Public sector

“For example, these contracts often contain high or unlimited liability for breaches and feature less favorable payment terms and sometimes require us to take on liability for the performance of third parties. •Government entities typically fund projects through appropriated monies. While these projects are often planned and executed as multi-year projects, government entities usually reserve the right to change the scope of or terminate these projects for lack of approved funding and/or at their convenience. Elections, changes in government or political developments, including government closures or shutdowns, budget deficits, shortfalls or uncertainties, government spending reductions or other debt constraints have resulted and could in the future result in our projects being reduced in price or scope, delayed or terminated altogether, which also could limit our recovery of incurred costs, reimbursable expenses and profits on work completed prior to the termination.”

Annual report 2025A · The company itself

“•U.S. government contracting regulations impose strict compliance and heightened disclosure obligations. From time to time we have made required or voluntary disclosures to the government in connection with our government contracting work. Disclosure is required if certain company personnel have knowledge of “credible evidence” of a violation of federal criminal laws involving fraud, conflict of interest, bribery or improper gratuity, a violation of the civil U.S. False Claims Act or receipt of a significant overpayment from the government.”

Annual report 2025A · The company itself

“Revenue growth was driven by the United Kingdom and Germany, partially offset by a decline in France. •Asia Pacific revenues increased 4% in local currency, led by growth in Utilities, Banking & Capital Markets, Public Service and Insurance, partially offset by a decline in Chemicals & Natural Resources.”

Annual report 2025A · The company itself

“Our results of operations depend on our tenants’ research and development efforts and their ability to obtain funding for these efforts. Our tenant base includes entities in the pharmaceutical, biotechnology, medical device, life science, and related industries; academic institutions; government institutions; and private foundations. Our tenants determine their research and development budgets based on several factors, including the need to develop new products, the availability of government and other funding, competition, and the general availability of resources.”

Annual report 2025A · The company itself

“federal government shutdowns may result in temporary closures of agencies such as the FDA or NIH, which could adversely affect business operations of our tenants that are dependent on government approvals and appropriations. Any shift away from funding of research and development or delays surrounding the approval of government budget proposals may adversely impact our tenants’ operations, which in turn may impact their demand for life science/laboratory space and their ability to make lease payments to us and thus adversely impact our results of operations.”

Annual report 2025A · The company itself

“Reductions in Medicaid funding under the OBBB Act On July 4, 2025, the OBBB Act was signed into law. Included in the bill is an estimated $1 trillion in cuts to Medicaid spending, implemented through Medicaid work requirements, patient cost-sharing, and a phase-down of Medicaid provider taxes and statedirected payments. Such reductions in Medicaid spending could result in lower revenue for some of our life science tenants, adversely impacting their financial performance and potentially resulting in reduced life science investment and real estate requirements.”

Annual report 2025A · The company itself

“Our tenants include multinational pharmaceutical companies; public and private biotechnology companies; life science product, service, and medical device companies; digital health, advanced technology, and agtech companies; academic and medical research institutions; U.S. government research agencies; non-profit organizations; and venture capital firms.”

Annual report 2025A · The company itself

“Additionally, the inability of the U.S. Congress to enact a budget for a future fiscal year or the occurrence of partial or complete U.S. federal government shutdowns could adversely impact demand for our services by limiting federal funding available to our tenants and their customers.”

Annual report 2025A · The company itself

“As of December 31, 2025, leases with U.S. government tenants at our properties accounted for approximately 1.5% of our aggregate annual rental revenue in effect as of December 31, 2025.”

Annual report 2025A · The company itself

“(3)Includes leases, which are not subject to annual appropriations, with governmental entities such as the NIH and the General Services Administration. Approximately 2% of the annual rental revenue derived from our leases with the United States Government is cancellable prior to the lease expiration date.”

Annual report 2025A · The company itself

“Today, the Danish ministries and more than 75 Danish government organizations use F2 as their digital platform”

Annual report 2025A · The company itself

“In the autumn cBrain signed a contract with Aarhus Municipality, the second largest Danish city”

Annual report 2025A · The company itself

“F2 has been successfully deployed by government organizations across five continents, including the Emirates, Germany, Ghana, Guyana, Kenya, Romania, Thailand, the UK, and the USA”

Annual report 2025A · The company itself

“Market analysts estimate the global government software market to exceed USD 50 billion, driven by continued digitalization at national, regional, and local government levels. At the same time, the market is expected to undergo a significant structural shift toward standardized platforms and commercially available standard software.”

Annual report 2025A · The company itself

“Governments are under increasing pressure to improve efficiency and reduce costs, creating a significant opportunity to support customers through the F2 ServiceBuilder. This is further accelerated by embedded AI capabilities and growing demand for sovereignty.  Establishing a dedicated large-customer unit to continue and further develop work with large strategic customers, building on the pipeline established in recent years and supporting continued product and technology innovation.”

Annual report 2025A · The company itself

“The 2026–2028 plan focuses on accelerating sustainable growth through scalable sales of standard software, driven by selected market segments and a partner-led goto-market model.”

Annual report 2025A · The company itself

“At the same time, F2 provides full data and process sovereignty, enabling governments to modernize and scale digital operations on a stable, standardized enterprise platform.”

Annual report 2025A · The company itself

“Building on the results achieved during the previous three-year plan, the plan adopts a global approach aimed at delivering sustainable growth. The sales strategy is centered around four key objectives:  Winning selected global market segments, initially focused on paperless ministries and environmental permitting.”

Annual report 2025A · The company itself

“As the company enters its next growth cycle, cBrain has adjusted its go-to-market approach and organization to support its ambition of becoming a global leader in COTS software for government.”

Annual report 2025A · The company itself

“cBrain's long-term growth strategy is driven by a vision to provide standardized software solutions for governments worldwide.”

Annual report 2025A · The company itself

“Market analysts estimate the global government software market to exceed USD 50b. This market will undergo a significant structural shift, as governments move away from complex, custom-built IT solutions toward standardized platforms and (COTS) standard software.”

Annual report 2025A · The company itself

“The decrease from prior year reflects the volatility associated with cBrain’s strategic focus during the 2023–2025 period on building business with large government customers. Characterized by long sales cycles and limited short-term predictability, this focus impacted license revenue in 2025 as several forecasted customer projects were delayed.”

Annual report 2025A · The company itself

“This shift toward standard (COTS) software for government represents one of the largest untapped market opportunities of our time. cBrain intends to capitalize on this opportunity.”

Annual report 2025A · The company itself

“As an alternative to traditional custom-built solutions and packaged niche software, the F2 digital COTS platform offers government organizations to fast-track enterprise digital transformation and IT modernization based on standard software and reusable, open-source process libraries. cBrain estimates the global addressable market for the F2 digital platform to exceed 50 billion USD.”

Annual report 2025A · The company itself

“Recurring software revenue based on long-term government contracts constitutes two-thirds of total revenue in 2025, combined with earnings before tax (EBT) of 22%, and a strong positive cash flow.”

Annual report 2025A · The company itself

“For cBrain, this agreement marks a major milestone as it represents a significant expansion of the market reach of the F2 platform solution. With cBrain F2 as the core digital platform for large city administrations, cBrain is significantly broadening its footprint within the local government and municipal sector, in Denmark as well as internationally.”

Annual report 2025A · The company itself

“More than 75 Danish government organizations, including 20 of 24 ministries, use F2 as their digital platform 25 | Annual Report | 2025 cBrain delivers a new national Danish hunting license system for 200.000 hunters In 2025, cBrain delivered a new national Danish hunting license system, supporting hunters license management end-to-end, from self-service to case processing and filing.”

Annual report 2025A · The company itself

“cBrain is a one-product software company serving government authorities and public institutions across five continents.”

Annual report 2025A · The company itself

“Olika politiska förändringar och beslut, till exempel en stramare budget i den offentliga sektorn, kan också påverka investeringar i hälsooch sjukvården.”

Annual report 2024A · The company itself

“Kostnadsbesparingar inom sjukvården Av ekonomiska och politiska skäl vidtas åtgärder för att reducera kostnaderna inom sjukvårdssektorn i bland annat Västeuropa och USA. Pågående förändringar och rationaliseringar kan, trots att CellaVision strävar efter att utveckla kostnadseffektiva lösningar, komma att påverka bolagets framtida försäljnings- och resultatutveckling negativt.”

Annual report 2024A · The company itself

“Sales to such government entities include, but are not limited to, the following risks: •selling to governmental agencies can be highly competitive, expensive and time consuming, often requiring significant upfront time and expense without any assurance that such efforts will generate a sale; •we may be required to obtain personnel security clearances and facility clearances to perform on classified contracts for government agencies, and there is no guarantee that we will be able to obtain or maintain such clearances; •government certification, software supply chain, and source code transparency requirements applicable to us or our products are constantly evolving and, in doing so, restrict our ability to sell to certain government customers until we have attained the new or revised certification or meet other applicable requirements, which we are not guaranteed to do. For example, although we are currently certified under the U.S.”

Annual report 2026A · The company itself

“We continue to invest heavily in the acquisition of customers in the U.S. federal government as well as the state, local, and higher education verticals. Our platform is authorized by several federal agencies via the Federal Risk and Authorization Management Program (“FedRAMP”).”

Annual report 2026A · The company itself

“Our future growth depends, in part, on increasing sales to government organizations. Demand from government organizations is often unpredictable, subject to budgetary uncertainty and typically involves long sales cycles.”

Annual report 2026A · The company itself

“The “One Big Beautiful Bill Act” also known as the “Working Families Tax Cut Act” of 2025 makes changes to Medicaid eligibility rules and financing, which will lead to reduced eligibility for Medicaid beneficiaries and reduced state funding, which will in turn impact Medicaid benefits and payment rates.”

Annual report 2025A · The company itself

“The Health Services segment’s clients and customers are primarily employers, insurance companies, unions, government employee groups, health plans, PDPs, Medicaid managed care (“Managed Medicaid”) plans, CMS, plans offered on Private Exchanges and Public Exchanges and other sponsors of health benefit plans throughout the U.S., patients who receive care in the Health Services segment’s medical clinics, virtually or in the home, as well as Covered Entities.”

Annual report 2025A · The company itself

“Health Services Clients & Customers The Company’s Health Services clients and customers are primarily employers, insurance companies, unions, government employee groups, health plans, PDPs, Managed Medicaid plans, CMS, plans offered on Private Exchanges and Public Exchanges and other sponsors of health benefit plans throughout the U.S., patients who receive care in the Health Services segment’s medical clinics, virtually or in the home, as well as Covered Entities.”

Annual report 2025A · The company itself

“The U.S. federal government and our other government customers also may reduce funding for health care or other programs, or make changes that adversely affect the number of persons eligible for certain programs, the services provided to enrollees in such programs, our premiums and our administrative and health care and other benefit costs, any of which could have a material adverse effect on our businesses, operating results and cash flows.”

Annual report 2025A · The company itself

“Rates and bundled payments under the ESRD PPS are subject to adjustment from time to time based on a number of factors and may not cover our costs thereby having an adverse impact on our revenues. Risks for adjustment include modifications for new drugs, services, treatments, labs or medical equipment and supplies are added to the ESRD bundle or changes based on external data such as time on treatment. Each of these and other similar adjustments to the ESRD PPS may have either a positive financial effect or a negative one depending on whether the government adequately addresses the costs borne by dialysis facilities.”

Annual report 2025A · The company itself

“In compliance with Federal Acquisition Requirements, our current agreement with the VA provides the VA with the right to terminate the contract without cause on short notice, among other things. Should the VA not renew or cancel our current contract for any reason or if we are unable to negotiate favorable terms of a new contract to provide services to the VA following expiration of the current agreement, we may be required to cease accepting patients under this program and may be forced to close centers or experience lower reimbursement rates, among other things, which in the aggregate could have a material adverse effect on our business, results of operations, financial condition and cash flows, and could materially harm our reputation.”

Annual report 2025A · The company itself

“Medicare ESRD Prospective Payment System Dialysis treatment reimbursement payments for patients with Medicare coverage are currently made under a single bundled payment that presents certain unique operating and financial risks. The bundled payment provides for a fixed payment rate to encompass all goods and services provided during the dialysis treatment that are related to the treatment of dialysis, subject to certain adjustments (the ESRD Prospective Payment System (PPS)). Most lab services are also included in the bundled payment.”

Annual report 2025A · The company itself

“State Medicaid programs are increasingly adopting Medicare-like bundled payment systems, but sometimes these payment systems are poorly defined and are implemented without any claims processing infrastructure, or patient or facility adjusters.”

Annual report 2025A · The company itself

“We also contract with the VA to provide dialysis services under a National Dialysis Service Contract (NDSC). Since 2013, the VA has maintained a pricing methodology linked to the Medicare PPS bundle as part of their NDSC with the Company.”

Annual report 2025A · The company itself

“Third-Party Coverage and Reimbursement As a medical device company, coverage and reimbursement from Medicare, Medicaid or other governmental healthcare programs or systems and private third-party healthcare payors is an important element of our success.”

Annual report 2025A · The company itself

“•Although many third-party payors have adopted some form of coverage policy for continuous glucose monitoring devices, our products do not always have such coverage, including simple broad-based contractual coverage with third-party payors, and we frequently experience administrative challenges in obtaining coverage or reimbursement for our products. If we are unable to obtain adequately broad coverage or reimbursement for our products or any future products from third-party payors, our revenue may be negatively impacted. •The research and development efforts we undertake independently, and in some instances in connection with our collaborations with third parties, may not result in the development of commercially viable products, the generation of significant future revenues or adequate profitability. •Our products may not achieve or maintain market acceptance.”

Annual report 2025A · The company itself

“Previously, Medicare coverage for CGM was only available to Medicare patients who take at least three doses of insulin a day, limiting CGM reimbursement for Medicare beneficiaries with intensive Type 1 and 2 diabetes. The Local Coverage Determination, or LCD, that CMS released in April 2023 extended Medicare CGM coverage to all patients using insulin. Further, the LCD also allows coverage for patients not taking insulin if the patient has a history of problematic hypoglycemia.”

Annual report 2025A · The company itself

“Because of the predominance of government-sponsored healthcare systems around the world, most of our customer relationships outside of the United States are with governmental entities and are therefore potentially subject to such anti-bribery laws.”

Annual report 2025A · The company itself

“The rates that the Duke Energy Registrants’ regulated utility businesses are allowed to charge are established by state utility commissions in rate case proceedings, which may limit their ability to recover costs and earn an appropriate return on investment. The rates that the Duke Energy Registrants’ regulated utility businesses are allowed to charge significantly influences the results of operations, financial position and cash flows of the Duke Energy Registrants. The regulation of the rates that the regulated utility businesses charge customers is determined, in large part, by state utility commissions in rate case proceedings.”

Annual report 2025A · The company itself

“The Duke Energy Registrants’ regulated electric and natural gas utility businesses are regulated on a cost-of-service/rate-of-return basis subject to statutes and regulatory commission rules and procedures of North Carolina, South Carolina, Florida, Ohio, Tennessee, Indiana and Kentucky.”

Annual report 2025A · The company itself

“The federal government or any state in which we operate could decrease rates paid to us, pay us less than the amount necessary to keep pace with our cost trends, cancel our contracts retroactively or seek an adjustment to previously negotiated rates.”

Annual report 2025A · The company itself

“In addition, our failure to comply with federal and state healthcare laws and regulations applicable to our participation in Medicaid and Medicare programs, including those directed at preventing fraud, abuse and discrimination, could result in investigations, litigation, fines, restrictions on, or exclusions from, program participation, or the imposition of corporate integrity agreements or other agreements with a federal or state governmental agency, any of which could adversely impact our business, cash flows, financial condition and results of operations.”

Annual report 2025A · The company itself

“Revenues from the Medicare and Medicaid programs are determined, in whole or in part, by the federal government and/or applicable state governments, and base premium rates paid by each state or federal agency differ depending upon a combination of factors such as defined upper payment limits, a member’s health status, age, gender, county or region, benefit mix, member -26- eligibility category and risk scores. Rates may be affected by federal and state budgetary constraints.”

Annual report 2025A · The company itself

“In 2025, our revenues with U.S. federal government agencies declined approximately $58 million year over year, primarily due to reductions in discretionary spending. Further significant reduction in federal government spending, the absence of an agreement on the federal government budget, a partial or full federal government shutdown or a change in budgetary priorities could reduce demand for our products and services, cancel or delay federal projects, result in the closure of federal facilities and significant personnel reductions and have a material and adverse impact on our business, financial condition, results of operations and cash flows.”

Annual report 2025A · The company itself

“Our sales to governments are subject to appropriations, complex compliance requirements and some may be terminated early. We derive significant revenues from insights and consulting contracts with the United States government and its respective agencies, numerous state and local governments and their respective agencies, and foreign governments and their agencies. At December 31, 2025 and 2024, approximately $1.0 billion and $1.2 billion, respectively, of our outstanding revenue contracts were attributable to government entities.”

Annual report 2025A · The company itself

“Budget deficits at the federal level and within some state and local government entities have had a negative impact on spending for many health and human service programs, including Medicare, Medicaid and similar programs, which represent significant payer sources for our hospitals and other providers. We anticipate that federal and state budget deficits, the growing magnitude of Medicare and Medicaid expenditures and the aging and health status of the U.S. population, among other factors, will continue to place pressure on government health care programs.”

Annual report 2025A · The company itself

“For example, as further discussed in Item 1, “Business – Sources of Revenue – Medicaid,” the FBA includes significant health care policy reforms that are expected to result in Medicaid spending reductions and changes in administration of state Medicaid programs. Among other changes, the law limits eligibility for Medicaid, including by imposing work or community engagement requirements for adults in Medicaid expansion states, and limits some Medicaid financing mechanisms, including through restrictions intended to reduce the federal matching funds received 28 by state Medicaid programs. Reductions in federal matching funds and increased state obligations and administrative burden could have significant effects, such as resulting in state limitations on eligibility or coverage or changes to Medicaid expansion programs, particularly if states are unable to offset reductions.”

Annual report 2025A · The company itself

“Our past participation in the CARES Act Provider Relief Fund and other Covid-related stimulus and relief programs could subject us or our operators to disruptive government and financial audits, enforcement actions, and recovery activity. Under the CARES Act and subsequent Covid relief legislation, Congress allocated more than $178 billion to eligible health care providers through the Public Health and Social Services Emergency Fund (the “Provider Relief Fund” or “PRF”).”

Annual report 2025A · The company itself

“In addition, any or all of our government contracts could be terminated, we could be suspended or debarred from all government contract work, or payment of our costs could be disallowed.”

Annual report 2025A · The company itself

“We serve national, state and local government clients across multiple regions — including the U.S., Europe, U.K., Middle East, and Asia Pacific — and multinational and local private sector organizations globally.”

Annual report 2025A · The company itself

“The U.S. federal government represented approximately 8% of our total revenue in fiscal 2025.”

Annual report 2025A · The company itself

“Kreaten liiketoiminnan kehitys on osittain riippuvaista julkisen talouden yleisestä kehityksestä sekä julkistaloutta ohjaavasta poliittisesta päätöksenteosta, sillä pääosa Kreaten liikevaihdosta muodostuu julkisen sektorin asiakkaista. Kreate toteuttaa esimerkiksi tie- ja ratarakentamiseen liittyviä projekteja, joiden kysyntä on laajalti riippuvaista liikennepoliittisesta suunnittelusta ja päätöksenteosta sekä julkistalouden investointikyvykkyydestä.”

Annual report 2025A · The company itself

“Yli puolet liikevaihdostamme tulee julkiselta sektorilta, mikä tasoittaa suhdanteista johtuvaa kysynnän Silta- ja pohjarakentaminen sekä Ruotsin liiketoiminta Pohjarakentamisessa korostuvat yksityisen sektorin asiakkuudet, sisältää mm. datakeskukset. vaihtelua tehokkaasti.”

Annual report 2025A · The company itself

“Asiakaskunta koostuu sekä julkisista että yksityisistä toimijoista.”

Annual report 2025A · The company itself

“Konsernin liikevaihdosta 17 (14) prosenttia tuli kaupungeilta ja kunnilta, 47 (50) prosenttia valtiolta ja 36 (35) prosenttia yksityiseltä sektorilta.”

Annual report 2025A · The company itself

“Health Care Environment and Government Regulation Global efforts toward health care cost containment continue to exert pressure on product pricing and market access. Changes to the U.S. health care system as part of health care reform, as well as increased purchasing power of entities that negotiate on behalf of Medicare, Medicaid, and private sector beneficiaries, have contributed to pricing pressure.”

Annual report 2025A · The company itself

“The Company sells these human health pharmaceutical products primarily to drug wholesalers and retailers, hospitals, government agencies, and managed health care providers such as health maintenance organizations, pharmacy benefit managers and other institutions.”

Annual report 2025A · The company itself

“A large component of pediatric and adolescent vaccine sales are made to the U.S. Centers for Disease Control and Prevention Vaccines for Children program, which is funded by the U.S. government.”

Annual report 2025A · The company itself

“Additionally, the Company sells vaccines to the Federal government for placement into vaccine stockpiles.”

Annual report 2025A · The company itself

“This momentum was driven by the generational security upgrade of Aadhaar, triggering vendors to upgrade devices and verify the compliance of integrations.”

Annual report 2024A · The company itself

“Our work in India in 2024 continued in line with our plans until late Q4, when the UIDAI (Unique Identity Authority of India) placed a temporary ban on the enrollment of all new L1 devices. The UIDAI’s ban followed a security incident at a competitor and did not concern NEXT’s technology. However, the pause had a knock-on effect for all vendors with Aadhaar compliance as it was effective until all vendors have undergone further testing. This delayed NEXT’s deliveries and resulted in heavily reduced revenues in the fourth quarter.”

Annual report 2024A · The company itself

“In China, one short-term goal for 2024 was for NEXT’s FAP20 sensor to become China-ID certified. Like India’s Aadhaar system, without this certification we cannot penetrate the most attractive business segments. At the start of 2024, NEXT received its China ID certification and it also expanded its footprint to the medical insurance, healthcare and access control markets.”

Annual report 2024A · The company itself

“NEXT Biometrics at a glance NEXT provides advanced fingerprint sensor technology that delivers uncompromised security and accuracy for the best possible user experience in the banking & finance, government ID, access control and laptop & notebook market areas.”

Annual report 2024A · The company itself

“The company has a diversified customer base, which includes Biometric technology companies, POS manufacturers, biometric HW manufacturers and Government ID providers.”

Annual report 2024A · The company itself

“To provide a wider view of our work, I have highlighted a few achievements on a more strategic level below. - In 2024, we signed a Memorandum of Understanding (MoU) with NEXT’s long-term partner ACPL to jointly develop a new product which targets the growing government ID market and different national ID programs in Asia, South America, and Africa.”

Annual report 2024A · The company itself

“The Group has developed products, established its manufacturing platform and sales and marketing to establish a business with significant footprint and customers in key markets such as Banking & Finance, Government ID, Access control, Laptops, and POS solutions.”

Annual report 2024A · The company itself

“Declines primarily driven by: • lower COVID-19 infections across U.S. and international markets and lower international government purchases; • the non-recurrence of a $771 million favorable final adjustment recorded in the first quarter of 2024 to the estimated non-cash revenue reversal of $3.5 billion recorded in the fourth quarter of 2023; and • the non-recurrence of a $442 million favorable U.S. government stockpile purchase in the third quarter of 2024, partially offset by: • favorable adjustments of rebate accruals related to prior periods, as well as higher net price in the U.S. following transition from the U.S. government agreement.”

Annual report 2025A · The company itself

“In 2023, we principally sold Comirnaty globally under government contracts. In September 2023, Comirnaty transitioned to traditional commercial market sales in the U.S., triggered by the expiration of contracts. Internationally, sales of Comirnaty are under a combination of private channels and government contracts, as we started transitioning to commercial markets in 2024.”

Annual report 2025A · The company itself

“In 2023, we principally sold Paxlovid globally to government agencies. On October 13, 2023, we announced an amended agreement with the U.S. government, which facilitated the transition of Paxlovid to traditional commercial markets in the U.S.”

Annual report 2025A · The company itself

“Public sector budget constraints persisted throughout the year. State investment levels remained modest, while municipalities continued to prioritize the most essential projects, which led to more careful prioritization of projects and increased price competition.”

Annual report 2025A · The company itself

“At the same time intense price competition in public sector projects and a negative calendar effect slowed growth down.”

Annual report 2025A · The company itself

“Public sector budget constraints postponed major decisions, intensified price competition, and kept demand low.”

Annual report 2025A · The company itself

“The general economic environment also has an impact on public sector investments.”

Annual report 2025A · The company itself

“The largest customer groups are the municipal sector, state organizations, construction companies, housing companies, real estate companies and real estate investors, as well as operators in the forestry, energy and industrial sectors.”

Annual report 2025A · The company itself

“Urbanization supports the investment needs of municipalities and cities, and the business area’s most significant client segment is the public sector, which accounts for approximately 70 percent of net sales.”

Annual report 2025A · The company itself

“Key wins in 2025 included the next phase of Innovestor’s energy storage project for 26 sites, building services design for the new acute care or so-called hot hospital in Pori, and a renovation condition assessment with long-term maintenance plans for 22 properties owned by the City of Helsinki.”

Annual report 2025A · The company itself

“In Finland, key wins included supplying the Digiroad national road and street network information system and serving as expert supplier for the RAIDE railway information system project.”

Annual report 2025A · The company itself

“Customer risks The Sitowise Group's largest customer groups are the public sector, construction, real estate and housing companies as well as forestry and energy sector players.”

Annual report 2025A · The company itself

“The FAA promulgates and enforces regulations affecting the airline industry and exercises extensive regulatory oversight of the Company’s operations. For example, in November 2025 during the partial government shutdown, the FAA issued an emergency order mandating an industry-wide reduction in flights at 40 major U.S. airports.”

Annual report 2025A · The company itself

“The FAA from time to time also issues orders or directives relating to the maintenance and operation of aircraft. FAA orders and directives can be issued with little or no notice, and in certain instances, require the temporary grounding of aircraft, such as the FAA’s March 2019 grounding of all Boeing 737 MAX aircraft, and/or the responsive investment of operational and financial resources.”

Annual report 2025A · The company itself

“The issuance of new FAA regulations, regulatory amendments, or orders or directives could result in flight schedule adjustments and groundings or delays in aircraft deliveries, as well as lower operating revenues, operating income, and net income due to a variety of factors, including, among others, (i) lost revenue due to flight cancellations and operational disruptions as a result of a smaller operating aircraft fleet, (ii) the lack of ability to make corresponding reductions in expenses because of the fixed nature of many expenses, and (iii) possible negative effects on Customer confidence and airline choice.”

Annual report 2025A · The company itself

“As discussed under “Business - Regulation,” airlines are also subject to other extensive regulatory requirements. These requirements often impose substantial costs on airlines.”

Annual report 2025A · The company itself

“Similarly, the federal government singularly controls all U.S. airspace, and airlines are dependent on the FAA controlling that airspace in a safe and efficient manner. The current air traffic control system is mainly radar-based, supported in large part by antiquated equipment and technologies, and heavily dependent on skilled personnel.”

Annual report 2025A · The company itself

“The FAA’s protracted transition to modernized air traffic control systems and newer technologies has and may continue to adversely impact airspace capacity and the overall efficiency of the system, resulting in limited opportunities for the Company to grow, longer scheduled flight times, increased delays and cancellations, and increased fuel consumption and aircraft emissions. For example, due to air traffic control staffing challenges, government agencies have had to implement short-term capacity constraints during peak travel periods or adverse weather conditions in certain markets, resulting in delays and disruptions of air traffic.”

Annual report 2025A · The company itself

“The FAA will ultimately determine the timing of the -7 certification and entry into service, and the Company therefore offers no assurances that current estimations and timelines are correct.”

Annual report 2025A · The company itself

“Vuoden toisella puoliskolla markkinalla käynnistyi myös joitakin laajempia kumppanuuskilpailutuksia, ja hyvinvointialueiden kiinnostus erilaisten palvelukokonaisuuksien hankintaan yksityiseltä sektorilta vahvistui.”

Annual report 2025A · The company itself

“Julkisen sektorin hoitojonot ovat edelleen pitkiä: marraskuun 2025 lopussa kiireettömään erikoissairaanhoitoon odotti noin 143 200 potilasta, joista noin 19 500 oli jonottanut yli puoli vuotta.”

Annual report 2025A · The company itself

“Vuoden 2025 alussa terveydenhuoltolakia muutettiin siten, että julkiset palvelujen järjestäjät, kuten hyvinvointialueet, voivat hankkia yksityisiltä leikkaustoimintaa aiempaa laajemmin.”

Annual report 2025A · The company itself

“Suomen julkisrahoitteisen terveydenhuollon markkinatilanne oli vuonna 2025 edelleen varovainen hyvinvointialueiden keskittyessä kustannussäästöihin. Vuoden aikana markkinalla nähtiin pääasiassa esimerkiksi digitaalisten palvelujen kilpailutuksia, mutta loppuvuotta kohti oli nähtävissä kasvavia signaaleja kysynnän avautumisesta.”

Annual report 2025A · The company itself

“Palvelumyynti sisältää pääosin julkisen sektorin asiakkaille tarjottavat palvelut, kuten erikoissairaanhoidon palvelut sekä muut palveluverkostossa tuotettavat terveydenhuollon palvelut.”

Annual report 2025A · The company itself

“Kotimarkkinoiden kysyntää myös heikentävät julkisen vallan säästötoimenpiteet. Kotimarkkinoiden kysynnän muutos vaikuttaa suoraan Trainers’ Housen liiketoimintaan.”

Annual report 2025A · The company itself

“A prolonged economic slowdown or recession could reduce demand for our software products and services. Governments may face financial pressures that could in turn affect our growth rate and profitability in the future.”

Annual report 2025A · The company itself

“The Enterprise Software (“ES”) reportable segment provides public sector entities with software systems and services to meet their information technology and automation needs for mission-critical “back-office” functions such as: public administration solutions, courts and public safety solutions, education solutions, and property and recording solutions.”

Annual report 2025A · The company itself

“EN is a SaaS company specializing in cloud-native software for fire departments and emergency medical services agencies.”

Annual report 2025A · The company itself

“MARKET OVERVIEW The federal, state, and local public sector market is one of the largest and most decentralized IT markets in the country, consisting of hundreds of federal agencies, all 50 states, approximately 3,000 counties, 36,000 cities and towns, and 12,600 school districts.”

Annual report 2025A · The company itself

“We derive substantially all of our revenues from sales of software and services to state, county, and city governments, other federal or municipal agencies, and other public entities. We expect that sales to public sector clients will continue to account for substantially all of our revenues in the future.”

Annual report 2025A · The company itself

“OVERVIEW General We provide integrated information management solutions and services for the public sector. We develop and market a broad line of software products and services to address the information technology (“IT”) needs of public sector entities.”

Annual report 2025A · The company itself

“Table of Contents The Company is also subject to certain risks as a direct and indirect supplier to the U.S. government and other governments, such as those associated with compliance with procurement regulations, as well as the government’s rights to audit and conduct investigations and to terminate contracts.”

Annual report 2025A · The company itself

“At the same time, we added new opportunities to our pipeline and invested in new terminal locations where our differentiated capabilities create competitive advantage. Across all markets, we keep focusing on our ambition to be the preferred partner to governments and customers, working closely with local stakeholders and partners to develop infrastructure, which supports national trade ambitions and enables long-term economic growth.”

Annual report 2025A · The company itself

“Segmentet arbetar inom huvudsakligen tre kundgrupper: yrkeshögskola (41 procent av omsättningen i kvartalet), kommunal vuxenutbildning (42) och arbetsmarknadstjänster (8).”

Annual report 2024A · The company itself

“Förfallit mer än 30 dagar Summa Reserv för osäkra fordringar Årets reserveringar Förvärv - Återförda reserver -7 -1 Kundfordringar vid årets utgång Konstaterade kundförluster Koncernens kunder är i allt väsentligt kommuner, offentliga myndigheter och företag, med låg kreditrisk för koncernen och kreditkvaliteten på utestående kundfordringar bedöms som mycket god.”

Annual report 2024A · The company itself

“Träningsarenan och samarbetet med kommunerna, tillsammans med Actics klusterbaserade expansionsstrategi, utgör kärnan i Actics affärsmodell.”

Annual report 2024A · The company itself

“Actic har en beprövad och differentierad operationell modell där cirka 50 procent av anläggningarna är belägna i anknytning till offentliga simhallar som oftast ägs av kommuner, med simträning och bad som en del av Actics medlemskap.”

Annual report 2024A · The company itself

“Under 2024 vann vi upphandlingen av Mörbybadet i Danderyd, Stockholm.”

Annual report 2024A · The company itself

“Övriga erbjudanden Personlig interaktion Actic erbjuder uthyrning av sina lokaler och anläggningar till kommuner, skolor och idrottsföreningar.”

Annual report 2024A · The company itself

“Försäljningen sker till cirka 85 procent genom offentliga upphandlingar.”

Annual report 2023A · The company itself

“En betydande andel av Bolagets försäljning sker till offentligt finansierad verksamhet inom sjukvård, forskning och omsorg. Försvagade statsfinanser skulle kunna ha en negativ påverkan på AddLifes verksamhet och resultat.”

Annual report 2023A · The company itself

“Contracting with government entities exposes us to additional risks inherent in the government procurement process. We provide solutions, directly and indirectly, to a variety of domestic and foreign government entities, which introduces certain risks and challenges not present in private commercial agreements, including varying governmental budgeting processes; changes in governmental administrations and policies; fluctuations due to government spending cuts and shutdowns; and highly competitive and lengthy bidding process that may be subject to political influence.”

Annual report 2025A · The company itself

“Commencing on January 1, 2024, the Southland OTC units are contracted through Standby Capacity Purchase Agreements with the California Department of Water Resources (“California DWR”), an agency of the State of California, as part of the Electricity Supply Strategic Reliability Reserve Program (“Strategic Reserve”) established under California Assembly Bill 205. Under these agreements, California DWR is purchasing each facility’s available capacity for a three-year term.”

Annual report 2025A · The company itself

“This plant is fully contracted through a long-term PPA with PREPA expiring in 2027.”

Annual report 2025A · The company itself

“Merida is a CCGT located on Mexico's Yucatan Peninsula that sold power to CFE under a PPA until December 8, 2025, when the plant successfully migrated to the Wholesale Electricity Market ("WHEM") under the new Electricity Sector Law ("LESE").”

Annual report 2025A · The company itself

“Divisionen är en global och ledande Divisionen stödjer kunder i den hållbara omställningen inom energi, bioindustri, infrastruktur, industri och mobilitetssektorn genom strategisk rådgivning, framåtblickande marknadsanalys, operativ och digital transformation, M&A- och transaktionstjänster samt hållbarhetsrådgivning.”

Annual report 2024A · The company itself

“Vacuum technologies' customers are typically OEMs that manufacture equipment for these applications, or government and research organizations that require vacuum solutions in their facilities.”

Annual report 2025A · The company itself

“Demand for some of our products and services depends on the capital spending policies of our customers, research and development budgets and on government funding policies. Our customers include pharmaceutical companies, laboratories, universities, healthcare providers, government agencies and public and private research institutions.”

Annual report 2025A · The company itself

“Our sales to government clients subject us to risks, including early termination, audits, investigations, sanctions and penalties. We have customer contracts with the U.S. government, as well as international, state and local governments and their respective agencies and we may in the future increase sales to government entities.”

Annual report 2025A · The company itself

“We sell a wide range of security and access control solutions for end-users in commercial, institutional and residential facilities worldwide, including education, healthcare, government, hospitality, retail, commercial office and single and multi-family residential markets.”

Annual report 2025A · The company itself

“Alligo är en ledande aktör inom arbetskläder, personligt skydd, verktyg och förnödenheter i Norden.”

Annual report 2024A · The company itself

“Kunderna utgör en balanserad mix av små och medelstora företag, stora industriföretag samt offentlig sektor inom åtta definierade branschsegment.”

Annual report 2024A · The company itself

“Utvecklingen var svag inom de flesta branschsegmenten, med undantag för olja och gas i Norge, samt offentlig verksamhet i Sverige.”

Annual report 2024A · The company itself

“Avmattningen i efterfrågan på marknaden fortsatte under perioden och var relaterad till flertalet kundsegment förutom olja och gas i Norge och offentlig verksamhet i Sverige som hade en fortsatt bra utveckling.”

Annual report 2024A · The company itself

“Det gäller framför allt bland små och medelstora företag, medan försäljningen till offentlig verksamhet och vissa större industrikunder ökat.”

Annual report 2024A · The company itself

“Our Regulated Businesses are subject to condemnation and other proceedings through eminent domain or other similar authorized process, which could materially and adversely affect their results of operations and financial condition. Municipalities and other government subdivisions have historically been involved in the provision of water and wastewater services in the United States, and organized efforts may arise from time to time in one or more of the service areas in which our Regulated Businesses operate to convert our assets to public ownership and operation through exercise of the governmental power of eminent domain, or another similar authorized process. A municipality, other government subdivision or a citizen group may seek to acquire our assets through eminent domain or such other process, either directly or indirectly as a result of a citizen petition.”

Annual report 2025A · The company itself

“The Company also operates other businesses that provide water and wastewater services to the U.S. government on military installations, as well as municipalities.”

Annual report 2025A · The company itself

“Implementation of OB3 also may impact access to and reimbursement of our products. For example, the Congressional Budget Office has projected that the OB3 will result in significant reductions in federal Medicaid spending over the next decade and an increase in the number of people without health insurance. These developments would place greater stress on state budgets and hospital finances, and could result in reduced access to medicines, additional pressure to further discount medicines and further growth of 340B Program utilization.”

Annual report 2025A · The company itself

“Båda företagsparkerna omfattar såväl flexibla kontor som logistikfastigheter samt lätt industri tillsammans med tillhörande service som boende, utbildningslokaler, konferenscentrum, sporthallar och samhällsservice.”

Annual report 2024A · The company itself

“Guaranteed investment contracts are marketed to stable value fund managers to support stable value investment options within defined contribution plans.”

Annual report 2025A · The company itself

“Athene partners with institutions seeking to transfer and thereby reduce their obligation to pay future pension benefits to retirees and deferred participants through pension group annuities. Athene works with advisors, brokers and consultants to source pension group annuity transactions and design solutions that meet the needs of prospective pension group annuity counterparties and their participants, with a focus on medium- and large-sized deals involving retirees and/or deferred participants that are structured as either a buyout or a buy-in transaction.”

Annual report 2025A · The company itself

“The defined contribution market involves several stakeholders, including asset managers and plan record-keepers. Vitera partners with select asset managers and plan record- 21 Table of Contents keepers to market the guaranteed lifetime income target date fund to institutions that sponsor defined contribution plans to have these institutions add the guaranteed lifetime income target fund to their fund offering with a particular focus in having the target date fund deemed as the qualified default investment alternative.”

Annual report 2025A · The company itself

“Business Overview Ares is a leading global alternative investment manager with $622.5 billion of assets under management and over 4,250 employees in over 55 offices in more than 25 countries.”

Annual report 2025A · The company itself

“A portion of our revenue is generated by sales to government entities, which are subject to a number of challenges and risks. We anticipate increasing our sales efforts to U.S. and foreign, federal, state and local governmental customers in the future.”

Annual report 2025A · The company itself

“Throughout the past year, we have provided business critical solutions and services to over 500 large organisations, both new ones that have placed their trust in us as well as long-standing partners who continue to value our expertise.”

Annual report 2024A · The company itself

“The software and services support robust corporate governance and enable organisations to operate more efficiently and effectively - delivering long-term value across both public and private sectors.”

Annual report 2024A · The company itself

“Delivering flexible and secure cloud services tailored to both private and public sector needs.”

Annual report 2024A · The company itself

“Table of Contents Risk management services are primarily marketed on an independent basis from our brokerage operations, to Fortune 1000 companies, larger middle-market companies, nonprofit organizations, public sector entities, and underwriting enterprises, such as insurance carriers and captives.”

Annual report 2025A · The company itself

“We are engaged in providing insurance brokerage, reinsurance brokerage, consulting services, and third-party property/casualty claims settlement and administration services to entities and individuals around the world.”

Annual report 2025A · The company itself

“Approximately 70% of Atea’s revenue comes from the public sector, in which demand is less sensitive to changes in the economic cycle.”

Annual report 2024A · The company itself

“These organizations are dependent on information technology to support their goals and have the resources to continue to invest in IT solutions - even in the most challenging times.”

Annual report 2024A · The company itself

“Atea is the leading provider of IT infrastructure and related services for businesses and public-sector organizations in the Nordic and Baltic regions.”

Annual report 2024A · The company itself

“Atea’s core business model focuses on providing IT infrastructure and services to customers in both the private and public sector. Robust data security practices are essential to our service delivery and overall business strategy.”

Annual report 2024A · The company itself

“We safely deliver reliable, efficient, and abundant natural gas through regulated sales and transportation arrangements to approximately 3.4 million residential, commercial, public authority, and industrial customers in eight states located primarily in the South.”

Annual report 2025A · The company itself

“Vårt fokus är att utveckla attraktiva stadsmiljöer i Stockholm, Göteborg, Malmö och Uppsala. Tillsammans med kommunerna, våra kunder och de som bor i staden bygger vi levande stadsmiljöer där kontor, bostäder och handel blandas med kultur, service, vård och utbildning.”

Annual report 2024A · The company itself

“Our customers include government entities, including the U.S. federal government, and if spending cuts impede the ability of governments to purchase our products and services, our revenue could decline. In addition, a number of our customers rely, directly and indirectly, on government spending.”

Annual report 2026A · The company itself

“Contracting with government entities exposes us to additional risks inherent in the government procurement process. We provide products and services, directly and indirectly, to a variety of government entities. Risks associated with licensing and selling products and services to government entities include extended sales and collection cycles, varying governmental budgeting processes, and adherence to complex procurement regulations and other government-specific contractual requirements, which are subject to change by the government, and which may require significant upfront cost, time, and resources, with no assurance that we will secure contracts with government entities.”

Annual report 2026A · The company itself

“Governmental restrictions may impact our business adversely Some of our customers are (or may be) owned by a governmental entity, receive various forms of governmental aid or support, or are subject to governmental influence in other forms, which may impact us as a supplier to these customers. As a result, they may be required to partner with local entities or procure components from local suppliers to achieve a specific local content or be subject to other restrictions regarding localized content or ownership.”

Annual report 2024A · The company itself

“A larger share of our annual bookings traditionally occurs in the fourth quarter.”

Annual report 2025A · The company itself

“Our revenue and operating results may fluctuate unexpectedly from quarter-to-quarter, which could impact our stock price. Several factors, including some beyond our control, may affect our revenue and operating results, potentially causing our common stock price to fluctuate, including: •budgetary cycles of municipal, state, and federal law enforcement and corrections agencies; •market acceptance of our products and services; •the timing of large domestic and international orders; •the outcome of any existing or future litigation; •adverse publicity surrounding our products, including product safety or use; •changes in our sales mix; •new product introduction costs; •increases in raw material costs; •changes in our operating expenses, including stock-based compensation expense; •changes in foreign currency exchange rates, inflation, and interest rates; •inventory obsolescence; •changes in warranty reserves; •existing or future tariffs; •government shutdowns or lapses in federal appropriations; and •regulatory changes that may affect the marketability of our products and services.”

Annual report 2025A · The company itself

“Table of Contents Sales and Distribution: Who We Sell To and Where We Deliver Our core customers across the public and private sectors include U.S. federal, state, and local governments, international governmental entities, commercial enterprises, and consumers.”

Annual report 2025A · The company itself

“Strategic Risks We substantially depend on continued acceptance of our products and services by law enforcement agencies worldwide, and any reduction in demand could materially adversely affect our business. Our largest customer vertical is U.S. federal, state and local law enforcement.”

Annual report 2025A · The company itself

“A significant portion of our end-user customers are government agencies, which typically lack direct control over their budgets. These budgets are often influenced by legislative processes and political considerations, limiting the agencies' ability to allocate funds at their discretion. There can be no assurance that the economic and political pressures will not materially adversely affect sales of our products.”

Annual report 2025A · The company itself

“We have entered and will enter into contracts with U.S. federal, state and local governments and foreign governments. This subjects us to various statutes and regulations applicable to companies doing business with governments, including the Federal Acquisition Regulation (“FAR”). We must comply with laws and regulations relating to the formation, administration and performance of U.S. federal, state and local and foreign government contracts.”

Annual report 2025A · The company itself

“Digitaliseringsresan inom offentlig sektor handlar om att förbättra medborgarnas upplevelse, men också om den interna arbetsmiljön och effektiviteten. B3 har erfarenhet av offentliga organisationers specifika förutsättningar och stöttar hela vägen, från att ta fram strategier och styrmodeller för agil utveckling till att utforma goda medborgarmöten, automatisera och effektivisera processer, flytt till molnet, datadriven utveckling, informations- och IT-säkerhet samt upphandlingar.”

Annual report 2024A · The company itself

“Under året har vi fått förtroendet att leverera flera stora projekt, inklusive teamleveranser till kunder som Trafikverket, Arbetsförmedlingen, Skatteverket, Sveriges största banker, många av landets regioner och flera internationella företag.”

Annual report 2024A · The company itself

“of total revenue 3% of total revenue 21 Bavarian Nordic Annual Report 2025 2025 in brief Business and strategy Performance Corporate information Commercial performance Financial review Key figures Outlook 2026 Public Preparedness JYNNEOS/IMVAMUNE/IMVANEX Revenue from the sale of JYNNEOS/IMVAMUNE/IMVANEX amounted to DKK 3,105 million (DKK 3,206 million), driven by contracts with the U.S. government and the European Union in addition to contracts entered with various other governments and organizations.”

Annual report 2025A · The company itself

“JYNNEOS ® /IMVAMUNE ® /IMVANEX ® was originally developed as a smallpox vaccine intended for government stockpiling. Since, it has been approved also for mpox and has been widely used during outbreaks. The vaccine has also been commercialized in key markets (the U.S. and Germany) for at-risk populations.”

Annual report 2025A · The company itself

“Read more at: www.chikungunya.com → highlights Public Preparedness Strengthening mpox and smallpox preparedness across the globe Approval of freeze-dried JYNNEOS ® The FDA approved the freeze-dried version of JYNNEOS, supporting the ongoing contract with the U.S. government for stockpiling of the vaccine. U.S. order for 2026 secured The U.S. government exercised additional options of USD 143.6 million under the existing contract to supply freeze-dried JYNNEOS, with the majority planned for delivery in 2026.”

Annual report 2025A · The company itself

“Mpox outbreaks have driven a surge in demand since 2022 Before these acquisitions, our only business, Public Preparedness, was largely based on one government customer, generating around DKK 0.5-1 billion in annual revenue.”

Annual report 2025A · The company itself

“In outbreak years, this number has been considerably higher, and we delivered just above DKK 3 billion in revenue in 2025, representing half of our total revenue for the year.”

Annual report 2025A · The company itself

“The world was not prepared for these outbreaks, and they created a sudden and significant surge in demand for our vaccine, which we have successfully managed to fulfil, while also succeeding in establishing longer term partnerships with more governmental customers. As we continue to supply our vaccine to the U.S. and Canada under our existing multi-year agreements, we have also strengthened our collaboration with the EU and its member states, and in 2025, we entered a new framework agreement with the European Commission, through the Health Emergency Preparedness and Response Authority (HERA), enabling the EU, its member states and additional European countries to purchase up to 8 million doses over the next four years.”

Annual report 2025A · The company itself

“An attractive, but unpredictable business The surge in demand drove record-high revenues in 2023-2025 in our Public Preparedness business, accounting for roughly half of our total revenue in this period.”

Annual report 2025A · The company itself

“For three consecutive years, we have exceeded our base business in Public Preparedness, reaching annual revenues above DKK 3,000 million. In 2026, we expect revenue of DKK 1,800- 2,000 million from this business, of which approximately DKK 1,400 million were secured by March 2026.”

Annual report 2025A · The company itself

“Commercial performance 23 Financial review 26 Key figures 27 Outlook Commercial performance Public Preparedness We are a preferred supplier of mpox and smallpox vaccines to governments to enhance public health preparedness.”

Annual report 2025A · The company itself

“EXECUTIVE OVERVIEW Description of the Company, Recent Strategic Actions and Business Segments Baxter International Inc. is a global medical technology with approximately 37,500 employees worldwide who are engaged in the development, manufacture and sale of a broad range of products, digital health solutions and therapies used by hospitals, nursing homes, rehabilitation centers, ambulatory surgery centers, doctors’ offices and patients at home under physician supervision.”

Annual report 2025A · The company itself

“Bolagen inom affärsområdet Teknik & Distribution hjälper kunder inom både industri och offentlig sektor att minska resursåtgång, förbättra omgivningens miljö eller på andra sätt förbättra sin egen verksamhet.”

Annual report 2024A · The company itself

“We have agreements relating to the sale of our products to government entities in the U.S. and elsewhere and, as a result, we are subject to various statutes and regulations that apply to companies doing business with the government (less than 1% of our fiscal 2026 sales were made to the U.S. federal government).”

Annual report unknown yearA · The company itself

“Bittium Tough Mobile™ 3 smartphone continues the Tough Mobile series of smartphones designed for extreme security needs. The Tough Mobile 3 enables absolute security, especially for governments, defense forces and government organizations, against the ever-increasing security threats. Based on the Android™ operating system, the Tough Mobile 3 is a 5G smartphone that combines government-grade security with military-grade durability.”

Annual report 2025A · The company itself

“Tactical and Secure Data Transfer and Communication systems Defense & Security business segment, Bittium offers globally leading products, services, and systems for its customers in the defense, security, and authority markets.”

Annual report 2025A · The company itself

“Bittium Tough Mobile 2 smartphones together with Bittium Secure Suite device management and encryption software product can be certified for secure use by different national government authorities.”

Annual report 2025A · The company itself

“Authority-level security is achieved when Bittium Secure Call is used in conjunction with Bittium Tough Mobile 2 smartphones and the Bittium Secure Suite software.”

Annual report 2025A · The company itself

“BlackRock serves a diverse mix of institutional and retail clients across the globe. Clients include tax-exempt institutions, such as defined benefit and defined contribution pension plans, charities, foundations and endowments; official institutions, such as central banks, sovereign wealth funds, supranationals and other government entities; taxable institutions, including insurance companies, financial institutions, corporations and third-party fund sponsors, and retail intermediaries.”

Annual report 2025A · The company itself

“Assets managed for other taxable institutions, including corporations, banks and third-party fund sponsors for which the Company provides sub-advisory services, totaled $1.2 trillion, or 19%, of long-term institutional AUM at year-end. • Official Institutions BlackRock managed $348 billion, or 5%, of long-term institutional AUM for official institutions, including central banks, sovereign wealth funds, supranationals, multilateral entities and government ministries and agencies at year-end 2025.”

Annual report 2025A · The company itself

“We invest across asset classes on behalf of our investors, including pension funds, insurance companies and individual investors.”

Annual report 2025A · The company itself

“Omsetning per sektor Helse og sosial 1,4 % Industri 3,7 % Info og kommunikasjon 2,1 % Kraftforsyning 20,4 % Off. adm. og forsvar 17,8 % Olje, gass og fornybart 40,5 % Tjenesteyting 6,0 % Transport 4,3 % Varehandel 2,5 % Andre 1,2 % Intro | Våre nøkkeltall Intro | Våre nøkkeltall 5 5 Om Bouvet I dagens samfunn er digitalisering en avgjørende faktor for virksomheters leveranseevne og konkurransekraft.”

Annual report 2024A · The company itself

“Oversikten viser sektorene som utgjør den største andelen av omsetningen i konsernet Sektor Jan-Des 2024 Kraftforsyning 20,4 % Helse og sosial 1,4 % Industri 3,7 % Informasjon og kommunikasjon 2,1 % Off. adm. og forsvar 17,8 % Olje, gass og fornybart 40,5 % Tjenesteyting 6,0 % Transport 4,3 % Varehandel Konsernets kunder har store komplekse og gjensidig avhengige behov innen digitalisering og bærekraft.”

Annual report 2024A · The company itself

“Flerbostadshus 10 % Industri 23 % Kontor 11 % Sjukvård och omsorg 9 % Utbildning 6 % Infrastruktur 13 % Övrigt 28 % Diversifierad kundbas 84 000 kunder Ingen kund stod för mer än 3% av den totala försäljningen Kundgrupper ■ Byggbolag 26% ■ Övrigt näringsliv 26% ■ Offentliga 20% ■ Industri 16% ■ Fastighetsbolag 12% ■ >100 MSEK 15% ■ 50–100 MSEK 7% ■ 10–50 MSEK 19% ■ 0–10 MSEK 59% Omsättning efter orderstorlek uppgick den totala försäljningen på marknaden till cirka 319 (353) miljarder kronor, varav 239 (273) miljarder installation och 80 (80) miljarder service.”

Annual report 2024A · The company itself

“Samhällsfastigheter används till övervägande del av skattefinansierad verksamhet och är specifikt anpassad för samhällsservice. Det innebär att hyresgästen kan vara offentlig, det vill säga statlig, kommunal eller regional, men också privat. Exempel på samhällsfastigheter är fastigheter med samhällsservice, särskilt boende, vård, utbildning och friskvård.”

Annual report 2024A · The company itself

“Brinovas största hyresgäster utgörs av kommuner, landsting eller andra myndigheter vilkas betalningsförmåga får anses som mycket god.”

Annual report 2024A · The company itself

“Our products are sold worldwide, principally to wholesalers, distributors, specialty pharmacies, and to a lesser extent, retailers, hospitals, clinics, government agencies and directly to patients.”

Annual report 2025A · The company itself

“If personnel critical to our performance of these contracts are unable to obtain or maintain their security clearances, we may be unable to perform these contracts or compete for other projects of this nature, which could adversely affect our results of operations. Additionally, our government contracts and our arrangements with channel partners who may sell directly to government customers are generally subject to requirements that may generally not be present in 21 Table of Contents commercial contracts and/or may be complex, as well as audits and investigations.”

Annual report 2025A · The company itself

“Our contracts signed with the U.S. federal, state and local government and non-U.S. government agencies are generally subject to annual fiscal funding approval and may be renegotiated or terminated at the discretion of the government. Termination, renegotiation or the lack of funding approval for a contract could adversely affect our sales, revenue and reputation.”

Annual report 2025A · The company itself

“The Retail segment provides a broad range of insurance products and services to commercial, public and quasi-public entities, and to professional and individual customers, as well as non-insurance warranty services and products through our automobile and recreational vehicle dealer services ("F&I") businesses.”

Annual report 2025A · The company itself

“Public Entity: Public entity programs range from providing fully insured programs to establishing risk retention insurance pools, and excess and facultative specific coverages, including administration of various insurance trusts for cities, counties, municipalities, school boards, special taxing districts and quasi-governmental agencies.”

Annual report 2025A · The company itself

“Approximately 77% of the Retail segment’s commissions and fees revenue is commission based.”

Annual report 2025A · The company itself

“In Canada, we sell our products to provincial governments.”

Annual report unknown yearA · The company itself

“Kunder är framför allt offentliga förvaltningar, kommuner och bolag samt privata fastighetsbolag och andra markägare. Avtalen är ofta fleråriga.”

Annual report 2024A · The company itself

“The procurement process is highly competitive and time-consuming, may be subject to political influence and may involve different rules and conditions on the offering or pricing of products and services. We incur significant up-front time and expense without any assurance that we or our business partner will win a contract.”

Annual report 2025A · The company itself

“Beyond this, demand for our products and services may be adversely impacted by public sector budgetary cycles and funding availability.”

Annual report 2025A · The company itself

“Further, even if we or our business partners are successful in receiving a contract award, that award could be challenged during a bid protest process, 22 Table of Contents which may result in an increase in expenses, an unfavorable modification, delay in the startup and funding of the work or loss of an award.”

Annual report 2025A · The company itself

“Our public sector customers may have contractual, statutory or regulatory rights to terminate contracts with us or our business partners for convenience, in which case we may not be able to collect fees for products or services delivered, or due to a default, in which case we may be liable for replacement costs incurred by the customer.”

Annual report 2025A · The company itself

“Further, we are required to comply with a variety of complex laws, regulations and contractual provisions that give public sector customers substantial rights and remedies, many of which are atypical in commercial contracts. Failure by us and/or our business partners to comply with these obligations could create legal, contractual and customer satisfaction issues. Governments routinely investigate and audit compliance with contractual or regulatory requirements. If we or our business partners fail to comply with applicable requirements, we may be subject to civil and criminal penalties and administrative sanctions, including termination of contracts, forfeiture of profits, cost associated with the triggering of price reduction clauses, fines and suspensions or debarment from future government business, all of which may adversely affect our business.”

Annual report 2025A · The company itself

“Doing business with the public sector and heavily-regulated entities subjects us to risks related to government procurement processes, regulations and contracting requirements. We provide products and services to governmental and heavily-regulated entities, directly and through our business partners.”

Annual report 2025A · The company itself

“Our BOE clients also include the U.S. federal government.”

Annual report 2025A · The company itself

“Our Public segment is comprised of government agencies and education and healthcare institutions in the US.”

Annual report 2025A · The company itself

“Revenues from our public sector customers are derived from sales to governmental entities, educational institutions, and healthcare customers through various contracts and open market sales of products and services. Sales to public sector customers are highly regulated and present different risks and challenges from private commercial agreements. Noncompliance with contract provisions, government procurement regulations, or other applicable laws or regulations (including the False Claims Act, the Medicare and Medicaid Anti-Kickback Statute, or similar laws of the jurisdictions for our business activities outside of the US) or security clearance and confidentiality requirements could result in civil, criminal, and administrative liability, including substantial monetary fines or damages, termination of government contracts or other public sector customer contracts, and suspension, debarment, or ineligibility from doing business with governmental entities or other customers in the public sector.”

Annual report 2025A · The company itself

“Federal funding remains critical to the viability of these programs.”

Annual report 2025A · The company itself

“In addition, as a result of the expiration of the public health emergency (PHE) due to the COVID-19 pandemic, and the resulting Medicaid redeterminations process, as well as changes in state benefit designs, we have continued to experience a higher HBR related to the remaining members, due to the acuity profile of this membership, as well as the gaps in eligibility for certain members who have rejoined the Medicaid plans.”

Annual report 2025A · The company itself

“Revenue Recognition The Company's health plans generate revenues primarily from premiums received from the states in which it operates health plans, premiums received from its members and CMS for its Medicare products and premiums from members of its commercial health plans. In addition to member premium payments, its Marketplace contracts also generate revenues from subsidies received from CMS.”

Annual report 2025A · The company itself

“A substantial portion of our business relates to the provision of managed care programs and selected services to individuals receiving benefits under governmental assistance or entitlement programs. We provide these and other healthcare services under contracts with government entities in the geographic areas in which we operate.”

Annual report 2025A · The company itself

“The majority of our revenues come from government subsidized healthcare programs including Medicaid, Medicare, CHIP, LTSS, ABD, Foster Care and Health Insurance Marketplace premiums.”

Annual report 2025A · The company itself

“The Company operates in four segments: (1) a Medicaid segment, (2) a Medicare segment, (3) a Commercial segment and (4) an Other segment. The Medicaid, Medicare and Commercial segments primarily represent the government-sponsored or subsidized programs under which the Company offers managed healthcare services.”

Annual report 2025A · The company itself

“Specifically, the Medicaid segment includes the Temporary Assistance for Needy Families (TANF) program, Medicaid Expansion programs, the Aged, Blind or Disabled (ABD) program, the Children's Health Insurance Program (CHIP), Long-Term Services and Supports (LTSS), Foster Care, Medicare-Medicaid Plans (MMP), which cover beneficiaries who are dually eligible for Medicaid and Medicare and other state-based programs.”

Annual report 2025A · The company itself

“The Medicare segment includes Medicare Advantage, D-SNPs, Medicare Prescription Drug Plans (PDPs), also known as Medicare Part D, and Medicare Supplement.”

Annual report 2025A · The company itself

“Activity in the allowance for uncollectible accounts is summarized below ($ in millions): Year Ended December 31, 2025 2024 2023 Balance, January 1 $ 111 $ 120 $ 130 Amounts charged to expense 99 68 58 Recoveries (3) — — Write-offs of uncollectible receivables (73) Significant Customers The Company receives the majority of its revenues under contracts or subcontracts with state Medicaid managed care programs. None of the Company's customers exceeded 10% of total annual revenues for the years ended December 31, 2025, 2024 and 2023.”

Annual report 2025A · The company itself

“We also sell directly to the NIH and these other agencies.”

Annual report 2025A · The company itself

“Workplace Services includes Retirement Plan Services, Retirement Business Services, Stock Plan Services, and Designated Brokerage Services. Retirement Plan Services offers a range of bundled retirement plan product types that provides retirement plan sponsors with extensive investment options, trustee or custodial services, and plan participant-level recordkeeping. Retirement plan design features, which increase plan efficiency and achieve plan sponsor goals, are also offered, including automatic enrollment, automatic fund mapping at conversion, and automatic contribution increases.”

Annual report 2025A · The company itself

“The Investor Services segment provides retail brokerage, investment advisory, and banking and trust services to individual investors, and retirement plan and business services, as well as other corporate brokerage services, to businesses and their employees.”

Annual report 2025A · The company itself

“Pole Attachments The Communications Act of 1934, as amended (the “Communications Act”), requires investor-owned utilities to provide cable systems with access to poles and conduits upon reasonable, non-discriminatory terms and at rates that are subject to either federal or state regulation. Federal regulations, which apply in twenty-six states, establish cost-based rental rates applicable to pole attachments used for cable or telecommunications services, including when offered together with Internet service, and at times establish mandatory timelines for processing pole access requests and limitations on make-ready costs that pole owners may charge for accommodating attachments.”

Annual report 2025A · The company itself

“Our awards include a number of regulatory requirements, such as serving as the carrier of last resort and 17 completing increasingly larger portions of the network construction by certain dates. If we fail to meet these obligations, we could be subject to substantial government penalties.”

Annual report 2025A · The company itself

“Mid-Market & Large Business Spectrum Business for mid-market & large businesses offers tailored connectivity, communications and managed service solutions over a high-capacity last-mile network with speeds up to 100 Gbps to large businesses and government entities (local, state and federal), in addition to wholesale services to mobile and wireline carriers.”

Annual report 2025A · The company itself

“Our customers include businesses of all sizes, public institutions, governments, and service providers, including hyperscalers. These customers often look to us as a strategic partner to help them use technology to differentiate themselves and drive positive business outcomes.”

Annual report 2026A · The company itself

“Our customer base is not limited to any specific industry, geography, or market segment. Our customers primarily operate in the following markets: enterprise, public sector and service provider and cloud.”

Annual report 2026A · The company itself

“Public Sector Public Sector includes federal, state and local governments, as well as educational institution customers. Many public sector customers have unique IT, collaboration, and networking needs within a multi-vendor environment.”

Annual report 2026A · The company itself

“Technology ​ 45.0 % Manufacturing ​ ​ ​ 22.1 % Healthcare 8.9 % Education 7.3 % Government 5.0 % Office Buildings 5.0 % Retail, Restaurants and Entertainment 3.7 % Multi-Family and Residential 1.4 % Other 1.6 % Total 100.0 % ​ Approximately 92.7% of our revenue is earned on a project basis for installation of systems in newly constructed or existing facilities.”

Annual report 2025A · The company itself

“Our government clients may face budget deficits that prohibit them from funding proposed and existing projects.”

Annual report 2025A · The company itself

“We have an exclusive arrangement with one wholesaler that generates a large portion of our branded U.S. wine and spirits net sales, and we have one wholesaler for our beer portfolio which, through multiple entities, represents approximately one-quarter of our consolidated net sales.”

Annual report 2026A · The company itself

“In addition, our retail sales subject us to credit risk through competitive electricity and natural gas supply activities to serve C&I companies, governmental entities, and residential customers.”

Annual report 2025A · The company itself

“* Hallituksen esitys varsinaiselle yhtiökokoukselle OIKAISTU LIIKETULOS (milj. €) 9,5 11,4 12,3 10,2 9,4 * Operatiivinen rahavirta ennen rahoituseriä ja veroja vähennettynä investoinneilla aineellisiin ja aineettomiin käyttöomaisuushyödykkeisiin VAPAA KASSAVIRTA (milj. €)* 18,0 5,5 LIIKEVAIHTO ASIAKASRYHMITTÄIN LIIKEVAIHTO (milj. €) Taloyhtiöt Yritykset Kiinteistösijoittajat Julkinen sektori CONSTI LYHYESTI Consti tarjoaa kattavasti korjausrakentamisen ja talotekniikan sekä valikoidusti uudisrakentamisen palveluita taloyhtiöille, yrityksille ja sijoittajille sekä julkiselle sektorille.”

Annual report 2025A · The company itself

“Julkisen sektorin korjausinvestointien odotetaan edelleen pysyvän hyvällä tasolla. Julkisten tilojen korjauksissa korostuivat vuonna 2025 opetus- ja terveyssektorit.”

Annual report 2025A · The company itself

“Taloyhtiöt-toimialan liikevaihto oli 113,6 (93,2), Yritykset-toimialan 89,0 (98,1), Julkisettoimialan 52,8 (58,3) ja Talotekniikka-toimialan 92,0 (95,7) miljoonaa euroa.”

Annual report 2025A · The company itself

“Tilaajia eli Constin suurimpia asiakkaita ovat kaupungit ja kunnat, suomalaiset eläkevakuutusyhtiöt ja kiinteistösijoittajat sekä taloyhtiöt.”

Annual report 2025A · The company itself

“We offer fuel solutions primarily to businesses and public sector entities who operate vehicle fleets, and, in some cases, to consumers in Brazil, Mexico and Europe.”

Annual report 2025A · The company itself

“Customers typically range from national, regional and local governments to contractors and other construction product and service providers.”

Annual report 2025A · The company itself

“•We also have agreements to sell products and services to government entities as well as agreements relating to government financing, as discussed above (less than 5% of our 2025 sales were made to the U.S. federal government).”

Annual report 2025A · The company itself

“A portion of our sales are to U.S. federal, state, and local, as well as foreign, governmental agency customers, as well as to customers in highly regulated industries such as financial services, telecommunications and healthcare. Sales to such entities are subject to a number of challenges and risks.”

Annual report 2025A · The company itself

“En stor majoritet av uppdragsgivarna är kommuner och regioner, eller motsvarande, och i förlängningen statligt ägda. Uppdragen sker därför ofta genom upphandlingar och en stor del av kundavtalen omfattas av ramavtal, som ofta löper på två år med möjlighet till högst två års förlängning. Kunderna har vanligen ramavtal med flera leverantörer.”

Annual report 2024A · The company itself

“Kunderna består av regioner, kommuner och privata företag.”

Annual report 2024A · The company itself

“Under 2024 stod kommuner och regioner för 82,0 procent (83,2) av segmentets intäkter, medan de privata vård- och omsorgsföretagen stod för 18,0 procent (16,8).”

Annual report 2024A · The company itself

“Sammantaget stod kommuner och regioner för 97,4 procent (93,5) av intäkterna i Norge under 2024 och privata aktörer för 2,6 procent (6,5). Dedicares största kund i Norge är Helse Sør Øst som stod för 9,0 procent (9,6) av intäkterna.”

Annual report 2024A · The company itself

“Region Nordjylland är största kund i Danmark och stod för 30,2 procent (32,3) segmentets intäkter under året. Totalt svarade de offentliga kunderna för 98,1 procent (98,2) av intäkterna 2024, medan privata sjukhus svarade för 1,9 procent (1,8) av intäkterna.”

Annual report 2024A · The company itself

“I Storbritannien sker den största delen av bemanningen inom vård genom den statliga organisationen National Health Service (NHS) och Dedicare har ramavtal för läkarbemanning i England, Skottland och Wales.”

Annual report 2024A · The company itself

“De offentliga kunderna stod för 98,5 procent (100,0) av Dedicares intäkter i Storbritannien under 2024, medan resterande del, 1,5 procent (0,0), kom från privata aktörer. Den största kunden är King Edwards VII’s Hospital, som stod för 64,0 procent (58,7) av årets intäkter.”

Annual report 2024A · The company itself

“I Sverige utgörs vårdbemanningsmarknaden av regioner, kommuner och privata vårdgivare som efterfrågar kvalificerad kompetens.”

Annual report 2024A · The company itself

“Vården i Norden och Storbritannien är i allt väsentligt finansierad av offentliga medel. Den övervägande delen av Dedicares försäljning sker till den offentliga sektorn. Även Dedicares privata kunder är i stor utsträckning verksamma inom den offentligt finansierade vården och omsorgen.”

Annual report 2024A · The company itself

“Loss of government contracts could harm our business. Our contracts with U.S. federal, state, and local governments and with foreign governments represent a significant source of business and are subject to future funding that may affect the extension or termination of programs and to the right of such governments to terminate contracts for convenience or non-appropriation.”

Annual report 2026A · The company itself

“For instance, the FAA from time to time issues directives and other regulations relating to the maintenance and operation of aircraft that necessitate significant expenditures and could carry operational implications. We expect to continue incurring significant expenses to comply with the FAA’s regulations.”

Annual report 2025A · The company itself

“Inefficiencies in the U.S. air traffic control system, which is regulated by the FAA, including outdated technology and inadequate staffing levels have resulted, and may in the future result, in delays and disruptions of air traffic, especially during peak travel periods in certain congested markets. Failure to implement measures to improve the air traffic control system could lead to capacity constraints as well as increased delays and inefficiencies in flight operations as demand for U.S. air travel increases, having a material adverse effect on our operations.”

Annual report 2025A · The company itself

“En tredjedel av våra hyresintäkter kommer från skattefinansierad verksamhet och drygt hälften av de totala hyresintäkterna kommer från kontor.”

Annual report 2024A · The company itself

“Våra hyresgäster finns inom både offentlig och privat sektor.”

Annual report 2024A · The company itself

“Under 2024 har vi välkomnat och tecknat avtal med flera spännande hyresgäster inom både offentlig och privat sektor, bland annat Plikt- och prövningsverket i Umeå, Akademiska Hus i Luleå, Kronofogden i Umeå och Luleå, H&M i Östersund och Skellefteå, Åhléns i Mora och Trafikverket i Sundsvall.”

Annual report 2024A · The company itself

“Vi ser också lokala entreprenörer som väljer att utveckla och expandera sin verksamhet i våra städer, och efterfrågan på moderna kontor ökar även bland hyresgäster från den offentliga sektorn.”

Annual report 2024A · The company itself

“Byggnationen påbörjades 2022 och den första hyresgästen, Försäkringskassan, flyttade in 2024.”

Annual report 2024A · The company itself

“Genom vår modell kan vi vara en IT-partner för såväl små och medelstora företag samt konsumenter (affärssegment SMB) som stora företag och offentlig sektor (affärssegment LCP).”

Annual report 2024A · The company itself

“• Andel av total försäljning: 28 procent (29) • Omsättningstillväxt: -11,8 procent (-9,9), varav -10,4 procent (-10,5) organiskt • Segmentsmarginal: 2,9 procent (4,6) Försäljning i Norden: Försäljning i Benelux: Inom LCP bistår vi större företag och organisationer med över 500 anställda samt offentlig sektor.”

Annual report 2024A · The company itself

“As a provider of products to the U.S. government, we are subject to certain rules, regulations, audits and investigations and enhanced compliance risks. Doing business with the U.S. government subjects us to risks such as dependence on the level of government spending and compliance with and changes in governmental acquisition regulations and other requirements.”

Annual report 2025A · The company itself

“Customers – Broadband and Satellite Services ​ Our enterprise customers include, but are not limited to, retailers, financial institutions, aircraft connectivity providers, lottery agencies and companies with multi-branch networks that rely on satellite or terrestrial networks for critical communication across wide geographies, as well as the U.S government.”

Annual report 2025A · The company itself

“Actual Yes Yes Positive High Long OO, VC Elkem plants creates new jobs in underserved communities, both through own operations and among suppliers or supporting sectors.”

Annual report 2024A · The company itself

“Actual Yes Yes Positive High Short OO, VC Elkem sites represent significa t tax contribution to underserved communities where Elkem is present, thus positively contributing to local communities.”

Annual report 2024A · The company itself

“Nischaktör i Tyskland. »Mer på sidan 15. • Kraftdistribution och -överföring • Smarta elnät • E-Mobility • Förnybar energi • Datacenter • Design, konstruktion, underhåll, uppgraderingar och kompletta lösningar • Norden • Tyskland • Litauen • Nätägare och operatörer • Industrikunder • Offentlig sektor • Energiföretag 39% NETTOOMSÄTTNING MEDARBETARE FTE, medelantal Vad är ”smarta elnät”?”

Annual report 2024A · The company itself

“Under året breddades kundbasen, både inom Communication, främst inom offentlig infrastruktur och försvar, och inom Power, där vår breda tjänsteportfölj attraherade en mångsidig kundbas.”

Annual report 2024A · The company itself

“Bredda vår kundbas genom att se över hur vi kan skapa värde på marknaden – till exempel genom att vända oss mot kunder inom industri, samt offentlig infrastruktur.”

Annual report 2024A · The company itself

“• Uppgraderingar av nätverkskapacitet • Laddningsinfrastruktur för e-Mobility • Vindkraftverk och solcellsparker • BESS-lösningar • Utrullning av smarta mätare • Högspänningsinfrastruktur för datacenter KUNDER Våra kunder är främst nationella operatörer av transmissionssystem, ägare av distributionsnät och energiföretag. Vi har även kunder som industriföretag och offentlig sektor.”

Annual report 2024A · The company itself

“Eltel har även kunder som industriföretag och offentlig sektor Läs mer om Eltels Power-erbjudande på sidan 15.”

Annual report 2024A · The company itself

“We provide construction services and building services directly to corporations, municipalities and federal and state governmental entities, owners/developers, and tenants of buildings.”

Annual report 2025A · The company itself

“Within our government site-based services division, we provide building services at a number of prominent buildings in the United States, including those that house the National Archives and Records Administration, the Federal Deposit Insurance Corporation, the Government Accountability Office, and the Departments of Transportation, Education, Health and Human Services, Energy, and Homeland Security, as well as other government facilities. We also provide building services, as a prime contractor or a subcontractor, to U.S. government and intelligence agencies.”

Annual report 2025A · The company itself

“Our customer portfolio, comprising large customers with high credit quality on long-term leases, is one of our key qualities.”

Annual report 2024A · The company itself

“The calculation of net yield is based on the appraisers’ assumption of ownership costs, which at 31.12.24 is 5.5 per cent of market rent. | Management portfolio The business | Management portfolio Management portfolio Entra’s management portfolio consists of 73 buildings with a total area of approximately 1.2 million square metres. management portfolio had a market value of 58.3 billion (66.4 billion), and the occupancy rate was 94.3 per cent (95.3 per cent).”

Annual report 2024A · The company itself

“At year-end 2024, public sector tenants accounted for 52 per cent of total contractual rent. management properties had around 450 tenants, and the 20 largest tenants’ share of Entra’s rental income represents 50 per cent.”

Annual report 2024A · The company itself

“Entra has a long track record of maintaining a high occupancy rate and long WAULT thanks to its centrally located, high-quality portfolio and professional letting organisation.”

Annual report 2024A · The company itself

“In the latest credit opinion as of June 2024, Moody’s made the following comment: 'Entra's Baa3 rating continues to reflect its position as the largest office property company in Norway with its modern, high-quality NOK 67 billion (before divestments of Trondheim assets) office property portfolio in attractive locations on the fringes of the central business district (CBD) in Oslo; clear, well-defined strategy focusing on offices in Norway's two largest cities and government tenants; large exposure to highly creditworthy government and public tenants (57 per cent) with long-dated average lease maturities (6.4 years including project properties as of March 2024); and consistently high occupancy rates of 95.3 per cent across all cities.'”

Annual report 2024A · The company itself

“Under 2024 gick vi in i ett nytt samarbete med Kumbro Vind kring vindkraftsprojektet Hagåsen i Degerfors kommun. Kumbro Vind köpte 20 procent av projekt Hagåsen som består av 11 planerade vindkraftverk med en elproduktion om 310 GWh per år.”

Annual report 2024A · The company itself

“Budget shortfalls or changing priorities may cause legislatures to fail to appropriate sufficient funds to fulfill our government contracts from year to year. The U.S. federal government has taken steps to reduce spending on vendor contracts, which could negatively impact the continuation, renewal or negotiation of our contracts with the federal government.”

Annual report 2025A · The company itself

“Revenue decreased 12% in 2024 compared to 2023, primarily due to lower Employee Retention Credit ("ERC") revenue and declines in I-9 and onboarding services. The ERC revenue decrease was driven by the wind down of this U.S. Federal government program.”

Annual report 2025A · The company itself

“We have a large and diversified group of clients, including financial institutions, corporations, government agencies and individuals.”

Annual report 2025A · The company itself

“The increase in revenue is principally due to growth in diversified markets revenue, primarily from growth in the government, talent solutions and consumer lending verticals, as well as growth in mortgage revenue.”

Annual report 2025A · The company itself

“We derive revenues from contracts with the U.S. government, state and local governments and foreign governments. Some of these customers may terminate all or part of their contracts at any time, without cause.”

Annual report 2025A · The company itself

“Kvinnherad Elektro provides power & automation services to industrial clients, public services and households.”

Annual report 2024A · The company itself

“A portion of our revenue is generated by sales to government entities, which are subject to a number of challenges and risks Sales to U.S. and foreign, federal, state, and local governmental agency end-customers account for a significant portion of our revenues and we may in the future increase sales to government entities.”

Annual report 2025A · The company itself

“Our clients also include more than 600 insurers, including eight of the top ten U.S. property and casualty insurers; more than 300 retailers and general merchandisers; and more than 200 government or public agencies.”

Annual report 2025A · The company itself

“The remaining 24% to 29% of our customers fall primarily into non-residential construction (general and commercial contractors), reseller (retail and wholesale trades, dealers, and rental businesses), transportation services (air, train, maritime or truck transport, as well as warehousing and fulfillment centers), and state and local government entities, including schools, school districts, and universities.”

Annual report 2025A · The company itself

“Table of Contents •Government contracts establish Fastenal as an approved supplier of indirect materials to facilities managed by local, state, or municipal authorities. We do not generate meaningful direct sales from federal government agencies. These agreements are not different in function from local and regional non-government contracts.”

Annual report 2025A · The company itself

“Det kan vara allt från äldreboenden, vård- och omsorgslokaler till skolor och förskolor.”

Annual report 2024A · The company itself

“We serve clients around the globe, including merchants, banks, credit unions, other financial institutions, corporate and public sector clients.”

Annual report 2025A · The company itself

“Our government payment and student loan processing services generally relate to the processing of consumer payment activity. We provide entitlement payments for state entities, unemployment, and disability debit card payments, as well as technology that enables our clients to provide student loan support services.”

Annual report 2025A · The company itself

“Government Contracts Although the majority of our revenue in 2025 was from customers other than governmental entities, each of our segments has agreements relating to the sale of products and services to government entities. As a result, we are subject to various statutes 7 Table of Contents and regulations that apply to companies doing business with governments and government-owned entities.”

Annual report 2025A · The company itself

“An adverse outcome in any such audit or investigation could subject us to fines or other penalties; •we also have agreements to sell products and services to government entities and are subject to various statutes, regulations and other requirements that apply to companies doing business with government entities (approximately $417 million of our 2025 sales were made to the U.S. federal government).”

Annual report 2025A · The company itself

“Through our specialist investment managers, our investment products are offered globally to retail, institutional and high-net-worth clients, which may include, among others, individual investors, institutional investors, sovereign wealth funds, defined benefit and contribution plans, endowments and charitable foundations, healthcare systems and insurance companies.”

Annual report 2025A · The company itself

“We also contract with U.S. and non-U.S. governmental and government-affiliated entities, which may delay, modify, or terminate contracts if funding or support is unavailable. Collecting receivables can be more challenging with sovereign or state-owned customers and in emerging markets.”

Annual report 2025A · The company itself

“This includes data centers, telecommunication, retail, banking, energy, healthcare, convenience stores, grocery stores, restaurants, governments, and other commercial & industrial applications.”

Annual report 2025A · The company itself

“Revenue by major products and services was as follows: Aircraft manufacturing $ 9,413 $ 7,811 $ 5,710 Aircraft services 3,697 3,438 2,911 Total Aerospace $ 13,110 $ 11,249 $ 8,621 MARINE SYSTEMS Our Marine Systems segment is the leading designer and builder of nuclear-powered submarines and a leader in surface combatant and auxiliary ship design and construction for the U.S. Navy. We also provide maintenance, modernization and lifecycle support services for Navy ships and maintain the most sophisticated marine engineering expertise in the world to support future capabilities.”

Annual report 2025A · The company itself

“Revenue for the Marine Systems segment was 32% of our consolidated revenue in 2025, 30% in 2024 and 29% in 2023.”

Annual report 2025A · The company itself

“Land Systems is the sole-source producer of two foundational products central to the U.S. Army’s warfighting capabilities — the Abrams main battle tank and Stryker wheeled combat vehicle.”

Annual report 2025A · The company itself

“Revenue for the Combat Systems segment was 17% of our consolidated revenue in 2025, 19% in 2024 and 20% in 2023.”

Annual report 2025A · The company itself

“Revenue for the Technologies segment was 26% of our consolidated revenue in 2025, 27% in 2024 and 31% in 2023.”

Annual report 2025A · The company itself

“GOVERNMENT Our primary customer is the DoW. We also contract with other U.S. government customers, including the intelligence community and other departments and agencies.”

Annual report 2025A · The company itself

“The Advanced Reconnaissance Vehicle (ARV) for the U.S. Marine Corps will provide sensors, communications systems and lethality options to overmatch threats that have historically been addressed by more heavily armored systems.”

Annual report 2025A · The company itself

“Our revenue is concentrated with the U.S. government.”

Annual report 2025A · The company itself

“Andelen kontrakterade hyresintäkter från bostäder och offentligt finansierade hyresgäster uppgick till 54 procent, och inkluderat dagligvaruhandel stiger andelen till 61 procent av bolagets kontrakterade hyresintäkter.”

Annual report 2024A · The company itself

“Additionally, the non-retail sector in the U.S., which includes government institutions, including state AIDS Drug Assistance Programs, the U.S. Department of Veterans Affairs, correctional facilities and large health maintenance organizations, tends to be less consistent in terms of buying patterns and often causes quarter-over-quarter fluctuations that do not mirror actual patient demand for our products. Federal and state budget pressures, as well as the annual grant cycles for federal and state funds, may cause purchasing patterns to not reflect patient demand for our products.”

Annual report 2025A · The company itself

“This Division includes different units: •UA General Agency, which primarily sells individual Medicare Supplement insurance through independent agents; •Special Markets, which markets retiree health insurance to employer and union groups through brokers; and •Globe Life Group Benefits, which offers group worksite supplemental limited benefit health insurance through brokers.”

Annual report 2025A · The company itself

“Green Landscaping Group bedömer att städer och kommuner kommer att fortsätta satsningarna på grönområden av flera anledningar. Grönområden skapar en differentierad stadsbild, erbjuder naturupplevelser för stadsbor, och fungerar som sociala mötesplatser. De främjar biologisk mångfald, minskar den skadliga effekten av luftföroreningar och klimatförändringar.”

Annual report 2024A · The company itself

“Dessutom är en hög exponering mot kunder inom den offentliga sektorn att föredra, såsom kommuner eller statliga företag.”

Annual report 2024A · The company itself

“Eftersom två tredjedelar av Green Landscaping Groups försäljning kommer från offentlig sektor, kan man tro att detta skulle ha påverkat oss mer än det faktiskt gjorde.”

Annual report 2024A · The company itself

“Det betyder att kunderna framförallt utgörs av kommuner, landsting och regioner, fastighetsförvaltare och bostadsbolag. Kunderna är därför i det närmaste uteslutande offentlig sektor och privata företag.”

Annual report 2024A · The company itself

“Kunderna är framförallt kommuner, landsting och regioner, fastighetsförvaltare, bostadsbolag och andra som äger eller förvaltar mark- och grönområden i städer och i anslutning till stadsbebyggelse.”

Annual report 2024A · The company itself

“Kunderna fördelar sig på 75 procent offentlig sektor och 25 procent privat sektor.”

Annual report 2024A · The company itself

“Kunderna fördelar sig på 60 procent offentlig sektor och 40 procent privat sektor.”

Annual report 2024A · The company itself

“Kunderna fördelar sig på 55 procent offentlig sektor och 45 procent privat sektor.”

Annual report 2024A · The company itself

“Asiakkaitamme ovat valtionhallinto, kunnat ja kaupungit sekä yksityinen sektori.”

Annual report 2025A · The company itself

“Vaikutukset liiketoimintamalliin, strategiaan, arvoketjuun ja päätöksentekoon sekä näihin liittyvät toimenpiteet Alkupää Oma toiminta Loppupää Aikaväli Yhteiskunnallisen infrastruktuurin kehittäminen Positiivinen vaikutus (tosiasiallinen) Osallistumme yhteiskunnallisen infrastruktuurin kehittämiseen rakentamalla yhteiskunnalle elintärkeää infrastruktuuria. Nämä hankkeet parantavat turvallisuutta, saavutettavuutta ja yhteiskunnan toimivuutta.”

Annual report 2025A · The company itself

“Julkisen sektorin hankkeet muodostavat yli puolet GRK:n asiakkuuksista.”

Annual report 2025A · The company itself

“Gyldendal søker å opptre som en ansvarlig og etisk aktør (G1) i bokbransjen og bidra til konkurranse og like vilkår for alle aktører.”

Annual report 2024A · The company itself

“In the United States, the OBBBA, signed into law on July 4, 2025, includes a number of provisions that are expected to result in reductions in the number of Medicaid enrollees, which will reduce utilization of services and covered products generally. There are also several provisions that will reduce federal funding to state Medicaid programs.”

Annual report 2025A · The company itself

“Our customers range from small-and-medium-sized businesses to large global enterprises and governmental entities.”

Annual report 2025A · The company itself

“Safety, Infrastructure & Geospatial (SIG) levererade ett starkt resultat under 2024, med en operativ nettoomsättning på 497,1 MEUR (463,9), vilket återspeglade en organisk tillväxt på 6 %. Tillväxten drevs av fortsatt efterfrågan på mjukvarulösningar inom offentlig säkerhet, energiföretag och geospatiala mjukvarulösningar.”

Annual report 2024A · The company itself

“The Company’s hydrogen transit bus business is experiencing strong growth as end-user demand is mainly made up of public authorities with local decarbonization agendas, both in Europe and North America.”

Annual report 2024A · The company itself

“Personal Systems groups its global business capabilities into the following business units when reporting business performance: •Commercial PS consists of endpoint computing devices and hybrid systems, for use by enterprise, public sector (which includes education), and small- and medium-sized business (“SMB”) customers. These devices include our Pro and Elite commercial PC portfolio, our Z line of workstations, thin clients, retail POS systems, and HP’s Dragonfly and Chromebook PCs.”

Annual report 2025A · The company itself

“Our global business capabilities within Printing are described below: •Office Printing Solutions delivers HP’s security enhanced office printers, supplies, services, and solutions to SMBs, public sector and large enterprises.”

Annual report 2025A · The company itself

“Changes in government spending limits may continue to reduce demand for our products and services from governments or organizations that receive government funding.”

Annual report 2025A · The company itself

“•Our primary care and home solutions businesses derive a substantial portion of their revenues from third-party payors and directly from the federal and state governments through participation in fee-for-service Medicare.”

Annual report 2025A · The company itself

“The Company Could Be Impacted by Its Business with Government Clients: The company’s customers include numerous governmental entities within and outside the U.S., including the U.S. Federal Government and state and local entities.”

Annual report 2025A · The company itself

“Principal markets The Company has identified three main verticals with an accelerating need for biometric identity solutions: banking and payment, enterprise security and public services.”

Annual report 2024A · The company itself

“Demand for our water products is driven in part by the availability of funds at government laboratories, water utilities, and private certified laboratories that utilize our products.”

Annual report 2025A · The company itself

“Ilkan markkinointija teknologiayhtiöt palvelevat erikokoisia, pääsääntöisesti suuria ja keskisuuria yritysasiakkaita, julkishallinnon sekä kolmannen sektorin toimijoita markkinoinnin-, myynnin ja viestinnän saralla.”

Annual report 2025A · The company itself

“Kundbasen består huvudsakligen av polisstyrkor, federala och statliga myndigheter, universitet och privata forensiska laboratorier.”

Annual report 2024A · The company itself

“Koncernens verksamhet inkluderar projektering, installation, service, underhåll av fastigheter och anläggningar för kunder inom både den privata och oentliga sektorn. Genom disciplinerna el, VS, ventilation, industri, automation och teknikkonsult erbjuder koncernen energi- och kostnadseektiva helhetslösningar för våra kunder.”

Annual report 2024A · The company itself

“Företag inom byggverksamheten efterfrågar installationstjänster i samband med ny- och ombyggnation av exempelvis samhällsfastigheter.”

Annual report 2024A · The company itself

“Consumers generally have coverage that pays for Omnipod products through commercial insurance plans or federal and state government healthcare programs, including Medicare and Medicaid.”

Annual report 2025A · The company itself

“Den genomsnittliga återstående kontraktstiden för offentliga hyresgäster ökade till 7,8 år vid årets slut från 6,3 vid årets början.”

Annual report 2024A · The company itself

“Marknad VERKSAMHET HÅLLBARHET BOLAGSSTYRNING FINANSIELLA RAPPORTER Vänersborg, Haren 3, Vänerskolan 15 INTEA ÅRSREDOVISNING 2024 Marknaden för samhällsfastigheter Transaktionsstatistik, samhällsfastigheter Samhällsfastigheter stod för 7 procent av transaktionsvolymen under 2024, vilket är den lägsta andelen sedan 2015. Volymen uppgick till 8,9 mdkr vilket är en bråkdel av noteringarna från toppåren 2021-2022 (48,8 mdkr respektive 47,2 mdkr).”

Annual report 2024A · The company itself

“Kreditrisk i hyresfordringar Förluster på hyresfordringar uppstår när kunder försätts i konkurs eller av andra skäl inte kan fullfölja sina betalningsåtaganden. Då Inteas hyresgäster främst består av offentlig sektor så minskar risken för förluster kopplade till hyresfordringar.”

Annual report 2024A · The company itself

“Trygga och långsiktiga hyresgästrelationer Genom förvärv, förvaltning och utveckling av specialanpassade fastigheter för offentliga aktörer skapar Intea trygga och långsiktiga hyresgästrelationer med långa avtal och förutsägbara intäktsströmmar.”

Annual report 2024A · The company itself

“Finansiella och operativa mål samt utdelningspolicy Finansiella och operativa mål ► Årlig tillväxt i långsiktigt substansvärde per stamaktie av serie A och B över tid om minst 12 procent (inklusive eventuella värdeöverföringar). ► Årlig tillväxt i förvaltningsresultatet per stamaktie av serie A och B över tid om minst 12 procent. ► Minst 90 procent av hyresintäkterna ska över tid komma från offentliga hyresgäster.”

Annual report 2024A · The company itself

“Med social infrastruktur avser Intea lokaler för samhällsviktiga funktioner som ofta är specialanpassade för sitt ändamål och där hyresgästen av lokalen är en offentlig aktör. Fastighetsportföljen består främst av fastigheter inom kategorierna rättsväsende, högre utbildning, sjukvård och övriga offentliga verksamheterochbeståndetärbelägetpåettflertalorteri Sverige. Inteas hyresgäster utgörs av statliga verk, myndigheter, regioner och andra offentliga institutioner.”

Annual report 2024A · The company itself

“We offer chipsets and versions of our client CPUs, including our Intel vPro® Platform, to commercial customers with additional hardware features enabled, enhanced firmware controls and an enterprise-grade software stack. In 2025, we introduced Intel vPro Fleet Services, a new remote manageability capability that provides increased resilience and automation, helping minimize downtime and enhance proactive control over PC fleets.”

Annual report 2025A · The company itself

“Our platforms and processors are included in products sold to consumers and to commercial enterprises across industries such as education, healthcare, finance and government.”

Annual report 2025A · The company itself

“Customers We design, market, sell and service CPUs and other semiconductor solutions substantially through our Intel Products business that are manufactured by our Intel Foundry business and other suppliers and are incorporated in computing and related end products and services, and utilized globally by consumers, enterprises, governments and educational organizations.”

Annual report 2025A · The company itself

“BUSINESS Introduction Intercontinental Exchange, Inc. is a leading global provider of technology and data to a broad range of customers including financial institutions, corporations and government entities.”

Annual report 2025A · The company itself

“Our consumer tax business also faces significant competition from the public sector, where we face the risk of federal and state taxing authorities implementing revenue-raising strategies that involve developing and providing government tax software or other government return preparation systems at public expense. These or similar programs have been and may continue to be introduced or expanded in the future, which may change the voluntary compliance tax system in ways that could cause us to lose customers and revenue.”

Annual report 2026A · The company itself

“A prolonged government shutdown could impact inspections, regulatory review and certifications, grants, or approvals or could cause other situations that could impede their ability to effectively deliver healthcare, including attempts to reduce payments and other reimbursements to hospitals by federal healthcare programs. These situations could adversely affect our customers’ ability to perform procedures with our devices and/or their decisions to purchase additional products from us.”

Annual report 2025A · The company itself

“Institutional AUM originate from entities such as individual corporate clients, insurance companies, endowments, foundations, government authorities, universities or charities.”

Annual report 2025A · The company itself

“Securitas är världens näst största leverantör av säkerhetstjänster, med verksamhet på 44 marknader och ett erbjudande som sträcker sig från bevakning till teknisk säkerhet.”

Annual report 2024A · The company itself

“Användarna återfinns främst inom försvar och blåljusverk samhet.”

Annual report 2024A · The company itself

“Under året har vi fortsatt breddningen av kundbasen genom att påbörja en bearbetning av brandförsvar inom militära organisationer. Våra robusta lösningar möter här högt ställda krav relaterade till höga ljudnivåer, fukt och hög värme.”

Annual report 2024A · The company itself

“Under året har INVISIO påbörjat marknadsföring och försäljning gentemot brandförsvar inom militära organisationer. Målgruppen har snarlika behov som bolagets övriga användare och har en betydande marknadspotential.”

Annual report 2024A · The company itself

“Marknaden bedöms uppgå till 2,0 miljarder kronor per år. • INVISIO bearbetar nya geografiska marknader, framförallt i Asien men även i Sydamerika och Mellan östern. • Förvärven av Racal Acoustics och produktlinjen UltraLYNX™ har inneburit stärkta tillväxtförutsättningar.”

Annual report 2024A · The company itself

“INVISIO adresserar en global nischmarknad. Kunderna utgörs främst av myndigheter och andra offentliga aktörer med koppling till försvar, polis och säkerhet.”

Annual report 2024A · The company itself

“Sedan 2019 bedrivs även mer omfattande försäljning till aktörer inom blåljussektorn. Den sistnämnda gruppens behov av effektiv kommunikation och hörselskydd är snarlikt det som finns inom försvaret och INVISIOs erbjudande är i flera avseenden detsamma för kundkategorierna.”

Annual report 2024A · The company itself

“Ökat fokus på brandförsvar Under 2024 intensifierades marknadsföringen gentemot användarkategorin brandförsvar inom försvarsorganisationer. INVISIO har ett flertal kunder inom civila brandförsvar i de skandinaviska länderna och potentialen bedöms vara betydande.”

Annual report 2024A · The company itself

“Användarna utgörs primärt av yrkesgrupper inom försvarsorganisationer, polis och säkerhet.”

Annual report 2024A · The company itself

“INVISIOs intäktskällor härstammar primärt från upphandlingar från kommuner, statliga organisationer och stater.”

Annual report 2024A · The company itself

“Our insights and execution capabilities help biotech, medical device and pharmaceutical companies, medical researchers, government agencies, payers and other healthcare stakeholders tap into a deeper understanding of diseases, human behaviors and scientific advances, in an effort to advance their path toward cures.”

Annual report 2025A · The company itself

“We derive a portion of our revenues from sales to government entities around the world. In general, our contracts with government entities are terminable at will by the government entity at any time. Government demand and payment for our services may be affected by public-sector budgetary cycles and funding authorizations, including government shutdowns. Government contracts are typically subject to oversight, including special rules on accounting, expenses, reviews and security.”

Annual report 2025A · The company itself

“Having the government entities as customers subjects us to certain regulatory and contractual requirements. Failure to comply with these requirements could subject us to investigations, price reductions, up to treble damages, and civil penalties.”

Annual report 2025A · The company itself

“Delivery 52% IFS 48% Single service”

Annual report 2025A · The company itself

“Core services 42% Cleaning 24% Technical 15% Food 19% Other”

Annual report 2025A · The company itself

“Core services 42% Cleaning 24% Technical 15% Food 19% Other”

Annual report 2025A · The company itself

“ISS also extended its long-standing partnership with a Public Administration Customer in Australia, a contract valued at approximately DKK 800 million annually, continuing service delivery across schools, colleges and government facilities.”

Annual report 2025A · The company itself

“Some examples of large agreements we have signed in 2024 include a renewal of a four-year NOK 200-250 million framework agreement with Kredinor, and a new NOK 300 million agreement with The Directorate of Integration and Diversity (IMDi).”

Annual report 2024A · The company itself

“Our customers include many U.S. federal, state and local government authorities.”

Annual report 2025A · The company itself

“Vissa av Karnovs kunder inom offentlig sektor är enligt lag skyldiga att köpa produkter och tjänster genom offentlig upphandling. En offentlig upphandling och ett beslut om att tilldela Karnov ett kontrakt kan bestridas av andra anbudsgivare eller potentiella anbudsgivare även efter att Karnov har haft betydande utgifter. Sådana överklagandeförfaranden kan leda till kostnader och tidsförluster för Karnov samt till en ny offentlig upphandling och förlust av det tilldelade kontraktet.”

Annual report 2024A · The company itself

“UTÖKAD KUNDBAS INOM OFFENTLIG SEKTOR GENOM FÖRVÄRV AV AVKNOPPAD SCHULTZ-VERKSAMHET Karnov Group förvärvade den avknoppade juridiska informationsverksamheten Schultz i juni 2024. Förvärvet tillför Karnov Group nya kunder på den danska kommunmarknaden och stärker Karnovs databas av lokalt författat innehåll för att utveckla högkvalitativa AI-lösningar.”

Annual report 2024A · The company itself

“Selcuk Ünlü, Head of Business Development i Region Nord Iga Kurowska, Head of Innovation i Region Syd | ÅRSREDOVISNING 2024 Rörelsesegment Karnov bedriver verksamhet i två geografiska segment: Region Nord (Danmark, Sverige och Norge) och Region Syd (Frankrike, Spanien och Portugal) | ÅRSREDOVISNING 2024 Region Nord Karnov och Norstedts Juridik är Danmarks och Sveriges ledande utgivare och leverantörer av juridisk information med ett nätverk av över 1 500 författare och experter samt en historia inom segmentet som sträcker sig 200 år tillbaka i tiden.”

Annual report 2024A · The company itself

“En tydlig marknadstrend är utökning av kundbasen inom offentlig sektor och i synnerhet inom den kommunala sektorn. Specifika kommunlösningar erbjuds i både Sverige och Danmark.”

Annual report 2024A · The company itself

“I Region Syd förses marknaden med juridisk information till yrkesverksamma inom juridik, såsom advokater, offentlig sektor, kommuner och företag.”

Annual report 2024A · The company itself

“Nettoomsättningen ökade med 11,5 procent till 1 211 MSEK (1 086), varav organisk tillväxt var 7,0 procent, valutaeffekter stod för -0,5 procent och 5,0 procent var förvärvad tillväxt. Ökningen av nettoomsättningen drivs av att verksamheterna vinner marknadsandelar, särskilt inom offentlig sektor, kommuner och EHS-vertikalen samt genom merförsäljning till befintliga kunder.”

Annual report 2024A · The company itself

“The industry coverage and product teams have established expertise in the following sectors: Consumer, Energy, Healthcare, Industrial, Public Sector, Real Estate, and Technology.”

Annual report 2025A · The company itself

“Our institutional investor base is diversified by type, including public and corporate pension funds, insurance companies, sovereign wealth funds, endowments, foundations, and investment managers.”

Annual report 2025A · The company itself

“Our institutional solutions include block and flow reinsurance, pension risk transfer (“PRT”), and funding agreements.”

Annual report 2025A · The company itself

“•Insurance - The insurance business is operated by Global Atlantic, which is a leading U.S. retirement and life insurance company that provides a broad suite of protection, legacy and savings products and reinsurance solutions to clients across individual and institutional markets.”

Annual report 2025A · The company itself

“Namibia Transaksjoner med nærstående parter Staten som største eier Staten ved Nærings- og fiskeridepartementet er KONGSBERGs største eier (50,004 prosent av aksjene i Kongsberg Gruppen ASA). Staten ved Forsvarsdepartementet utgjør en viktig kunde for konsernet.”

Annual report 2024A · The company itself

“Pressure on and uncertainty surrounding the U.S. federal government budget and potential changes in budgeting priorities could adversely affect the funding for government programs that comprise a portion of the Company’s revenue.”

Annual report 2025A · The company itself

“PAMA has already reduced Medicare reimbursement rates for many tests, and further reductions are expected, although rate reductions are frozen for 2026 and capped at 15% per year for 2027-2029.”

Annual report 2025A · The company itself

“•Medicare/Medicaid. This portfolio relates to services provided to participants in federal healthcare programs. Medicare principally serves patients who are age 65 and older, and Medicaid principally serves low-income and disabled patients. •Patients.”

Annual report 2025A · The company itself

“Biblioteken utvecklas allt mer till mötesplatser i samhället, vilket driver efterfrågan på miljömöbler samtidigt som digitaliseringen har minskat behovet av förvaringsmöbler. En annan trend är att biblioteken skapar allt fler och större områden för andra aktiviteter i biblioteken för att öka intresset att besöka och använda biblioteket.”

Annual report 2024A · The company itself

“Däremot finns det en trend att satsa allt mer på att få skolbarn att läsa bättre, vilket ger en tydlig effekt på investeringar i både befintliga skolbibliotek och etablering av helt nya skolbibliotek. I mitten av 2025 träder en ändring i skollagen (2010:800) i kraft som ytterligare stärker skolbibliotekens roll.”

Annual report 2024A · The company itself

“Slutkunderna finns huvudsakligen i offentlig verksamhet.”

Annual report 2024A · The company itself

“Kundbasen är bred – med allt ifrån små och medelstora företag till myndigheter.”

Annual report 2024A · The company itself

“Verksamheten är uppdelad i projektförsäljning, representerad av varumärkena BCI och Schulz Speyer, samt e-handelsförsäljning under varumärket Eurobib Direct. Denna struktur möjliggör en effektiv anpassning till olika marknader och kundbehov.”

Annual report 2024A · The company itself

“Biblioteksmarknaden är generellt sett stabil med en relativt jämn efterfrågan.”

Annual report 2024A · The company itself

“Library Interiors designar interiörer för alla typer av bibliotek med målet att erbjuda attraktiva upplevelser som skapar värde för både samhällen och individer. Med helhetslösningar från vision till installation stödjer Library Interiors professionella team arkitekter och kunder för att utveckla bibliotek som möter framtidens behov.”

Annual report 2024A · The company itself

“En del av koncernen sedan 2002 (BCI) och 2006 (Schulz Speyer) BCI och varumärket Schulz Speyer representerar den projektorienterade delen av verksamheten med hög kompetens inom inredningsdesign. Professionell support till kunderna genom en riktad designprocess, säkerställer maximal effektivitet från idé till färdig installation.”

Annual report 2024A · The company itself

“Liikevaihdon jakauma Ympäristönsuojelu Lamor on vuosikymmeniä toiminut strategisena kumppanina paikallisille viranomaisille ja energiayhtiöille toimittaen näille öljyntorjuntateknologiaa sekä auttaen näitä kehittämään ympäristönsuojeluvalmiuksiaan ympäri maailmaa.”

Annual report 2024A · The company itself

“L&T participates in the competitive tendering of municipal contracts and is a significant operator in municipal   Lassila & Tikanoja may be held liable for environmental damage, which could result in significant costs and reputational damage.”

Annual report 2025A · The company itself

“Our customers include the U.S. Department of War (“DoW”), the U.S. Intelligence Community, the U.S. Department of Homeland Security (“DHS”), the Federal Aviation Administration (“FAA”), the Department of Veterans Affairs (“VA”) and many other U.S. civilian, state and local government agencies, foreign government agencies and commercial businesses.”

Annual report 2026A · The company itself

“Loomis traditionella tjänster riktar sig huvudsakligen till centralbanker, kommersiella banker, detaljhandel, andra kommersiella affärsverksamheter samt till den offentliga sektorn.”

Annual report 2024A · The company itself

“Energiakustannusten markkinahintojen kehitys voivat nostaa tuotannon kustannuksia. • Skenaarioiden luominen ja säännöllinen päivittäminen, strategian säännöllinen tarkastelu sekä syventäminen ja päivittäminen, toimialan muutosten huomioiminen ja uudistumisen tarpeen tunnistaminen osana jatkuvaa strategiaprosessia. • Markkinakehityksen ja toimintaympäristön jatkuva seuranta ja analysointi. • Omien kilpailukykytekijöiden kehittäminen.”

Annual report 2025A · The company itself

“Julkisella sektorilla, kunnissa ja sotealueilla, kustannusfokus näkyi erityisen selvästi. Markkinavuoropuheluja erilaisten tukipalveluiden kustannustehokkaista palveluratkaisuista käytiin aktiivisesti.”

Annual report 2025A · The company itself

“Malmbergskoncernens viktigaste kundgrupper är elinstallatörer, industriföretag, OEM-tillverkare, varuhus, stormarknader, butiker, elektromekaniska verkstäder, statliga och kommunala förvaltningar, regioner och energiverk.”

Annual report 2024A · The company itself

“Inom Investment Banking agerar vi rådgivare inom aktiemarknadstransaktioner, företagsobligationer och annan lånefinansiering, företagsöverlåtelser med mera.”

Annual report 2024A · The company itself

“Marsh Risk is an insurance broker and risk advisor, offering risk management, insurance broking, insurance program management, risk consulting, analytical modeling and alternative risk financing services to a wide range of businesses, government entities, professional service organizations and individuals in over 130 countries.”

Annual report 2025A · The company itself

“In Finland, sales to companies and learning environments grew strongly, while sales to the municipal and state sectors decreased.”

Annual report 2025A · The company itself

“The Building Materials business markets its products primarily to the construction industry, with 37% of its 2025 aggregates shipments sold to customers for use in highway and other public infrastructure projects and the balance of its shipments sold primarily to customers for nonresidential and residential construction projects.”

Annual report 2025A · The company itself

“With respect to government-backed solutions, including those involving DPI, government participation in structures could prevent us from entering into, or substantially restrict us from participating in, particular geographies.”

Annual report 2025A · The company itself

“In addition, governments may promote their own national or international payments platforms, potentially putting us at a competitive disadvantage in those markets, or requiring us to compete differently.”

Annual report 2025A · The company itself

“As we increase our work with national, state and local governments (both indirectly through financial institutions, system integrators and other third party partners and with them directly as our customers), we may face various risks inherent in associating or contracting directly with governments. These risks include, but are not limited to, the following: •Governmental entities typically fund projects through appropriated monies.”

Annual report 2025A · The company itself

“•Working or contracting with governments (either directly or via our financial institution customers, system integrators or other third party partners) can subject us to heightened reputational risks, including extensive scrutiny and publicity, as well as a potential association with the policies of those governments.”

Annual report 2025A · The company itself

“The One Big Beautiful Bill (“OBBBA”), enacted in July 2025, includes provisions expected to reduce Medicaid enrollment and federal funding to state Medicaid programs, which may limit coverage or payment for products and services and impact the financial stability of our customers.”

Annual report 2026A · The company itself

“Our contracts with governmental entities are subject to risks such as lack of funding and compliance with unique requirements. For example, government contract purchase obligations are typically subject to the availability of funding, which may be eliminated or reduced.”

Annual report 2026A · The company itself

“We sell these products to corporations and other institutions (including local, state and federal governments) and their respective employees, as well as individuals.”

Annual report 2025A · The company itself

“A significant portion of our sales are from or are derived from government agencies or customers who sell to U.S. or foreign government agencies.”

Annual report 2026A · The company itself

“We derive substantial revenue from government contracts.”

Annual report 2026A · The company itself

“Bolaget utvecklar, tillverkar och säljer solpaneler till en bred kundbas inom flera sektorer, från industri- och kommersiella fastigheter till offentliga verksamheter, privatpersoner samt tak- och solcellsinstallatörer.”

Annual report 2024A · The company itself

“Vi har gjort inbrytningar på den offentliga marknaden och vunnit ett antal kommunala upphandlingar, till exempel Jonsereds Trädgårdar i Partille kommun, som vann Solenergipriset 2025 tack vare sin estetiskt tilltalande design och extremt låga koldioxidavtryck, och Skolfastigheter i Uppsala som valde Midsummer för ett solcellstak på en skola med ett tak som inte klarar belastningen av traditionella solpaneler.”

Annual report 2024A · The company itself

“Business Segments We are a global financial services firm that maintains significant market positions in each of our business segments: Institutional Securities, Wealth Management and Investment Management.”

Annual report 2025A · The company itself

“Institutional Securities provides a variety of products and services to corporations, governments, financial institutions and ultra-high net worth clients.”

Annual report 2025A · The company itself

“PART I Item 1: Business Overview | Solving for safer Motorola Solutions is a global leader in mission-critical safety and security technologies for public safety, government, including defense, and enterprise customers.”

Annual report 2025A · The company itself

“We support public safety and defense agencies in their mission to protect communities and countries.”

Annual report 2025A · The company itself

“Our largest customer is the U.S. government (through multiple contracts with its various branches and agencies, including the armed services), representing approximately 8% of our consolidated net sales in 2025. The loss of this customer could have a material adverse effect on our revenue and earnings over several quarters as many of our contracts with the U.S. government are long-term in nature.”

Annual report 2025A · The company itself

“We enter into large, multi-year system and services contracts with municipal, state, and nationwide government and commercial customers. In some cases, we may not be the prime contractor and may be dependent on other third-parties such as commercial carriers or systems integrators.”

Annual report 2025A · The company itself

“Our business with U.S. government customers depends, in part, upon our customers’ continued expenditures on programs in areas we support such as law enforcement and national security.”

Annual report 2025A · The company itself

“Our client types include: •Asset managers, including managers of institutional funds and accounts, mutual funds, ETFs, and other public-market strategies, as well as private-markets general partners •Banks and brokerages, including banks, broker-dealers, custodians, proprietary market makers and fund administrators •Asset owners, including pension funds, endowments, foundations, investment consultants, central banks, sovereign wealth funds and single family offices •Hedge fund managers, including of equity hedge funds, fixed income hedge funds, multi-strategy hedge funds and multi-manager hedge funds •Wealth managers, including wealth management divisions of broker-dealers, RIAs, private banks, multi-family offices, digital wealth and brokerage platforms •Insurance companies, including reinsurers •Others, including exchanges; vendors; real estate professionals, such as brokers, agents and developers; academic institutions; and corporates, including public and private companies, and their advisors As of December 31, 2025, we served approximately 6,800 clients1 in more than 100 countries.”

Annual report 2025A · The company itself

“flere end 20.000 opgaver inden for skadesservice og andre service- og udviklingsopgaver”

Annual report 2025A · The company itself

“Projekter med effektiv projektstyring der møder offentlige, private og almene bygherrers ønsker”

Annual report 2025A · The company itself

“PensionDanmark finansierer de nye kaserner, som projekteres og etableres af MT Højgaard Danmark”

Annual report 2025A · The company itself

“MT Højgaard Danmark vandt Metroselskabets udbud om planlægning, udvikling og opførelse af to nye metrostationer”

Annual report 2025A · The company itself

“Inden for det almene område blev der i 2025 udbudt mange store renoveringsprojekter som følge af Grøn Boligaftale og de såkaldte ”udsatte boligområder”, og i 2026 forventes aktivitetsniveauet på niveau med 2025. Dog forventes gradvist forøget aktivitet inden for nybyggeri i 2026 på grund af faldende renter, og det hævede rammebeløb for støttede byggerier.”

Annual report 2025A · The company itself

“Nye større projekter i 2025 • Opførelse af Nye Agerbækhuse for Køge Kommune (E&P) • Renovering af Karré 8 Frederiksholm i Byggepartnerskabet &os for KBA (E&P) • Opførelse af Botilbud Rønnebo i TRUST II for Byggeri København (E&P) • Opførelse af Botilbud Jagtvej i TRUST II for Byggeri København (E&P) • Opførelse af daginstitution Midtfløjene i TRUST II for Byggeri København (E&P) • Opførelse af 2. etape af Sommerbæk Skole for Skanderborg Kommune (Raunstrup) • Rammeaftaler for bygningsservice med virksomheder i hele Danmark (Raunstrup) • Opførelse af Bo Lindegården til udviklingshandicappede for Billund Kommune (NemByg) • Opførelse af Barakken ifm. museet FLUGT for Vardemuseerne (NemByg) Markedsopdatering Markedet for nybyggeri har i en periode været præget af forsinkelser i planlagte projektudbud, især i den private sektor, hvilket forventes at smitte positivt af på tilbudsmulighederne i 2026.”

Annual report 2025A · The company itself

“This allows them to market and sell the suite of Dorsey Wright powered ETPs, along with designated additional ETPs tracking Nasdaq index-linked strategies, to U.S. based advisors and receive bonus compensation tied to the growth of those ETPs. The sales team also sells Nasdaq index-linked ETPs to institutional investors (such as pensions, endowments, and foundations) and facilitates seeding for newly launched Nasdaq index-linked ETPs and receives bonus compensation tied to revenue generated for Nasdaq from such activities.”

Annual report 2025A · The company itself

“Neobos största hyresgäst är Sala kommun som hyr både kontor och bostäder.”

Annual report 2024A · The company itself

“Additionally, government certification requirements for products like ours may change and, in doing so, restrict our ability to sell into the government sector until we have attained revised certifications.”

Annual report 2026A · The company itself

“Selling our products to the U.S. government through channel partners, subjects us to specific regulatory and contractual requirements, which may change or increase at short notice. Some of these requirements may extend past the specific nature and products of the arrangement and impact our broader corporate policies, initiatives and employee resources. Failure to comply with these requirements by either us or our channel partners could lead to investigations, fines, and other penalties (including the loss of access to such government contracts), harming our operating results and financial condition.”

Annual report 2026A · The company itself

“we have delivered against this strategy across our target verticals – Digital Government, Tax & Customs, Infrastructure, Defence & Resilience and Financial Services”

Annual report 2025A · The company itself

“Public sector revenue 4,828.3”

Annual report 2025A · The company itself

“We support both the EU and individual member states in achieving a more efficient and yet compliant offering to Tax and Customs through our products SOLON, ERMIS and LUMENUS. This benefits both our customers and our business.”

Annual report 2025A · The company itself

“Netcompany empowers the transformation of public services through a comprehensive suite of Govtech products and platforms. Leveraging extensive experience from complex, mission-critical projects, we enable governments to deliver secure, user-centric digital services.”

Annual report 2025A · The company itself

“Netcompany is at the forefront of digitalising Europe’s tax and customs landscape, delivering robust, scalable solutions that underpin modern revenue collection and border management. Our advanced products and platforms, streamline compliance, enhance fraud prevention, and simplify interactions for millions of taxpayers and businesses.”

Annual report 2025A · The company itself

“The Greek tax authorities embark on an ambitious digital transformation with The Greek tax authorities are undertaking an ambitious modernisation of their entire tax administration landscape with SOLON TAX at its core. The solution will replace multiple legacy systems and streamline hundreds of processes, creating a unified, end-to-end digital platform.”

Annual report 2025A · The company itself

“The organic growth was driven by 7.4% growth in revenue from the public sector and 8.4% growth in revenue from the private sector.”

Annual report 2025A · The company itself

“Netcompany operates in more than 10 European countries within the public and private segments. More than 60% of our revenue comes from the public sector, where we deliver IT solutions that are critical to society.”

Annual report 2025A · The company itself

“Raw materials Data centre hostingComponents Solution use-phaseHardware and software Hardware recyclingOwn operations Freelancers Netcompany E1 Nature S1 Employees G1 Business Partners Mining companies and recyclers E1 Nature S2 Workers E1 Nature S2 Workers Manufacturers Business partners E3 Nature Recyclers E5 Nature S2 Workers Public institutions, EU, and businesses S4 End-users, data subjects, civil society Hardware assembly, distributors S2 Workers Car leasing companies E1 Nature We deliver IT services, products, and platforms to private and public clients across Europe.”

Annual report 2025A · The company itself

“For public sector clients, we develop systems across healthcare, social services, justice, infrastructure, and governance, including citizen portals, benefit platforms, e-court systems, transportation applications, and customs and taxation services. Our private sector solutions encompass e-commerce platforms, billing systems, case management, CRM, and enterprise risk management for businesses and trade unions.”

Annual report 2025A · The company itself

“Our services support modern, efficient, and transparent administration for both public sector organisations and private businesses.”

Annual report 2025A · The company itself

“Inom Infraservices är kunderna till största delen kommuner och privata bolag som verkar i de regioner där vi är lokaliserade.”

Annual report 2024A · The company itself

“Även inom Telekom breddar vi våra kundsegment och riktar oss till bland annat offentliga kunder.”

Annual report 2024A · The company itself

“Region Denmark focuses on building industry expertise in the public sector while maintaining and expanding its footprint with private customers”

Annual report 2025A · The company itself

“we secured major long term contracts with Energinet, Sundhedsdatastyrelsen, Digitaliseringsstyrelsen, and Styrelsen for It og Læring”

Annual report 2025A · The company itself

“Advancing our strong position in Denmark with a particular focus on driving digital transformation in the public sector.”

Annual report 2025A · The company itself

“2025 saw NNIT move into strategy execution mode, moving on from two years of major transformation, as a highly focused IT consultancy specializing in life sciences internationally and in the public and private sectors in Denmark.”

Annual report 2025A · The company itself

“In 2026, NNIT will continue to execute its strategic initiatives, accelerating the commercial focus towards the Public and Life Sciences segments, while improving its operational efficiency and structurally reducing the cost base.”

Annual report 2025A · The company itself

“The focused strategy targets key markets that require a combination of NNIT’s advanced IT solutions expertise and domain knowledge. This is implemented internationally through a regional approach, leveraging specific market strongholds in highly regulated industries.”

Annual report 2025A · The company itself

“In Denmark, we also serve the public and private sectors, continuing to strengthen our role as a key digital partner, particularly within the public sector.”

Annual report 2025A · The company itself

“Within the public sector, we secured major long term contracts with Energinet, Sundhedsdatastyrelsen, Digitaliseringsstyrelsen, and Styrelsen for It og Læring, strengthening NNIT’s role in national digital infrastructure and reaffirming our position as a trusted strategic partner.”

Annual report 2025A · The company itself

“NNIT focuses on two core industry segments: Life sciences globally and the public sector in Denmark.”

Annual report 2025A · The company itself

“In the public sector, Region Denmark primarily targets central government opportunities, specifically governmental agencies and organizations with a private/public foundation.”

Annual report 2025A · The company itself

“Norconsult’s key customer groups range from government bodies, municipalities and public organisations seeking to improve infrastructure, public services and community well-being, to private companies, developers and investors seeking solutions for complex projects.”

Annual report 2024A · The company itself

“den kommunale hjemmepleje behov for digital adgang til borgere i eget hjem”

Annual report 2025A · The company itself

“Asset Servicing Asset Servicing is a leading global provider of asset servicing and related services to corporate and public retirement funds, foundations, endowments, fund managers, insurance companies, sovereign wealth funds, and other institutional investors around the globe. Asset servicing and related services encompass a full range of capabilities including but not limited to: custody; fund administration; investment operations outsourcing; investment management; investment risk and analytical services; employee benefit services; securities lending; foreign exchange; treasury management; brokerage services; transition management services; banking; and cash management.”

Annual report 2025A · The company itself

“Novotek hjälper över 3 000 kunder bestående av mindre tillverkande industrier upp till globala koncerner men även många kommuner, regioner och statliga verk .”

Annual report 2024A · The company itself

“Största hyresgäster inom kategorin är Arbetsförmedlingen, Skanska Sverige och Fortifikationsverket.”

Annual report 2024A · The company itself

“The Governments of Norway, Sweden and Finland develop their transportation systems according to 12-year National Transport Plans (NTP), which are updated and approved by Parliament every fourth year. During rst half of 2025, we expect National Transportation Plan to be updated in Finland.”

Annual report 2024A · The company itself

“NRC Group’s main customers are national transport authorities on a state, regional and municipal level. The national agencies for railway services; Bane NOR in Norway, Trakverket in Sweden and the Finnish Transport Infrastructure Agency in Finland are NRC Group’s largest clients.”

Annual report 2024A · 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

“Our global customer base includes businesses of various sizes and industries, government agencies, educational institutions and resellers that we market and sell to directly through our worldwide sales force or indirectly through the Oracle Partner Network.”

Annual report 2026A · The company itself

“Our sales to local, state, federal and foreign government customers expose us to business volatility and risks, including government budgeting cycles and appropriations, government shutdowns, procurement regulations, governmental policy shifts, early termination of contracts, audits, investigations, sanctions and penalties. We derive revenues from contracts with the U.S. government, state and local governments, and foreign governments and are subject to procurement laws relating to the award, administration and performance of those contracts.”

Annual report 2026A · The company itself

“Motsvarande siffra för det publika betalarsegmentet var 50 procent (51).”

Annual report 2024A · The company itself

“Finland’s reform of social and healthcare (Sote), continues to shape the healthcare operating environment through wellbeing services counties.”

Annual report 2025A · The company itself

“We also sell New Equipment to government agencies, particularly, to support infrastructure projects, such as airports, railways or metros.”

Annual report 2025A · The company itself

“The U.S. government may procure non-commercial developmental services rather than commercial products, which could materially impact our future U.S. government business and revenue. U.S. government agencies, including our customers, often award large developmental item and service contracts to build custom software rather than firm fixed-price contracts for commercial products. We sell commercial items and services and do not contract for non-commercial developmental services. The U.S. government is required to procure commercial items and services to the maximum extent practicable in accordance with FASA, 10 U.S.C. § 2377; 41 U.S.C. § 3307, and the U.S. government may instead decide to procure non-commercial developmental items and services if commercial items and services are not practicable.”

Annual report 2025A · The company itself

“Risks Related to Relationships and Business with the Public Sector A significant portion of our business depends on sales to the public sector, and our failure to receive and maintain government contracts or changes in the contracting or fiscal policies of the public sector has adversely affected and could continue to adversely affect our business, results of operations, financial condition, and growth prospects. We derive a significant portion of our revenue from contracts with federal, state, local, and foreign governments and government agencies, and we believe that the success and growth of our business will continue to depend on our successful procurement of government contracts. For example, we have historically derived, and expect to continue to derive, a significant portion of our revenue from sales to agencies of the U.S. federal government, either directly by us or through other government contractors.”

Annual report 2025A · The company itself

“The Company’s operating segments are described below: •Commercial: This segment primarily serves customers working in non-government industries. •Government: This segment primarily serves customers that are U.S government and non-U.S. government agencies.”

Annual report 2025A · The company itself

“Our end-customers operate in a variety of industries, including education, energy, financial services, government entities, healthcare, Internet and media, manufacturing, public sector, and telecommunications.”

Annual report 2026A · The company itself

“A portion of our revenue is generated by sales to government entities, which are subject to a number of challenges and risks. Sales to government entities are subject to a number of risks.”

Annual report 2026A · The company itself

“Av årets nettoomsättning har andelen till offentliga kunder fortsatt att öka och stod för 56 procent (48) medan privata kunder stod för 44 procent (52).”

Annual report 2024A · The company itself

“Peab har ett brett marknadserbjudande till såväl privat som offentlig sektor med hela produktionskedjan från tillverkning av byggmaterial till färdiga hus och vägar.”

Annual report 2024A · The company itself

“Ultimo september 2025 blev Aarslef tildelt to kontrakter på næste etape af fjernvarmeudbygningen i Frederikssund og Furesø kommuner.”

Annual report 2025B · From the report

“Video now plays a critical role in critical communication inside organizations, safely connecting patients with healthcare providers, making public services more accessible to citizens and facilitating business continuity by enabling both internal meetings and customer-facing interactions to securely happen from anywhere.”

Annual report 2024A · The company itself

“Today, Pexip serves large government and enterprise organizations, supporting a wide range of applications, including business communication, ultra-secure government meetings, medical appointments, and legal proceedings.”

Annual report 2024A · The company itself

“This is a fast-growing market with mostly public-sector customers, and we are investing in strengthening our technology leadership and focusing our go-to-market activities towards public sector customers and system integrator partners that operate in this market.”

Annual report 2024A · The company itself

“Local jurisdictions attempt to acquire some of the Utility’s assets through eminent domain (“municipalization”). For example, the City and County of San Francisco (“San Francisco”) has submitted a petition with the CPUC seeking a valuation of the Utility’s electric assets in or serving San Francisco and has expressed an intent to acquire such assets.”

Annual report 2025A · The company itself

“We are organized around our customers and communities for strong relationships and local delivery of retail and business banking including a full range of lending products; specialized services for corporations and government entities, including corporate banking, real estate finance and asset-based lending; wealth management and asset management.”

Annual report 2025A · The company itself

“Discussions with Traficom are still ongoing regarding the cost allocation of distribution costs in supported areas to newspapers covered by a government grant. The uncertainty concerns an estimated total of EUR 2.0 million from completed and ongoing support periods.”

Annual report 2025A · The company itself

“Posti was granted distribution support for newspaper delivery by Traficom's decision for the first 12- month support period starting on October 1, 2023, second on October 1, 2024, and third on October 1, 2025. In addition, Posti was ordered to distribute newspapers in certain areas as a public service obligation.”

Annual report 2025A · The company itself

“Användningsområden inom autentisering inkluderar betalning, access och myndighetsinitiativ som nationella ID-system.”

Annual report 2024A · The company itself

“En vertikal där vi ser en ökad efterfrågan på vår anti-tampering lösning är så kallade nationella ID system. Flertalet Nationella ID system är omfattande initiativ med syfte att ge alla människor i ett land legala och verifierbara identiteter, system där inte sällan biometri är grunden.”

Annual report 2024A · The company itself

“Beroende på hur annonserna i upphandlingsprocesserna är utformade och vilka krav som ställs kan detta påverka priserna på Bolagets produkter och därmed Bolagets resultat. Sådana upphandlingar sker ofta en gång per år eller vartannat år per region, vilket kan innebära förändringar av prisnivåer vid specifika tillfällen.”

Annual report 2024A · The company itself

“QGOV provides development and other services and sells related products to U.S. government agencies and their contractors.”

Annual report 2025A · The company itself

“Many government contracts must be appropriated each year, and without re-appropriation we would not realize all of the potential revenues from any awarded contracts.”

Annual report 2025A · The company itself

“We also provide services on a fee-for-service basis to federal, state and local governmental agencies. Historically, most Medicare and Medicaid beneficiaries were covered under the traditional Medicare and Medicaid programs administered by the federal government. Over the last several years, the federal government has expanded its contracts with private health insurance plans for Medicare beneficiaries and has encouraged such beneficiaries to switch from the traditional programs to the private programs, called “Medicare Advantage” programs.”

Annual report 2025A · The company itself

“(e) Adverse actions by government or other third-party payers, including healthcare reform that focuses on reducing healthcare costs but does not recognize the value and importance to healthcare of clinical testing or innovative solutions, unilateral reduction of fee schedules payable to us, unilateral recoupment of amounts allegedly owed and competitive bidding. Table of Contents (f) The impact upon our testing volume and collected revenue or general or administrative expenses resulting from compliance with policies and requirements imposed by Medicare, Medicaid and other third-party payers.”

Annual report 2025A · The company itself

“Innovativt & lösningsfokuserat arbetssä Affärsmodellen utgår från kundernas behov av en välfungerande järnväg och transporter. Railcares teknik- och logistikexpertis erbjuder innovativa och specialanpassade lösningar för en hållbar järnvägssektor och miljövänliga transporter, till kunder på en global marknad. aꢀ ta ansvar.”

Annual report 2024A · The company itself

“Våra 3300 experter inom energiomställning, industriomvandling och framtidssäkrade samhällen hjälper företag, offentliga myndigheter och andra organisationer att möta dagens globala hållbarhetsutmaningar.”

Annual report 2024A · The company itself

“Division Buildings har, trots en svagare marknad, haft en stabil utveckling tack vare stor andel uppdrag mot offentlig sektor med fortsatt hög efterfrågan, samt tack vare ett fördjupat samarbete med övriga divisioner.”

Annual report 2024A · The company itself

“We typically perform residential collection services under contracts with municipalities, which we generally secure through competitive bids, which give us exclusive rights to service all or a portion of the homes in the municipalities. These contracts usually range in duration from one to five years, although some of our exclusive franchises are for significantly longer periods.”

Annual report 2025A · The company itself

“We have agreements relating to the sale of our products and services to government entities and, as a result, we are subject to various statutes and regulations that apply to companies doing business with the government. We are also subject to investigation for compliance with the regulations governing government contracts. A failure to comply with these regulations could result in suspension of these contracts, as well as other penalties.”

Annual report 2025A · The company itself

“Our customers include pharmaceutical and biotechnology companies, laboratories, academic and research institutions, public health authorities, private healthcare organizations, doctors and government agencies.”

Annual report 2025A · The company itself

“The company operates with two product areas: • Sale, processing and distribution of semifinished plastic products to all branches of the building and construction sector. • Sale, processing and distribution of semifinished plastic products to industry and the public sector.”

Annual report 2025A · The company itself

“Additionally, many of our products support projects for government entities. In many situations, government entities can unilaterally terminate or modify existing contracts without cause and without penalty to the government agency, and government contracts may be subject to specialized compliance obligations, audits, investigations, and bid processes that can delay awards and increase costs.”

Annual report 2025A · The company itself

“The European Space Agency (ESA), NASA and various national space agencies are also among Rovsing’s customers.”

Annual report 2025A · The company itself

“Sales and Customers We have substantial U.S. government sales, which we conduct through all three of our business segments.”

Annual report unknown yearA · The company itself

“Our U.S. government sales were as follows: (dollars in millions) 2025 2024 2023 Sales to the U.S. government (1) $ 33,279 $ 32,246 $ 31,628 Sales to the U.S. government as a percentage of total net sales (1) (2) 38 % 40 % 46 % (1) Excludes foreign military sales through the U.S. government.”

Annual report unknown yearA · The company itself

“(dollars in millions) Collins Aerospace Pratt & Whitney Raytheon Other Total Sales to the U.S. government (1) $ 6,357 $ 5,206 $ 19,965 $ 100 $ 31,628 Foreign military sales through the U.S. government 304 1,442 3,228 — 4,974 Foreign government direct commercial sales 1,110 515 2,620 4 4,249 Commercial aerospace and other commercial sales (2) 16,523 11,133 407 6 28,069 Consolidated net sales 24,294 18,296 26,220 110 68,920 Inter-segment sales 1,959 — 130 (2,089) — Business segment sales $ 26,253 $ 18,296 $ 26,350 $ (1,979) $ 68,920 (1) Excludes foreign military sales through the U.S. government.”

Annual report unknown yearA · The company itself

“Key customers served by Market Intelligence include investment managers, investment banks, private equity firms, insurance companies, commercial banks, corporations, professional services firms, government agencies and regulators.”

Annual report 2025A · The company itself

“The key constituents Ratings serves are investors, corporations, governments, municipalities, commercial and investment banks, insurance companies, asset managers, and other debt issuers.”

Annual report 2025A · The company itself

“Contracting with federal, state, local and foreign governments or state-owned entities subjects us to various procurement regulations and other requirements relating to these contracts’ formation, administration and performance, and how we engage with government officials.”

Annual report 2026A · The company itself

“We may be subject to risks related to government contracts and related procurement regulations. Our business depends, in part, on sales to government organizations, and significant changes in the contracting or fiscal policies of such government organizations could adversely affect our business and operating results.”

Annual report 2026A · The company itself

“Risk managementtjänster och kostnader för koncernfunktioner 2 865 - -427 - 2 -4 Koncernen 161 921 4 11 200 6,9 100 100 Koncernens totala försäljning 100% 20Vårt erbjudande 20Securitas Års- och hållbarhetsredovisning 2024 Vårt erbjudande Introduktion Om Securitas Koncernchefens kommentar Medarbetare Strategi och mål Vårt erbjudande Vår verksamhet Den globala säkerhetsmarknaden och trender Vårt hållbarhetsarbete Bolagsstyrningsrapport och ledning Securitas finansiella modell Årsredovisning Hållbarhetsnoter Securitas aktie Securitas historia Finansiell information Säkerhetstjänster Platsanknuten bevakning Vi erbjuder platsanknuten bevakning med särskilt utvalda och utbildade väktare som utför bevakningstjänster som är skräddarsydda för medelstora och stora företags behov i privata eller offentliga miljöer.”

Annual report 2024A · The company itself

“Securitas bidrar till ett säkrare och mer hållbart och produktivt samhälle genom att skydda arbetsplatser, offentliga platser och infrastruktur på ett ansvarsfullt sätt.”

Annual report 2024A · The company itself

“Public Sector Public Sector Digital Services provides government organizations with tools to deliver services at scale.”

Annual report 2025A · The company itself

“A growing portion of our revenue is generated from sales to government customers. For additional information, see “Risk Factors—Doing business with the public sector and heavily-regulated entities subjects us to risks related to government procurement processes, regulations and contracting requirements.””

Annual report 2025A · The company itself

“Doing business with the public sector and heavily-regulated entities subjects us to risks related to government procurement processes, regulations and contracting requirements. We provide products and services to governmental and heavily-regulated entities directly and through our partners.”

Annual report 2025A · The company itself

“In its customer relationships, Siili focuses on large enterprises and the public sector in Finland, the UK, Germany, and the Netherlands.”

Annual report 2025A · The company itself

“Solventum’s customers include hospitals, universities, healthcare providers, government agencies and public and private research institutions.”

Annual report 2025A · The company itself

“Offentlig sektor på Helgeland er en stabil og stor faktor for næringslivet både i form av kjøp av tjenester og ytelser, men også som en god bidragsyter til rekruttering til Helgeland da det gir gode muligheter for partnerrekruttering ved ansettelser i næringslivet. Men også investeringer som gjøres i offentlig regi er viktig for opprettholdelse av god aktivitet i næringslivet.”

Annual report 2024A · The company itself

“Satsingen har vært ytterligere styrket gjennom 2024, og banken tilbyr bransjeledende digitale løsninger som samlet gir kundene bred tilgang til ulike tjenester. De viktigste kundegruppene er personkunder, små og mellomstore bedrifter, kommuner samt organisasjons markedet der fagbevegelsen er spesielt viktig.”

Annual report 2024A · The company itself

“Disse lånene går til en rekke bransjer: • eiendomsdrift 13,5 prosent • jord og skogbruk 3,8 prosent • offentlig forvaltning 2,8 prosent • bygg og anlegg 3,1 prosent • industri/kraft og vannforsyning 2,5 prosent • øvrige 3,1 prosent Finans Østlandet kjøretøy og driftsmidler SpareBank 1 Finans Østlandets aktiviteter består av leasing og utlån til privatkjøp av kjøretøy, inkludert grønne billån til elektriske kjøretøy, samt leasing og utlån til bedriftsmarkedet på kjøretøy og driftsmidler.”

Annual report 2024A · The company itself

“BM betjener over 32 200 bedriftskunder som i all hovedsak er små og mellomstore bedrifter, offentlig sektor samt lag og foreninger.”

Annual report 2024A · The company itself

“• Konserndirektør Kommunikasjon og samfunn • Konserndirektør Teknologi og utvikling • Konserndirektør Bedriftsmarked • Konserndirektør Personmarked • Generelle retningslinjer for samfunnsansvar og bærekraft • Retningslinjer for samfunnsansvar og bærekraft for bedriftsmarkedet • Retningslinjer for samfunnsansvar og bærekraft i eierstyringen • Etiske retningslinjer B06 Samfunnsansvar og samfunnsengasjement (S3) OverskuddsdelingFinansiering av lokal verdiskaping Banken deler sitt overskudd, blant annet i form av spons, gaver og gjennom kundeutbytte. Sistnevnte bidrar til økonomisk inkludering ved at kundene får en direkte økonomisk fordel av å være en del av bankens fellesskap.”

Annual report 2024A · The company itself

“Dette er Sparebanken Vest side 6 SPAREBANKEN VEST ÅRSRAPPORT 2024 1.2 Overordnet strategi og verdiforslag 1.3 Slik leverte vi til kunder, eiere, samfunn og ansatte Visjonen til Sparebanken Vest er: Vi gjør livet på Vestlandet bedre Banken har i hovedsak fire interessegrupper: Kunder, eiere, samfunn og ansatte.”

Annual report 2024A · The company itself

“Ved å støtte samfunnsnyttige formål styrker Sparebanken Vest sitt omdømme og bygger tillit hos kunder, eiere, lokalsamfunn og ansatte. Et betydelig samfunnsutbytte skiller oss fra konkurrenter uten samme samfunnsorientering og reflekterer bankens forpliktelse til Corporate Social Responsibility (CSR). Dette blir stadig viktigere for kunder, ansatte og samfunnet.”

Annual report 2024A · The company itself

“Asiakasryhmät koostuvat julkisesta sektorista, yksityisistä yrityksistä ja yksityisasiakkaista.”

Annual report 2025A · The company itself

“Our clients — asset managers and owners, insurance companies, wealth managers, official institutions and central banks — rely on us to deliver solutions that support their business objectives across the investment life cycle.”

Annual report 2025A · The company itself

“Investment Servicing Our Investment Servicing line of business provides a broad range of investment servicing and market and financing solutions to institutional clients, including mutual funds, collective investment funds and other investment pools, corporate and public retirement plans, insurance companies, wealth managers, investment managers, foundations and endowments worldwide.”

Annual report 2025A · The company itself

“Some of our Customers are governmental entities or other entities that rely on government healthcare systems or government funding. If government funding for healthcare becomes limited or restricted in countries in which we operate, including as a result of the impacts of a pandemic or its residual effects, our Customers may be unable to pay their obligations on a timely basis or to make payment in full and it may become necessary to increase reserves.”

Annual report 2026A · The company itself

“Public budgetary constraints or uncertainties, which may be exacerbated by public health crises, may significantly impact the ability of hospitals, pharmaceutical manufacturers, and other Customers supported by such systems to purchase our products. Government or other third-party payors may deny or change coverage, reduce their current levels of reimbursement for healthcare services, or otherwise implement measures to regulate pricing or contain costs.”

Annual report 2026A · The company itself

“For example, in 2025, the United States passed the One Big Beautiful Bill Act (the “OBBBA”) which may reduce Medicaid funding, result in decreased Medicaid reimbursements and negatively impact Customers who purchase our products and services.”

Annual report 2026A · The company itself

“SOCAB är ett konsultföretag med fokus på inköp av varor och tjänster och erbjuder kunder inom den privata och offentliga sektorn hjälp under hela upphandlings- och inköpsprocessen.”

Annual report 2024A · The company itself

“Ambisjonen er 7 milliarder kroner i tilflyt i året fremover, med ytterligere potensiale dersom flere kommuner konkurranseutsetter pensjonsanskaffelsene.”

Annual report 2024A · The company itself

“Storebrand tilbyr et bredt spekter av finansielle produkter og tjenester. Gjennom relevante pensjons-, spare-, forsikrings-, og bankløsninger støtter vi kundene i å håndtere både forventede og uforutsette livshendelser og med å forvalte deres økonomiske interesser på en måte som gir økt trygghet og ivaretar deres risikoprofil og tidshorisont.”

Annual report 2024A · The company itself

“Konsernet tilbyr pensjons-, spare-, forsikrings- og bankprodukter til privatpersoner, bedrifter og offentlige virksomheter.”

Annual report 2024A · The company itself

“Konsernet har hatt en god start i markedet for offentlig tjenestepensjon i Norge. Det var et begrenset antall anbud innen offentlig tjenestepensjon i 2024, men Storebrand vant mer enn 4,5 milliarder kroner som vil bli overført i 2025.”

Annual report 2024A · The company itself

“Storebrand ønsker å vokse i markedet for offentlig garantert tjenestepensjon og fikk flere nye kunder i 2024 til tross for lav anbudsaktivitet. Offentlig pensjon skiller seg fra garantert pensjon i privat sektor ved at arbeidsgiver betaler premie for rentegarantien, også for fratrådte medarbeidere og pensjonister.”

Annual report 2024A · The company itself

“Dette markedet er større enn privat sektor og er i vekst. Markedet domineres i dag av én stor aktør.”

Annual report 2024A · The company itself

“Som en tilbyder av pensjon-, sparing-, forsikring- og banktjenester til over 55 000 bedriftskunder og 2,2 millioner personkunder – og over 1 400 milliarder kroner i forvaltet kapital – er Storebrand en viktig samfunnsaktør som kan bidra til å akselerere den bærekraftige utviklingen.”

Annual report 2024A · The company itself

“Affärsområde Services riktar sig till specifika B2B-nischer och kunderna finns inom privat och offentlig sektor med tyngd inom fastighet, bygg och anläggning, myndigheter, speditörer och hamnar.”

Annual report 2024A · The company itself

“Nettoomsättning fördelat på tjänstesegment 2024, % Byggnader och stadsdelar, 37 (37) Vatten, energi och industri, 35 (34) Transportinfrastruktur, 28 (29) Nettoomsättning fördelat på kunder 2024, % Offentliga sektorn, 37 (38) Övriga privata företag, 28 (24) Industriföretag, 19 (21) Bostads-, fastighets- och byggföretag, 17 (17) Nettoomsättning fördelat på affärs områden 2024, % Sweco Sverige, 29 (29) Sweco Belgien, 13 (13) Sweco Finland, 12 (13) Sweco Norge, 11 (12) Sweco Danmark, 11 (10) Sweco Nederländerna, 10 (10) Sweco Tyskland och Centraleuropa, 9 (8) Sweco Storbritannien, 5 (5) Året i korthet Stark tillväxt med fokus på grön omställning 2024 var ytterligare ett år av lönsamt tillväxt för Sweco.”

Annual report 2024A · The company itself

“Kundbasen är jämnt fördelad mellan privata och offentliga aktörer.”

Annual report 2024A · The company itself

“Den balanserade kundbasen med såväl privata som offentliga kunder och bredden i verksamheten ger flexibilitet mot svängningar på marknaden.”

Annual report 2024A · The company itself

“Cirka 37 procent av omsättningen kommer från offentlig sektor och 63 procent från privat sektor.”

Annual report 2024A · The company itself

“Sweco har cirka 37 000 kunder från såväl den privata som offentliga sektorn. 37 procent från offentlig sektor, 17 procent från fastighets- och byggföretag, 19 procent från industriföretag samt 28 procent från övriga privata företag.”

Annual report 2024A · The company itself

“INFORMATION OM STÖRRE KUNDER Swecos största kund under 2024 var Trafikverket. Nettoomsättningen från den här kunden uppgick till 1 597 MSEK (1 590) och redovisades i affärsområdet Sweco Sverige, se även avsnitt kreditrisk i not 34 .”

Annual report 2024A · The company itself

“While the company's primary market remains Scandinavia, where its full product portfolio is readily accessible through direct sales and partnerships with both private enterprises and the public sector, its strategic go-to-market focus extends across Europe, led from Poland.”

Annual report 2024A · The company itself

“The commercial strategy includes increased focus on the public sector, both through upselling on existing agreements and by winning new tenders.”

Annual report 2024A · The company itself

“Techstep has a large base of public sector and large corporate customers, which are less vulnerable to volatile market conditions.”

Annual report 2024A · The company itself

“För att stödja våra kunder på bästa sätt så har vi valt en målinriktad multisegmentstrategi uppdelad på små och medelstora företag, stora privata företag samt den offentliga sektorn.”

Annual report 2024A · The company itself

“Uppkoppling och underhållstjänster för privatpersoner och hushåll Grossist Nationell och internationell grossistverksamhet, transportnätstjänster och SMS-tjänster Företag Kommunikations- och integratörslösningar samt IoT för företag och offentlig sektor Tjänsteintäkter från slutkund 2024 Sverige Konsument, 58% Sverige Företag, 19% Litauen, 12% Lettland, 7% Estland, 3% Sverige, 74% Litauen, 16% Lettland, 8% Estland, 2% Underliggande EBITDAaL 2024 Hur vi levererar 1) Proposed dividend.”

Annual report 2024A · The company itself

“Inom segmentet för stora kunder inom offentlig sektor är ambitionen att noggrant välja våra affärsmöjlig - heter och fortsätta att leverera tillförlitliga lösningar för ett hållbart samhälle, samtidigt som vi expanderar vår erbjudandeportfölj inom mobila och fasta tjänster.”

Annual report 2024A · The company itself

“De första leveranserna inleddes våren 2024 på Värmdö utanför Stockholm. • Tele2 lanserade en ny heltäckande kommunikationslösning designad för den offentliga sektorn. Tjänsten heter Tele2 Collaborate och kombinerar chattfunktionalitet, videomöten, whiteboard och dokumentdelning – allt under ett och samma system.”

Annual report 2024A · The company itself

“Engineered Systems Segment Our Engineered Systems segment provides innovative systems engineering, integration and advanced technology development, and complex manufacturing solutions for defense, space, environmental and energy applications.”

Annual report 2025A · The company itself

“Policyer för berörda samhällen Ericssons affärsetiska kod anger att Bolaget ska stödja lokalsamhällen för att skapa positiv påverkan. Bidrag, medlemskap, sammarknadsföring/ gemensamma aktiviteter, sponsring, donationer och samarbeten med den akademiska världen ska noggrant utvärderas för att säkerställa att de är förenliga med Ericssons strategi för att stödja värdiga initiativ som kan ha störst påverkan.”

Annual report 2024A · 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

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

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

“Revenues in the academic and government market declined, driven by customer hesitancy in a more uncertain environment in the U.S. and macro conditions in China.”

Annual report 2025A · The company itself

“Markets served include pharmaceutical and biotech, academic and government, industrial and applied, as well as healthcare and diagnostics.”

Annual report 2025A · The company itself

“National Accounts also offers insurance-related services, such as claims administration, risk management, loss control and risk management information services through Constitution State Services LLC, a wholly-owned subsidiary of the Company. •National Property and Other provides traditional and customized commercial property insurance programs to large and mid-sized customers through National Property, as well as insurance coverages and programs provided by Northland Transportation, Agribusiness, Northfield and National Programs.”

Annual report 2025A · The company itself

“BOND & SPECIALTY INSURANCE Bond & Specialty Insurance offers surety, fidelity, management liability, professional liability, and other property and casualty coverages and related risk management services to its customers, primarily in the United States, and certain surety and specialty insurance products in Canada, the United Kingdom, the Republic of Ireland and Brazil (through a joint venture, as described below), in each case utilizing various degrees of financially-based underwriting approaches.”

Annual report 2025A · The company itself

“Professional services constitute an additional customer offering that helps our customers integrate and optimize the use of our offerings in their environment. •Address attractive markets with significant growth and profitability potential.”

Annual report 2026A · The company itself

“USBNA provides a wide range of products and services to individuals, businesses, institutional organizations, governmental entities and other financial institutions.”

Annual report 2025A · The company itself

“Provides health care coverage for seniors and other eligible Medicare beneficiaries through the Medicare Advantage program administered by the Centers for Medicare & Medicaid Services (CMS), including Medicare Advantage HMO plans, Preferred Provider Organization (PPO) plans, Point-of-Service plans, Private-Fee-for-Service plans and Special Needs Plans (SNPs). Under the Medicare Advantage program, UnitedHealthcare Medicare & Retirement provides health benefits coverage in exchange for a fixed monthly premium per member from CMS plus, in some cases, monthly consumer premiums.”

Annual report 2025A · The company itself

“Provides Medicare Part D benefits to beneficiaries through its Medicare Advantage and stand-alone Medicare Part D plans. The stand-alone Medicare Part D plans address a large spectrum of people’s needs and preferences for their prescription drug coverage, including low-cost prescription options.”

Annual report 2025A · The company itself

“UnitedHealthcare Community & State UnitedHealthcare Community & State is dedicated to serving state programs caring for the economically disadvantaged, the medically underserved and those without the benefit of employer-funded health care coverage, typically in exchange for a monthly premium per member from the state program. UnitedHealthcare Community & State’s primary customers oversee Medicaid plans, including Temporary Assistance to Needy Families; Children’s Health Insurance Programs (CHIP); Dual SNPs (DSNPs); Long-Term Services and Supports (LTSS); Aged, Blind and Disabled; and other federal, state and community health care programs.”

Annual report 2025A · The company itself

“Optum Health sells its products primarily through its direct sales force, strategic collaborations and external producers in three key areas: employers, including large, mid-sized and small employers; payers including health plans, third-party administrators (TPAs), underwriter/stop-loss carriers and individual product intermediaries; and public entities, including the U.S.”

Annual report 2025A · The company itself

“Provides advanced technology and analytics services to modernize the administration of critical safety net programs, such as Medicaid, while improving cost predictability.”

Annual report 2025A · The company itself

“UnitedHealthcare Employer & Individual Domestically, UnitedHealthcare Employer & Individual offers a comprehensive array of consumer-oriented health benefit plans and services for large national employers, public sector employers, mid-sized employers, small businesses, and individuals.”

Annual report 2025A · The company itself

“Premium revenues from CMS represented 44% of UnitedHealth Group’s total consolidated revenues for the year ended December 31, 2025, most of which were generated by UnitedHealthcare Medicare & Retirement.”

Annual report 2025A · The company itself

“For example, some of our Optum and UnitedHealthcare businesses hold government contracts or provide services related to government contracts and are subject to U.S. federal and state and non-U.S. self-referral, anti-kickback, medical necessity, risk adjustment, false claims and other laws and regulations governing government contractors and the use of government funds.”

Annual report 2025A · The company itself

“We participate in various federal, state and local government health care benefit programs, including as a payer in Medicare Advantage, Medicare Part D, various Medicaid programs and CHIP, and receive substantial revenues from these programs.”

Annual report 2025A · The company itself

“Sources of Revenue We receive payments for services rendered from private insurers, including managed care plans, the federal government under the Medicare program, state governments under their respective Medicaid programs and directly from patients.”

Annual report 2025A · The company itself

“Infrastruktur omfatter samferdselsprosjekter, som vei, bane og flyplasser, vann og avløp, fundamentering, veivedlikehold, asfaltering og leveranser av steinmaterialer og deponitjenester. Samlet står Infrastruktur for 39 % av Veidekkes omsetning.”

Annual report 2024A · The company itself

“Gjennom store bygge- og infrastrukturprosjekter bistår Veidekke kundene med å utvikle, bygge og vedlikeholde bygninger og infrastruktur og produsere asfalt og geomaterialer. De fem virksomhetsområdene er fordelt på kjerneområdene bygg og infrastruktur i Norge, Sverige og Danmark.”

Annual report 2024A · The company itself

“Tilbyr også spesialiserte tjenester innenfor prefabrikkerte byggematerialer og logistikk, gjennom dedikerte enheter Boligbygg Private yrkesbygg, som kontorbygg, kjøpesentre og andre kommersielle eiendommer Offentlige bygg, som skoler, helsebygg og andre offentlige institusjonsbygg Rehabilitering og ombygging av eksisterende bygg Infrastruktur Norge Landsdekkende anleggsentreprenør med spesialistkompetanse for bygging av vei, jernbane, kraftverk, vannrenseanlegg og industrianlegg.”

Annual report 2024A · The company itself

“Veidekke drifter og vedlikeholder veier i hele Norge, hovedsakelig gjennom driftskontrakter med Statens vegvesen eller fylkeskommunene.”

Annual report 2024A · The company itself

“Enkelte offentlige kunder i Norge vektlegger lavt klimagassutslipp i sine anbud.”

Annual report 2024A · The company itself

“•We also have agreements to sell products and services to government entities (as well as agreements relating to government financing, as discussed above) and are subject to various statutes and regulations that apply to companies doing business with government entities (less than 2% of our 2025 sales were made to the U.S. federal government).”

Annual report 2025A · The company itself

“Enterprise and Public Sector Enterprise and Public Sector offers wireless products and services as well as wireline connectivity such as broadband and managed solutions to our large business and public sector customers. Public sector customers include U.S. federal, state and local governments and educational institutions. Our offerings to this customer group include plans with features and pricing designed to address their specific needs. In 2025, Enterprise and Public Sector revenues were $13.5 billion, representing approximately 46% of Business’s total revenues.”

Annual report 2025A · The company itself

“Verizon Business Group Our Business segment provides wireless and wireline communications services and products, including mobility communication services, FWA and wireline broadband, IoT connectivity solutions, advanced communication services, corporate networking solutions, local and long distance voice services, and security and managed network services. We provide these products and services to businesses, public sector customers and wireless and wireline carriers across the U.S. and a subset of these products and services to customers around the world.”

Annual report 2025A · The company itself

“Enterprise and Public Sector Enterprise and Public Sector offers wireless products and services as well as wireline connectivity such as broadband and managed solutions to our large business and public sector customers. Public sector customers include U.S. federal, state and local governments and educational institutions.”

Annual report 2025A · The company itself

“In our Business segment, we offer wireless and wireline products and services to businesses and public sector customers across the U.S and around the world. We continue to grow our connections while operating in a highly competitive environment.”

Annual report 2025A · The company itself

“We provide these products and services to businesses, public sector customers and wireless and wireline carriers across the U.S. and a subset of these products and services to customers around the world.”

Annual report 2025A · The company itself

“Outside of the U.S., we generate sales primarily through distributor arrangements and to retail pharmacies, as well as to hospitals and clinics, many of which are government-owned or supported customers.”

Annual report 2025A · The company itself

“CASGEVY is broadly reimbursed by third-party payors in the U.S., including the federal government and commercial payors.”

Annual report 2025A · The company itself

“United States. In the U.S., we participate in the Medicaid Drug Rebate Program, Medicare, and other governmental pricing programs. Medicaid is a joint federal and state program that is administered by the states for low-income and disabled beneficiaries. Under the Medicaid Drug Rebate program, we are required to pay a rebate to each state Medicaid program for our covered outpatient drugs, which includes select inpatient drugs for which there is “direct reimbursement.””

Annual report 2025A · The company itself

“Medicare is a federal program that is administered by the federal government. The program covers individuals age 65 and over as well as those with certain disabilities.”

Annual report 2025A · The company itself

“Vertiv services are used primarily in data centers, communications facilities, government agencies, utilities, and industrial plants.”

Annual report 2025A · The company itself

“We derive a portion of our revenue from contracts with governmental customers, including but not limited to the U.S. federal government, and various state and local governments.”

Annual report 2025A · The company itself

“Science-based decarbonisation of our operations and supply chain by 2030 Every day, Vestas wind turbines harness wind energy to generate renewable electricity, providing an alternative to fossil fuels and serving as a key driver in the decarbonisation of global energy systems.”

Annual report 2025A · The company itself

“The main features in the downstream value chain are related to selling wind power plants and providing service to customers and asset managers.”

Annual report 2025A · The company itself

“Government Affairs Our team of Government Affairs professionals engage with governments across the more than 200 countries and territories where Visa operates. Our Government Affairs team seeks to proactively influence the policy and regulatory landscape to expand our business and support Visa’s mission of uplifting everyone, everywhere, by being the best way to pay and be paid.”

Annual report 2025A · The company itself

“Trinergy tillhandahåller programvara för hållbar och effektiv energihantering inom sektorer som detaljhandel, fastigheter, hälso- och sjukvård och den offentliga sektorn i Belgien.”

Annual report 2024A · The company itself

“DK 2018 51 78 % Vitec Codea Blåljusverksamhet och fältledning av utryckningsfordon i Finland.”

Annual report 2024A · The company itself

“DK 2022 65 98 % Vitec Tietomitta Privat och kommunal avfalls- och resurshantering i Finland.”

Annual report 2024A · The company itself

“DK 2020 63 80 % Vitec Visitor Systems Kommuners kultur- och fritidsförvaltningar och besöksanläggningar i Norge och Sverige.”

Annual report 2024A · The company itself

“Vitec Trinergy har två huvudsakliga kundsegment, den offentliga och den privata sektorn. Fastighetsägare inom den offentliga sektorn ska vara förebilder avseende hållbarhet.”

Annual report 2024A · The company itself

“Customers include public transit authorities and municipalities, leasing companies, manufacturers of passenger transit vehicles and buses, and companies in the electrical generation, distribution, and charging industries.”

Annual report 2025A · The company itself

“Government revenue increased 32 percent from USD 324 million in 2023 to USD 427 million, mainly due to increased U.S. flag cargo activity.”

Annual report 2024A · The company itself

“The government services segment provides ocean transport of United States flag cargoes and performs global logistics services for the U.S. government.”

Annual report 2024A · The company itself

“Göteborgs Stad 20 303 Essity Hygiene and Health AB 15 639 Convendum AB 14 757 Filmstaden AB 14 508 Riksarkivet 11 000 Västra Götalandsregionen 10 832 Fridaskolorna AB 8 088 Dagab Inköp & Logistik AB 7 233 ICA Fastigheter AB 6 906 Frisk Service i Göteborg AB 5 854 Summa 115 120 Våra tio största hyresgästers hyresvärde motsvarar 8 % av det totala hyresvärdet eller 17 % av hyresvärdet i det kommersiella beståndet.”

Annual report 2024A · The company itself

“We provide service to a number of governmental entities, municipalities, and large national accounts.”

Annual report 2025A · The company itself

“The Company is subject to laws and regulations governing government contracts, and failure to address these laws and regulations or comply with government contracts could harm its business by leading to a reduction in revenues associated with these customers. The Company derives a portion of its revenue from direct and indirect sales to U.S. federal, state and local as well as foreign governments and their respective agencies, and, as a result, it is subject to various statutes and regulations that apply to companies doing business with the government.”

Annual report 2025A · The company itself

“Webstep has customers both within the private and public sectors, and a solid track record of delivering mission-critical solutions to our customers.”

Annual report 2024A · The company itself

“We also provide financial solutions to private, family owned and public companies through products and services including banking and credit products across multiple industry sectors and municipalities, secured lending and lease products, and treasury management.”

Annual report 2025A · The company itself

“We also provide a suite of capital markets, banking and financial products and services to corporate, commercial real estate, government and institutional clients through corporate banking, investment banking, treasury management, commercial real estate lending and servicing, equity and fixed income solutions, as well as sales, trading, and research capabilities.”

Annual report 2025A · The company itself

“In addition, if a partial or total federal government shutdown were to occur for a prolonged period, federal government payment obligations, including its obligations under Medicaid and Medicare, may be delayed. Similarly, if state government shutdowns were to occur, state payment obligations may be delayed. If the federal or state governments fail to make payments under these programs on a timely basis, our business could suffer and our financial position, results of operations or cash flows may be materially affected.”

Annual report 2025A · The company itself

“Health, Wealth & Career The Health, Wealth & Career (‘HWC’) segment provides an array of advice, broking, solutions and technology for employee benefit plans, institutional investors, compensation and career programs, and the employee experience overall. Our portfolio of services supports the interrelated challenges that the management teams of our clients face across human resources and finance.”

Annual report 2025A · The company itself

“For example, we have obtained authorization under FedRAMP, which allows us to participate in the U.S. federal government market. Such authorization is subject to rigorous compliance and if we were to lose our authorization, it could inhibit or preclude our ability to contract with certain U.S. federal and state government customers.”

Annual report 2026A · The company itself

“In fiscal 2026, Workday launched Workday Government, designed to serve the unique needs of the United States (“U.S.”) government.”

Annual report 2026A · 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

“Workday’s solutions serve industries such as financial services, government, healthcare, higher education, hospitality, manufacturing, professional and business services, retail, technology and media, and transportation.”

Annual report 2026A · The company itself

“Kommersiellt är det affärsområde där aktiviteten på marknaden varit störst under hela 2024, främst inom samhällsfastigheter med offentliga beställare som uppdragsgivare.”

Annual report 2024A · The company itself

“På marknaden som helhet är behovet av samhällsfastigheter fortsatt stort. Kommunala beställare har varit aktiva med att ta fram nya projekt under året och sett till nytecknade avtal inom bolaget har detta marknadssegment dominerat.”

Annual report 2024A · The company itself

“Inom det kommersiella byggandet har efterfrågan varierat mellan olika typer av projekt. På marknaden som helhet är behovet av samhällsfastigheter fortsatt stort. Kommunala beställare har varit aktiva med att ta fram nya projekt och sett till nytecknade avtal inom bolaget fortsätter detta marknadssegment att dominera.”

Annual report 2024A · The company itself

“Därutöver planeras fortsatta satsningar framåt inom såväl kriminalvården som försvaret där Wästbygg Gruppens medarbetare har kompetens och erfarenhet.”

Annual report 2024A · The company itself

“The utility market includes public, private and public-private entities that support water, wastewater and storm water networks. The industrial market includes customers that require similar water and wastewater infrastructure applications to support various industrial operations.”

Annual report 2025A · The company itself

“Rakennus, joka keskittyy toimitilojen urakoimiseen sekä valikoituun kehittämiseen julkiselle sektorille ja yksityisille sijoittajille Suomessa sekä itäisen Keski-Euroopan maissa.”

Annual report 2025A · The company itself

“Infra, joka keskittyy infrastruktuurin rakentamiseen julkiselle sektorille sekä yksityisille teollisuuden asiakkaille Suomessa.”

Annual report 2025A · The company itself

“Tillväxten drevs av en diversifierad kundbas som spänner över olika branscher och geografiska områden, med stark efterfrågan från teknik- och finanssektorn samt offentlig sektor.”

Annual report 2024A · The company itself

“Yubico ser ett växande intresse från den offentliga och finansiella sektorn, som är bland våra snabbast växande branscher tillsammans med high-techsektorn, med ökande efterfrågan både i USA och Europa.”

Annual report 2024A · The company itself

“Utöver banksektorn är modellen också mycket relevant för kritisk infrastruktur, där stark autentisering är avgörande för att skydda känsliga system och data.”

Annual report 2024A · The company itself

“Med tiden har Yubico lockat kunder från sektorer som finansiella tjänster, tillverkning, detaljhandel och myndigheter.”

Annual report 2024A · The company itself

“Description of Outputs and Outcomes The outputs of Zalaris’ operations include tailored HR and payroll solutions, digital transformation services and workforce management tools that streamline administrative processes for its customers.”

Annual report 2024A · The company itself

“The Zalaris Consulting division sold more than NOK 616 million (EUR 53m) of Total Contract Value (TCV)* in 2024. This included a significant subcontract with one of Germany’s largest system integrators to implement an HCM solution for the State of Berlin, valued at approximately NOK 170 million over four years.”

Annual report 2024A · The company itself

“This positions Zalaris as a leading provider of SAP-based services to the public sector in Germany. We also signed agreements to implement SAP SuccessFactors for City of Osnabrück's 3200 employees and provide long-term AMS services to the Max-Planck Institute, both in Germany.”

Annual report 2024A · The company itself

“Our customer and end-user base consists primarily of corporate clients and their employees who depend on Zalaris for accurate payroll processing, compliance management, and workforce-related solutions. These groups include corporate employees who rely on payroll and HR systems and HR professionals managing workforce-related functions.”

Annual report 2024A · The company itself

“End-users of our offerings include those in retail and e-commerce, manufacturing, transportation and logistics, healthcare, hospitality, public sector, and other industries.”

Annual report 2025A · The company itself

“Our sales force in this segment is comprised of direct sales associates, commissioned agents, independent distributors and sales support personnel. In most European countries, healthcare is sponsored by the government and therefore government budgets impact healthcare spending, which can affect our sales in this segment.”

Annual report 2025A · The company itself

“Other In addition to or in place of income taxes, virtually all jurisdictions where our ships call impose taxes, fees and other charges based on guest counts, ship tonnage, passenger capacity or some other measure.”

Annual report 2025A · The company itself

“the Danish state acquired a controlling stake in Københavns Lufthavne A/S”

Annual report 2025A · The company itself

“In 2025, the Company assessed loans to certain not-for-profit borrowers, government contractors and other commercial borrowers that may be impacted by immigration policies and enforcement, changes to government funding and reductions in the federal workforce.”

Annual report 2025A · The company itself

“Permits for Glacier Bay, Alaska In connection with certain Alaska cruise operations, we rely on concession permits from the U.S. National Park Service to operate our ships in Glacier Bay National Park and Preserve. We currently hold a concession permit allowing for 41 calls annually through September 30, 2029.”

Annual report 2025A · The company itself