Aviation and travel

“Our business is also affected by general economic and business conditions worldwide as well as trends in the global travel and hospitality industries and the short and long-term accommodation regulatory landscape. 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

“We may experience significant fluctuations in our results of operations, which make it difficult to forecast our future results. Our results of operations can vary significantly and are not necessarily indicative of future performance due to seasonal fluctuations and other factors. Our business is seasonal, reflecting typical global travel patterns, with the peak travel season occurring in the third quarter across North America and EMEA. We experience seasonality in our Nights and Seats Booked, GBV, Adjusted EBITDA and FCF.”

Annual report 2025A · The company itself

“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

“Electronic Instruments is a leader in the design and manufacture of advanced instruments for the process, power and industrial, and aerospace markets.”

Annual report 2025A · The company itself

“Its end markets include aerospace and defense, medical, automation and other industrial markets.”

Annual report 2025A · The company itself

“The past three years have demonstrated impressive growth in both our business areas, Travel Health and Public Preparedness. While the growth in Travel Health primarily has been driven by solid organic market growth, particularly post-COVID-19, strong brand performance and also by the expansion of the commercial portfolio through an additional acquisition, Public Preparedness has been favored by the recent mpox outbreaks, globally and in Africa.”

Annual report 2025A · The company itself

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

Annual report 2025A · The company itself

“Our portfolio remains, however, somewhat resilient to downtrends in global travel, as we operate in markets, where diseases like rabies and TBE are endemic.”

Annual report 2025A · The company itself

“This highly successful launch delivered revenues of DKK 85 million in the first launch year. As we continue to launch in new markets and further grow our position in this emerging area in 2026, we expect revenue to triple already in the second year of launch, still with peak sales to be reached in years ahead.”

Annual report 2025A · The company itself

“We achieved 30% growth, delivering nearly DKK 3 billion in revenue from this business alone, yet again changing its growth trajectory.”

Annual report 2025A · The company itself

“The rabies and TBE vaccines acquired in 2020, remain our key revenue drivers in Travel Health, and continued a very strong performance in 2025 with 34% and 20% growth, respectively.”

Annual report 2025A · The company itself

“Vimkunya revenue 2025 mDKK Vimkunya ® is a vaccine for immunization against chikungunya, a mosquito-borne disease, which has emerged across several regions in Asia, Africa, and the Americas, including many popular travel destinations. It is the first virus-like particle (VLP)- based chikungunya vaccine for persons aged 12 and older, which was approved and launched in the U.S., the UK and several European countries in 2025.”

Annual report 2025A · The company itself

“Rabipur ® /RabAvert ® is a rabies vaccine for both pre-exposure use for travelers to endemic regions and for post-exposure use by persons in endemic countries potentially at risk after being bitten or scratched by animals carrying the disease.”

Annual report 2025A · The company itself

“Vivotif ® /Typhoral ® is an oral vaccine for immunization against typhoid fever, a potentially life-threatening disease caused by a specific type of bacteria (Salmonella typhi), which is commonly found in Southeast Asia, Africa, the Caribbean, and Central and South America. Vaxchora ® is an oral vaccine for immunization against cholera, a potentially life-threatening disease caused by the bacteria Vibrio cholerae serogroup O1, which is regularly found in South and Southeast Asia and Africa.”

Annual report 2025A · The company itself

“Furthermore, revenue of approximately DKK 3,000 million is expected from Travel Health, and approximately DKK 200 million from contract work.”

Annual report 2025A · The company itself

“CDC’s ACIP committee recommended Vimkunya for persons aged 12+ traveling to outbreak or elevated chikungunya risk regions and for laboratory workers with potential exposure.”

Annual report 2025A · The company itself

“Travel Health We have a leading portfolio of travel vaccines. Smallpox Mpox 2,963 mDKK Revenue from our Travel Health portfolio increased by 30% to DKK 2,963 million (2024: DKK 2,287 million), driven by increased demand for Rabipur/RabAvert and Encepur vaccines, and supported by Vimkunya, our chikungunya vaccine launched in 2025.”

Annual report 2025A · The company itself

“We rely on the operations and performance of third parties in a number of areas that are important to our business, including third-party regional carriers, international alliance partners, technology service providers and ground operation providers at some airports. While we have agreements with certain of these third parties that define expected service performance, we do not have direct control over their operations. To the extent that the operations of a third-party on which we rely are significantly disrupted or if these third parties experience significant performance issues (including failing to satisfy any applicable performance standards) or fail to meet any applicable compliance requirements, our revenue may be reduced, our expenses may be increased and our reputation may be harmed, any or all of which could result in a material adverse effect on our business and results of operations.”

Annual report 2025A · The company itself

“Extended interruptions or disruptions in service at major airports in which we operate or significant problems associated with a type of aircraft or engine we operate could have a material adverse effect on our financial condition and results of operations. The airline industry is heavily dependent on business models that concentrate operations in major airports in the United States and throughout the world. An interruption or disruption at an airport or facility where we have significant operations, whether resulting from air traffic control delays, interruptions in other government services or staffing shortages (including as a result of prolonged government shutdowns), failure of computer systems or technology infrastructure, weather events or natural disasters, or performance issues from third-party service providers, if sustained for an extended period of time, could have a material adverse effect on our business, financial condition and results of operations.”

Annual report 2025A · The company itself

“Our commercial relationships with airlines in other parts of the world and the investments that we have in certain of those carriers may not produce the results or returns we expect. An important part of our strategy to expand our global network has been to develop and expand strategic relationships with a number of airlines through joint ventures and other forms of cooperation and support, including equity investments. These relationships and investments involve significant challenges and risks, including that joint ventures or cooperation agreements may be subject to ongoing review and renewal requirements and may not generate the expected financial results, or that we may not realize a satisfactory return on our investments.”

Annual report 2025A · The company itself

“BUSINESS General As a global airline based in the United States, we connect customers across our expansive global network with a commitment to ensuring that the future of travel is connected, personalized and enjoyable.”

Annual report 2025A · The company itself

“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

“Ett exempel på detta arbete är samarbetet med lokalsamhällen för att omvandla plastavfall till utomhusbänkar, i syfte att undvika att skicka avfall till deponi. • Produkter för båt- och motortillverkare inom båtbranschen globalt. • Målgruppen är främst fritidsbåtar, men produkterna används även av kommersiella båtar. • Alla typer av båtar med utombords- och inombordmotorer kan använda Dometics produkter och lösningar. De typiska båtstorlekarna varierar mellan 15 och 45 fot (4,5 och 14 meter).”

Annual report 2024A · The company itself

“We face intense competition. The transportation and business services markets are both highly competitive and sensitive to price and service, especially in periods of little or no macroeconomic growth.”

Annual report 2026A · The company itself

“The regulatory environment for global aviation or other transportation rights may affect our operations and increase our operating costs. Our extensive air network is critical to our success.”

Annual report 2026A · The company itself

“In 2026, we made the decision to permanently retire from service 10 aircraft, including four Boeing 757-200 aircraft, one Airbus A300-600 aircraft, and five Boeing MD-11 aircraft. These retirements are aligned with our fleet reduction and modernization strategy as we continue to improve our global network efficiency and better align air network capacity with anticipated demand.”

Annual report 2026A · The company itself

“It was a challenging year, even more than we/I anticipated. e very strong market during Covid and eects from a low growth in many countries and other diculties arising from the po - litical and macroeconomic situation in the world aected 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 dierent. 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

“A shut down of airspace or imposition of restrictions on general aviation would harm our business. A shutdown of airspace could cause reduced sales of our general aviation products and delays in the shipment of our products manufactured in our Taiwan manufacturing facilities to our global distribution facilities, which would affect our ability to supply new and existing products to our dealers and distributors.”

Annual report 2025A · The company itself

“Federal Aviation Administration (FAA) certification is required for all of our aviation products that are intended for installation in type-certificated aircraft. To the extent required, certification is an expensive and time-consuming process that requires significant focus and resources. An inability to obtain, or excessive delay in obtaining, such certifications could have an adverse effect on our ability to introduce new products and, for certain aviation OEM products, our customers’ ability to sell airplanes.”

Annual report 2025A · The company itself

“Aviation Garmin designs, manufactures, and markets a wide range of innovative aircraft avionics solutions to the broad and diverse aviation sector. Avionics are sold directly into aircraft OEM applications as well as through Garmin’s worldwide dealer network for retrofit installations on existing aircraft.”

Annual report 2025A · The company itself

“Third-party sales for the Engine Products segment increased $585, or 16%, in 2025 compared with 2024, primarily due to growth in the commercial aerospace, defense aerospace, and gas turbines markets, including engine spares growth.”

Annual report 2025A · The company itself

“Third-party sales for the Fastening Systems segment increased $169, or 11%, in 2025 compared with 2024, primarily due to growth in the commercial aerospace market, partially offset by lower volumes in the commercial transportation market.”

Annual report 2025A · The company itself

“Engine Products 2025 2024 2023 Third-party sales $ 4,320 $ 3,735 $ 3,266 Segment Adjusted EBITDA 1,438 1,150 Engine Products produces investment castings, including airfoils, and seamless rolled rings primarily for aircraft engines (aerospace commercial and defense) and gas turbine applications. Engine Products produces rotating parts as well as structural parts, which are sold directly to customers.”

Annual report 2025A · The company itself

“Fastening Systems 2025 2024 2023 Third-party sales $ 1,745 $ 1,576 $ 1,349 Segment Adjusted EBITDA 530 406 Fastening Systems produces aerospace and industrial fastening systems, as well as commercial transportation fasteners. The business’s high-tech, multi-material fastening systems are found nose to tail on aircraft and aero engines. The business’s products are also critical components of commercial transportation vehicles and construction and industrial equipment.”

Annual report 2025A · The company itself

“Howmet is currently under contract to supply components for a number of existing and new commercial, general aviation, military aircraft, and aircraft engine programs.”

Annual report 2025A · The company itself

“RTX Corporation and GE Aerospace each represented approximately 11% of the Company’s third-party sales for the year ended December 31, 2025. These sales were primarily from the Engine Products segment.”

Annual report 2025A · The company itself

“Passenger demand remained strong throughout the year... 32.4 million passengers”

Annual report 2025B · From the report

“aeronautical revenue 3,361... Total 5,521”

Annual report 2025B · From the report

“non-aeronautical revenue 2,160 2,002”

Annual report 2025A · The company itself

“SAS accounts for 38% of total traffic at CPH”

Annual report 2025A · The company itself

“Competition in the aviation industry is fierce. For an airline, establishing a new route requires major investment, and it is therefore vital that we offer an attractive product, efficient operations, close and transparent collaboration, and competitive charges.”

Annual report 2025A · The company itself

“In 2025, the number of transfer passengers increased by 27% to approximately 7.2 million.  routes from Copenhagen  destinations  airline customers Air cargo Approximately 40% of the value of non-EU Danish exports is transported by air.”

Annual report 2025A · The company itself

“In order to accommodate the rising demand for air traffic, including SAS’s expansion of its route network out of Copenhagen, CPH is increasing its gate and stand capacity.”

Annual report 2025A · The company itself

“Based on a projected passenger volume, management expects total passenger numbers to be approximately 35.5 million for full-year 2026. Correspondingly, revenue is expected to grow by around 7%.”

Annual report 2025A · The company itself

“Capacity Information and cyber security Organisation and workforce Description of risk Rising traffic volumes, larger aircraft types and operational requirements can lead to capacity challenges in the airport terminals, on runways and at aircraft stands. This can cause delays, inefficient operations and dissatisfaction among passengers and business partners.”

Annual report 2025A · The company itself

“Delivering on our strategy In 2025, CPH continued delivering on the Responsible Growth strategy with record-high passenger numbers and strong progress on the five strategic priorities towards realising our vision of “Connecting the world and delighting passengers, with Net Zero as our destination”.”

Annual report 2025A · The company itself

“structure and services relating to air traffic. This includes everything from route development, baggage systems and security to the operation and development of technology, terminals, IT, shuttle buses, aircraft stands and runways. The non-aeronautical business covers activities such as parking, food outlets and shops in the terminals, hotel operations and leasing of prem - ises on the airport site.”

Annual report 2025A · The company itself

“Total aeronautical revenue increased by 10% to DKK 3,361 million, compared to 2024.”

Annual report 2025A · The company itself

“Roskilde Airport (RKE) serves as CPH’s relief and general aviation airport. It is used by private aircraft, helicopters, flight schools, businesses, VIPs and the military, as well as hosting the Danish search and rescue services.”

Annual report 2025A · The company itself

“Increased demand for the airport’s 12,500 passenger parking spaces was the main driver of a 9% increase in revenue to DKK 458 million for the airport’s parking business in 2025. The upward trend in online parking bookings continued, and CPH remained focused on offering as convenient and seamless a parking experience as possible.”

Annual report 2025A · The company itself

“Market opportunities from chronic physical climate change Opportunity Chronic physical climate changes, such as higher temperatures and more frequent heat waves could create new and expanded market opportunities for the Company. Increasing demand for travel to cooler climates could drive higher load factors on return flights to Scandinavia, offering the Company an opportunity to capitalise on this trend and enhance profitability in the medium and long term due to its market leading position in the region.”

Annual report 2024A · The company itself

“Demand for airline travel is subject to strong seasonal variations.”

Annual report 2024A · The company itself

“Impacts as a consequence of flight delays Negative impact The Company may directly impact its customers through its flight punctuality. Customers depending on the provision of services according to planned travel schedules may face financial and personal impacts from delays and other disruptive service issues over the medium and long term.”

Annual report 2024A · The company itself

“Norwegian’s foundation is a low-cost operating model. This model features low complexity, high reliability, and a rightsized and competitive cost base. It enables the Company to provide affordable fares while delivering returns to shareholders.”

Annual report 2024A · The company itself

“Norwegian will continue to leverage its brand value and customer satisfaction to be the preferred option for those who seek affordable air travel without compromising on quality. The combination of a competitive cost base and strong customer value offering has been, and will continue to be, Norwegian’s winning formula.”

Annual report 2024A · The company itself

“On 3 March, Norwegian announced an agreement to purchase 10 Boeing 737-800 aircraft that are currently on lease to Norwegian. The transaction was closed in the first quarter of 2025.”

Annual report 2024A · The company itself

“Norwegian’s network is an optimised short-haul network, developed and refined since 2002, with a core Nordic footprint. In recent years, Norwegian has optimised the route portfolio to a network of close to 350 routes, with the majority having historically performed well.”

Annual report 2024A · The company itself

“The Group had 26.4 million passengers in 2024, an increase of 28 percent from 20.6 million passengers in 2023.”

Annual report 2024A · The company itself

“Norwegian had 22.6 million passengers in 2024, up 10 percent from 20.6 million in 2023.”

Annual report 2024A · The company itself

“Widerøe had 3.8 million passengers in 2024, which was record-breaking in the 90-year’s history of the regional carrier. Compared to 2023, the number of passengers was up 11 percent from 3.4 million.”

Annual report 2024A · The company itself

“The Norwegian Group achieved NOK 1,873 million in operating profit (EBIT) last year, the second highest operating profit in company history, with total revenue reaching NOK 35.3 billion – a 38 percent increase compared with the previous year.”

Annual report 2024A · The company itself

“The Company operated a fleet of 82 leased 737 aircraft, 4 owned 737 aircraft, 46 owned Dash 8 turboprop aircraft and 3 owned E2 jets as at yearend 2024, to provide commercial passenger services, predominantly in Europe. The aircraft, the Company’s operations and its employees are based in Scandinavia, Spain, Latvia, the UK and Ireland.”

Annual report 2024A · The company itself

“The Company considers the interests, views and rights of its customers (consumers and end users) when setting its strategy and business model. This is largely in respect of the services it offers and the consumer protection it provides in delivering those services.”

Annual report 2024A · The company itself

“We rely on scheduled commercial airline services for passenger and crew connections. Increases in the price of, or major changes, significant delays and disruptions, or reductions in, commercial airline services has, and could in the future, disrupt our operations.”

Annual report 2025A · The company itself

“Many of our passengers and crew depend on scheduled commercial airline services to transport them to ports of embarkation for our cruises. Increases in the price of airfare due to increases in fuel prices, fuel surcharges, changes in commercial airline services as a result of health and safety events, strikes, airspace congestion or air traffic control and other airline- or airport-related staffing shortages, weather or other events, or the lack of availability due to schedule changes or increased airline bookings, have and could adversely affect our ability to transport guests and crew and thereby increase our cruise operating expenses which, in turn, have had and could have an adverse effect on our financial condition and results of operations.”

Annual report 2025A · The company itself

“Best-in-class guest service levels are paramount in the markets in which we operate, where travelers have discerning tastes and high expectations for quality service. We have dedicated resources to ensure that our service offerings on all of our ships meet the demands of our guests.”

Annual report 2025A · The company itself

“Our Company Business Overview We are a leading global cruise company which operates the Norwegian Cruise Line, Oceania Cruises and Regent Seven Seas Cruises brands.”

Annual report 2025A · The company itself

“Our properties on the Las Vegas Strip generated approximately 49% of our total revenues for the year ended December 31, 2025 and we expect this concentration to continue in the foreseeable future. Therefore, our business may be significantly affected by risks common to the Las Vegas tourism industry, such as the impact of any events that limit or disrupt travel to and from Las Vegas (including the cost and availability of air services), work stoppages and other labor unrest, strikes, or other business interruptions.”

Annual report 2025A · The company itself

“Reduced travel demand or increased costs of travel could adversely affect visitation and operating performance at the properties operated by our tenants, particularly in destination markets such as Las Vegas. As a result of such geographic concentration of risks, the immediate and long-term effects of the foregoing could have a material and adverse effect on our business, financial condition, liquidity, results of operations, and prospects.”

Annual report 2025A · The company itself

“In the cruise industry, fleet renewals and upgrades have resulted in strong demand for more advanced clean ship solutions and new orders.”

Annual report 2024A · The company itself

“High activity in the cruise industry The cruise industry continues to show strong momentum, with increased investments in new shipbuilding projects and advanced technology solutions. Vow, and its subsidiary Scanship, have secured several key contracts with major European shipyards, highlighting growing demand for sustainable and innovative technologies in cruise ship construction.”

Annual report 2024A · The company itself

“The increase was driven by continued recovery in the cruise industry after the cov - id-related travel restrictions, as ships around the world have resumed normal operations. With more newbuilds being delivered to the market with Vow systems, the mar - ket for sales of spares, consumables and service grows.”

Annual report 2024A · The company itself

“In the cruise industry, if overcapacity occurs and consumer pricing comes under pressure, newbuild activities may slow down.”

Annual report 2024A · The company itself

“In this respect, the group's success within the cruise industry is built on cost efficient, standardised and flexible solu- tions for wastewater purification and waste management for cruise ships, which is marketed under the "Scanship" brand. The "Scanship" brand is highly respected and familiar to customers in the cruise ship industry, and failure to protect this brand could have material adverse effects on its operations and prospects.”

Annual report 2024A · The company itself

“Vow has also made significant R&D investments towards the cruise industry in, most notably for the continued development of the shipboard pyrolysis system.”

Annual report 2024A · The company itself

“This growth was driven by newbuild and retrofit projects, equipment deliveries, and larger contract values from Scanship. Operational activity remained strong, with Scanship technology delivered to 16 cruise newbuilds and 9 projects successfully commissioned in 2024.”

Annual report 2024A · The company itself

“Vow provides retrofit solutions for ships in operation, either with the intention to upgrade the treatment capabilities of the existing system(s) or by replacing them with new and improved systems. For newbuilds, total waste management systems that take care of all waste streams from the hotel operation are offered.”

Annual report 2024A · The company itself

“Through the lifetime of the systems, Vow offers tailor-made service and maintenance to ensure longevity, efficiency, and reliability of the systems. Spare parts and chemicals are supplied to both new and existing installations.”

Annual report 2024A · The company itself

“Scanship’s waste and wastewater handling systems are built to the IMO-MARPOL pollution regulations and certified after the EU Marine Equipment Directive (MED). Moreover, Scanship was one of the first suppliers of advanced wastewater plants (AWP) to obtain the ultrastrict Alaska-discharge approval back in 2003, and first to obtain IMO MARPOL 227(64) sec.”

Annual report 2024A · The company itself

“Vow is a market leader in wastewater purification and waste valorisation for the cruise industry.”

Annual report 2024A · The company itself

“ANNUAL REPORT 20246 BUSINESS SEGMENTS MARITIME SOLUTIONS AFTERSALES The Maritime Solutions segment is mainly based on Scanship’s operations and includes wastewater purification, garbage handling, food waste treatment and sludge processing solutions for the cruise industry.”

Annual report 2024A · The company itself

“Vow is a market leader within wastewater purification and valorisation of waste for the cruise industry, and the company is set to equip over 60 per cent of new large cruise ships in the next five years.”

Annual report 2024A · The company itself

“Vow’s strong position as a market leader in onboard pyrolysis and waste-to-energy solutions reinforces its strategic role in the industry's ongoing sustainability transition. Aftersales remains a stable and growing business, underpinned by a broad installed base and a service model grounded in technical leadership.”

Annual report 2024A · The company itself

“Vow serves customers primarily in the cruise and industrial sectors.”

Annual report 2024A · The company itself

“Approximately 40 er cent of the group's revenues is generated directly from shipyards involved in newbuild projects, making timely payments from these customers critical for maintaining liquidity.”

Annual report 2024A · The company itself

“According to the Macau Statistics and Census Service Monthly Bulletin of Statistics, visitation to Macau in 2025 increased 14.7%, 42.0% and 602.9% compared to 2024, 2023 and 2022, respectively.”

Annual report 2025A · The company itself

“Overall, we believe Wynn Resorts has a demonstrated track record of developing and operating integrated resorts that stimulate local and regional economic activity, by attracting a wide range of customers (including high-net-worth international tourists), driving international tourism, raising average hotel room rates in the region, extending the average length of stay per visitor, complementing existing convention and meeting business with five-star accommodations and appropriately scaled meeting amenities, elevating service levels with the execution of five-star customer service, and stimulating city-wide investment and employment.”

Annual report 2025A · The company itself

“Commercial aircraft and low-emissions vehicles also rely on PFAS technology.”

Annual report 2025A · The company itself

“As a global integrator of container logistics, Maersk offers seamless connections to a wide range of transportation products and logistics services. land & air Rethinking the modern ocean network industry-leading schedule reliability Above Antwerp Busan Tanjung Pelepas APM Terminals JV hub The above map and route is an illustration of an example route and does not represent the full network.”

Annual report 2025A · The company itself

“SUSTAINABILITY, HEALTH AND SAFETY AT AFARAK GROUP Afarak Group extracts, processes, markets and trades specialised metals and is trusted by a highly diversified customer base that covers the aviation, nuclear, oil & gas and automotive industries.”

Annual report 2025A · The company itself

“Because we derive a portion of our revenues from travel-related spending and many of our partners’ businesses relate to travel, our business is sensitive to impacts to travel and tourism, such as health and safety concerns and limitations on travel and mobility.”

Annual report 2025A · The company itself

“Delta is our largest strategic partner. Our relationships with, and revenues and expenses related to, Delta are significant and represent an important source of value for our Card Members. We issue cards under cobrand arrangements with Delta and the Delta cobrand portfolio continued to represent approximately 13 percent of worldwide billed business and approximately 21 percent of worldwide Card Member loans as of December 31, 2025.”

Annual report 2025A · The company itself

“For example, we are exposed to credit risk in the airline industry to the extent we protect Card Members against non-delivery of purchases, such as where we have remitted payment to an airline for a Card Member purchase of tickets that have not yet been used or “flown.” If we are unable to collect the amount from the airline, we may bear the loss for the amount credited to the Card Member. Spending at airline merchants accounted for approximately 6 percent of our worldwide billed business for the year ended December 31, 2025.”

Annual report 2025A · The company itself

“We compete, both for new business and for the acquisition of assets, with other public tower companies, such as Crown Castle International Corp., SBA Communications Corporation, Vertical Bridge, Telesites S.A.B. de C.V. and Cellnex Telecom, S.A., wireless carrier tower consortia and private tower companies, private equity sponsored firms, carrier-affiliated tower companies, independent wireless carriers, tower owners, broadcasters and owners of non-communications sites, including rooftops, utility towers, water towers and other alternative structures.”

Annual report 2025A · The company itself

“Risks related to customers and consumer demand The customers in Anora’s market areas include Nordic retail monopolies, wholesalers who sell alcohol, restaurants, retail stores, travel retail, international wine and spirits companies and importers operating in the export markets.”

Annual report 2025A · The company itself

“Anora’s business model generates outputs across three core segments: • The Wine segment: Includes partner wines and Anora’s own-label wines, which are developed, imported, packaged, marketed, and sold primarily in the Nordic retail monopoly and Horeca markets, Denmark, and the Baltic countries. • The Spirits segment: Comprises Anora’s own spirits brands and partner brands, distributed through the Nordic retail monopoly and Horeca markets, Denmark, the Baltics, global duty-free and travel retail channels, and export markets.”

Annual report 2025A · The company itself

“Volatility and general economic trends are also likely to impact the performance of portfolio companies in many industries, particularly industries that are more affected by changes in consumer demand, such as the packaging, manufacturing, chemical and refining industries, as well as the travel and leisure, gaming and real estate industries.”

Annual report 2025A · The company itself

“With major financial services clients, we provide value-added financial services in the U.S. and internationally, including inclusive credit card benefits, packaged bank account benefits and travel coverage, as well as credit insurance.”

Annual report 2025A · The company itself

“Key strategies include growing the service business as well as developing businesses within focused areas such as air-treatment equipment, blowers, and compressor solutions for green energy segments, trains, ships, and hospitals.”

Annual report 2024A · The company itself

“Orders from customer segments such as aerospace and energy increased, whereas orders from several other segments decreased. In total, the order intake remained at the same level as previous year.”

Annual report 2024A · The company itself

“Customers are found in industries such as the automotive industry, off-highway vehicles, the electronics industry, aerospace, appliances, the energy sector, and general industrial manufacturing.”

Annual report 2024A · The company itself

“IT, media, underhållning, 8% (8) Medlemsorganisationer, föreningar 6% (6) Handel, 7% (7) Transport/logistik, 7% (6) Telekom, 4% (4) Övrigt, 7% (9) Myndighet, kommun, 16% (13) INTÄKTER PER BRANSCH 2024 Några av B3s kunder Almi, Arbetsförmedlingen, Bliwa, Epiroc, FAR, Filmstaden, Försäkringskassan, Handelsbanken, Hyresgästföreningen, Inera, Jordbruksverket, Lantmäteriet, Länsförsäkringar, Sveriges Lärare, Parks and Resorts, Polismyndigheten, Preem, Region Skåne, Region Stockholm, Sandvik, SEB, SGDS-gruppen, SJ, Skandia, Skatteverket, Skolverket, SMHI, Stena, Sundsvalls kommun, Sveaskog, Svenska kyrkan, Svenskt Näringsliv, SVT, Swedbank, Telenor, Telia, Trafik förvaltningen (SL), Trafikverket, Transportstyrelsen, Valmyndigheten, Vattenfall, Volvo, Västra Götalandsregionen.”

Annual report 2024A · The company itself

“Plåt, profiler, stång och rör. Används av legotillverkare och OEM-företag till bl a byggnation, skyltar och vägmärken samt inom flyg-, fordons- och förpackningsindustrin.”

Annual report 2024A · The company itself

“Företaget är specialiserat på tillverkning av glasrutor till bussar och specialfordon.”

Annual report 2024A · The company itself

“Johns Manville Johns Manville Corporation (“JM”), based in Denver, Colorado, is a leading manufacturer and marketer of premium-quality products for building insulation, mechanical and industrial insulation, commercial roofing and roof insulation, as well as reinforcement fiberglass and technical nonwovens. JM serves markets that include residential and nonresidential buildings, automotive and transportation, air handling, appliance, HVAC, pipe and equipment, air and liquid filtration, waterproofing, flooring, interiors, aerospace and wind energy.”

Annual report unknown yearA · The company itself

“(“Forest River”), headquartered in Elkhart, Indiana, manufactures recreational vehicles (“RV”), utility cargo trailers, commercial trucks, buses and pontoon boats, which are sold in the U.S. and Canada through an independent dealer network. Forest River has numerous manufacturing facilities located in seven states and is a leading manufacturer of RVs with numerous brand names, including Forest River, Coachmen RV, Cherokee, Rockwood, Salem, Wildwood, Surveyor, Sunseeker, Entrada, Forester and Georgetown.”

Annual report unknown yearA · The company itself

“FlightSafety, based in Columbus, Ohio, is also a leader in the design and manufacturing of full flight simulators, visual systems, displays and other advanced technology training devices. This equipment is used to support FlightSafety training programs and is offered for sale to airlines and governments around the world.”

Annual report unknown yearA · The company itself

“IMC’s customer base is very diverse, with its primary customers being large, multinational businesses in the automotive, aerospace, engineering and machinery industries.”

Annual report unknown yearA · The company itself

“The Electrical group produces electrical wire for use in residential and commercial buildings, and specialty wire and cable for use in energy, transit, aerospace, defense, communication and other industrial applications.”

Annual report unknown yearA · The company itself

“FlightSafety and FlightSafety Textron Aviation Training, a joint venture with Textron, provide high technology training to pilots, aircraft maintenance technicians, flight attendants and dispatchers who operate and support a wide variety of business, commercial and military aircraft. The training is provided using a large fleet of advanced full flight simulators at learning centers and training locations in the U.S., Australia, Brazil, Canada, France, Japan, Norway, Singapore, South Africa and the U.K.”

Annual report unknown yearA · The company itself

“The recovery of the cruise industry continues.”

Annual report 2024A · The company itself

“In 2025, Booking.com offered flights in over 55 markets. It also offered in-destination tours and activities, rental car reservation services, and ground transportation services across thousands of locations worldwide.”

Annual report 2025A · The company itself

“Table of Contents Because we own a hotel property, we face the risks associated with the hospitality industry. The following factors, among others, are common to the hotel industry, and may reduce the receipts generated by our hotel property: •our hotel property competes for guests with other hotels, a number of which may have greater marketing and financial resources than our hotel-operating business partners; •if there is an increase in operating costs resulting from inflation and other factors, our hotel-operating business partners may not be able to offset such increase by increasing room rates; •our hotel property is subject to the fluctuating and seasonal demands of business travelers and tourism; and •our hotel property is subject to general and local economic and social conditions that may affect demand for travel in general, including fluctuations in consumer spending, public health concerns, war and terrorism.”

Annual report 2025A · The company itself

“Portions of our business concentrated primarily on serving the global travel industry, including the Diners Club network, could be disproportionately affected by events that are global in nature, including events that impact international conditions, travel restrictions or perceptions about the safety of travel, all of which may result in an indefinite decline in consumer or business travel activity.”

Annual report 2025A · The company itself

“Priorities Ensure each of our world-class cruise lines owns its space in the vacation market. Different travelers seek different vacation experiences. That is why our portfolio of world-class cruise lines gives us such a powerful competitive advantage. With eight distinctive cruise lines operating around the globe, each brand has the opportunity to stand out with a clear, compelling identity that attracts its own unique profile of new and loyal guests.”

Annual report 2025A · The company itself

“We face competition from other cruise brands on the basis of overall experience, destinations, types and sizes of ships and cabins, travel agent partner preferences and value. In addition, we may fail to sufficiently invest in or upgrade our existing cruise ships and other assets to meet the expectations of current and potential guests.”

Annual report 2025A · The company itself

“We are the largest global cruise company, and among the largest leisure travel companies, with a portfolio of world-class cruise lines - AIDA Cruises, Carnival Cruise Line, Costa Cruises, Cunard, Holland America Line, P&O Cruises, Princess Cruises and Seabourn.”

Annual report 2025A · The company itself

“Our Global Cruise Business I. Segment and Brand Information Passenger Capacity Percentage of Total Capacity Number of Cruise Ships North America Segment Carnival Cruise Line 94,340 35 % 29 Princess Cruises 54,890 20 % 17 Holland America Line 23,030 8 % 11 Seabourn 2,640 (a) 1 % 6 174,910 64 % 63 Europe Segment AIDA Cruises (“AIDA”) 32,270 12 % 11 Costa Cruises (“Costa”) 31,140 (b) 11 % 9 P&O Cruises 24,300 9 % 7 Cunard 9,770 4 % 4 97,470 36 % 31 272,380 100 % 94 (a)Includes Seabourn Sojourn which is expected to leave the fleet in May 2026.”

Annual report 2025A · The company itself

“In addition to our cruise operations, we own Holland America Princess Alaska Tours, the leading tour company in Alaska and the Canadian Yukon, which complements our Alaska cruise operations.”

Annual report 2025A · The company itself

“Our portfolio of seven owned or operated ports and destinations includes: •Amber Cove in the Dominican Republic •Celebration Key, an exclusive destination in The Bahamas •Grand Turk Cruise Center in Turks & Caicos •Isla Tropicale in Roatan, an exclusive destination in Honduras (formerly Mahogany Bay) •Princess Cays, an exclusive island in The Bahamas •Puerta Maya in Cozumel, Mexico •RelaxAway, Half Moon Cay, an exclusive island in The Bahamas 8 During 2025, we introduced the Paradise Collection, which currently includes: Celebration Key, our newly launched exclusive cruise port destination on the southern coast of Grand Bahama Island, officially opened in July 2025. Celebration Key welcomes guests to a stunning beach and offers an abundance of features and amenities for our guests.”

Annual report 2025A · The company itself

“Cruise Programs Carnival Corporation & plc Percentage of Passenger Capacity by Itinerary 2026 2025 2024 Caribbean 35 % 34 % 34 % Europe without Mediterranean 17 16 17 Mediterranean 14 14 13 Alaska 7 6 6 Australia and New Zealand 5 6 7 Other 22 24 23 100 % 100 % 100 % VII.”

Annual report 2025A · The company itself

“Results of Operations We have historically earned substantially all of our cruise revenues from the following: •Sales of passenger cruise tickets and, in some cases, the sale of air and other transportation to and from airports near our ships’ home ports and cancellation fees.”

Annual report 2025A · The company itself

“The cruise ticket price typically includes the following: •Accommodations •Most meals, including snacks at numerous venues •Access to onboard amenities such as swimming pools, water slides, water parks, whirlpools, a health club and sun decks •Entertainment, such as theatrical and comedy shows, live music and nightclubs •Visits to multiple ports, including our portfolio of owned or operated ports and destinations •Childcare and supervised youth programs 35 •Sales of onboard goods and services not included in the cruise ticket price.”

Annual report 2025A · The company itself

“The Company's portfolio includes industry-leading brands such as Carrier, Viessmann, Toshiba, Automated Logic and Carrier Transicold, among others, that offer innovative heating, cooling and cold chain solutions to enhance the lives we live and the world we share.”

Annual report 2025A · The company itself

“The Climate Solutions Transportation segment provides climate and energy solutions for customers globally. Our products, services, systems and monitoring solutions offer reliable transport and preservation of food, medicine and other perishable cargo. Products include trucks, trailers, shipping containers and intermodal applications to meet customer needs for both ground transport and ocean freight, while services include maintenance, repair, and monitoring.”

Annual report 2025A · The company itself

“The Resource Industries product portfolio includes the following machines and related parts, services and worktools: · electric rope shovels · large wheel loaders · draglines · off-highway trucks · hydraulic shovels · wide-body trucks · rotary drills · articulated trucks · hard rock vehicles · wheel tractor scrapers · large track-type tractors · wheel dozers · large mining trucks · landfill and soil compactors 2 Table of Contents Power & Energy Our Power & Energy segment supports customers in oil and gas, power generation, marine, rail and industrial applications, including Caterpillar machines.”

Annual report 2025A · The company itself

“Chevron markets commercial aviation fuel to 58 airports worldwide.”

Annual report 2025A · The company itself

“Chubb International, our retail division, provides commercial P&C, A&H and traditional and specialty personal lines for large corporations, middle markets and small customers through retail brokers, agents and other channels locally around the world. CGM provides commercial P&C excess and surplus lines wholesale business primarily through wholesale brokers in the London market and through Lloyd’s. These divisions write a variety of coverages, including traditional commercial P&C, specialty categories such as financial lines, marine, energy, aviation, political risk and construction, as well as group A&H and traditional and specialty personal lines.”

Annual report 2025A · The company itself

“Exempelvis biografer, bygghandel, flygplatser och arenor.”

Annual report 2024A · The company itself

“Our P&R segment includes manufacturers, automakers, retailers, consumer goods companies, aerospace and defense companies, and travel and hospitality companies, as well as businesses providing logistics, energy and utility services.”

Annual report 2025A · The company itself

“Atos Medical (2022) established Voice & Respiratory Care as a new chronic area, characterised by high entry barriers and significant untapped potential. Atos brings a strong commercial presence, and sustained growth of 8–10% p.a.”

Annual report 2025A · The company itself

“We manage and report our operating results through the following three reportable segments: Corporate Payments, Vehicle Payments and Lodging Payments. The remaining results are included within Other, which includes our Gift and Payroll Card businesses.”

Annual report 2025A · The company itself

“We serve lodging customers through three primary verticals: workforce, airlines and insurance.”

Annual report 2025A · The company itself

“Lodging Payments revenues were $469.5 million in 2025, a decrease of 3.9% compared to the prior year. The decrease in Lodging Payments revenues was primarily due to a decline in workforce room night volume due to lower emergency activity.”

Annual report 2025A · The company itself

“Road Solutions CRH is a leading provider of materials, products and services for road construction in North America and Europe.”

Annual report 2025A · The company itself

“Car passengers – Leisure passengers – Coach operators”

Annual report 2025A · The company itself

“Organic passenger revenue growth in 2025 was 3% driven by higher onboard sales, partly from continued growth in Channel duty-free sales.”

Annual report 2025A · The company itself

“Passengers can bring own cars and most routes also transport foot passengers. The passenger routes are a mix of overnight routes and short-sea routes with a crossing time of a couple of hours.”

Annual report 2025A · The company itself

“Dover's five operating and reportable segments are as follows: •Our Engineered Products segment provides a wide range of equipment, components, software, solutions and services to the vehicle aftermarket, aerospace and defense, industrial winch and hoist, precision soldering and fluid dispensing end-markets. •Our Clean Energy & Fueling segment provides components, equipment, software solutions and services enabling safe and reliable storage, transport, dispensing, and remote monitoring of traditional and clean fuels (including liquefied natural gas, hydrogen, and electric vehicle charging), cryogenic gases, and other hazardous substances along the supply chain, and safe and efficient operation of convenience retail, retail fueling and vehicle wash establishments.”

Annual report 2025A · The company itself

“Clean Energy & Fueling Our Clean Energy & Fueling segment provides components, equipment, software solutions and services enabling safe storage, transport, dispensing, and remote monitoring of clean and traditional fuels, cryogenic gases and other hazardous substances, as well as safe and efficient operation of convenience retail, retail fueling and vehicle wash establishments across the globe. Among solutions supplied by the segment are dispensing equipment and components for gasoline, compressed natural gas (CNG), liquefied natural gas (LNG) and hydrogen (H2) fueling sites, electric vehicle charging stations, payment systems, hardware and underground containment systems, vehicle wash systems, as well as asset tracking, monitoring and operational optimization software.”

Annual report 2025A · The company itself

“Table of Contents Industrial Technologies specializes in the design and production of engineered components, systems, and process solutions used in critical OEM and operational applications across industrial end markets such as automotive, aerospace, printing, and packaging. The segment focuses on light-weighting vehicles, enhancing safety and efficiency, and improving reliability, durability, and performance for next-generation vehicle, aircraft and industrial platforms. The product portfolio offers precision-engineered shapes and components, specialized lubrication systems, structural bonding solutions, and industrial printing plates for use in demanding production environments.”

Annual report 2025A · The company itself

“In 2025, 20% of this segment's sales were made to three large original equipment manufacturers of aircraft.”

Annual report 2025A · The company itself

“We offer a robust suite of integrated, multi-transport solutions to enable airline and airline service providers to deliver reliable in-flight network connectivity serving both commercial and business aviation.”

Annual report 2025A · The company itself

“Furthermore, our Pay-TV segment owns or leases capacity on eight satellites, with an additional two satellites under construction, which are a major component of our DISH TV services and our Broadband and Satellite Services segment currently owns or leases capacity on seven satellites, which are a major component of the Broadband and Satellite Services segment.”

Annual report 2025A · The company itself

“Economic downturns, and in particular downturns in our larger markets, including the foodservice, hospitality, travel, health care, food processing, refining, pulp and paper, mining and steel industries, can adversely impact our customers, and we may find it difficult to restore margins by maintaining pricing due to easing inflation from slowing economic growth.”

Annual report 2025A · The company itself

“Ilmailu ja puolustus: Kehittynyt suunnittelu, sulautetut järjestelmät ja tekninen dokumentaatio tarkkuutta ja turvallisuutta vaativille toimialoille.”

Annual report 2025A · The company itself

“Airfreight services revenues and expenses both increased 9% in 2025, as compared with 2024, due to a 6% increase in tonnage and 2% and 3% increases in average sell and buy rates, respectively.”

Annual report 2025A · The company itself

“Our ability to provide services to our customers is highly dependent on good working relationships with a variety of entities, including airlines, ocean carrier lines and ground transportation providers, as well as governmental agencies.”

Annual report 2025A · The company itself

“Our three principal services are the revenue categories presented in our financial statements: 1) airfreight services, 2) ocean freight and ocean services, and 3) customs brokerage and other services.”

Annual report 2025A · The company itself

“Our LTL portfolio consists of two complementary service offerings designed to address distinct customer shipping requirements, serving both time-critical and cost-sensitive freight across a single integrated network: •FedEx Freight Priority: A premium, time-definite LTL service designed for shipments requiring the fastest available transit.”

Annual report 2026A · The company itself

“Koko vuoden liikevaihto kasvoi 1,9 % 3,1 miljardiin euroon, kun taas vertailukelpoinen liiketulos laski 60 % 60 miljoonaan euroon.”

Annual report 2025A · The company itself

“Kuljetimme vuoden aikana yhteensä 11,9 miljoonaa matkustajaa.”

Annual report 2025A · The company itself

“The majority of this revenue was for business jet aircraft and related services where our customer base consists of individuals and public and privately held companies across a wide range of industries.”

Annual report 2025A · The company itself

“The business jet market is driven by the demand for business-aviation products and services by corporate, individual and government customers in the United States and around the world.”

Annual report 2025A · The company itself

“•Location-Based Entertainment: Location-based entertainment focuses on licensing our brands across multiple verticals, including, but not limited to, theme parks, water parks, hotels and resorts, family entertainment centers, retail, dining and entertainment, shows, exhibits and exhibitions such as TRANSFORMERS at multiple Universal Studios theme parks, seven Peppa Pig Theme Parks and several Peppa Pig World of Play experiences with Merlin Entertainment, and Hasbro City, a Hasbro-themed family entertainment center located in Paseo Interlomas, Mexico featuring thrilling theme park rides and experiences, live shows, food and beverage options and the region's first Hasbro-themed retail location.”

Annual report 2025A · The company itself

“Västeuropa redovisade en organisk tillväxt på -2 %, då fortsatta utmaningar inom tillverknings- och fordonsindustrin delvis uppvägdes av en stark efterfrågan inom flygindustrin samt en stabil utveckling inom Asset Lifecycle Intelligence.”

Annual report 2024A · The company itself

“Manufacturing Intelligences operativa nettoomsättning uppgick till 1 955,7 MEUR (2 013,0), med en oförändrad organisk tillväxt på 0 %. Stark efterfrågan inom flygindustrin och en stabil utveckling inom elektronik kompenserades av svaghet inom generell tillverkning och fordonsindustrin.”

Annual report 2024A · The company itself

“Den underliggande efterfrågan var fortsatt god på de flesta marknader, i synnerhet inom Marine Positioning, Mining Safety samt flyg och försvar.”

Annual report 2024A · The company itself

“Generell tillverkning följs av kundkategorierna Övrigt med 11 procent, Flyg och försvar 10 procent och Gruvdrift med 9 procent.”

Annual report 2024A · The company itself

“As in previous years, hydrogen infrastructure was a sizable contributor to revenue growth, but hydrogen mobility also grew substantially in 2024, driven mainly by increased demand from our transit bus customers.”

Annual report 2024A · The company itself

“Affärsområdet levererar compounds och applikationer till bland annat hälsa & medicin teknik, allmänindustri, konsumentprodukter och fordons industrin, men även till transportsektorn såsom till tåg-, flyg- och rymdindustri.”

Annual report 2024A · The company itself

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

Annual report 2025A · The company itself

“Hilton Honors members can also use points earned to transact with strategic partner hotels as well as many strategic partners, including credit card providers, such as American Express, airlines, rail and car rental companies, Amazon, Lyft and others.”

Annual report 2025A · The company itself

“Business Overview Hilton is one of the largest global hospitality companies, with 9,158 properties comprising 1,351,351 rooms in 143 countries and territories as of December 31, 2025.”

Annual report 2025A · The company itself

“Competition for hotel guests We face competition for individual guests, group reservations and conference business at our hotels. We compete for these customers based primarily on brand name recognition and reputation, as well as location, rates for hotel rooms, food and beverage and other services, property size and availability of guest rooms and conference and meeting space, quality of the accommodations and technology provided, previous customer experience and satisfaction, amenities and the ability to earn and redeem loyalty program points.”

Annual report 2025A · The company itself

“Sales increased $2,052 million due to higher organic sales of $639 million in Defense and Space and higher organic sales of $636 million in Commercial Aviation Aftermarket, both driven by higher sales volume due to increased demand and shipments.”

Annual report 2025A · The company itself

“2024 compared with 2023 Sales increased $1,834 million due to higher organic sales of $907 million in Commercial Aviation Aftermarket driven by higher sales volumes in air transport due to an increase in flight hours and higher organic sales of $772 million in Defense and Space driven by higher sales volumes due to increased shipments.”

Annual report 2025A · The company itself

“Revenues earned at our hotels consist of three broad categories: rooms, food and beverage, and other revenues. While approximately 60% of our hotel revenues in 2025 were generated from rooms sales, the majority of our properties feature a variety of amenities that help drive demand and profitability. Our hotels typically include meeting and banquet facilities, a variety of restaurants and lounges, swimming pools, exercise facilities and/or spas, gift shops and parking facilities, the combination of which enable them to serve business, leisure and group travelers.”

Annual report 2025A · The company itself

“The Company’s largest end markets include industrial, life sciences, energy, water, fire suppression, semiconductor, automotive and aviation, chemical, paint dispensing and food and beverage.”

Annual report 2025A · The company itself

“Tidyco är en komponenttillverkare och teknisk handelspartner inom hydraulik och pneumatik. Bolaget erbjuder ett brett sortiment av produkter och enheter, samt underhållstjänster, till den brittiska järnvägsindustrin.”

Annual report 2024A · The company itself

“Airport was extended and expanded, now covering enhanced aviation security and integrated services across domestic and international terminals.”

Annual report 2025A · The company itself

“In the U.S., we’re supporting the digital transformation of Dallas Fort Worth International Airport and contributing to the Frederick Douglass Tunnel program — one of the nation’s largest transportation infrastructure investments.”

Annual report 2025A · The company itself

“SBM-3 – Material impacts, risks and opportunities and their interaction with strategy and business model Kempower’s end-users include individuals who charge their electric vehicles using Kempower’s charging devices at various locations, such as petrol stations and retail stores.”

Annual report 2025A · The company itself

“Additionally, commercial fleet operators, particularly those managing buses and trucks, also rely on Kempower’s charging solutions to support their operations.”

Annual report 2025A · The company itself

“We devote significant resources to develop new technologies in communications, aerospace and defense, automotive and the Internet of Things. We invest in R&D, grow and deepen relationships with customers and suppliers, and direct our corporate and operational resources to develop innovative technologies.”

Annual report 2025A · The company itself

“Divisjoner Defence Systems Divisjonen utvikler og produserer luftvernsystemer, ubemannede våpenstasjoner, kommando-, kontrollsystemer, kommunikasjonsløsninger og digitale, fjernstyrte flyplasstårn til kunder over hele verden.”

Annual report 2024A · The company itself

“Andre høydepunkter inkluderte salget av PROTECTOR våpenstasjoner ti NATO-medlemmene Sverige og Finland, samt en kontrakt for å levere fjernstyrte kontrolltårn til sivile flyplasser i Canada.”

Annual report 2024A · The company itself

“Proximity to Major Asian Cities More than 100 airlines operate in Singapore, connecting it to 170 cities in approximately 50 countries. During the the year ended December 31, 2025, 70 million passengers passed through Singapore’s Changi Airport, an increase of 3.4% compared to 2024. Work is currently underway to expand the number of runways and open a fifth terminal at Changi Airport, which would increase passenger capacity.”

Annual report 2025A · The company itself

“uTransportation Solutions – Leidos is a trusted systems developer, service provider and integrator for air navigation service providers around the world, including the FAA. We provide air traffic control systems that help manage the world’s most complex airspace.”

Annual report 2026A · The company itself

“I Storbritannien finns Didsbury Engineering som levererar utrustning för markservice och underhåll av flygplan och Alwayse Engineering som levererar kulrullar.”

Annual report 2024A · The company itself

“Table of Contents The following table provides information for Boardwalk Pipelines’ natural gas liquids assets owned and operated as of December 31, 2025: Assets Miles of Pipeline Annual Throughput (MMBbls) Liquids Storage Capacity (MMBbls) Louisiana Midstream 300 60.8 31.2 Boardwalk Petrochemical 180 38.9 Bayou Ethane 375 44.5 Current Growth Projects Boardwalk Pipelines regularly reviews opportunities to expand its existing facilities and footprint to meet growing demand for transportation and storage services. The recent growth of liquefied natural gas (“LNG”) export and power generation demand has led to the announcement of additional growth projects for Boardwalk Pipelines. Through the date of this filing, Boardwalk Pipelines has growth projects for which it has executed precedent or long-term firm transportation agreements that are expected to increase capacity on its pipeline systems by an aggregate of 4.2 Bcf/d and its storage working gas capacity by 10 Bcf at an expected aggregate cost of approximately $3.3 billion and are scheduled to be completed through 2030.”

Annual report 2025A · The company itself

“For example, the cost and availability of air services and the impact of any events that disrupt or reduce air travel to and from Florida for any reason can materially adversely affect its business.”

Annual report 2025A · The company itself

“Customers: Boardwalk Pipelines serves a broad mix of customers, including end-use customers, such as electric power generators, local distribution companies, industrial and petrochemical users and exporters of LNG. Boardwalk Pipelines also contracts with other customers, including producers and marketers of natural gas and interstate and intrastate pipelines, who, in turn, provide transportation and storage services for end-users.”

Annual report 2025A · The company itself

“Our hotel brands and other lodging offerings generally compete with regional, national, and international chains that operate lodging properties or franchise their brands, lodging properties that are not affiliated with a chain, and online platforms that allow travelers to book short-term rentals of homes and apartments.”

Annual report 2025A · The company itself

“•Commercial travel and entertainment, procurement and fleet cards, consisting mostly of credit cards and associated platforms for corporations to manage travel and expense, procurement and fleet expenses. Our Mastercard Smart Data™ platform provides expense management and reporting capabilities.”

Annual report 2025A · The company itself

“Automotive/LeasePlan)- Sveriges ledande leasingbolag för tjänstebilar - har vi vuxit inom reparationer av bilglas.”

Annual report 2024A · The company itself

“Inom Corporate Entertainment fortsätter vi att leverera högklassig underhållning till kryssningsfartyg och resorts. Under året har vi producerat nya shower för Color Fantasy och DFDS, och vår underhållning på Color Line, där vi nu varit verksamma i tjugo år, får fortsatt mycket höga betyg av gästerna.”

Annual report 2024A · The company itself

“Mobility & Transportation delivers engineering and advisory services for safe and forward-looking transportation systems. The business area covers both road and rail, airport and harbour facilities and channel transportation systems.”

Annual report 2024A · The company itself

“Förutom vår största partner Tickster, som säljer evenemangsbiljetter runt om i Sverige och Norge, där vi levererar en avbeställningsförsäkring, har vi också glädjen att i början av 2025 skriva avtal med Mölndals Energi om försäkringar som täcker kostnaden för elräkningen om du blir sjuk eller arbetslös.”

Annual report 2024A · The company itself

“Vi har även kunder i branscher som flygteknik, försvar, fordonsindustri, datakommunikation, medicin, energi, järnväg, säkerhetskritiska sektorer och telekom.”

Annual report 2024A · The company itself

“En av divisionens stora order i försvarsindustrin togs av det under året förvärvade kanadensiska Duroair Technologies. Bolagets flexibla inkapslingsoch filtreringssystem kompletterar divisionens erbjudande och skapar nya möjligheter inom försvarsoch flygindustrin i Nordamerika.”

Annual report 2024A · The company itself

“Vår produktutveckling i samarbete med affärspartners inom transportsektorn resulterarkontinuerligtinyalösningarförenergioptimeringochstyrning.Vifinns representeradeiindustrinmedutvecklingochtillverkningavkomponenteroch lösningar för intelligent uppvärmning och styrning. Många företag, inom vitt skildabranscher,vilkakräverolikalösningarförsinaspecifikaprodukterharhittat sinindustripartneriNIBEGroup. *  Idagensmodernakökfinnsmångahushållsapparatersomanvändsflitigt. Flertalet av dem, somtill exempelkaffemaskin, ugn och diskmaskin, är utrustademedkomponenterfrånNIBEGroup,vilkabidrartillattanvändningenblirsåenergieffektivsommöjligt.  Attvärmasinbostadmedenvärmepumpärettavdemestenergieffektiva och miljövänliga sätten som finns att tillgå. Detta ger en godekonomiochspararmiljönförsåväldagenskonsumentersomför kommandegenerationer.Kombineratmedvattenburengolvvärmeger detocksåettbehagligtinomhusklimat.”

Annual report 2024A · The company itself

“Företaget har sedan 1950 utvecklat och producerat produkter för teknisk uppvärmning inom en bred portfölj - hushållsapparater till järnvägssystem.”

Annual report 2024A · The company itself

“Nibe BrasvärmeNibe VillavärmeNibe Element 21% 21% Rörelseresultat Rörelseresultat Andel av koncernen Rörelseresultat Andelavkoncernen Nettoomsättningenminskademed17,0%jämförtmed2023. Under våren lanserades den egenutvecklade aggregatserien NIBE Flow avsedd för ventilation av kommersiella fastigheter, denna har fått ett mycket positivt mottagande.”

Annual report 2024A · The company itself

“För vissa specialsegment som industri, vindkraft och transport har vi globalt marknadsansvarigapersonersamtgemensammaförsäljningsplattformarochmarknadssatsningarförgrupperavdotterbolag. · 44 · ÅRSREDOVISNING 2024 NIBE INDUSTRIER AB > NIBE ELEMENT 2024 2023202220212020 -7 Måluppfyllelse 2024202320222021 2020 10,3 9,1 10,4 7,9 Måluppfyllelse 5,7* *Exkl Jämförelsestörande poster AFFÄRSINRIKTNING Viförsermarknadenmedhållbara energilösningarivärldsklass genomattförsebådeproducenter ochanvändaremedkomponenter och lösningar för intelligent uppvärmningochstyrning.”

Annual report 2024A · The company itself

“Nolato ser en stark tillväxt inom Materials (tidigare EMC & Thermal) för nya produkter och teknikområden inom fordonssegmentet och nya marknader. Materials, som tidigare dominerades av telekomsektorn, har nu en jämnare fördelning av försäljningen mellan segmenten telekom, fordonsindustrin och flygindustrin.”

Annual report 2024A · The company itself

“Operating income 1,183 1,254 1,130 (6) % 11 % Operating margin rate 11.0 % 10.7 % 9.5 % Sales 2025 sales decreased $960 million, or 8 percent, primarily due to wind-down of work on the restricted space and NGI programs, which reduced sales by $738 million, as well as a $172 million decrease for the SDA satellite programs due to the timing of materials and a $102 million decrease driven by lower volume on the SLS Booster program. These decreases were partially offset by a $168 million increase on GEM 63 and higher volume on HALO as those programs continue to ramp.”

Annual report 2025A · The company itself

“Revenue by Industry Revenue by industry sector: Year Ended December 31, 2025 2024 2023 Pharmaceuticals and Healthcare 15 % 16 % 16 % Food and Beverage 15 % 15 % 15 % Auto 12 % 12 % 12 % Consumer Products 9 % 10 % 8 % Financial Services 8 % 7 % 8 % Retail 8 % 6 % 6 % Technology 8 % 8 % 8 % Travel and Entertainment 7 % 7 % 7 % Government 3 % 4 % 4 % Telecommunications 3 % 3 % 4 % Services 3 % 3 % 2 % Oil, Gas and Utilities 2 % 2 % 2 % Not-for-Profit 1 % 1 % 1 % Education 1 % 1 % 1 % Other 5 % 5 % 6 % Total 100 % 100 % 100 % 25 Operating Expenses The year-over-year change in operating expenses:”

Annual report 2025A · The company itself

“Refined Products and Crude - Our Refined Products and Crude segment’s customers include refiners, wholesalers, retailers, traders, railroads, airlines and regional farm cooperatives.”

Annual report 2025A · The company itself

“Efterfrågan från sektorer som transport, industri, datacenter och AI förstärker ytterligare behovet av ren, pålitlig och hållbar energi.”

Annual report 2024A · The company itself

“Our Aerospace Systems Segment products are used in commercial and defense airframe and engine programs and include: •Avionics •Fuel Systems & Components •Electric & Hydraulic Braking Systems •Fuel Tank Inerting Systems •Electric Power •Hydraulic Pumps & Motors •Electromechanical Actuators •Hydraulic Valves & Actuators •Engine Exhaust Systems & Components •Pneumatics •Fire Detection & Suppression •Seals •Flight Control Systems •Sensors •Fluid Conveyance •Thermal Management We market our Aerospace Systems Segment products through our regional sales organizations, which sell directly to OEMs and end users throughout the world.”

Annual report 2026A · The company itself

“For example, our Aerospace Systems Segment produces aircraft components and systems that are critical to flight safety, and accordingly, the adverse impact of product quality issues, actual or perceived, can be significant. Our operations expose us to potential liabilities for personal injury or death as a result of the failure of an aircraft product that we have designed or manufactured, and such liabilities could be substantial given the catastrophic nature of potential aerospace incidents.”

Annual report 2026A · The company itself

“Our Venmo digital wallet in the United States (“U.S.”) is a leading mobile application used to move money between friends and family. Our Xoom international money transfer service enables our customers to send money to bank accounts, mobile wallets, and cash pick-up destinations around the world in a secure, fast, and cost-effective way.”

Annual report 2025A · The company itself

“Förutom att nå betydande milstolpar avseende flygtester har ZeroAvia säkrat förbeställningar på nästan 2 000 drivlinor från flera av de stora globala OEM-företagen inom flyg och planerar för certifiering av systemet i slutet av 2025.”

Annual report 2024A · The company itself

“I slutet av året genomfördes en riktad nyemission om 5,75 miljoner aktier, genom vilken Powercell tillfördes cirka 190 MSEK före emissionskostnader. Nyemissionen genomfördes med syftet att fortsätta stödja OEM-kommersialiseringsfasen samt accelerera utvecklingen av nya produkter och applikationer.”

Annual report 2024A · The company itself

“Vi ser ett stort intresse från både traditionella, etablerade tillverkare samt nya, innovativa företag att investera i bränslecellslösningar för utsläppsfria flygplan. Under 2024 gjorde vår kund ZeroAvia flera lyckade flygtester och vi tecknade ett avtal med en australiensisk flygproducent om en konceptstudie för ett vertikalt start- och landningsflygplan.”

Annual report 2024A · The company itself

“Arbetet tillsammans med vår kund ZeroAvia fortsätter i hög takt och omfattar serieleveranser av bränslecellsstackar med ett potentiellt värde upp till 1,51 miljarder SEK.”

Annual report 2024A · The company itself

“PPG supplies paints, coatings and specialty products to customers serving a wide array of end-uses, including industrial equipment and components; packaging material; aircraft and marine equipment; automotive original equipment; automotive refinish and aftermarket; pavement marking products; as well as coatings for other industrial and consumer products.”

Annual report unknown yearA · The company itself

“PPG is currently under contract to supply transparencies, coatings and sealants for use on existing and new commercial, general aviation and military aircraft manufactured by many of the largest global and regional aerospace manufacturers.”

Annual report unknown yearA · The company itself

“In addition to the BMTs listed above, as of December 31, 2025, we provided commercial auto coverage in the TNC business to Uber Technologies subsidiaries in 14 states.”

Annual report 2025A · The company itself

“Our business depends on our ability to effectively educate and engage dealers of home healthcare products, sleep clinics and physicians, health care providers, and patients regarding the benefits of our products, software solutions and services. We market our products and services primarily to HME providers, sleep clinics, and physicians that diagnose OSA and other sleep disorders, as well as to non-sleep specialist physician practices that diagnose and treat sleep disorders in the course of providing primary care to patients. We believe that these groups play a significant role in determining which brand or type of product a patient will use. The success of our business depends on our ability to market effectively to these groups to ensure that our products are properly prescribed, marketed and sold by these third parties.”

Annual report 2026A · The company itself

“Banken har liten direkte eksponering mot detaljhandel, reiseliv og olje relatert virksomhet.”

Annual report 2024A · The company itself

“Rovsing A/S (Rovsing) develops, manufactures and delivers systems for functional and electrical testing of critical infrastructure such as spacecrafts (primarily satellites) and their payloads.”

Annual report 2025A · The company itself

“We believe that port destinations are a major reason why guests choose to go on a particular cruise or on a cruise vacation. The availability of ports and destinations is affected by a number of factors, including industry demand and competition for key ports and destinations, existing capacity constraints, constraints related to the size of certain ships, security, financial limitations on port development, exclusivity arrangements that ports may have with our competitors, geopolitical developments, local governmental regulations, environmental regulations, and governmental response to disease outbreaks.”

Annual report 2025A · The company itself

“Many of our guests depend on scheduled commercial airline services to transport them to or from the ports where our cruises embark or disembark. Increases in the price of airfare would increase the overall price of the cruise vacation to our guests, which may adversely impact demand for our cruises.”

Annual report 2025A · The company itself

“Business General We are a vacation industry leader, owning and operating three global cruise vacation brands: Royal Caribbean, Celebrity Cruises and Silversea (collectively, our "Global Brands").”

Annual report 2025A · The company itself

“Together, our Global Brands and our Partner Brands have a combined fleet of 69 ships in the cruise vacation industry with an aggregate capacity of approximately 179,720 berths as of December 31, 2025. Our ships offer a selection of worldwide itineraries that call on more than 1,000 destinations on all seven continents.”

Annual report 2025A · The company itself

“Royal Caribbean's strategy is to attract an array of vacationing guests by offering a wide variety of itineraries to destinations worldwide, including Alaska, Asia, Australia, the Bahamas, Bermuda, Canada, the Caribbean, Europe, the Panama Canal and New Zealand, with cruise lengths generally ranging from three to 14 nights. Royal Caribbean offers multiple innovative options for onboard dining, activities, entertainment, and access to exclusive destinations and land-based experiences.”

Annual report 2025A · The company itself

“Silversea Silversea is an ultra luxury and expedition travel brand that features smaller ships, high standards of accommodations, fine dining, personalized service and exotic itineraries. Silversea delivers distinctive destination experiences by visiting unique and remote destinations, including the Galapagos Islands, Antarctica and the Arctic with cruise itineraries generally ranging from six to 24 nights.”

Annual report 2025A · The company itself

“Passenger ticket revenues accounted for approximately 70% of total revenues in 2025, 2024 and 2023.”

Annual report 2025A · The company itself

“Demand has historically been 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 historically focused on deployment to the Caribbean, Asia and Australia during that period. Financial Presentation Description of Certain Line Items Revenues Our revenues are comprised of the following: •Passenger ticket revenues, which consist of revenue recognized from the sale of passenger tickets and the sale of air transportation to and from our ships; and •Onboard and other revenues, which consist primarily of revenues from the sale of goods and/or services onboard our ships not included in passenger ticket prices, casino operations, cancellation fees, sales of vacation protection insurance, pre- and post-cruise tours and fees for operating certain port facilities.”

Annual report 2025A · The company itself

“Passenger ticket revenues comprised 69.8% of our 2025 total revenues. Passenger ticket revenues increased by $1.0 billion, or 8.8% to $12.5 billion in 2025 from $11.5 billion in 2024. The increase was primarily due to: •$631 million driven by 5.5% capacity growth as a result of the addition of our newest ships Star of the Seas and Celebrity Xcel, as well as a full year of operations from Utopia of the Seas and Silver Ray compared to 2024; and •$386 million driven by yield growth as result of higher load factors and higher ticket pricing on both existing ships and new ships in 2025, compared to 2024.”

Annual report 2025A · The company itself

“Royal Caribbean Royal Caribbean is the world's largest cruise vacation brand. The brand competes in both the contemporary family market and premium segment of the vacation industry appealing to both families with children of all ages and older and younger couples. Royal Caribbean offers vacation experiences that generally feature a casual ambiance, as well as a variety of activities and entertainment venues.”

Annual report 2025A · The company itself

“Celebrity Cruises Celebrity Cruises is positioned within the premium segment of the vacation industry. Celebrity Cruises’ strategy is to target consumers by delivering a destination-rich experience on upscale ships that offer, among other things, excellent food 2 and drink, elevated hospitality, world-class spaces and accommodations, and live entertainment.”

Annual report 2025A · The company itself

“We rely on travel advisors to generate bookings for our global brands. Accordingly, we must maintain competitive commission rates and incentive structures.”

Annual report 2025A · The company itself

“RTX operates as an international provider of advanced wireless technology solutions developed and manufactured for leading global brands.”

Annual report 2025A · The company itself

“Highly competitive activity within the commercial aerospace industry has included substantial discounts and other financial incentives, performance and operating cost guarantees, and participation in financing arrangements, in order to secure both new engine business and the aftermarket revenues associated with these products.”

Annual report unknown yearA · The company itself

“BUSINESS General RTX Corporation is an aerospace and defense company that provides advanced systems and services for commercial, military, and government customers worldwide.”

Annual report unknown yearA · The company itself

“Collins Aerospace is a leading global provider of technologically advanced aerospace and defense products. Collins’ solutions include aftermarket services for civil and military aircraft manufacturers, commercial airlines, and regional, business, and general aviation, as well as for defense and commercial space operations.”

Annual report unknown yearA · The company itself

“Pratt & Whitney is among the world’s leading suppliers of aircraft engines for commercial, military, business jet, and general aviation customers. Pratt & Whitney designs, manufactures, and services large engines for widebody, narrowbody, and large regional aircraft for commercial customers and for fighter, bomber, tanker, and transport aircraft for military customers.”

Annual report unknown yearA · The company itself

“Many of our products and services include both hardware and software that involve industrial machinery and intricate aviation and defense systems, including commercial and military jet engines, power and control systems, and other aircraft parts, air and missile defense systems, and military sensors and command and control systems.”

Annual report unknown yearA · The company itself

“Collins sells aerospace and defense products and services to aircraft manufacturers, airlines, airports and other aircraft operators, the U.S. and foreign governments, defense contractors, maintenance, repair, and overhaul providers, and independent distributors around the world.”

Annual report unknown yearA · The company itself

“Pratt & Whitney sells products and services principally to aircraft manufacturers, airlines and other aircraft operators, aircraft leasing companies, and the U.S. and foreign governments.”

Annual report unknown yearA · The company itself

“Our financial performance is dependent on the condition of the aerospace industry. Our commercial aerospace businesses constitute a substantial portion of our financial results, and the performance of those businesses is directly tied to economic conditions in the commercial aerospace industry, which is cyclical in nature.”

Annual report unknown yearA · The company itself

“The Collins and Pratt & Whitney segments primarily serve commercial and government customers in both the original equipment manufacturer and aftermarket parts and services markets of the aerospace industry, while the Raytheon segment primarily provides products and services to government customers in the defense industry.”

Annual report unknown yearA · The company itself

“(2) Includes the reduction in sales from the Powder Metal Matter. The largest contributor to our Commercial aerospace and other commercial sales is Airbus. Sales to Airbus primarily relate to Pratt & Whitney and Collins products, and prior to discounts and incentives were approximately 14%, 14%, and 17% of total net sales in 2025, 2024, and 2023, respectively.”

Annual report unknown yearA · The company itself

“Vi har ett nära samarbete med världens flygplanstillverkare. När flygindustrin använder nya material för att tillverka lättare, säkrare och bränslesnålare flygplan är avancerade verktygssystem och en optimerad process avgörande.”

Annual report 2024A · The company itself

“Affärsområdet består av två segment: Sandvik Machining Solutions och Sandvik Manufacturing Solutions. Sandvik Machining Solutions tillhandahåller verktyg, verktygssystem och tjänster som optimerar bearbetningsprocesser, som svarvning, fräsning och borrning, samt lösningar för verktygshantering. Sandvik Manufacturing Solutions tillhandahåller digitala tillverknings- och mjukvarulösningar för design- och planeringsautomation samt industriell mätteknik.”

Annual report 2024A · The company itself

“Efterfrågan inom flygindustrin var något dämpad, främst som en effekt av temporära störningar i Nordamerika under andra delen av året.”

Annual report 2024A · The company itself

“Scandic är Nordens ledande hotelloperatör med ett unikt erbjudande för fritids- och affärsresenärer.”

Annual report 2024A · The company itself

“Flygplatsverksamhet Vi erbjuder platsanknuten bevakning på flygplatser med specialutbildade väktare som genomför kontroll av passagerare och bagage, såväl som områdesskydd. Försäljningen är portföljbaserad och något säsongsbetonad, med varierande kontraktslängd men det vanligaste är 3–5 år.”

Annual report 2024A · The company itself

“Organisk försäljningstillväxt inom bevakningsverksamheten var främst hänförlig till prisökningar men dämpades av ett avslutat bevakningskontrakt inom flygplatsverksamheten.”

Annual report 2024A · The company itself

“Även teknik och säkerhetslösningar stöttade den organiska försäljningstillväxten liksom stark försäljning inom flygplatsverksamheten.”

Annual report 2024A · The company itself

“In Sweden, Infracontrol secured Swedavia’s and Trafikverket’s long-term assignments, as well as a ten-year agreement with Gothenburg Municipality for tramway infrastructure control systems.”

Annual report 2025A · The company itself

“TVÅ KRAFTFULLA SEKULÄRA TRENDER FOKUSMARKNADER Tillgängliga slutmarknader för Sivers lösningar: AI-datacenter Hälsovård Bilindustri Luftfart & Försvar Industri Satellitkommunikation (SATCOM) Fixed Wireless Access (FWA) 5G RAN/ORAN Höghastighetståg Avancerade radar - In-Service FPAs Global FPA Volumes F SS GEO- HTS Non -GE O HTS Source: Källa: NSR Källa: Earnings Transcript Global Flat-Panel Arrays (FPA)Datacenter CAPEX spend ($B) by Hyperscalers Samtidigt fortsätter antalet uppskjutna satelliter i låg omloppsbana (LEO) att öka markant, med flera nya utrullningar planerade inom både kommersiella och försvarsrelaterade infrastruktursek - torer under de kommande åren.”

Annual report 2024A · The company itself

“Marknaden för LEO-satelliter förväntas överstiga 30 miljarder USD till år 2030 (enligt en rapport från ResearchAndMarkets om LEO-satelliter, 2024).”

Annual report 2024A · The company itself

“Utvecklar starka positioner på snabbväxande marknader STRATEGI, PRODUKTER OCH KUNDER STRATEGI, PRODUKTER OCH KUNDER SATCOM-momentum: RF-riktantenner, antennarrayer och digitizers Vi ser en fortsatt och accelererande eftefrågan inom vår trådlösa verksamhet, särskilt på SATCOM-marknaden – ett område som genomgår en snabb utveckling när satellitjänster går från traditio - nella sändningstjänster till allmänt tillgänglig bredbandsåtkomst.”

Annual report 2024A · The company itself

“Samtidigt ser vi en stark tillväxt inom Sivers trådlösa affärsområde – särskilt inom SATCOM-marknaden, som just nu genomgår en snabb omvandling.”

Annual report 2024A · The company itself

“Års- och hållbarhetsredovisning 2024 Portland International Airport | Portland, Oregon, USA Den iögonfallande internationella flygplatsen i Portland är banbrytande i design och byggnation. Som en del av ett större ombyggnadsprojekt har vi och vår partner Hoffman Construction Company förvandlat terminalen. Det mest spektakulära i den första etappen, som öppnade 2024, är det 36400 kvadratmeter stora taket i massivt trä som sträcker sig över hela terminalen samt de många inslagen av natur, inspirerat av landskapet i regionen Pacific Northwest.”

Annual report 2024A · The company itself

“Som den ledande semesterarrangören för Skandinavien vill vi på SkiStar skapa minnesvärda fjällupplevelser med fokus på alpin skidåkning vintertid och en aktiv semester sommartid.”

Annual report 2024A · The company itself

“Risks Associated with the Development, Manufacturing, and Sale of Our Products •Our operating results may be adversely affected by quarterly and annual fluctuations. •We rely on a small number of customers for a large portion of our sales. •We rely on Original Equipment Manufacturers (“OEMs”) and Original Design Manufacturers (“ODMs”) to design our products into their end products. •Our manufacturing processes are extremely complex, specialized, and subject to disruption. •We may not be able to maintain and improve manufacturing yields. •We are dependent upon third parties for the manufacture, assembly, and testing of our products. •We are dependent upon third parties for the supply of raw materials and components. •We may not be able to effectively operate our business if we are unable to attract and retain qualified personnel.”

Annual report 2025A · The company itself

“Company Initiatives As part of the Company's ongoing modernization efforts, the Company is executing several transformational initiatives designed to elevate the Customer Experience on its flights, improve financial performance, and drive Shareholder value, including: •Assigned and Extra Legroom Seating: On January 27, 2026, Southwest began operating assigned and extra legroom seating to better align with airline passenger preferences.”

Annual report 2025A · The company itself

“Passengers can now choose between a standard seat, a preferred seat near the front of the cabin, or an extra legroom seat with additional pitch. •Redesigned Boarding Model: Southwest evolved its boarding process beginning January 27, 2026, by prioritizing Customers into boarding groups based on seat location, fare bundle, and loyalty program status, beginning with extra legroom seats in boarding groups 1 and 2.”

Annual report 2025A · The company itself

“•Global Airline Partnerships: In 2025, Southwest launched its first partnerships with international carriers to expand its network and connect Customers with more global destinations to generate additional demand for travel across the Southwest network. •Getaways by Southwest™: Southwest launched a new in-house vacation product, Getaways by Southwest (“Getaways”), in August 2025 to offer customizable vacation packages that come with Customer-friendly policies including a generous cancellation policy and flexibility with no change fees. •24-Hour Operations: In 2025, Southwest added 24-hour operation capabilities with the introduction of overnight (i.e., redeye) flights in key markets to maximize aircraft utilization.”

Annual report 2025A · The company itself

“Company Operations Route Structure Southwest primarily provides “point-to-point” service, rather than the “hub-and-spoke” service provided by most major U.S. airlines. A point-to-point system enables airlines to connect directly to destinations without providing connecting service.”

Annual report 2025A · The company itself

“As the domestic travel market has matured and structural changes have reduced the demand for short-haul travel, the Company has increased its proportion of longer-haul flights. Further, the Company introduced 24-hour operation capabilities in 2025 with the commencement of redeye flights.”

Annual report 2025A · The company itself

“Cost Structure General A key component of the Company's business strategy is its focus on cost discipline and charging competitive fares. The Company's low-cost strategy includes, among other elements, the Company's route structure, which includes 4 Table of Contents service to and from many secondary or downtown airports such as Dallas Love Field, Houston Hobby, Chicago Midway, Baltimore-Washington International, Burbank, Manchester, Oakland, San Jose, and Providence.”

Annual report 2025A · The company itself

“In both 2024 and 2025, the Company announced plans for, and is in the process of implementing, certain transformational initiatives, such as changing to an assigned seating model, offering extra legroom seating, formalizing partnerships with international carriers to expand its network, offering Getaways by Southwest, introducing 24-hour operations, reducing the turn times between flights, and introducing bag fees for most fare products.”

Annual report 2025A · The company itself

“The Company has also moved to an assigned seating model and now charges bag fees for most fare products.”

Annual report 2025A · The company itself

“The Company’s revenues are sensitive to the actions of other carriers with respect to pricing, routes, loyalty programs, scheduling, capacity, customer service, operational reliability, comfort and amenities, product offerings, cost structure, aircraft fleet, strategic alliances, and code-sharing and similar activities.”

Annual report 2025A · The company itself

“Hotell- og reiselivsnæringen på Helgeland har fortsetter å vokse, godt hjulpet av en svak kronekurs og stadig større interesse for Helgeland som destinasjon. Interessen for investeringer i reiselivsnæringen i regionen ser vi er gode, og har forsterket seg med at byggingen av ny flyplass i Mo i Rana er påbegynt. .”

Annual report 2024A · The company itself

“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

“Among other matters, these actions could require or strongly urge various venues where foodservice products are served, including restaurants, schools, hotels and cruise liners, to reduce or discontinue operations, which could adversely affect demand in the foodservice industry, including demand for our products and services.”

Annual report 2026A · The company itself

“Our rail products are used in high-speed trains, metros, light rail vehicles, locomotives, and signaling switching equipment.”

Annual report unknown yearA · The company itself

“Additionally, we provide both standard products and custom-designed solutions to meet the daily demands of home appliances, including washers, dryers, refrigerators, air conditioners, dishwashers, cooking appliances, water heaters, air purifiers, floor care devices, and microwaves. ● Aerospace, defense, and marine (19% of segment’s net sales)—We design, develop, and manufacture a comprehensive portfolio of critical electronic components and systems for the harsh operating conditions of the commercial aerospace, defense, and marine industries. Our products and systems are designed and manufactured to operate effectively in harsh conditions ranging from the depths of the ocean to the far reaches of space.”

Annual report unknown yearA · The company itself

“Micron-sized powders are used for applications such as 3D print- ing in the aerospace, medical and consumer elec- tronics sectors.”

Annual report 2024A · The company itself

“We provide onboard avionics systems and ground-based applications that allow civil and military aircraft operators to access, manage and utilize their data more efficiently. Our products include aircraft data and connectivity solutions, hardware systems, and software applications used by commercial airlines and the U.S. military, and we provide services related to our products.”

Annual report 2025A · The company itself

“Our commercial aerospace group produces products for use in commercial aviation.”

Annual report 2025A · The company itself

“As a manufacturer and distributor of a wide variety of products, including monitoring instruments, gas and flame detection instruments, products used in offshore oil and gas production, products used in transportation and commercial aviation, products used in maritime navigation and products used in medical devices (including X-ray detectors), our results of operations are susceptible to adverse publicity regarding the quality or safety of our products.”

Annual report 2025A · The company itself

“Public Safety and Mobility segmentin liikevaihto oli 55,9 (54,3) milj. euroa, kasvaen 1,6 milj. euroa (2,9 %) vertailukaudesta.”

Annual report 2025A · The company itself

“Yhtiön päätuotteita ovat laajakaistaverkkoratkaisut sekä julkisen liikenteen ja turvallisuuden ratkaisut, kuten matkustajainformaatiojärjestelmät ja videovalvontaratkaisut sekä näihin liittyvät asennus- huolto- ja ylläpitopalvelut.”

Annual report 2025A · The company itself

“Public Safety and Mobility -toimintasegmentin asiakaskunta koostuu junavalmistajista ja julkisen sektorin organisaatioista, kuten joukkoliikenneoperaattoreista ja viranomaisista.”

Annual report 2025A · The company itself

“Public Safety and Mobility liiketoimintasegmentissä joukkoliikenteen informaatio- ja turvajärjestelmien markkina jatkoi tasaista kasvua vuoden 2025 aikana. Yhtiön asiakaskunta laajeni sekä junavalmistajien, että joukkoliikenneoperaattoreiden osalta.”

Annual report 2025A · The company itself

“Vuoden 2025 aikana Teleste laajensi asiakaspohjaansa sekä junavalmistajien että joukkoliikenneoperaattoreiden kanssa.”

Annual report 2025A · The company itself

“PSM-liiketoiminnan keskeiset tuotteet ovat näytöt sekä raideliikenteen matkustajavaunuissa että asemilla sekä muut juniin, raitiovaunuihin ja metroihin asennettavat infotainment-tuotteet.”

Annual report 2025A · The company itself

“In June 2025, we launched our Robotaxi service, an autonomous ride-hailing platform that harnesses our technology and vehicles. We expect this service will open access to an expanded customer base as modes of transportation evolve, and, along with products such as FSD (Supervised) subscriptions, unlock the potential to advance a service-driven business model based on AI, software and fleet-based profits.”

Annual report 2025A · The company itself

“Textron Aviation Segment Textron Aviation is a leader in general aviation. Textron Aviation manufactures, sells and services Cessna and Beechcraft aircraft, and services the Hawker brand of business jets.”

Annual report 2026A · The company itself

“Textron Aviation manufactures, sells and services Cessna and Beechcraft aircraft, and services the Hawker brand of business jets. The segment has two principal product lines: aircraft and aftermarket parts and services. Aircraft includes sales of business jets, turboprop aircraft, military trainer and defense aircraft and piston engine aircraft.”

Annual report 2026A · The company itself

“Bell Segment Bell is a leading worldwide supplier of military and commercial helicopters, tiltrotor aircraft, and related spare parts and services.”

Annual report 2026A · The company itself

“Textron eAviation Segment Our Textron eAviation segment has been focused on research and development initiatives related to sustainable aviation solutions and includes Pipistrel, a manufacturer of light aircraft. Pipistrel offers a family of light aircraft and gliders with both electric and combustion engines, including the Velis Electro, which is the world’s first, and currently only, electric aircraft to receive full type certification from the European Union Aviation Safety Agency and from the UK Civil Aviation Authority.”

Annual report 2026A · The company itself

“Through its commercial business, Bell is a leading supplier of commercially certified helicopters and support to corporate, private, law enforcement, utility, public safety and emergency medical helicopter operators, and U.S. and foreign governments.”

Annual report 2026A · The company itself

“The Finance segment provides financing primarily to purchasers of new and pre-owned Textron Aviation aircraft and Bell helicopters.”

Annual report 2026A · The company itself

“I tillägg genomgår husbils- och husvagnsbranschen (vilket påverkar Thule Groups produktkategori ”RV Products”) nu en svagare period. Denna bransch är Thule Groups enda exponering mot ett historiskt cykliskt segment.”

Annual report 2023A · The company itself

“Den trend som främst påverkat branschen de senaste åren, också före pandemin, är en ökad försäljning av mindre husbilar. De används ofta både till vardags och fritidsaktiviteter och appellerar tydligt till en ny, ofta yngre, målgrupp.”

Annual report 2023A · The company itself

“Försäljningen inom barnvagnar ökade, drivet av fortsatt stark försäljning av vår prisbelönta löpar- och aktivitetsbarnvagn Thule Urban Glide.”

Annual report 2023A · The company itself

“Starkast bidragande faktor var den ökade försäljningen av mindre väskor för dagligt bruk, som vår nya kollektion av ryggsäcken Thule Aion. Duffelväskor var den produktgrupp som växte snabbast när resandet fortsatte att öka.”

Annual report 2023A · The company itself

“Under mottot Active Life, Simplified. och med ett fokus på konsumentdriven innovation och ett långsiktigt hållbarhetsperspektiv utvecklar, tillverkar och marknadsför vi produkter inom produktkategorierna Sport&Cargo Carriers (t.ex. takräcken, takboxar, hållare för cykel-, vatten- och vintersporter, taktält som monteras på bil), Juvenile & Pet Products (t.ex. bilbarnstolar, barnvagnar, cykelvagnar, cykelbarnstolar och hundtransport), RV Products (t.ex. markiser, cykelhållare och tält för husbilar och husvagnar) och Packs, Bags & Luggage (t.ex. vandringsryggsäckar, resväskor och kameraväskor).”

Annual report 2023A · The company itself

“Pay-per-view programming is distributed through cable, satellite, and digital providers to residential and commercial establishments.”

Annual report 2025A · The company itself

“The Americas segment encompasses commercial heating, cooling and ventilation systems, building controls and solutions, and energy services and solutions; residential heating and cooling; and transport refrigeration systems and solutions. •Our EMEA segment innovates for customers in the Europe, Middle East and Africa region.”

Annual report 2025A · The company itself

“Customers We predominantly serve customers in the commercial, regional, business jet and general aviation aftermarket, which generally account for 30% to 35% of our annual net sales; the commercial aerospace OEM market, comprising large commercial transport manufacturers and regional and business jet manufacturers, which generally account for 25% to 30% of our annual net sales; and the defense market (which includes defense OEMs and aftermarket sales to the U.S. and friendly foreign governments), which generally account for approximately 35% to 40% of our annual net sales.”

Annual report 2025A · The company itself

“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

“Produkter i miljöer med förhöjd risknivå Översyn av produkter och lösningar Riskutvärderingar, men också utbildningar och workshops, genomförs för att identifiera produkter och kontrakt där det är extra viktigt att produkterna håller för de kvalitets- och funktionskrav som krävs i extremt krävande miljöer, exempelvis inom marin infrastruktur, marina slangar för olja & gas, hälsovård & medicinteknik samt flyg.”

Annual report 2024A · The company itself

“Försäljningen till flygindustrin uppgick till 11 procent (10).”

Annual report 2024A · The company itself

“Mobility Our Mobility offering connects consumers with a wide range of transportation modalities, such as ridesharing, carsharing, micromobility, rentals, public transit, taxis, and more—helping customers go almost anywhere they need.”

Annual report 2025A · The company itself

“We connect consumers (“Rider(s)”) with independent providers of ride services (“Mobility Driver(s)”) for ridesharing services, and connect Riders and other consumers (“Eater(s)”) with restaurants, grocers and other stores (collectively, “Merchants”) with delivery service providers (“Couriers”) for meal preparation, grocery and other delivery services.”

Annual report 2025A · The company itself

“Operations The Company transports people and cargo throughout North America and to destinations in Asia, Europe, Africa, the Pacific, the Middle East and Latin America.”

Annual report 2025A · The company itself

“Kunderna återfinns inom huvudsakligen fyra marknadssegment: bussar, anläggningsfordon, nyttofordon och försvarsfordon. ■ Ringfeder Power Transmission är en erkänd global marknadsledare i valda nischer inom mekanisk kraftöverföring samt energi och stötdämpning.”

Annual report 2024A · The company itself

“Kunderbjudandet består av utveckling, tillverkning, marknadsföring och försäljning av kompletta klimatsystem. Divisionen vänder sig framför allt till kunder inom fyra marknadssegment: ■ Bussar, som kan delas in i undersegmenten stads-, lång distans-, skol- och minibussar. ■ Anläggningsfordon inom infrastruktur, jordbruk, skogsbruk, gruvor och materialhantering. ■ Nyttofordon, såsom utrycknings- och servicefordon. ■ Försvarsfordon för trupptransporter.”

Annual report 2024A · The company itself

“Streamingtjänsten Viaplay vänder sig till en bred publik med en unik kombination av direktsänd sport i världsklass, det bästa från Hollywood och attraktivt lokalt innehåll.”

Annual report 2024A · The company itself

“Koncernen bedrev under året passagerar- och frakttrafik med fem helägda fartyg på norra Östersjön och Finska viken.”

Annual report 2024A · The company itself

“These include expanding the scope and utility of our cross-border network, particularly in key travel corridors, where cash usage remains high, and increasing acceptance locations. We are also enhancing our value proposition in travel and ecommerce to drive consumer preference for Visa payment credentials and improving cross-border transaction performance and authorization rates. In addition, we are focused on improving the performance of cross-border portfolios and tapping into high-potential verticals with a significant mix of cross-border payments.”

Annual report 2025A · The company itself

“FI 2016 97 93 % Vitec Travelize Researrangörer främst i Danmark, Norge och Sverige.”

Annual report 2024A · The company itself

“Revenues from non-insurance businesses increased to $577 million in 2025 from $528 million in 2024 mainly due to the aviation-related business, partially offset by a reduction in promotional merchandise.”

Annual report 2025A · The company itself

“Revenues from Non-Insurance Businesses. Revenues from non-insurance businesses were derived from businesses engaged in the distribution of promotional merchandise, world-wide textile solutions, and aviation-related businesses that provide services to aviation markets, including (i) the distribution, manufacturing, repair and overhaul of aircraft parts and components, (ii) the sale of new and used aircraft, and (iii) avionics, fuel, maintenance, storage and charter services.”

Annual report 2025A · The company itself

“Content revenues are generated from the release of feature films for initial exhibition in theaters, production of programs licensed for initial television/SVOD exhibition, the additional licensing of feature films and television programs to various television, SVOD and other digital markets, distribution of feature films and television programs in the physical and digital home entertainment market, sales of console games and mobile in-game content, sublicensing of sports rights, and licensing of intellectual property such as characters and brands.”

Annual report 2025A · The company itself

“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. Samtidigt stärker Copenhagen Airport sin position.”

Annual report 2024A · The company itself

“We currently are, and plan to continue, growing our business and increasing our global presence, including by operating e-commerce websites to service international customers, opening new stores outside of the U.S., expanding our franchise and shop-in-shop operations and offering global shipping. We have relatively limited experience with global sales, understanding foreign consumer preferences, anticipating buying trends in different countries, marketing to non-U.S. customers and managing international shipping logistics.”

Annual report 2026A · The company itself

“Our specialty global lines of business include: Aerospace — Aerospace provides specialist expertise to the aerospace and space industries. Our aerospace business provides insurance broking, risk management services, contractual and technical advisory expertise to aerospace clients globally, including the world’s leading airlines, aircraft manufacturers, air cargo handlers and other airport and general aviation companies.”

Annual report 2025A · The company itself

“Customers We sell to emerging, medium-sized, and large global organizations that span numerous industry categories, including financial services, government, healthcare, higher education, hospitality, manufacturing, professional and business services, retail, technology and media, and transportation.”

Annual report 2026A · The company itself

“Hög teknisk kompetens i kombination med spjutspetsteknologi inom skärande bearbetning innebär att företaget kan erbjuda skräddarsydda produktionslösningar, framför allt som kontraktstillverkare mot de stora medicinteknikföretagen samt inom försvars-, flyg- och rymdindustri.”

Annual report 2024A · The company itself