M&A and consolidation

“Market and industry factors We face substantial competition in our target markets. The significant competition for business in our target markets could have an adverse effect on our operations. We compete for investment opportunities with: •Other REITs; •Insurance companies; •Pension and investment funds; •Private equity entities; •Partnerships; •Developers; •Investment companies; •Owners/occupants; and •Foreign investors, including sovereign wealth funds.”

Annual report 2025A · The company itself

“It is common for businesses in the life science industry to undergo mergers, acquisitions, or other consolidations. Mergers, acquisitions, or consolidations of life science entities in the future could reduce the RSF requirements of our tenants and prospective tenants, which may adversely impact the demand for laboratory space, our future revenue from lease payments, and our results of operations.”

Annual report 2025A · The company itself

“Top 20 tenants 84% of Top 20 Tenant Annual Rental Revenue Is From Investment-Grade or Publicly Traded Large Cap Tenants(1) Our properties are leased to a high-quality and diverse group of tenants, with no individual tenant accounting for greater than 6.1% of our annual rental revenue in effect as of December 31, 2025.”

Annual report 2025A · The company itself

“Business, strategy and operations We operate in markets that are highly competitive Markets in which we operate are highly competitive, and we must continually refine and improve products and services to maintain our reputation, enhance brand perception, and remain competitive.”

Annual report 2025A · The company itself

“Arrangements with our business partners represent a significant portion of our business. We are exposed to risks associated with our business partners, including reputational issues, business slowdowns, bankruptcies, liquidations, restructurings, consolidations and outages, and the possible obligation to make payments to our partners. Our success is, in many ways, dependent on the success of our partners. From customer acquisition to cobranding arrangements, from providing rewards and benefits to customers to facilitating B2B supplier payments for our corporate clients, we rely on our business partners across many aspects of our company and our arrangements with business partners represent a significant portion of our business.”

Annual report 2025A · The company itself

“Joint ventures, such as those through which we operate in certain foreign jurisdictions, and minority investments in companies, such as GBTG, inherently involve a lesser degree of control over business operations, thereby potentially increasing the financial, legal, operational and/or compliance risks associated with the joint venture or minority investment, including as a result of being subject to different laws or regulations. Joint ventures and other partnerships or minority investments operating in foreign jurisdictions may also face risks from adverse regulatory actions, which could adversely affect their operations or our investment. In addition, we may be dependent on joint venture partners, controlling shareholders or management who may have business interests, strategies or goals that are inconsistent with ours and we have been and may in the future be involved in litigation with our joint venture partners and other shareholders and parties related to the joint ventures and investments.”

Annual report 2025A · The company itself

“Significant consolidation among our customers could reduce demand for our communications infrastructure and may materially and adversely affect our growth and revenues. Certain combined companies have rationalized duplicative parts of their networks or modernized their networks, and these and other customers could determine not to renew, or attempt to cancel, avoid or limit leases or related payments with us.”

Annual report 2025A · The company itself

“For example, the six largest PBMs in the United States are now part of major health insurance providers, and the Federal Trade Commission’s interim report released in 2024 showed that they nationally account for 94% of prescription drug claims. The growing concentration of purchasing and negotiating power by these entities has, and may continue to, put pressure on our pricing due to their ability to extract price discounts on our products, fees for other services or rebates, negatively affecting our bargaining position, sales and/or profit margins.”

Annual report 2025A · The company itself

“Failures by these parties to meet their contractual, regulatory, or other obligations to us or any disruption in the relationships between us and these third parties, could have a material adverse effect on our pharmaceutical pipeline and business. In addition, our collaborative relationships for R&D and/or commercialization and sales often extend for many years and have given, and may in the future give, rise to disputes regarding the relative rights, obligations and revenues of us and our collaboration partners, including the ownership or prosecution of intellectual property and associated rights and obligations.”

Annual report 2025A · The company itself

“Risks Related to Economic Conditions and Operating a Global Business •Our efforts to collaborate with or acquire other companies, products, or technology, and to integrate the operations of companies or to support the products or technology we have acquired, may not be successful, and may result in unanticipated costs, delays or failures to realize the benefits of the transactions. •A breakdown of our information technology systems, cyberattack or information security breach could significantly compromise the confidentiality, integrity and availability of our information technology systems, network-connected control systems and/or our data, interrupt the operation of our business and/or affect our reputation. •Our sales and operations are subject to the risks of doing business internationally, including in new or emerging markets. •We may not be able to access the capital and credit markets on terms that are favorable to us, or at all.”

Annual report 2025A · The company itself

“We seek innovation through significant investment in both internal R&D and external transactions, including collaborations, partnerships, alliances, licenses, joint ventures, mergers and acquisitions (collectively, acquisition activity).”

Annual report 2025A · The company itself

“These developments, together with heightened scrutiny of private equity and alternative asset managers (including with respect to serial acquisitions, “roll-up” strategies and potential interlocking directorates), are expected to increase scrutiny of mergers and acquisitions and could result in more stringent standards for approving transactions and potential review of previously consummated transactions. As a result, the process of obtaining clearance from U.S. antitrust agencies and other antitrust authorities for mergers and acquisitions undertaken by the investment funds we manage is expected to become more challenging, more time consuming and more expensive.”

Annual report 2025A · The company itself

“Rapid growth of our businesses, particularly outside the U.S., may be difficult to sustain and may place significant demands on our administrative, operational and financial resources. Our assets under management have grown significantly in the past, and we are pursuing further growth in the near future, both organic and through acquisitions. Our rapid growth has placed, and planned growth, if successful, will continue to place significant demands on our legal, accounting, compliance and operational infrastructure and has increased expenses.”

Annual report 2025A · The company itself

“Table of Contents Our growth strategy is based, in part, on the selective development or acquisition of asset management businesses, advisory businesses or other businesses complementary to our business where we think we can add substantial value or generate substantial returns. The success of this strategy will depend on, among other things, (i) the availability of suitable opportunities, (ii) the level of competition from other companies that may have greater financial resources, (iii) our ability to value potential development or acquisition opportunities accurately and negotiate acceptable terms for those opportunities, (iv) our ability to obtain requisite approvals and licenses from the relevant governmental authorities and to comply with applicable laws and regulations without incurring undue costs and delays, (v) our ability to identify and enter into mutually beneficial relationships with venture partners, and (vi) our ability to properly manage conflicts of interest.”

Annual report 2025A · The company itself

“We may also acquire other investment managers or hire additional personnel who are not subject to the same restrictions as us, but whose activity, and the activity of their principals, prior to our ownership or employment of such person could affect our fundraising.”

Annual report 2025A · The company itself

“The partial or complete loss of GE Vernova or GE Aerospace as suppliers, as well as contracts with our Aero JV with GE Vernova, may adversely affect our business, financial condition, results of operations and cash flows. We currently have extensive commercial relationships with GE Vernova and GE Aerospace. Although we have long-term contractual frameworks in place with both GE Vernova and GE Aerospace, if either GE Vernova or GE Aerospace were to discontinue or reduce their business with the Company, fail to perform their obligations under existing contracts (such as our long-term supply agreement for heavy-duty gas turbines, the Second Amended and Restated Supply and Technology Development Agreement or the related intellectual property agreements with GE Aerospace) or experience disruptions, our business, financial condition, results of operations and cash flows may be adversely affected.”

Annual report 2025A · The company itself

“Gruvor har begränsad livslängd och måste ersättas av nya, men det sker bara om gruvbolagen tror att framtida metallpriser kommer att göra investeringar i nya projekt lönsamma. Trenden med allt mer omfattande krav från tillståndsgivande myndigheter och lokalsamhällen, större projekt på grund av lägre metallhalter och ett växande behov av infrastruktur har gradvis ökat kostnadsnivåerna och kapitalintensiteten i gruvindustrin. På grund av ovanstående faktorer tar det vanligtvis många år att utveckla en ny gruva, och tiden från upptäckt till metallproduktion ökar. Under rådande omständigheter kan detta leda till framtida brist på de flesta av våra huvudmetaller.”

Annual report 2024A · The company itself

“Bolidens smältverk har kapacitet att hantera mer metallkoncentrat än våra gruvor producerar, därför köps betydande volymer koncentrat från externa gruvor. Försäljning av samtliga metallkoncentrat mellan Bolidens gruvor och smältverk sker på marknadsmässiga villkor.”

Annual report 2024A · The company itself

“Vuonna 2024 uudet, vuoden 2020 kolmannesta neljänneksestä lähtien hankitut, yhtiöt tukivat merkittävästi konsernin kannattavuutta ja niiden yhteenlaskettu operatiivinen liikevoitto oli noin 5,1 milj. euroa.”

Annual report 2024A · The company itself

“Prioriteettina olemassa olevat yhtiöt ja velkaisuuden hallinta. Johtuen heikentyneestä taloudellisesta asemasta, yhtiö keskittyi vuoden aikana yhtiön pitkän aikavälin arvonluonnille tärkeiden yritysostojen sijaan olemassa olevan yhtiöportfolion kehittämiseen.”

Annual report 2024A · The company itself

“The growth and consolidation of MCOs and PBMs in the U.S. has also been a major factor in the healthcare marketplace. As MCOs and PBMs have been consolidating into fewer, larger entities, they have also been enhancing their purchasing strength and share of voice within the market. To successfully compete for formulary position with MCOs and PBMs, we must often demonstrate that our products offer not only medical benefits but also cost advantages as compared with other forms of care.”

Annual report 2025A · The company itself

“We expect that consolidation and integration of pharmacy chains, wholesalers and pharmacy benefit managers will increase competitive and pricing pressures on pharmaceutical manufacturers, including us.”

Annual report 2025A · The company itself

“We supplement our internal drug discovery and development programs with acquisitions, alliances and collaborative agreements which help us bring new molecular agents, capabilities and platforms into our pipeline.”

Annual report 2025A · The company itself

“To support future revenue growth and maintain an adequate pipeline, we have acquired, or in-licensed, a number of assets, and we expect to continue to support our pipeline with compounds or products obtained through licensing and acquisitions.”

Annual report 2025A · The company itself

“Consolidation increases competition among the major players and poses a growing risk to AO’s earnings”

Annual report 2025A · The company itself

“More installers are joining forces through mergers or by becoming part of purchasing associations”

Annual report 2025A · The company itself

“We will continue to evaluate opportunities within M&A in both B2B and B2C”

Annual report 2025A · The company itself

“More installers are joining forces through mergers or by becoming part of purchasing associations. This enables them to buy at lower prices and offer a broader range of solutions. Consolidation increases competition among the major players and poses a growing risk to AO’s earnings, as it leads to a relatively weaker negotiating position.”

Annual report 2025A · The company itself

“The risk of increased consolidation in the Danish market creating stronger competitors and customers with higher bargaining power could mean that AO loses competitive advantages and is unable to meet the goal of gaining market share or maintaining profit margins. Probability: ■ High Impact: ■ High Geopolitical uncertainties can lead to macroeconomic downturns involving inflation, rising interest rates, increasing energy costs, etc.”

Annual report 2025A · The company itself

“Produkt- och teknologisamarbeten med andra läkemedelsbolag Produkt- och teknologisamarbeten är en mycket viktig del av Camurus strategi för att öka sin utvecklingskapacitet och kommersiella genom - slagskraft samt uppnå lönsamhet. Camurus huvudsakliga risker inom detta område är: a) att ett eller flera av bolagets befintliga samarbetsavtal sägs upp, b) att Camurus i framtiden inte lyckas ingå fler sådana avtal.”

Annual report 2024A · The company itself

“Läkemedelsindustrin är mycket konkurrensutsatt och produktutvecklingen kännetecknas av betydande innovation. Camurus nuvarande och potentiella konkurrenter kan vara allt från stora multinationella läkemedelsföretag, etablerade biotechföretag, specialiserade läkemedelsbolag och generikaföretag, samt universitet och andra forskningsinstitutioner.”

Annual report 2024A · The company itself

“Främja företagstillväxt och förbättra hållbarhetsprestanda Baserat på den positiva finansiella utvecklingen och starka balansräkningen är Camurus väl positionerat för fortsatt organisk och hållbar tillväxt kompletterat med affärsutvecklingsmöjligheter som kan bredda och diversifiera intäktsbasen.”

Annual report 2024A · The company itself

“We have incurred and expect to incur a number of significant non-recurring costs associated with the integration of Discover. There are a large number of processes, policies, procedures, operations, technologies and systems that have been and will continue to be integrated, including purchasing, accounting and finance, payroll, cybersecurity, compliance, treasury management, customer management operations, vendor management, risk management, lines of business, pricing and benefits. While we have assumed that a certain level of costs will be incurred, many of the expenses that we will incur are, by their nature, difficult to estimate accurately.”

Annual report 2025A · The company itself

“There can be no assurance that we will be able to accurately anticipate and respond to the changing demands we will face as we continue to expand our operations or that we will be able to achieve further growth at all. Additionally, we face risks that any business, technology, service or product we integrate from Discover may significantly under-perform relative to our expectations, and that we may not achieve the benefits we expect, which could, among other things, result in a write-down of goodwill and other intangible assets associated with the Transaction.”

Annual report 2025A · The company itself

“As a result of the Transaction, we have become the legal successor to Discover and, as a result, have assumed the risks relating to actions that were or may be later instituted against Discover or us relating to Discover’s previous actions, as well as ongoing expenses in defending and resolving these actions, and are subject to reputational and other risks associated with Discover’s previous actions.”

Annual report 2025A · The company itself

“Any merger, acquisition, disposition or strategic partnership we undertake, including the Transaction, entails certain risks, which may materially and adversely affect our results of operations. If we experience greater than anticipated costs to integrate acquired businesses into our existing operations, or are not able to achieve the anticipated benefits of any merger, acquisition or strategic partnership, including cost savings and other synergies, our business could be negatively affected.”

Annual report 2025A · The company itself

“Risks Relating to the Transaction and Integration of Discover We may not be able to successfully integrate our businesses associated with the Transaction, or such integration may be more difficult, time-consuming or costly than expected. The successful integration of two independent businesses is complex, difficult, time-consuming and costly. The success of the Transaction depends, in part, on our ability to successfully integrate Discover’s operations in a manner that results in various benefits and that does not materially disrupt existing customer relationships or materially decrease revenues due to loss of customers. Additionally, the success of the Transaction depends on our ability to successfully integrate Discover into our Risk Management Framework (the “Framework”), compliance systems and corporate culture, which we believe requires extensive investment, including to enhance the risk management function at Discover consistent with our risk management standards and those of regulators, as well as to address remediation obligations under existing and possible future regulatory orders.”

Annual report 2025A · The company itself

“We continue to evaluate and anticipate engaging in, among other merger and acquisition activity, additional strategic partnerships, selected acquisitions of financial institutions, and acquisitions or divestitures of other businesses or assets, including credit card and other loan portfolios.”

Annual report 2025A · The company itself

“The loss of any key customer or GPO relationship could adversely affect future revenue and results of operations. Additionally, from time to time, key contracts may be terminated in accordance with their terms or extended, renewed, or replaced prior to their expiration dates.”

Annual report 2025A · The company itself

“•Acquisitions and Investments. In order to grow our core strategic offerings and to enter related markets, we have acquired and invested in businesses and will continue to consider additional acquisitions and investments. On January 2, 2025, we acquired an 85% interest in Retina Consultants of America (“RCA”) for $4,042.0 million in cash, $694.4 million of contingent consideration related to equity units for certain RCA physicians and members of management that retained the remaining 15% interest in RCA, $545.7 million for the settlement of a net receivable resulting from a pre-existing commercial relationship between us and RCA, and $393.1 million for contingent consideration payable to the sellers associated with RCA’s achievement of certain predetermined business objectives in fiscal 2027 and fiscal 2028.”

Annual report 2025A · The company itself

“Media corporation and broadcast station group consolidation has, however, resulted in fewer suppliers and additional selling power on the part of programming suppliers.”

Annual report 2025A · The company itself

“Any delay in completing the Liberty Broadband Combination could cause Charter not to realize some or all of the benefits, or realize them on a different timeline than expected, that Charter expects to achieve if the Liberty Broadband Combination is successfully completed within the expected timeframe. There can be no assurance that the conditions in the Merger Agreement will be satisfied or (to the extent permitted) waived or that the Liberty Broadband Combination will be completed.”

Annual report 2025A · The company itself

“Charter may fail to realize all of the anticipated benefits of the Liberty Broadband Combination or those benefits may take longer to realize than expected. The full benefits of the Liberty Broadband Combination may not be realized as expected or may not be achieved within the anticipated time frame, or at all.”

Annual report 2025A · The company itself

“Risks Related to the Liberty Broadband Combination The Liberty Broadband Combination is subject to conditions, some or all of which may not be satisfied, or completed on a timely basis, if at all. Failure to complete the Liberty Broadband Combination could have material adverse effects on us.”

Annual report 2025A · The company itself

“Corteva currently faces significant competition in the markets in which it operates. In most segments of the market, the number of products available to the grower is steadily increasing as new products are introduced. At the same time, certain products are coming off patent and are thus available to generic manufacturers for production and commercialization.”

Annual report 2025A · The company itself

“From time-to-time, Corteva evaluates acquisition candidates that may strategically fit Corteva’s business and/or growth objectives, along with making investments in strategic technologies through its Corteva Catalyst platform. If Corteva is unable to successfully integrate and develop acquired businesses, including its growth in biologicals, Corteva could fail to achieve expected increases in revenues and operating results, as well as anticipated investment returns, synergies and cost savings, which could have a material adverse effect on Corteva’s financial results.”

Annual report 2025A · The company itself

“On January 6, 2022, we entered into an agreement with T-Mobile that addressed the T-Mobile and Sprint network consolidation. This consolidation resulted in approximately $200 million in Towers non-renewals in 2025, and we anticipate additional non-renewals from this agreement, which we expect to fall within our historical non-renewal range of 1% to 2% of Towers annual site rental revenues, to occur each year through 2034.”

Annual report 2025A · The company itself

“Certain of our distribution agreements generated 10% or more of our total revenue during the twelve months ended December 31, 2025. We cannot guarantee that these relationships will continue or that we will be able to maintain this volume of sales from these relationships in the future. A substantial decrease or loss of these sales could have a material adverse effect on our financial results and operating performance.”

Annual report 2025A · The company itself

“Under första kvartalet 2025 ingick DistIT AB ett avtal avseende överlåtelse av majoriteten av tillgångarna i Septon Holding AB till Exertis CapTech AB.”

Annual report 2024A · The company itself

“Kreditförlusterna har historiskt varit låga men den ökande konkurrensen i branschen har inneburit sämre möjligheter till kreditförsäkringar av kunder och något högre kreditförluster.”

Annual report 2024A · The company itself

“Gemensamt för bolagen är en värdeskapande strategi för egna märkesvaror (EMV) som ökar relevansen hos kunder och skapar förutsättningar för tillväxt och lönsamhet.”

Annual report 2024A · The company itself

“Från att köpa distributionsbolag och genom synergieffekter med redan existerande verksamhet skapa värde, till konsolidering och koncentration på att skapa lönsamhet i redan existerande bolag. Under 2024 började DistIT avyttra de bolag som inte bedömdes kunna bidra till lönsamheten inom en överskådlig framtid, där kapitalbehovet bedömdes som för stort eller där klara synergier mellan dotterbolagen inte förelåg.”

Annual report 2024A · The company itself

“Genom att utveckla egna märkesvaror har koncernen förstärkt sin position mot utländska konkurrenter samt skapat ett mervärde i sitt erbjudande till slutkunder som är svårt för andra att konkurrera med.”

Annual report 2024A · The company itself

“Table of Contents ​ Mergers and acquisitions, joint ventures and alliances among cable television providers, telecommunications companies, programming providers and others may result in, among other things, greater scale and financial leverage and increase the availability of offerings from providers capable of bundling video, broadband and/or wireless services in competition with our services and may exacerbate the risks described herein. Such providers may be able to, among other things, utilize their increased leverage over third-party content owners and programmers to withhold online rights from us and reduce the price they pay for programming at the expense of other MVPDs, including us; thwart our ability to compete in the wireless market, by, among other things, refusing to enter into data roaming agreements; underutilize key orbital spectrum resources that could be more efficiently used by us; foreclose or degrade our online video offerings at various points in the broadband pipe; and impose data caps on consumers who access our online video offerings.”

Annual report 2025A · The company itself

“These factors may be exacerbated by, among other factors, the increasing trend of consolidation in the media industry, partnerships between companies that offer pay-TV services and programmers and increased direct-to-consumer offerings of both exclusive and non-exclusive content, which may further increase our programming expenses.”

Annual report 2025A · The company itself

“Our future success may depend on opportunities to buy or otherwise invest in other businesses or technologies that could complement, enhance or expand our current business or products or that might otherwise offer us growth opportunities. To pursue this strategy successfully, we must identify attractive acquisition or investment opportunities and successfully complete transactions, some of which may be large and complex.”

Annual report 2025A · The company itself

“Health care cost containment efforts have also prompted domestic hospitals and other customers of medical device manufacturers to consolidate into larger purchasing groups to enhance purchasing power. The medical technology industry has also experienced some consolidation, partly in order to offer a broader range of products to large purchasers. As a result, transactions with customers are larger, more complex, and tend to involve more long-term contracts than in the past. These larger customers, due to their enhanced purchasing power, may have a material impact on product pricing.”

Annual report 2025A · The company itself

“As part of our strategy, we actively manage a portfolio of businesses, technologies, services, and products as well as enter into potential strategic alliances. If we are unable to acquire businesses or technologies or other transactions on a timely basis or at all, we will not be able to execute our strategy and our business and results of operations may be adversely impacted.”

Annual report 2025A · The company itself

“Pricing Competition The solar industry continues to be characterized by intense pricing competition, both at the module and system levels. This competition may result in an environment in which pricing falls rapidly, which could potentially increase demand for solar energy solutions but constrain the ability for module manufacturers and project developers to sustain meaningful and consistent profitability. Our results of operations could be adversely affected if competitors reduce pricing below their costs, bid aggressively low prices for module sale agreements, or are able to operate at minimal or negative operating margins for sustained periods of time.”

Annual report 2025A · The company itself

“Consolidations in the banking and financial services industry could adversely affect our revenue by eliminating existing or potential clients and making us more dependent on fewer clients. Mergers, consolidations and failures of financial institutions reduce the number of our clients and potential clients, which could adversely affect our revenue.”

Annual report 2025A · The company itself

“Acquisitions subject us to risks, including assumption of unforeseen liabilities and difficulties in integrating operations. A major contributor to our growth in revenue and earnings since our inception has been our ability to identify, acquire and integrate complementary businesses. We anticipate that we will continue to seek to acquire complementary businesses, products and services.”

Annual report 2025A · The company itself

“If the Transaction is significantly delayed or is not completed, it could have an adverse effect on FOX’s business, financial condition or results of operations.”

Annual report 2026A · The company itself

“The composition of our competitors has evolved in recent years with the entrance of new participants, including companies in adjacent sectors with significant financial, marketing and other resources, greater efficiencies of scale, fewer regulatory burdens and more competitive pricing.”

Annual report 2026A · The company itself

“An increasing number of companies bidding for sports programming in recent years has also driven increases in the cost of such programming.”

Annual report 2026A · The company itself

“On June 14, 2026, FOX and Roku entered into the Merger Agreement pursuant to which Roku will become a wholly owned subsidiary of FOX.”

Annual report 2026A · The company itself

“There has been significant consolidation among clearing agents, exchanges and clearinghouses and an increasing number of derivative transactions are cleared on exchanges, which has increased our exposure to operational failure or significant operational delay, termination or capacity constraints of the particular financial intermediaries that we use and could affect our ability to find adequate and cost-effective alternatives in the event of any such failure, delay, termination or constraint. Industry consolidation, whether among market participants or financial intermediaries, increases the risk of operational failure or significant operational delay as disparate complex systems need to be integrated, often on an accelerated basis.”

Annual report 2025A · The company itself

“Investment banking revenues in the consolidated statements of earnings were $9.35 billion for 2025, 21% higher than 2024, due to significantly higher revenues in advisory, reflecting a significant increase in completed mergers and acquisitions volumes, and higher revenues in both debt underwriting and equity underwriting.”

Annual report 2025A · The company itself

“Investment banking fees were $9.34 billion, 21% higher than 2024, primarily due to significantly higher net revenues in Advisory, reflecting a significant increase in completed mergers and acquisitions volumes.”

Annual report 2025A · The company itself

“There has been substantial consolidation and convergence among companies in the financial services industry. This has hastened the globalization of the securities and other financial services markets. As a result, we have had to commit capital to support our international operations and to execute large global transactions.”

Annual report 2025A · The company itself

“We have developed and pursued new business and strategic initiatives, including acquisitions, and expect to continue to do so. If and to the extent we are unable to successfully execute those initiatives, we may incur unanticipated costs and losses, and face other adverse consequences, such as negative reputational effects. In addition, the actual effects of pursuing those initiatives may differ, possibly materially, from the benefits that we expect to realize from them, such as generating additional revenues, achieving expense savings, reducing operational risk exposures or using capital and funding more efficiently.”

Annual report 2025A · The company itself

“For example, in 2024, we sold GreenSky Holdings, LLC, which we had previously acquired, and in connection with the disposition we incurred a write-down of intangible assets and goodwill. Also, in 2025 we transitioned the GM credit card program to another issuer and, in 2024, incurred a write-down of intangible assets in connection with that transaction.”

Annual report 2025A · The company itself

“In October 2025, we entered into an agreement to acquire Industry Ventures. The transaction amount consists of $665 million and additional contingent consideration of up to $300 million, payable in both cash and equity, subject to Industry Ventures’ achievement of future performance targets through 2030.”

Annual report 2025A · The company itself

“In December 2025, we entered into an agreement to acquire Innovator Capital Management. The transaction amount consists of approximately $2.0 billion in cash and equity, subject to Innovator Capital Management’s achievement of future performance targets through 2030.”

Annual report 2025A · The company itself

“As a result of this continuing shared use of the legacy branding there is a risk that conduct or events adversely affecting the reputation of HP Inc. could also adversely affect our reputation.”

Annual report 2025A · The company itself

“Our financial results could be adversely affected due to distribution channel conflicts, if the financial conditions of our channel partners were to weaken, if we experience the loss or deterioration of any alliance or distribution arrangement, or if our wholesale distributors are not able to withstand changes in business conditions, including economic weakness, industry consolidation, tariffs, and/or market trends. Considerable trade receivables that are not covered by collateral or credit insurance are outstanding with our distribution channel partners.”

Annual report 2025A · The company itself

“Cadence Merger Risks •We are expected to incur substantial costs related to the Cadence Merger and integration. •Combining Huntington and Cadence may be more difficult, costly or time consuming than expected and Huntington and Cadence may fail to realize the anticipated benefits of the Cadence Merger. •The future results of the combined company following the Cadence Merger may suffer if the combined company does not effectively manage its expanded operations. •The combined company may be unable to retain Huntington or Cadence personnel successfully.”

Annual report 2025A · The company itself

“Combining Huntington and Cadence may be more difficult, costly or time consuming than expected and Huntington and Cadence may fail to realize the anticipated benefits of the Cadence Merger. The success of the Cadence Merger will depend, in part, on the ability to realize the anticipated cost savings from combining the businesses of Huntington and Cadence.”

Annual report 2025A · The company itself

“Prior to completion of the Cadence Merger on February 1, 2026, Huntington and Cadence operated independently. It is possible that the integration process could result in the loss of key employees, the disruption of each company’s ongoing businesses or inconsistencies in standards, controls, procedures, and policies that adversely affect the companies’ ability to maintain relationships with clients, customers, depositors, and colleagues or to achieve the anticipated benefits and cost savings of the Cadence Merger.”

Annual report 2025A · The company itself

“•We face significant operational risks which could lead to financial loss, expensive litigation, and loss of confidence by our customers, regulators, and capital markets. •We grow our business in part by acquiring, from time to time, other financial services businesses and businesses with technologies or other assets valuable to us.”

Annual report 2025A · The company itself

“We are expected to incur substantial costs related to the Cadence Merger and integration. We have incurred and will incur substantial expenses in connection with the negotiation and completion of the transactions contemplated by the Cadence Merger Agreement.”

Annual report 2025A · The company itself

“We are expected to incur substantial costs in connection with the related integration of Cadence. There are a large number of processes, policies, procedures, operations, technologies, and systems that may need to be integrated, including purchasing, accounting and finance, payroll, compliance, treasury management, branch operations, vendor management, risk management, lines of business, pricing and benefits.”

Annual report 2025A · The company itself

“Increased competition from and technological advances by our competitors could negatively affect our operating results We face intense competition, and we expect that competition will further intensify as new products, services and technologies become available, the use of AI and machine learning expands, and new competitors enter the space. Our competitors in the veterinary diagnostic sector in the United States and abroad include companies that develop, manufacture, and sell veterinary diagnostic tests; commercial veterinary reference laboratories; certain large and well-funded animal health pharmaceutical companies; and corporate hospital chains that operate reference laboratories that serve both their hospitals and unaffiliated hospitals, such as VCA Inc., which is wholly-owned by Mars, Incorporated, another operator of corporate hospital chains that also sells veterinary point-of-care diagnostic instruments.”

Annual report 2025A · The company itself

“In the United States, the number of owners of veterinary hospitals has been declining, and an increasing percentage of veterinary hospitals are owned by corporations. Major corporate hospital owners in the U.S. include Mars, Incorporated (owner of Banfield Pet Hospitals, Blue Pearl Veterinary Partners, and VCA Inc.) and National Veterinary Associates.”

Annual report 2025A · The company itself

“Our products business would, over time, become dependent on third-party foundries, particularly TSMC, as we develop products for nodes beyond Intel 18A and Intel 18A-P. We have no long-term contract with TSMC, and if we are unable to secure and maintain sufficient capacity on favorable pricing terms, we may be unable to manufacture our products in sufficient volume and at a cost that supports the continued success of our products business.”

Annual report 2025A · The company itself

“The healthcare industry has been consolidating, and organizations continue to consolidate purchasing decisions for many of our healthcare provider customers. Numerous initiatives and reforms by legislators, regulators, and third-party payers to curb the rising cost of healthcare have catalyzed a consolidation of aggregate purchasing power within the markets in which we sell our products.”

Annual report 2025A · The company itself

“As the healthcare industry consolidates, competition to provide products and services is expected to continue to intensify, resulting in pricing pressures and decreased average selling prices.”

Annual report 2025A · The company itself

“Samtidigt är konkurrensen intensiv, vilket kräver att vi i den nya sammanslagna ITAB-koncernen fortsätter våra försäljningsinsatser under 2025 för att säkra nya kundprojekt.”

Annual report 2024A · The company itself

“Samtidigt är konkurrensen om kunduppdrag fortsatt hög, vilket medför aktiva och kundnära försäljningsinsatser för att fortsätta säkra kundprojekt inom samtliga produkt- och lösningsområden.”

Annual report 2024A · The company itself

“Ekosystem av partners Att leverera kompletta lösningar till våra kunder till lägre kostnader och med mindre komplexitet.”

Annual report 2024A · The company itself

“I syfte att stärka ITABs position och komplettera koncernens nuvarande erbjudande ingick ITAB i slutet av september avtal om att förvärva HMY. Förvärvet slutfördes den 31 januari 2025.”

Annual report 2024A · The company itself

“Potentiella synergier på 30MEUR per år kommer att förbättra EBITDA-marginalerna i den sammanslagna koncernen och förbättra resultatet per aktie (full effekt under 2027).”

Annual report 2024A · The company itself

“Risks related to our business, industry and operations The Company’s businesses operate in highly competitive product markets and competitive pressures could adversely affect the Company’s earnings. The Company faces substantial competition in its two operating segments and in all geographic markets.”

Annual report 2025A · The company itself

“In October 2025, the Company announced its intention to separate its Orthopaedics business. The Company intends to explore multiple paths to effect the planned separation with a targeted completion within 18 to 24 months after the initial announcement.”

Annual report 2025A · The company itself

“We operate in a highly competitive industry. Our asset management business competes with other investment managers for both investors for our investment vehicles and for investment opportunities, including for our Strategic Holdings segment.”

Annual report 2025A · The company itself

“There are numerous funds focused on private equity, real assets, credit, and hedge fund strategies that compete for investor capital. Fund managers have also increasingly adopted investment strategies outside of their traditional focus. For example, traditional asset management firms have acquired alternative asset management firms, and hedge funds focused on credit and equity strategies have taken control positions in companies, while private equity funds have acquired minority equity or debt positions in publicly listed companies.”

Annual report 2025A · The company itself

“The retail landscape has experienced, and may continue to experience, the consolidation of ownership of retailers and the presence of buying groups resulting in increased purchasing power. Retail customers, such as supermarkets, warehouse clubs, and food distributors in our major markets, may continue to consolidate, resulting in fewer but larger customers for our business across various channels. These larger customers may seek to leverage their positions to improve their profitability by demanding improved efficiency, lower pricing, more favorable terms, increased promotional programs, or specifically tailored product offerings.”

Annual report 2025A · The company itself

“Consolidation of healthcare companies and providers, including pharmaceutical, biotechnology, and medical device companies, health systems, and physician practices through horizontal and vertical mergers, acquisitions, and partnerships, is increasing competition and giving some combined companies greater control over more aspects of healthcare, including increased bargaining power. This competition and increased bargaining power may adversely affect the pricing and volume of the Company’s services.”

Annual report 2025A · The company itself

“During 2025, the Company invested $582.0 million in strategic business acquisitions. These acquisitions have enhanced the Company’s service offerings, expanded its customer and revenue mix, and strengthened and broadened the scope of its geographic presence.”

Annual report 2025A · The company itself

“Part of the Company’s strategy involves deploying capital in investments that enhance the Company’s business, which includes pursuing strategic acquisitions to strengthen the Company’s scientific capabilities and enhance therapeutic expertise, enhance esoteric testing and global drug development capabilities, and increase presence in key geographic areas.”

Annual report 2025A · The company itself

“Fortsatt konsolidering på en konkurrensutsatt marknad Kontanthanteringsbranschen präglas av hård konkurrens med ett fåtal globala aktörer och många lokala företag som tävlar om marknadsandelar. Konsolideringen inom branschen förväntas fortsätta.”

Annual report 2024A · The company itself

“Loomis deltar i konsolideringen. Att växa och utveckla sitt erbjudande genom förvärv är en strategisk prioritering för Loomis.”

Annual report 2024A · The company itself

“Förvärv på både befintliga marknader och tillväxtmarknader Inom kärnerbjudandet är Loomis fokus att hitta intressanta möjligheter till synergi genom att delta i konsolideringen i länder där bolaget redan har en närvaro. Loomis söker också aktivt efter förvärvsmöjligheter på tillväxtmarknader där kontantanvändningen är fortsatt stor. Latinamerika, där Loomis hittills är etablerat i Chile och Argentina, är en prioriterad region för förvärv.”

Annual report 2024A · The company itself

“Utveckling av det digitala erbjudandet genom förvärv Loomis avser att fortsätta växa inom digitala tjänster, särskilt i länder där kontantanvändningen fortfarande är mycket utbredd. Dessa marknader har en betydande tillväxtpotential och Loomis strategi är att göra selektiva förvärv som hjälper oss att stärka närvaron på dessa marknader. Fokus är på förvärv av POS-lösningar, kassasystemlösningar för bemannade kassor eller självbetjäning.”

Annual report 2024A · The company itself

“Vår strategi för de kommande åren kan sammanfattas i fyra strategiska prioriteringar som styr hur vi utvecklar verksamheten: (1) tillväxt inom etablerade marknader, (2) generera tillväxt och nya erbjudanden genom förvärv, (3) öka vår operationella effektivitet och skalbarhet samt (4) att vara ledande inom hållbarhet i vår bransch.”

Annual report 2024A · The company itself

“The process of integrating the information systems of any businesses we acquire is complex and exposes us to additional risk. For instance, we may not adequately identify weaknesses and vulnerabilities in an acquired entity’s information systems, either before or after the acquisition, which could affect the value we are able to derive from the acquisition, expose us to unexpected liabilities or make our own systems more vulnerable to a cyberattack.”

Annual report 2025A · The company itself

“In the past few years, there has been a substantial increase in private equity investments into these Insurtech companies. These players are focused on using technology and innovation, including AI, digital platforms, data analytics, robotics and blockchain, to simplify and improve the client experience, increase efficiencies, alter business models and effect other potentially disruptive changes in the industries in which we operate.”

Annual report 2025A · The company itself

“We face significant competitive pressures in each of our businesses, including from disintermediation, as our competitive landscape continues to evolve. As a global professional services firm, the Company faces competition in each of its businesses, and the competitive landscape continues to change and evolve.”

Annual report 2025A · The company itself

“In recent years, private equity sponsors have invested tens of billions of dollars into the insurance brokerage sector, transforming existing players and creating new ones to compete with large brokers.”

Annual report 2025A · The company itself

“We have a history of making acquisitions and investments, including a total of 102 in the period from 2021 to 2025, including our acquisitions of McGriff Insurance Services, LLC ("McGriff") and Gerolamo Holding S.À.R.L. ("Cardano"). We may not be able to successfully integrate the businesses that we acquire into our own business, or achieve any expected cost savings or synergies from the integration of such businesses, including McGriff and Cardano.”

Annual report 2025A · The company itself

“The Company completed the acquisition of McGriff, an affiliate of TIH Insurance Holdings (the "McGriff Transaction") in November 2024 for $7.75 billion in cash consideration, subject to certain customary adjustments. McGriff is an insurance broking and risk management services provider in the U.S.”

Annual report 2025A · The company itself

“RISK FACTORS Exclusive/near exclusive relationships certain customers have with our competitors may have a material adverse impact on our business. While we have exclusive, or nearly-exclusive, relationships with certain of our customers to issue payment products, other customers have similar exclusive, or nearly-exclusive, relationships with our competitors. These relationships may make it difficult or cost-prohibitive for us to do significant amounts of business with these customers to increase our revenues.”

Annual report 2025A · The company itself

“Consolidation amongst our customers could materially and adversely affect our overall business and results of operations. The industries in which our customers participate have undergone substantial, accelerated consolidation in the past. These consolidations have included customers with a substantial Mastercard portfolio being acquired by institutions with a strong relationship with a competitor.”

Annual report 2025A · The company itself

“Consolidation could also produce a smaller number of large customers, which could increase their bargaining power and lead to lower prices and/or more favorable terms for our customers. These developments could materially and adversely affect our results of operations.”

Annual report 2025A · The company itself

“We continue to evaluate our strategic acquisitions of, and investments in, complementary businesses, products or technologies. As we do so, we face increasing regulatory scrutiny with respect to antitrust, national security and other considerations that could impact these efforts.”

Annual report 2025A · The company itself

“Many healthcare industry companies, including healthcare systems, distributors, manufacturers, providers, and insurers, are consolidating or have formed strategic alliances. As the healthcare industry consolidates, competition to provide goods and services to industry participants will become more intense. Further, this consolidation creates larger enterprises with greater negotiating power, which can be used to negotiate price concessions.”

Annual report 2026A · The company itself

“In May 2025, the Company announced its intent to separate the Diabetes Business, with the intention to create a new independent, publicly traded company, MiniMed Group, Inc. (MiniMed). On March 9, 2026, MiniMed completed an initial public offering (the IPO).”

Annual report 2026A · The company itself

“As part of our strategy to develop and identify new products and technologies and optimize our portfolio of products, we have made several significant acquisitions, divestitures and third-party research and development funding arrangements in recent years, and may make additional acquisitions, divestitures and funding arrangements in the future. Our integration of the operations of acquired businesses, or a 15 Table of Contents divestiture of part of our existing businesses, including the ongoing separation of our Diabetes Business from the Company, requires significant efforts, including the coordination of information technologies, research and development, sales and marketing, operations, manufacturing, and finance.”

Annual report 2026A · The company itself

“In addition, certain of our suppliers are also our competitors, and they could change the terms of the data and products that they supply to us or refuse to continue to supply us with data and products in order to gain competitive advantage against us.”

Annual report 2025A · The company itself

“In addition, some of our competitors could enter into exclusive contracts with our suppliers, including with certain stock exchanges, which could preclude us from receiving certain data or other materials or restrict us in our use of such data or other materials.”

Annual report 2025A · The company itself

“Competition and financial and budgetary pressures affecting clients may cause price reductions or loss of market share, which may materially adversely affect our business, financial condition or results of operations. Competition exists across all markets for our products and services.”

Annual report 2025A · The company itself

“An element of our growth strategy is growth through acquisitions, strategic partnerships and investments.”

Annual report 2025A · The company itself

“A material portion of our revenues is concentrated in some of our largest clients. For the fiscal year ended December 31, 2025, our largest client organization by revenue, BlackRock, accounted for 10.8% of our consolidated operating revenues.”

Annual report 2025A · The company itself

“In connection with our transaction with WBD to acquire WBD’s streaming and studios businesses, including its film and television studios, HBO Max and HBO (such transaction, the “WBD transaction”), we expect to incur and/or assume a substantial amount of additional indebtedness, which will materially increase the amount of our outstanding indebtedness and could subject us to additional risks. We have obtained commitments from financing sources to provide up to a $42.2 billion senior unsecured bridge term loan facility, and we have entered into a $5 billion senior unsecured revolving credit facility and a $20 billion senior unsecured delayed draw term loan facility. We may draw on such facilities or issue or obtain other debt financing to finance a portion of the cash consideration for the WBD transaction.”

Annual report 2025A · The company itself

“The WBD transaction may cause our financial results to differ from expectations, we may not achieve the anticipated benefits of the WBD transaction, and the WBD transaction may disrupt our current plans or operations. The success of the WBD transaction will depend, in part, on our ability to successfully integrate the acquired businesses and realize the anticipated benefits, including synergies. Difficulties in integrating the acquired businesses may result in the failure to realize anticipated synergies in the expected timeframes, in operational challenges, and in the diversion of management’s attention from ongoing business opportunities, challenges and risks, as well as in unforeseen expenses associated with the WBD transaction, which may have an adverse impact on our financial results.”

Annual report 2025A · The company itself

“Risken att förändringar hos kunderna får betydande negativ påverkan på Nolatos utveckling och resultat. Som underleverantör är Nolato i hög grad avhängig kundernas interna beslut och kommersiella utveckling. Faktorer hos kunderna som vi inte kan påverka är till exempel framflyttade eller nedlagda projekt, ökade eller minskade försäljningsvolymer och längre eller kortare produktlivslängd.”

Annual report 2024A · The company itself

“Risken att förändringar hos enskilda kunder får betydande negativ påverkan på Nolatos utveckling och resultat. Beroendet av enskilda kunder är lägst inom Engineered Solutions marknadsområde för allmän industri som omfattar ett stort antal kunder. Även Medical Solutions har god riskspridning till ett större antal kunder, medan Engineered Solutions övriga marknadsområden har färre kunder.”

Annual report 2024A · The company itself

“Following the completion of the Merger, our and IPG’s businesses may not be integrated successfully. It is possible that the continued integration process could result in the loss of our key employees, the loss of clients, service providers, vendors or other business counterparties, the disruption of our businesses, inconsistencies in standards, controls, procedures and policies, potential unknown liabilities and unforeseen expenses, or delays associated with the Merger.”

Annual report 2025A · The company itself

“Some of our clients, service providers, vendors, joint venture participants and other business counterparties may terminate or scale back their current or prospective business relationships with us after the Merger. If relationships with clients, service providers, vendors, joint venture participants and other business counterparties are adversely affected by the Merger, or we lose the benefits of existing contracts due to conflicts that may arise in connection with the Merger or other factors discussed above, our business, results of operations, financial condition and cash flows could be adversely affected.”

Annual report 2025A · The company itself

“The success of the Merger will depend, in part, on our ability to realize the cost savings, operating synergies and other benefits from combining our and IPG’s businesses. The anticipated cost savings, operating synergies and other benefits of the Merger may not be realized fully or at all, may take longer to realize than expected, or may result in other adverse effects that we do not currently foresee, in which case, among other things, the Merger may not be accretive to adjusted earnings per share and may not generate significant cash to return to stockholders via share repurchases or other means.”

Annual report 2025A · The company itself

“Following the Merger, the size and complexity of our Company has increased significantly. Our future success will depend, in part, upon our ability to manage this expanded business, which will pose substantial challenges for management, including challenges related to the management of a larger number of operations and geographies and associated increased costs and complexity.”

Annual report 2025A · The company itself

“The evaluation of potential acquisitions is based on various factors, including specialized know-how, reputation, geographic coverage, competitive position and service offerings of the target businesses, as well as our experience and judgment. Our acquisition strategy is focused on acquiring the expertise of an assembled workforce in order to continue to build upon the core capabilities of our various strategic business platforms and agency brands through the expansion of their geographic reach or their service capabilities to better serve our clients.”

Annual report 2025A · The company itself

“Orkla Food Ingredients har som mål å øke driftsmarginen mot 2026 gjennom å styrke sortiment og salg, utnytte stordriftsfordeler på tvers av verdikjeden og øke samarbeidet mellom selskapene.”

Annual report 2024A · The company itself

“Det er høy kundekonsentrasjon i flere av Orklas største markeder, og andelen av handelens egne merkevarer er økende i utvalgte kategorier.”

Annual report 2024A · The company itself

“Customer trends toward vendor consolidation in cybersecurity may favor competitors offering broader platforms. Enterprise cybersecurity buyers are increasingly seeking to consolidate their vendors to reduce costs, complexity, and integration challenges.”

Annual report 2026A · The company itself

“As part of our business strategy, we acquire and make investments in complementary companies, products, or technologies.”

Annual report 2026A · The company itself

“The loss of this customer would have a material adverse effect on our PFNA and PBNA segments.”

Annual report 2025A · The company itself

“We regularly review our portfolio of businesses and evaluate potential acquisitions, joint ventures, distribution agreements, divestitures, refranchisings and other strategic transactions. The success of these transactions is dependent upon, among other things, our ability to realize the full extent of the expected returns, benefits, cost savings or synergies as a result of a transaction, within the anticipated time frame, or at all; and receipt of necessary consents, clearances and approvals.”

Annual report 2025A · The company itself

“Any inability to compete effectively can adversely affect our business.”

Annual report 2025A · The company itself

“The acquisition of existing properties or self-storage operating companies is subject to risks that may adversely affect our growth and financial results. We have acquired self-storage facilities and self-storage operating companies in the past, and we expect to continue to do so in the future. We face significant competition for suitable acquisition properties and companies from other real estate investors, including operating companies and private equity funds.”

Annual report 2025A · The company itself

“The industries in which QCT operates are intensely competitive. QCT competes worldwide with a number of U.S. and international designers and manufacturers of semiconductors, ranging from multinational companies with integrated research and development, manufacturing, sales and marketing organizations across a broad spectrum of product lines, to companies that are focused on a single application, industry or standard product, including those that produce products for industries and applications including handsets, automotive or IoT, among others. Most of these competitors compete with us with respect to some, but not all, of our product lines.”

Annual report 2025A · The company itself

“QCT also faces competition, which may intensify in the future, from products internally developed by our customers, including some of our largest customers. Our competitors devote significant amounts of their financial, technical and other resources to develop and market competitive products and, in some cases, to develop and adopt competitive technologies, and those efforts may materially and adversely affect us.”

Annual report 2025A · The company itself

“The mobile industry is experiencing and may continue to experience concentration of device share among a few companies, particularly at the premium tier, contributing to this trend.”

Annual report 2025A · The company itself

“Further, the concentration of device share among a few companies, and the corresponding purchasing power of these companies, may result in lower prices for our products, which could have an adverse effect on our revenues and margins.”

Annual report 2025A · The company itself

“Future consolidation of foundry suppliers could also increase our vulnerability to sole- or limited-source arrangements and reduce our suppliers’ willingness to negotiate pricing, which could negatively impact our ability to achieve cost reductions, increase our manufacturing costs and limit the amount of capacity available to us.”

Annual report 2025A · The company itself

“RISKS RELATED TO SUPPLY AND MANUFACTURING •We depend on a limited number of third-party suppliers for the procurement, manufacture, assembly and testing of our products manufactured in a fabless production model. If we fail to execute supply strategies that provide supply assurance, technology leadership and reasonable margins, our business and results of operations may be harmed.”

Annual report 2025A · The company itself

“We may engage in acquisitions and other strategic transactions or make investments, or be unable to consummate planned strategic acquisitions, which could adversely affect our results of operations or fail to enhance stockholder value.”

Annual report 2025A · The company itself

“Our PCG business is subject to risks arising from the continued industry-wide trend in which financial advisors are departing traditional firms, including to form independent RIAs or to join existing third-party RIAs, some of which are backed by private equity investors. This ongoing trend has resulted in a highly competitive recruiting environment.”

Annual report 2025A · The company itself

“We continue to grow, including through acquisitions and through our recruiting efforts. Integrating acquired businesses, providing a platform for new businesses and partnering with other firms involve risks and present financial, managerial, and operational challenges.”

Annual report 2025A · The company itself

“Consolidation in the healthcare industry and healthcare payment reform could have an adverse effect on our revenues and results of operations. Numerous initiatives and reforms by legislators, regulators, and third-party payors to curb the rising cost of healthcare have catalyzed a consolidation of aggregate purchasing power where we sell our products and services.”

Annual report 2026A · The company itself

“Our growth has been fueled by geographic expansion, our research and product development efforts, acquisitions and an increasing awareness of sleep and related breathing health conditions, like chronic obstructive pulmonary disease, as significant health concerns.”

Annual report 2026A · The company itself

“Our ability to meet or exceed our operating performance targets depends upon the continuous, sufficient availability of high quality merchandise that we can acquire at prices sufficiently below those paid by conventional retailers and that will represent a value to our customers. To the extent that certain of our vendors are better able to manage their inventory levels and reduce the amount of their excess inventory, the amount of high quality merchandise available to us could be materially reduced. To the extent that certain of our vendors decide not to sell to us or go out of business, the amount of high quality merchandise available to us could also be materially reduced.”

Annual report 2026A · The company itself

“The Company’s large customers launch a limited number of calls for tenders a year. The outcome of these tenders can have a significant impact on the Company’s revenue, earnings and future competitiveness.”

Annual report 2025A · The company itself

“At the same time, we are strengthening our position through a focused buy-and-build strategy, targeting complementary companies in the Space segment and adjacent Defense activities that leverage our proven expertise in test systems, test products, and Independent Software Validation & Verification (ISVV).”

Annual report 2025A · The company itself

“•An inability to realize the expected business or financial benefits of company and technology acquisitions. •Strain on our personnel resources and infrastructure from supporting our existing and growing customer base or an inability to scale our operations and increase productivity. •Customer attrition, or our inability to accurately predict subscription renewals and upgrade rates. •Disruptions caused by periodic changes to our sales organization. •Exposure to risks inherent in international operations from sales to customers outside the United States. •A more time-consuming and expensive sales cycle, pricing pressure and implementation and configuration challenges for sales efforts to larger enterprise customers. •Any loss of key members of our management team or development and operations personnel, or inability to attract and retain employees necessary to support our operations and growth.”

Annual report 2026A · The company itself

“As we acquire companies or technologies, we may not realize the expected business or financial benefits and the acquisitions could prove difficult to integrate, disrupt our business, dilute stockholder value and adversely affect our operating results and the market value of our common stock.”

Annual report 2026A · The company itself

“Mergers and Acquisitions and Strategic Investments We evaluate opportunities to acquire or invest in complementary businesses, services, technologies and intellectual property to complement our organic innovation and advance the development of our Agentforce 360 Platform.”

Annual report 2026A · The company itself

“Over the past few years, the Company has completed a number of acquisitions which have allowed the Company to expand its offerings, presence and reach in various market segments of the enterprise cloud computing market. While the Company has offerings in multiple enterprise cloud computing market segments, including as a result of the Company's acquisitions, and operates in multiple countries, the Company’s business operates in one operating segment because most of the Company's service offerings operate on the Agentforce 360 Platform and are deployed in a nearly identical manner, and the Company’s CODM evaluates the Company’s financial information and resources, and assesses the performance of these resources, on a consolidated net income basis.”

Annual report 2026A · The company itself

“(2) Agentforce 360 Platform, Slack and Other revenue for the year ended January 31, 2026 includes $388 million in subscription and support revenue from Informatica, Inc. (“Informatica”), which the Company acquired in November 2025.”

Annual report 2026A · The company itself

“In February 2024, the Company acquired all outstanding stock of Spiff, Inc. (“Spiff”), an incentive compensation management platform company.”

Annual report 2026A · The company itself

“In November 2024, the Company acquired all outstanding stock of Zoomin Software Ltd. (“Zoomin”), a data management company.”

Annual report 2026A · The company itself

“Our international, and, to a limited degree, our domestic wireless service providers have and may continue to be subject to consolidation pressures arising from competitive pressures, spectrum limitations, the significant capital expenditures necessary to build out national networks on evolving technology and governmental policies seeking to limit the telecommunications infrastructure footprint within a market. Significant consolidation among our wireless service provider customers has resulted, and is expected to continue to result, in our customers failing to renew existing leases for tower space as a result of overlapping coverage, nearby locations, or reducing future capital expenditures in the aggregate because their existing networks and expansion plans may overlap or be very similar.”

Annual report 2025A · The company itself

“Consolidation among our customer base may also lead to reduced demand for our products, replacement of our products by the combined entity with those of our competitors and cancellations of orders, each of which could adversely affect our results of operations. If a significant transaction or regulatory impact involving any of our key customers results in the loss of or reduction in purchases by these key customers, it could have a material and adverse effect on our business, results of operations and financial condition.”

Annual report 2026A · The company itself

“As part of our business strategy, we may acquire companies or businesses, divest businesses or assets, enter into strategic alliances and joint ventures, and make investments to further our business.”

Annual report 2026A · The company itself

“current commercial risk of significant acquisitions in the market and growing role of customer buying groups”

Annual report 2025B · From the report

“Risk of continued consolidation in the market and growing importance of customer buying groups giving rise to increased competition and/or price pressure with a negative impact on Solar’s business.”

Annual report 2025A · The company itself

“Risk of ineffective integration of Sonepar Norge, potentially undermining the strategic value of the acquisition.”

Annual report 2025A · The company itself

“Solventum may also be unable to replicate corporate functions that will operate with the same degree of effectiveness as the equivalent 3M functions from which the Solventum business had historically benefited. •Solventum’s business historically was integrated with the other businesses of 3M and benefited from 3M’s economies of scope and scale in costs, employees, vendor relationships and customer relationships. While Solventum has sought to minimize the impact on its business when separating these arrangements, there is no guarantee these arrangements will continue to capture these benefits in the future. Additionally, Solventum may be unable to obtain similar arrangements, goods, services or technologies at prices or on terms as favorable as or to the same extent that 3M obtained them prior to the Spin-Off.”

Annual report 2025A · The company itself

“Solventum may not be able to effectively integrate acquired businesses into its operations or achieve expected cost savings or profitability from its acquisitions. Solventum’s acquisitions involve numerous risks, including: •unforeseen difficulties in integrating personnel and sales forces, operations, manufacturing, logistics, research and development, information technology, compliance, vendor management, communications, purchasing, accounting, marketing, administration and other systems and processes; •difficulties harmonizing and optimizing quality systems and operations; •diversion of financial and management resources from existing operations; •unforeseen difficulties related to entering markets for which or geographic regions where Solventum does not have prior experience; 24 Table of Contents •potential loss of key employees; •unforeseen risks and liabilities associated with businesses acquired, including any unknown vulnerabilities in acquired technology, compromises of acquired data or noncompliance with data privacy requirements; and/or •inability to generate sufficient revenue or realize sufficient cost savings to offset acquisition or investment costs.”

Annual report 2025A · The company itself

“Consolidation in the healthcare industry could have an adverse effect on Solventum’s revenues and results of operations. Many healthcare industry companies, including healthcare systems, distributors, manufacturers, providers and insurers, are consolidating or have formed strategic alliances. As the healthcare industry consolidates, competition to provide products and services is expected to continue to intensify, resulting in pricing pressures, decreased average selling prices and the exclusion of certain suppliers from important market segments.”

Annual report 2025A · The company itself

“Consolidations also create larger enterprises with greater negotiating power and Solventum may lose customers. If consolidation trends continue, it could adversely affect Solventum’s business results, cash flows, financial condition or prospects.”

Annual report 2025A · The company itself

“Under current U.S. federal income tax law, a spin-off that otherwise qualifies for tax-free treatment can be rendered taxable to the parent corporation and its shareholders as a result of certain post-spin-off transactions, including certain acquisitions of shares or assets of the spun-off corporation. To preserve the tax-free treatment of the distribution and certain related transactions, and in addition to Solventum’s indemnity obligation described below, the Tax Matters Agreement restricts Solventum, for the two-year period following the distribution, except in specific circumstances, from (1) entering into any transaction pursuant to which all or a portion of the shares of Solventum stock would be acquired, whether by merger or otherwise; (2) issuing equity securities beyond certain thresholds; (3) repurchasing shares of Solventum stock other than in certain open-market transactions; and (4) ceasing to actively conduct certain of Solventum’s businesses.”

Annual report 2025A · The company itself

“For example, on September 2, 2025, Solventum announced the close of its sale of the Purification & Filtration business ("P&F") to Thermo Fisher Scientific Inc. for $4.0 billion in cash before customary adjustments.”

Annual report 2025A · The company itself

“In addition, on December 23, 2025, Solventum acquired Acera Surgical ("Acera"), a privately held bioscience company focused on developing and commercializing fully engineered materials for regenerative wound care, for cash consideration of $696 million, net of cash acquired, plus a future payment of $125 million dependent on the acquired business achieving a sales-based milestone.”

Annual report 2025A · The company itself

“Following the Spin-Off, Solventum’s commercial relationships with 3M remain significant, which could adversely affect Solventum’s business, its ability to meet other obligations and the market price of its common stock.”

Annual report 2025A · The company itself

“Opkøbet af Idé-Pro er SP Groups hidtil største og styrker vores position som en af de førende plastog kompositkoncerner i Nordeuropa.”

Annual report 2025A · The company itself

“Vi oplever samtidig en skærpet konkurrence, særligt inden for vores underleverandøraktiviteter, hvilket lægger pres på marginerne.”

Annual report 2025A · The company itself

“SP Group har mere end 1.000 aktive kunder, men omsætningen er koncentreret hos de største. I 2025 stod de 10 største kunder for 49,4% af omsætningen (53,4% i 2024), og de 20 største kunder for 57,6% (60,6% i 2024). To kunder udgjorde over 10% af omsætningen med henholdsvis 11,4% og 10,2%.”

Annual report 2025A · The company itself

“(Rakennusteollisuus) Kiinteistömarkkinoilla nähtiin ammattimaisten sijoittajien aktiivisuuden merkittävää elpymistä vuonna 2025. Vuoden kiinteistökauppavolyymi lähes tuplaantui edellisen vuoden pohjalukemista ja nousi 4,4 miljardiin euroon.”

Annual report 2025A · The company itself

“The tank container industry is also cyclical and volatile, which may lead to reductions and/or volatility in freight rates and shipment volumes. Fluctuations in the rates that Stolt Tank Containers can charge its customers result from new competition attempting to aggressively grow market share, combined with an oversupply of tank containers in the market.”

Annual report 2024A · The company itself

“As at the date of this report, SNL held shares in Odfjell SE (13.6% of A shares), The Kingfish Company NV (12.3%) and Ganesh Benzoplast Limited (8.5%). Odfjell SE is a chemical tanker and storage terminal operator listed on the Oslo Stock Exchange. In February 2024, SNL acquired a further 3,225,000 Odfjell SE class A shares, for $35.6 million, taking SNL’s holding in Odfjell SE from 8.3% to 13.6%.”

Annual report 2024A · The company itself

“Den europeiska arkitektur- och teknikkonsultbranschen är fragmenterad och präglas sedan många år av betydande konsolidering. Det innebär goda tillväxtmöjligheter för Sweco, där såväl marknadsnärvaro som tjänsteerbjudanden kan breddas genom förvärv.”

Annual report 2024A · The company itself

“Det är en del av den löpande verksamheten i affärsområdena och ett viktigt inslag i strategin för fortsatt tillväxt. Genom förvärv stärker Sweco sin geografiska närvaro, sitt tjänsteerbjudande och sin kompetens. Förvärv görs av två huvudsakliga och överlappande skäl: att stärka och etablera marknadsledande positioner samt att utveckla erbjudandet med kompletterande, nischade eller specialiserade kompetenser.”

Annual report 2024A · The company itself

“Accelerera förvärvsagendan, som är en central del i vår tillväxtstrategi.”

Annual report 2024A · The company itself

“Men vi har en stark finansiell ställning och accelererar nu förvärvstakten på samtliga marknader under 2025.”

Annual report 2024A · The company itself

“Sweco-koncernens kapital ska användas till finansiering av förvärv, till att bibehålla en hög grad av finansiell flexibilitet samt till att kunna ge konkurrenskraftig utdelning till Swecos aktieägare.”

Annual report 2024A · The company itself

“We may be negatively affected as our customers and vendors continue to consolidate. Many of the industries to which we sell our products, as well as many of the industries from which we buy materials, have become more concentrated in recent years, including the automotive, digital data networks, and aerospace and defense industries.”

Annual report unknown yearA · The company itself

“In addition, as our customers buy in larger volumes, their volume buying power has increased, enabling them to negotiate more favorable pricing and find alternative sources from which to purchase.”

Annual report unknown yearA · The company itself

“2025 Charter Communications and Cox Communications tiedottivat yhdistymisestä. Yritysjärjestelyn yhteydessä osapuolet saattavat ennen kaupan lopullista toteutumista optimoida tai lykätä investointejaan, mikä voi tilapäisesti heikentää markkinaa.”

Annual report 2025A · The company itself

“Suurimmat avainasiakkaat muodostavat merkittävän osan kunkin asiakassegmentin liikevaihdosta. Asiakkaiden mahdolliset hankintastrategian tai toimittajavalintojen muutokset voivat johtaa liiketoiminnan volyymien supistumiseen ja kannattavuuden heikkenemiseen.”

Annual report 2025A · The company itself

“Toukokuussa 2025 Charter Communications ja Cox Communications tiedottivat yhdistymisestä. Toteutuessaan tuloksena syntyy PohjoisAmerikan suurin kiinteiden laajakaista- ja TVpalveluiden operaattori.”

Annual report 2025A · The company itself

“Many of our customers have consolidated in recent years, and consolidation is expected to continue throughout the United States and in other major markets. These consolidations have produced large, sophisticated customers with increased buying power who are more capable of operating with reduced inventories, opposing price increases, and demanding lower pricing, increased promotional programs and specifically tailored products.”

Annual report 2025A · The company itself

“•Consolidation of companies within the life sciences industry—Consolidation within the life sciences industry has accelerated in recent years, and this trend could continue. We have in the past, and may in the future, suffer reductions in user subscriptions or non-renewal of customer subscription orders due to industry consolidation.”

Annual report 2026A · The company itself

“As these companies consolidate, competition to provide solutions and services will become more intense and establishing relationships with large industry participants will become more important. These industry participants may also try to use their market power to negotiate price reductions for our solutions.”

Annual report 2026A · The company itself

“There may be consolidation in our end customer market, which could reduce the use of our services. Mergers or consolidations among our customers could reduce the number of our customers and potential customers.”

Annual report 2025A · The company itself

“Our long-term business strategy includes growth through acquisitions and other strategic relationships.”

Annual report 2025A · The company itself

“Such consolidations or other disruptions may result in certain parties gaining additional purchasing leverage and, consequently, increasing the product pricing pressures facing our business.”

Annual report 2025A · The company itself

“For example, if industry consolidation results in fewer, larger customers, the loss of any one customer or a significant reduction in their spending could have an outsized impact on results not anticipated in a customer marketplace composed of more numerous participants.”

Annual report 2025A · The company itself

“Any failure by us to identify, manage, integrate and complete acquisitions, divestitures, investments and other significant transactions successfully could harm our financial results, business and prospects. As part of our business strategy, we have in the past and may in the future acquire businesses, interests in businesses, including non-controlling interests, or form joint ventures, create strategic alliances, or choose to invest in early-stage companies.”

Annual report 2025A · The company itself

“Even if integration activities are successful, we may not achieve anticipated synergies, growth opportunities and other financial and operating benefits within the timeline we anticipate, or at all. If integration activities are unsuccessful, if the estimated costs are higher than anticipated, or if we are unable to realize the anticipated synergies and other benefits, there could be a material adverse effect on Viatris’ business, financial condition, results of operations, cash flows, ability to pay dividends or repurchase shares, and/or stock price.”

Annual report 2025A · The company itself

“Additionally, the emergence of large buying groups representing retail and wholesale pharmacies and the prevalence and influence of managed care organizations and similar institutions increases the negotiating power of these groups, enabling them to attempt to extract price discounts, rebates, and other restrictive pricing terms on our products.”

Annual report 2025A · The company itself

“Viatris has executed various strategic initiatives, transactions and business arrangements over the last few years to return its base business to growth, deliver on its pipeline, reduce debt, and return capital to shareholders. The Company has also completed certain divestiture-related transactions to simplify and streamline its business, accelerate paydown of debt and unlock value as discussed below. •In November 2022, Viatris completed a transaction to contribute its biosimilars portfolio to Biocon Biologics to create a vertically integrated global biosimilars leader, for a combination of cash and stock in the form of CCPS representing a stake of approximately 12.9% (on a fully diluted basis) in Biocon Biologics. •In March 2024, the Company completed the divestiture of its women's healthcare business, primarily related to its oral and injectable contraceptives, to Insud Pharma, S.L., a leading Spanish multinational pharmaceutical company.”

Annual report 2025A · The company itself

“Under året har vi analyserat nära 300 bolag i flera europeiska länder. I takt med att kännedomen om Vitec växer och vårt nätverk stärks, ökar även tillströmningen av potentiella förvärvskandidater.”

Annual report 2024A · The company itself

“Under det senaste året uppgick den organiska omsättningstillväxten till nio procent. Den totala tillväxten, inklusive förvärv, har i genomsnitt varit 21 procent per år under de senaste tio åren.”

Annual report 2024A · The company itself

“Vi växer delvis genom förvärv av vertikala programvarubolag. Under året har vi genomfört sju förvärv och ökat till 45 affärsenheter.”

Annual report 2024A · The company itself

“The pharmaceutical and healthcare industries continue to experience a significant amount of consolidation. As a result of this consolidation, competition to provide goods and services to customers has increased.”

Annual report 2025A · The company itself

“Konsernin tulosta vuonna 2025 rasittivat erityisesti henkilöautoliiketoi - minnan kireä kilpailutilanne ja operatiivisen toiminnan tehostamiseksi tehdyt merkittävät toimenpiteet.”

Annual report 2025A · The company itself

“Vaihtoautoliiketoiminnan kannattavuutta heikensivät koko tilikauden kireänä pysynyt kilpailutilanne, jolla oli merkittävä vaikutus käytettyjen autojen kysyntään ja hinnoitteluun.”

Annual report 2025A · The company itself

“Wetteri kohdentaa strategiakaudella 2026–2028 resursseja niihin liiketoiminta-alueisiin ja merkkiedustuksiin, jotka tehokkaimmin parantavat kannattavuutta haastavassa mark - kinatilanteessa.”

Annual report 2025A · The company itself

“Strategian toisessa vaiheessa Wetteri tavoittelee kannattavaa kasvua orgaanisesti sekä huolella valittujen epäorgaanisten kasvun lähteiden avulla.”

Annual report 2025A · The company itself

“In addition, the markets for our principal services are highly competitive. Our competitors include other insurance brokerage, human capital and risk management consulting and actuarial firms, and the human capital and risk management divisions of diversified professional services, insurance, brokerage and accounting firms and specialty, regional and local firms. Competition for business is intense in all of our business lines and in every insurance market, and some competitors have greater market share in certain lines of business than we do.”

Annual report 2025A · The company itself

“The sector has seen strong consolidation for several years. Larger players are increasing their market share and competition in the sector is intensifying.”

Annual report 2025A · The company itself

“There are many small companies in the industry and it is consolidating.”

Annual report 2025A · The company itself

“Growth in line with the group’s strategy Acquisitions once again increased the size and customer base of Wulff Accounting. Four acquisitions were made during 2025: Hämeen TiliDiili Oy in January, Convido Ab Oy in February, Tilitoimisto Lahti Oy in July, and Tiliteema Oy in December.”

Annual report 2025A · The company itself

“The growth is accelerated by M&A, especially in Wulff’s accounting business.”

Annual report 2025A · The company itself

“Competition within our markets is primarily on the basis of technology, innovation, quality, reputation, customer service and pricing. In markets outside of the U.S., other factors influence competition as well, including local distribution systems, complex regulatory environments, differing medical philosophies and differing product preferences, including policy-driven preferences for local manufacturers. Our competition may have, and at times does have, greater financial, marketing, technical and other resources than us; respond more quickly to new or emerging technologies; undertake more extensive marketing campaigns; operate more effective planning, manufacturing, sales and distribution channels; adopt more aggressive pricing policies; or be more successful in attracting potential customers, employees and strategic partners.”

Annual report 2025A · The company itself

“We expect to continue to identify innovative technologies, which may include acquiring complementary products or businesses, establishing technology licensing arrangements or strategic alliances.”

Annual report 2025A · The company itself

“We may not be able to effectively integrate acquired businesses into our operations or achieve expected cost savings or profitability from our acquisitions. Our acquisitions involve numerous risks, including: • unforeseen difficulties in integrating personnel and sales forces, operations, manufacturing, logistics, research and development, information technology, compliance, vendor management, communications, purchasing, accounting, marketing, administration and other systems and processes; • difficulties harmonizing and optimizing quality systems and operations; • diversion of financial and management resources from existing operations; • unforeseen difficulties related to entering markets for which, or geographic regions where, we do not have prior experience; • potential loss of key employees and key third parties; • unforeseen risks and liabilities associated with businesses acquired, including any unknown vulnerabilities in acquired technology, compromises of acquired data or noncompliance with laws and regulations; and/or • inability to generate sufficient revenue or realize sufficient cost savings to offset acquisition or investment costs.”

Annual report 2025A · The company itself

“The Company monitors its business portfolio and organizational structure and has made and may continue to make acquisitions, strategic alliances, divestitures, and changes to its organizational structure. With respect to acquisitions and strategic alliances, future results will be affected by, as applicable, the Company’s ability to integrate acquired businesses quickly and obtain the anticipated synergies and the Company's ability to operationalize and derive anticipated benefits from alliances.”

Annual report 2025A · The company itself

“Consistent with our stated strategic priorities, we continue to seek acquisitions that enable growth, expand our core business, and establish adjacencies. In November 2025, we announced that we signed a definitive agreement to acquire LVC Holdco LLC (Leonard Valve) for $470 million, subject to customary adjustments, and was funded with cash borrowed under a new term loan with a group of eight banks.”

Annual report 2025A · The company itself

“In order to deliver profitable growth and remain an important part of the Maersk integrator strategy, APM Terminals must extend attractive concessions that are expiring and secure new locations at favourable terms for years to come, while navigating an increasingly competitive and geopolitical tense environment where other global and regional terminal operators are aggressively pursuing similar opportunities.”

Annual report 2025A · The company itself

“LF Logistics acquired, complementing contract logistics 2022 First methanol-capable vessel in the world Delivery of Laura Mærsk marked the commissioning of the world’s first methanol- capable vessel, a key part of our ambition of net-zero emissions 2023 Svitzer demerger Towage business Svitzer, demerged and separately listed, continuing the focus on core business as an integrated logistics company 2024 Gemini Cooperation launched The Gemini Cooperation with Hapag-Lloyd is fully phased in, delivering expected savings and demonstrating remarkable schedule reliability 2025 §40a e-g Our strategy remains unchanged and firmly at the centre of our transformation.”

Annual report 2025A · The company itself

“AbbVie's long-term success depends to a great extent on its ability to continue to discover and develop innovative products and acquire or collaborate on compounds currently in development by other biotechnology or pharmaceutical companies.”

Annual report 2025A · The company itself

“Profit and loss Total operating revenues increased by 23% to USD 309.6 million in 2024 compared to USD 251.2 million in 2023. The increase in revenues was primarily driven by the acquisition of Ross Offshore.”

Annual report 2024A · The company itself

“By prioritising operational excellence and disciplined capital allocation, our aim is to strengthen our competitive moat. Our established market presence in global niches provides a solid foundation, and we continue to explore strategic mergers and acquisitions to enhance our capabilities and market share.”

Annual report 2024A · The company itself

“In 2024, we successfully acquired two companies - Ross Offshore and Hidromod, and anounced the acquisition of Proper Marine and Techconsult, both to complete in early 2025 - using existing cash reserves and bank loans exclusively.”

Annual report 2024A · The company itself

“Probably the most important new technology or competence source for the Group is our M&A in addition to our R&D.”

Annual report 2024A · The company itself

“Our target is a ROCE of 20% over time with cyclical swings around this figure.”

Annual report 2024A · The company itself

“We will continue to be active in the consolidation and restructuring of our industry and remain focused on value creation for all our stakeholders; customers, employees and shareholders. The active pursuit of strategic and value creating acquisitions allows us to make large strides in positioning the Group in attractive markets, and to become the leading independent global energy and marine consultancy.”

Annual report 2024A · The company itself

“Therefore, we have amended the strategy to include a focus on increasing market share and growing revenue both organically and inorganically through cross-selling and targeted M&A to increase our sustainability and energy transition services.”

Annual report 2024A · The company itself

“Förvärvet av FAWZ, Winford College och Touhula bidrog med 4,4 procent. Den organiska tillväxten, inklusive mindre tilläggsförvärv, var 7,3 procent.”

Annual report 2024A · The company itself

“Förvärvsrisk En av AcadeMedias strategier är att växa genom förvärv. Strategin bygger på att vi hittar rätt förvärvsobjekt och lyckas förhandla fram rätt avtalsvillkor.”

Annual report 2024A · The company itself

“Förvärv och organisk tillväxt stod för 13,6 respektive 8,5 procent av tillväxten.”

Annual report 2024A · The company itself

“We expect to continue pursuing strategic acquisitions, investments and joint ventures to enhance or add to our skills and capabilities or offerings of solutions and services, or to enable us to expand in certain geographic and other markets.”

Annual report 2025A · The company itself

“Det finns en rad synergier för Actic vid förvärv och utveckling av anläggningar som passar in i bolagets klusterstrategi, däribland ett förädlat kunderbjudande samt skalfördelar.”

Annual report 2024A · The company itself

“Aid supply & equipment Welfare technology Construction MEDTECHS STYRKOR Medarbetare med lång medicinsk erfarenhet, lokal kännedom, hög servicegrad samt produktutveckling inom välfärdsteknologi Brett sortiment bestående av såväl egenutvecklade produkter som produkter från andra välrenommerade tillverkare Stor flexibilitet kring kundanpassade lösningar liksom spetskompetens inom offentliga upphandlingar Europeiskt distributions- och servicenätverk för såväl egna som andra leverantörers produkter och tjänster Stor tillgänglig marknad med hög tillväxt, goda marginaler framförallt inom avancerade produkter FÖRVÄRV Förvärv Förvärv är en viktig del av AddLifes tillväxtstrategi och vi har en väletablerad och strukturerad process för att såväl identifiera, förvärva, integrera och utveckla bolag. Processen inför ett nytt förvärv kan pågå under flera år.”

Annual report 2023A · The company itself

“AddLife förvärvar bolag löpande och under 2023 förvärvades ett bolag.”

Annual report 2023A · The company itself

“Den decentraliserade affärsmodellen innebär att koncernens bolag har en god anpassningsförmåga genom att beslut tas snabbt och verksamhetsnära. Genom att kontinuerligt förvärva bolag inom nya kundsegment och på nya marknader kan koncernen minska marknadsrisker och parera konjunktursvängningar bättre.”

Annual report 2023A · The company itself

“Another key component of Adobe’s strategy is developing a large partner ecosystem to expand the availability of Adobe solutions in the global marketplace. To assist partners in building their respective digital practices, Adobe Global Services provides a comprehensive set of deliverables through Adobe’s Solution Partner Program.”

Annual report 2025A · The company itself

“We have acquired and may continue to acquire businesses, products, talent and technologies as part of our business strategy.”

Annual report 2025A · The company itself

“In these instances, we rely on power sales contracts with one or a limited number of customers for the majority of, and in some cases all of, the relevant plant's output and revenues over the term of the power sales contract.”

Annual report 2025A · The company itself

“Acquisitions have been a significant part of our growth strategy historically and more recently as we grow our renewables business.”

Annual report 2025A · The company itself

“The life sciences industry is intensely competitive and has been subject to increasing consolidation. Consolidation in our industries could result in existing competitors increasing their market share through business combinations and result in stronger competitors, which could adversely affect our business, financial condition and results of operations.”

Annual report 2025A · The company itself

“In addition, we may not be successful in integrating acquisitions, or the businesses we acquire may not perform as well as we expect. While our acquisitions to date have not caused major disruptions in our business, any future failure to manage and successfully integrate acquired businesses could materially adversely affect our business, results of operations, and financial condition.”

Annual report 2025A · The company itself

“Acquisitions and other strategic transactions could result in operating difficulties, dilution, diversion of management attention and other harmful consequences that may adversely impact our business and results of operations. We expect to continue to pursue acquisitions and other types of strategic relationships that involve technology sharing or close cooperation with other companies.”

Annual report 2025A · The company itself

“We acquired certain customer contracts from Edgio, Inc. ("Edgio") in December 2024 as part of a bankruptcy process. This acquisition is intended to further strengthen our existing delivery and other businesses as we transition the acquired customers to our platform and offer our portfolio of other services to them.”

Annual report 2025A · The company itself

“Strategic Transformation In September 2024, Aker BioMarine completed the divestment of its Feed Ingredients business, marking a strategic shift toward human health and wellness. This transition enables the company to focus entirely on advancing its portfolio of krill-based supplements and sciencebacked nutrition products.”

Annual report 2024A · The company itself

“Fastator sfären innefattar såväl renodlade fastighetsbolag som tjänste företag inom förvaltning. Fastator har omfattande erfarenhet av att bygga bolag och partnerskap inom fastighetssektorn. I vissa partnerskap är det vi själva som utvecklat affärsområdet och i efterhand tagit in en partner, i andra partnerskap kompletterar vi en entreprenör med nätverk och strategisk fastig hetsexpertis.”

Annual report 2024A · The company itself

“Starka positioner globalt Tack vare konkurrenskraftiga produktprogram, starka återförsäljare med väl utbyggda servicenät och allt mer kompletta erbjudanden har Volvokoncernen etablerat ledande positioner på en global marknad. Dessa positioner möjliggör skalfördelar i produktutveckling, tillverkning, inköp och finansiella tjänster.”

Annual report 2024A · The company itself

“I Q3 ingick Volvokoncernen avtal om att förvärva produktionen av Macks hytter från CVG för att stärka försörjningskedjan.”

Annual report 2024A · The company itself

“I juli fortsatte Volvokoncernen och Isuzu Motors att bygga vidare på den strategiska alliansen genom undertecknandet av ett avtal specifikt fokuserat på tunga tekniker. I framtiden planerar Isuzu Motors och UD Trucks att utveckla en gemensam plattform för tunga lastbilar genom att använda Volvokoncernens teknik.”

Annual report 2024A · The company itself

“the cornerstone of Schouw & Co.'s value creation has been to own and develop a portfolio of businesses in different industries”

Annual report 2025A · The company itself

“priority has been given to bolt-on acquisitions to the existing businesses”

Annual report 2025A · The company itself

“With operations spanning 75 factories in over 35 countries, Schouw&Co. is exposed to a wide range of industries, markets and supply chains, which are not interconnected. Therefore, risks rarely materialise simultaneously across the portfolio and often affect portfolio businesses differently, which naturally spreads the Group’s overall risk exposure.”

Annual report 2025A · The company itself

“Since 1988, the cornerstone of Schouw & Co.'s value creation has been to own and develop a portfolio of businesses in different industries, ensuring risk diversification. The diverse portfolio provides stability and resilience while reducing dependence on any single business in fluctuating economic and market conditions.”

Annual report 2025A · The company itself

“We believe that our customers are increasingly looking for strong, long-term relationships with a few key suppliers that help them improve product performance, reduce costs, and support new product development. To satisfy these growing customer requirements, our competitors have been consolidating within product lines through mergers and acquisitions.”

Annual report 2025A · The company itself

“We may be required to re-design our products or identify new suppliers to maintain compliance with these laws. Further, these laws and regulations may decrease the number of suppliers capable of supplying our needs, thereby negatively affecting our ability to manufacture products in sufficient quantities at competitive prices, leading customers to potentially choose competitive goods and services.”

Annual report 2025A · The company itself

“We may not realize the anticipated benefits of acquisitions, investments or other strategic transactions, and they may require significant management attention, disrupt our business, dilute stockholder value or adversely affect our business, financial condition and results of operations. We have and may in the future acquire, or make investments in, companies, businesses, products, technologies or other assets, which may not ultimately strengthen our competitive position or achieve our desired synergies and integration.”

Annual report 2025A · The company itself

“Partnerships are a central element in the Allergy + strategy”

Annual report 2025A · The company itself

“GenSci, Shionogi, Dr. Reddy's, Abbott... Strategic partnerships”

Annual report 2025B · From the report

“ALK’s strategic commercial partnerships and collaboration agreements expose the company to risks related to partner performance, alignment of strategic objectives and execution capabilities. Partnerships for co-promotion, development, or regional commercialisation may fail to deliver expected results due to operational challenges, insufficient market performance or collaboration issues. Failure of key partners to meet contractual obligations could adversely affect revenues, market presence, and strategic growth plans.”

Annual report 2025A · The company itself

“In the wider allergy space, innovation targets new therapy areas with significant unmet needs as well as strong scientific and commercial links to ALK’s current portfolio and prescribers.”

Annual report 2025A · The company itself

“Our long-term growth strategies include the acquisition of businesses or product lines to strengthen our industry position, enhance our existing set of products and services offerings or expand into adjacent markets. However, we cannot provide assurance that we will identify or successfully complete acquisitions with suitable candidates in the future, nor can we provide assurance that completed or future acquisitions will be successful or otherwise achieve the anticipated strategic and financial benefits, including cost and revenue synergies.”

Annual report 2025A · The company itself

“| Alligator Bioscience AB | Årsredovisning 2024 Alligators beroende av samarbeten medför ett antal risker, bland annat följande: Alligator kan inte styra mängden resurser eller tidpunkt för utnyttjande av resurser som dedikeras till läkemedelskandidaterna; Alligator kan krävas avstå från viktiga rättigheter, inkluderat immateriella rättigheter, marknadsförings- och distributionsrättigheter; samt att Alligators samarbetspartners förmåga att slutföra sina skyldigheter enligt gällande samarbete kan påverkas negativt av förändringar i en samarbetspartnerns affärsstrategi.”

Annual report 2024A · The company itself

“Alligator och dess verksamhet är således till stor del beroende av samarbeten, utlicensiering och kommersialisering av Alligators utvecklingsprojekt för att kunna generera intäkter i framtiden. På kort till medellång sikt förväntas potentiella intäkter främst utgöras av milstolpsbetalningar och licensintäkter kopplade till utvecklingsprojekt i klinisk fas.”

Annual report 2024A · The company itself

“Den pågående konsolideringen på Alligos marknader gör att större företag kan nyttja skalfördelar till att växa lönsamt. Horisontell integrering på marknaden har också ökat, exempelvis kan företag från andra marknader genom förvärv närma sig Alligo och konkurrera mer inom vissa produktområden.”

Annual report 2024A · The company itself

“Tillväxt och teknisk kompetens genom förvärv Vi har fortsatt att driva ett aktivt förvärvsarbete där vi balanserar en svag organisk tillväxt med förvärv som bidrar till att långsiktigt utveckla koncernen inom nya områden med god lönsamhet och tillväxt. Vi har en väl fungerande förvärvsmodell som gör att vi kan integrera lönsamma bolag som passar väl in i Alligos verksamhet.”

Annual report 2024A · The company itself

“Under perioden 2023 till 2024 har Alligo genomfört sammanlagt sex förvärv av svetsspecialister, som tillhandahåller svets - utrustning, tillsatsmaterial, kap- och slipprodukter samt relaterade tjänster.”

Annual report 2024A · The company itself

“Palveluliiketoiminnan kehitys, nykyliiketoiminnan aktiivinen kehittäminen, tulonlähteiden monipuolistaminen, liiketoiminnan maantieteellinen hajauttaminen.”

Annual report 2025A · The company itself

“Mixade fastighetsbestånd med olika kategorier av fastigheter eller geografisk spridning passar Nyfosa väl. Konkurrensen för sådana bestånd kan vara något mindre eftersom färre bolag har strategier som tillåter diversifierade fastighetsbestånd.”

Annual report 2024A · The company itself

“As our agreements terminate, we may be unable to renew or replace these agreements on comparable terms, or at all. We may in the future enter into amendments on less favorable terms or encounter parties that have difficulty meeting their contractual obligations to us, which could adversely affect our operating results.”

Annual report 2025A · The company itself

“We may experience difficulty in marketing and distributing products through our current and future distribution channels and the use of third parties may result in additional liabilities. We maintain relationships with a number of key distributors, which results in distributor concentration. Distributors have in the past, and may in the future, elect to renegotiate the terms of existing relationships, such that those terms may not remain attractive or acceptable to us, limit the products they sell, including the types of products they offer on our behalf, or otherwise reduce or terminate their distribution relationships with us, with or without cause.”

Annual report 2025A · The company itself

“In addition, substantially all of our distributors are permitted to sell our competitors’ products. If our competitors offer products that are more attractive than ours or pay higher commission rates to the distribution partners than we do or for other reasons outside of our control, these distribution partners could concentrate their efforts on selling our competitors’ products instead of ours.”

Annual report 2025A · The company itself

“Once completed, there can be no assurance that we will realize the anticipated economic, strategic or other benefits of any transaction. For example, the integration of businesses we acquire may not be as successful as we anticipate or there may be undisclosed risks present in such businesses. Additionally, difficulties or delays in separating a divested business from our existing infrastructure, systems and operations could reduce the anticipated economic, strategic or other benefits of such transaction.”

Annual report 2025A · The company itself

“Strategic Transactions •Acquired the renewal rights of Everest Group, Ltd. (Everest) global retail commercial insurance portfolios for an aggregate purchase price of $301 million.”

Annual report 2025A · The company itself

“For additional information, see Note 1 to the Consolidated Financial Statements. •Announced strategic investments in Convex Group Limited (Convex), a privately held global specialty insurer for approximately $2.1 billion as well as a 9.9 percent ownership stake in Onex Corporation (Onex), a global asset manager, for approximately $646 million.”

Annual report 2025A · The company itself

“Casualty also includes risk-sharing and other customized structured programs for large corporate and multinational customers.”

Annual report 2025A · The company itself

“As consolidation activity increases in the water and wastewater industries and competition from other regulated utilities, governmental entities and other strategic and financial buyers continues to increase, the prices for suitable acquisition candidates may increase and our ability to expand through acquisitions may otherwise be limited. Some states in which we operate allow the respective public utility commissions to use fair market value to set ratemaking rate base instead of the traditional depreciated original cost of water or wastewater assets for certain qualifying acquisitions.”

Annual report 2025A · The company itself

“A fundamental aspect of the Company’s growth strategy is to pursue acquisitions of water and/or wastewater systems in geographic proximity to areas where the Company operates its Regulated Businesses, see Item 7—Management’s Discussion and Analysis of Financial Condition and Results of Operations for additional information.”

Annual report 2025A · The company itself

“The Company’s Regulated Businesses current customer mix of 91% water and 9% wastewater also presents strategic opportunities for wastewater growth and consolidation, allowing the Company to add wastewater customers where it already serves water customers.”

Annual report 2025A · The company itself

“An important part of our growth strategy is the acquisition of water and wastewater systems, which involves risks, including competition for acquisition opportunities from other regulated utilities, governmental entities and other buyers, which may hinder or limit our ability to grow our business. An important element of our growth strategy is the acquisition and optimization of water and wastewater systems to broaden our current, and move into new, service areas.”

Annual report 2025A · The company itself

“Risks Related to the Proposed Merger with Essential The market price of shares of parent company’s or Essential’s common stock will fluctuate and the exchange ratio will not be adjusted to reflect such fluctuations, and as a result, the consideration at the date of the closing of the proposed Essential merger may vary significantly from the date the Essential Merger Agreement was executed. Upon completion of the proposed Essential merger, each outstanding share of Essential common stock will be converted into the right to receive 0.305 shares of parent company common stock.”

Annual report 2025A · The company itself

“We entered into the Essential Merger Agreement with the expectation that the proposed Essential merger will result in various benefits, including, among other things, increased efficiencies of scale and size, increased geographic diversity, greater long-term growth opportunities for employees of the combined company, and other operating efficiencies.”

Annual report 2025A · The company itself

“We face risks arising from acquisitions and divestitures. We have made acquisitions and divestitures in the past and may pursue similar strategic transactions in the future.”

Annual report 2025A · The company itself

“Since the beginning of 2021 through December 31, 2025, AMETEK has completed 15 acquisitions with annualized sales totaling approximately $1.8 billion.”

Annual report 2025A · The company itself

“In addition, the semiconductor industry has experienced significant consolidation over the past several years. Consolidation among our competitors could lead to a changing competitive landscape, which could negatively impact our competitive position and market share and harm our results of operations.”

Annual report 2025A · The company itself

“Short-term risks and uncertainties The Fit, Fix, Focus strategy entails material execution and market-related risks. Among these, execution capacity and organisational focus are considered to be the most critical risks in the near term.”

Annual report 2025A · The company itself

“In pursuing our corporate strategy, we often acquire other businesses or dispose of or exit businesses we currently own and we routinely are actively engaged in the process of identifying, analyzing, and negotiating possible transactions. The success of this strategy is dependent upon our ability to identify appropriate acquisition and disposition targets, negotiate transactions on favorable terms, secure regulatory approval of transactions where required, complete transactions and, in the case of acquisitions, successfully integrate them into our existing businesses and culture.”

Annual report 2025A · The company itself

“If acquisitions are made, there can be no assurance that we will realize the anticipated benefits of such acquisitions, including, but not limited to, revenue growth, operational efficiencies, or expected synergies, and we could incur unexpected or significant costs in connection with integration. Furthermore, integration of acquisitions, including the NFP acquisition, could divert management’s attention from other business concerns and involve inconsistencies in standards, controls, procedures, practices, policies and compensation arrangements, any of which could adversely affect our ability to achieve the anticipated benefits of a given acquisition or otherwise negatively impact our business.”

Annual report 2025A · The company itself

“If we are not able to manage the growing complexity of these businesses, including improving, refining, or revising our systems and operational practices, and enlarging the scale and scope of the businesses, our business may be adversely affected. Other risks include developing knowledge of and experience in the new business, product or service, integrating the acquired business into our systems and culture, recruiting and retaining experienced professionals, and developing and capitalizing on new relationships with experienced market participants. External factors, such as compliance with new or revised regulations, competitive alternatives, and shifting market preferences may also impact the successful implementation of a new line of business, products, or services. Failure to manage these risks in the acquisition or development of new businesses could materially and adversely affect our business, results of operations, and financial condition.”

Annual report 2025A · The company itself

“Acquisitions and Dispositions of Businesses Completed Acquisitions On January 1, 2025, the Company completed the acquisition of 100% of partnership interests and share capital of Griffiths & Armour, an insurance broker in the United Kingdom for a purchase price of approximately $426 million, in the Risk Capital segment.”

Annual report 2025A · The company itself

“We make strategic investments to speed up organic growth. We are open for business acquisitions to allow inorganic growth.”

Annual report 2025A · The company itself

“Key measures in 2025: ● Acquisition of Foodhills: strong platform to Sweden and significant increase on volume of frozen peas ● Project activity and cultivation tests by RypsiRapsi-foorumi to increase domestic oilseed production More domestic plant proteins We continue the commercialisation of the BlackGrain rapeseed ingredient towards an industrial scale.”

Annual report 2025A · The company itself

“Such competition has intensified as insurance businesses become more attractive acquisition targets for both other insurance companies and financial institutions and as the already substantial consolidation in the financial services industry continues.”

Annual report 2025A · The company itself

“We increasingly confront potential and actual conflicts of interest relating to our business, our investment activities and the investment activities of the funds we manage. As an asset manager, conflicts of interest arise, and may continue to arise in the future, in connection with investment decisions, including regarding the identification, making, management, valuation, disposition, and timing of a fund’s investments.”

Annual report 2025A · The company itself

“Inköpen av receptbelagda läkemedel är i stor utsträckning reglerade och sker huvudsakligen via de två godkända grossisterna Oriola och Tamro, som har leveransplikt i Sverige.”

Annual report 2024A · The company itself

“We believe that for certain of our businesses, success in developing market-relevant products depends in part on our ability to develop and maintain collaborative relationships with other companies. There are certain risks involved in such relationships, as our collaborative partners may not devote sufficient resources to the success of our collaborations; may be acquired by other companies and subsequently terminate our collaborative arrangement; may compete with us; may not agree with us on key details of the collaborative relationship; or may not agree to renew existing collaborations on acceptable terms.”

Annual report 2025A · The company itself

“We have completed a number of acquisitions in recent years, including the acquisitions of Wind River and Intercable Automotive Solutions S.r.l. in 2022. We expect to continue to pursue business ventures, acquisitions, and strategic alliances that leverage our technology capabilities and enhance our customer base, geographic penetration and scale to complement our current businesses and we regularly evaluate potential opportunities, some of which could be material.”

Annual report 2025A · The company itself

“Other Operations In 2014, we and third party investors sponsored the formation of Somers. Somers is wholly owned by Greysbridge, which is currently 30% owned by Arch Capital, with the remaining balance of Greysbridge common shares held by third party investors. See note 16, “Transactions with Related Parties,” to our consolidated financial statements in Item 8 for further details.”

Annual report 2025A · The company itself

“In 2017, we and Kelso sponsored the formation of Premia. Premia’s strategy is to reinsure or acquire companies or reserve portfolios in the non-life property and casualty insurance and reinsurance run-off market. Arch Re Bermuda and certain Arch co-investors invested $100 million and acquired approximately 25% of Premia as well as warrants to purchase additional common equity.”

Annual report 2025A · The company itself

“In 2021, the Company completed the share purchase agreement with Natixis to purchase 29.5% of the common equity of Coface. This is a long-term, strategic investment in Coface, and fits with Arch’s efforts to develop uncorrelated sources of underwriting income. Our companies share a focus on specialty underwriting where knowledge and expertise create value for our clients, and trade credit contributes to Arch’s specialty-driven business model.”

Annual report 2025A · The company itself

“We have acquired other companies and selected blocks of business and also expanded our business lines and geographies and/or entered into joint ventures or partnerships as part of our strategy.”

Annual report 2025A · The company itself

“Investments in Affiliates Description: The Company applies the equity method of accounting for investments over which the Company has the ability to exercise significant influence, including its 22.5% investment in Wilmar.”

Annual report 2025A · The company itself

“Skydd av immateriella rättigheter och hantering av immaterialrättsintrång Arjo investerar betydande belopp i forskning och utveckling, och utvecklar kontinuerligt nya produkter. För att säkra intäkterna från investeringarna är det av avgörande betydelse att nya produkter och ny teknik är skyddade från olovligt användande av konkurrenter.”

Annual report 2024A · The company itself

“The Group's future success depends on its ability to continue to provide high-quality consulting services and to develop, market, and implement services and solutions that are attractive, timely, and cost-efficient for its existing and new customers. If the Group, alone or together with its Partners, fails to keep up with technological changes or to convince customers of the value of its services, intellectual assets, and solutions considering new technologies or new offerings by competitors, the Group's business, results of operations, financial condition, cash flow and/or prospects could be materially and adversely affected.”

Annual report 2024A · The company itself

“Continuing consolidation in our industry and a high level of interest in acquiring insurance brokers on the part of private equity firms, private equity-backed consolidators and newly public insurance brokers has, in some cases, made, and could in the future make, appropriate acquisition targets more difficult to identify and more expensive.”

Annual report 2025A · The company itself

“Consolidation among our existing competitors could create additional competitive pressure on us as such firms grow their market share, take advantage of strategic and operational synergies and develop lower cost structures.”

Annual report 2025A · The company itself

“Integration efforts relating to larger acquisitions (including, for example, AssuredPartners, the largest acquisition in our history) are more complex, including with respect to technology systems, which may divert management’s attention and resources and could adversely affect our operating results.”

Annual report 2025A · The company itself

“On August 18, 2025, we acquired all of the issued and outstanding stock of Dolphin TopCo., the holding company of AssuredPartners for gross consideration of $13.8 billion, which we funded with proceeds from the AssuredPartners Financing.”

Annual report 2025A · The company itself

“On April 10, 2025, we acquired all of the issued and outstanding stock of Woodruff Sawyer for a gross consideration of $1.2 billion. We funded the transaction using cash on hand.”

Annual report 2025A · The company itself

“Vår strategi är att lansera Orviglance med kommersialiseringspartners. Denna strategi gör det möjligt för oss att utnyttja etablerad kommersialiseringskapacitet med ett lågt investeringsbehov för lansering.”

Annual report 2024A · The company itself

“In addition, across many of our businesses, we must respond to competitive pressures, including the threat of disruption and competition for talent.”

Annual report 2025A · The company itself

“We intend to grow our businesses by strengthening our partnerships with major clients and prospects globally, through expanded offerings and attachment with clients and by winning new clients, and by entering into attractive adjacent markets (such as home warranty), while continuing to invest in talent, capabilities and technology to enable us to deliver a superior customer experience.”

Annual report 2025A · The company itself

“In 2025, we delivered 16 blockbuster medicines in total, including Tezspire , Enhertu and Beyfortus which are medicines included in collaborations with alliance partners.”

Annual report 2025A · The company itself

“This could be a crucial step towards becoming a full-solution partner for our customers. By successfully implementing our strategy, we can attract and retain customers, boosting our financial performance through increased revenue.”

Annual report 2024A · The company itself

“Last year, we set a record with 33 completed acquisitions.”

Annual report 2024A · The company itself

“The business area is actively looking at acquiring complementary businesses. • Intensify focus on research and development • Increase focus on digitalization and connected products • Increase market coverage, through digital and physical presence, and improve presence in targeted markets/segments • Develop new sustainable products and solutions offering better value and improved energy efficiency to customers • Activities supporting customers to meet their sustainability ambitions • Extend the product and service offering to current customers and adjacent segments and applications • Perform more service on a higher share of the installed base of equipment • Increase operational efficiency • Invest in people and competence development • Acquire complementary businesses Competition Compressor Technique’s principal competitors in the market for industrial compressors and air treatment equipment are Ingersoll Rand, Kaeser, Hitachi, and Parker Hannifin.”

Annual report 2024A · The company itself

“Growth should be achieved in a way that is economically, environmentally, and socially responsible. • Increase market coverage and improve presence in targeted markets/segments • Develop new sustainable products and solutions offering enhanced productivity, safety and reduced environmental impact • Invest in design, development and production capacity in growth markets • Develop more competitive offerings with different value propositions • Perform more service on a higher share of the installed base of machines • Develop the service business • Increase operational efficiency • Invest in employees and competence development • Acquire complementary businesses and integrate them successfully Competition Power Technique’s principal competitors include: The portable power market: Doosan, Generac, Kaeser, and Sullair.”

Annual report 2024A · The company itself

“Avanzas kundbas fördelat på generationer 40% 21% Generation ZMillennialsGeneration XBaby Boomers Övriga generationer % 3% 13% 24% Sparkapital växer med åldern Sparkapital per kund Befintlig kundbas Nya kunder 2024 80706050403020100 Kundandel, % Ålder Sparkapital per kund, MSEK 0,00 0,25 0,50 0,75 1,00 1,25 1,50 1,75 2,00 Utöver detta står vi inför en förmögenhetstransferering de kommande åren. Generationen 40- och 50-talister har byggt upp stora förmögenheter och innehar i dag en stor del av det totala sparkapitalet. Inom några år kommer det i flera länder, däribland Sverige, ske en transferering av tillgångar från äldre till yngre generationer – generationer som har sitt sparande hos Avanza.”

Annual report 2024A · The company itself

“En stor del finns hos traditionella aktörer med diskretionär förvaltning och rådgivning. Den diskretionära marknaden inom Private Banking uppskattas till 1 000 miljarder kronor. I december annonserades att vi kommit överens med ägarna av Sigmastocks att förvära bolaget, vilket är ett steg mot att kunna erbjuda digital diskretionär förvaltning.”

Annual report 2024A · The company itself

“I det korta perspektivet tror vi på att expandera genom ett mindre förvärv och att börja med att lära oss om marknaden och kunders beteenden, samt att först om några år integrera en sådan verksamhet tekniskt.”

Annual report 2024A · The company itself

“In recent years, some of the converter customers served by our Materials Group reportable segment have consolidated and integrated vertically and some of our largest customers have acquired companies with similar or complementary product lines. Industry consolidation could continue to increase the concentration of our business with our largest customers.”

Annual report 2025A · The company itself

“Axon’s sales force and strong customer relationships represent key strategic advantages. Although the majority of our revenues are generated via direct sales, we also leverage distribution partners and third party resellers.”

Annual report 2025A · The company itself

“We believe our network of camera sensors and digital evidence management platform give us a strategic advantage in these product categories.”

Annual report 2025A · The company itself

“Table of Contents Acquisitions of, or investments in, other products, technologies or businesses could disrupt our business, dilute shareholder value, or adversely affect our operating results. Our business strategy has included, and may continue to include, acquiring or investing in complementary products, technologies, or businesses.”

Annual report 2025A · The company itself

“B3s tio största kunder svarade för cirka 30 procent av omsättningen, medan de 40 efterföljande största kunderna stod för cirka 38 procent.”

Annual report 2024A · The company itself

“En övergripande kapitalallokeringspolicy har antagits enligt följande modell. • Gränsen för skuldsättning i förhållande till EBITDA ska normalt understiga 2,0 x EBITDA. • Kreditrating (CreditSafe): 86 • Fortsatt fokus på lönsam tillväxt • Stegvis skala upp verksamheten • Inget kapitalbehov • Hitta fler start-ups • Rätt personer är viktigare än verksamhetsområde • Hantera on-boarding och earn-out risker • Överväga aktieåterköp om rabatten är >33% av bedömt värde.”

Annual report 2024A · The company itself

“Det pågår för närvarande en konsolidering bland ledande globala medtechföre tag, en trend som drivs av en kombination av ekonomiska, strategiska och kon kurrens mässiga faktorer. Det finns ett behov av stordriftsfördelar och effektivitet och samtidigt uppnå konkurrensfördelar genom en starkare global närvaro och bättre och mer innovativa produktportföljer. Eftersom medtech-branschen är hårt reglerad har större företag både mer resurser och större expertis för att effektivt navigera denna miljö av komplex reglering.”

Annual report 2024A · The company itself

“Under 2024 genomförde vi skiftet från produktion till partnerskapskapsfokus. Det gjorde vi genom att stärka vår organisation och utveckla sättet att arbeta inom viktiga kunskaps- och specialistområden.”

Annual report 2024A · The company itself

“The loss of a key customer, or an adverse change in its requirements, could have a significant negative impact on our sales.”

Annual report 2025A · The company itself

“Because of our customer and supplier concentration, our business, financial condition and results of operations could be adversely affected by the loss, insolvency or bankruptcy of a major customer or supplier or a change in a supply agreement with a major customer or supplier, although our contract provisions generally mitigate the risk of customer loss, and our long-term relationships represent a known, stable customer base.”

Annual report 2025A · The company itself

“Our investments in joint ventures include investments in companies that we may not control. The performance of these investments may change as a result of decisions that are made by our joint venture partners who have control over these joint ventures. In addition, we may be obligated under the joint venture arrangement to assume certain costs, perform certain services or make additional capital investments.”

Annual report 2025A · The company itself

“Comparable operating earnings as a % of segment net sales ​ ​ ​ 12 % ​ 13 % ​ 12 % ​ Ball acquired an aluminum beverage can manufacturing facility in Winter Haven, Florida, in the first quarter of 2025 as part of its acquisition of Florida Can Manufacturing and permanently ceased production at its aluminum beverage can manufacturing facility in Kent, Washington, in the first quarter of 2024.”

Annual report 2025A · The company itself

“Brand Partnering & other activities DKK 270m, -6.1% growth in local currencies”

Annual report 2026B · From the report

“License income from HP was significantly reduced year-on-year in line with our expectations due to the expiry of the agreement”

Annual report 2026A · The company itself

“Since 2019, we have made two major acquisitions... they have propelled our commercial transformation”

Annual report 2025B · From the report

“we continue to see M&A as a vital component in our strategy”

Annual report 2025A · The company itself

“marketing and distribution agreement with Valneva on Ixiaro ® and Dukoral ® ended on December 31, 2025”

Annual report 2025A · The company itself

“These actions have entailed significant changes across our organizational structure and functional areas and have led to select market exits and may lead to additional market exits as we continue to optimize our portfolio. Today, we are a smaller, less diversified company, with more limited and concentrated businesses, which may leave us more vulnerable to changing market conditions and increased volatility in our financial performance.”

Annual report 2025A · The company itself

“ORGANISK TILLVÄXT FÖRETAGS- FÖRVÄRV HÖGT KUNDVÄRDE DIVERSIFIERAD KUND- OCH LEVERANTÖRS- BAS STARK MARKNADS- POSITION INTERNATIONELL MARKNADS- TÄCKNING LÅNGSIKTIGT ÄGANDE ANSVARSFULL FÖRETAGANDE DECENTRALISERAD STYRNING Beijer Almas mål är lönsam tillväxt. För att nå dit bygger verksamheten på långsiktigt ägande, ansvarsfullt företagande och decentraliserad styrning. Produkter och tjänster med högt kundvärde och internationell marknadstäckning bidrar på vägen, där företagsförvärv kombineras med organisk tillväxt för att nå tillväxtmålen.”

Annual report 2024A · The company itself

“Beroende till större leverantörer Bolaget har en rad viktiga avtal med leverantörer inom HVAC. Beijer Ref har dock som strategi att ha minst en leverantör inom varje prissegment och minst två leverantörer på varje marknad.”

Annual report 2024A · The company itself

“Beijer Refs strategi är att konsolidera marknaden för att öka synergier inom bland annat inköp, logistik, försäljning, digitalisering och hållbarhet. En viktig del i koncernens strategi är därför att växa genom förvärv.”

Annual report 2024A · The company itself

“Som en del av företagets strategi har Beijer Ref satt upp finansiella mål och deras uppfyllnadskriterier Tillväxt Beijer Refs mål är att ha en försäljningstillväxt på 10–15 procent per år. Under 2024 var tillväxten 11 procent (42), varav 2 procent var organisk tillväxt (1).”

Annual report 2024A · The company itself

“Förvärv är en viktig hörnsten i Beijer Refs tillväxtstrategi. Genom att öka den globala räckvidden stärker koncernen sin förhandlingsposition gentemot leverantörer samtidigt som synergieffekter uppnås med de förvärvade bolagen.”

Annual report 2024A · The company itself

“Beijer Ref är en global koncern med 150+ dotterbolag i Europa, Nordamerika, Afrika, Asien och Oceanien. Koncernen har som strategi att växa genom förvärv och organisk tillväxt samtidigt som man breddar sitt produktutbud.”

Annual report 2024A · The company itself

“Bolaget gör vid varje förvärv en väsentlighetsbedömning baserat på omsättning, produktområde och marknad. Vår bedömning är att ett förvärv är väsentligt i de fallen omsättningen i det förvärvade bolaget överstiger 5 procent av koncernens totala omsättning.”

Annual report 2024A · The company itself

“Vidare kan det ske en konsolidering i branschen på leverantörssidan och större sammanslagna leverantörer kan ha ett bredare erbjudande vilket kan leda till prispress.”

Annual report 2024A · The company itself

“Hög kassagenerering möjliggör fortsatt förvärvsdriven tillväxt Låga investeringsbehov i verksamheter i kombination med förnuftig belåning medger att kassan kan användas till investeringar i verksamheterna såväl som fortsatta förvärv av spännande bolag.”

Annual report 2024A · The company itself

“På vd:s radar 2025 • Fortsatta satsningar för koncernens spännande tillväxtområden, bland annat inom Energi & Miljö. • Fortsatt förvärvsarbete inom våra satsningsområden. • Återgång till tillväxt och lönsamhet för Teknik & Distribution.”

Annual report 2024A · The company itself

“Betssons finansiella ställning möjliggör förvärv som kompletterar den organiska tillväxten, skapar synergier, snabbar på den geografiska expansionen och stärker produkterbjudandet.”

Annual report 2024A · The company itself

“STRUKTUR Vår strategiska ambition är att konsolidera in våra bolag i färre men större plattformar för att därigenom uppnå skaleffekter och synergier samt förenkla vår struktur inom våra tre affärsområden för att minska komplexitet.”

Annual report 2024A · The company itself

“I kvartalet kommunicerades att Premium Living stärkt sin marknadsledande position genom att Nordic Nest förvärvade varumärket KitchenTime och konsoliderade in LampGallerian, som senare bytte namn till Lightshop.”

Annual report 2024A · The company itself

“I kvartalet stärkte vi vår marknadsledande position i affärsområdet Premium Living genom att Nordic Nest förvärvade varumärket KitchenTime och konsoliderade in LampGallerian.”

Annual report 2024A · The company itself

“Samtidigt förvärvades Trendrum AB med siten trendrum.se. Tillsammans bildade de Hemfint Group.”

Annual report 2024A · 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

“In addition, consolidation trends in the pharmaceutical, biotechnology and diagnostics industries have served to create fewer customer accounts and to concentrate purchasing decisions for some customers, resulting in increased pricing pressure on us.”

Annual report unknown yearA · The company itself

“We have implemented a disciplined strategy to accelerate growth in part by acquiring businesses and product portfolios that leveraged and diversified our existing product lines, filled portfolio gaps with differentiated high growth businesses, and expanded our geographic scope. A recent example includes the acquisition of Lunaphore SA (“Lunaphore”) at the beginning of fiscal 2024.”

Annual report unknown yearA · The company itself

“We also completed a 19.9% investment in Wilson Wolf Corporation (“Wilson Wolf”) in fiscal 2023, and will acquire the remaining ownership in Wilson Wolf by the end of calendar year 2027, if not earlier due to its achievement of revenue or earnings before interest, taxes, depreciation, and amortization (“EBITDA”) targets.”

Annual report unknown yearA · The company itself

“We will continue to leverage our strong balance sheet to gain access to new and differentiated technologies and products that improve our competitiveness in the current market, meet customers’ expanding workflow needs and allow us to enter adjacent markets.”

Annual report unknown yearA · The company itself

“We will leverage our existing portfolio to expand our product offerings into novel research fields and further penetrate diagnostics and therapeutics markets. Acquisitions have, and will likely continue to play, an important role in our efforts to expand our portfolio of innovative tools and bioactive reagents, and support our initiatives to enter adjacent markets.”

Annual report unknown yearA · The company itself

“PENDING MERGER WITH MERCK KGAA, DARMSTADT, GERMANY On June 25, 2026, the Company entered into the Agreement and Plan of Merger (the “Merger Agreement”), with Merck KGaA, Darmstadt, Germany, a German corporation with general partners (“Parent”) and EMD Holdings NewCo, Inc. (“Merger Sub”), a Minnesota corporation and a wholly-owned subsidiary of Parent. The Merger Agreement provides that, upon the terms and subject to the conditions set forth therein, Merger Sub will be merged with and into the Company (the “Merger”), with the Company surviving the Merger as a wholly-owned subsidiary of Parent.”

Annual report unknown yearA · The company itself

“(B) Påverkan av utfall hos konkurrenter BioArctic är verksamt inom forskningsområden med stora medicinska behov och stora patientpopulationer. För bolaget är det av stor vikt att bedöma de risker som föreligger inom respektive forskningsområde samt att löpande bevaka och utvärdera förändringar inom respektive marknadsområde.”

Annual report 2024A · The company itself

“De regulatoriska processerna sköts av läkemedelsföretaget Eisai som sedan 2007 är innehavare av de globala licensrättigheterna till lecanemab. Eisai är tillsammans med bolagets partner Biogen ansvariga för försäljningen av lecanemab i hela världen, med undantag av Norden där BioArctic och Eisai har gemensam marknadsföring.”

Annual report 2024A · The company itself

“Our business may be adversely affected if we do not successfully execute or realize the anticipated benefits of our strategic and growth initiatives. The successful execution of our strategic and growth initiatives depends upon internal development projects, commercial initiatives and external opportunities, which may include the acquisition and in-licensing of products, technologies, companies, the entry into strategic alliances and collaborations, as well as our ability to execute on strategic decisions and initiatives.”

Annual report 2025A · The company itself

“BioInvent är beroende av avtal med samarbetspartners, såsom större läkemedelsbolag, för att kunna genomföra tillräckliga kliniska prövningar, särskilt i sena utvecklingsfaser, samt för tillverkning av eventuella framtida läkemedelskandidater. Den optimala tidpunkten för att ingå sådana avtal varierar mellan olika projekt och beror bland annat på resursbehov, risknivå och kommersiell potential.”

Annual report 2024A · The company itself

“In early 2025, BioMar acquired full ownership of the Costa Rica factory, further strengthening its platform for long-term growth in the segment. In late December 2025, BioMar acquired the remaining 30% shares of BioMar Ecuador (previous Alimentsa S.A.) and is now fully owner (100%) of the shrimp feed company in Ecuador.”

Annual report 2025A · The company itself

“Vår licenstagare för skor försattes i konkurs och vi tog över hela processen som innefattar design och utveckling av skor till huvudkontoret i Stockholm från och med februari 2024. Vi sköter idag både sourcing, design, produktutveckling och produktion internt.”

Annual report 2024A · The company itself

“BlackRock employs a variety of organic and inorganic strategies intended to enhance earnings, increase product offerings, deliver whole-portfolio solutions, access new clients, leverage advances in technology and expand into new geographies. Inorganic strategies have included hiring smaller-sized investment teams, making minority investments in early- to mid-stage technological and other ventures, entering into strategic joint ventures and acquiring investment management and technology businesses, analytics, models and other IP.”

Annual report 2025A · The company itself

“These attributes differentiate Square in a fragmented industry that traditionally forced sellers to stitch together products and services from multiple vendors, and often rely on inefficient non-digital processes and tools.”

Annual report 2025A · The company itself

“As of December 31, 2025, Square had more than 1,000 managed partners connected to its platform.”

Annual report 2025A · The company itself

“Accordingly, our financial results could be adversely affected by unanticipated performance issues, legacy liabilities, cybersecurity issues or vulnerabilities, transaction-related charges, amortization of expenses related to intangibles, charges for impairment of long-term assets, credit guarantees, partner performance and indemnification obligations. The Spirit Acquisition closed in December 2025, and difficulties in integrating Spirit may result in the failure to realize anticipated benefits of the acquisition (including anticipated synergies and safety and quality improvements) in the expected timeframe or at all, as well as operational challenges, the diversion of management’s attention from other ongoing business concerns, and unforeseen expenses, which may have an adverse impact on our operations and our financial position, results of operations and cash flows.”

Annual report 2025A · The company itself

“På vissa delmarknader är konkurrenssituationen mycket fragmenterade och marknadens aktörer kommer sannolikt att konsolideras på sikt. Andra marknader domineras av ett fåtal aktörer.”

Annual report 2024A · The company itself

“En framgångsfaktor för Bonava Sverige är att ingå partnerskap och joint ventures vid utveckling och start av projekt, vilket gör att Bonava kan frigöra kapital för fler projektstarter. Bonava etablerade under året en struktur för ett långsiktigt samarbete med OBOS Nya Hem för att gemensamt utveckla grannskapet Explora i Södra Änggården i Göteborg.”

Annual report 2024A · The company itself

“With additional attention on the size of travel or technology companies generally, our size and competitive position may negatively affect our ability to obtain regulatory approval of proposed acquisitions or other opportunities, our ability to expand into complementary businesses, or our latitude in dealing with travel service providers (such as by limiting our ability to provide discounts, rebates, or incentives or to exercise contractual rights), any of which could adversely affect our business, results of operations, or ability to grow and compete.”

Annual report 2025A · The company itself

“Denna omvandling kommer att medföra konsolidering, där endast ett fåtal stora, väl positionerade aktörer kommer att stå som segrare. Boozt är fast beslutet att vara en av dem.”

Annual report 2024A · The company itself

“Diversifieringen av Boozts sortiment, som innehåller cirka 1 600 varumärken och där inget enskilt märke står för mer än 2% av intäkterna, säkerställer att koncernen inte är beroende av någon enskild leverantör.”

Annual report 2024A · The company itself

“Rosemunde Den 24 januari 2022 förvärvade Boozt resterande 33,3% av aktierna i Nordic Brand Hub Holding A/S och blev därmed ägare till samtliga aktier i bolaget. Genom att ta fullt ägande räknar Boozt med att accelerera den positiva utvecklingen av Rosemunde och att ytterligare utveckla Brand Huborganisationen för att driva en framgångsrik expansion av förvärvade varumärken som Svea.”

Annual report 2024A · The company itself

“We are also positioning Borregaard for inorganic growth by investing in companies or technologies that focus on converting bio-based raw materials into chemicals and materials. One example is our investment in Alginor in 2021, where Borregaard holds a 35% ownership on a fully diluted basis.”

Annual report 2024A · The company itself

“As part of our strategy to strengthen our core businesses and expand into high growth adjacencies, we have completed multiple acquisitions in recent years and may pursue additional acquisitions in the future.”

Annual report 2025A · The company itself

“We continue to experience pressures across many of our businesses due to competitive activity, increased market power of our customers as the health care industry consolidates, national and regional government tenders, economic pressures experienced by our customers, capacity shortages within health care facilities that have and may continue to negatively impact demand for our products, public perception of our products, and the impact of managed care organizations and other third-party payers.”

Annual report 2025A · The company itself

“Boules framtida positioner skulle påverkas negativt om konkurrenter kan erbjuda effektivare produkter och/eller lägre pris för dessa. Konkurrens och prisnivå varierar beroende på region och produkt.”

Annual report 2024A · The company itself

“Boule är verksam på en fragmenterad marknad med mångsidig konkurrens. Det kan inte uteslutas att resursstarka konkurrenter aktiva på andra marknader diversifierar sig till Boules huvudmarknader eller att för Boule viktiga marknader utsätts för olika typer av handelsbegränsningar.”

Annual report 2024A · The company itself

“Det här är ett bra exempel på hur vi kan växa snabbare genom lokalt partnerskap, och en modell vi kommer att utforska ytterligare.”

Annual report 2024A · The company itself

“Framöver kommer vi att gå bort från intern utveckling av instrument och istället bygga en tillväxtportfölj i samarbete med ledande teknikpartners. Genom att göra det kan vi dra nytta av banbrytande innovationer för att stärka vårt erbjudande mycket snabbare och skapa ett värdeerbjudande som möter våra kunders föränderliga behov på ett snabbt och mer kostnadseffektivt sätt.”

Annual report 2024A · The company itself

“Att stärka och diversifiera vår portfölj är avgörande för vår tillväxtstrategi.”

Annual report 2024A · The company itself

“Under 2024 etablerade vi en dedikerad OEM-organisation med uppgift att utöka våra möjligheter och utveckla våra aktiva projekt.”

Annual report 2024A · The company itself

“Samarbetet mellan Q-Line och Boule har varit ett strategiskt och transformerande partnerskap präglat av betydande milstolpar inom tekniköverföring, produktutveckling och affärstillväxt.”

Annual report 2024A · The company itself

“Under de senaste åren har produktportföljen växt genom egenutveckling och samarbeten och Boule investerar för att ytterligare bredda och stärka produktportföljen.”

Annual report 2024A · The company itself

“Produktportföljen breddas genom externa samarbeten och distributionsavtal, och även möjligheter till förvärv kan övervägas.”

Annual report 2024A · The company itself

“För att kunna uppnå en optimal försäljningsutveckling utvärderar Boule aktivt möjligheterna att bredda den befintliga produktportföljen genom produktutveckling, partnerskap och förvärv.”

Annual report 2024A · The company itself

“Goda möjligheter till tillväxt genom förvärv Mer än 160 förvärv genomförda under de senaste tio åren, vilka har tillfört en omsättning på 12 miljarder kronor – allt finansierat av vårt starka kassaflöde.”

Annual report 2024A · The company itself

“We operate in markets that are highly competitive and rapidly changing. Significant technological changes, shifting customer needs, the emergence of competitive products with new capabilities, general economic conditions worldwide, the ability to safeguard patents and other intellectual property (“IP”) in a rapidly evolving market and reliance on third-party wafer fabricators, assembly and test subcontractors and independent distributors and other factors could affect our financial results.”

Annual report 2025A · The company itself

“Our dependence on channel partners has increased following the acquisition of VMware. Failure to maintain good relationships with our distributors and channel partners could materially adversely impact our business.”

Annual report 2025A · The company itself

“There has been and may continue to be consolidation activity in the financial services industry. These mergers or consolidations of financial institutions could reduce the number of our clients and potential clients. For example, in the past few years alone there have been several major consolidations involving our clients. When our clients merge with or are acquired by other firms that are not our clients, or firms that use fewer of our services, they may discontinue or reduce the use of our services.”

Annual report 2026A · The company itself

“Acquisitions and integrating such acquisitions create certain risks and may affect operating results. As part of our overall business strategy, we may make acquisitions and strategic investments in companies, technologies or products, or enter joint ventures. In fact, over the last three fiscal years we have completed seven acquisitions.”

Annual report 2026A · The company itself

“Our growth strategy partially includes the acquisition of other insurance intermediaries and related businesses. Our ability to successfully identify suitable acquisition candidates, negotiate transactions on favorable terms, complete acquisitions, successfully integrate acquired businesses into our operations, including our recent acquisition of Accession, and expand into new markets requires us to implement and continuously improve our operations and our financial and management information systems.”

Annual report 2025A · The company itself

“Our capital requirements to operate as an insurance intermediary are low, and we have been able to grow and invest in our business through a combination of cash that has been generated from operations, the disciplined use of debt and the issuance of equity as part of the purchase price consideration to acquire certain businesses.”

Annual report 2025A · The company itself

“Consolidation, whether domestically or internationally, among spirits producers, distributors, wholesalers, suppliers, or retailers and the increased growth of the e-commerce environment across the consumer product goods market have created and could continue to create a more challenging competitive landscape for our products. Consolidation at any level could hinder the distribution and sale of our products as a result of reduced attention and resources allocated to our brands because our brands might represent a smaller portion of the new business portfolio.”

Annual report unknown yearA · The company itself

“Over the past several decades, the number of small, local distilleries in the United States has grown significantly. This growth is being driven by a trend of consumers showing increasing interest in locally produced, regionally sourced products. As more brands enter the market, increased competition could negatively affect demand for our premium and super-premium American whiskey brands, including Jack Daniel’s.”

Annual report unknown yearA · The company itself

“From time to time, we consider acquiring or investing in additional brands or businesses or undertaking other strategic transactions. We expect to continue to seek acquisition, investment, and other strategic opportunities that we believe will increase long-term stockholder value, but we may not successfully identify potential acquisition or investment opportunities, identify suitable counterparties willing to transact with us, or consummate the purchase of brands or businesses or other strategic transactions at acceptable prices and terms.”

Annual report unknown yearA · The company itself

“A majority of our voting stock is controlled by members of the Brown family, and, collectively, they have the ability to control the outcome of stockholder votes, including the election of all of our directors and the approval or rejection of any merger, change of control, or other significant corporate transactions. We believe that having a long-term-focused, committed, and engaged stockholder base can provide us with an advantage in a business with aged products and multi-generational brands.”

Annual report unknown yearA · The company itself

“We rely on manufacturers and other suppliers to provide us with many of the products we sell and distribute. Because we have no direct control over the quality of such products manufactured or supplied by such third-party suppliers, we are exposed to risks relating to the quality of such products.”

Annual report 2025A · The company itself

“Disciplined Capital Allocation Pursue strategic acquisitions. The highly fragmented nature of the Pro Segment of the U.S. residential new construction building products supply market presents substantial acquisition opportunities.”

Annual report 2025A · The company itself

“Business Combination with Viterra Limited On July 2, 2025, we completed our Acquisition of Viterra in a stock and cash transaction, creating a premier global agribusiness solutions company for food, feed and fuel, that is well positioned to meet the demands of increasingly complex markets and better serve farmers and end-customers.”

Annual report 2025A · The company itself

“We have been an active acquirer of other companies, including our recent Viterra Acquisition. We also have joint ventures with several partners, including the Bunge Chevron JV for manufacturing low lifecycle carbon intensity transportation fuels.”

Annual report 2025A · The company itself

“Bure är ett investmentbolag som förvärvar bolag med kapacitet att bli framgångs rika och lönsamma på sikt. Med sin branschkännedom, affärskunskap och närvaro i bolagens styrelser arbetar Bure tillsammans med portföljbolagens ledningar för att bolagen ska nå sin fulla potential.”

Annual report 2024A · The company itself

“Competition for acquisitions may result in increased prices for properties. We plan to continue to acquire properties as we are presented with attractive opportunities. We may face competition for acquisition opportunities with other investors, and this competition may adversely affect us by subjecting us to the following risks: •we may be unable to acquire a desired property because of competition from other well-capitalized real estate investors, including publicly traded and private REITs, institutional investment funds and other real estate investors; and •even if we are able to acquire a desired property, competition from other real estate investors may significantly increase the purchase price.”

Annual report 2025A · The company itself

“Per 31.12.2024 kontrollerer Byggma ASA og søsterselskapet Drangsland Kapital AS 26,8 % av aksjekapitalen. Vi ønsker å være en langsiktig eier i Norske Skog. Når det gjelder prosessutstyr, råvarer, logistikk, produktutvikling og miljø er det synergieffekter mellom Norske Skog og Byggma.”

Annual report 2024A · The company itself

“I en ideal situation vill vi, vid ett eller flera tillfällen kunna investera 50-300 miljoner kronor för en betydande ägarandel. I takt med att bolaget växer och kan sysselsätta mer externt kapital än vad vi kan tillhandahålla så kan vår ägarandel successivt sjunka där vi deläger med andra aktiva ägare .”

Annual report 2024A · The company itself

“Buy and Build bygger på att förvärva ett stabilt plattformsbolag och genom kompletterande förvärv skapa skalfördelar, synergieffekter och ökad lönsamhet. Genom en väl genomförd strategi kan betydande aktieägarvärden skapas med måttlig risk.”

Annual report 2024A · The company itself

“Affärsmodell Green Landscaping arbetar i en decentraliserad modell med långtgående affärsmässig självständighet för bolagen, men där dessa i koncernen får stöd med strategi, affärsutveckling, processer och finansiering. Genom kontinuerliga tilläggsförvärv konsoliderar Green Landscaping marknaden och förstärker hela tiden såväl geografisk räckvidd som kunderbjudande.”

Annual report 2024A · The company itself

“Safe Life finns redan i tio länder. ”Vår förvärvsstrategi bygger på att hitta välskötta bolag med samma driv och vision som vi själva har – entreprenörer som brinner för att minska dödsfallen vid hjärtstopp,” förklarar Jimmy. Safe Life har arbetat fram en tydlig playbook för varje nytt bolag som köps.”

Annual report 2024A · The company itself

“Further, our ongoing obligations under these agreements will generally apply to any new business entities we acquire, which could limit our ability to acquire new businesses that may be strategically important to us, and our continued acquisition and integration of other businesses could increase our risk of a violation. Our ongoing obligations under these agreements will also generally apply to any purchaser of our company or our material business operations, which could deter a potential acquisition of our company.”

Annual report 2025A · The company itself

“As we continue to acquire and invest in companies or technologies, we may not realize the expected business or financial benefits and these acquisitions could prove difficult to integrate, disrupt our business, dilute stockholder value and adversely affect our operating results and the market value of our common stock. As part of our business strategy, we invest in, and acquire complementary businesses, joint ventures, services and technologies and IP rights, some of which may be material to our financial condition and operating results. We continue to engage in investments and acquisitions and evaluate such opportunities and expect to continue to make such investments and acquisitions in the future.”

Annual report 2025A · The company itself

“Competition could adversely affect our ability to acquire properties. We expect other real estate investors will compete with us to acquire additional operating properties.”

Annual report 2025A · The company itself

“We may acquire additional operating properties on a selective basis.”

Annual report 2025A · The company itself

“Future Outlook Subject to market conditions, we intend to continue to seek opportunities to acquire operating communities, develop new communities, and to redevelop and reposition existing communities. We also intend to evaluate our operating property and land development portfolios and plan to continue our practice of selective dispositions and redeploying capital as market conditions warrant and opportunities arise.”

Annual report 2025A · The company itself

“Misslyckade förvärv eller bristande tillväxt kan påverka bolagets marknadsposition, intäkter och marginaler negativt Risker relaterade till samarbetspartners och produktutveckling Carasents framgång är beroende av lämpliga samarbetspartners för att integrera ny teknik i produktutbudet och agera som en helhetsleverantör inom EHR-lösningar. Misslyckas bolaget med att hitta eller behålla samarbetspartners kan produktutvecklingen försenas eller påverkas negativt, vilket riskerar att göra produkterna mindre konkurrenskraftiga.”

Annual report 2024A · The company itself

“Sedan 2020 har Carasent förvärvat sex bolag, senast Data-Al GmbH i Tyskland. Förvärv innebär dock risker såsom svårigheter med integration, outredda legala och finansiella risker samt kostsamma juridiska processer.”

Annual report 2024A · The company itself

“In recent years, U.S. healthcare industry participants, including distributors, manufacturers, suppliers, management services organizations, healthcare providers, insurers, and pharmacy chains, among others, have consolidated or formed strategic alliances. Consolidations create larger enterprises with greater negotiating power and could result in the possible loss of a customer in the situation where the combined enterprise selects one distributor from two incumbents or a reduction in our ability to market our products and services to new customers.”

Annual report 2026A · The company itself

“The acquisition of Britvic was completed on 16 January 2025.”

Annual report 2025A · The company itself

““We’re very satisfied with the Britvic acquisition and the increased synergy target of GBP 110m, achieved through strong execution of our integration plans across Britvic and Carlsberg.”

Annual report 2025A · The company itself

“Reported revenue grew by 18.8%, driven by the Britvic acquisition.”

Annual report 2025A · The company itself

“We are exploring different options for increasing shareholder value which may potentially include an IPO of our business in India, but no final decision has been made.”

Annual report 2025A · The company itself

“The acquisition of Britvic and the takeover of the Pepsi franchise in Kazakhstan and Kyrgyzstan have increased our exposure to the structurally growing soft drinks category and further strengthened our diverse portfolio.”

Annual report 2025A · The company itself

“We also pursue potential acquisitions to complement existing products and services to enhance our product portfolio.”

Annual report 2025A · The company itself

“In addition, if one or more of our competitors, or DriveTime, were to merge or partner with another of our competitors, the change in the competitive landscape could adversely affect our ability to compete effectively.”

Annual report 2025A · The company itself

“Catellas partnerskap är en unik styrka och genom Principal Investments investerar Catella eget kapital för att stärka dessa. Vi bildar även nya partnerskap över hela Europa för att utöka och diversifiera våra investeringsstrategier. Principal Investments investeringar är primärt genom saminvesteringar tillsammans med partners för att växa förvaltat kapital i Investment Management.”

Annual report 2024A · The company itself

“In addition, many of the manufacturers that compete with Caterpillar also own financial subsidiaries, such as John Deere Capital Corporation, Komatsu Financial L.P., Volvo Financial Services and Kubota Credit Corporation, which utilize many below-market interest rate programs (funded by the manufacturer) to support machine sales.”

Annual report 2025A · The company itself

“The process of integration, including in new geographies and asset classes with new regulatory regimes, may expose us to a number of unforeseen risks and operating difficulties, including risks relating to information technology migrations, integrations and security, regulatory issues, and other issues, and may divert the attention of management from the ongoing operation of our business and harm our reputation. We may not successfully achieve the integration objectives, and we may not realize the anticipated cost savings, revenue growth and synergies in full or at all, or it may take longer to realize them than expected, any of which could negatively impact our business, financial condition, and operating results.”

Annual report 2025A · The company itself

“The Company has licenses with the owners of the S&P 500 Index, S&P 100 Index and certain other S&P indices, FTSE Russell indices, the DJIA, and certain other index products.”

Annual report 2025A · The company itself

“Building on the strong financial foundation, the three-year growth plan for 2026–2028 will shift the focus toward growth through selected market segments and working with partners. In parallel, cBrain will expand its business with existing customers through a broader approach, seeking growth across the entire large customer base rather than concentrating on a limited number of selected customers.”

Annual report 2025A · The company itself

“Table of Contents Our joint venture activities and affiliate program involve risks that are often outside of our control and that, if realized, could materially harm our business. We have utilized joint ventures for commercial investments, select local brokerage and other affiliations both in the U.S. and internationally, and we may acquire interests in other joint ventures in the future.”

Annual report 2025A · The company itself

“Konkurrens Det finns en risk att nya konkurrenter med en större resursbas avseende kompetens och kapital etablerar sig på CellaVisions marknad och erbjuder bättre metoder och effektivare produkter än CellaVision. Ökad konkurrens kan leda till prispress på CellaVisions produkter.”

Annual report 2024A · The company itself

“För att säkerställa att efterfrågan inte påverkar leveranser eller kvalitet arbetar vi kontinuerligt för att minska komplexiteten i leverantörskedjan.”

Annual report 2024A · The company itself

“tecknade Cellavision ett strategiskt alliansavtal med Sysmex Corporation. leverantörskedja Bolaget är beroende av att tredjepartstillverkare upprätthåller hög effektivitet och kvalitet vid produktion av instrument och reservdelar.”

Annual report 2024A · The company itself

“When our contracts with government entities expire, they may be opened for bidding by competing healthcare providers, and there is no guarantee that our contracts will be renewed or extended.”

Annual report 2025A · The company itself

“In some markets, certain healthcare providers, particularly hospitals, physician/hospital organizations or multi-specialty physician groups, may have significant market positions or near monopolies that could result in diminished bargaining power on our part.”

Annual report 2025A · The company itself

“Risks Associated with Mergers, Acquisitions, and Divestitures Our business and results of operations may be materially adversely affected if we fail to manage and complete divestitures. We regularly evaluate our portfolio to determine whether an asset or business is still consistent with our business strategy or whether there may be a more advantaged owner for that asset or business. When we decide to sell assets or a business, we may encounter difficulty finding buyers or alternative exit strategies, which could delay the achievement of our business strategy. Further, divestitures may be delayed due to failure to obtain required approvals on a timely basis, if at all, from governmental authorities, or may become more difficult to execute due to conditions placed upon approval that could, among other things, delay or prevent us from completing a transaction, or otherwise restrict our ability to realize the expected financial or strategic goals of a transaction.”

Annual report 2025A · The company itself

“Previous or future acquisitions may not perform as expected and we may not realize the financial results expected from acquisitions or divestitures. The market price of our common stock is generally subject to volatility, and there can be no assurances regarding the level or stability of our share price at any time. The market price of our common stock may decline as a result of previous or future acquisitions and divestitures if, among other things, we are unable to achieve the expected cost and revenue synergies or growth in earnings, the operational cost savings estimates are not realized as rapidly or to the extent anticipated, the transaction costs related to the acquisitions or divestitures are greater than expected or if any financing related to the transactions is on unfavorable terms.”

Annual report 2025A · The company itself

“We may be unable to successfully integrate our existing business with acquired businesses and realize the anticipated benefits of such acquisitions. We have acquired or may acquire in the future health plans participating in government-sponsored healthcare programs, contract rights and related assets of other health plans both in our existing service areas and in new markets and start-up operations in new markets or new products in existing markets. Although we review the records of companies or businesses we plan to acquire, it is possible that we could assume unanticipated liabilities or adverse operating conditions. In addition, the success of acquisitions we make will depend, in part, on our ability to successfully combine our existing business with such acquired businesses and realize the anticipated benefits, including synergies, cost savings, growth in earnings, innovation and operational efficiencies, from the combinations.”

Annual report 2025A · The company itself

“For example, in 2025, we entered into a joint venture with two Japanese partners to build a greenfield plant to produce low-carbon ammonia. This joint venture and other similar arrangements we may enter into may involve significant risks and uncertainties, including the ability of us and our strategic partners to cooperate, us and our strategic partners having inconsistent interests or goals, ours and our partners ability to realize tax, financial and other programs incentivizing low-carbon production, and the potential that our strategic partners may be unable or unwilling to meet their financial or other obligations to the joint venture, which may negatively impact the expected benefits of the joint venture and cause us to incur additional expense or suffer reputational damage.”

Annual report 2025A · The company itself

“Mergers and acquisitions remain one of our top, long-term priorities for disciplined capital deployment and enhancing growth strategy with focus on enhancing the breadth of our scientific capabilities principally within our core competencies, expanding our global scale, and maintaining our leadership position. Our long-term strategy also includes growth through establishing relationships and exploring other opportunities and areas that have the potential to enhance our global reach and strengthen our broad-based portfolio of products and services.”

Annual report 2025A · The company itself

“In fiscal 2025, we announced as part of our Board of Directors’ comprehensive strategic review of our business and growth prospects, that we will focus on strategic initiatives to strengthen our leading scientific portfolio within our core markets through strategic acquisitions, partnerships, internal investments, and divestments of certain non-core assets, which represent approximately 7% of our 2025 revenue.”

Annual report 2025A · The company itself

“Our product and geographic diversification differentiate us from the vast majority of our competitors and has been a source of stability during periods of industry volatility.”

Annual report 2025A · The company itself

“We operate in a highly competitive and evolving business environment, and our failure to compete effectively or differentiate our products and services from those of our competitors could materially adversely affect our results of operations, financial position and cash flows. We operate in a highly competitive, evolving and rapidly changing industry.”

Annual report 2025A · The company itself

“Evernorth Health Services has three clients that each drive significant revenues for the segment: •Express Scripts and Centene Corporation ("Centene") have a multiyear agreement, which began January 1, 2024, to manage pharmacy benefit services for Centene's customers, providing them with access to the extensive Express Scripts national network of retail pharmacies. •Express Scripts and Prime Therapeutics LLC ("Prime") have agreements to deliver improved choice and affordability for Prime's clients and customers by enhancing retail pharmacy networks, providing access to Accredo and Express Scripts Pharmacy, and providing pharmaceutical manufacturer value. •The Department of War (previously the Department of Defense) TRICARE® is the military health care program available to active-duty service members, active-duty family members, National Guard and Reserve members and their family members, retirees and retiree family members, survivors and certain former spouses.”

Annual report 2025A · The company itself

“This diversity in customer base results in no individual customer accounting for greater than one percent of Cintas' total revenue. As a result, the loss of one account would not have a material financial impact on Cintas.”

Annual report 2026A · The company itself

“In connection with the pendency of the Transaction, it is possible that some customers, suppliers and other persons with whom we have a business relationship may delay or defer certain business decisions or might decide to seek to terminate, change or renegotiate their relationships with us, as the case may be, as a result of the Transaction or otherwise.”

Annual report 2026A · The company itself

“In addition, the success of any acquisition, including the ability to realize anticipated cost synergies, depends in part on our ability to integrate the acquired company. The process of integrating acquired businesses may involve unforeseen difficulties and may require a disproportionate amount of our management's attention and our financial and other resources. If management is not able to effectively manage the integration process, or if any significant business activities are interrupted as a result of the integration process, we may not be able to realize anticipated cost synergies resulting from acquisitions and our business could suffer.”

Annual report 2026A · The company itself

“We may be unable to complete the proposed acquisition of UniFirst, or, if completed, successfully integrate UniFirst’s business and realize the anticipated benefits of the Transaction, which could adversely affect our business, financial condition and results of operations. The proposed acquisition of UniFirst is subject to risks and uncertainties, and there can be no assurance that the Transaction will be completed on the anticipated terms, within the expected timeframe, or at all.”

Annual report 2026A · The company itself

“If the Transaction is not completed, we would not realize any of the anticipated strategic, operational or financial benefits of the acquisition and could be subject to a number of risks and costs, including a decline in the market price of our common stock to the extent that the current market price reflects expectations that the Transaction will be completed; significant transaction-related expenses, including legal, accounting, financial advisory, financing and other professional fees, whether or not the Transaction is completed; the diversion of management's time and attention from existing business operations and other strategic opportunities; potential adverse reactions from customers, suppliers, business partners, employee-partners and the financial markets; potential litigation relating to the Transaction or the failure to complete the transaction; and, under certain circumstances, the obligation to pay UniFirst a termination fee of $350.0 million.”

Annual report 2026A · The company itself

“The announcement and pendency of the Transaction may also disrupt our business operations and relationships regardless of whether the Transaction is completed. Uncertainty regarding the Transaction could make it more difficult to retain and attract employees, maintain relationships with customers, suppliers and other business partners, and pursue business opportunities during the pendency of the Transaction.”

Annual report 2026A · The company itself

“Even if the Transaction is completed, we may not realize the anticipated benefits, cost savings, synergies, efficiencies, innovation opportunities, enhanced growth prospects or other strategic objectives expected from the Transaction within the anticipated time period or at all. The integration of UniFirst's business into our operations will be a complex, costly and time-consuming process and may result in significant challenges, including the diversion of management's attention from ongoing business operations; difficulties in retaining key management personnel and other employee-partners; challenges in retaining customers and maintaining relationships with suppliers and other business partners; difficulties in combining and coordinating geographically dispersed operations; challenges associated with consolidating corporate and administrative functions and eliminating duplicative operations; unanticipated issues in integrating information technology, communications, operational and financial reporting systems; previously unknown liabilities; unforeseen integration expenses; and delays in implementing integration initiatives.”

Annual report 2026A · The company itself

“Strategic Alliances We pursue strategic alliances with other companies in areas where collaboration can produce industry advancement and accelerate new markets. The objectives and goals of a strategic alliance can include one or more of the following: technology exchange, product development, joint sales and marketing, or new market creation.”

Annual report 2026A · The company itself

“Drive scale in growth markets, key industries, and high-opportunity businesses: We continue to strengthen our competitive position by expanding in growth markets, deepening our presence in priority industry verticals, and investing in businesses with attractive and sustainable long‑term potential. Through disciplined resource allocation, targeted talent investments, and a focus on relationship‑led growth, we aim to broaden our reach and build scale where we are best positioned to win.”

Annual report 2025A · The company itself

“Corporate Finance also provides acquisition and follow-on financing for new and recapitalized portfolio companies of key sponsors, with services meeting the unique and time-sensitive needs of private equity firms, management companies, and funds, and underwriting and portfolio management expertise for leveraged transactions and relationships.”

Annual report 2025A · The company itself

“The Company also relies on a number of single-source suppliers for certain commodities and raw material inputs, including packaging, product components, finished products and other necessary supplies as well as on single-source manufacturing for certain product lines. The Company has experienced and could continue to experience material disruptions in production and other supply chain issues, including as a result of business interruptions, aging infrastructure, supply chain dependencies, increased supplier concentration in certain categories, or challenges associated with integrating and aligning supply chain operations across acquired businesses, such as in the Company’s acquisition of GOJO, which could result in out-of-stock conditions.”

Annual report 2025A · The company itself

“The Company’s level of indebtedness has increased, and may continue to increase, in connection with recent strategic transactions, including the acquisition of GOJO for approximately $2.15 billion on April 1, 2026, which was primarily debt-financed, and the purchase of P&G’s 20% interest in the Glad joint venture, which was paid in cash for $476 million on March 2, 2026.”

Annual report 2025A · The company itself

“To mitigate these risks, Cloudberry maintains a geographically and technologically diversified portfolio, applies a disciplined capital allocation strategy, engages in active dialogue with policymakers and regulators, and integrates comprehensive risk monitoring into investment planning.”

Annual report 2024A · The company itself

“Some of our clearing house's largest clearing firms have indicated their belief that clearing facilities should not be owned or controlled by exchanges and should be operated as utilities and not for profit. These clearing firms have sought, and may seek in the future, legislative or regulatory changes that would, if adopted, enable them to use alternative clearing services 17 Table of Contents for positions established on our exchanges or to freely move open positions among clearing houses in order to take advantage of our liquidity.”

Annual report 2025A · The company itself

“The market for such transactions is highly competitive, especially in light of historical merger and acquisition activity in our industry.”

Annual report 2025A · The company itself

“However, from time to time we acquire or take control of a bottling operation, often in underperforming markets where we believe we can use our resources and expertise to improve performance.”

Annual report 2025A · The company itself

“Our industry is being affected by the trend toward consolidation in, and the blurring of the lines between, retail channels, particularly in Europe and the United States. Retailers may seek lower prices from us and our bottling partners, may demand increased marketing or promotional expenditures in support of their businesses, and may be more likely to use their distribution networks to introduce and develop private-label brands, any of which could negatively affect the Coca-Cola system’s profitability.”

Annual report 2025A · The company itself

“Any loss, cancellation, reduction, or delay in purchases by these large customers could harm the longevity of our business.”

Annual report 2026A · The company itself

“For example, Circle provides us with creation and redemption services for USDC, including the operational capabilities required for our USDC customer-facing services. If Circle fails to provide certain operational services, our ability to maintain our current level of offerings and customer experience for USDC could be harmed and interest or confidence in USDC could be impacted.”

Annual report 2025A · The company itself

“In connection with these activities, we generally hold cash and other crypto assets with such third-party exchanges or other trading venues in order to effect customer orders. If we were to experience a disruption in our access to these third-party exchanges and trading venues, our Prime trading service could be adversely affected to the extent that we are limited in our ability to execute order flow for our Prime customers. In addition, while we have policies and procedures to help mitigate our risks related to routing orders through third-party trading venues, if any of these third-party trading venues experience any technical, legal, regulatory, or other adverse events, such as shutdowns, delays, system failures, suspension of withdrawals, illiquidity, insolvency, or loss of customer assets, we might not be able to fully recover the cash and other crypto assets that we have deposited with these third parties.”

Annual report 2025A · The company itself

“We have pursued and may continue to pursue acquisitions of brands, businesses, assets or technologies from third parties.”

Annual report 2025A · The company itself

“Finally, we will simplify our product portfolios and finalise the integrations of Atos Medical and Kerecis to reduce structural complexity and capture synergies.”

Annual report 2025A · The company itself

“We acquired Accigo's Norwegian Microsoft Dynamics operation in December 2025”

Annual report 2025A · The company itself

“Columbus has a proven buy-and-build platform, with an extensive M&A track record, robust pipeline, and strong integration capabilities.”

Annual report 2025A · The company itself

“Market pricing and uncertainty have reached a level where activity is picking up in the market, and we have shifted our mode to active pursuit in the M&A space. We acquired Accigo's Norwegian Microsoft Dynamics operation in December 2025.”

Annual report 2025A · The company itself

“These market factors may be exacerbated by consolidation in the media industry, which may further increase our programming expenses.”

Annual report 2025A · The company itself

“Table of Contents Seek Growth through Acquisitions—We believe that we can further increase our cash flow and operating income by continuing to opportunistically enter new markets or service lines through acquisition. We have dedicated a significant portion of our cash flow on an ongoing basis to seeking opportunities to acquire businesses that have strong assembled workforces, excellent historical safety performance, leading design and energy efficiency capabilities, attractive market positions, a record of consistent positive cash flow, and desirable market locations.”

Annual report 2025A · The company itself

“We expect to continue to pursue selective acquisitions of businesses.”

Annual report 2025A · The company itself

“Förvärvet av Matre Maskin är en viktig del av Firenors framtida tillväxt, och stärker det totala erbjudan - det samtidigt som det ökar verksamhetens kompetens, kunnande och leveranskapacitet. Firenor International är i en expansiv fas och har med stort intresse från kunder byggt en rekordstor orderbok.”

Annual report 2024A · The company itself

“There are substantial risks with any acquisitions or divestitures we have completed or that we may choose to undertake. We regularly review our portfolio and pursue growth through acquisitions and seek to divest noncore assets or businesses. We may not be able to complete these transactions on favorable terms, on a timely basis, or at all.”

Annual report 2025A · The company itself

“Konsolideringar inom den medicintekniska industrin sker regelbundet, vilket kan förändra kundernas situation.”

Annual report 2024A · The company itself

“Utvärdering av partnerskap och M&A-möjligheter Vi utvärderar aktivt möjligheter att accelerera tillväxten genom partnerskap och riktade förvärv under de kommande åren. Genom samarbeten eller förvärv av mogna, lönsamma företag som kompletterar vår expertis inom signalbehandling, forskning & utveckling och försäljning, vill vi öka synergier och bredda våra möjligheter.”

Annual report 2024A · The company itself

“CooperSurgical expects that OB/GYN medical offices and fertility clinics will continue to move away from private practice ownership and toward group practices, private equity, corporate or other ownership. As the consolidation trend continues it will have increased influence over supply chain control, group purchases, value analysis committees, product evaluation and procurement.”

Annual report 2025A · The company itself

“We have a history of acquiring businesses and products that have significantly contributed to our growth in recent years. As part of our growth strategy, we intend to continue to consider acquiring complementary technologies, products and businesses and establishing joint ventures or other strategic relationships.”

Annual report 2025A · The company itself

“Furthermore, we are likely to face competition from major competitors in the acquisition of vehicle storage facilities, which could significantly increase the cost of such acquisitions and thereby materially impede our expansion objectives or have a material adverse effect on our consolidated results of operations. These potential new competitors may include consolidators of automobile dismantling businesses, organized salvage vehicle buying groups, automobile manufacturers, automobile auctioneers and software companies.”

Annual report 2025A · The company itself

“Table of Contents Operating and Growth Strategy Our growth strategy is to increase revenues and profitability by, among other things, (i) acquiring and developing additional vehicle storage facilities in key markets, including foreign markets; (ii) pursuing global, national, and regional vehicle seller agreements; (iii) increasing our service offerings; and (iv) expanding the application of VB3 into new markets.”

Annual report 2025A · The company itself

“To implement our growth strategy, we intend to continue to do the following: Acquire and Develop New Vehicle Storage Facilities in Key Markets Including Foreign Markets Our strategy is to offer integrated services to vehicle sellers on a global, national, or regional basis by acquiring or developing facilities in new and existing markets. We integrate our new acquisitions into our global network and capitalize on certain operating efficiencies resulting from, among other things, the reduction of duplicative overhead and the implementation of our operating procedures.”

Annual report 2025A · The company itself

“No single customer accounted for more than 10% of our consolidated revenues for fiscal 2025, 2024, or 2023 and our business does not depend on any particular customer to remain profitable.”

Annual report 2025A · The company itself

“We seek to increase our sales and profitability through the acquisition of complementary businesses, additional facilities and the development of new facilities. Historically, the acquisition and development of new facilities has both enabled and resulted from market share gains in our core salvage vehicle remarketing business.”

Annual report 2025A · The company itself

“The loss of, failure to maintain, or failure to establish new relationships, or the weakness or decrease in size of companies with whom we maintain relationships, could adversely affect our ability to serve our customers, as well as adversely affect our solutions and operating results.”

Annual report 2025A · The company itself

“We supplement our organic growth strategy and sales efforts by pursuing attractive acquisition opportunities, which serve to strengthen and extend our market positions and create value faster.”

Annual report 2025A · The company itself

“This enables us to provide new offerings with better cost economics, sell complementary products, acquire attractive assets that can leverage existing infrastructure and cost synergies and introduce successful products and practices from other markets. •Compounding Growth Model – Our growth model historically benefits from strong revenue retention, organic growth from new customer acquisitions and selling more value-added products to current customers, via developed and acquired payment solutions. •Proprietary Networks – Our specialized proprietary networks allow for unique data capture at the point-of-sale, providing an incremental value proposition to our customers.”

Annual report 2025A · The company itself

“We have been an active acquirer in the U.S. and internationally, and, as part of our growth strategy, we expect to seek to acquire businesses, commercial account portfolios, technologies, services and products in the future. We have substantially expanded our overall portfolio of solutions, customer base, headcount and operations through acquisitions.”

Annual report 2025A · The company itself

“•Acquisitions—Since 2002, we have completed over 100 acquisitions of companies and commercial account portfolios. Acquisitions have been an important part of our growth strategy, and it is our intention to continue to seek opportunities to increase our customer base and diversify our service offering through further strategic acquisitions.”

Annual report 2025A · The company itself

“For example, in 2021, the FTC withheld approval for our proposed acquisition of RentPath, the purchase agreement was subsequently terminated, and we incurred a termination fee of $52 million.”

Annual report 2025A · The company itself

“In addition to organic growth, we have grown our business through strategic acquisitions. We acquired Visual Lease, Matterport, and Domain in November 2024, February 2025, and August 2025, respectively.”

Annual report 2025A · The company itself

“We may be unable to realize the benefits of the Matterport Acquisition or the Domain Acquisition. • If third-party suppliers upon which Matterport relies are not able to fulfill its needs, Matterport's ability to timely and cost effectively bring its hardware products to market could be affected. • Cyberattacks and security vulnerabilities could result in serious harm to our reputation, business, and financial condition. • Technical problems or disruptions could damage our reputation and lead to reduced demand for our information, analytics, and online marketplace services, lower revenue and increased costs. • The significant costs associated with building our campus in Richmond, Virginia, have impacted and will continue to impact our financial condition and results of operations. • We may not be able to successfully expand geographically, which may negatively impact our business.”

Annual report 2025A · The company itself

“We have expanded our markets and services in part through acquisitions of complementary businesses, services, databases, and technologies, and expect to continue to do so in the future.”

Annual report 2025A · The company itself

“Under året tillkom Bure och GP Bullhound som nya ägare i en transaktion som skedde på samma värdering som Creades då hade i böckerna och eftersom vi nu värderar Mentimeter till den transaktionens värde har ingen värdeändring skett under året.”

Annual report 2024A · The company itself

“Investeringskriterier Creades investerar opportunistiskt och söker goda affärer inom ramen för tydliga men relativt vida kriterier: Potential: Creades söker investeringsmöjligheter som har betydande potential för omvärdering och underliggande värdeskapande Bransch: Creades begränsar sig inte till investeringar i särskilda branscher eller verksamhetsområden, men fokuserar på verksamheter som är relativt sett förutsägbara, vad gäller till exempel kundernas beteenden, branschens struktur och teknikutveckling Storlek: En investering, inklusive tillväxtpotential, måste vara så stor att den har en materiell påverkan på avkastningen för Creades aktieägare Ägarinflytande: Majoriteten av Creades investeringar i företag bör medföra att Creades får ett ägarinflytande i företaget och kan agera som engagerad ägare Geografi: Portföljens fokus är svenska och nordiska företag Identifiering Creades bedriver ett kontinuerligt analysarbete av företag och genomför ett stort antal bolagsbesök varje år.”

Annual report 2024A · The company itself

“Portföljaktivitet, Likviditet och Utdelning Under året löpte Creaspacs treåriga investeringsperiod ut och vi har därför avvecklat bolaget och skiftat ut merparten av bolagets tillgångar till aktieägarna.”

Annual report 2024A · The company itself

“Skapa värde genom att ifrågasätta och förändra existerande strukturer, genom t.ex. förvärv, optimering av produktionseller försäljningsorganisationer, uppdelning av verksamheter eller försäljning av divisioner eller produkter och tjänster utanför företagets kärnområde.”

Annual report 2024A · The company itself

“CRH has a proven track record of growing and creating value through acquisition with over 1,250 deals completed in our history.”

Annual report 2025A · The company itself

“The Company’s acquisition strategy depends on successfully identifying and acquiring suitable assets at prices that satisfy our stringent cash flow and return on investment criteria. The Company may not be able to identify such companies, and, even if identified, may not be able to acquire them because of a variety of factors including the outcome of due diligence processes, the ability to raise required funds on acceptable terms, regulatory approvals (including in certain instances from competition authorities) and competition for transactions from peers and other entities acquiring companies in the building materials sector.”

Annual report 2025A · The company itself

“Our customer retention, renewals and expansion may decline or fluctuate as a result of a number of factors, including our customers’ satisfaction with our products and services, our customers’ ability to fully utilize their product subscriptions, our pricing, customer security and networking issues and requirements, our customers’ spending levels, decreases in the number of endpoints to which our customers deploy our solutions, mergers and acquisitions involving our customers, industry developments, competition, the impact of the July 19 Incident, including the impact of our customer commitment packages, and general economic and geopolitical conditions.”

Annual report 2026A · The company itself

“Conditions in our market could also change rapidly and significantly due to partnering or acquisitions by our competitors or continuing market consolidation. Some of our competitors have recently made acquisitions of businesses or have established cooperative relationships that may allow them to offer more directly competitive and comprehensive solutions than were previously offered and adapt more quickly to new technologies and customer needs.”

Annual report 2026A · The company itself

“Key elements of our growth strategy include: •Growing Our Customer Base by Replacing Legacy and Other Endpoint Security Products. Given the limitations of existing legacy and other endpoint security products, many organizations are replacing their existing legacy and other endpoint security products with our Falcon platform.”

Annual report 2026A · The company itself

“Health Care Benefits Competition The health care benefits industry is highly competitive, primarily due to a large number of for-profit and not-for-profit competitors, competitors’ marketing and pricing and a proliferation of competing products, including new products that are continually being introduced into the marketplace. New entrants into the marketplace, as well as consolidation within the industry, have contributed to and are expected to intensify the competitive environment.”

Annual report 2025A · The company itself

“•In our Health Care Benefits segment, we must often bid against our competitors in a highly competitive environment to acquire and retain our government customers’ business. Winning bids for Medicaid and dual eligible programs often are challenged successfully by unsuccessful bidders, and may also be withdrawn or canceled by the issuing agency.”

Annual report 2025A · The company itself

“Changes in marketplace dynamics or the actions of competitors or manufacturers, including industry consolidation, the emergence of new competitors and strategic alliances, and decisions to exclude us from new narrow or restricted retail pharmacy networks could materially and adversely affect our businesses, operating results, cash flows and/or prospects.”

Annual report 2025A · The company itself

“In addition, increased utilization of generic drugs (which normally yield a higher gross profit rate than equivalent brand name drugs) has resulted in pressure to decrease reimbursement payments to retail, mail order and specialty pharmacies for generic drugs, causing a reduction in our margins on sales of generic drugs. Consolidation within the generic drug manufacturing industry and other external factors may enhance the ability of manufacturers to sustain or increase pricing of generic drugs and diminish our ability to negotiate reduced generic drug acquisition costs.”

Annual report 2025A · The company itself

“Our suppliers are independent entities subject to their own operational and financial risks that are outside our control. If our current suppliers were to stop selling prescription drugs to us or delay delivery, including as a result of supply shortages, supplier production disruptions, supplier quality issues, closing or bankruptcies of our suppliers, or for other reasons, we may be unable to procure alternatives from other suppliers in a timely and efficient manner and on acceptable terms, or at all.”

Annual report 2025A · The company itself

“Hospitals, other health care providers and health systems continue to consolidate across the health care industry. While this consolidation could increase efficiency and has the potential to improve the delivery of health care services, it also reduces competition and the number of potential contracting parties in certain geographies and sectors of the health care industry.”

Annual report 2025A · The company itself

“We may pursue acquisitions, joint ventures, strategic alliances and other inorganic growth opportunities, as well as strategic divestitures, as part of our business strategy.”

Annual report 2025A · The company itself

“To further the strategic objectives set forth above, the Company also acquires businesses and makes investments that either complement its existing business portfolio or expand its portfolio into new markets that the Company deems attractive. Given the rapid pace of technological development and the specialized expertise typical of Danaher’s served markets, acquisitions as well as strategic alliances and investments can provide the Company access to important new technologies and domain expertise, and Danaher continues to pursue acquisition and investment opportunities within its targeted markets.”

Annual report 2025A · The company itself

“Promising acquisitions and investments, such as our pending acquisition of Masimo Corporation, are difficult to identify and complete for a number of reasons, including high valuations, competition among prospective buyers or investors, the availability of affordable funding in the capital markets and the need to satisfy applicable closing conditions and obtain applicable antitrust and other regulatory approvals on acceptable terms. For example, antitrust scrutiny by regulatory agencies and changes to regulatory approval processes in the U.S. and non-U.S. jurisdictions may cause approvals to take longer than anticipated to obtain, may not be obtained at all, or may contain burdensome conditions, which may jeopardize, delay or reduce the anticipated benefits of acquisitions to us and could impede the execution of our business strategy.”

Annual report 2025A · The company itself

“As part of our business strategy, we intend to drive profitable sales growth by increasing same-restaurant sales at existing restaurants, continuing to expand our current portfolio of restaurant brands, and acquiring additional brands that can be expanded profitably.”

Annual report 2026A · The company itself

“Any expansion of our international operations through acquisitions or through organic growth could increase these risks. Additionally, while we may invest material amounts of capital and incur significant costs in connection with the growth and development of our international operations, including to start up or acquire new operations, we may not be able to operate them profitably on the anticipated timeline, or at all. If we suffer losses in these operations and such losses are sustained and significant, we may also incur material write-offs or impairments of our investments, including, without limitation, goodwill or other assets. These risks could have a material adverse effect on our business, results of operations, financial condition and cash flows and could materially harm our reputation.”

Annual report 2025A · The company itself

“We may make additional strategic acquisitions of other companies as part of our growth strategy.”

Annual report 2026A · The company itself

“Acquisitions by manufacturers offer the further benefit of increasing the manufacturer’s market share”

Annual report 2025A · The company itself

“Participate in consolidation of distribution and leverage commercial position”

Annual report 2025A · The company itself

“We proudly announced and finalised the acquisition of KIND, one of the world’s leading retailers of hearing aids. This – our largest-ever – expansion of our global network of hearing care clinics complements our long-term aspirations of helping more people with hearing loss through personalised care.”

Annual report 2025A · The company itself

“Carrier costs are expected to continue to rise driven by regulations, emissions reporting, toll systems, and sustainability requirements. This is expected to support further consolidation of the road transport sector.”

Annual report 2025A · The company itself

“We will continue to have a portfolio of Logistics Boost projects in 2026. The structural issues facing the other two focus areas, i.e. the adaptation to new ferry competition in the Türkiye-Italy/Europe corridor and the turnaround of TES (Türkiye & Europe South), turned out to be more severe than anticipated.”

Annual report 2025A · The company itself

“Our failure to successfully identify, complete and integrate pending and future acquisitions of properties or businesses could reduce our earnings and slow our growth. There is intense competition for acquisition opportunities in our industry.”

Annual report 2025A · The company itself

“Our acquisitions may not achieve the intended benefits or may disrupt our plans and operations. We have in the past and may continue in the future to acquire businesses as part of our growth strategy. Acquisitions present many risks, and we may not realize the financial or strategic goals that were contemplated at the time of the transaction.”

Annual report 2025A · The company itself

“Certain of our competitors have greater financial, distribution, marketing and other resources, and may be able to secure better arrangements with suppliers, than we.”

Annual report 2026A · The company itself

“We are dependent on our vendors, including direct ship vendors, to supply suitable merchandise in a timely and efficient manner at favorable costs. If a vendor fails to deliver on its commitments due to financial or other difficulties, or if we are unable to source an expanded assortment of appropriate product to meet our merchandising strategies, we could experience merchandise shortages which could lead to lost sales or increased merchandise costs if alternative sources must be used.”

Annual report 2026A · The company itself

“Med tanke på den lägre marknadsefterfrågan under de senaste åren och den ökade konkurrensen inom vissa produktkategorier, särskilt för segmentet Land Vehicles Americas, beslutade vi att genomföra en strategisk översyn av vår produktportfölj och den 12 december 2024 tillkännagav vi ett globalt omstruk - tureringsprogram. Programmet innefattar både portföljförändringar och strukturella kostnadsreduktioner.”

Annual report 2024A · The company itself

“Tack vare bolagets marknadsledande ställning, starka kassaflödesgenerering och kärnkompetenser har Dometic sedan börsnoteringen mer än fyrdubblat nettoomsättningen genom att expandera bolagets adresserbara marknad till närliggande vertikaler.”

Annual report 2024A · The company itself

“SOM SKAPAR ÖKAD STABILITET Investeringar i innovativa produkter, varumärkesprofilering och marknadsföring har, i kombination med en förvärvsagenda, resulte - rat i en affärsmodell som är väl diversifierad inom olika geografiska områden, produkter och kundsegment, vilket bidrar till ökad stabilitet.”

Annual report 2024A · The company itself

“– en integrerad del av strategin En välavvägd kombination av organisk tillväxt och strategiska förvärv är fortsatt viktig för att ytterligare stärka Dometics ledande ställning.”

Annual report 2024A · The company itself

“De branscher som Dometic verkar inom är alltjämt fragmenterade och att leda konsolideringen blir avgörande för att kunna utnyttja globala trender som skapar tillväxt. Samtidigt som den växande samlingen av potentiella strategiska förvärv hanteras centralt, har segmenten fått utökat ansvar i fråga om att identifiera och utvärdera möjliga förvärvsobjekt.”

Annual report 2024A · The company itself

“Kontinuerlig översyn av portföljen Dometic gör kontinuerligt en strategisk översyn av den befintliga portföljen och beaktar både framtida förvärv och avyttringar.”

Annual report 2024A · The company itself

“Att samarbeta med affärspartners som delar Dometics höga standarder i fråga om affärsetik, kvalitet, miljömedvetenhet och sociala standarder är en förutsättning för att effektivt hantera risker och förbättra resultatet genom hela värdekedjan.”

Annual report 2024A · The company itself

“Dometics strategi att minska komplexiteten och antalet leverantörer gör det möjligt att noggrant bedöma och följa upp utvalda leverantörer under de kommande åren.”

Annual report 2024A · The company itself

“Den 12 december 2024 tillkännagav Dometic ett Globalt omstruktureringsprogram för att bidra till ökade marginaler och frigöra resurser för att investera i och främja lönsam tillväxt och värdeskapande inom strategiska tillväxtområden. Programmet innefattar både portföljförändringar och strukturella kostnadsreduktioner.”

Annual report 2024A · The company itself

“För att förenkla organisationsstrukturen och säkerställa syn - ergieffekter mellan de olika geografiska områdena planerar Dometic att ändra organisationsstrukturen för Land Vehicles. De tre Land Vehicles-segmenten planeras att konsolideras till ett gemensamt Global Land Vehicles-segment.”

Annual report 2024A · The company itself

“Integreringsaktiviteterna fortskrider som planerat och aktiva kylboxar under varumärket Igloo har lanserats. De nya produkterna drar nytta av den kombinerade tekniska kompetensen från Igloo och Dometic och säljs till kunder över hela världen.”

Annual report 2024A · The company itself

“In our international markets, we generally grant geographical rights to the Domino’s Pizza® brand to master franchisees. These master franchisees are charged with developing their geographical area, and they may profit by sub-franchising and selling food, and to a lesser extent, other products to those sub-franchisees, as well as by running pizza stores.”

Annual report 2025A · The company itself

“As part of our business strategy, we will continue to consider a wide array of strategic transactions, including acquisitions of, and investments in, businesses, technologies, intellectual property, services, talent, and other assets and arrangements that may complement or otherwise grow our business. We have previously acquired and invested in, and continue to evaluate, targets that operate in relatively nascent markets and there is no assurance that such acquired businesses, or any investment or strategic transaction that we enter into, will be successfully integrated into our business, generate revenue, or achieve any expected benefits on a timely basis or at all.”

Annual report 2025A · The company itself

“The total purchase consideration of the Deliveroo acquisition was allocated to the tangible and intangible assets acquired, and liabilities assumed, based upon their respective fair values as of the date of the acquisition. The Company recorded $1,950 million of goodwill which represents the excess of the purchase price over the net assets acquired. Goodwill is primarily attributed to the assembled workforce and anticipated synergies from the potential future growth of the Company’s and Deliveroo’s platforms and the expected strategic advantages from combining the Company’s and Deliveroo’s geographical footprint and operations.”

Annual report 2025A · The company itself

“The total purchase consideration of the SevenRooms acquisition was allocated to the tangible and intangible assets acquired, and liabilities assumed, based upon their respective fair values as of the date of the acquisition. The Company recorded $886 million of goodwill which represents the excess of the purchase price over the net assets acquired. Goodwill is primarily attributed to the assembled workforce of SevenRooms and anticipated synergies arising from potential future growth and an enhanced platform to help merchants serve their customers across all channels.”

Annual report 2025A · The company itself

“we still only have approximately 6% market share...we continue to see M&A opportunities”

Annual report 2025B · From the report

“A competitive industry Our industry has always been characterised by a high degree of competition, and in recent years, new competitors have entered the industry. These include digital forwarders and a few of the established ocean carriers.”

Annual report 2025A · The company itself

“Average air and sea gross profit yields are expected to be lower in 2026 compared to the 2025 full-year average due to the dilution from Schenker.”

Annual report 2025A · The company itself

“M&A and integration Our purpose and strategy Our purpose is to enable the business of our customers by keeping their supply chains flowing. We aim for sustainable growth, both organic and inorganic, by prioritising operational excellence and meeting stakeholder expectations.”

Annual report 2025A · The company itself

“M&A and integration M&A and integration of companies remain a cornerstone of our strategy. Through M&A, we have consistently lifted our productivity, while improving our service offerings and achieving scale and network advantages.”

Annual report 2025A · The company itself

“The transport and logistics industry remains highly fragmented, and despite our leading position, we still only have approximately 6% market share. Combined with increasing complexity in the global supply chains, we continue to see M&A opportunities to support the future growth of the company.”

Annual report 2025A · The company itself

“With a stronger operational and commercial foundation, we are better positioned to support existing and new customers, as illustrated with the positive commercial integration of Schenker’s customers. Our organic growth ambition remains to drive profitable, abovemarket growth and gain market share across all divisions.”

Annual report 2025A · The company itself

“A fragmented competitive landscape Following the acquisition of Schenker, DSV has an estimated market share of around 6% and has become a leading player in the freight forwarding industry. Combined, the top 20 forwarders have an estimated global market share of around 40%.”

Annual report 2025A · The company itself

“In 2025, we focused on integrating Schenker’s network to leverage the combined volumes, co-loading and charter agreements to benefit our customers, while optimising our network and procurement processes. In addition to creating a leading global network, the integration also provides significant cost synergies from economies of scale and operational leverage.”

Annual report 2025A · The company itself

“För att uppnå detta krävs effektivisering av produktion och logistik, strategiska förvärv och partnerskap.”

Annual report 2024A · The company itself

“Nio anledningar att investera i Dustin • Stor kundbas och skalbar verksamhet Vi har en effektiv och skalbar affärsmodell, vilken har varit kärnan i vår verksamhet alltsedan starten 1984. Med en bred kundbas från mindre företag till stora globala företag och offentlig sektor, skapar vi genom ökade volymer och ett nära samarbete med tillverkare och distributörer goda förutsättningar för kraftigt förstärkt lönsamhet över tid. • Potential för marginalförstärkning Vår storlek innebär att vi kan utvinna synergier och dela värdefulla kompetenser mellan våra marknader i Norden och Benelux.”

Annual report 2024A · The company itself

“Vi kan accelerera vår försäljning inom tjänstesegmentet tack vare de integrationer vi gjort av våra 17 förvärv som utgör basen för vårt tjänsteerbjudande.”

Annual report 2024A · The company itself

“Bland de risker som Dynavox Group har identifierat återfinns risken för ändrade marknadsförhållanden, samhällsstörningar samt konkurrens.”

Annual report 2024A · The company itself

“Direkt tillgång till marknader driver tillväxt genom uppskalning Under 2024 slutförde vi förvärvet av Link Assistive, vår återförsäljarpartner i Australien och Nya Zeeland. Vi har sett att direkt närvaro driver till - växt och innebär skalfördelar.”

Annual report 2024A · The company itself

“Vi räknar med att fortsätta att göra förvärv som ger direkt marknadstillgång där det är till fördel för Dynavox Group och våra tillväxtmål.”

Annual report 2024A · The company itself

“Dynavox Group ska skapa partnerskap genom horisontella förvärv som stödjer utvecklingen av Tobii Dynavox erbjudande samt vertikala förvärv på olika geografiska marknader som gör att vi kommer närmare dem och kan förstå olika lokala behov.”

Annual report 2024A · The company itself

“We have acquired, disposed of, invested in and entered into strategic partnerships and joint ventures with many businesses in the past and we expect to continue these activities in the future.”

Annual report 2025A · The company itself

“While Specialty’s customer base has broadened significantly over the years, Specialty’s business remains largely dependent upon a limited number of major QSR chains and franchisees and large food retail customers.”

Annual report 2025A · The company itself

“Customers and vendors in the foodservice, hospitality, travel, healthcare, energy, life sciences, food processing and pulp and paper industries, as well as other industries we serve, have consolidated in recent years and that trend may continue. This consolidation could have a material adverse impact on our ability to retain customers and on our pricing, margins and consolidated results of operations.”

Annual report 2025A · The company itself

“Konkurrenterna kan också ha högre tillverknings- och distributionskapacitet och bättre förutsättningar för att sälja och marknadsföra sina produkter än Egetis Therapeutics och dess samarbetspartners.”

Annual report 2024A · The company itself

“Thanks to Elanders’ financial strength, this creates opportunities for the Group to gain market shares.”

Annual report 2024A · The company itself

“When Elanders acquired Kammac Ltd in November 2023, two-thirds of the purchase price was paid at the time of the acquisition. The remainder consists of a contingent consideration that will be paid during the second quarter of 2025 and is based on the outcome of 2024.”

Annual report 2024A · The company itself

“With the acquisitions of Bishopsgate Newco Ltd. in February 2024 and Kammac Ltd in November 2023, Elanders strengthened its market position within technical logistics and contract logistics in the UK. This has made the country one of the largest markets for Elanders which is of strategic importance, given that the UK is one of Europe’s largest logistics markets.”

Annual report 2024A · The company itself

“Furthermore, the acquisitions were an important step in the Group’s strategy to constantly evolve its offering, increase its geographical spread and improve its EBITA margin.”

Annual report 2024A · The company itself

“We have built a significant portion of our current business through mergers and acquisitions, joint ventures, strategic alliances and investments, and although we expect to pursue such opportunities in the future, we are subject to risks resulting from such business combinations.”

Annual report 2025A · The company itself

“Elkem has low-cost positions driven by scale and operational excellence, as well as strong market positions in specialty niches based on deep application knowledge and close customer relationships. The division’s strategy is to strengthen its leading cost positions and pursue selected organic growth initiatives and opportunities for bolt-on acquisitions.”

Annual report 2024A · The company itself

“In 2024, the Carbon Solutions division has focused on the integration of Elkem Carbon Slovakia (former VUM), which was acquired in 2023, and a project in Brazil to expand its capacity for high-quality products.”

Annual report 2024A · The company itself

“Under 2024 förvärvades bolaget Euronics AB, vilket resulterade i en expansion med flera nya försäljningsställen i Sverige.”

Annual report 2024A · The company itself

“Our business strategy relies, in part, on acquisitions to sustain our growth, and these transactions present certain risks and uncertainties. As part of our growth strategy, we acquire companies that expand, complement, and/or diversify our businesses. However, there is no guarantee that we will be successful in identifying targets that meet our requirements for acquisition.”

Annual report 2025A · The company itself

“Portfolio management is an integral component of Emerson's growth and value creation strategy. Over the past three years, the Company has taken significant actions to accelerate the transformation of its portfolio through the completion of strategic acquisitions and divestitures of non-core businesses. These actions were undertaken to create a cohesive, higher growth, higher margin industrial technology portfolio, and the Company is now a global automation leader serving a diversified set of end markets.”

Annual report 2025A · The company itself

“EG7s långsiktiga tillväxt drivs av organisk tillväxt tillsammans med utvalda M&A-aktiviteter.”

Annual report 2024A · The company itself

“Vår strategi bygger på att skapa långsiktig, organisk tillväxt inom nätverk- och säkerhetssegmenten. Samtidigt är kompletterande förvärv ett viktigt sätt att öka tillväxttakten och under de senaste åren har vi framgångsrikt förvärvat och integrerat flera företag inom dessa områden.”

Annual report 2024A · The company itself

“Enersensellä on muutamia suuria avainasiakkaita, joiden ostokäyttäytymisellä on huomattava merkitys liiketoiminnan tulokseen. Mikäli jokin suurimmista asiakkaista siirtäisi ostonsa Enersensen kilpailijoille tai muuttaisi voimakkaasti toimintamalliaan, tai jos yhtiölle merkittävä projekti päättyisi, keskeytyisi tai supistuisi ennakoimattomasti, olisi yhtiöllä rajoitettu mahdollisuus löytää korvaava asiakasvolyymi lyhyellä ajanjaksolla.”

Annual report 2025A · The company itself

“Liiketoimintayksiköiden raportointi on muutettu uuden toimintamallin mukaiseksi, ja tämän seurauksena myös vertailukauden lukuja on päivitetty. Muutoksilla ei ole vaikutusta konsernitason lukuihin.”

Annual report 2025A · The company itself

“Skulle OEM:er välja att begränsa tillgängligheten till sina maskiner, genom ett stängt gränssnitt eller kompabilitet endast med konkurrerande produkter, finns risk för att kunderna inte kan välja engcons helhetskoncept vilket kan påverka bolagets försäljning och resultat. engcon har gemensamma forsknings- och utvecklingsprojekt med flera OEM:er både globalt och för specifika marknader och strävar efter att löpande identifiera olika strategiska samarbets-partners.”

Annual report 2024A · The company itself

“Entra will continue to optimise its high-quality management and project portfolio through asset rotation and disciplined capital allocation.”

Annual report 2024A · The company itself

“From time to time, we acquire crude oil and natural gas properties. Although we perform reviews of properties to be acquired in a manner that we believe are diligent and consistent with industry practices, reviews of records and properties may not necessarily reveal existing or potential issues (such as title defects or environmental issues), nor may they permit us to become sufficiently familiar with the properties in order to fully assess their deficiencies and potential.”

Annual report 2025A · The company itself

“Systematisk kravställan och uppföljning av leverantörers och affärspartners hållbarhetsarbete Eolus har ingen egen tillverkning och ingen egen verksamhet för byggnation av anläggningar, utan varor och tjänster köps in från leverantörer. Det innebär att den största påverkan på människor och miljö uppstår uppströms samt nedströms i värdekedjan och inte i den egna verksamheten.”

Annual report 2024A · The company itself

“FÖRVÄRVSAGENDA Nya förvärv tillför ny teknologi En viktig del av Ependions strategi är att aktivt söka efter förvärvskandidater i en grundlig process som säkrar att målbolaget passar in. Fokus är främst på kompletterande förvärv där koncernen får tillgång till ny teknologi, nya segment eller nya geografiska marknader.”

Annual report 2024A · The company itself

“Under 2024 förvärvade Westermo en minoritetspost i det brittiska teknikföretaget Blu Wireless och tecknade samtidigt ett strategiskt samarbetsavtal med bolaget. Blu Wireless har utvecklat en ny trådlös teknik som möjliggör kraftigt förbättrad uppkoppling ombord på tåg.”

Annual report 2024A · The company itself

“Koncernens verksamhet Ependions övergripande strategi är att skapa lönsam tillväxt genom att utveckla och förvärva verksamheter med högt teknikinnehåll och starka positioner på tillväxtmarknader.”

Annual report 2024A · The company itself

“Intäktsmodellen bygger på nära samarbete med kunderna i långsiktiga relationer.”

Annual report 2024A · The company itself

“Konsolidering av konkurrenter på våra marknader, vilket leder till färre tillverkare, kan påverka vår marknadsposition om Epiroc misslyckas med att effektivt delta i konsolideringen.”

Annual report 2024A · The company itself

“Förvärven av Stanley Infrastructure och ACB+ stärker vår position inom specifika nischer på infrastruktur- och byggmarknaderna. En stark trend för byggkunder är att de använder mindre och färre grävmaskiner, men samtidigt fler och mångsidigare specialtillbehör för att få arbetet utfört. Med dessa förvärv har vi nu ett mycket mer komplett utbud av både tillbehör och snabbfästen, vilket gör oss till en attraktiv partner för distributörer och slutkunder.”

Annual report 2024A · The company itself

“3) Vårt fokus på innovation sträcker sig också bortom det vi själva gör, till samarbeten med kunder, universitet och andra. 4) Och slutligen förvärvar vi företag för att bygga upp och stärka vårt ledarskap.”

Annual report 2024A · The company itself

“LaBounty, Paladin, Pengo och Dubuis. Förvärvet stärker Epirocs närvaro, särskilt i USA.”

Annual report 2024A · The company itself

“Förvärv som stödjer långsiktig lönsam tillväxt är en naturlig del av Epirocs strategi. Under 2024 slutförde Epiroc fem förvärv med totala intäkter på mer än SEK 5.4 miljarder.”

Annual report 2024A · The company itself

“Sedan börsnoteringen har EQT ökat antalet strategier från 6 till 18 och täcker nu produkter för privata investerare, Private Equity, Infrastruktur och Real Estate Genom att öka kapitalåtagandena i stängda fonder och lansera nya distributionskanaler förväntar sig EQT att 15–20 % av framtida kapitalanskaffning kommer att komma från Private Wealth Sedan börsnoteringen har EQT ökat sin avgiftsrelaterade EBITDA-marginal från % till 53 % EQT strävar efter att behålla sin ledande position i Europa, expandera sin närvaro i Nordamerika och bli den ledande aktören i Asien.”

Annual report 2024A · The company itself

“EQT:s ramverk för värdeskapande bygger på strategier såsom intäktsförbättringar, ledningsförändringar, prisoptimering, kostnadseffektiviseringar samt transformativa åtgärder som strategisk ompositionering och tilläggsförvärv.”

Annual report 2024A · The company itself

“We periodically engage in acquisitions, dispositions and other strategic transactions, including joint ventures. These transactions involve various inherent risks, such as our ability to obtain the necessary regulatory and third-party approvals; the timing of and conditions imposed upon us by regulators in connection with such approvals; the assumption of, or retaining, potential environmental or other liabilities; and our ability to realize the benefits and synergies expected from such transactions within our projected timeframe or at all.”

Annual report unknown yearA · The company itself

“Our largest customer accounted for approximately 3% of our recurring revenues for the years ended December 31, 2025, 2024 and 2023. Our 50 largest customers accounted for approximately 36%, 36% and 37% of our recurring revenues for the years ended December 31, 2025, 2024 and 2023, respectively.”

Annual report 2025A · The company itself

“In addition, to serve the growing hyperscale requirements, we have entered into joint venture partnership arrangements across our Americas, EMEA and Asia-Pacific regions to develop and operate xScale data centers.”

Annual report 2025A · The company itself

“Vi håndterer denne risikoen gjennom målrettet innsats for å få tilgang til prosjektmuligheter, optimalisering av vår portefølje av omstillingssprosjekter for økt lønnsomhet, uorganiske tiltak som fusjoner og oppkjøp, å bidra til å utvikle politikk og rammeverk som støtter disse markedene, kostnadsdisiplin og en årlig strategisk forretningsplanleggingsprosess tilpasset den eksterne konteksten.”

Annual report 2024A · The company itself

“The order intake in 2024 has mainly been driven by BKS with add-ons from the purchase of Kvinnherad Elektro Group. • Acquisition of Kvinnherad Elektro Group, the high-potential Power & Automation provider Kvinnherad Elektro was concluded in September 2024. • Announced acquisitions of IMTAS Group and Austevoll Rørteknikk AS in Q1 2025, in line with our proactive M&A strategy.”

Annual report 2024A · The company itself

“Established growth strategy focused on organic grow and acquiring attractive, profitable companies.”

Annual report 2024A · The company itself

“2.4 Events after 31 December 2024 On 17 th of February 2025, EQVA ASA entered into an agreement to acquire 100% of the shares in IMTAS AS and its subsidiaries (other than IMTAS Eiendom AS) ("IMTAS Group"). The acquisition was carried out by EQVA's wholly owned subsidiary EQVA Industrial Solutions AS.”

Annual report 2024A · The company itself

“The market is currently experiencing a consolidation of and increased scrutiny on these software vendors, particularly in the multifamily space and algorithmic platforms, which may negatively impact the Company’s choice of vendor and pricing options due to lack of optionality or litigation challenges of the vendor or the vendor’s underlying algorithmic platform.”

Annual report 2025A · The company itself

“High-quality sourcing and development of private label products are central to the group’s value proposition, and it benefits from its long-term joint sourcing partnership with Tokmanni of Finland.”

Annual report 2024A · The company itself

“Further, FERC's policy has encouraged competition for transmission projects as it looks to expand the transmission system to accommodate state and federal policy as well as to enhance reliability and resilience for extreme weather events while lowering costs. Implementation of FERC's goals may expose us to competition for construction of transmission projects, which could result in being exposed to cost caps or a reduced ROE in order to win a project bid, additional regulatory considerations and potential delay with respect to future transmission projects, which may adversely affect our results of operations and lower rate base growth.”

Annual report 2025A · The company itself

“As of December 31, 2025, we held interests in 407 operating stores through unconsolidated joint ventures.”

Annual report 2025A · The company itself

“Industry consolidation may result in increased competition Some of our competitors have made acquisitions or entered into partnerships or other strategic relationships to offer a more comprehensive solution than they had previously offered. We have also entered into large, strategic partnerships to enhance our competitive position in the marketplace. As technology companies attempt to strengthen or maintain their market positions in the evolving application delivery, mobility, cloud networking and cloud platform markets, these companies continue to seek to deliver comprehensive solutions to end users and combine enterprise-level hardware and software solutions that may compete with our solutions and which could negatively impact our partnerships.”

Annual report 2025A · The company itself

“Mergers, consolidation or contraction of our clients in the financial services industry also could directly impact the number of clients, prospective clients and users of our products and services. If our clients merge with or are acquired by other entities that are not our clients, or that use fewer of our products and services, they may discontinue or reduce their use of our products and services.”

Annual report 2025A · The company itself

“Seven of the top ten companies on the 2025 Fortune 500 list use one or more of our solutions.”

Annual report 2025A · The company itself

“The industrial, construction, and maintenance supply industry in North America is consolidating, reflecting two factors.”

Annual report 2025A · The company itself

“For example, we utilize a limited number of suppliers for our distribution equipment and our vehicle fleet, and primarily one supplier for our industrial vending equipment.”

Annual report 2025A · The company itself

“Sammantaget investerades 9 419 Mkr (6 710) i förvaltningsfastigheter, varav 7 164 Mkr (888) avsåg förvärv och 2 255 Mkr (5 822) investeringar i befintliga fastigheter och projekt för egen förvaltning. Under året har 31 förvaltningsfastigheter förvärvats från det delägda joint venture-bolaget Fastighets AB Centur till ett fastighetsvärde om 5 228 Mkr.”

Annual report 2024A · The company itself

“Our strategy for long-term growth, productivity, and profitability depends in part on our ability to make prudent strategic acquisitions and investments, form joint ventures or strategic alliances, and realize the expected benefits from these transactions. We regularly acquire businesses, enter into strategic alliances, and make investments across the more than 220 countries and territories in which we provide services.”

Annual report 2026A · The company itself

“Continued transportation industry consolidation may further increase competition.”

Annual report 2026A · The company itself

“Provisions of Delaware law, our certificate of incorporation, and our bylaws, particularly the provisions that will remain in place until the fifth annual meeting of our stockholders following the Spin-Off, may prevent or delay an acquisition of FedEx Freight, which could decrease the market price of our common stock. Delaware law and our certificate of incorporation and bylaws each have provisions that could discourage, delay, or prevent a merger, acquisition, or other change in control that FedEx Freight’s stockholders may consider favorable.”

Annual report 2026A · The company itself

“•Our inability to execute and effectively operate, integrate, leverage and grow any acquired businesses and realize the anticipated benefits of acquisitions, joint ventures, strategic alliances, and investments. •The effects of a widespread outbreak of an illness or any other communicable disease or public health crisis. •Inflation and supply chain impacts on the cost and availability of vehicles and service centers. •Future material impairments in the value of our long-lived assets. •Our inability to make capital decisions based upon projected volume levels, which may be lower or higher than expected. •The exclusive forum provisions included in our bylaws, which could limit a stockholder’s ability to bring a claim in a judicial forum that the stockholder believes is favorable. •Loss or delay in the collection of accounts receivable, including as a result of the terminations of our factoring agreement with FedEx.”

Annual report 2026A · The company itself

“In March 2024 Fenix Outdoor acquired 30% of its local Fjäll - räven Brand retail partner, Arctic Fox s.r.o. Artic Fox runs six Fjällräven Stores and online business in the Czech Republic and 0,1 -6,5 37,4 28,6 0,4 2,6 Slovakia.”

Annual report 2024A · The company itself

“In March 2025 another important and strategic important in - vestment was made. Fenix Outdoor acquired 65% of the shares in Devold of Norway AS, a pioneer in wool clothing for out - door activities and protective workwear. Following completion of the transaction, Devold will become Fenix Outdoor’s num - ber one wool brand.”

Annual report 2024A · The company itself

“In addition, consolidation of suppliers may result in the reduction or elimination of rebate programs in which we participate. If we fail to qualify for these rebates or are unable to renew rebate programs on desirable terms, or a supplier materially reduces or stops offering rebates, our costs could materially increase, and our gross margins and net income could be materially adversely affected.”

Annual report 2025A · The company itself

“While our market positions can be expanded through growth of our existing business, acquisitions also remain a core part of our growth strategy and we expect to focus on acquisitions that bolt-on to our existing branch network as well as acquisitions that provide further capabilities to serve our customers.”

Annual report 2025A · The company itself

“Our ability to deliver the expected benefits from any strategic transactions that we do complete is subject to numerous uncertainties and risks, including our acquisition assumptions; our ability to integrate personnel, labor models, financials, customer relationships, supply chain and logistics, information technology and other systems successfully; business culture incompatibility; disruption of our ongoing business and distraction of management; hiring additional management and other critical personnel; product quality compliance of new suppliers; and increasing the scope, geographic diversity and complexity of our operations.”

Annual report 2025A · The company itself

“The Issuer Solutions Acquisition is expected to strengthen FIS’ banking and capital markets solutions by complementing FIS' existing processing capabilities while also extending its suite of payment products.”

Annual report 2025A · The company itself

“For this reason, Adjusted EBITDA, as it relates to our segments, is presented in conformity with FASB ASC Topic 280, Segment Reporting. Adjusted EBITDA is defined as net earnings (loss) before net interest expense, net other income (expense), income tax provision (benefit), equity method investment earnings (loss), and depreciation and amortization, and excludes certain costs that do not constitute normal, recurring, cash operating expenses necessary to operate our business.”

Annual report 2025A · The company itself

“The E&P sector has been consolidating in recent years, yielding revenues in the form of transfer fees from acquiring companies. Going forward, we expect to see both more M&A activity among our clients, but we also expect new actors to form and enter the North Sea market.”

Annual report 2024A · The company itself

“Portföljbolag i olika faser ■ 6 i preklinisk fas ■ 15 i klinisk fas ■ 8 i kommersiell fas Nätverk av investerare Flerie syndikerar med investerare från Europa, Nordamerika, Mellanöstern och Asien. Detta omfattande nätverk, inklusive relationer etablerade genom vårt Limited Partnerships segment, bidrar till att säkerställa kontinuerlig finansiering av portföljbolagen.”

Annual report 2024A · The company itself

“kommersiell tillväxt, tillsammans med andra ledande Genom transaktionen blev Flerie Invest ett helägt investerare, och med fokus på svårtillgängliga privata dotterbolag till InDex Pharmaceuticals Holding och bolag. Fleries aktiva ägarmodell, breda nätverk Fleries Invests aktieägare kom initialt att äga cirka 91,9 och resurser används för att stödja och accelerera procent av det totala antalet aktier och röster i det nya utvecklingen i bolagens projekt, vilket skapar värde för moderbolaget.”

Annual report 2024A · The company itself

“Early in the year, with the acquisition of Scott Specialized Rubber & Engineering (SSRE) a manufacturing company based in Pretoria, South Africa, we have strengthened our consumables offering within our market-leading portfolio in milling and grinding.”

Annual report 2025A · The company itself

“We are trustworthy and believe others are as well Empowerment We have the necessary autonomy to drive results Accountability We take ownership to get it done Collaboration We proactively work together to achieve success Honesty We are transparent and act with good intent Service business 23 Product business 25 PC&V business 27 Discontinued activities 29 Financial performance 30 Performance 22% 39% 14% 25% The Service business delivered 14% organic growth in order intake in 2025, supported by the strategic initiatives implemented over recent years, including a more customercentric sales organisation and the continued development of our service centre network.”

Annual report 2025A · The company itself

“We have invested in, formed strategic alliances or entered into commercial relationships with, and announced or formed joint ventures with a number of companies, and we may expand those relationships or enter into similar relationships with additional companies.”

Annual report 2025A · The company itself

“As our customers refresh the security products bought in prior years, they may seek to consolidate vendors, which may result in current customers choosing to purchase products from our competitors on an ongoing basis. Due to budget constraints or economic downturns, organizations may be more willing to incrementally add solutions to their existing network security infrastructure from competitors than to replace it with our solutions.”

Annual report 2025A · The company itself

“In order to remain competitive, we may seek to acquire additional businesses, products, technologies or IP, such as patents, and to make equity investments in businesses coupled with strategic alliances. For any possible future acquisitions or investments, we may not be successful in negotiating the terms of the acquisition or investment or financing the acquisition or investment. For both our prior and future acquisitions, we may not be successful in effectively integrating the acquired business, product, technology, IP or sales force into our existing business and operations, and the acquisitions may negatively impact our financial results.”

Annual report 2025A · The company itself

“We operate in a highly competitive business environment in most markets, and our long-term growth and profitability will depend, in particular, on our ability to expand our business across geographies and market segments, identify, consummate, and integrate appropriate acquisitions, develop innovative and differentiated new products, services, and software, expand and improve the effectiveness of our sales force, continue to reduce costs and improve operating efficiency and quality, attract relevant talent and retain, grow, and empower our talented workforce, and effectively address the demands of an increasingly regulated environment.”

Annual report 2025A · The company itself

“In addition, consolidation in the financial services industry has created stronger competitors, some with greater financial resources and broader distribution channels than our own.”

Annual report 2025A · The company itself

“The investment management industry continues to experience disruption and challenges, including continued fee pressure, regulatory changes, an increasing and changing role of technology in investment management services, the continuous introduction of new products and services, and the consolidation of financial services firms through mergers and acquisitions.”

Annual report 2025A · The company itself

“Gabriel har imidlertid iværksat en carve-out-proces, hvor FurnMaster forretningen helt eller delvist frasælges”

Annual report 2025A · The company itself

“Gabriel opbygger partnerskaber med udvalgte leverandører for at sikre stabil levering og kvalitet samt løbende udvikling af produkter og komponenter i samarbejde med disse. Gabriel anvender tillige i vid udstrækning råvarer, halvfabrikata og færdigvarer, som i særlige tilfælde af leverancesvigt kan indkøbes hos alternative leverandører.”

Annual report 2025A · The company itself

“Any past or future acquisition could also result in difficulties assimilating acquired employees, operations, and products and diversion of capital and management’s attention away from other business issues and opportunities. Integration of acquired companies may result in problems related to integration of technology and inexperienced management teams.”

Annual report 2025A · The company itself

“Koncernens expertis inom verksamma områden skapar effektiva och lönsamma sätt att utvecklas tillsammans med partners och kunder. Att investera i långsiktiga relationer är avgörande för att främja en hållbar verksamhet.”

Annual report 2024A · The company itself

“Our acquisitions, dispositions, and strategic investments, involve substantial risks. We have made and may continue to make acquisitions of, or significant investments in, businesses that offer complementary products and services or otherwise support our growth objectives.”

Annual report 2025A · The company itself

“For example, we acquired MoneyLion in April 2025.”

Annual report 2026A · The company itself

“North America Pet net sales increased 6 percent in fiscal 2026 compared to fiscal 2025, driven by favorable net price realization and mix, which includes the impact of the Acquisition.”

Annual report 2026A · The company itself

“We are prioritizing our core markets, global platforms, and local gem brands that have the best prospects for profitable growth and we are committed to reshaping our portfolio with strategic acquisitions and divestitures to further enhance our growth profile.”

Annual report 2026A · The company itself

“acquisition of Merus... diversifies our sources of future revenue, reduces our dependence on royalties”

Annual report 2025B · From the report

“Acquisition of Merus, including its late-stage breakthrough therapy asset petosemtamab”

Annual report 2025A · The company itself

“Importantly, Merus strengthens, not changes, our strategy as it accelerates our shift toward a fully integrated, 100%-owned medicines model. The addition of petosemtamab to our pipeline diversifies our sources of future revenue, reduces our dependence on royalties over time, and enhances our flexibility to invest in the “next winners” emerging from our research and development (R&D) engine.”

Annual report 2025A · The company itself

“On December 12, 2025, Genmab closed on the a cquisition of Merus, including its late-stage breakthrough therapy asset petosemtamab. In order to finance the acquisition, Genmab incurred borrowing of $5.5 billion and utilized cash on hand.”

Annual report 2025A · The company itself

“Acquisition and integration related charges were $185 million in 2025 compared to $43 million in 2024 and no acquisition and integration related charges for 2023 as there were no acquisitions during 2023. The $185 million in 2025 is primarily related to professional fees of $109 million incurred by Merus upon close of the acquisition and $58 million of equity payouts to former Merus employees.”

Annual report 2025A · The company itself

“As we look toward 2025, we retain focus on maintaining organic growth while pursuing strategic acquisitions that strengthen our market position.”

Annual report 2024A · The company itself

“Mergers and acquisitions (M&A) are a strategic driver of Gentoo Media’s expansion. Acquiring and integrating high-quality assets and entities strengthens our market position, enhances our product portfolio, and drives revenue growth.”

Annual report 2024A · The company itself

“In the summer, Gentoo Media acquired industry pioneer Casinomeister. com with a long-term strategy to restore its position as a leading authority in the sector. Additionally, the company acquired Titan, a top-tier provider of SEO and content services, to enhance operational capabilities and reduce marketing costs related to SEO and content production.”

Annual report 2024A · The company itself

“Revenues amounted to EUR 122.8 (88.6) million during 2024, an increase of 39% is primarily driven by the effect of 2023 acquisitions AskGamblers and KaFe Rocks. On an organic basis, revenues increased by 15% year over year.”

Annual report 2024A · The company itself

“In addition, the automotive aftermarket industry continues to experience consolidation. Consolidation among our competitors could further enhance their financial position, provide them with the ability to offer more competitive prices to customers for whom we compete, take advantage of acquisitions and other opportunities more readily, rapidly scale and invest in their businesses, more successfully utilize developing technology, including data analytics, artificial intelligence, and machine learning, and allow them to achieve increased efficiencies in their consolidated operations that enable them to more effectively compete for customers.”

Annual report 2025A · The company itself

“We regularly consider and enter into strategic transactions, including mergers, acquisitions, investments, alliances, and other growth and market expansion strategies, with the expectation that these transactions will result in increases in sales, cost savings, synergies and various other benefits. Assessing the viability and realizing the benefits of these transactions is subject to significant uncertainty, and we face significant competition in pursuing strategically beneficially transactions.”

Annual report 2025A · The company itself

“Vi förvärvade även det amerikanska bolaget Paragonix, som erbjuder unika lösningar för säker transport och förvaring av organ för transplantation, vilket passar perfekt i vår portfölj utifrån e strategiskt perspektiv. Sedan förvärvet har Paragonix gjort flera framsteg, bland annat genom a erhålla FDA 510(k)-godkännande för det portabla njurperfusionssystemet KidneyVault.”

Annual report 2024A · The company itself

“Innovation bortom 2030 innefaar därför bland annat a: • Vi framgångsrikt har genomfört lanseringar enligt vår innovations- och hållbarhetsstrategi och fyller kontinuerligt på med nya projekt • Araktiva digitala lösningar är en självklar del av erbjudandet och ger oss konkurrensfördelar • Vi har intensifierat vår proaktiva M&A-aktivitet för a yerligare stärka vår innovationskra Inledning”

Annual report 2024A · The company itself

“I slutet av 2023 slutförde vi förvärvet av amerikanska Healthmark, vilket innebär a vi stärkt vårt erbjudande kraigt när det kommer till förbrukningsvaror och tjänster inom Infection Control.”

Annual report 2024A · The company itself

“Our strategic business development activity reflects our commitment to focus on transformative science, build a sustainable and diverse portfolio and position ourselves for the near-, medium- and long-term growth of our business.”

Annual report 2025A · The company itself

“Konsolideringen er drevet av et ønske om skalafordeler. Størrelse blir stadig viktigere for å lykkes i forsikringsbransjen. Blant drivkreftene er økt regulatorisk kompleksitet, økende behov for å kunne investere i teknologi og strategiske formål, behovet for å tiltrekke og beholde den beste kompetansen, samt økt diversifisering og posisjonering for å være en foretrukken alliansepartner.”

Annual report 2024A · The company itself

“Gjensidige skal ha en proaktiv og disiplinert tilnærming til strukturelle vekstmuligheter gjennom oppkjøp, fusjoner og strategiske allianser. Overgripende ligger konsernets vekstmatrise fast: økt skala innen skadeforsikring i Norden og bredde innen finanssektoren i Norge. Vi vil prioritere strukturell vekst i nordisk skadeforsikring for å lykkes med vår nordiske ambisjon.”

Annual report 2024A · The company itself

“Gjensidige Forsikring inngikk en avtale om salg av datterselskapet ADB Gjensidige til ERGO International AG 25. juli 2024. Salget var et resultat av gjennomgang av konsernets strategi, og støtter ambisjonen om å skape et ledende nordisk skadeforsikringsselskap og forbedre lønnsomheten og veksten i Norden.”

Annual report 2024A · The company itself

“We may be unable to integrate the business of Worldpay successfully or realize the anticipated benefits of the Worldpay Acquisition, which could adversely affect our business, financial condition, results of operations and cash flows. The acquisition and integration of Worldpay involves a number of risks.”

Annual report 2025A · The company itself

“There is an ongoing consolidation in the graphic industry. Glunz & Jensen has no active participation in the industry consolidation; this trend will benefit Glunz & Jensen.”

Annual report 2025A · The company itself

“Highly competitive dynamics characterize the product categories in which GN operates. Products must provide compelling user experiences to compete.”

Annual report 2025A · The company itself

“GN experiences market consolidation, product commoditization, and attempts at conquering market share from incumbents and new competitors.”

Annual report 2025A · The company itself

“As part of our business strategy, we routinely evaluate opportunities that we believe could complement or supplement our business and address the needs of our customers, including possible acquisitions or investments in companies, talent, products, intangible assets or technologies, and for potential joint ventures, new lines of business, or other strategic investments.”

Annual report 2025A · The company itself

“We have invested and will continue to invest in our partnerships to provide these product offerings and tools to our customers, to assist us in expanding the suite of solutions and tools we can offer to our customers and to help us attract new customers and retain and grow our existing customers.”

Annual report 2025A · The company itself

“GRK on historiansa aikana hyödyntänyt yritysostoja kasvattaakseen uutta infrarakentamisen erityisosaamista. Esimerkiksi rataliiketoiminnassa yhtiö on hankkinut osaamista yritysostojen kautta ja kehittänyt liiketoimintaa tämän jälkeen johdonmukaisesti orgaanisen kasvun avulla.”

Annual report 2025A · The company itself

“Den lägre efterfrågan, särskilt inom fordonsindustrin, kompenserades av nyförsäljning, både genom nya kunder och genom en ökad försäljning till befintliga kunder.”

Annual report 2024A · The company itself

“In the Biotech segment, all revenue is generated from partnership payments (upfront, research payments, milestones and royalties)”

Annual report 2025A · The company itself

“we will selectively pursue in-licensing opportunities that complement our internal programs”

Annual report 2025A · The company itself

“Alongside internal innovation, we selectively pursue in-licensing opportunities to strengthen and diversify our pipeline. Gubra is committed to driving projects forward internally to reach critical value inflection points before engaging in strategic partnerships, maximising the potential of our assets and positioning us to capture greater upside from our R&D and business development activities.”

Annual report 2025A · The company itself

“Den styrkede indtjeningsevne og det mere solide kapitalgrundlag har muliggjort opkøb, som har konsolideret vores markedsposition og skabt et robust udgangspunkt for den videre udvikling af forretningen.”

Annual report 2025A · The company itself

“Vi har i tråd med vores strategi i 2025 gennemført en række opkøb, der på forskellige måder understøtter vores ambitioner om at være det førende forlag i Danmark.”

Annual report 2025A · The company itself

“Det bidrar til at nye aktører etablerer seg i våre markeder, noe som vil føre til økt konkurranse på flere områder.”

Annual report 2024A · The company itself

“Gyldendal har en ledende posisjon i allmennbokmarkedet med Gyldendal Litteratur, imprintene Kolon og Tiden og de deleide Forente Forlag og Megafon.”

Annual report 2024A · The company itself

“In Q4 2024, Lundbeck acquired Longboard Pharmaceuticals with the lead asset bexicaserin which holds blockbuster potential”

Annual report 2025A · The company itself

“Management presents the financials and commercial updates, followed by a Q&A session • A conference call recording is later published on the Hafnia website together with the ac companying PDF • Hafnia values strong shareholder value and strives to pay dividends over time • Hafnia has consistently paid out dividends and had a total shareholder return of 209% in 2022 • With a strong market reputation, Hafnia further benefits from solid industry partner relationships and enjoys a firm foothold in the investor community • Through active management, (where the market is proactively reviewed for opportunities that create stronger shareholder value), and a keen understanding of shareholders, Hafnia has grown significantly and is now the world’s leading product and chemical tanker company • The acquisitions of Chemical Tankers Inc with a fleet of 32 vessels and 12 LR1s from Scorpio in early 2022 increased Hafnia’s overall leverage and breakeven levels.”

Annual report 2022A · The company itself

“Vårt långsiktiga mål är att förvärva ett till två bolag per år.”

Annual report 2023A · The company itself

“De förvärv vi är intresserade av ska bidra till både tillväxt och stärkta positioner på marknaden, men också till riskdiversifiering och effektivare produktionskapacitet.”

Annual report 2023A · The company itself

“There have been significant business consolidations within the oil and natural gas industry in recent years. These and any future consolidations may result in reduced capital spending by our customers, which may lead to a lower demand for our services and products.”

Annual report 2025A · The company itself

“Vår strategi är att erbjuda kompletta, hållbara tillverkningslösningar genom att växa organiskt och via förvärv. Genom att stärka vårt erbjudande inom produktutveckling och rådgivning, samt utöka närvaron i strategiskt viktiga regioner, skapar vi långsiktiga kundvärden och fortsätter växa lönsamt.”

Annual report 2024A · The company itself

“Hög ambition om fortsatt tillväxt och lönsamhet. De nya finansiella målen för 2025 som sattes i början av 2024 visar på en fortsatt hög ambition om lönsam tillväxt. Målen är en omsättning överstigande 6,5 miljarder SEK med en rörelsemarginal på minst 8 procent för räkenskapsåret 2025. Det omfattande integrations- och åtgärdsprogram som vi genomfört 2024 kommer att få full effekt 2025.”

Annual report 2024A · The company itself

“Risikoforhold og prioriteter i 2025/26 I Danmark og Tyskland har Harboe løbende fokus på den intensive konkurrence fra både nationale og internationale konkurrenter.”

Annual report 2026A · The company itself

“In the United States, independent agents, brokers and wholesalers are consolidating. While acquisition activity has slowed, we continue to expect large deals by well positioned companies. This will likely result in a larger proportion of written premium being concentrated among fewer agents, brokers and wholesalers.”

Annual report 2025A · The company itself

“Additionally, the property and casualty and employee benefits insurance markets have been historically cyclical, experiencing periods characterized by relatively high levels of price competition, less restrictive underwriting standards, more expansive coverage offerings, multi-year rate guarantees and declining premium rates, followed by periods of relatively low levels of competition, more selective underwriting standards, more coverage restrictions and increasing premium rates.”

Annual report 2025A · The company itself

“For example, larger competitors, including those formed through consolidation or who may acquire new entrants to the market, such as insurtech firms, may have lower operating costs and an ability to absorb greater risk while maintaining their financial strength ratings, thereby allowing them to price their products more competitively.”

Annual report 2025A · The company itself

“In addition, the independent agent and broker distribution channel is consolidating, which could result in a larger proportion of written premium being concentrated among fewer agents and brokers, potentially increasing our cost of acquiring new business.”

Annual report 2025A · The company itself

“Acquisitions and divestitures may not produce the anticipated benefits and may result in unintended consequences, which could have a material adverse impact on our financial condition and results of operations. We may not be able to successfully integrate acquired businesses or achieve the expected synergies as a result of such acquisitions or divestitures.”

Annual report 2025A · The company itself

“Read more The global sauna market remains highly fragmented, oering consolidation opportunities. As the industry matures and large players enter the market, the pace of development accelerates.”

Annual report 2025A · The company itself

“Taking an active consolidator role in the industry through M&A is a strategic focus area for Harvia.”

Annual report 2025A · The company itself

“In 2025, the steam product category grew due to the acquisition of steam solutions manufacturer ThermaSol in 2024 and represented 8.7% of the total revenue.”

Annual report 2025A · The company itself

“This approach leverages positive impacts and opportunities related to changing customer behavior and market expectations for sustainable solutions. - Responsible sourcing and supply chain management: Ensuring resilient and responsible sourcing, supporting suppliers in improving their environmental performance, and requiring legal compliance.”

Annual report 2025A · The company itself

“In some cases, we expect that the integration of the companies that we may acquire will create production, marketing and other operating, revenue or cost synergies which will produce greater revenue growth and profitability and, where applicable, cost savings, operating efficiencies and other advantages. However, we cannot be certain that these synergies, efficiencies and cost savings will be realized.”

Annual report 2025A · The company itself

“Our hospitals face competitors that are implementing physician alignment strategies, such as employing physicians, acquiring physician practice groups and participating in ACOs or other clinical integration models.”

Annual report 2025A · The company itself

“For example, some of our competitors may negotiate exclusivity provisions with managed care plans or otherwise restrict the ability of managed care companies to contract with us. Price transparency initiatives and increasing vertical integration efforts involving third-party payers and health care providers, among other factors, may increase these challenges.”

Annual report 2025A · The company itself

“Moreover, the trend toward consolidation among private third-party payers tends to increase payer bargaining power over fee structures, and private third-party payers may increasingly demand reduced fees or be unwilling to negotiate reimbursement increases.”

Annual report 2025A · The company itself

“A component of our business strategy is acquiring hospitals and other health care businesses.”

Annual report 2025A · The company itself

“Our ability to successfully implement our acquisition and joint venture strategy depends upon, among other things, the following: • the availability of suitable acquisition or joint venture candidates at acceptable prices; • our ability to consummate such transactions, which could potentially be prohibited due to U.S. or foreign antitrust regulations; • the liquidity of our investments and the availability of financing on acceptable terms; • our ability to retain customers or product lines of the acquired businesses or joint ventures; • our ability to retain, recruit and incentivize the management of the companies we acquire; and • our ability to successfully integrate these companies’ operations, systems, services, products and personnel with our culture, management policies, legal, regulatory and compliance policies, information technology and cybersecurity systems and policies, internal procedures, working capital management, financial, operational and internal controls and strategies.”

Annual report 2025A · The company itself

“Our acquisition strategy is focused on investments in companies, including high growth high margin businesses aligned with our BOLD+1 strategy, that add new customers and sales teams, increase our geographic footprint (whether entering a new country, such as emerging markets, or building scale where we have already invested in businesses), and finally, those that enable us to access new products and technologies.”

Annual report 2025A · The company itself

“One of our business strategies has been to expand in part through acquisitions and joint ventures and we expect to continue to make acquisitions and enter into joint ventures in the future. There is risk that one or more may not succeed.”

Annual report 2025A · The company itself

“Net cash provided by operating activities $ $ $ Net cash used in investing activities (400) (430) (1,135) Net cash provided by (used in) financing activities (188) (510) Plans of Restructuring and Related Costs Plan”) to integrate our acquisitions, right-size operations and further increase efficiencies. We currently expect this plan to be completed at the end of 2027. During the years ended December 27, 2025 and December 28, 2024, we recorded restructuring and related charges associated with the 2024 Plan of $105 million and $73 million, respectively.”

Annual report 2025A · The company itself

“Business Acquisitions On November 18, 2025, we completed the acquisition of LesserEvil, LLC (“LesserEvil”), previously a privately held company that produces and sells organic popcorn and puffed snack products to retailers and distributors in the United States and Canada. The acquisition complements Hershey’s existing portfolio and increases manufacturing capacity.”

Annual report 2025A · The company itself

“Andra risker i förhållande till konkurrenter är till exempel konsolidering eller inträde på Hexagons marknader av bolag med betydande resurser. Sådan konkurrens kan leda till prissänkningar, minskade marginaler eller förlust av marknadsandelar.”

Annual report 2024A · The company itself

“Operationella risker är relaterade till mottagandet av nya produkter och tjänster, leverantörer och humankapital. Eftersom majoriteten av de operativa riskerna hänför sig till Hexagons kund- och leverantörsrelationer analyseras dessa löpande.”

Annual report 2024A · The company itself

“Vi genomförde ett antal strategiska förvärv under året, vilka fortsatt kompletterar våra FoU-kompetenser, stärker våra marknadsandelar och utvecklar konkurrensfördelar inom våra nyckelindustrier.”

Annual report 2024A · The company itself

“En viktig del av Hexagons nuvarande och framtida tillväxtstrategi är att aktivt bedriva strategiska förvärv av företag.”

Annual report 2024A · The company itself

“The Company has a well-diversified customer base and are exposed to a range of attractive end-use applications at varying stages of maturity.”

Annual report 2024A · The company itself

“Hexatronic har framgångsrikt expanderat och breddat verksamheten genom en kombination av organisk tillväxt och strategiska förvärv.”

Annual report 2024A · The company itself

“Hexatronics har framgångsrikt arbetat utefter en förvärvsstrategi som syftar till att utöka det geografiska avtrycket, utvidga till nya närliggande marknader, förbättra produktutbudet och öka den lokala produktionskapaciteten.”

Annual report 2024A · The company itself

“Fokus för de kommande åren är primärt inriktat på att stärka vårt erbjudande och närvaro inom Harsh Environment och Data Center.”

Annual report 2024A · The company itself

“Marknaderna där HEXPOL Compounding är verksam är fragmenterade med få globala konkurrenter och många mindre eller medelstora familjeägda lokala aktörer. De mindre och medelstora komponenttillverkarna har svårt att långsiktigt behålla produktionen av rubber compounds i egen verksamhet och väljer därför att utlokalisera en del av produktionen till bland annat HEXPOL, som har möjlighet att erbjuda ett konkurrenskraftigt globalt koncept och kostnadseffektiv tillverkning.”

Annual report 2024A · The company itself

“Eftermarknaden för hjul till truckar ökar även den och domineras av OEM-tillverkare av truckar och fristående distributörer. Bedömningen är att den idag fragmenterade hjulmarknaden kommer att gå in i en konsolideringsfas.”

Annual report 2024A · The company itself

“Expansion genom organisk tillväxt och förvärv HEXPOL har vuxit snabbt under många år och vi ser fortsatt stora möjligheter att växa, organiskt såväl som genom förvärv. Vår starka balansräkning och beprövade förvärvsmodell ger oss flexibilitet att agera på attraktiva möjligheter på vår fragmenterade marknad.”

Annual report 2024A · The company itself

“Förvärv och integration HEXPOL arbetar utifrån en aktiv förvärvsstrategi med en rad framgångsrika förvärv som följd. Även i framtiden kommer strategiska förvärv att ingå som en del av tillväxtstrategin.”

Annual report 2024A · The company itself

“Den nya organisationen som implementerades den första januari 2025 säkerställer en bra bas för fortsatt tillväxt både organiskt och via nya uppköp.”

Annual report 2024A · The company itself

“TOPP 10 KARRIÄRFÖRETAG 2023 IT 1-2 ÅR Stud e n t e r UTSEDDA AV April: HMS slutför förvärvet av Red Lion Controls  aviserade förvärvet av Red Lion  kan påbörjas.”

Annual report 2024A · The company itself

“1 november 2024 förvärvade HMS samtliga aktier i PEAK- System Technik GmbH, ett väletablerat tyskt industrikommuni- Förvaltningsberättelse RESULTAT I SAMMANDRAG 2024 2023 Nettoomsättning, MSEK 3 059 3 025 Justerad EBITDA, MSEK 796 877 Justerad EBITDA, % 26 29 Justerad EBIT, MSEK 665 792 Justerad EBIT, % 22 26 EBIT, MSEK 503 753 EBIT, % 16 25 Justerat resultat efter skatt, MSEK 472 610 Resultat efter skatt, MSEK 310 571 Justerat resultat per aktie, SEK 9,65 13,07 Resultat per aktie, SEK 6,35 12,23 kationsföretag som erbjuder både hårdvara och mjukvara för industri- och fordonskommunikation.”

Annual report 2024A · The company itself

“The strong strategic relationships that our merchandising organization builds with our vendors position us to deliver on our goals for our customers and offer a compelling business proposition for these market-leading suppliers. As part of our focus on product differentiation, we have formed strategic alliances and exclusive relationships with certain suppliers to market products under a variety of well-recognized brand names.”

Annual report 2026A · The company itself

“In addition, Howmet may face increased competition due to industry consolidation. Companies that are strategic partners in some areas of Howmet’s business may acquire or form alliances with Howmet’s competitors, thereby reducing their business with Howmet. Industry consolidation may result in stronger competitors who are better able to obtain favorable terms from suppliers or who are better able to compete as sole-source vendors for customers.”

Annual report 2025A · The company itself

“We may not be able to execute acquisitions, divestitures and other significant transactions successfully and we may have difficulty or fail to successfully integrate acquired companies. As part of our business strategy, we may acquire companies or businesses, divest businesses or assets, enter into strategic alliances and joint ventures, and make investments to further our business.”

Annual report 2025A · The company itself

“Part of the Company’s growth strategy involves acquisitions. We have pursued and will continue to seek acquisitions and other strategic investments to complement and expand our existing businesses.”

Annual report 2025A · The company itself

“Low-cost imports and market consolidation may also affect competition.”

Annual report 2025A · The company itself

“Inorganic growth will be driven through bolt-on acquisitions, where the company has clear and stringent criteria for potential acquisition targets.”

Annual report 2025A · The company itself

“As part of our business strategy, we frequently engage in discussions with third parties regarding possible investments, acquisitions, divestitures, strategic alliances, joint ventures, and outsourcing transactions and often enter into agreements relating to such transactions in order to further our business objectives. In order to pursue our acquisition strategy successfully, we must identify suitable candidates for and successfully complete transactions, some of which may be large and complex, and manage post-closing issues such as the integration of acquired companies or employees.”

Annual report 2025A · The company itself

“Return to the origin of the activities and as a developer engage in a careful selection of projects and partnerships with a focus on profitability ahead of growth. A review of the segment was initiated with a focus on improving performance and profitability ahead of growth, with emphasis on selected, low complexity projects under well-defined risk and execution frameworks and with selected partners.”

Annual report 2025A · The company itself

“Risker relaterade till förvärv, omstrukturering och organisationsförändring Koncernen kan från tid till annan genomföra förvärv, avytt - ringar, organisationsförändringar eller förändringar i dess tillverkning och dess fotavtryck vilket innebär en risk. Strukturoch organisationsförändringar medför, till exempel, risk för högre kostnader eller lägre intäkter än förväntat, att nyckelper - sonal slutar, eller att beräknade besparingar blir lägre i förhållande till uppsatta mål.”

Annual report 2024A · The company itself

“Till exempel har vi framgångsrikt levererat värde genom förvärvet av Orbit Irrigation under 2021. I år förvärvade vi USAbaserade ETwater som erbjuder storskaliga bevattningslösningar för kommersiella kunder och det stärker vår kapacitet inom professionell bevattning.”

Annual report 2024A · The company itself

“Vi är fokuserade på att växa såväl organiskt som genom förvärv. Det senaste årtiondet har vi genom förvärv byggt upp en kärnverksamhet inom betongytor och betonggolv, där vi nu har ett brett utbud av lösningar som positionerar oss som en komplett partner på området.”

Annual report 2024A · The company itself

“Part of our strategy is also to develop partnership with industrial players to serve larger part of project scope.”

Annual report 2024A · The company itself

“Global Outlook for Green Hydrogen 7 About HydrogenPro ASA 8 Stakeholder dialogue 9 Key Achievements New equity from strategic investors In April 2024, we received a strategic investment of NOK  announced another NOK 70 million through a private  AG and Mitsubishi Heavy Industries, Ltd.”

Annual report 2024A · The company itself

“Our daily efforts are dedicated to building a strong and resilient supplier network that meets our material quality standards, delivery timelines, and capacity requirements to support our ongoing growth and operations. As an industrial company with advanced technology, we rely on suppliers that can consistently meet our technical specifications and high-performance standards. Sourcing from a new supplier is a meticulous process that involves in-depth assessments, close collaboration with supplier management, and on-site visits to evaluate their manufacturing  with new suppliers or reassessing existing ones, ESG considerations have remained  committed to fostering positive change not only within our own operations but also across our supply chain.”

Annual report 2024A · The company itself

“Konsernin jatkuvien toimintojen liikevaihto vuonna 2025 kasvoi 22,6 % ja oli 37 800 tuhatta euroa (30 842 teur). Kasvu oli pääosin seurausta Profinder yrityskaupasta, joka toteutui marraskuun lopussa 2024.”

Annual report 2025A · The company itself

“Strategic Transaction Risks The Company's acquisition of businesses could negatively impact its profitability and returns. The Company has engaged in various acquisitions in the past and could choose to acquire additional businesses in the future. Acquisitions involve a number of risks and financial, accounting, managerial and operational challenges, including the following, any of which could adversely affect the Company's profitability and returns: •The acquired business' inability to adapt to the ITW Business Model or otherwise perform in accordance with the Company's anticipated results or timetable, could cause it to under perform relative to the Company's expectations and the price paid for it. •The acquired business could cause the Company's financial results to differ from expectations in any given fiscal period, or over the long term.”

Annual report 2025A · The company itself

“The EMS industry is highly fragmented and offers potential for consolidation.”

Annual report 2025A · The company itself

“We depend on our collaborators and licensees for the future development and commercialization of some of our drug candidates. Conflicts may arise between our collaborators and licensees and us, or our collaborators and licensees may choose to terminate their agreements with us, which may adversely affect our business.”

Annual report 2025A · The company itself

“Under the terms of our agreements with these collaborators, we have no or limited control over the further clinical development of these drug candidates in the relevant territories and any revenues we may receive if these drug candidates receive regulatory approval and are commercialized in the relevant territories will depend primarily on the development and commercialization efforts of others.”

Annual report 2025A · The company itself

“Competing products and product opportunities may lead our collaborators and licensees to withdraw their support for our drug candidates.”

Annual report 2025A · The company itself

“However, because collaboration and license arrangements are complex to negotiate, we may not be successful in our attempts to establish these arrangements. Also, we may not have drug candidates that are desirable to other parties, or we may be unwilling to license a drug candidate to a particular party because such party is a competitor or for other reasons. The terms of any such arrangements that we establish may not be favorable to us.”

Annual report 2025A · The company itself

“We may be unable to enter into any additional in-licensing agreements because suitable drug candidates that are within our expertise may not be available to us on terms that are acceptable to us or because competitors with greater resources seek to in-license the same drug candidates. Drug candidates that we would like to develop or commercialize may not be available to us because they are controlled by competitors who are unwilling to license the rights to the drug candidate to us.”

Annual report 2025A · The company itself

“We generally have a single source or a limited number of suppliers that are qualified to supply each of the raw materials, API and finished product of our drug products and our other drug candidates.”

Annual report 2025A · The company itself

“In addition to establishing collaborative or license arrangements under which other parties license our drug candidates for development and commercialization or under which we study our drug candidates in combination with such parties’ compounds or biologics, we may explore opportunities to develop our clinical pipeline by in-licensing drug candidates or therapeutic targets that fit within our focus, such as our collaborations with MacroGenics, Inc.”

Annual report 2025A · The company itself

“For example, in February 2024 we entered into a purchase agreement with MorphoSys AG and MorphoSys US Inc. under which we acquired rights to tafasitamab (MONJUVI/MINJUVI) that resulted in our holding exclusive global development and commercialization rights to tafasitamab.”

Annual report 2025A · The company itself

“Det tar sin utgångspunkt i vår affärsmodell: att utveckla och förvärva framgångsrika företag som leds av passionerade entreprenörer. FRAMGÅNGSFAKTORER ■ Rätt ledarskap för varje bolag ■ Ambitiösa mål och strategiplaner ■ Investeringar i hållbar affärs- och produktutveckling ■ Tillgång till kunskap och kompetens ■ Uthållighet och långsiktighet VAD VI LETAR EFTER ■ Endast B2B-företag ■ Delad värdegrund och en ledning som vill fortsätta sitt engagemang efter förvärvet ■ Årsomsättning om 50–500 mkr ■ Stabil god lönsamhet ■ Både tillverkande bolag med ett egenutvecklat produktsortiment och teknikhandelsbolag ■ Hållbar ledande marknadsposition inom en väldefinierad nisch ■ Produkter med högt teknikinnehåll som skapar mervärde för kunden ■ Hög andel repetitiv försäljning Att ingå i Indutradekoncernen innebär att bolaget får behålla sin ursprungliga identitet samtidigt som det får tillgång till koncernkollegornas samlade erfarenheter och kunskaper.”

Annual report 2024A · The company itself

“Förvärvsstrategier Att växa genom att förvärva stabila, lönsamma och entreprenörsdrivna teknik- och industri bolag har alltid varit en central del av Indutrades affärsmodell. Förvärvsstrategin har varit framgångsrik och utvecklas kontinuerligt för att säkra ett långsiktigt hållbart värdeskapande.”

Annual report 2024A · The company itself

“Indutrade ändrade koncernstrukturen i januari 2024 till fem internationella affärsområden, som i sin tur är indelade i 35 affärssegment vilka motsvarar olika kundsegment, geografier och/eller teknologier. Syftet med förändringen är att förbättra förutsättningarna både för organisk och förvärvad tillväxt, bland annat genom att ytterligare främja möjligheter till kunskapsdelning mellan bolag inom samma marknadssektorer och segment.”

Annual report 2024A · The company itself

“Koncernrisker Motverkande åtgärder Förvärv Förvärvsmodell Förvärv utgör en väsentlig del av koncernens affärsmodell och tillväxt. Om Indutrade inte lyckas förvärva i samma takt som tidigare kan koncernens anseende eller finansiella utveckling äventyras.”

Annual report 2024A · The company itself

“Recent Developments Recent Acquisitions The Company continued its focus on generating inorganic growth through acquisitions that strengthen our position in core product categories and broaden our exposure to high-growth, sustainable end markets.”

Annual report 2025A · The company itself

“Medarbetare och ledarskap Kunder Förvärv och startups Hållbart erbjudande Förvärv Förvaltningsberättelse – Strategi Instalcos förvärvsstrategi bygger på att identiera, förvärva och utveckla lönsamma kvalitetsbolag med stark lokal förankring och moget ledarskap. Förvärv initieras oftast via koncernens eget nätverk, med rekommendationer från bentliga dotterbolag eller förfrågningar från bolag och externa aktörer. Instalco prioriterar bolag som kan och vill bidra med kunskap och lönsamhet och som kan komplettera den bentliga verksamheten.”

Annual report 2024A · The company itself

“Instalco använder en egenutvecklad start-up-modell som en strategisk metod för att komplettera den förvärvsbaserade tillväxten. Genom att samarbeta med lokala entreprenörer och dra nytta av deras expertis skapar Instalco nya bolag, skräddarsydda för att möta lokala behov och outnyttjad marknadspotential.”

Annual report 2024A · The company itself

“Förvärvade bolag behåller sina varumärken efter inträdet i koncernen vilket innebär att de kan fortsätta att upprätthålla sina etablerade kundrelationer och sin, ofta lokala, marknadsnärvaro. Inom koncernen skapar sedan Instalco möjligheten för dotterbolag att kombinera sitt erbjudande, genom korsförsäljning med andra Instalcobolag då samtliga dotterbolag delar sin kundbas parallellt med koncernen.”

Annual report 2024A · The company itself

“We purchase our raw materials and select components and sub-assemblies used in the manufacturing of our products from external suppliers. Where feasible, we purchase raw material, components and sub-assemblies from manufacturers with whom we are at least dual-sourced.”

Annual report 2025A · The company itself

“Stark ekonomi och en betydande pipeline av nya projekt Inteaharenhistorikavlönsamtillväxt,starkfinansiellställning ochunderliggandetillgångarsommöjliggörfortsattfinansiering och expansion till fördelaktiga villkor. Bolaget har en stark egen projektutveckling och arbetar mot tydliga tillväxt- och lönsamhetsmål.”

Annual report 2024A · The company itself

“The current charter backlog provides solid visibility for 2025 and 2026, and we expect continued high commercial utilisation. However, in the short term, we expect a significant number of newbuildings will enter the market in 2025 and 2026.”

Annual report 2024A · The company itself

“However, in the short term, we expect a significant number of newbuildings will enter the market in 2025 and 2026. This may impact the competitive landscape for vessel owners, but IWS Fleet is well-positioned for this coming market, where opportunities to act as a consolidator may arise.”

Annual report 2024A · The company itself

“SUMITOMO CORPORATION – A STRATEGIC PARTNERSHIP In May, IWS Fleet entered a strategic partnership agreement with the Japanese Sumitomo Corporation. Welcoming Sumitomo Corporation as a strategic partner was a defining achievement for IWS Fleet, strengthening the company’s financial position with EUR 60 million of new equity at a pre-money valuation of EUR 176 million.”

Annual report 2024A · The company itself

“PEAK WIND – AN EXCITING JOURNEY As part of IWS’ initial investment in PEAK Wind in September 2021, we secured a fixed-price option to increase our ownership from 30% to 49%. We confidently exercised this option, in September, knowing it was value-accretive, backed by PEAK Wind’s impressive performance.”

Annual report 2024A · The company itself

“In addition, our data suppliers could enter into exclusive contracts with our competitors without our knowledge. The general trend toward industry consolidation increases the risk that these services may not be available to us in the future.”

Annual report 2025A · The company itself

“We generally set aggressive timelines for realizing savings, which assumes we successfully undertake a variety of actions (including, but not limited to, integrating technology, eliminating redundancies and effecting organizational restructurings) that are themselves subject to a variety of risks and may be subject to regulatory approvals that we do not control. The process of integrating acquired companies is time-consuming and could disrupt each company’s ongoing businesses, produce unforeseen regulatory and operating difficulties (including inconsistencies in standards, controls, procedures and policies that adversely affect relationships with market participants, regulators and others), require substantial resources and expenditures and divert the attention of management from the ongoing operation of the business.”

Annual report 2025A · The company itself

“In addition, a variety of factors, including but not limited to regulatory conditions, governmental competition approvals, cultural differences and difficulty integrating technology platforms, may adversely affect our ability to complete our acquisitions or realize our anticipated cost savings and synergies. For example, our acquisition of Black Knight closed in September 2023, and we are continuing to integrate the business of Black Knight into the ICE Mortgage Technology business as we pursue expected cost savings and revenue synergies from the acquisition.”

Annual report 2025A · The company itself

“Strengthen Our Competitive Position Through Select Acquisitions and Strategic Relationships We were an early consolidator in global markets and we intend to continue to explore and pursue acquisitions and other strategic opportunities to strengthen our competitive position globally, broaden our product offerings and services and support the growth of our company while enhancing stockholder value as measured by return on invested capital, earnings accretion and cash flow growth. We may enter into business combinations, make acquisitions or enter into strategic partnerships, joint ventures or other alliances, any of which may be material.”

Annual report 2025A · The company itself

“We have completed many acquisitions, and we expect to continue to pursue acquisitions and joint ventures. The success of our acquisitions will depend, in part, on our ability to integrate these businesses and realize anticipated cost savings, revenue synergies and growth opportunities.”

Annual report 2025A · The company itself

“We also may not realize anticipated growth opportunities and other benefits from strategic investments, such as Polymarket and Bakkt, or strategic joint ventures or alliances that we have entered into or may enter into for a number of reasons, including decline in value of the other company, regulatory or government approvals or changes, global market changes, contractual obligations, competing products and, in some instances, our lack of or limited control over the management of the business.”

Annual report 2025A · The company itself

“•Financial: Net sales in 2025 totaled $23.63 billion and cash provided by operating activities totaled $1.7 billion. •Strategic Acquisition: Completed the acquisition of DS Smith Ltd.”

Annual report 2025A · The company itself

“A critical priority will be the execution of the strategic separation to create two independent, publicly traded companies in North America and EMEA, which we aim to complete near the end of 2026 or early 2027. In North America, the business will continue strengthening its position in the region, focusing on customers and leading on innovation with an advantaged cost position. In EMEA, we will prepare the business to stand alone as an independent, publicly traded entity following the separation with the goal of becoming the leading provider of innovative, sustainable packaging solutions in EMEA.”

Annual report 2025A · The company itself

“Our strategy for long-term growth, productivity and profitability depends, in part, on our ability to accomplish prudent acquisitions, joint ventures, divestitures, spin-offs, and other strategic corporate transactions and to realize the benefits expected from such transactions, including the planned separation of our EMEA packaging business.”

Annual report 2025A · The company itself

“The proposed separation is complex, and completion of the proposed separation and the timing of its completion will be subject to a number of factors and conditions, including the readiness of the new company to operate as an independent public company, the successful integration of both legacy DS Smith and International Paper businesses in EMEA into one packaging business and finalization of the capital structure of the new company.”

Annual report 2025A · The company itself

“Throughout 2025, we continued to execute a multi‑year transformation designed to simplify our portfolio, sharpen our regional focus and improve underlying earnings power. The Company undertook significant strategic and operational changes driven largely by our 80/20 performance system, the integration of DS Smith and the divestiture of our Global Cellulose Fibers ("GCF") business.”

Annual report 2025A · The company itself

“The Company acquired DS Smith in early 2025 for an enterprise value of approximately $9.9 billion.”

Annual report 2025A · The company itself

“I syfte att möjliggöra förvärv av större portföljer till en attraktiv risknivå har Intrum ibland samarbetat med andra bolag såsom Piraeus Bank och Ibercaja Banco för att dela på kapitalinsats och vinster.”

Annual report 2024A · The company itself

“Our acquisition and divestiture activities may disrupt our ongoing business, may involve increased expenses and may present risks not contemplated at the time of the transactions. We have acquired and may continue to acquire companies, products, technologies and talent that complement our strategic direction, both in and outside the United States.”

Annual report 2026A · The company itself

“Detta gjorde vi och kunde ladda om. Vi förvärvade nio nya bolag under 2024 som tillför en årlig omsättning på nära 3 miljarder kronor.”

Annual report 2024A · The company itself

“Förvärv är en del av vår tillväxtagenda, men ingen genväg. Först fokuserar vi på organisk tillväxt i verksamheten, sedan adderar vi kompletterande förvärv.”

Annual report 2024A · The company itself

“Johan Menckel, investeringsdirektör och ansvarig för affärsutvecklingsteamet på Latour, summerar: – Det blev ett intensivt och väldigt bra år sett ur förvärvssynpunkt. Vi förvärvade nio verksamheter, i olika regioner och för olika affärsområden, varav ett par var extra viktiga ur ett strategiskt perspektiv.”

Annual report 2024A · The company itself

“Senast att ansluta var Kriterier vid Investeringar marknad och trender Adresserar identifierade trender. Branschen visar lönsam tillväxt. Utvecklingspotential Nästa utvecklingsvåg har startat.”

Annual report 2024A · The company itself

“Samtliga affärsområden ser just nu goda möjligheter att utveckla befintlig verksamhet via kompletterande förvärv, vilket innebär hög aktivitet hos Johan och hans team. – Vi förvärvar bolag för att utveckla, bygga och bidra. Inte för att sedan sälja utan för att kunna vara med på en lång resa tillsammans.”

Annual report 2024A · The company itself

“Efter en medvetet låg förvärvstakt 2023 tog den ny fart under 2024, med sammanlagt nio förvärv som bidrar med en tillförd nettoomsättning på drygt 900 Mkr.”

Annual report 2024A · The company itself

“Genom våra styrelserepresentanter, med stöd av våra dedikerade business teams, driver vi de strategiska initiativ som vi bedömer kommer att framtidssäkra våra företag och hjälpa dem att slå konkurrenterna.”

Annual report 2022A · The company itself

“Mölnlycke utvärderar också löpande möjliga kompletterande förvärv för att accelerera tillväxt ochinnovation. • Operating Room Solutions (ORS) minskade med 9 procent organiskt i konstant valuta.”

Annual report 2022A · The company itself

“Vectura förvärvade också sin första fastighet i Uppsala med ambitionen att utveckla ett innovationsområde, baserat på Uppsalas starka innovationshistoria. • Under 2022 ökade marknadsvärdet på Vecturas fastigheter, främst på grund av investeringar i pågående byggprojekt och nyligen genomförda förvärv.”

Annual report 2022A · The company itself

“Det är i vår roll som ägare av portföljbolagen som vi har vår största påverkan genom kapitalet vi tillhandahåller, vårt engagerade ägande och vår styrelserepresentation.”

Annual report 2022A · The company itself

“Marknadsledande position och en portfölj med fler åriga ram avtal och program • INVISIO är med de två starka varumärkena INVISIO och Racal Acoustics global marknadsledare inom sin nisch. Positionen förstärktes ytterligare genom Racal Acoustics genombrott i USA i början av 2023. • INVISIO har en portfölj med ramavtal och vunna program som möjliggör återkommande försäljning.”

Annual report 2024A · The company itself

“I början av 2025 förvärvade INVISIO produktlinjen UltraLYNXTM. Teknologin består av intelligenta, mjukvarudefinierade hubbar som möjliggör sömlös integration av soldatens utrustning.”

Annual report 2024A · The company itself

“Genom förvärvet av Racal Acoustics i början av 2021 breddades verksamheten med en kompletterande produkt kategori, bestående av lösningar för användare i tyngre fordonsmiljöer som präglas av en konstant hög ljudnivå.”

Annual report 2024A · The company itself

“In addition, we face significant competition in acquiring attractive properties on advantageous terms, and the value of the properties that we acquire may decline substantially after we purchase them.”

Annual report 2025A · The company itself

“Client Risks •Consolidation in the industries in which our clients operate may reduce the volume of services purchased by consolidated clients following an acquisition or merger.”

Annual report 2025A · The company itself

“Expand portfolio through strategic acquisitions. We have and expect to continue to acquire assets and businesses that strengthen our value proposition to clients. We have developed an internal capability to source, evaluate and integrate acquisitions that have created value for stockholders.”

Annual report 2025A · The company itself

“We anticipate that a portion of our future growth may come from acquiring existing businesses, services or technologies. The success of any acquisition will depend upon, among other things, our ability to effectively integrate acquired personnel, operations, services and technologies into our business and to retain the key personnel and clients of our acquired businesses. In addition, we may be unable to identify suitable acquisition opportunities, obtain any necessary financing on commercially acceptable terms or receive regulatory approvals, which have become increasingly more challenging, costly and time consuming, to move forward with the transaction as contemplated in a timely manner or at all.”

Annual report 2025A · The company itself

“Detta är den första kliniska studien inom ramen för samarbetet med MSRD/Otsuka.”

Annual report 2024A · The company itself

“Under 2024 ingicks ett samarbetsavtal med McQuade Center for Strategic Research and Development (MSRD), en del av det globala läkemedelsföretaget Otsuka, för att utveckla IRL757 vidare efter Fas I fram till och igenom proof-of-concept för behandling av apati vid både Parkinsons och andra neurologiska sjukdomar.”

Annual report 2024A · The company itself

“Intensivt arbete pågår med olika affärsutvecklingsmöjligheter likväl som interaktioner med investerarrelaterade grupperingar. Vår målsättning är att säkerställa finansiering av Fas III programmet under 2025.”

Annual report 2024A · The company itself

“Strategic acquisitions are an important element of our growth strategy and the success of any acquisition we make depends in part on our ability to integrate the acquired business and realize anticipated synergies. The process of integrating acquired businesses, particularly in new markets or for new offerings, may involve difficulties and may require a disproportionate amount of our management’s attention and our financial and other resources. For example, the success of our significant acquisitions depends, in large part, on our ability to realize the anticipated benefits, including cost savings or revenue acceleration from combining the acquired businesses with ours.”

Annual report 2025A · The company itself

“welcomed two new members to the ISS Family through the acquisitions of Franye Group in Austria and Garbialdi in Spain”

Annual report 2025A · The company itself

“ISS Türkiye Partnership with Actera ISS Türkiye is jointly owned by private equity fund Actera (39.9%), management of ISS Türkiye (10%) and ISS (50.1%) being the controlling shareholder. The shareholders’ agreement between ISS, Actera and management establishes the rights and obligations of the parties, including rights and restrictions on transferring shares, such as right of first refusal, drag along rights from Q4 2024 and right to explore a potential Initial Public Offering (IPO). As previously mentioned, and in line with the terms of the shareholders’ agreement, Actera has initiated a dialogue to explore their potential exit options, and that dialogue remains ongoing.”

Annual report 2025A · The company itself

“The acquisition of Garbialdi in Spain has reinforced our country-wide footprint adding scale, predominately within cleaning in the northern part of the country, contributing around 0.7% to Group annual revenue. In Austria, the acquisition of Franye Group further strengthened our platform, predominantly within Technical Services, and our presence in the eastern part of the country, adding around 0.2% to Group annual revenue.”

Annual report 2025A · The company itself

“In particular, the anticipated benefits of our acquisition of Hostess Brands depend in part on our ability to maintain operational stability and continue executing ongoing optimization initiatives. The Hostess Brands business has been substantially integrated into our operations; however, managing a larger and more complex organization requires continued management attention. We may encounter execution-related challenges or be affected by adverse economic, market, consumer trends, or other conditions that could limit our ability to fully realize the anticipated long-term benefits of the acquisition, which could adversely affect our results of operations or cash flows, delay or reduce the accretive impact of the transaction, and negatively impact the market price of our common shares.”

Annual report 2026A · The company itself

“•On March 2, 2021, Jacobs completed the strategic investment of a 65% interest in PA Consulting, a U.K.-based leading innovation and transformation consulting firm.”

Annual report 2025A · The company itself

“JMs förmåga att påverka hela byggbranschen är ett resultat av en målmedveten satsning på centraliserade inköp. Genom ett standardiserat sätt att designa och bygga kan JM konsolidera inköpsvolymer och dra nytta av ramavtal.”

Annual report 2024A · The company itself

“We continually evaluate the performance and strategic fit of all of our businesses and may sell businesses or product lines. Recently, we have been engaged in a strategic evaluation of our non-core product lines, leading to the divestiture of our Air Distribution Technologies business and our R&LC HVAC business.”

Annual report 2025A · The company itself

“We expect acquisitions of businesses and assets, as well as joint ventures (or other strategic arrangements), to play a role in our future growth and our ability to build capabilities in our products and services.”

Annual report 2025A · The company itself

“Kilpailu kiristyi voimakkaasti vuoden loppua kohden, ja markkinoilla oli paljon erityisen houkuttelevia tarjouksia.”

Annual report 2024A · The company itself

“Toisen vuosineljänneksen aikana Kamux solmi Secto Automotiven kanssa yhteistyösopimuksen, joka takaa Kamuxille Suomessa myytäväksi vuosittain noin 3 500 tuoretta ja säännöllisesti huollettua autoa.”

Annual report 2024A · The company itself

“Lokakuussa Kamux hankki Webcars Logistics AB:n, yksityisomistuksessa olleen yrittäjävetoisen käytettyjen autojen ostoon, kuljetuksiin ja vientiin erikoistuneen toimijan.”

Annual report 2024A · The company itself

“Marknadsförvärv är t.ex. ledande leverantörer av juridiska informationssystem på nya geografiska marknader och syftar till att förvärva starka marknadspositioner på nya marknader där organiskt inträde inte är möjligt på grund av ett stort behov av lokalt anpassat innehåll. Ett exempel på detta är förvärvet av Region Syd.”

Annual report 2024A · The company itself

“Vertikalförvärv syftar till att utöka produkterbjudande till nya regelområden, så kallade vertikaler, eller att stärka befintliga erbjudanden genom att integrera andras produkter och tjänster på någon av Karnovs plattformar. Ett exempel på detta är förvärvet av DIBkunnskap.”

Annual report 2024A · The company itself

“Förvärv av DIBkunnskap AS, en marknadsledande leverantör av digitala verktyg inom skatt och redovisning i Norge.”

Annual report 2024A · The company itself

“Förvärv av Echoline SAS, en leverantör av regelefterlevnadlösningar inom EHS.”

Annual report 2024A · The company itself

“Förvärv av Norstedts Juridik, en ledande leverantör av juridiska informationstjänster i Sverige, från Wolters Kluwer.”

Annual report 2024A · The company itself

“STÄRKT KUNDNYTTA OCH ÖKAD LÖNSAMHET Karnov genomför för närvarande integrationsprogram i Spanien och Frankrike. Aranzadi LA LEY har fusionerats till en juridisk enhet. Innehåll, produkter och användare har integrerats på en gemensam teknisk plattform och medarbetarna har blivit en samlad organisation.”

Annual report 2024A · The company itself

“Integrationsprogrammet för den spanska verksamheten leds av en styrgrupp. Det praktiska arbetet sker i sex olika processområden: teknik, innehåll, produkt, försäljning och marknadsföring, ekonomi och HR, vilka leds av medarbetare som rapporterar till styrgruppen. Målet är att uppnå kostnadssynergier på 10 MEUR med full effekt på årsbasis i slutet av 2026.”

Annual report 2024A · The company itself

“Tillväxt genom förvärv, både stora och små, ingår i Karnovs strategi. Detta medför risk för att Karnov inte kan identifiera lämpliga förvärvskandidater, att företaget inte framgångsrikt kan förhandla fram godtagbara villkor eller kan finansiera förvärven.”

Annual report 2024A · The company itself

“Karolinska Development investerar främst i onoterade bolag, vilket innebär att Karolinska Development kan vara oförmöget att finna lämpliga försäljningsalternativ för sina investeringar inom den av Karolinska Development förväntade tidsramen, eller överhuvudtaget.”

Annual report 2024A · The company itself

“Marknaden för portföljbolagens produktkandidater och nya teknologier kan vara föremål för hård konkurrens. Portföljbolagens direkta och indirekta konkurrenter kan vara stora internationella företag.”

Annual report 2024A · The company itself

“The loss of or significant reduction in sales to a key customer or a significant number of smaller customers could adversely affect our business, results of operations, or financial condition.”

Annual report 2025A · The company itself

“These risks include changes in consumer preferences, volatility in the prices of raw materials, consumer perceptions of the brands, competition in the retail market place, additional legal and regulatory regimes, and other risks.”

Annual report 2025A · The company itself

“Mergers and acquisitions have also led to increased concentration in the banking industry, placing added competitive pressure on Key’s core banking products and services as we see competitors enter some of our markets or offer similar products.”

Annual report 2025A · The company itself

“Acquisitions or strategic partnerships may disrupt our business and dilute shareholder value. Acquisitions of businesses, such as financial technology companies or investment banking firms, bank branches, or other banks involves various risks commonly associated with acquisitions or partnerships, including exposure to unknown or contingent liabilities of the acquired company; diversion of our management’s time and attention; significant integration risk with respect to employees, accounting systems, and technology platforms; increased regulatory scrutiny; and the possible loss of key employees and customers of the acquired company.”

Annual report 2025A · The company itself

“In the normal course of business, we may engage in discussions with third parties relating to possible acquisitions, strategic alliances, joint ventures and divestitures. Additionally, we occasionally make changes to our internal structure to align business products, services and solutions with market demands and to obtain cost synergies and operational efficiencies.”

Annual report 2025A · The company itself

“On November 2, 2025, we entered into an Agreement and Plan of Merger (the "Merger Agreement") to acquire the outstanding equity interests of Kenvue, Inc. ("Kenvue"), a global consumer health leader, for stock and cash consideration (the "Kenvue Acquisition").”

Annual report 2025A · The company itself

“The acquisition of additional businesses and assets is part of our growth strategy. We may experience difficulties completing acquisitions or integrating new businesses and properties, and we may be unable to achieve the benefits we expect from any future acquisitions.”

Annual report 2025A · The company itself

“We intend to pursue further M&A activities to grow and will explore M&A value creation to grow the customer base, realize synergies and expand margins.”

Annual report 2024A · The company itself

“In addition to our efforts to develop new technologies from internal sources, part of our growth strategy is to pursue acquisitions and acquire new technologies from external sources. We may also enter into definitive agreements for and consummate acquisitions of, or significant investments in, businesses with complementary products, services and/or technologies.”

Annual report 2026A · The company itself

“KONE myös seuraa tarkasti markkinan ja toimialan nousevia trendejä, ja monitoroi aktiivisesti mahdollisuuksia konsolidaatioon alalla.”

Annual report 2025A · The company itself

“The company has taken steps to strengthen its competitive position, and the business wins in 2024 reect its ability to maintain customer trust.”

Annual report 2024A · The company itself

“Leverandører kategoriseres i risikoklasser basert på kriterier som innkjøpsvolum, opprinnelsesland og avhengighet av de leverte varene og tjenestene. Vi opprettholder et aktivt engasjement med våre leverandører gjennom daglig drift, samt gjennom konferanser og webinarer som tar opp kommersielle og miljømessige, sosiale og styringsmessige (ESG) aspekter ved våre forretningsrelasjoner.”

Annual report 2024A · The company itself

“The acquisition is a key part of the sustainable growth strategy, under which the Group aims to increase its net sales to EUR 500 million by the end of 2027 through both organic and inorganic growth.”

Annual report 2025A · The company itself

“We intend to continue investing in new store growth as a key driver of long-term value creation. New stores allow us to increase penetration in existing markets, enter new geographies and reach new customers. We expect new store development to contribute to improved return on invested capital, volume growth and stronger market share performance.”

Annual report 2026A · The company itself

“Changes in future business or other market conditions could cause business investments and/or recorded goodwill or other intangible assets to become impaired, resulting in substantial losses and write-downs that would materially adversely affect our results of operations and financial condition. A significant portion of our assets consist of goodwill and other intangible assets, primarily recorded as the result of acquisitions.”

Annual report 2025A · The company itself

“If We Choose to Acquire or Dispose of Businesses, Product Lines, and Technologies, We May Encounter Unforeseen Costs and Difficulties That Could Impair Our Financial Performance An important element of our management strategy is to review acquisition prospects that would complement our existing products, augment our market coverage and distribution ability, enhance our technological capabilities, or accomplish other strategic objectives. As a result, we may seek to make acquisitions of complementary companies, products, or technologies, or we may reduce or dispose of certain product lines or technologies that no longer fit our long-term strategies.”

Annual report 2026A · The company itself

“We have made and continue to make acquisitions, investments, joint ventures and divestitures that involve numerous risks and uncertainties. From time to time, we pursue strategic acquisitions, investments and joint ventures. We also may enter into relationships with other businesses to expand our products or our ability to provide services. Any such transactions will depend in part upon the continued availability of targets or potential partners on favorable terms.”

Annual report 2026A · The company itself

“Competition The residential homebuilding industry is highly competitive. In each of the market regions where we operate, we compete for homebuyers with numerous national, regional and local homebuilders, as well as with resales of existing homes and with the rental housing market.”

Annual report 2025A · The company itself

“We could be hurt if land banks are not able to raise investor funds needed to finance land acquisition to meet out demand. In February 2025, we completed the spin-off Millrose, which serves as a source of recycled capital for land acquisitions. However, Millrose does not have the capacity to provide all the land acquisition funding we require, and Millrose’s policies will limit its acquisitions to land we expect to use within five years.”

Annual report 2025A · The company itself

“Homebuilding South Central: Revenues from home sales increased in 2025 compared to 2024, primarily due to the Rausch acquisition which resulted in an increase in the number of homes delivered in all states in the segment, partially offset by a decrease in the average sales price of homes delivered in Texas. The overall increase in the number of homes delivered was primarily due to an increase in the number of active communities including communities acquired from Rausch.”

Annual report 2025A · The company itself

“In the fourth quarter of 2025, we acquired Sealed Unit Parts Buyer, Inc. (“Supco”), which sells HVAC parts and supplies with HVACR applications.”

Annual report 2025A · The company itself

“From time to time, we may seek to complement or expand our businesses through strategic acquisitions, joint ventures, and strategic relationships. For example, in 2025, we completed the acquisition of Duro Dyne and Supco.”

Annual report 2025A · The company itself

“Inorganic growth through M&A has historically been a key driver of LINK’s growth and market expansion and remains an integral part of our strategy. Acquisitions enable LINK to scale efficiently in existing and new geographies where strong synergy potential enhances our market position, operational capabilities, and financial results.”

Annual report 2024A · The company itself

“As a leading player in the European A2P (Application to Person) messaging industry, LINK has leveraged strategic acquisitions to drive accretive growth.”

Annual report 2024A · The company itself

“We may enter into future acquisitions and take certain actions in connection with such transactions, including actions taken to comply with antitrust, competition and other regulations, that could affect our business and results of operations; if we are unsuccessful in our future acquisition endeavors, our business could be adversely impacted. Our future growth rate depends in part on our selective acquisition of additional businesses.”

Annual report 2025A · The company itself

“The inability to effectively and efficiently manage and maintain our relationships with these suppliers could negatively impact our business operations and financial results. The business practices of these suppliers could be associated with us and heighten risks to our brand.”

Annual report 2026A · The company itself

“Our ability to deliver the expected benefits from any strategic transaction is subject to numerous uncertainties and risks, including our ability to integrate personnel, labor models, financial, IT and other systems successfully; disruption of our ongoing business and distraction of management; hiring additional management and other critical personnel; and increasing the scope, geographic diversity, and complexity of our operations.”

Annual report 2026A · The company itself

“We regularly consider and enter into strategic transactions, including mergers, acquisitions, joint ventures, investments and other growth, market and geographic expansion strategies, such as FBM and ADG in 2025, with the expectation that these transactions will result in increases in sales, cost savings, synergies, and other various benefits.”

Annual report 2026A · The company itself

“We do not, however, have any long-term contracts with the majority of our suppliers or manufacturing sources for the production and supply of our fabrics and garments, and we compete with other 6 Table of Contents companies for fabrics, raw materials, and production.”

Annual report 2026A · The company itself

“We have in the past and expect to continue to seek to expand and diversify our operations with acquisitions of complementary technologies, products, manufacturing facilities, assets and businesses and other strategic transactions.”

Annual report 2026A · The company itself

“Such divestitures involve risks, such as difficulty separating portions from our other businesses, distracting employees, incurring potential loss of revenue, negatively impacting margins, and potentially disrupting customer relationships. We may also incur significant costs associated with exit or disposal activities, related impairment charges, or both.”

Annual report 2026A · The company itself

“Luotean ylimääräinen yhtiökokous päätti jakaa kiertotalousliiketoiminnat sekä kiinteistöpalveluliiketoiminnat kahdeksi itsenäiseksi pörssiyhtiöksi 31.12.2025 lukien. Osittaisjakautumisen seurauksena yhtiöiden toimintamallit, prosessit ja järjestelmät eriytettiin. Osittaisjakautumiseen voi sisältyä esimerkiksi osaavan henkilökunnan pysyvyyteen, asiakassuhteisiin, kustannuksiin ja mahdollisten transaktioiden toimeenpanoon liittyviä riskejä.”

Annual report 2025A · The company itself

“Strategic Risk •The financial services industry is highly competitive and creates competitive pressures that could adversely affect the Company’s revenue and profitability. •Difficulties in obtaining regulatory approval for acquisitions and in combining the operations of acquired entities with the Company’s own operations may prevent M&T from achieving expected benefits from acquisitions. •The Company could suffer if it fails to attract and retain skilled personnel.”

Annual report 2025A · The company itself

“Magnora, demonstrating profitability in also such a market, views this situation as an opportunity to continue investing in organic growth and acquisitions, still with a focus on early-stage projects.”

Annual report 2024A · The company itself

“The construction aggregates industry has been consolidating, and the Company has actively participated in the industry’s consolidation. The Company’s Board of Directors and management continue to review and monitor the Company’s long-term strategic plans, commonly referred to as SOAR (Strategic Operating Analysis and Review), which include assessing portfolio optimization strategies such as business combinations and arrangements with other companies engaged in similar businesses, investing in internal expansion projects in high-growth markets, divesting businesses or nonoperating assets that are not core or do not further management’s strategy and pursuing new opportunities in the Company’s existing markets or new markets.”

Annual report 2025A · The company itself

“Our future growth depends in part on disciplined acquisitions and strategic investments, and we may use shares of our common stock as consideration. We expect to continue to pursue acquisitions, joint ventures, leaseholds, licenses and other strategic transactions to strengthen our existing locations, expand our operations and enter new geographic markets.”

Annual report 2025A · The company itself

“The Company’s strategy includes ongoing evaluation of aggregates-led opportunities of scale in new domestic markets (i.e., platform acquisitions) and expansion through acquisitions that complement existing operations (i.e., bolt-on acquisitions).”

Annual report 2025A · The company itself

“Following delivery of more than DKK 100 million in initial synergies within the financial year”

Annual report 2026A · The company itself

“A number of our customers, such as supermarkets, warehouse clubs and food distributors, have consolidated in recent years and consolidation could continue. Such consolidation could present a challenge to margin growth and profitability in that it has produced large, sophisticated customers with increased buying power who are more capable of operating with reduced inventories; resisting price increases; demanding lower pricing, increased promotional programs and specifically tailored products; and shifting shelf space currently used for our products to private label and other competitive products.”

Annual report 2025A · The company itself

“Uncertain global economic conditions expose us to credit risks from customers and counterparties. Consolidations in some of the industries in which our customers operate have created larger customers, some of which are highly leveraged.”

Annual report 2025A · The company itself

“•Franchising Most McDonald’s restaurants are franchised to independent owner/operators and developmental licensees under contractual arrangements with the Company.”

Annual report 2025A · The company itself

“Our business strategy as a diversified healthcare services company includes investing, organically and inorganically, to further build an integrated oncology and multispecialty care platform and expand our biopharma services business.”

Annual report 2026A · The company itself

“Den starka resultattillväxten 2023 som till stor del drevs av utlicensieringen av Melatonin till den brittiska marknaden, förbyttes mot en kraftig resultatminskning 2024 när konkurrensen tilltog och priserna sänktes för produkten.”

Annual report 2024A · The company itself

“Fyra skäl att investera i MedCap MedCaps affärsidé är att förvärva och utveckla små och medelstora, välskötta Life Science-bolag genom att bidra med kapital, kompetens, erfarenhet och nätverk inom respektive bolags verksamhetsområde.”

Annual report 2024A · The company itself

“MEKO har kraftigt utökat närvaron i Polen under 2024 genom förvärvet av Elit Polska från LKQ Corporation. Vi etablerade oss på den polska marknaden 2018 genom förvärvet av Inter-Team, en reservdelsgrossist som även bedriver export till bland annat Tyskland. Detta förvärv har stärkt vår position och nära fördubblat vår marknadsandel.”

Annual report 2024A · The company itself

“Vi fortsatte att stärka vår position i Estland under året genom förvärvet av företaget Automeister. I affären ingick även det väletablerade verkstadskonceptet Carstop med 14 anslutna anläggningar runt om i Estland.”

Annual report 2024A · The company itself

“Genomsnittlig årlig omsättningstillväxt, med en kombination av organisk tillväxt och tillväxt genom mindre för värv.”

Annual report 2024A · The company itself

“The Company’s research and development model is designed to increase productivity and improve the probability of success by prioritizing the Company’s research and development resources on candidates the Company believes are capable of providing unambiguous, promotable advantages to patients and payers and delivering the maximum value of its approved medicines and vaccines through new indications and new formulations. Merck is pursuing emerging product opportunities independent of therapeutic area or modality. The Company is committed to ensuring that externally sourced programs remain an important component of its pipeline strategy, with a focus on supplementing its internal research through acquisitions as well as a licensing and external alliance strategy focused on the entire spectrum of collaborations from early research to late-stage compounds, as well as access to new technologies.”

Annual report 2025A · The company itself

“Acquisitions, Research Collaborations and Licensing Agreements The Company continues to pursue acquisitions and the establishment of external alliances such as research collaborations and licensing agreements to complement its internal research capabilities. These arrangements often include upfront payments; expense reimbursements or payments to the third party; milestone, royalty or profit share arrangements contingent upon the occurrence of certain future events linked to the success of the asset in development; and can also include option and continuation payments.”

Annual report 2025A · The company itself

“The Company used the net proceeds from the offering for general corporate purposes, including to fund a portion of the approximately $9.2 billion cash consideration for the January 2026 acquisition of Cidara, including related fees and expenses (see Note 3).”

Annual report 2025A · The company itself

“The Company used the net proceeds from the offering for general corporate purposes, including to fund a portion of the $10.4 billion cash consideration for the October 2025 acquisition of Verona Pharma, including related fees and expenses (see Note 3).”

Annual report 2025A · The company itself

“As part of our business strategy, we have made and intend to continue to make acquisitions to add specialized employees and complementary companies, products, or technologies, and from time to time may enter into other strategic transactions such as investments and joint ventures.”

Annual report 2025A · The company itself

“•We may seek to expand through investments in other businesses and properties or through alliances or acquisitions, and we may also seek to divest some of our properties and other assets, any of which may be unsuccessful. •Our operational efforts to expand our digital business in new geographic markets may not be successful. •The failure to maintain the integrity of our information and other systems or customer information can result in damage to our reputation, subject us to fines, payment of damages, lawsuits and restrictions on our use of data, and have a material adverse effect on our business, financial condition, and results of operations. •We are subject to risks related to corporate social responsibility and reputation. •We are subject to risks and costs related to climate change.”

Annual report 2025A · The company itself

“We may seek to expand through investments in other businesses and properties or through alliances or acquisitions, and we may also seek to divest some of our properties and other assets, any of which may be unsuccessful. We intend to consider strategic and complementary acquisitions and investments in other businesses, properties or other assets.”

Annual report 2025A · The company itself

“The semiconductor industry has experienced significant consolidation which has resulted in several of our competitors becoming much larger in terms of revenue, product offerings and scale. We may be unable to compete successfully in the future, which could harm our business.”

Annual report 2026A · The company itself

“The global memory and storage industry has experienced consolidation and may continue to consolidate.”

Annual report 2025A · The company itself

“Moberg Pharma är beroende av dess relationer till andra bolag för försäljning, marknadsföring och kommersialisering av bolagets produktkandidater på vissa marknader. Det finns en risk att sådana avtal inte kan ingås på fördelaktiga villkor, att samarbeten fungerar otillfredsställande eller att motparter inte uppfyller sina åtaganden enligt ingångna avtal.”

Annual report 2024A · The company itself

“Additionally, due to competition with brewers and other beverage companies, an increase in the purchasing power of our large competitors may cause further pricing pressures which could prevent us from increasing prices to recover higher costs necessary to compete. Such pressures could have a material adverse impact on our business and our financial results and market share.”

Annual report 2025A · The company itself

“We have also entered into a joint venture with The Yuengling Company LLC to expand the distribution of Yuengling beer in the western U.S.”

Annual report 2025A · The company itself

“Vår decentraliserade affärsmodell, vårt fokus på lönsamhet och vår förmåga att kombinera organisk tillväxt med värdeskapande förvärv har gjort att vi återigen överträffat alla våra finansiella mål.”

Annual report 2024A · The company itself

“Vår starka marknadsposition gör att vi uppnår konkurrenskraftiga inköpsvillkor och att vi säkerställer effektiva inköps- och försäljningsprocesser.”

Annual report 2024A · The company itself

“Koncernledningen identifierar och genomför större strategiska förvärv samt stöttar dotterbolag och affärsenheter med kompetens inom transaktioner, finansiell analys och kommunikation.”

Annual report 2024A · The company itself

“Förvärv bidrog till tillväxten under året, och förvärvade verksamheter bidrog med en total omsättning på cirka 91 MSEK, med goda marginaler. Under året genomfördes två nya förvärv. I februari förvärvade dotterbolaget Agera företaget PW Kullagerteknik som är en specialist inom kuloch rullningslager och i maj förvärvades Hydjan som är en specialist inom hydraulik och pneumatik i Finland.”

Annual report 2024A · The company itself

“We regularly evaluate a variety of potential strategic transactions globally, including acquisitions, divestitures, joint ventures, equity method investments and other strategic alliances that could further our strategic business objectives, and acquisitions and joint ventures are an important part of our strategy to increase our exposure to fast-growing snacking segments, fill geographic white spaces and expand into adjacent categories.”

Annual report 2025A · The company itself

“Furthermore, we may not be able to complete, on terms favorable to us, desired or proposed divestitures of businesses that do not meet our strategic objectives or our growth or profitability targets. Our divestiture activities, or related activities such as reorganizations, restructuring programs and transformation initiatives, may require us to provide or receive transitional support and/or ongoing commercial relationships, recognize impairment charges or take action to reduce costs that remain after we complete a divestiture. Gains or losses on the sales of, or lost operating income from, those businesses may also affect our profitability.”

Annual report 2025A · The company itself

“Industry consolidation may lead to increased competition and may harm our operating results. The semiconductor industry has a history of consolidation as companies attempt to improve the leverage of growing research and development costs, strengthen or hold their market positions in an evolving industry, or become unable to continue operations unless they find an acquirer or consolidate with another company. In addition, companies that are strategic alliance partners in some areas of our business may acquire or form alliances with our competitors, thereby reducing their business with us.”

Annual report 2025A · The company itself

“As part of our business strategy, from time to time we review acquisition prospects that would complement our current product offerings, enhance our design capability or offer other business opportunities. As a result of completing acquisitions, we could use a significant portion of our available cash, cash equivalents and short-term investments, issue equity securities that would dilute current stockholders’ percentage ownership or incur substantial debt or contingent liabilities.”

Annual report 2025A · The company itself

“We depend on our bottlers/distributors to prioritize our products, provide efficient, stable and reliable distribution and secure adequate shelf space in retail outlets.”

Annual report 2025A · The company itself

“In addition, in recent years, there has been a consolidation of co-packers, leading us to increasingly rely on fewer co-packing groups, certain of which account for a large percentage of our co-packing capacity for our Monster Energy® drinks. If we are unable to maintain good relationships with our largest co-packers, or if our costs of co-packing increase, our business, financial condition and results of operations could be adversely affected.”

Annual report 2025A · The company itself

“For example, in 2025, we recognized impairment charges of $38.4 million related to certain finite-lived intangible assets and impairment charges of $15.3 million related to property and equipment in the Alcohol Brands segment.”

Annual report 2025A · The company itself

“Our inability to implement our growth strategy, including expanding our business in existing and new sectors, or successfully recognize the anticipated benefits of acquired businesses or assets could adversely affect our business and financial results. ● Changes in consumer product and shopping preferences may reduce demand for our products. ● Our continued expansion outside of the United States exposes us to uncertain conditions and other risks in international markets. ● If we are not able to pass on increases in the costs of raw materials, including aluminum cans, ingredients, fuel, costs of co-packing, and/or tariffs, we may face a higher cost base, and our business and results of operations could be adversely affected. ● Our failure to accurately estimate demand for our products or maintain sufficient inventory levels or anticipate shortages of raw materials could adversely affect our business and financial results.”

Annual report 2025A · The company itself

“On July 31, 2023, we acquired substantially all of the assets of Bang Energy. Among other assets, the acquisition included the Bang Energy® drink business.”

Annual report 2025A · The company itself

“Moody’s regularly evaluates and enters into acquisitions, dispositions or other strategic transactions, partnerships and investments to strengthen its business and grow the Company.”

Annual report 2025A · The company itself

“The results of operations in the past have been, and in the future may continue to be, materially affected by: competition; legislative, legal and regulatory developments; market and economic conditions; and other risk factors. These factors also may have an adverse impact on our ability to achieve our strategic objectives.”

Annual report 2025A · The company itself

“Investment Banking services consist of capital raising and financial advisory services, including the underwriting of debt, equity securities and other products, as well as advice on mergers and acquisitions, restructurings and project finance. Our Markets business, which comprises Equity and Fixed Income, provides sales, financing, prime brokerage, market-making, and Asia wealth management services and holds certain business-related investments.”

Annual report 2025A · The company itself

“The operations and results of Ma’aden and some other companies are significant to us, and their operations can affect earnings. Because we do not control these companies either at the board or stockholder levels and because local laws in foreign jurisdictions and contractual obligations may place restrictions on monetary distributions by these companies, we cannot ensure that these companies will operate efficiently, pay dividends or generally follow the desires of our management by virtue of our board or stockholder representation. As a result, these companies may contribute less than anticipated to our earnings and cash flow, negatively impacting our results of operations and liquidity.”

Annual report 2025A · The company itself

“Competitive Risks Our competitive position could be adversely affected if we are unable to participate in continuing industry consolidation. Most of our commodity products are readily available from a number of competitors, and price and other competition in the crop nutrient industry is intense. In addition, crop nutrient production facilities and distribution activities frequently benefit from economies of scale.”

Annual report 2025A · The company itself

“Mowi also continues to pursue accretive M&A opportunities. At the beginning of 2025, Mowi entered into a share purchase agreement to increase its ownership in Nova Sea from 49% to 95%.”

Annual report 2024A · The company itself

“On 30 January 2025, Mowi announced that the company has entered into a share purchase agreement which will increase Mowi's ownership of Nova Sea from 49% to 95%. The transaction is subject to competition approval in addition to certain other standard closing conditions.”

Annual report 2024A · The company itself

“The Group’s overall ambition is to achieve profitable growth organically as well as through acquisitions.”

Annual report 2024A · The company itself

“Our business philosophy embraces market consolidation, differentiating us from small owner-operators in the industry, and we prioritize building and maintaining a high-quality customer base, emphasizing investment-grade partnerships.”

Annual report 2024A · The company itself

“koncernen har også mulighed for at afsøge uorganiske muligheder, hvis det måtte blive relevant”

Annual report 2025B · From the report

“1 for Boligforeningen Århus Omegn • Opførelse af nyt verdenslager for UNICEF i Københavns Nordhavn • Totalentreprise på opførelse af Ny Psykiatri i Viborg for Region Midtjylland • Udvidelse af M4-metrolinjen med to nye, overjordiske stationer i ydre Nordhavn i København • OPP-projekt på 31 nye indkvarteringsbygninger for det danske Forsvar i samarbejde med PensionDanmark Markedsopdatering Der er en skærpet konkurrence på selskabets forretningsområder, idet flere af branchens aktører naturligt søger hen, hvor der er mest udbudsaktivitet. Det stiller store krav til konkurrencedygtigheden og evnen til at sammensætte de bedst mulige tilbud og tilrettelægge de mest effektive produktionsprocesser.”

Annual report 2025A · The company itself

“The most significant risks for Multiconsult are related to project execution, operations activities, M&A, breaches of Code of Conduct, security breaches, changes in framework requirements and/or political changes.”

Annual report 2024A · The company itself

“M&A is an inherent component of the group growth strategy and will remain so also in the coming strategy period. The group aims to find targets that strongly align with its strategic goals.”

Annual report 2024A · The company itself

“Genomfört under 2024 •Uppgradering av koncerngemensamma affärssystemet för bättre säkerhet och fler funktioner Fördelning råmaterial Stål 30% 22% 7% Koppar •Automatisering & digitalisering inom MPS •Förbättrad service genom automatiserade verktyg och implementering av den digitala plattformen Munters Academy Papper Aluminium 6% •Ansvarsfulla inköp och stark leveranskedja med målet att minska antalet leverantörer Ansvarsfulla inköp och stark leverantörskedja Polystyrene & Polypropylen 3% •Effektivare flöde genom integrerad process mellan försäljning och produktionsplanering Övrigt 32% Ansvarsfulla inköp kräver en stark leverantörskedja. För att förbättra inköpen är målet att optimera antalet leverantörer och utnyttja de synergier vi har inom koncernen.”

Annual report 2024A · The company itself

“•Investeringar i start-ups intensifierar vår innovationsförmåga och skapar nya möjligheter Förvärv – centralt i vår strategi Under året har vi genomfört flera förvärv: • Airprotech, en italiensk tillverkare av VOC (Volatile Organic Compounds) reningssystem, • Geoclima, en italiensk tillverkare av luft- och vattenkylda kylaggregat. •Flera strategiska förvärv har genomförts, inklusive bolag inom reningssystem, kylteknik och automatiserade kontrollsystem Genom en kombination av organisk tillväxt och flera strategiska förvärv de senaste åren, har vi kunnat expandera vår verksamhet och stärka vår marknadsposition. • Hotraco, en nederländsk ledande leverantör Munters | Års- och hållbarhetsredovisning 2024 Strategi marknad 16 Strategi 02 Kunder Strategi Munters har sedan företagets grundande haft nära samarbete med kunderna.”

Annual report 2024A · The company itself

“Integration av förvärv I slutet av 2023 förvärvades indiska ZECO, och under 2024 förvärvades italienska Airprotech.”

Annual report 2024A · The company itself

“Strategiska prioriteringar Viktiga händelser under 2024 • Förvärv av Geoclima, en tillverkare av luftoch vattenkylda kylaggregat DCTs tillväxtområden • Växa organiskt med ett kundcentrerat tillvägagångssätt och ett komplett produktutbud • Fortsätta undersöka möjligheter till ickeorganisk tillväxt • Fortsätta styra marknaden mot hållbara lösningar där vår differentiering kan driva viktiga förändringar • Öka produktionskapaciteten i regioner som visar starka tillväxtmöjligheter • Driva tillväxt genom att utnyttja Geoclimas nya kylaggregat för att erbjuda kompletta kylvattenlösningar för både vätske- och luftkylning • Strategiskt partnerskap med ZutaCore för att kombinera vattenfri vätskekylning med SyCool-systemet för att effektivt hantera värme genererad av AI • I Cork, Irland, invigdes en ny toppmodern produktionsanläggning på 11 148 m².”

Annual report 2024A · The company itself

“RISKS RELATED TO TRANSACTIONAL ACTIVITIES AND STRATEGIC RELATIONSHIPS We may not be able to successfully integrate acquired businesses, which may result in an inability to realize the anticipated benefits of our acquisitions. We must rationalize, coordinate and integrate the operations of our acquired businesses.”

Annual report 2025A · The company itself

“Although we cannot predict our transactional activities, we believe that additional acquisitions, divestments, investments, joint ventures and other transactional activities will be important to our strategy.”

Annual report 2025A · The company itself

“With a solid pipeline for future growth, we are committed to continuous business development and selective mergers and acquisitions to drive additional growth.”

Annual report 2024A · The company itself

“Konsolidera marknaden och utnyttja skalfördelar för att ytterligare öka vår konkurrenskraft Mönsterkortsmarknaden i Nordamerika och Europa är väldigt fragmenterad och består av många mindre lokala importbolag som i många fall startats för 20-30 år sedan. Marknaden bedöms fortsätta att konsolideras, bland annat för att många av de mindre lokala aktörerna står inför generationsskiften.”

Annual report 2024A · The company itself

“Trots den svaga marknaden under 2024 har vi stärkt vår position genom strategiska förvärv över hela Europa. Vi ser även fortsatt stora möjligheter att utöka vår marknadsposition och tillväxt framöver.”

Annual report 2024A · The company itself

“På den europeiska marknaden finns fortsatt många mindre lokala aktörer och därmed stora förvärvsmöjligheter.”

Annual report 2024A · The company itself

“Nischförvärv för organisk tillväxt Förvärv är en viktig del i vår strategi för lönsam tillväxt. Förvärven 2024 av kanadensiska Duroair och danska Olicem ger ett mindre direkt tillskott av omsättning men stärker vårt erbjudande med möjligheten att växa snabbare i befintliga och nya branscher.”

Annual report 2024A · The company itself

“Detta är viktigt för vår organiska tillväxt, men vi kan även stärka den organiska tillväxten genom att förvärva. Under året förvärvade vi danska Olicem och kanadensiska Duroair, bolag som ger tillgång till teknik och lösningar som gör att vi kan växa och ta marknadsdelar med nya erbjudanden både på befintliga och nya marknader.”

Annual report 2024A · The company itself

“Hur Vi stärker kontinuerligt vårt ledande erbjudande och växer i nya segment, och deltar samtidigt aktivt i konsolideringen av vår industri.”

Annual report 2024A · The company itself

“I en utmanande makromiljö ökade divisionen sina marknadsandelar under 2024, drivet av bland annat riktade säljinitiativ och ett kontinuerligt flöde av nya eller uppgraderade produkter och lösningar.”

Annual report 2024A · The company itself

“The enterprise value was NOK 132 million, adjusted for 2024 results, corresponding to an EBITDA multiple of 5.5x.”

Annual report 2024A · The company itself

“I mediabranschen pågår en konsolidering som resulterar i att Net Insights faktiska och potentiella kundbas stöps om. Ett exempel på det utgörs av Tata Communications förstärkning av sin kapacitet och sitt globala distributionsnätverk genom förvärvet av The Switch. Resultatet blir att marknaden blir mer koncentrerad.”

Annual report 2024A · The company itself

“Consolidation among suppliers, particularly within the semiconductor and storage media industries, has led to price volatility and supply constraints. When industry demand is high, supply is constrained, or the supply chain is disrupted, our suppliers may allocate volumes away from us and to others, including our competitors, who depend on many of the same suppliers as we do.”

Annual report 2026A · The company itself

“Through targeted acquisitions, we instantly gain scale, local expertise, and customer relationships”

Annual report 2025A · The company itself

“Den rekordhöga orderstocken är ett resultat av våra långa kundrelationer, starka lokala närvaro och specialistkunskap inom kritisk infrastruktur.”

Annual report 2024A · The company itself