Public investment and infrastructure

“•In 2025, the U.S. administration began efforts to reduce federal spending and the size of the federal workforce under the guidance of the Department of Government Efficiency. In addition, the General Services Administration (GSA)–the U.S. federal procurement agency–has instructed all federal agencies to review their contracts with consulting firms and technology product resellers contracting with the U.S. federal government, including AFS. These and similar spending reductions and contract reviews have resulted in and are likely to continue to result in contract terminations, delays and cancellations of new procurements, and reductions in price and contract scope at AFS as well as at other state and local governments, all of which have had an adverse effect on AFS’s results, and could in the future have a material impact on our results of operations or financial condition.”

Annual report 2025A · The company itself

“As a result of the election to use the PISA, Ameren Missouri’s electric service business is subject to a limitation on increasing the annual revenue requirement due to the inclusion of incremental PISA deferrals in the revenue requirement. Pursuant to the PPRA, Ameren Missouri’s PISA election was extended through 2035 and an additional extension through 2040 is allowed if requested by Ameren Missouri and approved by the MoPSC. This law also reduced the annual limit on increases to the electric service revenue requirement used to set customer rates, compared to the revenue requirement established in the immediately preceding rate order, due to the inclusion of incremental PISA deferrals in the revenue requirement. The annual limit in effect was 2.5% and changed to 2.25%, prorated monthly, for revenue requirements approved by the MoPSC after August 2025.”

Annual report 2025A · The company itself

“Infrastructure Investment On November 15, 2021, the Infrastructure Investment and Jobs Act (IIJA) was signed into law. The legislation appropriates $65,000 to support broadband deployment and adoption. The National Telecommunications and Information Agency (NTIA) is responsible for distributing more than $48,000 of this funding, including $42,500 in state grants for broadband deployment projects in unserved and underserved areas through the Broadband, Equity, Access and Deployment (BEAD) Programs.”

Annual report 2025A · The company itself

“An adverse change or anticipated change in government spending or funding policies (such as budget cuts or limitations or funding delays), shifts in budget priorities, 17 Table of Contents changes in purchasing protocols, reductions in revenue levels, or significant or prolonged government shutdowns could cause our customers to reduce or delay their purchases or to terminate or not renew their contracts with us, which could adversely affect our business, results of operations, or cash flows.”

Annual report 2025A · The company itself

“Since inception in the beginning of 2022, we have spent $7.7 billion on our subsidized rural construction initiative and activated approximately 1.3 million passings. Including amounts spent to date, we expect to invest over $8 billion in total over the span of the initiative, a portion of which we expect to offset with government funding, including over $2 billion of support awarded through December 31, 2025 in the Rural Development Opportunity Fund (“RDOF”) auction and other 10 federal, state and municipal grants, including the Broadband Equity, Access and Deployment (“BEAD”) program.”

Annual report 2025A · The company itself

“In recent years, the federal, state and local governments have offered billions of dollars in subsidies to companies deploying broadband to areas deemed to be “unserved” or “underserved,” using funds from the FCC’s RDOF auction in 2020, The Coronavirus Aid, Relief, and Economic Security (“CARES”) Act (2020), The American Rescue Plan Act of 2021 (“ARPA”), BEAD and IIJA. We support such subsidies, provided they are not directed to areas that are already served, and have sought and expect to continue to seek subsidies for our own broadband construction in unserved and underserved areas through programs including RDOF and those created pursuant to ARPA and, if regulatory requirements are reasonable, the IIJA. To date, we have been awarded over $2 billion in the RDOF auction and other federal, state and municipal grants that will partially fund, along with our substantial additional investment, the construction of new broadband infrastructure to over 1.7 million estimated passings.”

Annual report 2025A · The company itself

“As a winning bidder in the FCC’s RDOF auction in 2020, we must comply with numerous FCC and state requirements to continue receiving such funding. To comply with these requirements, in RDOF areas, we have chosen to offer certain of our VoIP telephone services, such as our Lifeline services, subject to certain traditional federal and state common carrier regulations.”

Annual report 2025A · The company itself

“If we fail to comply with those requirements, the governing regulatory agency could consider us in default and we could incur substantial penalties or forfeitures. If we fail to attain certain specified infrastructure build-out requirements under the RDOF program, the FCC could also withhold future support payments until those shortcomings are corrected.”

Annual report 2025A · The company itself

“We cannot predict the outcome of this case or any related actions of Congress and the FCC, which could adversely affect our receipt of universal service funds, including FCC E-rate funds to serve schools and libraries and FCC Rural Health Care funds to serve eligible health care providers.”

Annual report 2025A · The company itself

“Expansion Since inception in the beginning of 2022, we have spent $7.7 billion on our subsidized rural construction initiative and activated approximately 1.3 million passings. Rural footprint builds present strategic network expansion opportunities to deliver service to unserved and underserved passings.”

Annual report 2025A · The company itself

“We spent $2.2 billion on our subsidized rural construction initiative during the year ended December 31, 2025 and activated approximately 483,000 subsidized rural passings. We currently offer Spectrum Internet products with speeds up to 1 Gbps across our entire footprint and multi-gigabit data speeds in a portion of our footprint.”

Annual report 2025A · The company itself

“Samtidigt stimulerar statliga investeringar i sjukvårdsinfrastruktur, särskilt i regioner som Kina och Japan, moderniseringsinsatser inom medicinsk bildbehandling.”

Annual report 2024A · The company itself

“På ena sidan har tillväxten av dynamiska detektorer främjats av ökade investeringar i hälso- och sjukvård, särskilt inom fluoroskopi, interventionell radiologi och kirurgiska röntgensystem.”

Annual report 2024A · The company itself

“ContextVisions största riskfaktorer inkluderar affärsrisker kopplade till den globala ekonomiska utvecklingen, nivån på hälso- och sjukvårdsinvesteringar på olika marknader, valutakursrisker, bolagets förmåga att rekrytera och behålla kvalificerade medarbetare, samt effekten av politiska beslut.”

Annual report 2024A · The company itself

“The North American market’s positive fundamentals, including significant public investment in infrastructure and private investment in reindustrialization activity, is driving demand for CRH’s connected portfolio of materials, products and services.”

Annual report 2025A · The company itself

“In Eastern Europe and Australia we see high-growth potential through strong economic activity, while in Western Europe, CRH’s businesses operate in attractive markets backed by significant public infrastructure spending and region-wide initiatives that promote increased construction activity. In these regions, CRH is experiencing increasing demand for its materials and product offering.”

Annual report 2025A · The company itself

“Government Infrastructure Spending CRH’s financial performance may be adversely impacted by reductions or delays in government infrastructure spending. A significant percentage of the Company’s products and/or services is consumed by public infrastructure projects, including the construction of highways and bridges.”

Annual report 2025A · The company itself

“This segment capitalizes on secular market trends, including the urgent need to upgrade transportation and water infrastructure, the increased investment in reindustrialization activity and the growing demand for more sustainable construction to provide high-quality durable building products.”

Annual report 2025A · The company itself

“However, government budget deficits might reduce government infrastructure investment and reduce demand for the Company’s products.”

Annual report 2025A · The company itself

“Stora investeringar i modernisering och utbyggnad av samhällets infrastruktur bidrar till ökad efterfrågan på lösningar för datakommunikation, styrning och kontroll. Det handlar om vägar och järnvägar för fysiska transporter, men även om elförsörjning, vatten- och avloppsnät och andra samhällsnyttigheter.”

Annual report 2024A · The company itself

“Återetableringen av industrier i väst är också en drivkraft för ökade investeringar.”

Annual report 2024A · The company itself

“Investeringarna i samhällsviktig infrastruktur som järnväg, sjöfart och energi ökar.”

Annual report 2024A · The company itself

“In support of our Navy customer’s significant increase in demand for submarines and surface ships, we have made substantial investments to expand our facilities, grow and train our workforce, and expand our supply chain. The resulting increase in capacity and capabilities will support the significant demand expected in our shipbuilding business, particularly submarines, over the next two decades.”

Annual report 2025A · The company itself

“This includes product development investments in Aerospace to bring to market an all-new lineup of business jet aircraft, capital investments in Marine Systems to support significant growth in U.S.”

Annual report 2025A · The company itself

“EU:s mål för digital infrastruktur är att alla hushåll i EU ska vara anslutna till ett gigabitnät senast år 2030.”

Annual report 2024A · The company itself

“I USA finns ett antal program som syftar till att stimulera utbyggnaden av bredbandsnät, bland annat BEAD-programmet riktar sig till utbyggnaden av fibernät i lågbefolkade områden på landsbygden.”

Annual report 2024A · The company itself

“Stora investeringar inom energi, försvar och industri under kommande år förväntas bidra till en växande marknad.”

Annual report 2024A · The company itself

“Efterfrågan på marknaden för dynamiska kablar och konnektivitetslösningar drivs främst av utbyggnaden av energiinfrastruktur och ökade utgifter inom marin- och arméförsvaret. Båda marknaderna kännetecknas av en stabil tillväxtcykel och förväntas fortsätta så under de kommande åren.”

Annual report 2024A · The company itself

“Den svenska regeringen var tidigt ute och hade höga ambitioner för att rulla ut fibernät och koppla upp privatpersoner och företag runt om i Sverige. Ericsson hade dessutom utvecklat ett system som innebar att utbyggnaden kunde ske effektivt och med låg kostnad.”

Annual report 2024A · The company itself

“Suomessa tulevina vuosina infra-alaa kasvattavat erityisesti kolme asiaa: Valtion ja suurten kaupunkikeskusten väylä- ja muut infrainvestoinnit, geopoliittisen tilanteen vaatimat investoinnit sekä puhtaan siirtymän hankkeet. • Valtion ja kaupunkikeskusten väylä- ja muut infrainvestoinnit sisältävät silta-, rata- ja väylähankkeita sekä aluerakentamisen ja paikallisen liikkuvuuden infrainvestointeja ympäri Suomen.”

Annual report 2025A · The company itself

“From a regulatory standpoint, the $1.2 trillion Infrastructure Investment and Jobs Act (IIJ Act), which was signed into law in November 2021, provides billions of dollars in new funding for roads, bridges and other major infrastructure projects which require aggregates for construction. New public transit and clean energy projects that address climate change may also result in increased demand for the Company's products.”

Annual report 2025A · The company itself

“Infrastructure The public infrastructure market accounted for 37% of the Company’s aggregates shipments in 2025. The Company’s shipments to this end-use market are in line with the most recent five-year average of 35% and the most recent ten-year average of 36%.”

Annual report 2025A · The company itself

“These approved infrastructure initiatives are estimated to generate $24 billion in one-time and recurring revenues, with initiatives in North Carolina, one of the Company’s largest revenue-generating states, accounting for $16 billion of this total.”

Annual report 2025A · The company itself

“The Infrastructure Investments and Jobs Act (IIJ Act) was signed into law on November 15, 2021, and contains a five-year surface transportation reauthorization plus $110 billion in new funding for roads, bridges and other hard infrastructure projects.”

Annual report 2025A · The company itself

“Public-sector transportation infrastructure projects are funded through a mix of federal, state and local sources. The current federal infrastructure legislation, the IIJ Act, provides annual funding for public-sector highway construction and includes spending authorizations, which represent the maximum financial obligation that will result from the immediate or future outlays of federal funds for highway and transit programs.”

Annual report 2025A · The company itself

“States have assumed a significantly larger role in funding infrastructure investment, including initiating special-purpose taxes and raising state gas taxes. Management believes that financing at the state and local levels, such as bond issuances, toll roads, vehicle miles-traveled fees and tax initiatives, will continue to grow and have a fundamental role in advancing infrastructure projects.”

Annual report 2025A · The company itself

“Railroad construction continues to benefit from economic growth, which ultimately generates a need for additional maintenance and improvements.”

Annual report 2025A · The company itself

“Aggregates shipments increased 3.8% to 198.5 million tons in 2025 compared with 2024, driven by more normalized weather patterns in the Southeast and Texas, strong infrastructure and nonresidential demand, and shipments from acquired operations. During 2025, aggregates shipments to the infrastructure end use market increased 5%, nonresidential shipments increased 6% and residential end use shipments declined 1%.”

Annual report 2025A · The company itself

“Demand for aggregates products, particularly in the infrastructure construction market, is affected by federal, state and local budget and deficit issues.”

Annual report 2025A · The company itself

“Climate change, urbanization, electrification and infrastructure investments continue to drive long-term commodity demand.”

Annual report 2025A · The company itself

“For example, in December 2024, we entered into direct funding agreements, providing funds for the construction of fab facilities in Idaho and New York, with the United States Department of Commerce (the “Department”) under the Department’s CHIPS Incentives Program established pursuant to the CHIPS Act. In June 2025, such agreements were subsequently amended to expand our investments, and we entered into a direct funding agreement to provide funds to expand and modernize our fab in Virginia. The awards under the direct funding agreements are subject to various conditions and we may not receive the funding expected on the same terms or at all.”

Annual report 2025A · The company itself

“Investeringerne drives blandt andet af Infrastrukturplan 2035, kapacitetsopbygning i Forsvaret”

Annual report 2025A · The company itself

“Med forventninger om fortsat høj aktivitet, blandt andet drevet af Infrastrukturplanen 2035, skal MT Højgaard Danmark fastholde og videreudbygge momentum inden for anlæg & infrastruktur.”

Annual report 2025A · The company itself

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

Annual report 2025A · The company itself

“Markedssituationen for nybyggeri forventes at fortsætte uændret i 2026, og det samme gælder for anlæg, især inden for energisektoren, vejanlæg, havne og klimasikring. De kommende store offentlige infrastrukturinvesteringer vil også bidrage til høj aktivitet, og derfor fortsætter MT Højgaard Danmark investeringerne i kompetencer og maskinel til denne type opgaver.”

Annual report 2025A · The company itself

“For the industrialization of this next-generation pressurized alkaline technology, Nel has been selected for a grant from the EU Innovation Fund of up to EUR 135 million. The EU support will be phased with Nel’s own investments for up to 4 GW of capacity for pressurized electrolyser equipment in Norway.”

Annual report 2024A · The company itself

“Approximately 10% of the work under the R&D programs will be undertaken by Nel. • The US Department of Energy (DoE) and the state of Michigan have awarded a collective USD 75 million in cash incentives and grants for Nel’s next electrolyser production facility in Michigan. In addition, Nel has been awarded up to USD 41 million in investment tax credits for its planned manufacturing expansion in Michigan as part of the Qualifying Advanced Energy Project Tax Credit (48C) program.”

Annual report 2024A · The company itself

“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

“I Storbritannien och Tyskland pågår ambitiösa investeringar i fibernät nationellt.”

Annual report 2024A · The company itself

“Det finns en underliggande god tillväxt inom Netels marknadssegment som drivs av starka megatrender som klimatförändringen, digitaliseringen och behovet av att modernisera infrastrukturen.”

Annual report 2024A · The company itself

“Global grid infrastructure is ageing and an estimated 40-50% of global infrastructure in mature markets is approaching the end of its design life. In parallel, developing regions, especially Southeast Asia, will experience rapid grid expansion to support growing economies and large-scale renewable integration. The combination of renewals and expansions is expected to lead to a significant increase in grid investments rising from approximately EUR 337bn annually today to more than EUR 800bn by mid-century, with a cumulative investment need of up to EUR 20tn.”

Annual report 2025A · The company itself

“Godt posisjonert frem mot 2030 Etterspørselen etter aluminium er forventet å øke fem mot 2050 drevet av elektriske kjøretøy, fornybar energi og infrastruktur og dette skaper muligheter for Hydros lavkarbonog resirkulerte produkter.”

Annual report 2024A · The company itself

“• Även Stegra AB (tidigare H2 Green Steel AB) bygger en produktionsanläggning, strax utanför Boden, för miljövänlig produktion av järn och stål. När anläggningen når full kapacitet 2030, förväntas den producera 5 miljoner ton grönt stål per år och 2026 väntas produktionen och upptrappningen till 2,5 miljoner ton starta. I en första fas investeras 25 mdkr i projektet och när anläggningen når full drift beräknas den sysselsätta cirka 1 750 personer. • I Östersund investeras det 18 mdkr i ett datacenter som drivs av förnybar energi och samtidigt levererar värme till storskalig livsmedelsodling.”

Annual report 2024A · The company itself

“Ökade offentliga satsningar på infrastruktur har haft en positiv påverkan i både affärsområde Anläggning och affärsområde Industri under året.”

Annual report 2024A · The company itself

“För affärsområde Anläggning har aktiviteten varit på en fortsatt hög nivå under året och nettoomsättningen ökade med nio procent.”

Annual report 2024A · The company itself

“I affärsområde Industri ökade nettoomsättningen med åtta procent vilket främst förklaras av en ökad nettoomsättning inom beläggning, framförallt i Finland.”

Annual report 2024A · The company itself

“Den starka efterfrågan på anläggningsmarknaden innebar höga volymer under året inom beläggning och ballast, medan den svaga bostadsmarknaden innebar lägre volymer inom främst betong och kranuthyrning.”

Annual report 2024A · The company itself

“Volymerna ökade till följd av högre offentliga budgetar för byggnation av vägar och vägunderhåll, framför allt i Finland och Danmark.”

Annual report 2024A · The company itself

“Affärsområde Industri uppvisade en högre rörelsemarginal under året uppgående till 6,6 procent (4,8). Förbättringen förklaras av ökad intjäning inom beläggning, framför allt i Finland kopplat till den finska statens extraanslag till vägunderhåll 2024.”

Annual report 2024A · The company itself

“Den historiskt höga underhållsskulden ska åtgärdas samtidigt som trafiken på järnvägen förväntas öka i rask takt. Det borgar för goda framtidsutsikter för oss på Railcare då vi ligger i framkant vad gäller både teknikutveckling och leveranssäkerhet.”

Annual report 2024A · The company itself

“Den svenska regeringen har beslutat om en ny infrastrukturproposition med historiskt stora satsningar. Totalt 1 171 miljarder kronor ska satsas under perioden 2026-2037, varav 210 miljarder är öronmärkta för drift och underhåll av järnvägen.”

Annual report 2024A · The company itself

“Behovet av järnvägstransporter i Sverige beräknas öka med 50% till år 2040, och eſterfrågan på både järnvägsunderhåll och transporttjänster växer i takt med deta. välfungerande järnväg och leveranssäkra transporter.”

Annual report 2024A · The company itself

“Styrelsen för Railcare Group AB har beslutat om att höja de finansiella målen för perioden fram till och med 2027. De nya målen är att uppnå en omsättning på 1 000 MSEK kronor samt en rörelsemarginal på 13 procent.”

Annual report 2024A · The company itself

“Diskussioner pågår om framtida behov av Railcares tjänster med Network Rail.”

Annual report 2024A · The company itself

“Marknaden 2024 var varierande, med en fortsatt stark efterfrågan inom energi och infrastruktur, samt relativt god efterfrågan inom industrin.”

Annual report 2024A · The company itself

“Marknaden har präglats av låg aktivitet under året men förväntas återhämta sig och växa under 2025, drivet av ökad offentlig finansiering.”

Annual report 2024A · The company itself

“Politiska beslut kan också få ett avgörande inflytande på kundernas investeringsvilja Rejlers hanterar marknadsriskerna genom att ha en bred kundbas, med en jämn fördelning av privata och offentliga beställare, hög kunskapsnivå om teknisk utveckling inom verksamhetsområdet och ett brett tjänsteutbud för att minimera känsligheten för avmattning i enskilda sektorer.”

Annual report 2024A · The company itself

“Rejlers bidrar till ett hållbart samhälle genom att stödja våra kunders viktiga investeringar i samhällsbyggnad, städer och infrastruktur.”

Annual report 2024A · The company itself

“Recently announced and proposed changes in U.S. funding and regulations have created a more cautious spending environment for our customers and could cause them to become more conservative with both instrumentation and consumable purchases due to funding and regulatory uncertainty. Our revenues may be adversely affected if our customers delay or reduce purchases as a result of uncertainties surrounding the approval of government or industrial funding proposals or reductions in government funding.”

Annual report 2025A · The company itself

“Många infrastrukturer i Europa är underinvesterade, och behovet av modernisering, utbyggnad och effektivisering är fortsatt stort, något vi ser som en långsiktig drivkraft för vår verksamhet.”

Annual report 2024A · The company itself

“TILLVÄXT Långsiktig efterfrågan Det finns ett kontinuerligt behov av att uppdatera och förbättra infrastruk-turen i våra samhällen. Samtidigt blir vi fler som dessutom konsumterar mer, vilket sätter ytterligare press på systemen och ökar behoven för uppgradering.”

Annual report 2024A · The company itself

“Verksamheten i USA har vuxit och utgör nu hälften av Byggverksamhetens omsättning. Makroekonomi och federala finansieringsprogram har gett stöd åt den amerikanska byggmarknaden.”

Annual report 2024A · The company itself

“Marknadsutsikter för Byggverksamheten utgörs av en stark utsikt för den amerikanska marknaden, med ekonomisk tillväxt och federala finansieringsprogram som stöder investeringar inom infrastruktur och husbyggande.”

Annual report 2024A · The company itself

“• Nya marknader och möjligheter Snabbt ökande kundförväntningar är redan märkbara och förväntas fortsätta, i synnerhet i klimatscenarier för 1,5°C och under 2°C. Detta leder också till ett förändrat konkurrentlandskap när för närvarande jämbördiga aktörer anpassar sig för att tillgodose nya förväntningar och potentiella nya konkurrenter gör entré på marknaden. Beroende på gensvaret kan dessa marknadsförändringar påverka intäkter och resultat, varumärke och anseende samt konkurrensmässig positionering. • Med dokumenterad historik inom koldioxidsnåla och hållbara lösningar är Skanska väl positionerade för att möta en förväntad ökande efterfrågan • Skanska deltar i internationella samarbeten som WBCSD, WGBC och Envision med målet att spela en aktiv roll i klimatomställningen • Skanska undersöker potentiella nya möjligheter till följd av klimatomställningen.”

Annual report 2024A · The company itself

“Vi ser affärsmöjligheter inom klimatrelaterade områden som ren energi och effektivitet, byggnation av infrastruktur till kollektivtrafik, renovering av och energieffektivitet i byggnader, material med lägre koldioxidutsläpp och resilienta lösningar.”

Annual report 2024A · The company itself

“Det sker stora investeringar inom kärnkraften världen över idag, både avseende nybyggnation, återstart av tidigare stängda kärnkraftverk, utveckling av nya material och livstidsförlängningar av befintliga kärnkraftverk i drift.”

Annual report 2024A · The company itself

“Under 2024 har Studsvik tagit en aktiv roll i den snabba utvecklingen mot ny teknik och utbyggd kärnkraft. Det har inneburit flera nya affärsrelationer och projekt inom viktiga områden som utveckling av SMR, produktion av strålkällor samt förvaring och slutlig deponering av använt kärnbränsle.”

Annual report 2024A · The company itself

“Risks Related to Government Laws and Regulations Demand for our products and services may be impacted by the status of government and economic incentives supporting the development and adoption of such products. Government and economic incentives that support the development and adoption of electric vehicles in the U.S. and abroad, including certain tax exemptions, tax credits and rebates, may be reduced, eliminated, amended or exhausted from time to time. For example, previously available incentives favoring electric vehicles in certain areas have expired or were cancelled or temporarily unavailable, and in some cases were not eventually replaced or reinstituted, which may have negatively impacted sales.”

Annual report 2025A · The company itself

“Demand for some of our products depends on capital spending policies of our customers and on government funding policies. Our customers include pharmaceutical and biotechnology companies, laboratories, universities, healthcare providers, government agencies and public and private research institutions. Many factors, including public policy spending priorities such as national procurement initiatives, available resources, cost reimbursement policies, and product and economic cycles, have had and we expect to have a significant effect on the capital spending policies of these entities.”

Annual report 2025A · The company itself

“A prolonged unfavorable economic environment could constrain state and federal budgets and result in reduced reimbursements or payments in our federal and state government health care coverage programs, including Medicare, Medicaid and CHIP.”

Annual report 2025A · The company itself

“A reduction or less than expected increase, or a protracted delay, in government funding for these programs or change in allocation methodologies, or termination of the contract at the option of the government, has affected and in future periods may materially and adversely affect our results of operations, financial position and cash flows.”

Annual report 2025A · The company itself

“The government health care programs in which we participate are generally subject to frequent changes, including changes which may reduce the number of persons enrolled or eligible for coverage (such as Medicaid eligibility redeterminations in certain states and federal enhanced premium subsidy reductions), reduce the amount of reimbursement or payment levels, reduce our participation in, or prevent our expansion into, certain service areas or markets, or increase our administrative or medical costs under such programs.”

Annual report 2025A · The company itself

“For example, CMS in the past has reduced or frozen Medicare Advantage benchmarks, and additional cuts to Medicare Advantage benchmarks are possible. In addition, from time to time, CMS makes changes to the way it calculates Medicare Advantage risk adjustment payments.”

Annual report 2025A · The company itself

“The railway industry historically has been subject to significant fluctuations due to overall economic conditions, the use of alternate methods of transportation and the levels of government spending on railway projects. In economic downturns, railroads have deferred, and may defer, certain expenditures in order to conserve cash in the short term.”

Annual report 2025A · The company itself

“The passenger transit railroad industry is also cyclical and is influenced by a variety of factors. New passenger transit car orders vary from year to year and are influenced by a variety of factors, including major replacement programs, the construction or expansion of transit systems by transit authorities and the quality and cost of alternative modes of transportation.”

Annual report 2025A · The company itself

“Economic and industry factors that have had, or may in the future have, a material impact on our businesses and demand for our products and services include: (i) overall strength of, and our customers’ confidence in, local and global macroeconomic conditions; (ii) inflation and related monetary policy actions by governments in response; (iii) overall strength of industrial, governmental, public and private sector spending; (iv) overall strength of the industrial, residential and commercial real estate markets; (v) federal, state, local and municipal governments’ environmental, energy efficiency, fiscal, trade and procurement laws, regulations and policies, including domestic content requirements; (vi) availability of commercial financing for our customers and end-users; and (vii) availability of funding for our public sector customers, including for water infrastructure investments.”

Annual report 2025A · The company itself

“The build-out of modern transmission grids remains a gating factor for ramping up annual connections”

Annual report 2025A · The company itself

“Sustaining and accelerating the momentum of offshore wind demands greater visibility on capacity auctions and predictable frameworks. We have recently seen the willingness to this at the North Sea Summit 2026, where governments in our core markets, alongside the wind industry and transmission system operators, signed the Joint Offshore Wind Investment Pact for the North Seas.”

Annual report 2025A · The company itself

“This wave is characterised by the following key actions: · Net-zero road map: Our net-zero road map outlines our immediate priorities and actions for decarbonising our value chain and remaining operational emissions. We revise this company-wide road map on an ongoing basis to stay aligned with the latest developments and support informed decision-making. · Supplier engagement: We engage key suppliers to drive decarbonisation in their strategies and operations through three levers: science-based targets, covering electricity consumption with renewable electricity, and reporting to the Carbon Disclosure Project (CDP).”

Annual report 2025A · The company itself

“Capital Investment In 2025, AbbVie announced the start of construction of a new active pharmaceutical ingredient facility in Illinois and an expansion of biologics manufacturing and research and development capacity in Massachusetts. In January 2026, AbbVie announced that it entered into an agreement to acquire a device manufacturing facility in Arizona.”

Annual report 2025A · The company itself

“Delar av vuxenutbildningen i Sverige är helt eller delvis finansierad av statliga medel varför statliga prioriteringar har en stark påverkan på AcadeMedias verksamhet.”

Annual report 2024A · The company itself

“En betydande del av AddLifes intäkter härrör från försäljning av produkter till enheter inom den offentliga sektorn. Politiska beslut i vissa länder har medfört att antalet upphandlande kunder minskat genom att regioner har konsoliderats till större enheter.”

Annual report 2023A · The company itself

“Our businesses require reliable transportation sources (including related infrastructure such as roads, ports, and rail), power sources and water sources to access and conduct operations. The availability and cost of this infrastructure affects capital and operating costs and levels of production and sales.”

Annual report 2025A · The company itself

“On March 4, 2020, the IURC issued an order approving the projects in AES Indiana's seven-year TDSIC Plan for eligible transmission, distribution, and storage system improvements totaling $1.2 billion from 2020 through 2026.”

Annual report 2025A · The company itself

“Smart Grid Comprehensive Settlement — On October 23, 2020, AES Ohio entered into a Stipulation and Recommendation (the Settlement) with the staff of the PUCO, various customers and organizations representing customers of AES Ohio and certain other parties with respect to, among other matters, AES Ohio's applications for (i) approval of AES Ohio's plan to modernize its distribution grid (Smart Grid Phase 1), (ii) findings that AES Ohio passed the SEET for 2018 and 2019, and (iii) findings that AES Ohio's ESP 1 satisfies the SEET and the more favorable in the aggregate (MFA) regulatory test.”

Annual report 2025A · The company itself

“The investments reflected in this distribution rate case include investments to enhance the safety, reliability, and resilience of the distribution system.”

Annual report 2025A · The company itself

“This plan describes the investments necessary to strengthen and modernize AES Ohio's infrastructure and expand support for its customers.”

Annual report 2025A · The company itself

“Divisionen har under året verkat på en blandad marknad. De offentliga investeringarna i infrastruktur och i omställningen till hållbara transporter var under året på en stabil nivå på alla marknader, och de allt tydligare effekterna av klimatförändringar understryker behovet av investeringar i vattenoch avloppsinfrastruktur. Fastighetssegmentet har varit fortsatt svagt under året, särskilt inom bostäder, medan investeringarna inom offentlig sektor och industrisektorn var stabila.”

Annual report 2024A · The company itself

“Many factors, including public policy spending priorities, available resources, mergers and consolidations, institutional and governmental budgetary policies and spending priorities, and product and economic cycles, have a significant effect on the capital spending policies of these entities. Fluctuations in the research and development budgets at these organizations could have a significant effect on the demand for our products and services.”

Annual report 2025A · The company itself

“Kundernas efterfrågan på olika marknader kommer också att vara beroende av statliga incitament för investeringar i grön teknik och priset på lösningar baserade på fossila bränslen.”

Annual report 2024A · The company itself

“Dessa investeringar i en ny generation av produkter i världsklass visar vårt engagemang för en bransch med långsiktig tillväxtpotential eftersom det finns ett behov av att både expandera och uppgradera befintlig infrastruktur i många länder över hela världen.”

Annual report 2024A · The company itself

“Ren energiproduktion, pålitlig laddningsinfrastruktur och effektiva incitament behövs för att påskynda övergången.”

Annual report 2024A · The company itself

“Risks related to government and global factors •Actions, policy, or key leadership changes in government agencies, or changes to laws or regulations, including those related to tax, accounting, debt, derivatives, government spending, or funding (including those related to the FDA, the NIH, the SEC, and other agencies), support of early stage research, FDA effectiveness, tariffs, and drug and healthcare pricing, costs, and programs could have a significant negative impact on the overall economy, our tenants and companies in which we invest, and our business. •Partial or complete government shutdown resulting in temporary closures of agencies could adversely affect our tenants (some of which are also government agencies) and the companies in which we invest, including delays in the commercialization of such companies’ products, decreased funding of research and development (“R&D”), or delays surrounding approval of budget proposals.”

Annual report 2025A · The company itself

“Changes to U.S. government funding, staffing, trade, policies, and other federal actions could adversely affect our business operations or those of our tenants and our venture investment portfolio companies.”

Annual report 2025A · The company itself

“RISK FACTORS GENERAL RISKS OF REGULATED OPERATIONS AEP may not be able to recover the costs of substantial planned investment in capital improvements and additions. (Applies to all Registrants) AEP’s business and capital investment plans call for extensive investment in capital improvements and additions, including the construction or acquisition of additional transmission and generation facilities, installation and interconnection with data centers, modernizing existing infrastructure, installation of environmental upgrades and retrofits as well as other initiatives.”

Annual report 2025A · The company itself

“Moreover, entering into contracts with the U.S. government subjects us to a number of operational and compliance risks, including dependence on the level of government spending and compliance with and changes in governmental procurement and security (including cybersecurity) regulations.”

Annual report 2025A · The company itself

“In addition, fiscal and budgetary pressures in the United States and other jurisdictions, including uncertainty around, or reprioritization of, government funding and constrained government resources, may disrupt government operations and regulatory activities and increase pressure on healthcare budgets and reimbursement policies.”

Annual report 2025A · The company itself

“For example, in August 2022, the CHIPS and Science Act of 2022 (CHIPS Act) was signed into law to provide financial incentives to the U.S. semiconductor industry. Government incentives, including any that may be offered in connection with the CHIPS Act, may not be available to us on acceptable terms or at all. Further, such programs typically require companies to adhere to various performance obligations, which we may not achieve.”

Annual report 2025A · The company itself

“The FHFA as conservator of the GSEs continues to evaluate loan level price adjustments (“LLPAs”) and guarantees fees assessed by the GSEs when purchasing loans. Future pricing changes, which may include increasing LLPAs and guarantee fees, limiting the purchase of certain categories of loans, or restricting loan limits could cause a decline in the volume of low down payment home mortgage purchases by the GSEs and could negatively impact U.S. new insurance written and mortgage insurance revenues.”

Annual report 2025A · The company itself

“Under HGS, Housing Australia, the Australian Government’s independent national housing agency, provides a free guarantee to the lender of up to 15% of the value of the property for first home buyers, negating the requirement to pay for mortgage insurance. Since inception through 2025, the HGS was substantially expanded, negatively impacting the amount of mortgage insurance we write in Australia, and we cannot predict whether this will continue in the future.”

Annual report 2025A · The company itself

“”Efter en period präglad av försiktighet och utdragna beslutsprocesser ser vi nu ett mer framåtriktat NHS som bygger för framtiden. Det fokus som finns på ökad produktivitet och viljan att reducera tiden som patienter tillbringar på sjukhus, går hand i hand med Arjos ambitioner och lösningar.”

Annual report 2024A · The company itself

“Åtgärderna har lett till förbättrade avtal för vårdpersonal och förkortade väntetider för patienter som gör att fler får möjlighet till både allmän- och specialistvård. Med beslut om högre budgetar, omkring fyra procents ökning för både 2024–2025 och 2025–2026, och fortsatt stort fokus på en förbättrad hälso- och sjukvård läggs grunden för ljusare utsikter framåt.”

Annual report 2024A · The company itself

“In addition, the business area focuses on several industrial flow applications through its metering and dosing pump product offer, and temporary air, power, flow, steam, and nitrogen are offered to the specialty rental market. • Higher requirements regarding productivity, flexibility, and ergonomics • Increased customer focus on reducing CO emissions • Electrification of portable equipment • Continued increased customer focus on safety • Equipment connectivity • Increased demand for service support/contracts • Infrastructure investments • Investment in products that contribute to the transformation to a low-carbon society • Industrial production • Investment in industrial production facilities • Emergency relief efforts • Environmental regulations The vision is to be the First in Mind—First in Choice provider of power and flow solutions for sustainable productivity.”

Annual report 2024A · The company itself

“We nurture close partnerships and our service solutions, which in 2024 represented 37% of revenues, provide unique insights that can be leveraged to create new innovations and new value for our customers, society, and ourselves.”

Annual report 2024A · The company itself

“Our operations are capital-intensive. We must make significant capital expenditures on a long-term basis to modernize our distribution and transmission system and to comply with the safety rules and regulations issued by the regulatory authorities responsible for the service areas we operate. In addition, we must continually build new capacity to serve the growing needs of the communities we serve.”

Annual report 2025A · The company itself

“Business Finland myönsi hankkeelle 24,7 miljoonan euron puhtaan siirtymän investointituen.”

Annual report 2025A · The company itself

“Care and Connectivity Solutions net sales increased 5% for the year ended December 31, 2025, driven by increased volume associated with increased capital spending by customers in the U.S. for both patient support systems and surgical solutions product categories, as compared to the prior year periods, as well as higher installations of our care communications products.”

Annual report 2025A · The company itself

“A number of these customers are also dependent for their funding upon grants from U.S. government agencies, such as the U.S. National Institutes of Health and similar agencies in other countries. The level of government funding of research and development is unpredictable and we have seen a reduction in government funding in fiscal year 2025.”

Annual report 2025A · The company itself

“Research and development spending by our customers and the availability of government research funding can fluctuate due to changes in available resources, mergers of pharmaceutical and biotechnology companies, spending priorities, general economic conditions and institutional and governmental budgetary policies.”

Annual report unknown yearA · The company itself

“Private Markets The Company’s private markets strategies include the following: • Infrastructure includes offerings across equity, debt and solutions, which totaled $112 billion in AUM. Net inflows were $16 billion and realizations were $12 billion. • Private Equity AUM of $31 billion included AUM of $29 billion in private equity solutions.”

Annual report 2025A · The company itself

“In the 4 th quarter, Borregaard announced a NOK 490 million investment to debottleneck and increase the capacity at the Sarpsborg site. The debottlenecking is the first of two planned investments to increase capacity at the Sarpsborg site towards 2027. In total, the expected capacity increase is 5–10%. Production output is expected to increase gradually from the second half of 2026.”

Annual report 2024A · The company itself

“Tydliga trender som påverkar marknaden är att det investeras i säkerhet och infrastruktur samt att fastigheter digitaliseras.”

Annual report 2024A · The company itself

“Framtidens infrastrukturprojekt Vi arbetar med att projektera, projektleda och utföra installationer i stora infrastrukturprojekt. Våra uppdrag gäller bland annat vägtunnlar, järnväg och tunnelbana.”

Annual report 2024A · The company itself

“Vår över 15 år långa erfarenhet av att driva stora avancerade projekt med internationella kontrakt gör oss unika och har gett oss både gedigen kunskap och ett rejält försprång jämfört med våra konkurrenter.”

Annual report 2024A · The company itself

“I Q1 2024 genomfördes med Byggmästarens stöd en övertecknad nyemission för att öka den finansiella flexibiliteten och stärka möjligheterna att arbeta med medelstora projekt där Infrea bedöms ha en konkurrensfördel. • Den svenska marknaden för infrastruktur är mycket stor och bedöms växa kraftigt kommande år. Energiomställning, underinvesterade trafiksystem och återuppbyggnad av försvaret är några saker som driver.”

Annual report 2024A · The company itself

“Infrea är en industrigrupp som underhåller, förbättrar och bygger ut Sveriges infrastruktur. Med verksamheter inom affärsområdena Mark & Anläggning samt Vatten & Avlopp förvaltar och utvecklar de bolag med lokal närvaro och stark entreprenörskraft i Sverige.”

Annual report 2024A · The company itself

“The new Master Plan for Warsaw is expected to enter into force in the summer of 2026. The Company is actively participating in the public consultation process related to the Master Plan, and the final provisions will have impact on the future development potential and planning framework for CeMat’s land holdings.”

Annual report 2025A · The company itself

“Industry Risk Factors •Several of our product and service offerings, including our non-human primate supply, are dependent on a limited source of supply that, when interrupted, adversely affects our business. •Demand volatility, risk of credit losses, or a reduction or delay in government funding of R&D may adversely affect our business. •Changes in government regulation or in practices relating to the pharmaceutical or biotechnology industries, including potential healthcare reform, could decrease the need for the services we provide.”

Annual report 2025A · The company itself

“A portion of revenue, predominantly in our RMS segment, is derived from clients at academic institutions and basic research laboratories whose funding is partially dependent on both the level and timing of funding from government sources such as the U.S. National Institutes of Health (NIH) and similar domestic and international agencies, which can be difficult to forecast.”

Annual report 2025A · The company itself

“Fiscal or other concerns related to the government-sponsored programs in which we participate may cause decreasing reimbursement rates, delays in premium payments, restrictions on implementing changes in premium rates or insufficient increases in reimbursement rates.”

Annual report 2025A · The company itself

“During fiscal 2026, we announced the expansion of our Sherman, Texas, manufacturing facility, entered into a strategic multi-year supply agreement with NVIDIA for advanced lasers and optical networking products supporting next-generation AI infrastructure, and received a $50 million preliminary memorandum of terms under the CHIPS and Science Act to support the Sherman expansion.”

Annual report 2026A · The company itself

“Domestic broadband-deployment funding initiatives at federal and state levels may result in other service providers deploying subsidized internet access within our footprint.”

Annual report 2025A · The company itself

“Legislative and regulatory activity has increased in recent years, particularly with respect to broadband networks. For example, Congress has approved tens of billions of dollars in funding for broadband deployment and adoption initiatives, and it may from time to time consider other proposals that address communications issues, including whether it should rewrite the Communications Act to account for changes in the communications marketplace.”

Annual report 2025A · The company itself

“A number of municipalities operate municipally owned broadband networks, and there may be further efforts by local governments to expand or create government-owned networks, particularly in light of federal funding for broadband deployment. Certain states have enacted laws that restrict or prohibit local municipalities from operating municipally owned broadband networks, and there may be efforts in other state legislatures to restrict the development of government-owned networks. Other states, however, have amended or may amend such laws to facilitate such networks.”

Annual report 2025A · The company itself

“Domestic broadband-deployment funding initiatives at the federal and state level may result in other service providers deploying new subsidized internet access networks within our footprint, and in cases where we receive subsidies, may impose constraints on how we conduct our businesses.”

Annual report 2025A · The company itself

“Detaljplanen för ett nytt resecentrum vann under 2024 laga kraft. Med flera olika aktörer, bland annat Corem, vill Västerås växa med cirka 7 000 nya bostäder och cirka 10 000 arbetsplatser. Corems citygallerior är belägna i det nav som Västerås stadskärna och det planerade nya resecentrum utgör, med väl utvecklade kommunikationer, inklusive tåg- och busstrafik samt cykelstråk.”

Annual report 2024A · The company itself

“For example, potential efforts to reform federal government processes and reduce expenditures as well as pressures on and uncertainty surrounding the U.S. federal government’s budget and potential changes in budgetary priorities could adversely affect the funding for individual programs, including government programs, upon which our business depends. Executive orders covering health care and other subjects including immigration, AI, energy and the federal workforce as well as the workforce of public and private companies, if implemented through agency action, may also impact the Company.”

Annual report 2025A · The company itself

“We face unique regulatory and other challenges that may inhibit the profitability of our Medicare and Medicaid businesses. •In April 2025, CMS issued its final notice detailing final 2026 Medicare Advantage payment rates. Based on CMS’ notice, Medicare Advantage rates resulted in an expected average increase in revenue for the Medicare Advantage industry of 7.16%, which includes a risk score trend increase of 2.10%.”

Annual report 2025A · The company itself

“The 2027 Medicare Advantage rates, if finalized as proposed, will result in an expected average increase in revenue for the Medicare Advantage industry of 2.54%, which includes a risk score trend increase of 2.45%. Without including the risk score trend increase, the advance 2027 rates will result in an expected average increase in revenue for the Medicare Advantage industry of 0.09%, though the rates may vary widely depending on the provider group and patient demographics.”

Annual report 2025A · The company itself

“Government demand and payment for our products are affected by public sector budgetary cycles and funding authorizations, with funding reductions or delays adversely affecting public sector demand for our products.”

Annual report 2025A · The company itself

“•Distribution center capacity. To support our growth initiatives, we are working to expand our distribution center capacity, including to replace that lost following the 2024 tornado that destroyed our Marietta, Oklahoma distribution center. In 2025, we purchased a distribution center outside of Phoenix, Arizona that we plan to open in 2026 and broke ground on a new distribution center in Marietta, Oklahoma that is expected to be fully operational by 2027.”

Annual report 2026A · The company itself

“2026 FERC Formula Rate Annual Update In November 2025, SCE filed its 2026 annual transmission revenue requirement update with the FERC, with rates effective January 1, 2026. The update reflects a 2026 transmission revenue requirement of $1.5 billion, which is a $157 million, or 12%, increase from the 2025 annual rates.”

Annual report 2025A · The company itself

“I modsætning til tidligere er det derfor ikke eksporten og en stærk fremstillingsindustri, der denne gang løfter den tyske økonomi ud af flere års negativ vækst, men i stedet den offentlige efterspørgsel. Regeringen har i 2025 øget investeringerne i infrastruktur og forsvar samt givet målrettede skattelempelser til virksomhederne.”

Annual report 2025A · The company itself

“På den anden side kommer Berlin også ligesom de øvrige delstater til at drage fordel af lavere renter, svagere inflation og den ekspansive finanspolitik. Det heraf større investeringsfokus for at understøtte nye offentlige projekter, vil desuden fastholde og tiltrække højtuddannet arbejdskraft til byen.”

Annual report 2025A · The company itself

“Our business may be adversely affected by significant reductions in government spending, delays or disruptions in the government appropriations process or the failure to fully fund or implement legislation such as the CHIPS and Science Act of 2022 and the Inflation Reduction Act.”

Annual report 2025A · The company itself

“In February 2024 the City Council approved a resolution authorizing Entergy New Orleans to implement a resilience project to be partially funded by $55 million of matching funding through the DOE’s Grid Resilience and Innovation Partnerships program.”

Annual report 2025A · The company itself

“Amite South Transmission Projects In March 2024, Entergy Louisiana filed an application seeking an exemption determination, or alternatively, a certificate of public convenience and necessity, for a transmission project that includes a new 500 kV/230 kV Commodore substation and an approximately 60-mile 230 kV line connecting the new Commodore substation to the Waterford substation. The project, which was approved by MISO in the 2023 MISO Transmission Expansion Plan, also includes certain common elements with, and right-of-way acquisition for, a future transmission project in the same area consisting of 500 kV elements. The estimated cost of the project is $498.8 million.”

Annual report 2025A · The company itself

“In December 2024, Entergy Louisiana filed an application with the LPSC seeking a certificate of public convenience and necessity for a 500 kV transmission project that includes the construction of a new 84-mile Commodore to Churchill 500 kV transmission line, the expansion of the Waterford 500 kV substation, the construction of a new Churchill 500 kV substation and improvements to the Churchill 230 kV substation, and the conversion of the existing 230 kV Waterford to Churchill transmission line to 500 kV, forming a 500 kV loop into the Downstream of Gypsy load pocket. The project, which was approved by MISO in the 2023 MISO Transmission Expansion Plan, shares common elements with a future transmission project in the same area consisting of 230 kV elements. The estimated cost of the project is $954.7 million.”

Annual report 2025A · The company itself

“Babel - Webre 500 kV Transmission Project In December 2025, Entergy Louisiana filed an application with the LPSC seeking a certificate of public convenience and necessity for a 500 kV transmission project that includes the construction of a new 147-mile Babel to Webre 500 kV transmission line, the reconstruction of the Webre 500 kV switching station in Louisiana, and coordination with Entergy Texas of the construction of an approximately 4-mile 500 kV transmission line in Texas. The project was approved by MISO in the 2025 MISO Transmission Expansion Plan and has an estimated cost of $1,238 million and an estimated in-service date of August 2029.”

Annual report 2025A · The company itself

“Southeast Texas Area Reliability Project (SETEX) In February 2025, Entergy Texas filed an application seeking PUCT approval to amend Entergy Texas’s certificate of convenience and necessity to construct, own, and operate a new single-circuit 500 kV transmission line and associated stations and 138/230 kV facilities. The transmission line is expected to be approximately 131 to 160 miles in length and the estimated cost of the project ranges from $1.3 billion to $1.5 billion, depending upon the route ultimately approved by the PUCT.”

Annual report 2025A · The company itself

“Table of Contents Entergy Corporation and Subsidiaries Management’s Financial Discussion and Analysis Cypress to Legend 500 kV Transmission Line In May 2025, Entergy Texas filed an application seeking PUCT approval to amend Entergy Texas’s certificate of convenience and necessity to construct, own, and operate a new single-circuit 500 kV transmission line. The transmission line is expected to be approximately 40 to 49 miles in length and the estimated cost of the project ranges from $392.7 million to $436.2 million, depending on the route ultimately approved by the PUCT.”

Annual report 2025A · The company itself

“Under 2024 var den globala byggmarknaden svag, men på lång sikt finns det flera gynnsamma trender som stödjer en god tillväxt. Nedmontering och återvinning, tillsammans med stora infrastrukturinvesteringar i regioner som Nordamerika, Europa och Asien, är några av drivkrafterna.”

Annual report 2024A · The company itself

“Under jord används vår bergborrningsutrustning till tunnelbyggnation för vägar, järnvägar och vattenkraft. Ovan jord erbjuder vi bergborrningsutrustning för anläggningsarbeten och stenbrott samt specialtillbehör för bygg- och återvinningsindustrin.”

Annual report 2024A · The company itself

“•We closed strategic land acquisitions in several locations, including the greater Amsterdam, Chicago, London, Milan, Mumbai and Toronto metros, which will support approximately 1 GW of retail and xScale capacity. •We completed our acquisition of all outstanding shares of TIM NextGen DC Corporation, consisting of three data centers in the Philippines, for total purchase consideration of $183 million.”

Annual report 2025A · The company itself

“Government demand and payment for our products and services may be impacted by public sector budgetary cycles and funding authorizations, with funding reductions or delays adversely affecting public sector demand for our products and services.”

Annual report 2025A · The company itself

“Two market dynamics are the foundation for our business model: capital investments and production levels. Capital investments include new capacity and capacity expansions as well as replacements and upgrades in existing facilities, allowing us to introduce advanced technology and innovations for new sites and modernise current operations.”

Annual report 2025A · The company itself

“Investoinnit Fortum arvioi, että konsernin pääomainvestoinnit ovat noin 2,0 miljardia euroa vuosina 2026–2030 pois lukien yritysostot. Summa sisältää noin 750 miljoonan euron kasvuinvestoinnit sekä noin 250 miljoonan euron vuotuiset kunnossapito­ investoinnit.”

Annual report 2025A · The company itself

“In addition to the effects of the global economic and geopolitical climate on our business and operations (including as a result of U.S. budget cuts, tariffs, trade barriers and restrictions) discussed in Item 7 of this Form 10-K and in the risk factors below, additional or unforeseen effects from the global economic and geopolitical climate may give rise to or amplify many of these risks discussed below.”

Annual report 2025A · The company itself

“We typically invest in property, plant, and equipment (PP&E) over multiple periods to support new product introductions and increases in manufacturing capacity and to perform ongoing maintenance of our manufacturing operations.”

Annual report 2025A · The company itself

“We have access to the Revolving Credit Facility to fund operations, and we may rely on debt capital markets in the future, including for funding the acquisition of Prolec GE, to further support our liquidity needs.”

Annual report 2025A · The company itself

“Additionally, in connection with our supply chain modernization initiative, we have, and intend to continue to, invest in capital improvements and operational enhancements to certain of our existing market distribution and fulfillment centers, as well as the development of new market distribution and fulfillment centers. Our supply chain 9 Table of Contents modernization initiative is designed to improve our efficiency, geographic reach and market penetration; however, executing this initiative requires substantial capital investment, including significant expenditures for, among other things, real estate and construction and technology enhancements. Delays or disruptions in executing our supply chain modernization initiative, including the investment in our market distribution centers, could have a material adverse impact on our business, financial condition and results of operations.”

Annual report 2025A · The company itself

“We are undertaking significant multi‑year capital investments to expand our U.S. manufacturing capabilities and accelerate R&D, including our initiative to invest $32 billion in the U.S. through 2030. These investments are subject to numerous risks, including construction and commissioning delays, cost inflation, supply chain constraints, contractor performance, permitting and zoning challenges and the availability of skilled labor, and we may not complete our announced investments on a timely basis or at all.”

Annual report 2025A · The company itself

“Political recovery programs were expected in key markets in the EMEA region, such as Austria and Germany.”

Annual report 2025A · The company itself

“A major fiscal shift in April 2025, reform of the constitutional debt brake, enabled increased public spending, including €500 billion for infrastructure and defence”

Annual report 2025A · The company itself

“An industry exposed to cyclicality The industry is affected by the general economic environment, such as interest rates, which influence borrowing costs for both developers and buyers, and overall economic growth, which impacts the demand for new housing. Population growth, urbanisation, and changes in household formation further drive the need for new homes. In addition, government policies, incentives, and regulatory frameworks determine the pace and direction of construction activity across our regions.”

Annual report 2025A · The company itself

“Our sector is highly cyclical, shaped by macroeconomic trends and government policies supporting house building.”

Annual report 2025A · The company itself

“H+H market share CSU 20-25% #2 116,502 152,472 192,437 106,473 105,277 11% Total newbuild registrations 2% 40-45% #1 Source: National House Building Council (NHBC) Long-term growth prospects in the UK market remain supported by the government's housing ambitions.”

Annual report 2025A · The company itself

“Notably, delays in the planning process and pronounced regional disparities in housing demand and supply continued to restrict the pace of the anticipated recovery.”

Annual report 2025A · The company itself

“Additionally, changes in government, government debt and/or budget crises may lead to reductions in government spending in certain countries, which could reduce overall health care spending and/or lead to higher income or corporate taxes, which could depress spending overall.”

Annual report 2025A · The company itself

“Holmen investerar årligen drygt 200 Mkr i framtida tillväxt genom skogsvård och gödsling.”

Annual report 2024A · The company itself

“Stora investeringar i infrastrukturen pågår i Stockholm. Bland de största projekten finns Förbifart Stockholm och en utbyggnad av tunnelbanesystemet. I Göteborg är det största pågående projektet Västlänken, en dubbelspårig järnvägsförbindelse delvis under jord med tre nya stationer. En av stationerna, Centralen, kommer ligga i direkt anslutning till Nordstans köpcentrum.”

Annual report 2024A · The company itself

“Funding reductions, delays or work stoppages could adversely impact public sector demand for our products and services.”

Annual report 2025A · The company itself

“Samtidigt har vi anpassningsbara bolag och därtill en förväntan om att en expansiv finans- och penningpolitik i många länder ska lägga grunden för gradvis ökad investeringsvilja hos våra kunder. De långsiktiga behoven är stora i många av våra branscher, exempelvis inom medicinteknik och läkemedel, infrastruktur och energisektorn.”

Annual report 2024A · The company itself

“Bolagets produkter används globalt i stora infrastrukturprojekt och för tillgångsövervakning inom många olika sektorer.”

Annual report 2024A · The company itself

“We have also entered into government incentive arrangements with local, regional and national governments, both U.S. and non-U.S. If we were to pause or discontinue the design, development and manufacturing of Intel 14A, we may lose eligibility for various incentives contemplated by these arrangements, and we may be required to repay amounts already received under these arrangements. ▪Potential Penalty Payments Under our SCIP Agreements.”

Annual report 2025A · The company itself

“As we have reassessed demand and our "shell ahead" strategy, and our financial results in the last few years have constrained our ability to make capital investments, we have delayed or cancelled manufacturing facility construction or expansion projects in Ohio, Germany, Poland, Malaysia and Israel and initiated the consolidation of our assembly and test facility in Costa Rica into our other facilities.”

Annual report 2025A · The company itself

“Arkels tillverkningsbas i Turkiet ger Innovalift en strategisk position för att effektivt serva närliggande marknader, samtidigt som Turkiets ökande urbanisering och infrastruktursatsningar ger stora möjligheter att expandera Innovalifts produktoch tjänsteutbud. – Dessutom kommer Arkels påbörjade nya produktionsanläggning i Indien ge övriga företag i gruppen en plattform att expandera i en stor marknad där utvecklingen och användningen av hissar ökar snabbt.”

Annual report 2024A · The company itself

“Additionally, state and local agencies may place affordability covenants on certain properties to ensure that they are used to provide affordable housing for persons or families of lower income. If any of our properties contain affordability covenants recorded in their chains of title, we will be forced to sell such properties at a maximum price limit as calculated per the applicable affordable housing covenant, which will likely result in us having to sell such properties below their market values.”

Annual report 2025A · The company itself

“If enacted or expanded, such measures could limit our ability to acquire additional homes, require us to modify our growth, investment, capital deployment, development, and/or disposition strategies, reduce the scale or efficiency of our operations, increase compliance costs, subject us to increased regulatory scrutiny, or otherwise adversely affect our business model.”

Annual report 2025A · The company itself

“Doing business with the U.S. federal, state and local governments subjects us to certain particular risks, including dependence on the level of government spending and compliance with and changes in governmental procurement and security regulations.”

Annual report 2025A · The company itself

“Over the years, several cities and counties in which we have developments have submitted to voters "slow growth" initiatives and other ballot measures that could impact the affordability and availability of land suitable for residential development within those localities. Although many of these initiatives have been defeated, if similar initiatives were approved, residential construction by us and others within certain cities or counties could be seriously impacted.”

Annual report 2025A · The company itself

“On a positive note, the federal government has intensified its focus on the national housing crisis, with a strong likelihood of taking decisive action to enhance affordability. Although the specifics of potential programs remain to be seen, it is clear that significant attention is being devoted to developing impactful initiatives, while avoiding unintended negative consequences.”

Annual report 2025A · The company itself

“In addition, the Company will reduce its global real estate footprint and continue to optimize its manufacturing network, aligning the geography of its global manufacturing footprint to its customers and reflecting changes in the Company’s business.”

Annual report 2025A · The company itself

“As of December 31, 2025, we had eight development communities under construction totaling 2,522 apartment units once complete. Total expected costs for the eight development projects are $932.0 million, of which $625.6 million had been incurred through December 31, 2025.”

Annual report 2025A · The company itself

“GOD LÖNSAMHET OCH ANSVARSFULLT VÄRDESKAPANDE     TILLVÄXT OCH EXPANSION  Vårt totala tillväxtmål om i genomsnitt 20 procent per år ska till ena hälftenuppnåsgenomorganisktillväxtochtillandrahälftengenom strategiska förvärv. Sund tillväxt skapar förutsättningar för god lönsamhet. Vår långsiktiga vision är att våra hållbara energilösningar i världsklass ska bidra till en snabbare omställning till ett resurseffektivtochfossilfrittsamhälle.  Högproduktivitetärenförutsättningförgodkonkurrenskraft.Vår produktivitetsfilosofi bygger på att allting ständigt kan förbättras ochattdetsomintemätsintekangörasbättre.”

Annual report 2024A · The company itself

“1www.iea.org/events/ 2www.iea.org/reports/ Takten i omställningen beror på ett  • Energiprisernas utveckling – framförallt utvecklingen avprisskillnadenmellanelektricitetochfossila bränslensomoljaochnaturgas. • Politiskastyrmedel–delsdirektaekonomiskastödoch subventionerföromställningochenergiskatter,dels indirektastödsompåverkarkostnadernaförny-eller ombyggnationer • Myndighetskravpåprodukter–blandannat Eco-designdirektivet,somangerminimikravpåenergiprestandahosprodukterpåEU-marknaden.Avsikten ärattförbättraprodukternasmiljöprestandaunder helaproduktenslivscykeln. • Begränsningavinstallationavgaspannorvidutbyte avvärmekällaochförbudmotgasanslutningvid nybyggnation. • Utbyggnadenavfossilfriinfrastrukturförklimatisering ochtappvarmvatten. • ”Smartbuildings”–medförökadefterfråganpåbättre energiprestandaochstyrningavbådeenfamiljsbostädersochkommersiellafastighetersklimatsystem. • Fastighets-ochbyggmarknadensutveckling,där nybyggnationochrenoveringoftainnebärinstallation avhållbaraenergilösningar. • Kostnadenförslutkonsumentenäravgörandeför investeringochdriftskostnad,beroendepåenergislag. • Rådandekonjunkturläge–vilkettillfälligtkanminska konsumentersköpkraftmenocksåmedföraen uppdämdefterfrågannärkonjunkturenvänder. · 34 · ÅRSREDOVISNING 2024 NIBE INDUSTRIER AB > NIBE CLIMATE SOLUTIONS 2024 202320222021 2020 -17 Måluppfyllelse 2024202320222021 2020 Måluppfyllelse 17,8 16,1 15,0 16,6 Måluppfyllelse Lorem ipsum 9,3* *Exkl Jämförelsestörande poster Tillväxtmål  Under2024varnedgångentotalt-17,0%(+20,3%)varav-21,2%(+14,4%)var organisk.Detinnebärattdenorganiskatillväxtenvar35,6procentenheter lägreän2023.Tillväxtenharigenomsnittvarit9,6%underdesenastefem åren.”

Annual report 2024A · The company itself

“Marknadssegmentet med koppling till fordonsindustrin, såväl som till spårbunden trafik, har sett ett betydande intresse för utvecklingsprojekt och en positiv efterfrågan på produkter. Elektrifieringen av fordonsflottan, vilkengällerbådekommersiellaochprivatafordon,bedömsfortsattvaraett segmentsomkommerattutvecklaspositivtföraffärsområdet.Elektrifieringen avfordonökarbetydligtoavsettomframdriftenskermedel,genomhybridlösningar eller helt och hållet genom en förbränningsmotor eftersom samtliga i höggradärberoendeavelektriskuppvärmningochstyrning.Satsningarnapå underhållochutbyggnadavjärnvägförväntasfortsätta.”

Annual report 2024A · The company itself

“Solceller är viktiga i att bli klimatneutrala Medsolcellerpåtaketkanfastighetsägarenproduceraelektricitetföregetbruk, innaneventuelltöverskottskickasvidareuttillelnätet.Detärfördelaktigtför klimatetochgerettbetydandeekonomiskttillskott,oavsettvilkenuppvärmningsomfinnsifastigheten.Mesteffektivtärattkombinerasolcellermeden värmepumpslösning.  Storainvesteringsprojektförförbättradinfrastruktur pågårruntomivärlden, blandannatinomspårbundentrafik.NIBEGroupsdotterbolagbidrargenomatt utvecklaochlevererautrustningbådetillfordonenochföruppvärmningavspår ochväxlar,vilkenstyrsochreglerasautomatiskt.”

Annual report 2024A · The company itself

“Favorable (Unfavorable) Changes in Operating Revenues (in millions) 2025 vs 2024 New rates from base rate proceedings and regulatory capital and DSM programs $ 324.2 The effects of weather in 2025 compared to 2024 48.9 The effects of customer growth 12.8 Renewable Joint Venture revenue, fully offset by Joint Venture operating expense and noncontrolling interest net income (loss) (8.6) The effects of customer usage (3.2) Other (3.8) Change in operating revenues (before cost of energy and other tracked items) $ 370.3 Operating revenues offset in operating expense Higher cost of energy billed to customers 147.0 Lower tracker deferrals within operation and maintenance, depreciation and tax 40.1 Reduction in gross receipts tax, offset in operating expenses (0.9) Total change in operating revenues $ 556.5 Weather The results of operations for the NIPSCO Operations segment include income from both electric and gas service lines.”

Annual report 2025A · The company itself

“NNIT was selected for a national health data development project led by the Danish Health Data Authority (Sundhedsdatastyrelsen)”

Annual report 2025A · The company itself

“In February 2024, NORBIT announced an updated strategic roadmap and new long-term financial targets for 2027. The group’s ambition is to deliver organic revenues in excess of NOK 2.75 billion, an EBIT margin of around 20 per cent and a return on capital employed of around 30 per cent.”

Annual report 2024A · The company itself

“To ensure consistent, sustainable access to authentic, FDA‑approved medicines, we are continuing to expand US manufacturing capacity and to strengthen our supply chain.”

Annual report 2025A · The company itself

“These investments will add new lines, increase fill‑finish and packaging capacity, and significantly expand multiple US sites to address national supply needs. This complements ongoing work to scale production across our global manufacturing network, with major expansions underway in Denmark, France, Brazil and China.”

Annual report 2025A · The company itself

“The market development is largely a function of annual budget allowances to infrastructure in the national budgets and at a municipal level in the larger cities such as Stockholm and Gothenburg in Sweden, Oslo and Bergen in Norway, and Tampere and Helsinki in Finland.”

Annual report 2024A · The company itself

“We are increasing our U.S.-based manufacturing and investing in specialized equipment and processes to support domestic production.”

Annual report 2026A · The company itself

“We receive subsidies and grants in certain countries, and a reduction in the amount of governmental funding available to us or demands for repayment could increase our costs and affect our results of operations. As is the case with other large semiconductor companies, we receive subsidies and grants from governments in some countries. These programs are subject to periodic review by the relevant governments, and if any of these programs are curtailed or discontinued, this could have a material adverse effect on our business, financial condition and results of operations.”

Annual report 2025A · The company itself

“For example, the United States and the European Union have enacted legislation to provide funding and incentives for semiconductor research, development, and manufacturing in their respective regions. If we are unable to access such funding or incentives, or if any awards or incentives we do receive are reduced, terminated or clawed back, or if our competitors receive more funding or incentives than we do, we may be at a disadvantage in developing and producing new or improved products or technologies, which could adversely affect our market share, revenue and profitability.”

Annual report 2025A · The company itself

“As we continue to expand our business, industry verticals, and the breadth of our operations, upgrade our infrastructure, 15 Table of Contents hire additional employees, expand into new markets, invest in research and development, invest in sales and marketing, lease more real estate to accommodate our anticipated future growth, and incur costs associated with general administration, including expenses related to being a public company, we expect that our costs of revenue and operating expenses will continue to increase.”

Annual report 2025A · The company itself

“Stora investeringar i befintlig portfölj Det finns en risk att kostnader för investeringar kan bli högre än förväntat och avkastningen därmed lägre än förväntat på grund av felkalkyler, oprofessionell upphandling och ineffektivt projektgenomförande.”

Annual report 2024A · The company itself

“Among the economic factors which may have such an effect are manufacturing and other end-market activity, currency exchange rates, air travel trends, difficulties entering new markets, tariffs and governmental trade and monetary policies, changes in government spending priorities (including defense and infrastructure spending), global pandemics, and general economic conditions such as inflation, deflation, interest rates and credit availability.”

Annual report 2026A · The company itself

“Særligt den kritiske infrastruktur fylder meget i både danskernes og europæernes bevidsthed, og her kan vi allerede nu se en øget efterspørgsel”

Annual report 2025A · The company itself

“Stigende interesse fra offentlige myndigheder i at sikre kritisk infrastruktur.”

Annual report 2025A · The company itself

“If the CPUC does not authorize sufficient funding for investments in the Utility’s infrastructure, it may negatively impact the Utility’s ability to modernize the grid and make it resilient to risks related to climate change, including wildfires.”

Annual report 2025A · The company itself

“These developments will require further modernization of the electric distribution grid to, among other things, accommodate increasing two-way flows of electricity and increase the grid’s capacity to interconnect these resources. In addition, enabling California’s clean energy transition will require sustained investments in grid modernization, renewable energy integration projects, energy efficiency programs, energy storage options, electric vehicle infrastructure, and state infrastructure modernization (e.g., rail and water projects).”

Annual report 2025A · The company itself

“Tillgången till tankstationer för vätgasdrivna fordon har varit en flaskhals för marknaden. Antalet stationer ökar nu snabbt, men från låga volymer. Enligt International Energy Agency (IEA) rapport Global Hydrogen Review 2024 finns det omkring 1 200 tankstationer i världen för vätgas varav 750 i Asien, knappt 300 i Europa och cirka 100 i USA. EU:s förordning om infrastruktur för alternativa bränslen har som mål att tankstationer för vätgas ska etableras var 200:e kilometer längs viktiga vägar och i städer till 2030, framför allt för att kunna serva den växande flottan av tunga lastbilar.”

Annual report 2024A · The company itself

“The Chilean government is taking its first steps to reform the country’s pension system, which includes a proposed increase in contributions and modification of pension fund administration. The impact on the overall competitive environment for private pension fund managers is still to be determined.”

Annual report 2025A · The company itself

“Construction & Services34 Om Ratos Rapporter Övrigt Affärsområden Om affärsområdet Affärsområdets verksamhet gynnas av rådande samhällsutveckling och trender såsom urbanisering, en växande befolkning, behovet av förnybar energi och effektiv resurshantering.”

Annual report 2024A · The company itself

“Efterfrågan inom samhällskritisk infrastruktur var fortsatt god.”

Annual report 2024A · The company itself

“Intresset för att behandla med protoner ökar. Trots att kostnaderna för protonanläggningar är höga investeras det kraftigt i många länder och nya anläggningar byggs.”

Annual report 2024A · The company itself

“Our international market projections reflect higher levels of infrastructure investment and the growing middle-class population.”

Annual report 2025A · The company itself

“In addition to the global factors previously mentioned in the Overview section, international demand, particularly in emerging markets, has historically been driven by the strength of the industrial economy in each region, investments in infrastructure, and expanding consumer markets.”

Annual report 2025A · The company itself

“We plan to invest over $2 billion over the next five years in manufacturing facilities, digital infrastructure, and talent to support market share growth, operational resilience, and margin expansion.”

Annual report 2025A · The company itself

“With the Company’s strong positions in ESA and EU space programs, the Company is looking to expand further into high-potential markets while pursuing a selective buy-and-build strategy.”

Annual report 2025A · The company itself

“As of December 31, 2025, we have three Icon-class ships and one Oasis-class ship on order for our Royal Caribbean brand with an aggregate capacity of approximately 22,500 berths. In addition, as of December 31, 2025, we have one Edge-class ship and four river cruise ships on order for our Celebrity Cruises brand, with a capacity of approximately 3,930 berths.”

Annual report 2025A · The company itself

“We may also have difficulty effectively competing with manufacturers benefiting from governmental investments and may be subject to increased complexity and reduced efficiency in our supply chain as a result of governmental efforts to promote domestic semiconductor industries in various jurisdictions.”

Annual report 2026A · The company itself

“— BNP-tillväxt och resursintensiv industriutveckling — Växande medelklass — Metall- och mineralpriser — Försämrad malmkvalitet (mindre mineral perton) — Produktionsnivåer i befintliga gruvor och expansionsprojekt (orörd samt tidigare exploaterad mark) — Produktivitetsförbättringar och ny teknologi, till exempel digitala lösningar och elektrifiering — Efterfrågan inom miljö, hälsa och säkerhet, till exempel miljöeffektiv finkrossning samt minskad energi- och vattenanvändning Ballastmaterial — BNP-tillväxt/urbanisering — Infrastrukturinvesteringar och utgifter — Trender inom EHS och hållbarhet för teknik i premiumsegmentet — Produktion av ballastmaterial och cement — Tillväxt på nya marknader Rivning och återvinning — Lagar och förordningar — Förändringar i kundernas efterfrågan — Fokus på återvinning och återanvändning Gruvor Huvudsakligen globala konkurrenter som Metso, FLSmidth, WEIR och Terex.”

Annual report 2024A · The company itself

“The introduction or delay, pace, scope and timing of changes in education-related legislation, or their reflections in public educational spending, in the markets in which Sanoma operates – most notably in Poland or Spain, but potentially also other markets – may also influence the performance of Learning as a whole.”

Annual report 2025A · The company itself

“In general, long- and mid-term cyclicality associated with the performance of Learning relate to the development of public and private education spending especially during curriculum renewals, and may affect the demand of Learning content year-onyear.”

Annual report 2025A · The company itself

“To ensure systematic progress, Scanfil allocates 2–3% of annual revenue to long-term investments in factory development. Each facility operates under an investment plan that outlines site-specific projects and priorities.”

Annual report 2025A · The company itself

“Financial and Capital Stock-Related Risks Successfully executing our five-year capital expenditures plan is subject to risks. The execution of our five-year capital expenditures plan may not be completed in accordance with current expectations or produce the desired results. Factors that have historically impacted and could continue to impact the amount, timing and types of capital expenditures we make include the cost and availability of financing; economic and market conditions; regulatory decisions; changes in tax law; business opportunities providing desirable rates of return; forecasts related to safety, reliability and load growth, gas system planning and transportation electrification; safety and environmental requirements and climate-related policies; and cooperation of third parties, including customers, partners, suppliers, lenders and others.”

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 that in any given fiscal cycle may be reduced or delayed, including in connection with an extended federal government shutdown, partisan gridlock or changes to government policy.”

Annual report 2025A · The company itself

“New products are mainly implemented with client funding and/or with the help of various innovation supports such as Business Finland's funding.”

Annual report 2025A · The company itself

“Marcus: På den positiva sidan ser vi att näringslivet fortsätter sina gröna investeringar, vilket inkluderar många infrastrukturinvesteringar.”

Annual report 2024A · The company itself

“SpareBank 1 Østlandet har flere tiltak for å styrke lokal samfunnets attraktivitet, støtte innovasjon og nyskaping, og bidra til samfunnsnyttige formål. Dette inkluderer samarbeid med lokale myndigheter og næringsliv, samt å dele av overskuddet til samfunnsnyttige formål.”

Annual report 2024A · The company itself

“Den rådande konjunkturen har dock en underordnad betydelse i förhållande till den starkare efterfråga, som generellt präglar Storstockholmsområdet p.g.a. lokala faktorer såsom inflyttning och infrastrukturprojekt.”

Annual report 2024A · The company itself

“Total available average capacity at the wholly owned terminals increased to 1,747,547 cubic metres in 2024 from 1,723,720 cubic metres in 2023. This increase in capacity was as a result of expansions in Dagenham, UK and New Zealand.”

Annual report 2024A · The company itself

“Alle mål og tiltak er sterkt avhengige av eksterne faktorer for å lykkes og fem suksessfaktorer er vesentlige: 1. Samarbeid for å nå målene: Vi bruker vår posisjon som investor, samfunnsaktør og leverandør av finansielle tjenester, til å påvirke myndigheter og selskaper vi investerer i og samarbeider med.”

Annual report 2024A · The company itself

“Finansiering og innhenting av kapital for konsernet gjennom utstedelse av obligasjoner, inkludert grønne obligasjoner og bærekraftlenkede obligasjoner vil prioriteres. Konsernets rammeverk for grønne obligasjoner vurderes oppdatert.”

Annual report 2024A · The company itself

“Koncernen kan få mer kontroll över produktionen genom att göra materialinköp och sköta tillverkningen lokalt inom koncernens produktionsenheter.”

Annual report 2024A · The company itself

“Försäljningstillväxt – Efterfrågan på konsulttjänster följer den allmänna ekonomiska utvecklingen, framförallt tillväxt i BNP och fasta investeringar.”

Annual report 2024A · The company itself

“The Presidential Administration scaled back many of these regulations, which could result in decreased demand for our products, especially if funding from individual states do not make up for the shortfall in federal funding.”

Annual report 2025A · The company itself

“Increasing fibre coverage in Norway During 2024, Telenor Norway provided fibre infrastructure to 50,000 households. In several geographical areas, Telenor has partnered with the public sector in its fibre rollout, contributing to the government's ambition of achieving full 100 Mbps coverage.”

Annual report 2024A · The company itself

“Kaupunkikehitys, kestävien joukkoliikenneratkaisujen lisääntyminen ja digitaalisten järjestelmien integroituminen arkeen luovat vahvan ja pitkän aikavälin kasvupohjan joukkoliikenteen informaatioratkaisuille. Samanaikaisesti kriittisen infrastruktuurin turvallisuuden varmistaminen älykkäällä digitaaliteknologialla luo markkinaan uusia kasvumahdollisuuksia.”

Annual report 2025A · The company itself

“We have received and may in the future continue to receive government incentives, including but not limited to tax incentives, designed to encourage certain investments in our operations. We may be subject to increased scrutiny from government entities, shareholders and others on how these incentives are earned and spent. Such incentives could be subject to reduction, modification, clawback or termination, and such changes to these incentives could adversely affect our results of operations, financial condition and reputation.”

Annual report 2025A · The company itself

“Extended interruptions or disruptions in service at major airports where we operate could have a material adverse impact on our operations, including our ability to operate our existing flight schedule and to expand or change our route network in the future, and space, facility and infrastructure constraints at our hubs or other airports may prevent the Company from maintaining existing service and/or implementing new service in a commercially viable manner. The airline industry is heavily dependent on business models that concentrate operations in major airports in the United States and throughout the world.”

Annual report 2025A · The company itself

“Capital spending projects of airport authorities currently underway and additional projects that we expect to commence over the next several years are expected to result in increased costs to airlines and the traveling public that use those facilities as the airports seek to recover their investments through increased rental rates, landing fees and other facility costs. These actions have caused and may continue to cause the Company to experience increased space rental rates at various airports in its network, including a number of our hubs and gateways, as well as increased operating costs.”

Annual report 2025A · The company itself

“The FAA's reauthorization, which runs through fiscal year 2028, increased the authorized funding level for the FAA and required the hiring of additional air traffic controllers, an effort to address staffing and resource shortages and improve the operation of the ATC system in the U.S. Any new or enhanced requirements resulting from the FAA reauthorization may materially impact our operations and costs.”

Annual report 2025A · The company itself

“The Company's operations may also be adversely impacted due to the existing antiquated ATC system utilized by the U.S. government and regulated by the FAA, which may not be able to effectively handle projected future air traffic growth. The outdated ATC system has led to short-term capacity constraints imposed by government agencies and has resulted in delays and disruptions of air traffic during peak travel periods in certain markets due to its inability to handle demand and reduced resiliency in the event of a failure causing flight cancellations and delays.”

Annual report 2025A · The company itself

“Myös Euroopassa talouskasvun odotetaan piristyvän. Optimismiin antavat aihetta etenkin Saksan hallituksen lähivuosille ilmoittamat yli biljoonan euron investoinnit, jotka suuntautuvat erityisesti infrastruktuuriin ja puolustukseen.”

Annual report 2025A · The company itself

“In addition, reductions in funding and staffing of government agencies and changes in the funding and eligibility for healthcare programs relevant to the life sciences industry—such as the Food and Drug Administration, the National Institutes of Health, and Medicaid—or changes in funding priorities relevant to the life sciences industry could adversely affect the life sciences industry.”

Annual report 2026A · The company itself

“Prosjektporteføljen i Veidekkes infrastrukturvirksomheter består i hovedsak av kontrakter med offentlige kunder om ny infrastruktur og vedlikehold av eksisterende anlegg. Bevilgninger til nye prosjekter kan variere over tid, men har i de siste årene ligget høyt som følge av satsinger på vei, bane og vann og avløp.”

Annual report 2024A · The company itself

“Varene og tjenestene Veidekke tilbyr representerer et bredt utvalg av kunde- og produktsegmenter, som til dels er motsykliske. For eksempel kan et fall i privat etterspørsel i økonomiske nedgangstider delvis veies opp av økt offentlig etterspørsel, i form av økte bevilgninger til vedlikehold.”

Annual report 2024A · The company itself

“Beskrivelse av mulighet Hovedkategori Virksomhetsområde Finansiell effekt Type effek t Maksimerende tiltak Konstruere bygg og infrastruktur med redusert materialforbruk og lavt fotavtrykk Ressurseffektivitet Alle virksomhetsområder Middels Kostnadsreduserende Gjennom bevisste valg og innovasjon kan Veidekke tilby løsninger som reduserer bruk av materialer Tilby løsninger som sikrer at prosjektet er i tråd med taksonomien Produkter og tjenester Alle virksomhetsområder Middels Omsetningsøkende Skalere kompetansen som finnes og daglig utvikles i prosjektene til hele Veidekke Tilby energieffektivisering i eksisterende bygg Ressurseffektivitet Byggvirksomhetene Middels Omsetningsøkende Vurdere nytt marked og skalere kompetansen som finnes og daglig utvikles i prosjektene til hele Veidekke Etablere utslippsfri energiproduksjon i relasjon til bygg og infrastruktur Energikilder Alle virksomhetsområder Lav Nye inntektsmuligheter Vurdere mulighet for energiproduksjon knyttet til nye prosjekter Reetablere og øke naturverdien i prosjekter Produkter og tjenester Alle virksomhetsområder Lav Omsetningsøkende Vurdere muligheter i enkeltprosjekter, som tas inn i prosjektvurderingen.”

Annual report 2024A · The company itself

“Certain of our businesses operate in industries that have experienced and may experience periodic, cyclical downturns. In addition, in certain of our businesses demand depends on customers’ capital spending budgets as well as government funding policies, and matters of public policy and government budget dynamics as well as product and economic cycles can affect the spending decisions of these entities.”

Annual report 2025A · The company itself

“These include our povetacicept programs acquired from Alpine, pain and T1D programs, which together have increased our outsourced services and other direct expenses.”

Annual report 2025A · The company itself

“Samtidigt fortsatte efterfrågan på produkter riktad mot infrastruktur att vara god.”

Annual report 2024A · The company itself

“Detta framför allt från kunder inom jordbrukssegmentet som påverkas negativt av låga spannmålspriser samt förseningar i fördelningen av EU-bidrag.”

Annual report 2024A · The company itself

“Produkterna används primärt i infrastrukturprojekt, byggnation samt landskapsarkitektur.”

Annual report 2024A · The company itself

“Our products are essential for building homes, offices, data centers, places of worship, schools, hospitals and factories, as well as vital infrastructure including highways, bridges, roads, ports and harbors, water systems, campuses, dams, airports and rail networks.”

Annual report 2025A · The company itself

“We receive material amounts of financial incentives for conducting our content production activities in various jurisdictions that offer such incentives.”

Annual report 2025A · The company itself

“A number of these customers are also dependent for their funding upon grants from U.S. government agencies, such as the U.S. National Institutes of Health, and similar agencies in other countries.”

Annual report 2025A · The company itself

“Osäkerheter i det geopolitiska landskapet har lett, och spås leda till fler politiska beslut om att förstärka Sveriges beredskap. Sannolikt innebär det ökade investeringar i samhällets infrastruktur liksom i upprustningen av totalförsvaret.”

Annual report 2024A · The company itself

“The development of our mines and operations are also subject to other project specific risks. •We are subject to risks related to brine extraction limits, particularly with respect to our early warning plan at our facilities in Chile. •Downturns in our customers’ industries, which may be cyclical or affected by changes in governing administrations, could adversely affect our sales and profitability. •The results of the Refining Solutions business are subject to fluctuation because of irregularities in the demand for our HPC catalysts and certain of our agrichemicals.”

Annual report 2025A · The company itself

“Government budgets, policy shifts, prolonged or recurring government shutdowns and funding delays can affect the timing of awards, renewals and payments, and may reduce or pause spending under existing contracts or impede new awards. Any of the foregoing could adversely affect our business, operating results and financial condition.”

Annual report 2025A · The company itself

“If we are provided with any grants, tax credits, abatements, or other incentives related to this expansion effort and do not meet requirements associated with those incentives, we may not be able to benefit from those incentives, which could cause the cost of the project to be significantly more than anticipated or significantly increase our taxes above what we currently expect.”

Annual report 2025A · The company itself

“Inadequate infrastructure in lesser-developed markets could also result in service disruptions, which could impact our ability to do business in those markets.”

Annual report 2025A · The company itself

“Our Public Relations discipline was helped by spending on the U.S. elections, and the Experiential discipline benefited from spending on the Summer Olympics.”

Annual report 2025A · The company itself

“Under the Nuclear Waste Policy Act of 1982 (NWPA), nuclear plant owners are required to contribute to a Nuclear Waste Fund to pay for this service. Since May 2014, the nuclear waste fee rate has been zero.”

Annual report unknown yearA · The company itself

“Rauten uuden strategian mukaiset taloudelliset tavoitteet vuodelle 2028 ovat: ● Liikevaihto 250 MEUR, sisältäen sekä orgaanisen että epäorgaanisen kasvun ● Services ja Analyzers-liiketoiminta-alueiden osuus liikevaihdosta 40 % ● Vertailukelpoinen käyttökate keskimäärin 12 % yli suhdanteen ● Omavaraisuusaste yli 40 % Rauten tavoitteena on vakaa ja kestävä osinko eri markkinatilanteissa.”

Annual report 2025A · The company itself

“Changes enacted by the Texas Legislature through Senate Bill 2627, the Powering Texas Forward Act, to administer Texas Energy Fund (TEF) programs, which include grants and loans to finance the construction, maintenance, modernization, and operation of electric facilities in Texas, may negatively impact our financial condition if it materially changes market fundamentals.”

Annual report 2025A · The company itself

“The termination of grants granted to Finnish companies has been reflected in Wulff Entre’s event sales.”

Annual report 2025A · The company itself