn may delay the tapering of interest rates. This is likely to result in reduced spending by consumers and businesses.”
Annual report 2024A · The company itself
Driver · mixed effect · strength 2/3
“Taloudelliset syklit ja erityisesti tietoliikenne- ja joukkoliikenneoperaattoreiden investointiaktiviteettien tason vaihtelu vaikuttavat yhtiön tuotteiden ja palveluiden kysyntään.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Euroopassa vuoden 2025 aikana asiakasinvestoinnit olivat maltillisella tasolla, johtuen alkuvuoden korkeammasta korkotasosta ja talouden yleisestä epävarmuudesta.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Även den makroekonomiska situationen innebär fortsatta utmaningar. Många B2C-kunder fortsätter att nedgradera sina tjänster eller migrera till lågprisvarumärken medan B2B-kunderna omvärderar sina telekom- och IT-budgetar.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“Makroekonomiska och geopolitiska risker Beskrivning Den nuvarande osäkra makroekonomiska och geopolitiska situationen fortsätter att skapa ökade finansiella risker för Telia. B2C-kunderna upplever minskad köpkraft.”
Annual report 2024A · The company itself
Driver · mixed effect · strength 2/3
“Sales of vehicles in the automotive industry tend to be cyclical in many markets, which may expose us to further volatility.”
Annual report 2025A · The company itself
Driver · strengthens · strength 2/3
“Looking ahead, strong capital discipline among energy companies is expected to continue as the upcycle extends. Offshore spending is projected to increase slightly in 2025, making it a more favorable segment than the overall plateauing E&P investment level.”
Annual report 2024A · The company itself
Strategy · strengthens · strength 2/3
“Acknowledging the cyclical nature of the energy data industry, it is important to run a resilient business that is robust independent of market conditions with the ability to capitalize on changing market conditions. The key components of a resilient business are a horizontally and vertically integrated offering, a flexible and scalable cost structure and a solid balance sheet.”
Annual report 2024A · The company itself
Strategy · strengthens · strength 2/3
“Under TGS’ business model, discretionary investments in new multi-client projects and capital expenditures related to assets are the largest use of the Group’s cash. These investments can relatively quickly be scaled down if market conditions worsen, thus reducing negative impacts on the Group’s cash flow.”
Annual report 2024A · The company itself
Driver · strengthens · strength 2/3
“Gæsternes efterspørgsel vil de kommende år være påvirket af usikkerhed i verdensbilledet, det økonomisk klima”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Our operations and revenues are affected by consumer tastes and entertainment trends, including the market demand for the distribution rights to live events, which are unpredictable and may be affected by factors such as changes in the social and political climate, global epidemics or general macroeconomic factors.”
Annual report 2025A · The company itself
Driver · strengthens · strength 2/3
“Nettoomsättningen ökade med 13 procent under 2024.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“Över lag har försäljningen inom Products & Solutions präglats av stora svängningar under 2023 och 2024, där dessa variationer har varit bestående under de senaste sex kvartalen. Vi verkar i en osäker miljö som påverkas av makroekonomiska faktorer, regionala skillnader, förändring av fokus inom branschen och andra faktorer, så det finns ingen enskild orsak till variationerna.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“Information om finansiella risker och tillhörande riskhantering, utöver vad som redovisas nedan, återfinns i not 3 GEOPOLITISKA RISKER Globala marknadstrender och ändrade marknads - förhållanden Koncernen är ständigt utsatt för både lokala och globala makroekonomiska fluktuationer, oförutsedda händelser och oroligheter (till exempel naturkatastrofer, sanktioner och blockeringar, tullar, driftstörningar och pandemier). Om koncernen ådrar sig merkostnader och/eller får lägre omsättning på grund av lokala fluktuationer inom tillgång, efterfrågan eller priser kan detta ha negativ inverkan på koncernens verksamhet, lönsamhet och ekonomiska ställning.”
Annual report 2024A · The company itself
Driver · mixed effect · strength 2/3
“Taloudellisen matalasuhdanteen vaikutus halpakauppaan on muuta vähittäiskauppaa pienempi, mutta se vaikuttaa merkittävästi etenkin kalliimpien tuotteiden kysyntään.”
Annual report 2025A · The company itself
Driver · mixed effect · strength 2/3
“Hallituksen toimintakertomus Kestävyysraportti Tilinpäätös Hallituksen toimintakertomus ja tilinpäätös 110 Tavoitteet ja toimet asiakkaisiin kohdistuvien vaikutusten ja niistä johtuvien riskien hallintaan KPI: Luottamus&Maine -tutkimus – kestävyyspisteet / yhtiön kokonaispistemäärä Tokmanni - ja Dollarstore-myymäläketjuissa toteutetaan vuosittain Luottamus&Maine -tutkimus osana systemaattista sidosryhmävuorovaikutusta. Tutkimuksessa kysytään vastaajien näkemyksiä kahdeksasta eri osa-alueesta, muun halukkuudesta asioida yrityksessä, työskennellä yrityksessä ja sijoittaa siihen. Luottamus&Maine -tutkimus antaa kokonaiskuvan siitä, miten asiakkaat arvioivat vähittäiskauppaketjun luotettavuutta ja yleistä asemaa.”
Annual report 2025A · The company itself
Strategy · strengthens · strength 2/3
“Tokmanni -konserni seuraa tarkasti talouden kehitystä ja pyrkii ottamaan huomioon talouden vaihtelut etenkin resurssisuunnittelussaan ja ostoja toimitusketjutoiminnassaan.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“If there were a deterioration in the global economy, the economies of the countries or regions where our customers are located or do business, or the industries that we or our customers serve, the demand for our products and services would likely decrease.”
Annual report 2026A · The company itself
Driver · weakens · strength 2/3
“Table of Contents Our customer acquisition and renewal rates may decline or fluctuate as a result of a number of factors, including customer preferences and budgetary constraints, overall economic conditions, competitive products and emerging AI offerings, and customer satisfaction or dissatisfaction with our products and services.”
Annual report 2026A · The company itself
Driver · weakens · strength 2/3
“The U.S. cattle market is currently experiencing limited supply of market-ready cattle and uncertainty exists regarding the timing of anticipated cattle herd rebuild.”
Annual report 2025A · The company itself
Driver · strengthens · strength 2/3
“Additionally, for the three months ended December 31, 2025, consumers who used both Mobility and Delivery generated over three times the Gross Bookings as compared to consumers who used a single offering in countries where both Mobility and Delivery were offered.”
Annual report 2025A · The company itself
Driver · strengthens · strength 2/3
“Euroopassa talouden kasvuedellytyksiä tuettiin monin tavoin. Euroopan keskuspankin koronlaskujen lisäksi talousnäkymille saatiin tukea myös eri maiden elvytyspaketeista ja kasvavista puolustusinvestoinneista.”
Annual report 2025A · The company itself
Driver · strengthens · strength 2/3
“Maailmantalouden kasvunäkymä on viime kuukausina vahvistunut, sillä Yhdysvaltojen vuoden 2025 aikana asettamien tullien vaikutukset talouskasvuun ja inflaatioon näyttäisivät jääneen odotettua vähäisemmiksi. Erityisesti Yhdysvalloissa BKT-ennusteet ovat olleet viime aikoina nousussa, ja tämän hetken odotukset povaavat maahan noin 2,5 prosentin talouskasvua.”
Annual report 2025A · The company itself
Driver · strengthens · strength 2/3
“Myös Euroopassa talouskasvun odotetaan piristyvän. Optimismiin antavat aihetta etenkin Saksan hallituksen lähivuosille ilmoittamat yli biljoonan euron investoinnit, jotka suuntautuvat erityisesti infrastruktuuriin ja puolustukseen.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Kansainvälisen toimintaympäristön epävakaus voi aiheuttaa riskejä talouskasvulle esimerkiksi investointien tai kulutuksen hidastumisen kautta.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Unfavorable economic conditions may have a range of impacts on the demand for our products and services. Such conditions also have caused and in future periods could continue to cause employers to stop offering certain health care coverage as an employee benefit or elect to offer particular coverage on a voluntary, employee-funded basis to reduce their operating costs.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“In general, our bids are based upon certain assumptions regarding enrollment, utilization, medical costs and other factors. If any of these assumptions are materially incorrect, either as a result of unforeseen changes to the programs on which we bid, implementation of material program or policy changes after our bid submission, or submissions by our competitors at lower rates than our bids, our results of operations, financial position and cash flows could be materially and adversely affected.”
Annual report 2025A · The company itself
Strategy · strengthens · strength 2/3
“We could sustain competitive disadvantages and loss of market share if we fail to continue developing innovative care models, including by accelerating the transition of care to value-based models that achieve higher quality outcomes and better experiences at lower costs and expand access to virtual and in-home care.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Cyclical and highly competitive markets In all markets UPM operates in, the price level is determined by a combination of supply and demand and an imbalance between them could cause the prices of UPM’s products to fluctuate significantly. Imbalances in supply and demand may be caused by factors such as decreases or increases in the end-use demand, changes in customer preferences, market adjustments to Russia's ongoing war in Ukraine or global trade tensions, or a new production capacity entering the market or an old production capacity being closed, all of which may affect both the demand volume and price level of UPM’s products.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“The previous two years have been exceptional in the meteorology and aviation markets, driven by various modernization projects, and in 2025 these markets have normalized and returned to their historical growth rates. Renewable energy market faced headwinds in 2025 as Vaisala’s core wind resource assessment market slowed down significantly.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“En del av VBG Groups produkter riktar sig till traditionellt cykliska branscher såsom tyngre kommersiella fordon samt diverse industrisegment såsom stål- och gruvindustrin.”
Annual report 2024A · The company itself
Driver · strengthens · strength 2/3
“Efterfrågan på produkter och lösningar varierar stort utifrån geografi och marknad. I Asien och Sydamerika styrs efterfrågan av en stadigt ökande industriell tillverkning, medan efterfrågan på mogna marknader som Västeuropa och Nordamerika främst påverkas av ökad automatisering och effektivisering av kundernas system.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“Our managers, tenants and borrowers depend on their ability to attract seniors, patients and other users of their services to their businesses, which may be affected by many factors, including, among other factors: (i) prevailing economic conditions and market trends, including market volatility, inflation and the strength of the economy generally and the housing market in particular; (ii) the ability to pay for such services, either through private resources or government reimbursement programs; (iii) consumer confidence; (iv) demographics; (v) property conditions; (vi) clinical conditions and safety, including as a result of a severe cold and flu season, an 21 Table of Contents epidemic or any other widespread illness or pandemic; (vi) public perception about such healthcare services; and (vii) social and environmental factors.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Further, we are exposed to general economic conditions, local, regional, national and international economic conditions and other events and occurrences that affect the markets in which we own properties. Our operating performance is impacted by the economic conditions of the specific markets in which we have concentrations of properties and could be adversely affected if conditions become less favorable in any such markets.”
Annual report 2025A · The company itself
Driver · strengthens · strength 2/3
“Our tenants’ ability to raise capital depends on the timely success of their research and development activities, viability of their products and technologies, their financial and operating condition and outlook and the overall financial, economic and legal and regulatory environment. If private investors, the federal government, universities, public markets or other sources of funding are unwilling or unable to fund these tenants because of general economic conditions, adverse market conditions or otherwise, a tenant may not be able to pay rent or meet its other obligations to us and its business may fail.”
Annual report 2025A · The company itself
Driver · strengthens · strength 2/3
“Property-level operating expenses (307,733) (298,320) (9,413) (3.2) NOI $ 590,169 $ 579,271 $ 10,898 1.9 % Segment Properties at December 31, Occupancy at December 31, Annualized Average Rent Per Occupied Square Foot for the Years Ended December 31, 2025 2024 2025 2024 2025 2024 Total OM&R 409 426 88.6 % 88.3 % $ 38 $ 37 The increase in our OM&R segment NOI in 2025 over the prior year was primarily due to new leasing activity, high tenant retention and additional NOI from a development project placed in service, partially offset by higher property-level operating expenses and dispositions.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Our growth can suffer if the markets into which we sell our products and services decline, do not grow as anticipated or experience cyclicality. Our growth depends in part on the growth of the markets which we serve, and visibility into our markets can be limited (particularly for markets into which we sell through distribution).”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Table of Contents Financial and Economic Risks Related to Our Business General economic, political and market forces and dislocations beyond our control could reduce demand for our solutions and harm our business. The demand for our solutions may be impacted by domestic and international factors that are beyond our control, including macroeconomic, political and market conditions, global supply chain disruption, the availability of short-term and long-term funding and capital, the level and volatility of interest rates, currency exchange rates, and inflation.”
Annual report 2025A · The company itself
Market · strengthens · strength 2/3
“Within Catastrophe and Risk Solutions, we serve reinsurers, insurers, brokers, governments, and corporations by helping them identify, quantify and plan for the financial consequences of catastrophes.”
Annual report 2025A · The company itself
Driver · strengthens · strength 2/3
“Annual revenue growth (CAGR) of over 5 percent, faster than the market 2.”
Annual report 2025A · The company itself
Driver · strengthens · strength 1/3
“We maintain a strong financial profile as we continue to invest in our serial innovation strategy, launch new products, advance our diverse pipeline, and expand geographically.”
Annual report 2025A · The company itself
Driver · mixed effect · strength 2/3
“Competition may be based, among other things, on efficacy, safety, availability, patient convenience, frequency of dosing, ease of use, delivery devices and overall patient experience; formulary placement, price, payer coverage and reimbursement rates; regulatory approvals and exclusivity; patent and other intellectual property positions; marketing effectiveness; and research and development of new products, processes, modalities, indications, and uses. Early market entry and rapid patient access can also be important to achieve product acceptance and success. Accordingly, the relative speed with which we can develop therapies, complete the testing and approval process, and supply commercial quantities of such therapies will have a significant impact on our competitive position.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Focus on cost control and delivery The offshore wind value chain has faced rising supply chain and financing costs in past years, and recent turbulence has been shaped even more by political and geopolitical factors. Despite industry headwinds, we have focused on managing our cost and delivering on our commitments.”
Annual report 2025A · The company itself
Driver · strengthens · strength 2/3
“With our robust project pipeline, plus the need for affordable, secure and sustainable energy, the outlook for our Development business remains positive.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Utmaningarna på annonsmarknaden fortsatte att sätta press på vår verksamhet under året, och reklamförsäljningen minskade organiskt med 1%, då tillväxten i digital reklamförsäljning inte fullt ut kunde kompensera för nedgången i linjär-tv och radioreklam.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“Allmän ekonomisk och marknadsutveckling i kombination med fast kostnadsnivå för innehållsåtaganden Den globala makroekonomiska utvecklingen med geopolitiska risker och fortsatt höga priser sätter press på både bolag och hushåll.”
Annual report 2024A · The company itself
Driver · strengthens · strength 2/3
“According to the WHO, coronary heart disease is the number one cause of death globally. With its acquisition of selatogrel and licensing agreement for sotagliflozin, Viatris is continuing to build on its strong presence in cardiovascular disease.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Operational Risks Current and changing economic conditions, including inflation, may adversely affect our industry, business, partners and suppliers. The global economy continues to experience significant volatility, and the economic environment may become less favorable.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“LÅG KÄNSLIGHET FÖR KONJUNK- TURFÖRÄNDRINGAR Vitec är verksamt inom många olika vertikaler, vilket minskar sårbarheten av att vara kopplad till en enskild bransch. Genom att arbeta med ett brett kundsegment på nischade och ofta reglerade marknader reducerar vi känsligheten för konjunkturförändringar.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“Under 2024 har nyförsäljningen varit något avvaktande i vissa vertikaler, medan merförsäljningen till befintliga kunder har fortsatt att utvecklas positivt.”
Annual report 2024A · The company itself
Driver · mixed effect · strength 2/3
“För samarbetspartner till kliniker, som Vitrolife Group, är den här tillväxten hänförlig till ökad användning av genetisk testning och time-lapse, liksom av förbruknings - varor. En osäker makroekonomisk miljö kan innebära utmaningar eftersom kostnaderna för fertilitets - behandling är jämförelsevis höga i delar av världen, framför allt i USA. Men eftersom försäkrings- och ersättningssystem fortsätter att öka kommer detta att minska de egna utgifterna över tid, vilket gör branschen mindre exponerad till makroekonomiska fluktuationer. På kort sikt kan marknadsvillkoren för Vitrolife Group påverkas av allmänna marknadsvillkor såsom regleringar, handelshinder, sanktioner, kunders uppfattning med mera, vilket kan påverka delar av vår produkt- och tjänsteportfölj.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“Oavsett den förväntade marknadstillväxten under de kommande åren kan efterfrågan på privatfinansierade IVF-behandlingar påverkas av en nedgång i den allmänna konjunkturcykeln, särskilt i länder med få eller inga statliga subventioner, ersättningssystem och/eller försäkringsprogram.”
Annual report 2024A · The company itself
Driver · mixed effect · strength 2/3
“Värdet på fastigheterna påverkas både av vårt agerande i fastighetsförvaltningen och av det allmänna marknadsläget. Fastigheter i attraktiva lägen minskar risken för värdenedgång i lågkonjunktur.”
Annual report 2024A · The company itself
Driver · strengthens · strength 2/3
“Kassaflöden påverkas av kommersiella faktorer som bland annat marknadstillväxt, konkurrenskraft, priser, marginaler, kostnadsutveckling, investeringsnivåer, rörelsekapitalbindning, förväntade pris- och efterfrågansnivåer avseende el, ursprungsgarantier och elcertifikat samt väder och vindförhållanden. Vid diskonteringen tillkommer bedömning av finansiella faktorer som ränteläge, lånekostnader, marknadsrisk, betavärden och skattesatser.”
Annual report 2024A · The company itself
Strategy · strengthens · strength 2/3
“Goda relationer med flera olika kreditgivare ger goda förutsättningar för finansiering. • Fokus på stark soliditet och likviditet. • Likviditetsprognoser uppdateras löpande i syfte att optimera kassahållningen. • Låneportfölj med olika löptider och fördelad mellan olika kreditformer och kreditgivare. • Räntederivat används för riskspridning, för att skydda den underliggande portföljen och för att flexibelt kunna påverka låneportföljens räntebindningstid. • Fastigheter i attraktiva lägen minskar risken för värdenedgång i lågkonjunktur. • Lönsamhet säkras även vid förändrat konjunkturläge genom högt ställda krav på avkastning på investerat kapital.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“In addition, the economic factors listed above, any other economic factors or circumstances resulting in higher transportation, labor, insurance or healthcare costs or commodity prices, including energy prices, and other economic factors in the U.S. and other countries in which we operate can increase our cost of sales and operating, selling, general and administrative expenses and otherwise materially adversely affect our operations and operating results.”
Annual report 2026A · The company itself
Driver · strengthens · strength 2/3
“The Company typically experiences seasonality in its orders that is reflected as an increase in sales in the fourth quarter, as a result of purchasing habits for capital goods of many customers who tend to exhaust their spending budgets by calendar year-end.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“The demand for the Company’s products is dependent upon the size of the markets for its products; the timing and level of capital spending and expenditures of the Company’s customers; changes in governmental regulations, particularly those affecting drug, food and drinking water testing and medical devices; funding, including government funding, available to academic, governmental and research institutions; health policy; export controls; general economic conditions and the rate of economic growth in the Company’s major markets; and competitive considerations.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Risks and Uncertainties The Company is subject to risks common to companies in the analytical instrument industry, including, but not limited to, global economic and financial market conditions, fluctuations in foreign currency exchange rates, fluctuations in customer demand, development by its competitors of new technological innovations, costs of developing new technologies, levels of debt and debt service requirements, risk of disruption, dependence on key personnel, protection and litigation of proprietary technology, shifts in taxable income between tax jurisdictions and compliance with regulations of the U.S.”
Annual report 2025A · The company itself
Driver · strengthens · strength 2/3
“The Maritime Services’ operation has in 2024 been supported by a positive global shipping market, with income also lifted by bolt-on acquisitions and inflationary impact.”
Annual report 2024A · The company itself
Driver · strengthens · strength 2/3
“Looking further ahead, Wilhelmsen believes that the Maritime Services market will continue to grow, supported by a growing world economy.”
Annual report 2024A · The company itself
Driver · strengthens · strength 2/3
“A favourable supply-demand balance in global ro-ro shipping has lifted the earnings and dividend capacity of the strategic holdings.”
Annual report 2024A · The company itself
Driver · mixed effect · strength 2/3
“Macro All Global economic outlook Balanced and liquid portfolio.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“Williams’, Transco’s, and NWP’s businesses may be negatively impacted by adverse economic conditions or future disruptions in the global financial markets. Included among these potential negative impacts are industrial or economic contraction leading to reduced energy demand and lower prices for Williams’, Transco’s, and NWP’s products and services and increased difficulty in collecting amounts owed to them by customers.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“An uncertain economic environment could also cause our suppliers to go out of business or our banks to discontinue lending to us or our suppliers, or it could cause us to undergo restructurings, any of which could adversely impact our business and operating results.”
Annual report 2026A · The company itself
Driver · weakens · strength 2/3
“For example, the overall economic and general retail sales environment, as well as local and global economic conditions, has recently caused and could continue to cause a decline in our comparable brand revenue results.”
Annual report 2026A · The company itself
Driver · weakens · strength 2/3
“Our global operations in Asia, Australia, Canada, Europe and Mexico could also be affected by changing economic and global political conditions, which could have a negative effect on our business, financial condition and operating results.”
Annual report 2026A · The company itself
Driver · strengthens · strength 2/3
“VUOSI 2024 Liiketoimintaympäristö Yleinen makrotaloudellinen ympäristö Vuonna 2024 maailmantalouden kasvu pysyi laskevien inflaatioja korkotasojen tukemana vakaana edellisvuoteen verrattuna.”
Annual report 2024A · The company itself
Driver · strengthens · strength 2/3
“Lauttaliikennesegmentin myönteistä markkinatunnelmaa tuki taloudellisen toiminnan yhä jatkuva, joskin hidas elpyminen kaikilla keskeisillä markkinoilla.”
Annual report 2024A · The company itself
Driver · strengthens · strength 2/3
“Energiasiirtymän odotetaan kiihtyvän entisestään, sillä pääajurina tuulija aurinkovoiman kapasiteettikasvulle toimii taloudellinen kannattavuus.”
Annual report 2024A · The company itself
Strategy · strengthens · strength 2/3
“Yhtiön kyky luoda lisäarvoa perustuu kahteen strategiseen teemaan: Muutos ja Suorituskyky. Muutos viittaa hiilineutraaliuden synnyttämiin kasvumahdollisuuksiin sähköntuotannossa, säätövoimassa ja vihreämmässä merenkulussa sekä niihin liittyvissä palveluissa.”
Annual report 2024A · The company itself
Driver · weakens · strength 2/3
“Makrotaloudellisen tai globaalin poliittisen ympäristön muutokset voivat vaikuttaa asuntomarkkinoiden kysyntään ja sijoitusten käypään arvoon.”
Annual report 2025A · The company itself
Driver · strengthens · strength 2/3
“Marknaden för avancerad autentisering förväntad årlig tillväxt 2021–2027 Antal kända kontoövertaganden med YubiKeys En bred portfölj av kunder Snabb organisk tillväxt 14% 0 Beprövad strategi som stöds av starka underliggande marknadstrender och flera tillväxtmöjligheter Vår tillväxtstrategi är fokuserad på att utnyttja våra viktigaste styrkor, inklusive en global väletablerad kundbas, ett omfattande partnernätverk, en skalbar försäljningsmodell och stark FoU-kapacitet.”
Annual report 2024A · The company itself
Driver · mixed effect · strength 2/3
“The retail food industry is often affected by: changes in consumer tastes; national, regional or local economic conditions; currency fluctuations; demographic trends; traffic patterns; the type, number and location of competing food retailers and products; and disposable purchasing power.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“If our Concepts’ franchisees fail to adequately capitalize their businesses or incur too much debt, if their operating expenses or commodity prices increase or if economic or sales trends deteriorate such that franchisees are unable to operate profitably or repay existing debt, it could result in their financial distress, including insolvency or bankruptcy, or the inability to meet development targets or obligations. If any significant franchisee of our Concepts individually or in the aggregate becomes financially distressed, as has occurred from time to time, our operating results could be adversely impacted, and we could experience reduced new unit development.”
Annual report 2025A · The company itself
Driver · weakens · strength 2/3
“Price pressure may impact contract wins and renewals Contracts are awarded and renewed on a competitive bid basis, and price competition is often a key factor in determining which supplier bid is successful. The entrance of lower cost providers may influence the Group's market and lead to further competition that might adversely affect profitability.”
Annual report 2024A · The company itself
Driver · strengthens · strength 2/3
“Historically, there has been a growing market interest in outsourcing during periods when companies prioritise operational efficiencies and cost optimisation. The underlying fundamentals remain strong, and Zalaris continues to maintain a robust pipeline of potential new sales across all regions.”
Annual report 2024A · The company itself
Market · strengthens · strength 2/3
“Development, construction, and operation of offshore wind and adjacent technologies aligned with global-, regional-, and national- level decarbonisation goals and a 1.5 °C pathway.”
Annual report 2025A · The company itself
Driver · mixed effect · strength 1/3
“MISO’s bid/offer-based markets compare the cost of IPL and WPL generation against other generators, which affects IPL and WPL generation operations, energy purchases and energy sales. MISO generally dispatches the lowest cost generators, while recognizing current system constraints, to reduce costs for purchasers in the wholesale energy market.”
Annual report 2025A · The company itself
Driver · mixed effect · strength 1/3
“The Company’s assessment as to the adequacy of liquidity relies inter alia on assumptions and significant judgements (in addition to those matters discussed cf. Note 2) applied in the Company's budgets and forecasts as well as customary sensitivities, existing capital resources and assumptions concerning the timing, costs and resources required to undertake the Company’s strategic priorities and tactical decisions, including the timing of marketing ProNephro AKI® (NGAL) in the US, commercialization activities for NGAL tests under CE-mark and Antibodies in Europe, supply chain management, and ongoing R&D, all of which under current circumstances remain difficult to predict.”
Annual report 2025A · The company itself
Driver · mixed effect · strength 1/3
“QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK The Registrants hold commodity and financial instruments that are exposed to the following market risks: •Commodity price risk, which is discussed further below. •Counterparty credit risk associated with non-performance by counterparties on executed derivative instruments and participation in all, or some of the established, wholesale spot energy markets that are administered by PJM.”
Annual report 2025A · The company itself
Driver · mixed effect · strength 1/3
“Goodtech serves a diverse range of industries, reducing exposure to economic fluctuations in any single sector.”
Annual report 2024A · The company itself
Driver · strengthens · strength 1/3
“Tillståndet är vanligare hos personer som lever med neurologiska sjukdomar. Försvagning av nervsignalering i hjärnbarken antas vara en orsak till kognitiv nedsättning och neuropsykiatriska symtom vid Parkinson och andra neurologiska sjukdomar.”
Annual report 2024A · The company itself
Driver · strengthens · strength 1/3
“Mål och utfall Hållbarhetsmål Ekonomisk hållbarhet MÅL Alla bolag Sdiptech förvärvar ska bidra till minst ett av FN:s globala mål för hållbar utveckling UTFALL 2024 De fem bolag som förvärvades under 2024 bidrar till ett eller fler av FN:s hållbarhetsmål (SDGs) KOMMENTAR Under 2024 förvärvades fem bolag: JR Industries: SDG 8.2 diversifiera, förnya och uppgradera för ekonomisk produktivitet.”
Annual report 2024A · The company itself