Consumer spending

“Economic and Industry Risks ■The effects of global and regional economic conditions could have a material adverse effect on our business A decline in economic activity, such as a recession or economic downturn, in the U.S., China, and other regions in the world in which we do business, could further adversely affect consumer confidence and spending patterns which could result in decreased demand for the products we sell, a delay in purchases, increased price competition, or slower adoption of energy-efficient water heaters and boilers, or high-quality water treatment products, which could negatively impact our profitability and cash flows.”

Annual report 2025A · The company itself

“In our Rest of World segment, China third-party sales declined 12 percent in local currency in 2025 due to continued weak consumer demand and the cessation of the government appliance subsidy programs in the second half of the year.”

Annual report 2025A · The company itself

“Key Financial Drivers — AES Ohio's financial results are driven primarily by retail demand and weather.”

Annual report 2025A · The company itself

“Key Financial Drivers — AES Southland's availability is one of the most important drivers of operations, along with market demand and prices for gas and electricity.”

Annual report 2025A · The company itself

“ESP 4 is a comprehensive plan to enhance and upgrade its network and improve service reliability, provide safeguards for price stability, and continue investments in local economic development.”

Annual report 2025A · The company itself

“Southland Energy — AES Huntington Beach Energy, LLC and AES Alamitos Energy, LLC (collectively "Southland Energy") each operate under 20-year tolling agreements with Southern California Edison ("SCE") to provide 1,387 MW of combined cycle gas-fired generation (through 2040). The contracts are Resource Adequacy Purchase Agreements (“RAPAs”) with annual energy tolling put options.”

Annual report 2025A · The company itself

“Private companies operate in all three segments, and generators can enter into PPAs to sell energy to regulated and unregulated customers, as well as to other generators in the spot market.”

Annual report 2025A · The company itself

“Since Aflac products provide an additional level of financial protection for policyholders, the Company believes the increased financial exposure some employees may face creates a favorable opportunity for Aflac U.S. products.”

Annual report 2025A · The company itself

“Government actions to stimulate the economy affect the value of the Company's existing holdings, its reinvestment rate on new investments in JGBs or other Japanese yen-denominated assets, and consumer behavior relative to the Company's suite of insurance products.”

Annual report 2025A · The company itself

“It is possible that lenders or debt investors may also become concerned if the Company incurs large investment losses or if the level of the Company's business activity decreases due to a market downturn or there are further adverse economic trends in the U.S. or Japan, specifically, or generally in developed markets.”

Annual report 2025A · The company itself

“Broad economic factors such as consumer spending, business investment, government spending, the volatility and strength of the capital markets and inflation, as well as ongoing central bank responses to these factors, all affect the business and economic environment and, indirectly, the amount and profitability of the Company's business.”

Annual report 2025A · The company itself

“In an economic downturn characterized by higher unemployment, lower family income, lower corporate earnings, lower business investment and lower consumer spending, the demand for financial and insurance products could be adversely affected. This adverse effect could be particularly significant for companies such as Aflac that distribute supplemental, discretionary insurance products primarily through the worksite in the event that economic conditions result in a decrease in the number of new hires and total employees.”

Annual report 2025A · The company itself

“Adverse changes in the economy could potentially lead the Company's customers to be less inclined to purchase supplemental insurance coverage or to decide to cancel or modify existing insurance coverage. Further, Aflac U.S. may experience higher rates of policy lapses during periods of increased job turnover and workforce mobility within the U.S. economy.”

Annual report 2025A · The company itself

“Først en periode med Covid-19-pandemi og efterfulgt af høj inflation, stigende renter og fortsat hård konkurrence fra online-handelen. Den fortsatte geopolitiske usikkerhed har sammen med et højere pris- og renteniveau igennem mange måneder medført en negativ forbrugertillid, og forbrugerne har holdt igen med forbruget.”

Annual report 2026A · The company itself

“I relation til koncernens ejendomsportefølje, der i al væsentlighed består af to shoppingcentre og et outletcenter, er de væsentligste forretningsmæssige risici ud over de generelle for branchen følgende: • Agat Ejendomme er afhængig af den fysiske detailhandel. En negativ udvikling, f.eks. som følge af konjunkturudviklingen, herunder høj inflation, stigende renter, lav forbrugertillid eller øget e-handel, kan medføre lavere efterspørgsel efter butikslejemål og dermed både lavere lejeindtægter og lavere ejendomspriser for koncernen, og effekten kan være væsentlig.”

Annual report 2026A · The company itself

“Factors like unemployment, consumer debt, and financial market volatility can decrease consumer confidence and spending, particularly affecting leisure travel, which forms a substantial part of our business.”

Annual report 2025A · The company itself

“Human Health Ingredients (HHI) played the most pivotal role in this achievement, with revenues increasing by 25% and krill oil sales up by 15%, contributing to a robust gross margin of 57%.”

Annual report 2024A · The company itself

“Epion’s direct engagement with the U.S. retail market provides valuable consumer insights, enabling Aker BioMarine to adapt to evolving consumer preferences and market trends.”

Annual report 2024A · The company itself

“-Regulatory changes affecting omega-3 product claims and market access -Diverging global standards for omega-3 quality and sustainability -Active participation in GOED committees and working groups -Engagement in scientific research and consumer education efforts INVESTORS, LENDERS AND FINANCIAL MARKETS Financial institutions, lenders, owners and investors need to see profitability and company growth to maintain long-term investments and financing. -Long term view of company not attuned to short term investments -Market fluctuations and economic downturns affecting investor and lender confidence -Ongoing dialogue with owners, investors, and lenders -Quarterly presentations and Capital Markets Updates CUSTOMERS AND CONSUMERS A strong customer and consumer base drives profitability -Reduced consumer demand for products -Reduced belief in omega-3 supplements -Consumer chooses cheaper options -Communication of news, data, and messaging on the benefits of krill SUPPLIERS AND BUSINESS PARTNERS Third party suppliers of goods and services are key to business continuity.”

Annual report 2024A · The company itself

“För Volvo Penta försvagades slutkundernas efterfrågan inom det marina segmentet och det gällde särskilt inom fritidsbåtsmarknaden samtidigt som efterfrågan på industrimotorer och kraftgenereringslösningar höll sig väl uppe, vilket resulterade i en gynnsam mix mot större motorer.”

Annual report 2024A · The company itself

“Normalisering på marknaderna Under 2024 sjönk den europeiska lastbilsmarknaden jämfört med de höga nivåerna 2023 då fraktvolymer och fraktpriser kom ned från tidigare toppnivåer. Den underliggande efterfrågan drevs främst av ersättningsinvesteringar.”

Annual report 2024A · The company itself

“Den brasilianska lastbilsmarknaden var på en bra nivå och den inhemska konsumtionen höll sig relativt väl uppe.”

Annual report 2024A · The company itself

“Det lägre resultatet 2024 var främst en effekt av lägre leveransvolymer och högre FoU-kostnader, vilka delvis kompenserades av prisrealisering.”

Annual report 2024A · The company itself

“Efter de historiskt höga nivåerna 2023, drevs nedgången på marknaderna i Europa initialt av försiktighet bland slutkunderna, som tilltog under loppet av året i linje med en något mättad slutmarknad och låg framtidstro bland företagen.”

Annual report 2024A · The company itself

“Förbättrad lönsamhet Nettoomsättningen ökade med 9% till 24.544 Mkr (22.423). Justerat för valutakursförändringar ökade nettoomsättningen med 10%, varav fordonsförsäljningen ökade med 11% och serviceförsäljningen med 8%.”

Annual report 2024A · The company itself

“Ett år med minskad efterfrågan Under 2024 mötte Volvo Penta en minskad efterfrågan inom de flesta kundsegment.”

Annual report 2024A · The company itself

“VOLVOKONCERNEN 2024 FÖRVALTNINGSBERÄTTELSE Operativt kassaflöde Under 2024 uppgick det operativa kassaflödet i Industriverksamheten till 45,3 miljarder kronor (45,8 ).”

Annual report 2024A · The company itself

“Att växa serviceaffären är ett prioriterat område.”

Annual report 2024A · The company itself

“Förändringen förklaras i huvudsak av det positiva operativa kassaflödet om 45,3 miljarder kronor, vilket motverkades av utdelningen till AB Volvos aktieägare om 36,6 miljarder kronor.”

Annual report 2024A · The company itself

“En bra indikator på detta är utvecklingen av vår serviceförsäljning. Serviceverksamheten växte med 4% under 2024 justerat för valuta och uppgick till 129,6 miljarder kronor, motsvarande 25% av koncernens totala försäljning.”

Annual report 2024A · The company itself

“Koncernens nettoomsättning minskade med 3% valutajusterat och uppgick till 526,8 miljarder kronor, där försäljningen av fordon var 5% lägre än under 2023 medan serviceförsäljningen ökade med 4%.”

Annual report 2024A · The company itself

“VOLVOKONCERNEN 2024 FÖRVALTNINGSBERÄTTELSE Lastbilar God lönsamhet på lägre volymer Under 2024 minskade den valutajusterade nettoomsättningen i lastbilsverksamheten med 2% till 360.610 Mkr till följd av lägre leveranser. Det justerade rörelseresultatet uppgick till 45.826 Mkr, vilket motsvarar en justerad rörelsemarginal på 12,7%.”

Annual report 2024A · The company itself

“Fortsatt stark efterfrågan Efterfrågan på bussar var fortsatt stark på många marknader, särskilt inom segmentet för turistbussar, och Volvo Bussars leveranser ökade med 9% till 6.274 enheter, drivet av en god utveckling på de flesta bussmarknaderna, särskilt i Asien, Nordamerika och Mexiko.”

Annual report 2024A · The company itself

“Marknaden för fritidsbåtar upplevde en betydande nedgång, medan marknaden för kommersiella fartyg höll sig bättre, särskilt i segmentet för besättningstransporter.”

Annual report 2024A · The company itself

“Overall, Schouw&Co. performed well in 2025, although revenue fell slightly year on year due to a combination of lower volumes in certain business areas and lower prices of several raw materials and components.”

Annual report 2025A · The company itself

“GPV reported revenue down 3% on the year before, due to continued soft demand, although with a higher intake of new orders.”

Annual report 2025A · The company itself

“The reported Q4 2025 revenue of DKK 4,264 million was in line with the year before but based on higher sales volume.”

Annual report 2025A · The company itself

“For the full year of 2025, GPV reported revenue of DKK 8,702 million, a year-on-year decrease of 3%.”

Annual report 2025A · The company itself

“Full-year 2025 revenue was DKK 3,190 million, up 5% from DKK 3,031 million in 2024.”

Annual report 2025A · The company itself

“Revenue for full-year 2025 was DKK 1,739 million, a year-on-year decrease of12%.”

Annual report 2025A · The company itself

“Full-year revenue in 2025 amounted to DKK 1,720 million, a 9% reduction compared to DKK 1,882 million in 2024.”

Annual report 2025A · The company itself

“Clear Aligner Segment Malocclusion and Traditional Orthodontic Treatment Malocclusion is one of the most prevalent clinical dental conditions in the world, affecting approximately 60% to 75% of the global population. We estimate that there are approximately 600 million people globally with malocclusion who could benefit from straightening their teeth.”

Annual report 2025A · The company itself

“Annually, only approximately 22 million people globally elect treatment by orthodontists.”

Annual report 2025A · The company itself

“Globally, more than 95% of Invisalign System prescription orders are now submitted via digital scan, increasing the accuracy of treatment plans, reducing the time from when the doctor submits the prescription to the time the patient receives the clear aligners, and helping to decrease the carbon footprint resulting from elimination of the initial or upfront shipment of the patient’s PVS impressions to the doctors and shipping those PVS impressions back to us.”

Annual report 2025A · The company itself

“Macroeconomic conditions impact consumer confidence and discretionary spending, which can reduce or shift spending away from elective procedures, drive patients to pursue less costly orthodontic treatments, decrease the number of orthodontic case starts, reduce patient traffic in dental offices, or reduce demand for dental services generally.”

Annual report 2025A · The company itself

“The market price of our common stock is subject to rapid and large price fluctuations attributable to various factors, many of which are beyond our control.”

Annual report 2025A · The company itself

“Our business strategy remains focused on increasing our share of the existing market of orthodontic case starts compared to wires and brackets, especially among teens, and expand the market for digital orthodontics, especially among adults.”

Annual report 2025A · The company itself

“•Patient Demand. Our goal is to make the Invisalign brand a highly recognized name brand worldwide by creating awareness for Invisalign treatment among consumers and motivating the potential 600 million patients who can benefit from treatment of malocclusion to seek treatment using the Invisalign System. We accomplish this through an integrated consumer marketing strategy that includes television, media, social networking and event marketing and strategic alliances with professional sports teams, as well as educating patients on treatment options and directing them to high volume Invisalign trained doctors.”

Annual report 2025A · The company itself

“Demand for our security products and solutions relies on the institutional, commercial, and residential construction and remodeling markets, which are marked by cyclicality based on national, regional and local economic conditions, including consumer confidence and disposable income, corporate and government spending, work-from-home trends, availability of credit and demand for new housing and infrastructure.”

Annual report 2025A · The company itself

“Seasonality - Electric sales are seasonal to some extent with the annual peak normally occurring in the summer months due to air conditioning requirements. Electric sales are also impacted to a certain extent in the winter months due to heating requirements.”

Annual report 2025A · The company itself

“Risks Related to Business Operations Demand for energy may decrease - Our results of operations are affected by the demand for energy in our service territories. Energy demand may decrease due to many things, including economic conditions, proliferation of customer and third party-owned generation, technological advances that reduce the costs of renewable energy and energy storage solutions for our customers, government policies, such as the Inflation Reduction Act of 2022, which incentivize customer and third party-owned generation, loss of service territory or franchises, energy efficiency measures, changes in customer usage due to rate design changes, such as time of use rates, technological advances that improve energy efficiency, third-party disrupters, loss of wholesale customers, loss of customers that pursue their own renewable projects to achieve specific sustainability goals, and the adverse impact of tariffs on our customers.”

Annual report 2025A · The company itself

“Alliant Energy’s strategy includes actions to retain current customers and attract new customers into IPL’s and WPL’s service territories in an effort to keep energy rates low for all customers. Refer to “Overview” in MDA for discussion of the strategy element focusing on growing customer demand.”

Annual report 2025A · The company itself

“Increases in the frequency or severity of property and casualty claims may adversely affect our results of operations and financial condition A significant increase in claim frequency could adversely affect the results of operations and financial condition. Changes in mix of business, miles driven, weather patterns, driving behaviors, technology or other factors can lead to changes in claim frequency.”

Annual report 2025A · The company itself

“Declines in consumer confidence and spending, including internationally, and periods of high unemployment or labor shortages could change consumer behaviors and impact the sales of our consumer protection plan products and other products and services we sell.”

Annual report 2025A · The company itself

“Products with lower liquidity and capital needs, such as auto insurance and run-off lines, create capacity to invest in less liquid higher yielding fixed income securities, performance-based investments such as limited partnerships and equity securities. Products with higher liquidity needs, such as homeowners insurance, are invested primarily in high quality liquid fixed income securities.”

Annual report 2025A · The company itself

“We empower customers with protection to help them achieve their hopes and dreams We provide affordable, simple and connected protection solutions We create economic value for our shareholders, opportunity for our team and improve communities Our Values •Integrity is non-negotiable •Inclusive Diversity leverages differences •Collective Success prioritizes enterprise outcomes Our Operating Standards •Focus on Customers by exceeding service expectations at low costs •Be the Best at serving customers, developing talent and running our businesses •Be Bold with original ideas using speed and conviction •Earn Attractive Returns by providing customer value and accepting risk Our Behaviors •Collaborate to implement comprehensive solutions •Challenge Ideas to evaluate multiple alternatives •Provide Clarity for expected outcomes, authority and accountability •Give Feedback that is candid and actionable Our strategy has two components: increase personal property-liability market share and expand protection offerings by leveraging the Allstate brand, customer base and capabilities.”

Annual report 2025A · The company itself

“Allstate Protection Segment Private passenger auto, homeowners, and other personal lines insurance products are offered to consumers through exclusive agents, independent agents and directly to the consumer through contact centers and online.”

Annual report 2025A · The company itself

“48 www.allstate.com 2025 Form 10-K Protection Services Protection Services Segment Protection Services is comprised of Protection Plans, Roadside, Dealer Services, Identity Protection and Arity. In 2025, Protection Services represented 81.6% of total PIF and 4.8% of premiums written. We offer consumer product protection plans, automotive protection and insurance products (including vehicle service contracts, guaranteed asset protection, road hazard tire and wheel and paintless dent repair protection), roadside assistance, mobility intelligence services and analytic solutions using automotive telematics information and identity theft protection and remediation services.”

Annual report 2025A · The company itself

“Inflaatio ja korot pysyvät hillittyinä ja reaalipalkat nousevat, mutta kuluttajien luottamus pysyy heikkona ja suurempia hankintoja lykätään varovaisuussyistä, joka näkyy kuluttajien korkeampana säästämisasteena Suomessa.”

Annual report 2025A · The company itself

“Medialiiketoiminnan markkinakehitys Kantar TNS:n mukaan vuonna 2025 mediamainontaan käytettiin yhteensä 1 261 milj. euroa, eli 0,7 %:n vähemmän kuin 2024. Kun kokonaispotista jätetään pois sosiaalinen media ja hakumainonta, niin mediamainonnan määrä vähentyi 3,0 %.”

Annual report 2025A · The company itself

“Suomen markkinan vaisun kasvun ja kuluttajien heikon luottamuksen ennakoidaan jatkuvan ja mainontaan sisältyy edelleen epävarmuutta.”

Annual report 2025A · The company itself

“Mediakäyttäytymisen muutokset, jotka aiheuttavat tilaaja- ja lukijamäärien merkittävää laskua aiheuttaen digitaalisen mainosmyynnin pysyvän vähentymisen.”

Annual report 2025A · The company itself

“Kuluttajien ja loppukäyttäjien näkökulmasta tärkeiksi nousivat yksityisyydensuoja, laadukkaan tiedon ja palveluiden saatavuus sekä vastuullinen journalismi ja markkinointi.”

Annual report 2025A · The company itself

“Palveluiden omien rekisteröityjen käyttäjien sekä Alma-tunnuksen käytön määrän kasvattaminen.”

Annual report 2025A · The company itself

“Saavutimme kasvua haastavassa markkinaympäristössä, paransimme kannattavuutta ja etenimme määrätietoisesti strategiamme ytimessä: digitaalisissa markkinapaikoissa, datavetoisissa palveluissa ja uutismediassa. Konsernin liikevaihto kasvoi 4,6 prosenttia ja oli 327,1 miljoonaa euroa.”

Annual report 2025A · The company itself

“Kokonaisuuteen kuuluvat myös Talouselämä, Tekniikka&Talous, Tivi ja Arvopaperi, jotka tarjoavat syventävää asiantuntijasisältöä liike-elämän ja teknologian eri osa-alueilta. • Alma News Median digitaaliset palvelut tavoittavat yhteensä noin 3 miljoonaa suomalaista viikoittain ja muodostavat vaikuttavan, dataohjatun ja bränditurvallisen ympäristön mainostajille. • Segmentti on digitaalisen tilaajaliiketoiminnan kehittäjä ja panostaa jatkuvasti teknologiaan, dataan ja käyttäjäkokemukseen tavoitteenaan kasvattaa lukijatuottoja ja vahvistaa kestävää digitaalista liiketoimintaa.”

Annual report 2025A · The company itself

“Alma Median asiakaskunta koostuu sekä kuluttajista että yrityksistä, ja yleisösuhde vaihtelee satunnaiskävijästä kestotilaajaan.”

Annual report 2025A · The company itself

“Overall discretionary income pressures on adult nicotine consumers have resulted in increased discount brand share performance and continued to contribute to evolving adult nicotine consumer preferences, each of which has negatively impacted the sales volumes of our operating companies’ premium brands. For the fourth quarter of 2025, the discount retail share of the cigarette category reached 32.9%, an increase of 2.6 share points versus the fourth quarter of 2024 and 0.7 share points sequentially.”

Annual report 2025A · The company itself

“2025 Compared with 2024 Our smokeable products segment’s reported domestic cigarettes shipment volume decreased 10.0%, driven primarily by the industry’s decline rate (impacted by the continued growth of flavored disposable e-vapor products, the majority of which we believe have evaded the regulatory process, and discretionary income pressures on adult nicotine consumers), retail share losses and calendar differences.”

Annual report 2025A · The company itself

“Total cigarettes industry discount category retail share was 31.8%, an increase of 2.2 share points, primarily due to continued discretionary income pressures on adult nicotine consumers.”

Annual report 2025A · The company itself

“Executive Summary Our Business We have a leading portfolio of tobacco products for U.S. tobacco consumers age 21+.”

Annual report 2025A · The company itself

“Our failure to stock or restock popular products in sufficient amounts such that we fail to meet customer demand could significantly affect our revenue and our future growth.”

Annual report 2025A · The company itself

“Our revenue and operating profit growth depends on the continued growth of demand for the products and services offered by us or our sellers, and our business is affected by, among other things, general economic, business, and geopolitical conditions worldwide. A softening of demand, whether caused by changes in customer preferences or a weakening of the U.S. or global economies, may result in decreased revenue or growth.”

Annual report 2025A · The company itself

“The amount of compensation we receive under certain of our commercial agreements is partially 12 Table of Contents dependent on the volume of the other company’s sales. Therefore, when the other company’s offerings are not successful, the compensation we receive may be lower than expected or the agreement may be terminated.”

Annual report 2025A · The company itself

“Table of Contents We Face Significant Inventory Risk In addition to risks described elsewhere in this Item 1A relating to fulfillment network and inventory optimization by us and third parties, we are exposed to significant inventory risks that may adversely affect our operating results as a result of seasonality, new product launches, rapid changes in product cycles and pricing (including as a result of tariff policy changes), defective merchandise, changes in customer demand and consumer spending patterns, changes in consumer tastes with respect to our products, spoilage, and other factors. We endeavor to accurately predict these trends and avoid overstocking or understocking products we manufacture and/or sell.”

Annual report 2025A · The company itself

“We Are Subject to Product Liability Claims When People or Property Are Harmed by the Products We Sell or Manufacture Some of the products we sell or manufacture expose us to product liability or food safety claims relating to personal injury or illness, death, or environmental or property damage, and can require product recalls or other actions. Third parties who sell products using our services and stores also expose us to product liability claims.”

Annual report 2025A · The company itself

“Advertising and other promotional costs to market our products and services are expensed as incurred and were $20.3 billion, $21.4 billion, and $23.5 billion in 2023, 2024, and 2025.”

Annual report 2025A · The company itself

“We seek to offer our customers low prices, fast and free delivery, easy-to-use functionality, and timely customer service. In addition, we offer subscription services such as Amazon Prime, a membership program that includes fast, free shipping on tens of millions of items, access to award-winning movies and series, live sports, and other benefits.”

Annual report 2025A · The company itself

“We believe that the principal competitive factors in our retail businesses include selection, price, and convenience, including fast and reliable fulfillment.”

Annual report 2025A · The company itself

“Consumers We serve consumers through our online and physical stores and focus on selection, price, and convenience. We design our stores to enable hundreds of millions of unique products to be sold by us and by third parties across dozens of product categories. Customers access our offerings through our websites, mobile apps, Alexa, devices, streaming, and physically visiting our stores.”

Annual report 2025A · The company itself

“We aim to drive value through orienting our core portfolio toward faster-growing, higher-margin categories and leveraging our competitive advantages which includes global scale and breadth, innovation, material science, technical and innovation capabilities, and leadership.”

Annual report 2026A · The company itself

“Sales of our products and services are closely tied to our customers' sales volumes to end consumers. Shifts in consumer preferences across the industries we serve, or in the packaging formats used to deliver those products, may arise from changes in cost, economic conditions, regulatory developments (including end user taxes), or evolving expectations related to convenience, health, environmental impact, and social considerations.”

Annual report 2026A · The company itself

“Strategic and Reputational Risks Macroeconomic conditions are a major driver of our results of operations and changes in the business and economic environment may materially adversely affect our business. We offer a broad array of products and services to consumers, small businesses, mid-sized companies and large corporations and thus are very dependent upon the level of consumer and business activity and the demand for payment and financing products. Slow economic growth, economic contraction, persistent inflationary pressures or shifts in broader consumer and business trends can significantly impact customer behaviors, including spending on our cards, the ability and willingness of Card Members to borrow and pay amounts owed to us, demand for fee-based products and services and levels of customers’ deposits with us.”

Annual report 2025A · The company itself

“Spending by our premium consumer Card Members, for example, is sensitive to personal discretionary spending levels and tends to decline during general economic downturns.”

Annual report 2025A · The company itself

“We face continued intense competitive pressure that may materially impact the prices we charge for accepting our cards for payment, as well as the risk of losing merchant relationships, which could have a material adverse impact on our business and results of operations. We face pressure from competitors that primarily rely on sources of revenue other than discount revenue or have lower costs that can make their pricing for card acceptance more attractive. Merchants, business partners and third-party merchant acquirers, processors and payment facilitators are also able to negotiate incentives, pricing concessions and other favorable contractual provisions from us as a condition to accepting our cards, being cobrand partners, offering benefits to our Card Members or signing merchants to accept American Express cards.”

Annual report 2025A · The company itself

“Our merchant discount rates have been impacted by regulatory changes affecting competitor pricing in certain international countries and U.S. states, as well as litigation related to pricing, and may in the future be impacted by pricing regulation and litigation. We have also experienced erosion of our merchant discount rates as we increase merchant acceptance.”

Annual report 2025A · The company itself

“We generally do not prohibit surcharging in our agreements with merchants so long as it is permitted by law and a merchant does not discriminate against American Express cards by engaging in differential surcharging. Table of Contents American Express cards could become less desirable to consumers and businesses generally due to surcharging, steering or other forms of discrimination, which could result in a decrease in cards-in-force, coverage and transaction volumes, including as a result of related actions we may take to enforce our merchant contractual provisions such as terminating merchant contracts.”

Annual report 2025A · The company itself

“Revenue growth is dependent on increasing consumer and business spending on our cards, growing loan balances and increasing fee revenue. We have been investing in a number of growth initiatives, including to attract new Card Members, retain existing Card Members, grow merchant acceptance and capture a greater share of customers’ total spending and borrowings. We have also introduced complementary products, such as travel and dining platforms, checking accounts, debit cards and expense management tools.”

Annual report 2025A · The company itself

“Increasing spending on our cards also depends on our continued expansion of merchant acceptance of our cards. If we are unable to continue growing merchant acceptance and perceptions of coverage, or if merchants decide to no longer accept American Express cards or more greatly engage in surcharging, steering or other differential acceptance practices, our business could suffer.”

Annual report 2025A · The company itself

“Our brand and reputation are key assets of our Company, and our business may be materially affected by how we are perceived in the marketplace. Our brand and its attributes are key assets, and we believe our continued success depends on our ability to preserve, grow and realize the benefits of the value of our brand. Our ability to attract and retain consumer and small business Card Members and corporate clients is highly dependent upon the external perceptions of our level of service, trustworthiness, business practices, fraud prevention, privacy and data protection, management, workplace culture, merchant acceptance, financial condition, response to political and social issues or catastrophic events and other subjective qualities.”

Annual report 2025A · The company itself

“Our range of products and services includes: •Credit and charge cards and complementary products and services, including travel, dining, lifestyle and expense management products and services •Banking and other payment and financing products and services, including deposits and non-card lending •Merchant acquisition and processing, servicing and settlement, fraud prevention, and point-of-sale marketing and information products and services •Network services These products and services are offered through various channels, including mobile and online applications, affiliate marketing, customer referral programs, third-party service providers and business partners, in-house sales teams, direct mail, telephone and direct response advertising.”

Annual report 2025A · The company itself

“If our customers or potential customers are unable to raise adequate capital to fund their business plans or face capital constraints, they may reduce their spending, file for bankruptcy, reduce or terminate their operations or exit certain markets, which could materially and adversely affect demand for our communications infrastructure and our services business.”

Annual report 2025A · The company itself

“These include bi-partisan, bi-cameral legislation to establish a permanent, nationwide, low income water assistance program, given the expiration of the previous program in 2023; establishing liability exemptions under the Comprehensive Environmental Response, Compensation, and Liability Act of 1980 (“CERCLA”) for certain entities, notably passive receivers of hazardous substances, specifically related to PFAS (such as water and wastewater utilities); and granting investor-owned wastewater utilities the opportunity to access state revolving loan funds.”

Annual report 2025A · The company itself

“Affordability As a water utility, the Company’s water must be safe, clean, reliable and affordable. Through increased efficiency, conservation and affordability support programs and utility tariffs, on average across the enterprise, the Company achieves average residential bills that are at or below 1% of median household income.”

Annual report 2025A · The company itself

“The volume of water we sell during the warmer months, typically in the summer, is generally greater than during other months, due primarily to increased water usage for irrigation systems, swimming pools, cooling systems and other applications. Throughout the year, and particularly during typically warmer months, the volume of water sold tends to vary with temperature, rainfall levels and rainfall frequency. In the event that temperatures during the typically warmer months are cooler than normal, or if there is more rainfall than normal, the amount of water we sell may decrease and adversely affect our revenues.”

Annual report 2025A · The company itself

“Regulated Businesses The Company’s primary business involves the ownership of utilities that provide water and wastewater services to residential, commercial, industrial, public authority, fire service and sale for resale customers. The Company’s utilities operate in 14 states in the United States, with 3.6 million active customers in its water and wastewater networks.”

Annual report 2025A · The company itself

“Our business and operations have a large direct and indirect customer base and, as a result, we are exposed to public criticism regarding, among other things, the reliability of water service, wastewater and related or ancillary services, the quality of water provided, and the amount, timeliness, content, accuracy and format of bills that are provided for such services. Adverse publicity and negative consumer sentiment arising out of our operations may render legislatures and other governing bodies, PUCs and other regulatory authorities, and government officials less likely to view us in a favorable light, and may cause us to be susceptible to less favorable legislative, regulatory and economic outcomes, as well as increased regulatory investigations or other oversight and more stringent regulatory or economic requirements.”

Annual report 2025A · The company itself

“In the United States (“U.S.”), the ongoing transition of baby boomers into retirement, as well as younger generations currently building their wealth and planning for retirement, continues to drive demand for financial advice and solutions.”

Annual report 2025A · The company itself

“Furthermore, changes in consumer economic variables, such as the number and size of personal bankruptcy filings, the rate of unemployment, decreases in property values, and the level of consumer confidence and consumer debt, may substantially affect consumer financials, which, in turn, could impact client activity in our businesses.”

Annual report 2025A · The company itself

“Seasonality Our sales are subject to a varying degree of seasonality. Historically, sales to customers during our first fiscal quarter have been lower than other quarters due to plant shutdowns at some of our customers.”

Annual report 2025A · The company itself

“These changes have, and similar changes in the future may continue to, increase the cost or reduce the availability of raw materials and supplies we need to operate, cause customers to advance, delay, reduce, or cancel orders, shift buying patterns, impact demand in our end markets, complicate demand forecasting for us and our customers, increase supply chain complexity and contribute to volatility, a broader economic slowdown or recession.”

Annual report 2025A · The company itself

“Demand in these end markets can fluctuate significantly based upon, for example, consumer spending, consumer preferences, the development of new technologies and macroeconomic conditions, including impacts related to tariffs and other trade restrictions.”

Annual report 2025A · The company itself

“The increased inflation levels in Anora’s operating countries pose several risks and may lead to depressed consumer spending.”

Annual report 2025A · The company itself

“The alcoholic beverage consumption in Anora’s key markets is expected to remain structurally challenged, with industry data and consumer trends indicating continued volume pressure through 2026 and beyond.”

Annual report 2025A · The company itself

“In addition, consumer confidence and spending can be materially adversely affected in response to changes in fiscal and monetary policy, financial market volatility, declines in income or asset values, and other economic factors.”

Annual report 2025A · The company itself

“The Company’s minority market share in the global smartphone, personal computer, tablet and wearables markets can make developers less inclined to develop or upgrade software for the Company’s products and more inclined to devote their resources to developing and upgrading software for competitors’ products with larger market share.”

Annual report 2025A · The company itself

“Resellers offer financing, installment payment plans or subsidies for users’ purchases of devices, and such plans may be discontinued or modified any time.”

Annual report 2025A · The company itself

“For example, the purchasing preferences and behaviors of consumers may change, the financial condition of resellers could weaken, resellers could stop distributing the Company’s products, or uncertainty regarding demand for some or all of the Company’s products could cause resellers to reduce their ordering and marketing of the Company’s products, all of which could materially adversely impact the Company’s business, results of operations, financial condition and stock price.”

Annual report 2025A · The company itself

“Changes to the Company’s business practices to comply with new laws and regulations or in connection with legal proceedings can negatively impact the reputation of the Company’s products for privacy and security. Such changes in business practices can also otherwise adversely affect the experience for users of the Company’s products and services, and result in harm to the Company’s reputation, loss of competitive advantage, poor market acceptance, reduced demand for products and services, lost sales, and lower profit margins.”

Annual report 2025A · The company itself

“We generate our revenue from advertising solutions. As more advertisers use our advertising solutions to market and monetize their content, we gain access to more data regarding users and user engagement1, further strengthening our scaled distribution.”

Annual report 2025A · The company itself

“Seasonality Our revenue may experience seasonality during several periods throughout the year driven by fluctuations in advertising demand associated with mobile gaming and e-commerce activity. These fluctuations may be influenced by factors such as major holidays, promotional events, school-related cycles, and broader shifts in consumer spending patterns.”

Annual report 2025A · The company itself

“Our business is subject to general macroeconomic conditions and a variety of other factors beyond our control that could adversely affect our revenue and results of operations. A deterioration in macroeconomic conditions, whether in the United States, internationally, or globally, could create uncertainty and adversely affect advertising spending or costs related to our operations.”

Annual report 2025A · The company itself

“Data Privacy and Security Laws The data we collect and otherwise process is integral to our advertising solutions, providing us with insights to improve Axon AI, our advertising recommendation engine, and our developer tools, to optimize app discovery and monetization. Our collection, use, receipt, and other processing of data in our business subjects us to numerous U.S. state and federal laws and regulations, and foreign laws and regulations, addressing privacy, data protection and the collection, storing, sharing, use, transfer, disclosure, protection and processing of certain types of data.”

Annual report 2025A · The company itself

“The failure to attract new clients, the loss of clients, or a reduction in spending by these clients could adversely affect our business, financial condition, and results of operations. As is common in the advertising ecosystem, our clients do not have long-term commitments with us.”

Annual report 2025A · The company itself

“The cyclical nature of automotive sales and production can adversely affect our business. Our business is directly related to automotive sales and automotive vehicle production by our customers.”

Annual report 2025A · The company itself

“There has also been an increase in consumer preferences for mobility on demand services, such as car- and ride-sharing, as opposed to automobile ownership, which may result in a long-term reduction in the number of vehicles per capita.”

Annual report 2025A · The company itself

“General Risk Factors Any changes in consumer credit availability or cost of borrowing could adversely affect our business. Declines in the availability of consumer credit and increases in consumer borrowing costs have negatively impacted global automotive sales and resulted in lower production volumes in the past.”

Annual report 2025A · The company itself

“For example, certain of our OEM customers have recently announced delays in their software-defined vehicle investment strategies amidst reduced expectations for consumer demand for these products.”

Annual report 2025A · The company itself

“For example, in our mortgage business, the failure of general wages to keep pace with economic inflation, or increases in unemployment due to prolonged recessionary conditions, could prevent borrowers from being able to afford their mortgage payments and thereby increase the frequency of claims beyond our modeled results. Global recessionary conditions, including inflation, the slow recovery of certain sectors from the pandemic, predicted slow growth rates across key markets and other factors, will impact the insurance and reinsurance industry.”

Annual report 2025A · The company itself

“Intense competition within the private mortgage insurance industry and the potential for new entrants could result in lower premiums and/or negatively impact our level of NIW.”

Annual report 2025A · The company itself

“Increases to mortgage interest rates have materially increased financing costs, and as a result have decreased the number of qualified borrowers and the volume of low down payment mortgage originations.”

Annual report 2025A · The company itself

“Other factors affecting the volume of low down payment mortgage originations include, among others: restrictions on mortgage credit due to stringent underwriting standards and liquidity issues affecting lenders; changes in affordability due to increased mortgage interest rates and home prices, and other economic conditions in the U.S., Australian and regional economies; population trends, including the rate of household formation and immigration; supply constraints and increased building costs; and U.S. and Australian government housing policy, including policies encouraging loans to first time home buyers.”

Annual report 2025A · The company itself

“If any GSE reform, including privatization, is pursued, whether through legislation or administrative action, it could impact the current role of private mortgage insurance as credit enhancement, including its reduction or elimination.”

Annual report 2025A · The company itself

“The following tables set forth our insurance segment’s net premiums written by major line of business: Year Ended December 31, 2025 2024 Amount % Amount % North America Property and short-tail specialty $ 1,329 17.0 $ 1,220 17.7 Other liability - occurrence 1,302 16.7 1,002 14.6 Other liability - claims made 793 10.2 858 12.5 Commercial multi-peril 781 10.0 461 6.7 Commercial automobile 602 7.7 485 7.1 Workers compensation 576 7.4 555 8.1 Other 341 4.4 288 4.2 Total North America 5,724 73.4 4,869 70.8 International Property and short-tail specialty $ 1,102 14.1 $ 1,082 15.7 Casualty and other 972 12.5 923 13.4 Total International 2,074 26.6 2,005 29.2 Total $ 7,798 100.0 $ 6,874 100.0 Net premiums written by the insurance segment were 13.4% higher in 2025 than in 2024.”

Annual report 2025A · The company itself

“Av detta skäl påverkas efterfrågan på Arla Plasts produkter av bland annat allmänna makroekonomiska faktorer, däribland den allmänna konjunkturen, den globala tillväxttakten, regionala trender samt osäkerhet på de nansiella marknaderna.”

Annual report 2024A · The company itself

“For example, our clients might reduce the amount of insurance coverage, reinsurance coverage, consulting services or claims administration services they purchase due to reductions in headcount, payroll, or replacement and asset values, among other factors. Whether these reductions are caused by an overall economic downturn or declines in certain countries, regions and industries in which we operate, our commission and fee revenues, consulting revenues, or revenues 12 Table of Contents from managing third-party insurance claims could be adversely impacted.”

Annual report 2025A · The company itself

“In our property/casualty brokerage operations, during the twelve-month period ended December 31, 2025, we saw strong customer retention and, new business generation, in addition to continued renewal premiums increases (premium rates and exposures).”

Annual report 2025A · The company itself

“The pricing and market access environment is highly complex and subject to dynamic economic, political and social pressures. Deterioration in socio-economic conditions may affect customers’ ability or willingness to purchase our medicines and may adversely affect our business and results of operations. • Implementation of pricing, reimbursement and policy frameworks. • Focus on key products. • Demonstrate value of medicines/health economics. • Implement innovative value-based agreements focused on patient outcomes. • Global footprint. • Diversified portfolio.”

Annual report 2025A · The company itself

“Higher product or service prices may result in reductions in sales volume or increases in subscriber churn. Consumers may be less willing to pay a price differential for our products and services and may increasingly purchase lower-priced offerings from us or our competitors, or may forego some purchases altogether, during a period of inflationary pressure or an economic downturn.”

Annual report 2025A · The company itself

“These competition and capacity constraints will continue to put pressure on pricing and margins as companies compete for potential customers.”

Annual report 2025A · The company itself

“Churn The effective management of subscriber churn is critical to our ability to maximize revenue growth and to maintain and improve margins.”

Annual report 2025A · The company itself

“Segment Operating Revenues Mobility $ 89,482 $ 85,255 $ 83,982 5.0 % 1.5 % Business Wireline 17,231 18,819 20,883 (8.4) (9.9) Consumer Wireline 14,183 13,578 13,173 4.5 3.1 Total Segment Operating Revenues $ 120,896 $ 117,652 $ 118,038 2.8 % (0.3) % Segment Operating Income (Loss) Mobility $ 27,196 $ 26,314 $ 25,861 3.4 % 1.8 % Business Wireline (816) (88) 1,289 — — Consumer Wireline 1,547 869 651 78.0 33.5 Total Segment Operating Income $ 27,927 $ 27,095 $ 27,801 3.1 % (2.5) % Operating revenues increased in 2025, driven by increases in Mobility service revenue and our Consumer Wireline business unit, driven by gains in wireless and broadband services.”

Annual report 2025A · The company itself

“Broadband revenues increased in 2025, driven by an increase in fiber revenues of 17.0%.”

Annual report 2025A · The company itself

“Consumer research clearly shows that consumers want safe vehicles, and several significant trends are likely to positively influence overall safety content per vehicle. These include: 1) Society becoming increasingly focused on Vision Zero and its goal of reducing traffic fatalities and their associated costs; 2) Demographic trends of increased urbanization, aging driver populations, and increased safety focus in growth markets; 3) Evolving government regulations and test rating systems to improve the safety of vehicles in various markets, such as the updated European New Car Assessment Program (Euro NCAP), China NCAP, and USNCAP; and 4) The trend towards more electrical vehicles may lead to roomier interiors that may require more advanced passive safety systems, as well as products to cut the electrical power in case of an accident.”

Annual report 2024A · The company itself

“The cyclical nature of automotive sales and production can adversely affect our business. Our business is directly related to LVP in the global market and by our customers, and automotive sales and LVP are the most important drivers for our sales Automotive sales and production are highly cyclical and can be affected by general or regional economic or industry conditions, the level of consumer demand, recalls and other safety issues, labor relations issues, technological changes, fuel prices and availability, vehicle safety regulations and other regulatory requirements, governmental initiatives, trade agreements, political volatility (especially in energy producing countries and growth markets), changes in interest rate levels and credit availability, and other factors.”

Annual report 2024A · The company itself

“We saw an improvement in call-off volatility in 2024, especially in the second half year. This improvement supported our improvement in operating efficiency and productivity, including a significant reduction in direct workforce. However, customer call-off volatility remained higher than pre-pandemic levels, and low customer demand visibility and changes to customer call-offs with short notice still had a negative impact on our production efficiency and profitability.”

Annual report 2024A · The company itself

“The LVP decline of 4.7% in Europe was impacted by affordability issues and technology uncertainties.”

Annual report 2024A · The company itself

“We have increased annual revenues in the past five fiscal years from $12.6 billion in fiscal 2020 to $18.9 billion in fiscal 2025, with a compounded annual growth rate of approximately eight percent. Annual revenue growth is driven by increases in same store sales, the opening of new stores and the development of new commercial programs.”

Annual report 2025A · The company itself

“Same store sales are impacted both by customer demand levels and by the prices we are able to charge for our products, which can also be negatively impacted by economic pressures.”

Annual report 2025A · The company itself

“Bedömningen är att två tredjedelar av kundernas sparande idag finns hos andra banker, varav minst hälften är addresserbart. Det innebär det finns mycket stora möjligheter att öka befintliga kunders sparande hos oss.”

Annual report 2024A · The company itself

“1) Inflöde av sparkapital drivs av befintliga och nya kunder, vilket sätter stor vikt vid kundnöjdhet. Nöjda kunder är goda ambassadörer som pratar om, rekommenderar oss till andra och vill stanna kvar.”

Annual report 2024A · The company itself

“Intjäningsrisken hanteras genom att vi ständigt förbättrar och breddar erbjudandet för att säkerställa ett högt kundvärde och en bredare och mer diversifierad intjäning.”

Annual report 2024A · The company itself

“Avanza är Sveriges ledande plattform för sparande och investeringar. Avanza erbjuder marknadens bredaste utbud av sparprodukter, konkurrenskraftiga tjänstepensionslösningar samt värdepapperskredit och bolån.”

Annual report 2024A · The company itself

“Det totala premieinflödet inom fond- och depåförsäkringar var 47 (44) miljarder kronor, vilket speglar stabiliteten i denna del av sparmarknaden. Avanzas marknadsandel ökade till 11,0 (10,7) procent.”

Annual report 2024A · The company itself

“Avanza riktar sig till privatsparare, professionella investerare och företagskunder, såsom egenföretagare, kapitalförvaltare och företag som vill teckna tjänstepension för sina anställda.”

Annual report 2024A · The company itself

“Macroeconomic developments such as impacts from slower growth in the geographic regions in which we operate; inflation resulting from, among other things, increased raw material, energy and freight costs; labor shortages; geopolitical, social, supply chain and other disruptions; epidemics, pandemics or other outbreaks of illness, disease or virus; and uncertainty in global credit or financial markets could result in a material adverse effect on our business as a result of, among other things, lower consumer spending, fluctuations in foreign currency exchange rates, reduced asset valuations, diminished liquidity and credit availability, volatility in securities prices, and credit rating downgrades.”

Annual report 2025A · The company itself

“Further consolidation may increase pressure from customers for us to lower our selling prices. While we have been generally successful at managing customer consolidations in the past, increased pricing pressures from our customers could have a material adverse effect on our business.”

Annual report 2025A · The company itself

“The main impacts of the global situation on B2 Impact are higher interest rates and increased cost of living, which put pressure on debt repayments.”

Annual report 2024A · The company itself

“Customers’ ability and willingness to pay their debt is one of the main drivers of financial performance for our company. • Communication through call centres • Letter exchange • Website • Customer self service solutions • Communication with customer quality teams • Complaints mechanisms • Customer surveys • S4 Customers and end-users (fair and ethical treatment, good communication, data privacy) 3PC (third party clients) 3PC (third party clients) are companies which we provide collection services to.”

Annual report 2024A · The company itself

“Our services are designed to assist consumers in managing their indebtedness by creating repayment plans tailored to their financial situations. This method helps consumers gradually restore their financial health and re-enter the financial system within a reasonable timeframe.”

Annual report 2024A · The company itself

“As a debt-solution provider, B2 Impact serves financially vulnerable individuals, and we therefore have a particular duty to approach them with empathy, respect, and dignity. Collecting debt from individuals in financial distress may put negative pressure on people already in a vulnerable situation, which is a potential negative impact from our business model.”

Annual report 2024A · The company itself

“The majority of our consolidated net sales were from the sale of beverage containers, and we expect to derive a significant portion of our future revenues and cash flows from the sale of beverage containers. Our business would suffer if the use of beverage containers decreased.”

Annual report 2025A · The company itself

“Inom HVAC finns en underliggande efterfrågan på nyinstallationer till följd av regulatoriska krav som innebär att slutkunder behöver ställa om till energieffektiva lösningar med låg klimatpåverkan. Försäljningen stärks i perioder med hög och låg temperatur då efterfrågan på HVAC-produkter ökar.”

Annual report 2024A · The company itself

“Verksamheten är relativt okänslig för konjunkturcykler, tack vare att en stor andel av produkterna används inom livsmedelsindustrin och säljs på eftermarknaden. Ökad befolkningstillväxt och en växande medelklass med förbättrad köpkraft bidrar också till en fortsatt positiv efterfrågan, särskilt inom segmentet komfortkyla.”

Annual report 2024A · The company itself

“Negativa ekonomiska utvecklingstrender eller en försvagning av köpkraften hos Beijer Refs slutkunder på de marknader där Beijer Ref verkar kan utlösa en branschövergripande försäljningsnedgång.”

Annual report 2024A · The company itself

“Beijer Ref skapar tillgänglighet med energieffektiva HVAC-system till konkurrenskraftiga priser genom långsiktiga samarbeten med ledande leverantörer och bred marknadsnärvaro samt distribution.”

Annual report 2024A · The company itself

“External Risks Macroeconomic pressures may adversely affect consumer spending and our financial results. To varying degrees, our products and services are sensitive to changes in macroeconomic conditions. Consumer demand for the products and services that we offer could be, or could continue to be, affected by a number of factors, including: real GDP growth, inflation, recession, consumer confidence, employment levels, effects of government closures, cost of living, uncertainty over the availability of government benefits, tax rates, availability of consumer financing, interest rates, housing market conditions, foreign currency exchange rates, the price of oil, gas and other commodities and other macroeconomic trends.”

Annual report 2026A · The company itself

“We are highly dependent on the cash flows and net earnings we generate during our fiscal fourth quarter, which includes the majority of the holiday shopping season. A large proportion of our revenue and earnings is generated in the fiscal fourth quarter, which includes the majority of the holiday shopping season.”

Annual report 2026A · The company itself

“Den totala globala spelmarknaden uppskattas till 544 miljarder euro för år 2024, varav cirka 27 procent utgörs av onlinespel.”

Annual report 2024A · The company itself

“Även sportspel erbjuds på en egen plattform med oddssättning som kan anpassas efter tillgängliga sportevenemang och marknadens efterfrågan.”

Annual report 2024A · The company itself

“Den operativa affärsmodellen – från lagda spel till rörelseresultat 1 107 MEUR Intäkter +17 % +18 % Intäkter, kasino 257 MEUR Rörelseresultat (EBIT) +22 % +14 % Intäkter, sportbok 23,2 % Rörelsemarginal +18 % Operativt kassaflöde - - = = = - + Omsättning (lagda spel/bets) Spelarnas vinster och kampanjbonusar Kostnader för sålda tjänster (t ex licenskostnader för spel, spelskatter, provisionsbaserad marknadsföring) Bruttoresultat Rörelsekostnader (t ex marknadsföring, personal, avskrivningar) Rörelseresultat (EBIT) Intäkter från spel (B2C) Intäkter från B2B Betsson årsredovisning 2024 9/124 Året präglades av fortsatt lönsam tillväxt för Betsson och nya rekordnivåer uppnåddes för intäkter och rörelseresultat (EBIT).”

Annual report 2024A · The company itself

“För helåret 2024 passerade vi för första gången en miljard euro i intäkter och ökningen var 17 procent jämfört med föregående år.”

Annual report 2024A · The company itself

“Fotboll är den mest populära sporten för spel hos oss, och i juli offentliggjorde vi ett fyraårigt tröjsponsoravtal med de regerande mästarna Inter i Italien.”

Annual report 2024A · The company itself

“While this business operates at a lower gross margin due to media spend, it remains an essential strategic engine for growth and customer acquisition.”

Annual report 2025A · The company itself

“Reduced organic traffic, lower audience reach, higher acquisition costs, and increased uncertainty in traffic patterns, which could negatively impact revenue generation and commercial performance.”

Annual report 2025A · The company itself

“We closed the year with a mere 1.8 per cent vacancy rate, while simultaneously achieving a 50 per cent increase in rental income compared to 2022.”

Annual report 2023A · The company itself

“Trender och drivkrafter Det finns ett flertal faktorer och drivkrafter som styr efterfrågan på möbel- och heminredningsmarknaden, såsom aktivitetsnivån på heminredningsprojekt, utvecklingen av disponibel inkomst samt omsättningen på bostadsmarknaden.”

Annual report 2024A · The company itself

“Vi bedömer att marknaden kommer förbättras gradvis under 2025 och det strukturella skiftet från fysiska butiker till online fortsätter och penetrationen inom de produktkategorier och marknader där vi verkar är fortfarande lägre än på mognare produktmarknader och geografier.”

Annual report 2024A · The company itself

“Nettoomsättningen för Value Home-segmentet minskade med -37,6 % till 2 458,3 (3 941,4) Mkr. Den organiska tillväxten uppgick till -17,0 %.”

Annual report 2024A · The company itself

“Nettoomsättningen för Premium Living-segmentet ökade med 8,0 % till 2 377,4 (2 201,2) Mkr. Den organiska tillväxten uppgick till 3,6 %.”

Annual report 2024A · The company itself

“Koncernens intäkter uppvisar säsongsvariationer. Det andra kvartalet är tillsammans med det fjärde kvartalet normalt det försäljningsmässigt starkaste.”

Annual report 2024A · The company itself

“Value Home verkar främst på de nordiska och östeuropeiska marknaderna och är en ”Value”-baserad modell med fokus på att erbjuda konkurrenskraftiga priser, möjliggjort av Private Label.”

Annual report 2024A · The company itself

“Segmentet Value Home är en ”Value”-baserad modell med fokus på att erbjuda konkurrenskraftiga priser, möjliggjort av Private Label och lagerhållning inom framför allt möbler och fritidsprodukter.”

Annual report 2024A · The company itself

“Segmentet Premium Living har en premiumposition och tillgängliggör skandinavisk design inom möbler och heminredning på internationella marknader genom främst lagerhållning av externa varumärken.”

Annual report 2024A · The company itself

“Segmentet innehåller varumärken som Trademax, Chilli, Furniturebox och Outlet1.”

Annual report 2024A · The company itself

“Bedömningen är att bolagets framtida intäktsgenerering är mycket god som en konsekvens av godkännandet av Leqembi.”

Annual report 2024A · The company itself

“The Company’s products and future products may fail to achieve the degree of market acceptance by physicians, laboratory management, healthcare payors and others in the medical community necessary for commercial success and market penetration may be lengthy and difficult.”

Annual report 2025A · The company itself

“For example, periods of economic weakness have contributed and may in the future contribute to a decline in commodity prices and decreased consumer demand for certain goods and services, and/or volatility in the oil and natural gas markets, each of which would have an adverse effect on our energy and consumer investments.”

Annual report 2025A · The company itself

“While the extent of this shift going forward is uncertain, the costs associated with the distribution of certain of our private wealth perpetual products have increased and there may be further increases in distribution costs for these and future products. The reduction of net management fees or performance allocations we receive, including as a result of new fee arrangements, or the incurrence of higher costs in connection with product distribution, without corresponding decreases in our cost structure, would adversely affect the profitability of impacted products.”

Annual report 2025A · The company itself

“The investment decisions we make in our asset management business and the activities of our investment professionals (including in connection with portfolio companies and investment advisory activities) may subject us, our funds and our funds’ portfolio companies to the risk of third-party litigation or regulatory proceedings arising from investor dissatisfaction with the performance of those investment funds, alleged conflicts of interest, the suitability or manner of distribution of our products, including to retail investors, the activities of our funds’ portfolio companies and a variety of other claims.”

Annual report 2025A · The company itself

“Poor performance of our investment funds would cause a decline in our revenue, income and cash flow, may obligate us to repay Performance Allocations previously paid to us, and could adversely affect our ability to raise capital for future investment funds. In the event that any of our investment funds were to perform poorly, our revenue, income and cash flow would decline because the value of our assets under management would decrease, which would result in a reduction in management fees, and our investment returns would decrease, resulting in a reduction in the Performance Revenues we earn.”

Annual report 2025A · The company itself

“Investors in a number of our vehicles may withdraw their investments, and investors in certain of our vehicles may have a right to terminate our management of, or cause the dissolution of, such vehicles, which would lead to a decrease in our revenues. We have a number of vehicles that permit investors in such vehicles to withdraw their investments and/or terminate our management of such capital, as applicable and in certain cases, subject to certain limitations.”

Annual report 2025A · The company itself

“During periods of market volatility, investor subscriptions to such vehicles are likely to be reduced, and investor redemption or repurchase requests are likely to be elevated, which may negatively impact the fees we earn from such vehicles. Investor subscriptions to certain of such vehicles have also at times been, and may in the future be, reduced, and investor redemptions or repurchase requests elevated, in the face of negative media or public sentiment with respect to the asset classes of such vehicles.”

Annual report 2025A · The company itself

“For example, market volatility drove a material increase in BREIT repurchase requests beginning in late 2022, and pursuant to the terms of the vehicle, BREIT began to prorate such requests beginning in November 2022. BREIT inflows also materially declined after proration was announced, which led to net outflows in BREIT.”

Annual report 2025A · The company itself

“In cases where valuations of investors’ existing investments fall and the pace of distributions slows, investors may be unable to make new commitments to third-party managed investment funds such as those advised by us.”

Annual report 2025A · The company itself

“•Instant Transfer enables sellers to receive funds from their payments instantly or later that same day. Instant Transfer is an important tool for sellers that need faster access to their funds in order to better manage their cash flow or working capital.”

Annual report 2025A · The company itself

“Cash App earns interchange fees when individuals make purchases with their Cash App Card.”

Annual report 2025A · The company itself

“We pay retail merchants the full order value up front (less a percentage fee) and assume the risk of non-payment from the consumer.”

Annual report 2025A · The company itself

“We believe our customer base values fast access to funds, and this speed is one example of how we differentiate our ecosystem. •Peer-to-peer: Payments form the basis of our Community development pillar because customers engage in financial transactions with other members of the Cash App community. When customers use peer-to-peer, they are inviting their friends, family, and coworkers to download Cash App so that they can send each other money.”

Annual report 2025A · The company itself

“Our solution offers features that allow customers to complete auto buys and custom limit orders, as well as direct deposit to auto-convert their paycheck into bitcoin and earn instant bitcoin rewards on Cash App Card purchases.”

Annual report 2025A · The company itself

“Peer-to-peer transactions serve as the primary acquisition channel for Cash App. Peer-to-peer transactions have powerful network effects as every time a customer sends or requests money, Cash App can potentially acquire a new customer or re-engage an existing customer.”

Annual report 2025A · The company itself

“We offer the peer-to-peer service to our Cash App customers for free, and we consider it to be a marketing tool to encourage the usage of Cash App.”

Annual report 2025A · The company itself

“Cash App also uses paid marketing, including referrals, advertising spend, partnerships, and social media campaigns, to expand its network, as these programs help reach new customers, enhance its brand, and improve retention among existing customers.”

Annual report 2025A · The company itself

“Seasonality Historically, commerce enablement revenue for our Square ecosystem has been strongest in our fourth quarter and weakest in our first quarter, as our sellers typically generate additional GPV during the holiday season.”

Annual report 2025A · The company itself

“Historically, our Cash App ecosystem has experienced improvements in revenue, gross profit, and inflows related to the distribution of government funds as customers have deposited more funds into Cash App during these times, including during the first quarter when U.S. tax refunds are typically distributed.”

Annual report 2025A · The company itself

“Certain products within Cash App may also experience stronger fourth quarters and weaker first quarters, such as our BNPL products, which typically generates additional revenue and gross profit during the holiday season.”

Annual report 2025A · The company itself

“Future revenue and gross profit growth depends on our ability to retain existing sellers and customers, attract new sellers and customers, and increase sales to both new and existing sellers and customers.”

Annual report 2025A · The company itself

“Growth in transacting actives on Cash App and customers’ level of engagement with our products and services on Cash App are important to our success and long-term financial performance. However, the growth rate of transacting actives has fluctuated over time and may slow or decline in the future.”

Annual report 2025A · The company itself

“A number of factors have affected and could negatively affect Cash App customer growth, inflows, and engagement levels, including our ability to introduce new products and services that are compelling to our customers and that they adopt, changes to our systems, competitive offerings in the market, processes or other technical or operational requirements that impact how customers use or access our products and services, the impact on our network of other customers choosing whether to use Cash App, our decision to expand into or exit certain markets, technical or other problems that affect customer experience, failure to provide sufficient customer support, fraud and scams targeting Cash App customers, changes in the regulatory environment or regulations applicable to us, and harm to our reputation and brand.”

Annual report 2025A · The company itself

“Our loan products are generally unsecured obligations of our borrowers. To the extent a seller breaches a contractual obligation, such as the requirement to make minimum payments or other breach, the seller would be liable for an accelerated business loan repayment, and our recourse is generally to the business and not to any individual or other asset. Although we rely on technology to assess repayment capability for our loan products, there can be no guarantee that such assessment processes will accurately predict repayments. If our underwriting processes fail to adequately capture risks or otherwise miscalculate repayment ability, we may experience higher levels of delinquencies, default and credit losses.”

Annual report 2025A · The company itself

“Small businesses frequently have limited budgets and limited access to capital, and they may choose to allocate their spending to items other than our financial or marketing services, especially in times of economic uncertainty or in recessions.”

Annual report 2025A · The company itself

“BNPL Products Cash App and Afterpay offer a wide range of Pay Later capabilities that make purchasing more flexible and accessible for consumers. For merchants, these offerings are designed to improve conversion and increase average order values. •Pay in 4: Through the use of our BNPL products, consumers can split their purchases into generally three or four installments, typically due in two-week increments, without paying fees (if payments are made on time).”

Annual report 2025A · The company itself

“Bostadsmarknaden drivs i hög utsträckning av konsumentförtroende och hushållens köpkraft. När centralbankerna under sommaren 2024 började att sänka styrräntorna samtidigt som hushållens disponibla inkomster ökade, innebar detta sammantaget stärkt köpkraft.”

Annual report 2024A · The company itself

“Uppföljning av mål 2024 Finansiella mål och finansiellt ramverk Lönsamhet, kapitaleffektivitet och utdelning Bonavas lönsamhetsmål innebär att rörelsemarginalen före jämförelsestörande poster från och med 2026 ska uppgå till minst 10 procent.”

Annual report 2024A · The company itself

“Under perioden resultatavräknades 1 630 (2 419) bostäder till konsumenter och nettoomsättningen uppgick till 6 288 (9 308) MSEK. Genomsnitts priset per resultatavräknad bostad var något högre jämfört med föregående år och uppgick till 3,9 (3,8) MSEK.”

Annual report 2024A · The company itself

“We will focus on the consumer market in all three cities to improve profitability and start projects with the highest margins.”

Annual report 2024A · The company itself

“Our financial results depend upon sales of travel services, which can fluctuate based on consumer discretionary spending levels. Demand for and sales of travel services often decline during periods of perceived or actual adverse economic conditions and times of political or economic uncertainty.”

Annual report 2025A · The company itself

“For many consumers, the price of a travel service is the primary factor determining whether to book a reservation. Some competitors may operate at minimal or negative margins to gain market share.”

Annual report 2025A · The company itself

“Tillväxten för den nordiska marknaden för mode- och livsstilsprodukter var begränsad under 2024 till följd av återhållsamt konsumentbeteende som påverkades av lågt konsumentsentiment. Detta drevs sannolikt av höga räntor, ekonomisk osäkerhet och ihållande inflation som påverkade hushållens köpkraft.”

Annual report 2024A · The company itself

“Webbutiker kan leverera värdekedjan till lägre kostnad än fysiska butiker och dessa besparingar kommer i slutändan konsumenterna få ta del av. Kunder vill inte betala mer än nödvändigt och genom enkelheten att göra prisjämförelser har de god kunskap om vad marknadspriset är.”

Annual report 2024A · The company itself

“Finansiella mål och kapitalallokering Prognos 2025 Boozt förväntar sig en nettoomsättningstillväxt inom intervallet 4–9% och en justerad rörelsemarginal om 5,8–6,5% för räkenskapsåret 2025. Prognosen förutsätter att de nuvarande marknadsförutsättningarna för mode- och livsstilsprodukter förblir relativt oförändrade under 2025.”

Annual report 2024A · The company itself

“Tillväxten drevs av fortsatta investeringar i marknadsföring samt framgångsrikt arbete med att omvandla kunder från enkategorikunder till flerkategorikunder. E-handeln tappade dock generellt momentum på grund av negativa makroekonomiska faktorer, medan konsumentsentiment och inflationstryck ytterligare dämpade efterfrågan under året.”

Annual report 2024A · The company itself

“Ökningen är främst hänförlig till ett högre lagersaldo vid utgången av 2024 än vid utgången av 2023. Lagrets procentandel av nettoomsättningen under de senaste 12 månaderna ökade till 32,4%, jämfört med 29,4% vid utgången av 2023. Ökningen drevs främst av att försäljningen under fjärde kvartalet 2024 blev lägre än förväntat.”

Annual report 2024A · The company itself

“Den nordiska konsumenten var fortsatt återhållsam och mycket priskänslig, vilket speglar sig i resultatet.”

Annual report 2024A · The company itself

“Detta visade sig vara särskilt värdefullt under andra halvåret 2024, då konsumentsentimentet inte hade förbättrats enligt förväntan.”

Annual report 2024A · The company itself

“Risk Beskrivning Motverkande åtgärder Sannolikhet Inverkan 1) Makroekonomiska faktorer Förändringar i de övergripande makroekonomiska förutsättningarna på koncernens geografiska marknad kan påverka koncernens verksamhet när det gäller den generella efterfrågan på mode- och livsstilsvaror, kundbeteende som en följd av ökad miljömedvetenhet, störningar i försörjningskedjan osv.”

Annual report 2024A · The company itself

“Året bjöd på sina utmaningar med fortsatt lågt globalt konsumentsentiment och ett geopolitiskt läge som visade sig instabilare än vi hade hoppats. Inledningsvis förväntade vi oss en starkare återhämtning men konsumentsentimentet har ännu inte förbättrats, och den ”globala situationen” visar endast obetydliga tecken på förbättring.”

Annual report 2024A · The company itself

“Vår marknad Boozt är verksamt främst på den nordiska marknaden för mode- och livsstilsprodukter, vilken omfattar kategorierna Fashion för män och kvinnor, Kids, Sport, Home och Beauty. Norden har bra förutsättningar för ökad e-handel, drivet av hög internetanvändning, allmänt utbredd användning av smartphones samt en förkärlek för bekväm shopping.”

Annual report 2024A · The company itself

“Boozt inriktar sig främst på nordiska konsumenter i åldern 25-54 år, som värdesätter bekvämlighet och ett relevant erbjudande i sin kundupplevelse och som tenderar att generera ett högt genomsnittligt ordervärde.”

Annual report 2024A · The company itself

“Seasonality Our net sales are influenced by many factors, including product launches, acquisitions, regulatory and reimbursement approvals, patient, physician and employee holiday schedules and other macro-economic conditions. While our consolidated net sales do not reflect any significant degree of seasonality, customer purchases of our medical devices have historically been lower in the first and third quarters of the year.”

Annual report 2025A · The company itself

“In the current environment of managed care, with economically motivated buyers, consolidation among health care providers, increasing prevalence and importance of regional and national tenders, increased competition and declining reimbursement rates, we are also required to compete on the basis of price, value, reliability and efficiency.”

Annual report 2025A · The company itself

“If there were a general economic slowdown or recession, we may experience decreased customer spending or demand for our products and services, and our customers’ ability to pay for our products on a timely basis, or at all, may be impacted.”

Annual report 2025A · The company itself

“Under de senaste åren har en tydlig trend blivit allt mer påtaglig – människor väljer i allt större utsträckning att flytta från stadskärnorna till mer prisvärda bostadsalternativ i mindre städer och förorter. Denna utveckling drivs av flera faktorer, däribland stigande bostadspriser och presumtionshyror i storstäderna, förändrade arbetsmönster med ökad möjlighet till distansarbete samt en strävan efter bättre livskvalitet och större boendeyta. Denna urbanisering i omvänd riktning skapar gynnsamma förutsättningar för Brinovas fastighetsbestånd i kommuner med en stabil och positiv befolkningstillväxt, där efterfrågan på hyresbostäder förväntas förbli stark även på längre sikt.”

Annual report 2024A · The company itself

“Vi bidrar till att bygga trygga samhällen och möter upp de ökande behoven av prisvärda boenden och lämpliga samhällsfastigheter i närheten av arbetstillfällen och stadskärnor.”

Annual report 2024A · The company itself

“Efterfrågan på bostäder är stor i alla de kommuner som Brinova verkar i, vilket idag innebär i princip noll vakanser.”

Annual report 2024A · The company itself

“The volume of business from new and existing customers, fluctuations in insurable exposure units, changes in premium rate levels, changes in general economic and competitive conditions, a reduction of purchased limits, or the occurrence of catastrophic weather events all affect our revenues.”

Annual report 2025A · The company itself

“The Retail segment’s total commissions and fees increased 24.5% and the Organic Revenue growth rate was 2.8% for 2025. The Organic Revenue growth rate was driven by net new business written during the preceding twelve months and growth on renewals of existing customers.”

Annual report 2025A · The company itself

“Growth within these markets is linked to a number of key factors, including demographic trends, housing demand, housing trends including the size of new homes, interest rates, employment levels, availability of credit, foreclosure rates, consumer confidence, the availability of qualified tradesmen, and the state of the economy in general.”

Annual report 2025A · The company itself

“Unfavorable changes in demographics, credit markets, including rising mortgage and other interest rates, consumer confidence, household incomes, inflation, housing affordability, or housing inventory levels and occupancy, or a weakening of the U.S. economy or of any regional or local economy in which we operate could adversely affect consumer spending, result in decreased demand for our products, and adversely affect our business.”

Annual report 2025A · The company itself

“Home affordability is influenced by a number of economic factors, such as the level of employment, consumer confidence, consumer income, supply of houses, the availability of financing and interest rates.”

Annual report 2025A · The company itself

“We are subject to global and regional economic downturns and related risks. The level of demand for our products is affected by global and regional demographic and macroeconomic conditions, including population growth rates and changes in standards of living. A significant downturn in global economic growth, or recessionary conditions in major geographic regions, may lead to reduced demand for agricultural commodities and food products, which could adversely affect our business and results of operations.”

Annual report 2025A · The company itself

“The increase was primarily due to Net sales contributions from the Viterra Acquisition, in addition to higher sales prices and volumes in our global corn business, as well as higher volumes in our global wheat business as a result of higher demand across various regions for both businesses.”

Annual report 2025A · The company itself

“Factors related to any public health crises that could have a material adverse effect on our results of operations and financial condition include: •changes made by companies in response to a pandemic that could lead to a sustained shift away from collective in-person work environments or relocations away from the markets in which we operate, either of which could adversely affect the overall demand for workplaces in the regions in which we operate; •reduced economic activity and/or supply chain disruptions or delays in delivery of products, services or other materials necessary for our clients that impact our clients’ businesses, financial condition or liquidity, may cause, one or more of our clients to be unable to meet their obligations to us, including their ability to make timely rental payments, in full or at all, or to otherwise seek modifications of such obligations, including rent concessions, deferrals or abatements, or to declare bankruptcy.”

Annual report 2025A · The company itself

“In our Credit Card business, we generally experience fluctuations in purchase volume and the level of outstanding loan receivables from seasonal variances in consumer spending and payment patterns which, for example, have historically been the highest around the winter holiday season.”

Annual report 2025A · The company itself

“Changes or instability in the macroeconomic environment may impact payment patterns, consumer spending and credit losses. Because we offer a broad array of financial products and services to consumers, small businesses and commercial clients, our financial results are impacted by the level of consumer and business activity and the demand for our products and services. A prolonged period of economic weakness, volatility, slow growth or a significant deterioration in economic conditions, in the countries in which we operate, could have a material adverse effect on our financial condition and results of operations as customers or commercial clients default on their loans, maintain lower deposit levels or, in the case of credit card accounts, carry lower balances and reduce credit card purchase activity.”

Annual report 2025A · The company itself

“Aggressive pricing throughout the industry may adversely affect the retention of existing balances and the cost-efficient acquisition of new deposit funds and may affect our growth and profitability.”

Annual report 2025A · The company itself

“In addition, a variety of economic or social factors may cause changes in borrowing activity, including credit card use, payment patterns and the rate of defaults by account holders and borrowers domestically and internationally. These economic and social factors include changes in consumer confidence levels, the public’s perception regarding the banking industry and consumer debt, including credit card use, and changing attitudes about the stigma of bankruptcy.”

Annual report 2025A · The company itself

“As one of the nation’s largest banks based on deposits as of December 31, 2025, we service banking customer accounts through digital channels and our network of branch locations, cafés, call centers and automated teller machines (“ATMs”).”

Annual report 2025A · The company itself

“Because we originate a relatively greater proportion of consumer loans in our loan portfolio compared to other large bank peers and originate both prime and subprime credit card accounts and auto loans, we may experience higher delinquencies and a greater number of accounts charging off, as well as greater fluctuations in those metrics, compared to other large bank peers, which could result in increased credit losses, operating costs and regulatory scrutiny.”

Annual report 2025A · The company itself

“Organic volume and revenue development were impacted by the soft consumer sentiment across our markets”

Annual report 2025A · The company itself

“Against a backdrop of subdued consumer sentiment and a challenging trading environment, we delivered strong reported growth, successfully integrated Britvic, and focused on building a resilient business for the long term.”

Annual report 2025A · The company itself

“The mainstream portfolio declined, impacted by weak consumer sentiment.”

Annual report 2025A · The company itself

“Macroeconomic and financial volatility includes inflationary pressures, interest rate fluctuations, currency instability and unemployment, and can impact consumer sentiment and our financial flexibility.”

Annual report 2025A · The company itself

“This lead time allows us to actively manage our prices in relation to guest demand and the number of available cabins through our revenue management capabilities and other initiatives.”

Annual report 2025A · The company itself

“In addition, all of our cruise brands offer guest loyalty and recognition programs that motivate future purchases from our repeat guests. Each brand strategically leverages its catalog of demand-generating rewards and incentives to bring repeat guests back time and again with finely honed offers, such as special fares, onboard activity discounts, complimentary laundry and internet services, expedited ship embarkation and disembarkation and special onboard activities.”

Annual report 2025A · The company itself

“This increase was caused by: •$635 million - higher ticket prices driven by continued strength in demand •$196 million - net favorable foreign currency translation impact •$159 million - 1.0% capacity increase in ALBDs These increases were partially offset by a decrease of $74 million in air transportation revenue.”

Annual report 2025A · The company itself

“This increase was caused by: •$344 million - higher ticket prices driven by continued strength in demand •$122 million - 1.2% capacity increase in ALBDs These increases were partially offset by a decrease of $74 million in air transportation revenue.”

Annual report 2025A · The company itself

“This increase was driven by: •$292 million - higher ticket prices driven by continued strength in demand •$200 million - net favorable foreign currency translation impact •$46 million - 0.8 percentage point increase in occupancy The remaining 23% of our Europe segment’s 2025 total revenues were comprised of onboard and other revenues, which increased by $188 million, or 11%, to $1.9 billion in 2025 from $1.8 billion in 2024. This increase was driven by: •$89 million - higher onboard spending by our guests •$60 million - net favorable foreign currency translation impact Operating Expenses Consolidated Operating expenses increased by $309 million, or 2.0%, to $15.9 billion in 2025 from $15.6 billion in 2024.”

Annual report 2025A · The company itself

“Together, we believe these initiatives will increase same ship revenues, drive margins and returns higher over time and help to close the price-to-value gap we offer versus land-based alternatives.”

Annual report 2025A · The company itself

“Overview Cruising offers a broad range of products and services to suit vacationing guests of many ages, backgrounds and interests. Each brand in our portfolio meets the needs of a distinct set of consumer psychographics and vacation needs which allows us to penetrate large addressable customer segments.”

Annual report 2025A · The company itself

“The remaining 35% of 2025 total revenues were comprised of onboard and other revenues, which increased by $644 million, or 7.5%, to $9.2 billion in 2025 from $8.6 billion in 2024. This increase was driven by: •$466 million - higher onboard spending by our guests •$83 million - 1.0% capacity increase in ALBDs •$57 million - net favorable foreign currency translation impact North America Segment Passenger ticket revenues made up 62% of our North America segment’s 2025 total revenues.”

Annual report 2025A · The company itself

“Our business and financial performance is also adversely affected by decreases in the general level of economic activity, such as decreases in business and consumer spending and construction (both residential and commercial as well as remodeling).”

Annual report 2025A · The company itself

“Results in China decreased (down 12%) as residential end-markets experienced economic challenges impacting both demand and price.”

Annual report 2025A · The company itself

“Segment Review We have four operating segments: •Climate Solutions Americas provides products, controls, services and solutions to meet the heating, cooling and ventilation needs of residential and commercial customers in North and South America while enhancing building performance, health, energy efficiency and sustainability. •Climate Solutions Europe provides products, controls, services and solutions to meet the heating, cooling and ventilation needs of residential and commercial customers in Europe while enhancing building performance, health, energy efficiency and sustainability. •Climate Solutions Asia Pacific, Middle East & Africa provides products, controls, services and solutions to meet the heating, cooling and ventilation needs of residential and commercial customers in Asia Pacific, the Middle East and Africa while enhancing building performance, health, energy efficiency and sustainability.”

Annual report 2025A · The company itself

“The regulatory process may also be adversely affected by the political, regulatory and economic environment and customer affordability concerns in the states in which we operate.”

Annual report 2025A · The company itself

“Rising costs and investments and the upward trend in spending is likely to continue in the foreseeable future and could result in more frequent rate cases and requests for, and the continuation of, cost recovery mechanisms, all of which could result in adverse cost recovery determinations and/or face resistance from customers and other stakeholders, especially in a rising cost environment, whether due to inflation, customer affordability concerns, tariffs or changes to governmental policies and programs, high fuel prices or otherwise, and/or in periods of economic decline or hardship.”

Annual report 2025A · The company itself

“The level of rates and actual or perceived affordability of our services, the timing and magnitude of rate increases, and the volatility of rates can also affect the opinions of customers, legislators, regulators and other political figures of us.”

Annual report 2025A · The company itself

“Higher electric power demand and load growth could also significantly increase the prices of energy and capacity, which could in turn affect customer rates or be perceived to affect customer rates and raise affordability concerns, as well as raise resource adequacy and reliability concerns, particularly if that increased demand outpaces the addition of firm generation capacity and in transmission constrained zones. For example, there has been increasing media attention and public claims regarding the link between large load customers such as data centers and increased customer bills.”

Annual report 2025A · The company itself

“Customers The table below reflects the number of CenterPoint Energy’s and CERC’s natural gas distribution business customers by state as of December 31, 2025: Residential Commercial/ Industrial/Transportation Total Customers Indiana (Indiana Gas) 613,299 55,996 669,295 Minnesota 865,667 73,063 938,730 Ohio 312,131 24,711 336,842 Texas 1,843,325 124,730 1,968,055 Total CERC Natural Gas 3,634,422 278,500 3,912,922 Indiana (SIGECO) 105,497 10,666 116,163 Total CenterPoint Energy Natural Gas 3,739,919 289,166 4,029,085 The largest metropolitan areas served in each state were Houston, Texas; Minneapolis, Minnesota; Evansville, Indiana; and Dayton, Ohio.”

Annual report 2025A · The company itself

“These policies can have implications for clients’ allocation to cash as we experienced in recent years, and higher or lower client cash balances have an impact on our capital requirements, as well as liquidity implications if such changes in allocation are sudden.”

Annual report 2025A · The company itself

“We continually monitor our pricing in relation to competitors and periodically adjust interest rates on deposits and loans, fees for advisory services, expense ratios on mutual funds and ETFs, trade commission rates, and other pricing and incentives to sustain our competitive position. Increased price competition from other financial services firms to attract clients, such as reduced commissions, higher deposit rates, reduced mutual fund or ETF expense ratios, or the increased use of incentives, could impact our results of operations and financial condition.”

Annual report 2025A · The company itself

“We believe that metrics relating to net new and total client assets, as well as client cash levels and utilization of advisory services, offer perspective on our business momentum and client engagement. Data on new and total client brokerage accounts provides additional perspective on our ability to attract and retain new business.”

Annual report 2025A · The company itself

“Asset management and administration fees totaled $6.5 billion in 2025, increasing 14% from 2024, due primarily to higher client asset balances, reflecting market appreciation, asset gathering, and growth in managed investing solutions and money market funds. Trading revenue was $3.9 billion in 2025, rising 20% from 2024, due primarily to higher trading volume.”

Annual report 2025A · The company itself

“In 2025, clients opened 4.7 million new brokerage accounts, an increase of 13% from the prior year, and active brokerage accounts totaled 38.5 million as of December 31, 2025, up 6% from year-end 2024.”

Annual report 2025A · The company itself

“Achievement of these expectations and objectives is subject to certain risks and uncertainties that could cause actual results to differ materially. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this Annual Report on Form 10-K or, in the case of documents incorporated by reference, as of the date of those documents.”

Annual report 2025A · The company itself

“Asset management and administration fees increased by $790 million, or 14%, in 2025 from 2024, due primarily to growth in Schwab money market funds and fee-based managed investing solutions, as well as growth in Mutual Fund OneSource®, and Schwab equity and bond funds, ETFs, and CTFs. This growth was driven primarily by higher client asset balances, reflecting year-over-year equity market appreciation, the Company’s asset gathering, and net inflows into managed investing solutions.”

Annual report 2025A · The company itself

“Commission revenue is affected by volume and mix of trades executed. Order flow revenue is comprised of payments received from trade execution venues to which our broker-dealer subsidiary sends equity and option orders.”

Annual report 2025A · The company itself

“Segment Net Revenues Total net revenues increased by 22% for both Investor Services and Advisor Services in 2025 compared to 2024.”

Annual report 2025A · The company itself

“Trading revenue increased for both segments primarily due to higher order flow revenue and commission revenue reflecting higher trading volume.”

Annual report 2025A · The company itself

“Schwab offers a comprehensive suite of advisory solutions, including both discretionary and non-discretionary services, with minimum investments starting at $5,000. Our flagship program, Schwab Wealth Advisory™, provides a dedicated Wealth Advisor supported by a team of professionals offering financial planning, specialized support, and customized portfolio management.”

Annual report 2025A · The company itself

“Asset management and administration fees are primarily earned from proprietary money market mutual funds, proprietary and third-party mutual funds and ETFs, and fee-based managed investing solutions. Trading revenue includes commissions earned for executing trades for clients in certain individual equities, options, futures, fixed income securities, and certain third-party mutual funds and ETFs; order flow revenue; and principal transactions revenue earned primarily from actions to support client trading in fixed income securities.”

Annual report 2025A · The company itself

“Schwab provides financial services to individuals and institutional clients through two segments – Investor Services and Advisor Services. The Investor Services segment provides retail brokerage, investment advisory, and banking and trust services to individual investors, and retirement plan and business services, as well as other corporate brokerage services, to businesses and their employees. The Advisor Services segment provides custodial, trading, banking and trust, and support services to independent registered investment advisors (RIAs), independent retirement advisors, and recordkeepers.”

Annual report 2025A · The company itself

“Through the Retail Investor business unit, Schwab serves a broad spectrum of individual investors, ranging from those just beginning their investing journey to clients with substantial and complex wealth management needs. We support newer investors with accessible products such as Schwab Stock Slices® and the Schwab Starter Kit®, alongside a comprehensive set of trading capabilities, advisory solutions, and educational resources. Our multichannel service model delivers award-winning, 24/7 support via online, mobile, telephone, and branch channels, ensuring clients receive consistent service regardless of asset level or preferred method of engagement.”

Annual report 2025A · The company itself

“Asset Management and Administration Fees Asset management and administration fees include mutual fund, ETF, and CTF service fees and fees for other asset-based financial services provided to individual and institutional clients. Schwab earns mutual fund, ETF, and CTF service fees for shareholder services, administration, and investment management provided to its proprietary funds, and recordkeeping and shareholder services provided to third-party funds.”

Annual report 2025A · The company itself

“We also earn asset management fees for managed investing solutions, which include managed portfolios, specialized strategies, and customized investment advice.”

Annual report 2025A · The company itself

“Through an evolving macroeconomic landscape in 2024, Schwab continued its “Through Clients’ Eyes” strategy, striving to meet the needs of our diverse client base, while driving growth across multiple fronts and successfully completing the integration of Ameritrade Holding LLC and its consolidated subsidiaries (collectively referred to as Ameritrade).”

Annual report 2025A · The company itself

“Our advertising revenue is generally higher in the second and fourth calendar quarters of each year, due in part to increases in consumer advertising in the spring and in the period leading up to and including the holiday season. U.S. advertising revenue is also cyclical, benefiting in even-numbered years from advertising related to candidates running for political office and issue-oriented advertising.”

Annual report 2025A · The company itself

“New York legislation became effective in 2025 that requires Internet service providers to offer a discounted Internet service to qualifying low-income consumers.”

Annual report 2025A · The company itself

“The increasing number of choices available to audiences, including low-cost or free choices, could negatively impact not only consumer demand for our products and services, but also advertisers’ willingness to purchase advertising from us.”

Annual report 2025A · The company itself

“If we choose technologies or equipment that are less effective, cost-efficient or attractive to customers than those chosen by our competitors, if technologies or equipment on which we have chosen to rely cease to be available to us on reasonable terms or conditions, if we offer services that fail to appeal to consumers, are not available at competitive prices or that do not function as expected, if we are not able to fund the expenditures necessary to keep pace with technological developments, or if we are no longer able to make our services available to our customers on a third-party device on which a substantial number of customers have relied to access our services, our competitive position could deteriorate, and our business and financial results could suffer.”

Annual report 2025A · The company itself

“Although we pass along amounts paid for local broadcast station retransmission consent to the majority of our video customers, the inability to fully pass programming cost increases on to our video customers has had, and is expected in the future to have, an adverse impact on our cash flow and operating margins associated with the video product.”

Annual report 2025A · The company itself

“If there were a prolonged general economic downturn, we may experience increased cancellations or non-payment by our customers or unfavorable changes in the mix of products purchased. This may include an increase in the number of homes that replace their video service with Internet-delivered or over-air content, as well as an increase in the number of Internet and voice customers substituting mobile data and voice products for wireline services, which would negatively impact our ability to attract customers, increase rates and maintain or increase revenue.”

Annual report 2025A · The company itself

“Total revenues decreased slightly primarily due to lower customers, higher seamless entertainment allocation and lower advertising sales, partly offset by mobile line growth and higher average revenue per customer.”

Annual report 2025A · The company itself

“Residential Internet customers decreased by 393,000 in 2025 compared to 2024.”

Annual report 2025A · The company itself

“The decrease in voice revenues from our residential customers was attributable to the following (dollars in millions): Decrease in average residential voice customers $ (230) Increase related to rate adjustments 143 $ (87) Residential wireline voice customers decreased by 804,000 in 2025 compared to 2024.”

Annual report 2025A · The company itself

“Our brand platform, Life Unlimited™, emphasizes the power of our advanced network and cutting-edge connectivity products and services, and our simplified pricing strategy better utilizes our seamless connectivity and entertainment products to offer lower promotional and persistent bundled pricing to drive growth.”

Annual report 2025A · The company itself

“Residential Services Connectivity Services We provide our customers with a suite of broadband connectivity services, including fixed Internet, WiFi and mobile, which when bundled together provides our customers with a differentiated converged connectivity experience while saving consumers money.”

Annual report 2025A · The company itself

“We believe Spectrum pricing and packaging: •offers a higher quality and more value-based set of services relative to our competitors, including fast Internet speeds, with integrated mobile and video options and a transparent pricing structure; •offers simplicity for customers to understand our offers, and for our employees in service delivery; •drives our ability to package more services at the time of sale, thus increasing revenue per customer; •drives higher customer satisfaction, lower service calls and churn; and •allows for gradual price increases at the end of promotional periods.”

Annual report 2025A · The company itself

“Over the Spectrum Fiber Broadband Network and supported by our 100% U.S.-based employees, we offer Seamless Connectivity and Entertainment with Spectrum Internet®, Mobile, TV and Voice products. Our strategy is focused on utilizing our fiber-powered network to deliver high-quality, competitively priced products, with outstanding service, allowing us to increase both the number of customers we serve over our network and the number of products we sell to each customer.”

Annual report 2025A · The company itself

“During the year ended December 31, 2025, we added 1.9 million mobile lines while Internet and video losses improved as compared to the prior year period. Sales were challenged by the competitive environment but were offset by lower customer churn. We remain focused on improving customer results through our brand platform, Life Unlimited which emphasizes the power of our advanced fiber-powered network and cutting-edge connectivity products and services, and our simplified pricing and packaging strategy that better utilizes our seamless connectivity and entertainment products to offer lower promotional and persistent bundled pricing to drive growth.”

Annual report 2025A · The company itself

“Restaurant dining generally is dependent upon consumer discretionary spending, which may be affected by macroeconomic conditions that are beyond our control. A prolonged economic downturn or slow recovery may reduce consumer spending, leading to lower demand or shifts to lower-priced options. Factors such as unemployment, inflation, interest rate changes, taxes, access to credit, public health crises, trade disputes, and geopolitical instability can all impact consumer behavior, including discretionary spending, potentially reducing demand for our products.”

Annual report 2025A · The company itself

“We compete in these categories primarily on the basis of product innovation and performance, brand recognition, price, value and other consumer benefits. Consumer products, particularly laundry, are subject to significant price competition. As a result, we, from time to time, may need to reduce the prices for some of our products to respond to competitive and customer pressures and to maintain market share.”

Annual report 2025A · The company itself

“Because of the competitive retail environment, we face pricing pressure from our retail customers and customers selling through other channels, particularly high-volume retail customers including, internet-based retailers, who have increasingly sought to obtain pricing concessions or better trade terms that could reduce our margins. Furthermore, if we are unable to maintain price or trade terms acceptable to our customers, they could increase product purchases from competitors and reduce purchases from us, which would harm our sales and profitability.”

Annual report 2025A · The company itself

“Significant price competition may require us to reduce the prices for some of our products to price levels that do not offset manufacturing cost increases, to respond to competitive and customer pressures and to maintain market share. Increases to our prices, because of inflationary pressures or otherwise, could cause declining sales of products whose prices we have increased. In response to inflationary pressures and other factors, we have raised prices on many of our products across our global portfolio of brands in recent years. Ongoing periods of high inflation or increased costs resulting from higher tariffs imposed by the U.S. or other countries could lead to additional price increases on these or our other products, adversely impacting demand for our products.”

Annual report 2025A · The company itself

“Further, consumer preferences continue to evolve due to a number of factors, including fragmentation of the consumer market and changes in consumer demographics, including the aging of the general population and the emergence of Generation Z and Generation Alpha who have different spending, consumption and purchasing habits and are increasingly shifting to “private label” products and new nontraditional brands rather than maintaining allegiance to historical brands; evolving consumer concerns or perceptions regarding sustainability practices of manufacturers, including the environmental impacts of products and the sourcing and sustainability of, packaging materials, such as plastic 15 packaging, and their environmental impact; greenhouse gas emissions; waste disposal practices; a growing demand for natural or organic products and ingredients; changing consumer sentiment toward non-local products or sources among different demographic groups; evolving consumer concerns or perceptions regarding the effects of ingredients or substances present in certain consumer products; reduced brand loyalty; and concerns regarding human capital practices.”

Annual report 2025A · The company itself

“Decreases in demand for our products would decrease our sales and profitability. Factors that can affect demand include competitors’ products, advertising and pricing actions, inflationary pressures, rates of unemployment, consumer confidence, health care costs, including increased costs as a result of changes in federal regulations, significant shifts in government policies, the deterioration of economic or trade relations between countries or regions, commodity costs, fuel and other energy costs and other economic factors affecting consumer spending behavior, including gasoline and home heating oil pricing, reduced unemployment benefits in periods of high unemployment, restrictions on travel and access to public spaces, and changes in tax policies, other effects of governmental shutdowns or a lapse of appropriations or fear of exposure to or actual impacts of a widespread disease outbreak.”

Annual report 2025A · The company itself

“We believe that inflation drove a decline in consumer spending for our Waterpik brand, as a growing number of water flosser consumers switched to competitors' value-branded products.”

Annual report 2025A · The company itself

“Other financial uncertainties in our major markets and unstable geopolitical conditions in certain markets, including civil unrest and governmental changes, could undermine global consumer confidence and reduce consumers’ purchasing power, thereby reducing demand for our products.”

Annual report 2025A · The company itself

“Challenging global economic conditions, including tariffs or other trade barriers or disruptions, rising inflation, or other changes, have contributed, and may continue to contribute, to slowdowns in the markets in which we operate, resulting in: reduced demand for our products due to constrained IT-related spending by customers, particularly service provider, cloud, enterprise and other customer markets; increased price competition for our products, not only from our competitors but also as a consequence of customers disposing of unutilized products; risk of excess and obsolete inventories; risk of supply constraints; risk of excess facilities and manufacturing capacity; and higher overhead costs as a percentage of revenue and higher interest expense.”

Annual report 2026A · The company itself

“The tenant mix of Citycon’s assets, consisting mainly of grocery and service-oriented tenants, is less reliant on consumer discretionary spending and the strategy has already demonstrated its strength and resilience throughout a variety of market conditions.”

Annual report 2025A · The company itself

“The most significant near-term risks and uncertainties in Citycon’s business operations are associated with the general development of the economy and consumer confidence in the Nordic countries and Estonia, and how this affects fair values, occupancy rates and rental levels of the shopping centres and, thereby, Citycon’s financial results.”

Annual report 2025A · The company itself

“A reduction in overall trading volume or in certain products could render our markets less attractive to market participants as a source of liquidity, which could result in further loss of trading volume and associated transaction-based revenue. Material decreases in trading volume would have a material adverse effect on our financial condition and operating results.”

Annual report 2025A · The company itself

“Additionally, from time to time, certain customers may represent a significant portion of the open interest in our individual product lines or contracts, and a substantial decrease in their trading activity could have a negative impact on the liquidity of the particular product line or contract. If we fail to maintain trading volume, as a result of a loss of customers or decrease in trading activity; expand our product offerings or execution facilities; or are unable to attract new customers, our business and revenues will be adversely affected.”

Annual report 2025A · The company itself

“Declines in trading volume may also negatively impact market liquidity, which could lead to further loss of trading volume.”

Annual report 2025A · The company itself

“Our market data revenues may be reduced by decreased demand, poor overall economic conditions, regulatory changes or a significant change in how market participants trade and use market data.”

Annual report 2025A · The company itself

“Industry/Regulatory Risks Changes to ROA could have a material adverse effect on CMS Energy’s and Consumers’ businesses. Michigan law allows electric customers in Consumers’ service territory to buy electric generation service from alternative electric suppliers in an aggregate amount capped at 10 percent of Consumers’ sales, with certain exceptions. The proportion of Consumers’ electric deliveries under the ROA program and on the ROA waiting list is over 10 percent.”

Annual report 2025A · The company itself

“Consumers’ electric and gas utility businesses are affected by the economic conditions impacting the customers they serve. If the Michigan economy becomes sluggish or declines, Consumers could experience reduced demand for electricity or natural gas that could result in decreased earnings and cash flow.”

Annual report 2025A · The company itself

“Many of the jurisdictions in which our products are sold have experienced, and could continue to experience, unfavorable changes in economic conditions, which could negatively affect the affordability of, and consumer demand for, our beverages, and certain markets in which our products are sold experienced high rates of inflation throughout 2025, which may continue in 2026. Under difficult economic conditions, consumers may seek to reduce discretionary spending by forgoing purchases of our products or by shifting away from our beverages to lower-priced products offered by other companies, including private-label brands, which could reduce our profitability and negatively affect our overall financial performance.”

Annual report 2025A · The company itself

“Competitive pressures may cause the Company and our bottling partners to reduce prices we charge customers or may restrict our and our bottlers’ ability to increase prices, as may be necessary in response to commodity and other cost increases. Such pressures may also increase marketing costs along with in-store placement, slotting and other marketing fees.”

Annual report 2025A · The company itself

“Higher product prices may result in reductions in sales volume. Consumers may be less willing to pay a price differential for our branded products and may increasingly purchase lower-priced offerings, or may forgo some purchases altogether.”

Annual report 2025A · The company itself

“General The Coca-Cola Company is a total beverage company, and beverage products bearing our trademarks, sold in the United States since 1886, are now sold in more than 200 countries and territories.”

Annual report 2025A · The company itself

“Throughout 2025, prolonged customer decision cycles and cautious investment behavior weighed on market momentum, resulting in a modest decline in revenue compared to the prior year.”

Annual report 2025A · The company itself

“Content & Experiences Business Media Segment We operate our Media segment as a combined television and streaming business, which primarily includes: •NBCUniversal’s national and regional cable networks •NBC and Telemundo broadcast networks and owned local broadcast television stations •Peacock DTC streaming service •International television networks, including Sky Sports networks in the United Kingdom and Italy We distribute a wide variety of programming on our linear television networks, Peacock and other digital properties to appeal to consumers with varying preferences across demographics and geographic areas.”

Annual report 2025A · The company itself

“Our domestic broadband offerings have a range of service levels, including up to gigabit-plus downstream speeds that we offer across nearly our entire footprint.”

Annual report 2025A · The company itself

“Similar to the competitive environment in our Media segment, the willingness of advertisers to purchase advertising from us may be adversely affected by declines in audience ratings and television viewership, difficulty in measuring fragmented audiences and the increasing number of entertainment choices available.”

Annual report 2025A · The company itself

“Theatrical revenue is significantly affected by the timing of each release and the number of films we distribute, their acceptance by audiences, the number of exhibition screens, ticket prices, the percentage of ticket sales retention by the exhibitors and the popularity of competing films at the time our films are released.”

Annual report 2025A · The company itself

“Revenue is generated primarily from guest spending at our theme parks, including ticket sales and in-park spending on food, beverages and merchandise, and from our consumer products business. Revenue for our theme parks generally depends on the overall environment for travel and tourism, including consumer spending on leisure and other recreational activities.”

Annual report 2025A · The company itself

“Macroeconomic conditions and other factors, including changes in currency exchange rates, may also result in shifting consumer preferences toward other types of destinations, experiences and products.”

Annual report 2025A · The company itself

“Revenue in Media is also subject to cyclical advertising patterns and changes in viewership levels. Domestic advertising revenue is generally highest in the fourth quarter of each year due to increases in advertising in the period leading up to and including the winter holiday season, and in even-numbered years due to advertising related to candidates running for political office and issue-oriented advertising. International advertising revenue typically has seasonally higher audience levels in winter months, with lower levels in summer months due to the timing of European football seasons, winter holidays and summer vacations.”

Annual report 2025A · The company itself

“Revenue in Studios fluctuates due to the timing, nature and number of films released in movie theaters, through DTC streaming services and viewing on demand, and on physical and digital home entertainment products. Release dates are determined by several factors, including competition and the timing of vacation and holiday periods. As a result, revenue tends to be seasonal, with increases experienced each year during the summer months and around the winter holiday season.”

Annual report 2025A · The company itself

“Revenue in Theme Parks fluctuates with changes in theme park attendance that typically result from the seasonal nature of vacation travel and weather variations, local entertainment offerings and the opening of new attractions. Our theme parks generally experience peak attendance during the spring holiday period, the summer months when schools are closed and the winter holiday season.”

Annual report 2025A · The company itself

“Changes in consumer behavior continue to adversely affect our businesses and challenge existing business models. Distribution platforms for viewing and purchasing content continue to challenge existing business models, increase the number of competitors that our businesses face, and have driven, and will continue to drive, changes in consumer behavior as consumers seek control over when, where and how they consume content and access communications services, and how much or for how long they pay for such content.”

Annual report 2025A · The company itself

“A decline in advertisers’ expenditures or changes in advertising markets could negatively impact our businesses.”

Annual report 2025A · The company itself

“For example, weak economic conditions will likely impact our customers’ discretionary spending and as a result, they may reduce the level of services to which they subscribe or may discontinue subscribing to one or more of our services altogether.”

Annual report 2025A · The company itself

“Weak economic conditions also negatively impact our advertising revenue, the performance of our films and home entertainment releases, and attendance and spending in our theme parks.”

Annual report 2025A · The company itself

“Description of Our Businesses Connectivity & Platforms Business Residential Connectivity & Platforms Segment Our Residential Connectivity & Platforms segment primarily includes: •Residential broadband and wireless services (collectively, “Residential Connectivity”) •Residential and business video services, advertising, residential voice services, and Sky-branded entertainment television networks We offer services to customers individually and as bundled services at a discounted rate.”

Annual report 2025A · The company itself

“In our beer business, we focus on upholding our leadership position in the U.S. beer market, including as a leader in the high-end segment, and continuing to seek to grow our high-end imported beer brands through maintenance of leading margins, enhancements to our results of operations and operating cash flow, and exploring new avenues for growth.”

Annual report 2026A · The company itself

“We compete on the basis of quality, price, brand recognition and reputation, and distribution strength. Our products compete with other alcoholic and non-alcoholic beverages for consumer purchases, as well as shelf space in retail stores, restaurant presence, and wholesaler attention.”

Annual report 2026A · The company itself

“As a result, in response to Customer demand which precedes consumer purchases, our beer sales have historically been highest during the first and second quarters of our fiscal year, which correspond to the Spring and Summer periods in the U.S.”

Annual report 2026A · The company itself

“Consumer preferences, behaviors, perception, and sentiment may shift due to a variety of factors, including changes in taste preferences and leisure, dining, and beverage purchasing and consumption patterns, U.S. demographic trends, changing market dynamics, including consumer-led premiumization, moderation, and betterment trends, pricing, perceived value, branding, marketing, and reputational considerations, geopolitical events and tensions, trends involving environmental sustainability and CSR matters, and other negative trends impacting our products, business, and the entire beverage alcohol industry, such as elevated product supply or inventory levels.”

Annual report 2026A · The company itself

“These factors may include subdued spend, depressed sentiment, value-seeking behaviors, and reductions in the discretionary income available to purchase our products among consumers, elevated unemployment, changing prices, inflation, other unfavorable global and regional economic conditions, demographic trends in the U.S., global supply chain disruptions and constraints, geopolitical events and tensions, wars, and military conflicts, including the conflict in the Middle East.”

Annual report 2026A · The company itself

“We believe our net sales were impacted by the economic uncertainty and socioeconomic factors discussed above.”

Annual report 2026A · The company itself

“Our results of operations and financial condition have been and may continue to be affected by the dynamic and evolving consumer environment largely driven by ongoing economic uncertainty and additional headwinds from other socioeconomic factors.”

Annual report 2026A · The company itself

“LIQUIDITY AND CAPITAL RESOURCES General Our primary source of liquidity has been cash flow from operating activities. Our ability to consistently generate robust cash flow from our operations is one of our most significant financial strengths.”

Annual report 2026A · The company itself

“We remain committed to our long-term financial model of: growing sales, expanding margins, and increasing cash flow in order to continue to achieve comparable earnings per share growth as well as our target ratios for (i) comparable net leverage and (ii) dividend payout; investing to support the growth of our business; and delivering additional returns to stockholders through periodic share repurchases.”

Annual report 2026A · The company itself

“The market price for electricity is also affected by changes in the demand for electricity and the available supply of electricity. Unfavorable economic conditions, milder than normal weather, regulatory intervention, and the growth of energy efficiency and demand response programs can rapidly increase supply or depress demand.”

Annual report 2025A · The company itself

“Our retail operations compete for customers in a competitive environment, which affects the margins we can earn and the volumes we are able to serve. In periods of sustained low natural gas and power prices and low market volatility, retail competitors can aggressively pursue market share because the barriers to entry can be low and wholesale generators (including us) use their retail operations to hedge generation output.”

Annual report 2025A · The company itself

“Generelt ses dog en svag negativ ændring i forbrugertillidsindikatoren. Indikatoren har vist et fald i tillid fra -11,7 i januar 2025 til -17,3 i december 2025. Faldet i tilliden kan ifølge Dansk erhverv skyldes den geopolitiske uro, særligt i forhold til den amerikanske præsidents indførsel af straftold på varer fra blandt andet EU og den efterfølgende indgåelse af handelsaftalen mellem USA og EU på 15% told.”

Annual report 2025A · The company itself

“2025 har været præget af øget aktivitet og en gradvis stabilisering på det københavnske ejendomsmarked. Efter en periode med stigende renter og afventende investorer, har faldende finansieringsomkostninger og større makroøkonomisk stabilitet bidraget til at genåbne investeringsmarkedet. Boligmarkedet er fortsat en særligt eftertragtet aktivklasse, og de markante prisstigninger på ejerlejligheder har øget efterspørgslen efter lejeboliger.”

Annual report 2025A · The company itself

“Idet udgifterne til en ejerbolig siden 2019 er steget markant mere end udgifterne til en lejebolig, viser undersøgelser at det i næsten halvdelen af landets kommuner er billigere at bo i en lejebolig end at købe en tilsvarende ejerbolig. Det seneste år er priserne på ejerboliger i København steget med 22% - en stigning, der til dels er drevet af stor efterspørgsel og et rekordlavt udbud af ejerboliger. Boligbyrden angiver, hvor stor en del af den disponible indkomst, som bruges på husleje. At en større andel af boligbyrden skal bruges på ejerudgifter til ejerboliger end til husleje i lejeboliger har skabt en øget efterspørgsel på lejeboliger, særligt i de større byer, hvilket påvirker det private udlejningsmarked positivt.”

Annual report 2025A · The company itself

“Detailmarkedet har set en lille stigning i efterspørgslen på lokaler, da markedet ikke har været lige så hårdt ramt at den øgede nethandel, som det først blev antaget. Markedet har dog været påvirket af en svag nedgang i forbrugertillidsindikatoren, der ultimo 2025 lå på -17,3 (mod -13,1 ultimo 2024) ifølge Danmarks Statistik.”

Annual report 2025A · The company itself

“Table of Contents General economic factors, domestically and internationally, may adversely affect our business, financial condition, and results of operations. Higher energy and gasoline costs, inflation, levels of unemployment, healthcare costs, consumer debt levels, foreign-currency exchange rates, unsettled financial markets, weaknesses in housing and real estate markets, reduced consumer confidence, changes and uncertainties related to government fiscal, monetary and tax policies including changes in interest rates, tax rates, duties, tariffs, or other restrictions, sovereign debt crises, pandemics and other health crises, and other economic factors could adversely affect demand for our products and services, require a change in product mix, or impact the cost of or ability to purchase inventory.”

Annual report 2025A · The company itself

“General We operate membership warehouses and e-commerce sites based on the concept that offering low prices on a limited selection of nationally-branded and private-label products in a wide range of categories will produce high sales volumes and rapid inventory turnover. When combined with the operating efficiencies achieved by volume purchasing, efficient distribution and reduced handling of merchandise in no-frills, self-service warehouse facilities, these volumes and turnover enable us to operate profitably at significantly lower gross margins (net sales less merchandise costs) than most other retailers.”

Annual report 2025A · The company itself

“The key elements of our strategy are to: •Grow cash flows from our existing towers. We are focused on maximizing the recurring site rental cash flows generated from providing our tenants with long-term access to our towers, which we believe is the core driver of value for our stockholders. Tenant additions or modifications of existing tenant equipment (collectively, "tenant additions") enable our tenants to expand coverage and capacity in order to meet increasing demand for data while generating high incremental returns for our business.”

Annual report 2025A · The company itself

“Risks Relating to Our Business and Industry: •Our business depends on the demand for our communications infrastructure (including towers, small cells and fiber), driven primarily by demand for data, and we may be adversely affected by any slowdown in such demand.”

Annual report 2025A · The company itself

“Our strategy to create long-term stockholder value is based on our belief that there will be considerable future demand for our towers based on the location of our assets and the rapid and continuing growth in the demand for data. We believe that such demand for our towers will continue, will result in growth of our cash flows due to tenant additions on our existing towers, and will create other growth opportunities for us, such as demand for newly constructed or acquired towers, as described above.”

Annual report 2025A · The company itself

“Risks Related to our Business and our Industry Our homebuilding, rental and land development operations are cyclical and significantly affected by changes in economic, real estate or other conditions that could adversely affect our business and financial results. Our homebuilding, rental and land development operations are cyclical and are significantly affected by changes in general and local economic and real estate conditions, such as: •employment levels; •consumer confidence and spending; •housing demand; •availability of financing for homebuyers; •availability of financing for companies that purchase our rental properties; •interest rates; •inflation; •availability and prices of new homes and existing homes for sale and availability and market values of rental properties; and •demographic trends.”

Annual report 2025A · The company itself

“Forretningsmæssige risici Konjunkturforhold Dantax er afhængig af udviklingen i de generelle økonomiske konjunkturer, herunder særligt udviklingen i det private forbrug.”

Annual report 2025A · The company itself

“Trends And Uncertainties Impacting Our Business And Industry Our business and industry are subject to several important trends and uncertainties, including the following: Macroeconomic and Geopolitical Factors •Macroeconomic factors, including inflationary pressures, increased tariffs, rising supply chain costs, high interest rates, foreign currency exchange rate volatility, escalating global conflicts, changes in discretionary spending, and recession risks, are creating a complex and challenging environment for our business and industry that may continue to pressure our results of operations, including our gross margin.”

Annual report 2026A · The company itself

“A significant portion of the UGG brand’s business has historically been seasonal, with a higher concentration of net sales in the third fiscal quarter, which contributes to variability in our working capital requirements and necessitates the use of available cash to build inventory levels in advance of higher selling seasons.”

Annual report 2026A · The company itself

“Inflation could also reduce consumer confidence and discretionary spending, which could negatively impact the demand for our products.”

Annual report 2026A · The company itself

“Congressional Budget Office, or CBO, preliminary estimates show that the Medicaid provisions would reduce Medicaid spending by $1 trillion and will increase the number of people without health insurance by at least 11.8 million by 2034. Some key proposed changes to the Medicaid Program include, but are not limited to: work requirements; cost sharing of up to $35 per service on expansion adults who exceed the official poverty threshold; stricter eligibility requirements for non-U.S. citizens; requirements for states to conduct eligibility redeterminations at least every six months for Medicaid expansion adults; and prohibitions on states from establishing any new provider taxes or from increasing the rates of existing taxes, among other changes.”

Annual report 2025A · The company itself

“Despite the ACA going into effect over a decade ago, there have been numerous legal and Congressional challenges to the law’s provisions and the effect of certain provisions have made compliance costly. For instance, changes to the ACA included in the Bill, including shortening enrollment periods and eliminating automatic reenrollment, could reduce ACA enrollment.”

Annual report 2025A · The company itself

“These conditions have made and may continue to make it difficult for our customers and potential customers to afford our products, and could cause our customers to stop using our products or to use them less frequently. If that were to occur, our revenue may decrease and our performance may be negatively impacted.”

Annual report 2025A · The company itself

“Furthermore, during economic uncertainty, our customers have had job losses and may continue to have issues gaining timely access to sufficient health insurance or credit, which could result in their unwillingness to purchase products or impair their ability to make timely payments to us.”

Annual report 2025A · The company itself

“Uncollectible uninsured and patient due accounts could adversely affect our results of operations. The primary collection risks for our accounts receivable relate to the uninsured patient accounts and patient accounts for which the primary insurance carrier has paid the amounts covered by the applicable agreement, but patient responsibility amounts (exclusions, deductibles and copayments) remain outstanding. In addition, as a result of recent economic conditions, some customers have, and others may, lose access to their private health insurance plan if they lose their job. As most of our customers rely on third-party payors, including private health insurance plans, to cover the cost of our products, there has been, and may continue to be, a shift in financial responsibility to our customers for the amounts previously covered by their primary insurance carrier.”

Annual report 2025A · The company itself

“High customer satisfaction maintained amid activity changes Operating performance and customer satisfaction go hand in hand resulting in a NPS (Net Promoter Score) score in 2025 of 50 for our freight activities, which is in line with our target, and well above the industry benchmark of around 40.”

Annual report 2025A · The company itself

“Road transport markets are in general expected to remain highly competitive in 2026, although transport capacity reductions enacted in 2025 may ease margin pressures in some markets.”

Annual report 2025A · The company itself

“Logistics Profit-over-growth was the main strategic priority in 2025.”

Annual report 2025A · The company itself

“The key expected improvement drivers are higher earnings in the Mediterranean and Channel ferry networks as well as in the Nordic and Continent logistics business units following positive full-year impacts of 2025 turnaround projects.”

Annual report 2025A · The company itself

“Ferry Division overview The strategic priority of focusing on profit-overgrowth was raised in 2025 in response to continued challenging market conditions for both transport and logistics solutions. Demand remained overall flat as sentiment among industrials and consumers was held back by geopolitical and macroeconomic uncertainties.”

Annual report 2025A · The company itself

“Strategi og verdier I strategien vår løfter vi fram det aller viktigste vi må lykkes med de neste årene, i en tid der markedet er i endring og konkurransen er tøff.Vi må jobbe hver dag for å være godt likt og ha høy tillit, slik atkunden velger oss.Vi er tydelige på hvorfor DNB er et godt valg for privatkunder og bedrifter. Gjennom sterk konkurransekraft og lønnsom vekst skal vi nå våre finansielle mål og levere bærekraftig verdiskaping.”

Annual report 2024A · The company itself

“Netto andre driftsinntekter Beløp i millioner kroner 2024 2023 Netto provisjoner og gebyrer 12466 11115 Basisswapper (1559) (612) Valutakurseffekter knyttet til Hybridkapital 1427 332 Netto gevinster på andre finansielle instrumenter til virkelig verdi 4357 5563 Netto forsikringsresultat 1421 1183 Netto overskudd fra tilknyttede selskaper 1719 449 Andre driftsinntekter 2516 2120 Netto andre driftsinntekter 22347 20150 Netto andre driftsinntekter økte med 2 196 millioner kroner, eller 10,9 prosent, sammenliknet med 2023.”

Annual report 2024A · The company itself

“Personkundesegmentet viste solid lønnsomhet i 2024 med et resultat før skatt på 16612millioner kroner og en avkastning på allokert kapital på 20,2 prosent. Lønnsomheten ble drevet av en økning i netto renteinntekter og netto andre driftsinntekter. Netto renteinntekter økte med 494 millioner kroner fra 2023.”

Annual report 2024A · The company itself

“Renteoppgangen i 2022 og 2023 bidro til svekkelsen av norske husholdningers kjøpekraft. Samtidig hadde husholdningene høye finansielle buffere etter pandemien som sammen med sysselsettingsvekst bidro til å understøtte husholdningenes etterspørsel.”

Annual report 2024A · The company itself

“Kapital sikres blant annet gjennom innskudd fra kunder og investeringer fra aksjonærer.”

Annual report 2024A · The company itself

“Konsernets oppdrag er å skape en enklere hverdag og bedre økonomi for folk og bedrifter, ved å bygge verdens beste bank for Norge.”

Annual report 2024A · The company itself

“DNB har en ambisjon om fortsatt lønnsom vekst i personkundesegmentet og vil fortsette arbeidet med å tilpasse produkter, løsninger, kundebetjening og kostnadsnivå til framtidens konkurransesituasjon. Kunderådgivning vil fortsette å være høyt prioritert i DNB.”

Annual report 2024A · The company itself

“Følgende faktorer vil bidra til at konsernet når målet for egenkapitalavkastning (ROE): vekst i utlån og provisjoner og gebyrer fra kapitallette produkter, i kombinasjon med kostnadskontroll og effektiv kapitalstyring. Den årlige ambisjonen for organisk utlånsvekst for konsernet er mellom 3 og 4 prosent over tid, men den kan være lavere eller høyere i visse år.”

Annual report 2024A · The company itself

“Netto andre driftsinntekter økte med 10,0prosent sammenliknet med 2023, hovedsakelig drevet av en positiv utvikling i inntekter fra betalingstjenester og produkter for langsiktig sparing.”

Annual report 2024A · The company itself

“Det inkluderer blant annet å gi lån og kreditt til bedrifter for å finansiere produksjon, tilby betalingsløsninger som gjør det mulig for bedrifter og privatpersoner å betale og motta betaling, gi strategisk rådgivning til bedrifter og personkunder, og tilby ulike løsninger for sparing og produkter som støtter miljøvennlige prosjekter og bærekraftige forretningsmodeller.”

Annual report 2024A · The company itself

“Many of our customers have fixed or low incomes and limited discretionary spending dollars. Any factor that could adversely affect their disposable income could decrease our customers’ confidence and spending or cause them to shift their spending to our lower margin product choices, which could result in materially decreased sales and/or profitability.”

Annual report 2026A · The company itself

“Our most profitable sales mix generally occurs in the fourth quarter primarily because of sales of Christmas-related merchandise.”

Annual report 2026A · The company itself

“Our customers continue to feel constrained in the current macroeconomic environment and to experience elevated expenses that generally comprise a large portion of their household budgets, such as rent, healthcare, energy and fuel prices, as well as cost inflation in frequently purchased household products (including food), which we expect will continue to pressure our customers’ spending overall.”

Annual report 2026A · The company itself

“We are able to maintain competitive prices due in part to our low-cost operating approach and the relatively limited assortment of products offered. Purchasing large volumes of merchandise within our focused assortment in each merchandise category allows us to keep our average product costs low, contributing to our ability to offer competitive everyday prices to our customers.”

Annual report 2026A · The company itself

“Our product offering includes most necessities, such as basic packaged and refrigerated or frozen food products, dairy products, cleaning supplies, paper products, health and beauty care items, greeting cards and other stationery items, housewares, hardware, automotive supplies and basic apparel, among others.”

Annual report 2026A · The company itself

“We offer a broad selection of merchandise, including consumable products such as food, paper and cleaning products, health and beauty products and pet supplies, and non-consumable products such as seasonal merchandise, home decor and domestics, and basic apparel. Our merchandise includes national brands from leading manufacturers, as well as our own private brand selections with prices often at substantial discounts to national brands. We offer our customers these national brand and private brand products at everyday low prices (typically $10 or less) from our convenient small-box locations.”

Annual report 2026A · The company itself

“Our Business Model ​ Our long history of profitable growth is founded on a commitment to a relatively simple business model: providing a broad base of customers with their basic everyday and household needs, supplemented with a variety of general merchandise items, at everyday low prices in conveniently located, small-box stores.”

Annual report 2026A · The company itself

“We generally locate our stores and plan our merchandise selections to best serve the needs of our core customers, the low and fixed income households often underserved by other retailers (including grocers), and we are focused on helping them make the most of their spending dollars.”

Annual report 2026A · The company itself

“Although our multi-price assortment has grown, the majority of our products are priced at $1.25, and 85% of products in the average Dollar Tree store are currently priced at $2.00 or less, and we generally have fewer price bands for our goods than other retailers. Accordingly, we may not be able to adjust our prices to effectively offset cost increases while providing 10 Table of Contents expected value.”

Annual report 2026A · The company itself

“We also open or expand stores within our established geographic markets, where new or expanded stores may draw sales away from our existing stores.”

Annual report 2026A · The company itself

“In addition, the success of our business depends in part on our ability to anticipate, identify and respond promptly to evolving trends in consumer preferences. If we are unable to accurately predict the products that our customers will demand, implement competitive and effective pricing and marketing strategies, or timely and appropriately respond to changing demographics, consumer needs, preferences or spending patterns, then the demand for our products (including our higher-margin discretionary merchandise), our market share and our results of operations could be adversely affected.”

Annual report 2026A · The company itself

“A deterioration in economic conditions could reduce consumer spending or cause customers to shift their spending to products we either do not sell or do not sell as profitably. Adverse economic conditions such as a recession could disrupt consumer spending and significantly reduce our sales, decrease our inventory turnover, cause greater markdowns, or reduce our profitability due to lower margins.”

Annual report 2026A · The company itself

“Furthermore, factors that could adversely affect consumer disposable income could decrease our customers’ spending on products we sell most profitably.”

Annual report 2026A · The company itself

“Our highest sales periods are during the Christmas and Easter seasons, and we generally realize a disproportionate amount of our net sales and our operating and net income during the fourth quarter. In anticipation, we stock extra inventory and hire many temporary employees to prepare our stores and help ship product from our distribution centers.”

Annual report 2026A · The company itself

“The success of these initiatives depends, among other things, on our ability to execute and scale these initiatives consistently across a large, geographically diverse store and distribution footprint and, ultimately, customer receptiveness and acceptance. If our initiatives, including our expanded multi-price offerings, do not appeal to our customers, or if we are unable to consistently meet our brand execution promises in a cost-effective manner, we may experience a loss of customer confidence or lost sales, which could adversely affect our reputation and results of operations.”

Annual report 2026A · The company itself

“Our growth is dependent on our ability to increase sales in existing stores. Our strategic plan includes improvements in store productivity through initiatives to improve store standards and operational consistency, refresh and renovation programs, shelf productivity optimization, and elevated store execution and cleanliness.”

Annual report 2026A · The company itself

“Our sales and profitability are affected by our product assortment and customer response to the mix of products we sell. Our success depends on our ability to select and obtain sufficient quantities of relevant merchandise at prices that allow us to sell such merchandise at profitable and appropriate prices, and to market such merchandise effectively to customers.”

Annual report 2026A · The company itself

“We continue to execute on a number of strategic initiatives to accelerate profitable growth for Dollar Tree as a standalone banner following the sale of Family Dollar. During 2025, we outlined our strategic plan designed to reinforce our core brand promise—value, convenience, and discovery—while improving operating leverage and returns over time.”

Annual report 2026A · The company itself

“Table of Contents Our Merchandise We maintain a balanced selection of products within traditional variety store categories. We offer a wide selection of everyday basic products and we supplement these with seasonal, closeout and promotional merchandise. We attempt to keep certain basic consumable merchandise in our stores continuously to establish our stores as a destination and increase traffic in our stores.”

Annual report 2026A · The company itself

“The merchandise mix in our stores consists of: •Consumable merchandise, which includes everyday consumables such as household paper and chemicals, food, candy, health and personal care products, and in most stores, frozen and refrigerated food; •Discretionary merchandise includes the following: ◦Variety merchandise, which includes toys, durable housewares, gifts, stationery, party goods, greeting cards, softlines, arts and crafts supplies and other items; and ◦Seasonal goods, which include, among others, Christmas, Easter, Halloween and Valentine’s Day merchandise.”

Annual report 2026A · The company itself

“Our Stores Our stores serve customers with a broad range of income levels principally in suburban locations and predominantly range from 8,000 - 10,000 selling square feet.”

Annual report 2026A · The company itself

“Året påverkades av återhållsam konsumtion bland konsumenter samt kunder som fort - satte ha en försiktig hållning i fråga om sina lagernivåer. På grund av dessa utmanande marknadsförhållanden minskade organisk nettoomsättning för helåret med 12 procent.”

Annual report 2024A · The company itself

“2024 var ett utmanande år som påverkades av återhållsam konsumtion bland konsumenter och kunder som hade en fortsatt försiktig hållning i fråga om sina lagernivåer. Branschens produktion av RV-fordon och båtar låg på den lägsta nivån på tio år och konsumenter fokuserade på att reparera utrustning i stället för att uppgradera eller byta ut produkter.”

Annual report 2024A · The company itself

“Samtidigt håller den positiva friluftstrenden i sig och vi kan se att antalet campare runt om i världen stadigt ökar.”

Annual report 2024A · The company itself

“VÄRLDEN BLIR ALLTMER MOBIL I dagsläget växer efterfrågan på Mobile Living-produkter inom alla åldersgrupper, till följd av ett ökat intresse för utomhus- och friluftsliv och ett ökat välstånd.”

Annual report 2024A · The company itself

“ÖKAD EFTERFRÅGAN PÅ FRITIDSPRODUKTER Människor lägger mer tid och pengar på att uppleva utomhus- och friluftsaktiviteter. Intresset för ett aktivt utomhus- och friluftsliv växer, bland annat på grund av den fortlöpande urbaniseringen och den demografiska utvecklingen.”

Annual report 2024A · The company itself

“Höga lagernivåer hos återförsäljarna och lägre privat konsumtion påverkade nettoomsättningen inom försäljningskanalerna Distribution och Service & Aftermarket negativt.”

Annual report 2024A · The company itself

“Till följd av dessa utmanande marknads - förhållanden minskade den organiska nettoomsättningen för helåret med 12 procent.”

Annual report 2024A · The company itself

“Nettoomsättningstillväxt, % –14% 1% 23% Organisk tillväxt, % –14% –4% 8% 1) 1) EBITA-marginal före av- och nedskrivningar av förvärvsrelaterade immateriella tillgångar och jämförelsestörande poster Marine, 23% Efterfrågan på Igloos produktportfölj var fortsatt stark bland konsumenterna under 2024. Flera nya produkt - lanseringar bidrog ytterligare till denna efterfrågan.”

Annual report 2024A · The company itself

“STYRNING AV HÅLLBARHET OCH DETALJERAD INFORMATION 129 Taxonomi 131 Redovisningsprinciper och definitioner 137 FINANSIELL KALENDER 2025 140 DOMETIC ÅRS- OCH HÅLLBARHETSREDOVISNING 2024 Nettoomsättning per försäljningskanal OEM (Original Equipment Manufacturer), 40% (43) Service & Aftermarket, 29% (28) Distribution 31% (29) 2024 (2023) Nettoomsättning per geografisk region Americas, 58% (58) EMEA, 33% (33) APAC, 9% (9) 2024 (2023) Nettoomsättning, miljarder kronor 24,6 Antal länder som produkter säljs i 100 EBITA-marginal 1) 2024, procent 10,8 Antal medarbetare över hela världen ~7 000 Dometic är ett globalt tech-friluftsbolag med en målsättning att underlätta ett mobilt liv: ”Make mobile living easy”.”

Annual report 2024A · The company itself

“Miljontals människor runt om i världen använder våra produkter när de campar och utforskar naturen med sina bilar, husbilar eller båtar.”

Annual report 2024A · The company itself

“Cirka 50 procent av den adresserbara marknaden finns inom området fristående friluftsprodukter, som är en mer stabil och snabbväxande marknad.”

Annual report 2024A · The company itself

“Att vara det världsledande bolaget inom branschen och den mest framgångsrika och innovativa leverantören av tekniska lösningar för utomhus- och friluftsliv Att vara ledande inom innovation och tillhandahålla smarta och tillförlitliga produkter med enastående design som ger ett verkligt mervärde åt våra kunder Att erbjuda en attraktiv arbetsplats för våra medarbetare HÅLLBARHET VÅR STRATEGI Gemensamma värderingar Global kompetenspool och kompetensutveckling Medarbetarengagemang Gemensam verktygslåda för genomförande Starkt ledarskap inom alla nivåer i organisationen BYGGA TILLSAMMANS LÖNSAM EXPANSION INOM PRODUKTLEDARSKAP GENOM INNOVATION KONTINUERLIGA KOSTNADSREDUCERINGAR LÖNSAM EXPANSION INOM MOBILE LIVING En allt större del av befolkningen vill tillbringa tid utomhus, med bilen, båten eller RV-fordonet som bas. Nya konsumentgrupper kommer in på marknaden och skapar en efterfrågan på produkter och lösningar som gör utomhus- och friluftslivet bekvämt och lättillgängligt.”

Annual report 2024A · The company itself

“Som en del av fordonsbranschens trend mot större fordon, till exempel SUV:ar (Sport Utility Vehicles), tillbringar fler familjer tid i naturen med sin SUV, kombibil eller pickup som bas. Den här typen av konsumenter använder den egna bilen för att kunna njuta av utomhuslivet på ett bekvämt och spontant sätt.”

Annual report 2024A · The company itself

“Uppgraderingssatser, reservdelar och utbyten av befintliga produkter ger en stabil efterfrågan.”

Annual report 2024A · The company itself

“The overall food service market, food delivery market and the QSR market are intensely competitive with respect to food quality, price, service, image, convenience and concept, and are often affected by changes in: • consumer tastes and perceptions; • international, national, regional or local economic conditions; • marketing, advertising and pricing, including both price increases and discounting, and publicity; • macroeconomic changes, disposable purchasing power and demographic trends; and • currency fluctuations and geopolitical considerations related to international operations.”

Annual report 2025A · The company itself

“Economic conditions, including the inflationary and cost pressures seen in recent years, may also impact the discretionary purchasing power of our customers, especially customers with less disposable income or for whom discretionary spending represents a smaller portion of their disposable income, resulting in decreased demand for our products.”

Annual report 2025A · The company itself

“Moreover, because we are primarily dependent on a single product, if consumer demand for pizza should decrease, our business would suffer more than if we had a more diversified menu and the QSR pizza category may also not grow as quickly as other categories within the food service industry.”

Annual report 2025A · The company itself

“In recent years, we have focused specifically on increasing our presence in our existing markets to provide better service to our customers, including condensing our delivery areas to provide better delivery service and adding locations that are closer to our carryout customers. We call this approach our “fortressing” strategy.”

Annual report 2025A · The company itself

“Our simple to understand and easy to use Domino’s Rewards® loyalty program provides members reward points for qualifying orders. When rewards members accumulate a certain amount of points, Domino’s Rewards offers loyalty members the opportunity to redeem points for a wide selection of our menu items.”

Annual report 2025A · The company itself

“Renowned Value: We are committed to continuing to offer competitive pricing and personalized value for our customers that is innovative and memorable.”

Annual report 2025A · The company itself

“Demand for our platform is highly sensitive to a range of factors, including the price of the goods delivered, the amount of compensation and gratuities required to attract and retain Dashers, incentives paid to Dashers, and the fees and commissions we charge merchants and consumers. Many factors, including operating costs, legal and regulatory requirements, constraints, or changes, and our current and future competitors’ pricing and marketing strategies, could significantly affect our pricing strategies.”

Annual report 2025A · The company itself

“Further, our consumers’ price sensitivity may vary by geographic location, and as we expand, our business model and pricing methodologies may not be competitive in these locations. As a result, our continued international expansion may require us to change our operations and pricing strategies to adjust to different cultural norms, including with respect to consumer pricing and gratuities.”

Annual report 2025A · The company itself

“The on-demand local commerce category has grown rapidly since we launched our platform in 2013, but it is uncertain to what extent the market for local commerce platforms will continue to grow. The markets for certain services we facilitate, in particular convenience, grocery, advertising, and certain other categories, are in earlier stages of development than our restaurant category, and it is uncertain whether demand for these services will continue to grow and achieve stable, widespread market acceptance.”

Annual report 2025A · The company itself

“Any factor that impacts consumer spending broadly, including changes to economic conditions in regions where we do business, may also impact consumer spending on our platform. Some of these factors include unemployment, inflation, consumer debt, fluctuations in transportation costs, increased food costs, declines in asset prices, mortgage markets, taxation, energy prices, changes in interest rates and credit availability, and consumer confidence in the current and future political and economic environment.”

Annual report 2025A · The company itself

“Incentive Programs The Company offers incentives to attract consumers and Dashers to use its local commerce platform. Consumers typically receive credits or discounted delivery fees while Dashers typically receive cash incentives.”

Annual report 2025A · The company itself

“Consumers access our Marketplaces through our apps and websites to discover, engage with, and purchase goods from merchants in their communities. We seek to attract and retain consumers based primarily on the selection, convenience, quality, affordability, and service we provide.”

Annual report 2025A · The company itself

“As a result, it is inherently difficult to accurately forecast our GMV, the amount and sources of our net revenues, earnings (loss) per share, operating income (loss), and our other key operating and financial performance metrics.”

Annual report 2025A · The company itself

“Our business depends on consumer engagement and spending, which makes our results of operations particularly sensitive to shifts in, and events that impact, consumer confidence, platform engagement and buying trends.”

Annual report 2025A · The company itself

“The eBay Money Back Guarantee program allows buyers to obtain a refund if an item does not arrive, is damaged or faulty, or differs materially from its description, and applies to most purchases completed through qualifying payment methods.”

Annual report 2025A · The company itself

“Competition and Economic Risks ​ ● We face intense and increasing competition from providers of video, broadband and/or wireless services. Changing consumer behavior and new technologies in our Pay-TV and/or Wireless business may reduce our subscriber activations and may cause our subscribers to purchase fewer services from us or to cancel our services altogether, resulting in less revenue to us.”

Annual report 2025A · The company itself

“In recent years, the traditional pay-TV industry has matured, and industry consolidation and convergence have created competitors with greater scale and multiple product/service offerings. Some of these services charge nominal or no fees for access to their content, which could adversely affect demand for our Pay-TV services.”

Annual report 2025A · The company itself

“Furthermore, this increasingly competitive environment may require us to increase subscriber acquisition and retention spending or accept lower subscriber activations and higher subscriber churn. Increasingly, we must seek to attract a greater proportion of new subscribers from our competitors’ existing subscriber bases rather than from first-time purchasers of pay-TV services.”

Annual report 2025A · The company itself

“In particular, through technological advancements and with the large increase in the number of consumers with broadband service, a significant amount of video content has become available through online content providers for users to stream and view on their personal computers, televisions, phones, tablets, video game consoles and other devices, in some cases without a fee required to access the content. While our subscribers can use their traditional video subscription to access mobile programming, an increasing number of subscribers are also using mobile devices as the sole means of viewing video, and an increasing number of non-traditional video providers is developing content and technologies to satisfy that demand, including, but not limited to, certain exclusive content.”

Annual report 2025A · The company itself

“Our SLING TV subscribers on average purchase lower-priced programming services than DISH TV subscribers. Accordingly, an increase in SLING TV subscribers has a negative impact on our Pay-TV average monthly revenue per subscriber (“Pay-TV ARPU”).”

Annual report 2025A · The company itself

“In particular, our DISH TV churn rate and Wireless churn rate may increase with respect to subscribers who purchase our lower tier programming packages and Wireless services, and who may be more sensitive to economic weakness.”

Annual report 2025A · The company itself

“Our DISH TV and Broadband subscriber bases have been declining and there can be no assurance that both subscriber bases will not continue to decline and that the pace of such decline will not accelerate.”

Annual report 2025A · The company itself

“Pay-TV ​ We offer pay-TV services under the DISH® brand and the SLING® brand (collectively “Pay-TV” services). The DISH branded pay-TV service consists of, among other things, FCC licenses authorizing us to use direct broadcast satellite (“DBS”) and Fixed Satellite Service (“FSS”) spectrum, our owned and leased satellites, receiver systems, broadcast operations, a leased fiber optic network, in-home service and call center operations and certain other assets utilized in our operations (“DISH TV”).”

Annual report 2025A · The company itself

“Rising electricity demand across the U.S. economy is a primary force reshaping grid needs and investment planning. SCE projects electricity demand to nearly double between 2025 and 2045, driven by transportation electrification, new residential housing, and increases in commercial and industrial consumption.”

Annual report 2025A · The company itself

“Customer-owned generation and load departures to CCAs or Electric Service Providers each reduce the amount of electricity that customers purchase from utilities and have the effect of increasing utility rates unless customer rates are designed to allocate the costs of the distribution grid across all customers that benefit from its use. For example, some customers in California who generate their own power are not currently required to pay all transmission and distribution charges and non-bypassable charges, subject to limitations, which results in increased costs for other customers.”

Annual report 2025A · The company itself

“SCE is an investor-owned public utility primarily engaged in the business of supplying and delivering electricity to an approximately 50,000 square mile area across Southern, Central and Coastal California.”

Annual report 2025A · The company itself

“Trio is a global energy advisory firm providing integrated sustainability and energy solutions to commercial, industrial and institutional customers.”

Annual report 2025A · The company itself

“Berlin er en by i vækst, hvilket er smittet af på efterspørgslen efter udlejningsboliger. Dette kombineret med selskabets centralt beliggende ejendomme har skabt en historisk lav tomgang for boliger.”

Annual report 2025A · The company itself

“Det går derfor trægt med at få gang i privatforbruget, for det ligger i den tyske natur at være forsigtig, når det gælder pengesager.”

Annual report 2025A · The company itself

“There has been an oversupply of silicone capacity in China. These factors have put pressure on sales prices for commodity silicones, silicon and ferrosilicon in all three markets in 2024.”

Annual report 2024A · The company itself

“Operating income for the Silicon Products division decreased by 13 per cent due to negative price development for silicon and ferrosilicon driven by weaker demand, in addition to lower sales volume. Carbon Solutions’ operating income decreased by 13 per cent, driven by lower prices and lower sales volumes.”

Annual report 2024A · The company itself

“We completed the silicones expansion project in China on time and on budget in May. The plant was ramped up in six months, increasing overall production capacity by 50 per cent, i.e. an additional 120 kmt silox annually.”

Annual report 2024A · The company itself

“Risks Consumption of our core end-use areas milk and juice continue to decrease.”

Annual report 2024A · The company itself

“This could result in continued high inflation and interest rates, which in turn could lead to continued soft consumption and reduced consumer spending.”

Annual report 2024A · The company itself

“N/A Low Risk type Risk factor Description Response Material topics Risk appetite Profit Market dynamics – consumption Downward pressure in dairy and juice consumption can be observed. The uncertainty around economic recovery in certain areas, may impact market dynamics and consumption.”

Annual report 2024A · The company itself

“Consumption trends have shifted from convenience to affordability, while health and wellness remain top priorities. Elopak has strong and long-lasting customer relationships and enough breadth of portfolio and market exposure to mitigate midterm market volatility. Midto long term, Elopak’s growth strategy is a mix of conventional product-focused growth, while at the same time pursuing innovation, growth and additional value by expanding the boundaries of our traditional markets.”

Annual report 2024A · The company itself

“Nettoomsättning per geografisk marknadsregion engcon | Års- och hållbarhetsredovisning 2024 Året har präglats av svag efterfrågan på grund av makroekonomiska omvärldsfaktorer, vilket påverkat försäljning och resultat framför allt i Norden.”

Annual report 2024A · The company itself

“Japan är en stor grävmaskinsmarknad, ca 60 000 nya grävmaskiner kommer ut på marknaden varje år. En påtaglig arbetskraftsbrist och ett stort behov av ökad effektivitet och produktivitet inom bygg- och anläggningsindustrin gör att det finns en stor potential för engcons produkter.”

Annual report 2024A · The company itself

“Resurs- och tidseffektivt grävande med en tiltrotatorförsedd grävmaskin möjliggör enligt Strategy& besparingar på upp till 850 000 SEK per tiltrotator per år för våra slutkunder.”

Annual report 2024A · The company itself

“Det är inte längre nödvändigt att gå till börsen för att finansiera tillväxt. Aktörer på den privata investeringsmarknaden såsom EQT kan stödja företag från ett tidigt skede till att de blir globala marknadsledare.”

Annual report 2024A · The company itself

“Marknaden förväntas fortsätta växa till följd av ökade investeringsallokeringar i takt med att både institutionella och privata investerare söker sig till privata marknader. Marknaden förväntas dubbleras till 2030 och sedan dubbleras igen till 2040 1) .”

Annual report 2024A · The company itself

“Risker som uppstår från en rad ekonomiska faktorer och marknadsvolatilitet, vilket kan påverka portföljens avkastning, värderingar och investeringsutfall. Potentiell påverkan: — Osäkerhet kring värderingar kan leda till långsammare takt för investeringar och avyttringar. — Svaga resultat eller finansiella problem i portföljbolag. — Hårdare finansieringsvillkor för nya transaktioner. — Ändrade förutsättningar för börsnoteringar begränsar de potentiella avyttringsmöjligheterna och leder till längre innehavsperioder. — Carried interest senarelagd eller inte uppnådd. — Längre tidsramar för kapitalanskaffning.”

Annual report 2024A · The company itself

“USA EMEA & APAC Private Equity Infrastructure EQT accelererar sin expansion inom private wealth och gör privata marknader mer tillgängliga än någonsin. Med lanseringen av strategierna EQT Nexus, EQRT och EQT Nexus Infrastructure öppnar EQT dörren för privata investerare att delta i långsiktig värdeskapande och tillväxtmöjligheter.”

Annual report 2024A · The company itself

“Finansiering av prisvärda bostäder för låginkomsthushåll EQT Private Capital EU & NA Mjukvara för hållbarhetsstyrning inom kapitalintensiva branscher Elektrifiering av höghastighetsfärjor och påskyndande av övergången till miljövänliga bränslealternativ Exempel på hållbarhetsteman från EQT-fondernas portföljbolag Klimat & Miljö Inkludering & Lika möjligheter Hållbarhetsteknik & Transparens Fertilitetsbehandlingar och stöd för reproduktiv hälsa Hälsa & Välbefinnande EdgeConneX EdgeConneX specialiserar sig på hållbara och energieffektiva datacenter optimerade för AIoch molndistributioner.”

Annual report 2024A · The company itself

“Individuella investerare – som lockas av möjligheten till stark avkastning, diversifiering och ökad tillgänglighet – söker sig i allt högre grad till privata marknader. Möjligheten är fortfarande i ett tidigt stadium, men vi tror att den kommer att växa till att bli en viktig källa till nya kapitalåtaganden för EQT.”

Annual report 2024A · The company itself

“High or rising rates of unemployment and interest, declines in income, home prices or investment values, lower consumer confidence, economic uncertainty and reduced access to credit adversely affect demand for many of our products and services, and consequently our revenue and results of operations, as consumers may postpone or reduce their spending and use of credit, and lenders may reduce the amount of credit offered or available.”

Annual report 2025A · The company itself

“Short-term leases expose us to the effects of declining market rents, and the Company may be unable to renew leases or relet units as leases expire. If the Company is unable to promptly renew or re-let existing leases, or if the rental rates upon renewal or reletting are significantly lower than expected rates, then the Company’s results of operations and financial condition will be adversely affected.”

Annual report 2025A · The company itself

“Many consumers continued to experience economic headwinds in 2024, where Europris demonstrated its adaptability and the resilience and relevance of its campaign-driven concept in this market environment. As our customers have become even more price conscious, our campaigns have been a key driver of growth, with particularly strong results for the products we have featured on the front pages of our marketing leaflets.”

Annual report 2024A · The company itself

“The relevance of the concepts has been evident in the sales mix, where customers purchased more promotional items, consumables and private labels.”

Annual report 2024A · The company itself

“Customers have become more price conscious and are buying more promotional items and consumables at the expense of higher-margin goods.”

Annual report 2024A · The company itself

“Sale of affordable goods The selling of lower-priced goods might lower the barrier to purchase new or additional items. As a result, consumers may replace products more frequently, which can lead to increased consumption.”

Annual report 2024A · The company itself

“Under Connecticut law, all of CL&P's customers are entitled to choose their energy suppliers, while CL&P remains their electric distribution company. For those customers who do not choose a competitive energy supplier, CL&P purchases power on behalf of, and passes the related cost, without mark-up, through to those customers under standard service (SS) rates for customers with less than 500 kilowatts of demand (residential customers and small and medium commercial and industrial customers), and supplier of last resort service (LRS) rates for customers with 500 kilowatts or more of demand (larger commercial and industrial customers).”

Annual report 2025A · The company itself

“Customer affordability concerns, driven by volatility in energy supply costs, evolving public policy mandates and inflationary pressures, may limit our ability to recover costs or fund infrastructure upgrades. Regulators may respond by imposing stricter cost recovery standards, delaying or denying rate increases or cost recovery or requiring alternative funding mechanisms increasing financial uncertainty.”

Annual report 2025A · The company itself

“NSTAR Gas, EGMA and Yankee Gas generate revenues primarily through the sale and/or transportation of natural gas. Our natural gas businesses provide uninterruptible (or firm) natural gas sales and transportation service to eligible retail customers who require a continuous natural gas supply throughout the year, such as residential customers who rely on natural gas for heating, hot water and cooking needs, as well as commercial and industrial customers who rely on natural gas for space heating, hot water, cooking and commercial and industrial applications and who choose to purchase natural gas from our natural gas businesses.”

Annual report 2025A · The company itself

“The self-storage business is subject to seasonal fluctuations. A greater portion of revenues and profits are typically realized from May through September.”

Annual report 2025A · The company itself

“We experience seasonal fluctuations in occupancy levels, with occupancy levels generally higher in the summer months due to increased moving activity.”

Annual report 2025A · The company itself

“Our operating results depend materially on our ability to lease available self-storage units, to actively manage unit rental rates, and on the ability of our tenants to make required rental payments.”

Annual report 2025A · The company itself

“Self-storage provides a convenient way for individuals and businesses to store their possessions due to life changes, or simply because of a need for storage space. The mix of residential tenants using a store is determined by a store’s local demographics and often includes people who are experiencing life changes such as downsizing their living space or others who 7 are not yet settled into a permanent residence.”

Annual report 2025A · The company itself

“Verksamhet i den expansiva Malmöregionen med hög efterfrågan på bostäder och kommersiella lokaler.”

Annual report 2024A · The company itself

“Trianon befinner sig i en tillväxtregion vilket ger en hög efterfrågan på bostäder.”

Annual report 2024A · The company itself

“Fortsatt stark efterfrågan på både bostäder och kommersiella lokaler I den expansiva Malmöregionen är efterfrågan på bostäder fortsatt hög med noll vakanser och Trianon har ett stort antal sökande till varje hyreslägenhet som blir ledig.”

Annual report 2024A · The company itself

“Generös uthyrningspolicy sänker tröskeln in på bostadsmarknaden Trianon har en generös uthyrningspolicy som syftar till att inkludera fler på den ordinarie bostadsmarknaden med egna förstahandskontrakt, t ex godkänner bolaget inkomst på en gånger hyran, alternativa anställningsformer samt två betalningsanmärkningar.”

Annual report 2024A · The company itself

“Despite continuing and signicant market turbulence, Hanwag’s 2024 results were pos - itive, even if they fell short of the previous year’s. e sector faces costs that are rising unabatedly, a decline in consumer consump - tion and retailer reluctance to make purchases. ese factors aect Germany, Hanwag’s key market, and therefore had a big impact on earnings. Nevertheless, the company only narrowly missed its target for 2024.”

Annual report 2024A · The company itself

“Consumers kept their wallets tight, and big overstocks in the markets led to a lot of price pressure. e weather continues to be unpredictable.”

Annual report 2024A · The company itself

“Residential and non-residential markets each account for approximately half of our net sales, with net sales within these combined markets balanced between repair, maintenance and improvement (“RMI”) (approximately two-thirds of our net sales) and new construction (approximately one-third of our net sales), based on management’s estimates.”

Annual report 2025A · The company itself

“A significant portion of our revenue is derived from transaction processing fees. The global transaction processing industries depend heavily upon the overall level of consumer, business and government spending. Any change in economic factors, including a sustained deterioration in general economic conditions or consumer confidence, particularly in the U.S., or inflation and increases in interest rates in key countries in which we operate may adversely affect consumer spending, consumer debt levels and payment card usage, and as a result, adversely affect our financial performance by reducing the number or average purchase amount of transactions that we service.”

Annual report 2025A · The company itself

“FIS provides a number of systemically critical services, including the settlement of funds for financial institutions, other businesses and consumers and receives funds from clients, card issuers, payment networks and consumers on a daily basis for a variety of transaction types. Transactions facilitated by us include debit card, credit card, electronic bill payment, banking payments and check clearing that support consumers, financial institutions and other businesses.”

Annual report 2025A · The company itself

“Default Service Certain of the Electric Companies have default service obligations to provide power to non-shopping customers who have elected to continue to receive service under regulated retail tariffs. These default service plans vary by state and service territory, and volume of sales can vary depending on the level of shopping that occurs.”

Annual report 2025A · The company itself

“PJM’s recent capacity auctions have been subject to a “price collar” that has resulted from all-time high generation capacity prices in recent auction outcomes. These all-time high capacity prices ultimately are passed through in retail rates and can result in material increases in retail customers’ monthly electric utility bills.”

Annual report 2025A · The company itself

“On January 16, 2026, the PJM board along with various federal and state officials, expressed interest in extending the price collar through mid-2030. In addition, the parties to the Statement of Principles suggested that PJM should conduct a “backstop” auction to procure additional generation capacity, with the costs to be allocated first to “new” data centers and second to existing PJM loads. If the PJM capacity auctions continue to clear at the auction cap, and if PJM conducts a “backstop” capacity auction that clears at a high price point, customer resistance to the resulting market driven increases on the generation portion of their bills could lead to increased pressure for state and federal utility regulators to limit the needed capital investment in transmission and distribution systems required for safe, reliable and resilient service to customers, which may impair our ability to earn a fair and equitable return on our investments and execute our strategy.”

Annual report 2025A · The company itself

“Our investments in transmission and distribution infrastructure modernization, reliability improvements, environmental compliance and storm hardening may increase customer bills over time and the resulting higher electric bills, when combined with the external pressures discussed above, may place pressure on residential customers’ affordability, particularly in portions of our service territory with lower median household income or high energy burdens and/or amongst those customers who have already seen significant retail bill increases. State and federal regulators may also adopt or modify policies intended to mitigate customer bill impacts – including disallowance or delayed recovery of certain capital investments or operating expenses, mandated bill assistance programs, changes to rate design, or restrictions on rate increases.”

Annual report 2025A · The company itself

“Customer concerns regarding affordability may result in increased regulatory scrutiny, constraints on the size and timing of rate increases, expanded bill 12 mitigation requirements, or disallowances, any of which could adversely affect our ability to recover costs or earn our authorized return on equity. In addition, sustained increases in customer bills may lead to reduced electricity usage through conservation, energy efficiency, or distributed generation, which could limit future load growth and revenues.”

Annual report 2025A · The company itself

“We could also be adversely impacted if any future increases to energy prices result in a decrease in customer usage.”

Annual report 2025A · The company itself

“To the extent weather conditions are affected by climate change, customers’ energy use could increase or decrease depending on the duration and magnitude of the changes. Increased energy use due to weather changes may require us to invest in additional system assets and purchase additional power.”

Annual report 2025A · The company itself

“FirstEnergy's Distribution segment, which consists of the Ohio Companies and FE PA, distributes electricity through FirstEnergy’s electric operating companies in Ohio and Pennsylvania. The Distribution segment serves approximately 4.3 million customers in Ohio and Pennsylvania across its distribution footprint and purchases power for its default service or standard service offer requirements.”

Annual report 2025A · The company itself

“JCP&L’s Distribution segment distributes electricity to approximately 1.2 million customers in New Jersey across its distribution footprint and procures electric supply to serve its BGS customers through a statewide auction process approved by the NJBPU.”

Annual report 2025A · The company itself

“Indtjening og omsætning EBITDA for 2025 udgør 79 mDKK. Det er en reduktion på 26 mDKK i forhold til 2024.”

Annual report 2025A · The company itself

“Samlet er omsætningen faldet med 75 mDKK i forhold til 2024 – svarende til 17 %, heraf udgør faldet i omsætning på mælk 68 mDKK.”

Annual report 2025A · The company itself

“vi vil være mere effektive Vi er gået ind i 2026 med udfordrende priser på mælk, grise og afgrøder. Det kalder på at genbesøge planlagte investeringer og vedligehold – er der noget der kan udsættes til 2027.”

Annual report 2025A · The company itself

“The worldwide automotive industry is affected significantly by general economic and political conditions over which we have little control. Vehicles are durable goods, and consumers and businesses have latitude in determining whether and when to replace an existing vehicle. The decision whether to purchase a vehicle may be affected significantly by slowing economic growth, geopolitical events, and other factors (including the cost of purchasing and operating cars, trucks, and utility vehicles, the availability and cost of financing, cost of fuel, and EV charging availability and cost).”

Annual report 2025A · The company itself

“For the past several decades, manufacturers typically have offered price discounts and other marketing incentives to provide value for customers and maintain market share and production levels, and we saw some of these actions resume as industry production and inventories increased in recent quarters, especially with waning policy support for EVs leading to excess supply in that market segment.”

Annual report 2025A · The company itself

“Because customers’ preferences may change quickly, our new and existing products may not generate sales in sufficient quantities and at costs low enough to be profitable and recoup investment costs. Offering products and services that customers want and value can mitigate the risks of increasing price competition, price sensitive customers, and declining demand, but products and services that are perceived to be less desirable (whether in terms of price, quality, styling, safety, overall value, fuel efficiency, or other attributes) can exacerbate these risks.”

Annual report 2025A · The company itself

“Ford may face increased price competition for its products and services, including pricing pressure resulting from industry excess capacity, currency fluctuations, competitive actions, legal and policy changes, or economic or other factors, particularly for electrified vehicles.”

Annual report 2025A · The company itself

“Ford’s results are dependent on sales of larger, more profitable vehicles, particularly in the United States. A shift in consumer preferences away from larger, more profitable vehicles with internal combustion engines (including trucks and utilities) to other vehicles in our portfolio that may be less profitable could result in an adverse effect on our financial condition or results of operations.”

Annual report 2025A · The company itself

“Consumers’ increasing viewership through direct-to-consumer offerings has contributed to industry-wide declines in subscribers to MVPD services over the last several years. These declines are expected to continue and possibly accelerate in the future. If consumers increasingly favor alternative offerings over MVPD subscriptions, the Company may continue to experience a decline in viewership and demand for the programming on its networks. The Company’s distribution and advertising revenues have been negatively impacted by these trends, and these negative effects could continue and accelerate in the future.”

Annual report 2026A · The company itself

“The strength of the advertising market can fluctuate in response to the economic prospects of specific advertisers or industries, advertisers' spending priorities and the economy in general or the economy of an individual geographic market as described further below.”

Annual report 2026A · The company itself

“If the number of subscribers to MVPD services continues to decline or such declines accelerate, the Company’s distribution and advertising revenues could be negatively affected. As described above, changes in technology and consumer behavior have contributed to industry-wide declines in the number of subscribers to MVPD services over the last several years, which have had a negative impact on the number of subscribers to the Company’s networks. These industry-wide subscriber declines are expected to continue and possibly accelerate in the future.”

Annual report 2026A · The company itself

“Factors that have affected and could in the future affect economic and financial conditions include actual or perceived uncertainty about economic stability (including taxes and tariffs) and social and political 23 uncertainties and conflicts, changes in consumer confidence, recession, high inflation, declining economic growth, diminished availability of credit, higher interest rates, unemployment rates and changes in consumer spending habits. Weak economic conditions have had and may continue to have an adverse impact on the Company's business, financial condition and results of operations. For example, reduced advertising expenditures due to a weak economy can negatively impact our advertising revenues, and increasing inflation raises our labor and other costs required to operate our business.”

Annual report 2026A · The company itself

“A decline in the ratings or popularity of the Company’s news, sports or entertainment programming or the Company's failure to obtain or retain rights to popular content could adversely affect the Company’s advertising revenues in the near term and, over a longer period of time, its distribution revenues.”

Annual report 2026A · The company itself

“The increase of $156 million or 10% in advertising revenue was primarily due to higher news and sports pricing and the broadcast of the FIFA Men’s World Cup, partially offset by lower ratings.”

Annual report 2026A · The company itself

“Operating expenses increased $287 million or 9% primarily due to higher sports programming rights amortization and production costs led by soccer rights, including the broadcast of the FIFA Men’s World Cup.”

Annual report 2026A · The company itself

“The increase of $318 million or 6% in advertising revenue was primarily due to sports programming led by the broadcasts of the FIFA Men’s World Cup and additional NFL and MLB postseason games and higher pricing partially offset by the absence of the February 2025 broadcast of Super Bowl LIX.”

Annual report 2026A · The company itself

“Cable Network Programming (43% of the Company’s revenues in fiscal 2026 and 2025) For the years ended June 30, 2026 2025 $ Change % Change (in millions, except %) Better/(Worse) Revenues Distribution $ 4,662 $ 4,440 $ 222 5 % Advertising 1,687 1,531 156 10 % Content and Other 999 959 40 4 % Total revenues 7,348 6,930 418 6 % Operating expenses (3,562) (3,275) (287) (9) % Selling, general and administrative (687) (635) (52) (8) % Amortization of cable distribution investments — 10 (10) (100) % Segment EBITDA $ 3,099 $ 3,030 $ 69 2 % Revenues at the Cable Network Programming segment increased $418 million or 6% for fiscal 2026, as compared to fiscal 2025, due to higher distribution, advertising and content and other revenues. Distribution 42 revenue increased $222 million or 5% as higher average rates per subscriber were partially offset by a decrease in the average number of subscribers.”

Annual report 2026A · The company itself

“Seasonality As is typical for many consumer technology companies, portions of our business are impacted by seasonality. However, we believe the net impact on our business is limited. Seasonal behavior in orders primarily reflects consumer spending patterns during our fiscal third and fourth quarters, as order volume is generally higher due to the holidays in our third quarter, as well as due to follow-on holiday purchases and the U.S. tax filing season which is in our fourth quarter.”

Annual report 2026A · The company itself

“•Issues in the development and deployment of AI, including generative AI and emerging AI-enabled cyber threats, could expose us to regulatory, privacy, IP, cybersecurity, operational and reputational risks. •Our acquisitions and divestitures create special risks and challenges that could adversely affect our financial results. •Our revenue and operating results depend significantly on our ability to retain our existing customers and increase their adoption of our offerings, convert existing non-paying customers to paying customers, and add new customers. •If we fail to manage our sales and distribution channels effectively, if our partners choose not to market and sell our solutions to their customers, or if we have an adverse change in our relationships with key third-party partners, service providers or vendors, our operating results could be materially and adversely affected.”

Annual report 2026A · The company itself

“The core markets we participate in include security, identity, privacy, and increasingly, financial wellness. We believe the cyber safety market will continue to expand significantly, driven by the growing number of people connected to the internet and the accelerating convergence of their digital and financial lives.”

Annual report 2026A · The company itself

“At the same time, consumer demand for financial guidance and access is growing with equal urgency. Despite advances in financial technology, significant gaps remain: many consumers lack access to personalized, data-driven tools to help them manage, protect, and grow their financial lives.”

Annual report 2026A · The company itself

“Almost every cyber threat ultimately targets a financial outcome, and almost every financial decision increasingly carries a digital risk. Consumers are no longer looking for a security product and a financial app — they are looking for a trusted platform that protects and empowers their entire digital and financial life, simultaneously and proactively.”

Annual report 2026A · The company itself

“We believe these dynamics — the expanding digital threat landscape, the growing demand for accessible financial wellness solutions, and the convergence of cyber safety and financial protection — will continue to drive demand for integrated platforms that address consumers' digital and financial needs together. Gen operates across both markets, connecting its family of Cyber Safety brands with financial wellness and marketplace capabilities to serve consumers across all aspects of their digital and financial lives.”

Annual report 2026A · The company itself

“However, some competitors have greater financial, technical, marketing, distribution or other resources than we do, including in new Cyber Safety and Trust-Based Solutions segments we may enter, giving them competitive advantages. As a result, they may be better positioned to invest in the development, marketing, and distribution of their offerings; provide competitive solutions at lower prices or for free; and introduce new solutions or respond to market developments and customer needs more quickly or cost-effectively than we can.”

Annual report 2026A · The company itself

“Our revenue and operating results depend significantly on our ability to retain our existing customers and increase their adoption of our offerings, convert existing non-paying customers to paying customers, and add new customers. It is important to our cyber and financial technology businesses that we retain existing customers and that our customers expand their use of our solutions and products over time.”

Annual report 2026A · The company itself

“Additionally, our solutions are discretionary purchases, and customers may reduce or eliminate their discretionary spending during periods of economic uncertainty, inflation, elevated interest rates, trade disruptions or other macroeconomic stress. We have experienced and may continue to experience a material increase in cancellations by customers or reduced retention during such periods.”

Annual report 2026A · The company itself

“In addition, adverse macroeconomic conditions may cause our MoneyLion product partners to reduce or delay their marketing and advertising expenditures on our platform, which could have a material adverse effect on our business, financial condition, results of operations and cash flows.”

Annual report 2026A · The company itself

“For more than a decade, we have protected people’s digital lives. That is our foundation. Today, we are building something larger: a platform that moves beyond protection into full empowerment — giving people the confidence, tools, and insights to control, manage and grow their digital and financial lives.”

Annual report 2026A · The company itself

“Our global, omni-channel sales approach includes direct, indirect and freemium channels and a family of brands, enabling us to grow our customer base and maximize the global reach of our products and services. To this end, we offer both free and paid subscription-based solutions, which are sold direct-to-consumer and through partner relationships. Most of our subscriptions are offered on annual terms, but we also provide monthly subscriptions.”

Annual report 2026A · The company itself

“2.Empowering Financial Wellness: Expanding our trusted solutions platform to empower consumers to protect, manage and grow their financial lives — through identity protection, financial fraud protection, credit monitoring, earned wage access, personalized financial product insights, and a recommended platform of trusted third-party financial solutions — deepening the customer relationship from protection into empowerment and financial decision-making and compounding lifetime value across the platform.”

Annual report 2026A · The company itself

“We leverage our identity and behavioral data advantages to deliver personalized financial product recommendations to existing customers, increasing average revenue per user and strengthening the overall value of the Gen relationship. Customers with connected financial accounts demonstrate higher engagement, stronger ARPU, and better retention, which further deepens loyalty over time. •Continue our focus on customer retention and loyalty: We continue to optimize and expand the value we provide to customers, which we believe positively impacts retention and lifetime value.”

Annual report 2026A · The company itself

“•Grow our customer base through multiple channels: We maintain multiple go-to-market channels to reach new customers globally, including direct, app stores, and partnerships across various business models, such as premium, freemium, and embedded marketplaces. We leverage our expertise in digital marketing, our family of trusted brands, and our expanding network of telecom, financial institution, and employer benefit partners to grow our customer base.”

Annual report 2026A · The company itself

“Company Overview Gen Digital Inc. is a global leader in consumer Cyber Safety and Trust-Based Solutions, empowering people around the world to live safer digital lives while building confidence and control over their financial futures. Through its trusted brands including Norton, Avast, LifeLock, and MoneyLion, Gen helps people protect what matters most — their data, identity, privacy, reputation and financials — through award-winning cyber-security, online privacy, identity protection and financial wellness solutions used by nearly 500 million users in more than 150 countries.”

Annual report 2026A · The company itself

“We protect and empower consumers by providing solutions and services in two main ways: •Comprehensive membership plans: Providing a comprehensive and all-in-one Cyber Safety portfolio of solutions for a membership fee. Plans are offered through Norton 360 and Avast One subscriptions, with both brands providing multiple levels of membership tiers that range from basic, mid-level, or premium tiers where online privacy features and identity and restoration services are included. •Point solutions: Providing stand-alone products and services in security, device performance, and privacy, offering flexibility for consumers to choose between free or paid solutions.”

Annual report 2026A · The company itself

“•Online Privacy: Our privacy solutions include virtual private network (VPN) offerings through the Norton, Avast and freemium brands. These solutions provide encrypted data tunnels and connections that allows customers to securely transmit and access private information, such as passwords, bank details, and credit card numbers, when accessing the 8 Table of Contents internet through their devices, including on public Wi-Fi networks. Our VPN solutions also incorporate advanced privacy, malware protection, and AI-powered protection against sophisticated cyber threats, including scams and phishing attacks.”

Annual report 2026A · The company itself

“Our Trust-Based Solutions Segment We have also evolved beyond Cyber Safety to offer Trust-Based solutions, including identity protection, restoration support services, digital reputation, and secure financial wellness, including our first-party MoneyLion products and our Engine marketplace offerings. These innovative solutions and insights empower consumers to manage their identity, reputation and finances confidently. •Identity Protection and Reputation: In the United States, we offer Identity Theft protection as a premium membership service primarily through LifeLock, which includes monitoring of credit reports, the dark web, social media, and financial accounts to help detect potential misuse of and safeguard our customers’ personal information.”

Annual report 2026A · The company itself

“In the event of identity theft, we assign an Identity Restoration Specialist to work directly with customers to help restore their identities, and assist in the recovery process. All plans include reimbursements for certain losses and expenses incurred, with coverage limits of up to $3 million depending on the plan.”

Annual report 2026A · The company itself

“•Secure Financial Wellness: In the United States, we offer modern personal finance products, tools, and financial-related content that delivers actionable insights and guidance to our users. Through our MoneyLion brand, we provide a broad suite of financial products and services to make premium banking, borrowing and investing accessible to everyone, enhanced with identity features so users can protect the wealth they build.”

Annual report 2026A · The company itself

“As of April 3, 2026, we have approximately 500 million total users, which come from direct, partner and freemium channels.”

Annual report 2026A · The company itself

“Of these total users, we have approximately 79 million paid customers which reflects all customers with at least one paid subscription as of the end of the period, and / or individuals with a unique account and at least one paid transaction in the trailing twelve months. •Direct-to-consumer channel: We use advertising to elevate our family of brands, attract new customers and generate significant demand for our services. Our direct subscriptions are primarily sold through our e-commerce platform and mobile apps, and we have a direct billing relationship with the majority of these customers.”

Annual report 2026A · The company itself

“With only approximately 6.75% penetration of the addressable market of homes in the United States (which we define as single-family detached, owner-occupied households with a home value of over $175,000, as defined by the U.S. Census Bureau's 2023 American Housing Survey for the United States), we believe there are significant opportunities to further penetrate the residential standby generator market both domestically and internationally.”

Annual report 2025A · The company itself

“In addition, consumer confidence and home remodeling expenditures have a significant impact on sales of our residential products, and prolonged periods of weakness in consumer durable goods spending has previously had, and could again have a material impact on our business.”

Annual report 2025A · The company itself

“The Company's product offerings consist primarily of power generation equipment, energy storage systems, energy management devices & solutions, and other power products geared for varying end customer uses.”

Annual report 2025A · The company itself

“Residential Products Our residential automatic standby generators, which predominantly operate on natural gas and liquid propane, range in output from 7.5kW to 150kW and are permanently installed with an automatic transfer switch, which we also manufacture. Air-cooled engine home standby generators range in outputs from 7.5kW to 28kW and serve as an emergency backup for small to medium-sized homes.”

Annual report 2025A · The company itself

“The retail channel primarily sells our residential standby and portable generators, as well as our outdoor power equipment and ecobee products.”

Annual report 2025A · The company itself

“SEASONALITY In general, demand for our products is evenly balanced throughout the year. However, within our North America Retail segment demand for refrigerated dough, frozen baked goods, and baking products is stronger in the fourth calendar quarter. Demand for Progresso soup is higher during the fall and winter months.”

Annual report 2026A · The company itself

“Economic downturns could limit consumer demand for our products. The willingness of consumers to purchase our products depends in part on local economic conditions. In periods of economic uncertainty, consumers may purchase more generic, private label, and other economy brands and may forego certain purchases altogether.”

Annual report 2026A · The company itself

“North America Retail organic net sales decreased 3 percent in fiscal 2026 compared to fiscal 2025, driven by unfavorable organic net price realization and mix and a decrease in contributions from organic volume growth.”

Annual report 2026A · The company itself

“Please refer to Note 17 to the Consolidated Financial Statements in Part II, Segment operating profit decreased 20 percent to $2,189 million in fiscal 2026, including the impact of the Divestitures, compared to $2,730 million in fiscal 2025, primarily driven by a decrease in contributions from volume growth and higher input costs, partially offset by favorable net price realization and mix and lower SG&A expenses.”

Annual report 2026A · The company itself

“Despite our recent EV sales growth, U.S. regulatory and economic policy changes have impacted our expectations regarding the pace of EV growth and consumer demand. We have taken actions to strategically realign our EV capacity and manufacturing footprint with the slowing in customer demand for EVs.”

Annual report 2025A · The company itself

“GM Financial estimates the expected residual value based on third-party data that considers various data points and assumptions, including, but not limited to, recent auction values, the expected future volume of returning leased vehicles, significant liquidation of rental or fleet inventory, used vehicle prices, manufacturer incentive programs, and fuel prices.”

Annual report 2025A · The company itself

“The Group operates within the entertainment industry. As such, the success of its business is ultimately dependent on the end customers’ disposable income, which is primarily driven by geopolitical factors affecting stability, trade, job security and inflation.”

Annual report 2024A · The company itself

“The improvement in the result compared to 2024 is primarily attributable to higher rental income across the Group’s property portfolio. Rental income increased in 2025 compared to the previous year, reflecting both index-linked rent adjustments and improved letting conditions in several locations.”

Annual report 2025A · The company itself

“This expected improvement is supported by rising real wages, declining inflation, and increased public investment, particularly in infrastructure and defence. Inflation has gradually moderated and is now approaching the European Central Bank target of around 2%, which is expected to support household purchasing power and strengthen private consumption.”

Annual report 2025A · The company itself

“Key indicators point towards: • Gradually strengthening economic growth • Inflation stabilizing close to the 2% target • Improving real wage development • Increasing private consumption • Government spending acting as a supportive economic factor Within the real estate market, retail properties in prime high-street locations continue to demonstrate resilience. Demand for well-located retail premises remains strong, while secondary locations remain under pressure.”

Annual report 2025A · The company itself

“Demand for well-located retail premises is expected to remain stable with a slight positive development as investor confidence and consumer spending gradually improve. This development is expected to make reletting somewhat easier compared with previous years.”

Annual report 2025A · The company itself

“The general pricing of high street properties is influenced by several factors, among which are current inflation and expectations for future inflation, current interest rate levels and expectations for future interest rates, future property investors' demands for net yield for similar properties, the extent of new construction of various property types, demand for premises, general and local population development, general economic development, particularly economic growth, employment development, development in German private consumption, development in retail stores' turnover and earnings, and changes in the public sector's activity level and demand for premises.”

Annual report 2025A · The company itself

“En annen demografisk endring vi er oppmerksomme på er at yngre generasjoner kan ha lavere kundelojalitet enn eldre.”

Annual report 2024A · The company itself

“Dette arbeidet pågikk med full kraft gjennom hele 2024. Premieveksten tok seg kraftig opp som følge av prisendringene, og vi forventer at prisjusteringene vil ha gradvis økende effekt på lønnsomheten.”

Annual report 2024A · The company itself

“Dette betyr at vi skal være i forkant, og kjenne kundene og forstå deres behov. Skadeforebygging er sentralt i vår kundeorientering og vi er opptatt av å dele vår kunnskap og innsikt så våre kunder kan gjennomføre tiltak som reduserer skaderisiko.”

Annual report 2024A · The company itself

“Gjennomsnittlig arbeidstid er på 36,75 timer. • I Gjensidige Danmark har vi senior-deltid og barne-deltid som blant annet innebærer at man kan velge kortere arbeidstid med lavere lønn, uten å tape pensjonsopptjening.”

Annual report 2024A · The company itself

“HØYE SKADEKOSTNADER FOR MOTORFORSIK- RING I NORGE Forsikringsinntekter fra skadeforsikring økte med 11.0 prosent i 2024. Combined ratio forbedret seg med 1,1 prosentpoeng fra 2023 til 86,0 prosent, drevet av en sterk drift og god fremgang FINANSIELLE MÅL MÅLOPPNÅELSE 2024 MÅL 2024 86,0 % <84 % Kostnadsandel 12,3 % <14 % Solvensmargin internmodell 185 % 140-190% Egenkapitalavkastning etter skatt 22,7 % >22% Utbytte Basert på resultatet for 2024 kr 9,00 Utbyttepolitikk Utdeling av overskuddskapital kr 1,00 Definert som alternativt resultatmål (APM).”

Annual report 2024A · The company itself

“Kundetilfredsheten er høy og var ved utgangen av året 77 på en skala fra 1 til 100. En forklaring på de gode resultatene er at vi har vært svært tilgjengelige og levert god service gjennom året.”

Annual report 2024A · The company itself

“Gjensidigestiftelsen har hvert år siden børsnoteringen av Gjensidige utbetalt kundeutbytte til skadeforsikringskundene i Norge basert på innbetalt forsikringspremie. Kundene har i perioden mottatt et årlig beløp tilsvarende 11–16 prosent av premien.”

Annual report 2024A · The company itself

“Vi prioriterer å gi et godt tilbud til privatmarkedet og små og mellomstore bedrifter, hvor produktene er relativt standardisert og etterspørselen stabil.”

Annual report 2024A · The company itself

“Risks Related to General Economic Conditions •We are subject to changes to the macroeconomic and geopolitical environment, health and social events or conditions, the business cycles and credit risk of our customers and the overall level of consumer, business and government spending, which we cannot control and could adversely affect our business, financial condition, results of operations and cash flows. •Investor and other stakeholder interest in our sustainability practices, and our disclosed performance and aspirations for these practices, may, from time to time, result in additional considerations or expectations and expose us to risks.”

Annual report 2025A · The company itself

“There may be a decline in the use of cards and other digital payments as a payment mechanism for consumers, or other adverse developments affecting the card industry in general. If consumers do not continue to use credit, debit or other digital payment methods of the type we process as a payment mechanism for their transactions, or if there is a change in the mix of payments between cash, checks, credit cards and debit cards that is adverse to us, it could have a material adverse effect on our business, financial condition, results of operations and cash flows.”

Annual report 2025A · The company itself

“Our Hearing division outperformed the market with 5% organic growth, our Enterprise division maintained its leadership in difficult markets with -6% organic growth, and our Gaming division battled equally challenging conditions with -2% organic growth and winning market share.”

Annual report 2025A · The company itself

“Free cash flow excl. M&A (DKKm) Net interest -bearing debt (DKKm) and leverage 2,619 1,560 1,200 2,153 1,908 2021 2022 EBITA margin 16.6% 8.3% 6.6% 12.0% 11.4% Reported EBITA GN Store Nord ( DKKm) 2025 -1,291 1,092 1,081 ,112 Net interest-bearing debt (DKKm) Leverage 8,876 4,829 14,561 10,567 9,699 2025 1.6x 7.1x 6.0x 3.8x 3.8x Content Another year with market share gains driven by customer-centric innovation and solid commercial execution Revenue The Hearing division delivered another strong year with 5% organic growth (on top of 10% in 2024 and 13% in 2023), yet again outperforming the market.”

Annual report 2025A · The company itself

“Another year of solid market share gains in a difficult market impacted by low consumer sentiment, while executing sustainable margin initiatives despite tariffs Revenue The Gaming business gained market share in a difficult gaming equipment market resulting in organic revenue growth of -2% (excluding the wind-down effect). As a consequence of the wind-down of the Elite and Talk product lines during 2024, the reported organic revenue growth for the division ended at -19%.”

Annual report 2025A · The company itself

“As a consequence of the current macro-economic challenges including the low level of consumer sentiment, it is assumed that the hearing aid market in 2026 will grow at the low end of its structural trend.”

Annual report 2025A · The company itself

“Similar to the Enterprise market, the Gaming equipment market was also impacted by the change in trade environment and general weak consumer sentiment during 2025. As a consequence of the macro-economic environment, it is currently assumed that the broader gaming equipment market will experience modest growth in 2026 driven by continued increase in number of global gamers as well as important new game introductions towards the end of the year.”

Annual report 2025A · The company itself

“In 2025, the global hearing aid market was negatively impacted by global uncertainty and weak consumer sentiment, resulting in market value growth below its structural trends of 3-5%.”

Annual report 2025A · The company itself

“In addition, concerns about actual or potential increases in interest rates, inflation and other borrowing costs, a public health emergency, sovereign debt risk and its impact on the relevant sovereign banking system, and limitations on international trade, have, at times, negatively impacted the levels of client activity. General uncertainty about economic, political and market activities, and the scope, timing and impact of regulatory reform, as well as weak consumer, investor and CEO confidence resulting in large part from such uncertainty, has in the past negatively impacted client activity, which has in the past adversely affected and could in the future adversely affect many of our businesses.”

Annual report 2025A · The company itself

“Additionally, global equity prices were generally higher compared with the end of 2024. In the U.S., the rate of unemployment remained low and the pace of growth in consumer spending declined compared with 2024.”

Annual report 2025A · The company itself

“The operating environment for Platform Solutions is mainly impacted by the economic environment in the U.S., which, during 2025, was generally characterized by concerns about inflation and uncertainty related to changes in international trade policies (including tariffs), a continued low rate of unemployment and a decline in the pace of growth in consumer spending compared with 2024.”

Annual report 2025A · The company itself

“In the future, if economic conditions deteriorate, it may lead to a decrease in consumer spending or a deterioration in consumer credit, and net revenues in Platform Solutions would likely be negatively impacted.”

Annual report 2025A · The company itself

“As of December 2025, total liabilities in our consolidated balance sheets were $1.68 trillion, an increase of $130.37 billion from December 2024, primarily reflecting increases in deposits of $68.41 billion (primarily reflecting increases in consumer deposit and other deposit balances), trading liabilities of $60.00 billion (primarily due to increases in equity securities, government and agency obligations and corporate debt, reflecting the impact of our and our clients’ activities), borrowings of $43.62 billion (primarily driven by net issuances) and customer and other payables of $8.61 billion (reflecting our clients’ activities), partially offset by a decrease in collateralized financings of $53.54 billion (reflecting the impact of our and our clients’ activities).”

Annual report 2025A · The company itself

“Other Matters Narrowing our Focus on Consumer-Related Activities. Since 2023, we have narrowed our focus with respect to consumer-related activities by taking the following actions: •We completed the sale of substantially all of the Marcus loan portfolio in 2023 (included within Asset & Wealth Management). •We sold our PFM business in 2023 (included within Asset & Wealth Management). •We sold the majority of the GreenSky loan portfolio in 2023 and, during 2024, completed the sale of GreenSky (included within Platform Solutions). •During 2024, we sold our seller financing loan portfolio (included within Platform Solutions). This portfolio consisted of loans that were extended to small- and medium-sized retailers. •During 2025, we sold the GM credit card program (included within Platform Solutions) to another issuer.”

Annual report 2025A · The company itself

“•In December 2025, we entered into an agreement to transition the Apple Card program (included within Platform Solutions) to another issuer. The transition is expected to be completed in approximately 24 months.”

Annual report 2025A · The company itself

“We raise deposits, including savings, demand and time deposits, from consumers, private bank clients, through internal and third-party broker-dealers, transaction banking clients and other institutional clients.”

Annual report 2025A · The company itself

“•Savings and demand accounts consist of money market deposit accounts, negotiable order of withdrawal accounts and demand deposit accounts that have no stated maturity or expiration date. •Time deposits had a weighted average maturity of approximately 0.7 years as of December 2025 and approximately 0.6 years as of December 2024. •Consumer deposits consist of deposits from both Marcus and Apple Card customers. •Deposit sweep programs include contractual agreements with U.S. broker-dealers who sweep client cash to FDIC-insured deposits. •Transaction banking deposits consist of deposits that we raised through our cash management services business for corporate and other institutional clients. •Other deposits are substantially all from institutional clients. •Deposits insured by the FDIC were $269.63 billion as of December 2025 and $234.54 billion as of December 2024.”

Annual report 2025A · The company itself

“I allmennbokmarkedet fortsetter endringene som bidrar til økt salg av lydbøker, salg via netthandel og av engelske bøker. Strømmingen av lydbøker nærmer seg dobbelt så stor som volumet av papirbøker som selges.”

Annual report 2024A · The company itself

“Markedet for norske papirbøker hadde i 2024 en flat utvikling. Samtidig bidro tosifret vekst i salg av lydbøker til vekst i det samlede markedet.”

Annual report 2024A · The company itself

“Endringer i markedene knyttet til endret atferd og etterspørsel hos kundene vil spesielt kunne påvirke butikkdriften i ARK, men også våre forlagsvirksomheter. Samtidig forventer vi at kundenes bruk av digitale plattformer og tjenester vil fortsette å øke.”

Annual report 2024A · The company itself

“For Gyldendal er tillit hos våre kunder og sluttbrukere helt avgjørende for vår verdiskapning, og et fundament for å opprettholde en sterk posisjon i markedet. Vi arbeider innen et bredt spekter av områder, inkludert litteratur, læremidler, juridiske tjenester, bokhandel, digital innholdsutvikling og distribusjon.”

Annual report 2024A · The company itself

“Tabell: Vesentlige påvirkninger og risikoer knyttet til forbrukere og sluttbrukere Underemne Del-underemne Beskrivelse av påvirkning, risiko og mulighet Tidshorisont Informasjonsrelaterte konsekvenser for forbrukere og/eller sluttbrukere Tilgang på sikker-/ kvalitetsinformasjon Faktisk positiv påvirkning: Gyldendal utgir bøker og produserer innhold som bidrar til økt meningsytring, kunnskap og innsikt blant befolkningen i samfunnet (nedstrøm) Kort, mellomlang og lang sikt Informasjonsrelaterte konsekvenser for forbrukere og/eller sluttbrukere Tilgang på sikker-/ kvalitetsinformasjon Faktisk positiv påvirkning: Gyldendal er en formidler av pålitelig og kvalitetssikret informasjon som fremmer kritisk tenkning, utdannelse, språk og kultur i det norske samfunnet (nedstrøm). lang sikt Informasjonsrelaterte konsekvenser for forbrukere og/eller sluttbrukere Privatliv Faktisk positiv påvirkning: Gyldendals digitale produkter og tjenester ivaretar våre brukeres personvern (nedstrøm). lang sikt Informasjonsrelaterte konsekvenser for forbrukere og/eller sluttbrukere Ytringsfrihet Faktisk positiv påvirkning: Gyldendal fremmer ytringsfrihet som en grunnleggende verdi i samfunnet (nedstrøm).”

Annual report 2024A · The company itself

“Sosial inkludering for forbrukere og/eller sluttbrukere Ikke-diskriminering Faktisk negativ påvirkning: Manglende mangfold i utgivelser og produkter kan bidra til opplevelse av utenforskap (egen drift).”

Annual report 2024A · The company itself

“Vi investerer kontinuerlig i markedsføring og merkevarebygging for å øke vår synlighet og styrke vår tilstedeværelse i markedet.”

Annual report 2024A · The company itself

“The demand for affordable housing is a structural need across Europe, and our products help to enable cost-efficient, energy-efficient and sustainable construction. Customers increasingly seek solutions that support the green transition while also delivering efficiency — both during the construction phase and over the lifespan of buildings.”

Annual report 2025A · The company itself

“Housing demand waiting to be unlocked There is a significant shortage of new homes in our main markets, with construction levels falling short of government targets. As economic conditions stabilise and new policies are implemented, we expect demand to increase.”

Annual report 2025A · The company itself

“The urgent need for new homes Despite broad political recognition, a significant housing shortage continues to affect our markets. Governments consistently miss their own annual targets – 300,000 new homes in the UK and 400,000 in Germany. Years of under-building, rising construction costs, strict planning rules and demographic changes have led to severe shortages.”

Annual report 2025A · The company itself

“H+H is positioned to benefit from this growth with scalable, cost-effective, and energy-efficient solutions tailored for residential developments.”

Annual report 2025A · The company itself

“Competition The personal automobile and homeowners insurance markets are highly competitive.”

Annual report 2025A · The company itself

“Across the industry, the sale of voluntary product offerings, including supplemental health coverage, is growing at a faster rate than employer-provided benefits. Competitive factors affecting the sale of voluntary products include the breadth of products, product education, enrollment capabilities and overall customer service.”

Annual report 2025A · The company itself

“The Company’s investment portfolio, Hartford Funds business, and insurance businesses are sensitive to changes in economic, political and global capital market conditions, such as the effect of a weak economy, including: •labor supply shortages •low labor force participation •lower family income •high unemployment •changes in interest rate levels •changes in credit spreads •equity market disruptions •rising inflation •changes in foreign currency exchange rates •a weak real estate market •lower business investment •lower consumer spending In an economic downturn, these factors may adversely affect the demand for insurance and financial products, insurance loss costs, valuation and returns on the investment portfolio, and lower the Company's profitability in some cases, including adverse impacts to our net investment income and operating results.”

Annual report 2025A · The company itself

“Inflation can also affect consumer spending and business investment which can reduce the demand for our products and services.”

Annual report 2025A · The company itself

“Written premium growth, for the Company's property and casualty insurance businesses, is a function of retention, pricing, exposure growth and new business, all of which can be impacted by competitive market conditions and general economic conditions.”

Annual report 2025A · The company itself

“Changes in AUM are driven by the two main factors of net flows and the market return of the funds, which are heavily influenced by the return realized in the equity and bond markets.”

Annual report 2025A · The company itself

“Revenue Earned Premiums Earned premiums increased by $1,463 or 6% primarily due to: •An increase in P&C reflecting a 9% increase in Business Insurance and an 8% increase in Personal Insurance. –Contributing to the increase in Business Insurance was the effect of an increase in new business across most lines of business and earned pricing increases. –For Personal Insurance, earned premium increased primarily due to the effect of earned pricing increases, partially offset by a decline in policies in-force. •Employee Benefits earned premium was up slightly as an increase in exposure on existing accounts was largely offset by lower fully insured ongoing sales during the past year.”

Annual report 2025A · The company itself

“Net Income Year ended December 31, 2025 compared to 2024 Net income increased primarily due to a higher underwriting gain and higher net investment income.”

Annual report 2025A · The company itself

“Personal Insurance 2025 Earned Premiums of $3,725 by Line of Business 2025 Earned Premiums of $3,725 by Product Principal Products and Services Personal Automobile Covers damage to an individual insured’s own vehicle due to collision or other perils and is referred to as automobile physical damage. In addition to first party automobile physical damage, automobile insurance covers liability for bodily injuries and property damage suffered by third parties and losses caused by uninsured or under-insured motorists.”

Annual report 2025A · The company itself

“Such changes can also adversely impact discretionary consumer spending. •Public health crises have had and may continue to have an adverse effect on our business, including harming our ability to source and ship products in a timely and cost-effective manner.”

Annual report 2025A · The company itself

“Our financial performance is impacted by the level of discretionary consumer spending in the markets in which we operate. Recessions or even fear or anticipation of recessions, inflation, rising costs due to tariffs or potential tariffs, rising or fluctuating interest rates and mortgage rates, credit crises and other economic downturns, or disruptions in credit markets, in the U.S. and in other markets in which we operate can result in lower levels of economic activity, lower employment levels, less consumer disposable income, and lower consumer confidence.”

Annual report 2025A · The company itself

“Risks related to operations, strategy, demand and competition: • Our hospitals and other facilities face competition for patients from other hospitals and health care providers. • Any increase in the volume of uninsured patients or deterioration in the collectability of uninsured and patient due accounts could adversely affect our results of operations. • If our volume of patients with private health insurance coverage declines or we are unable to retain and negotiate favorable contracts with private third-party payers, including managed care plans, our revenues may be adversely affected. • Changes to physician utilization practices and treatment methodologies and other factors outside our control that impact demand for medical services may reduce our revenues. • Third-party payer controls designed to reduce costs and other payer practices intended to decrease inpatient services, surgical procedure volumes or reimbursement for services rendered may reduce our revenues.”

Annual report 2025A · The company itself

“Managed Medicaid Enrollment in managed Medicaid plans has decreased following the end of the Medicaid continuous enrollment policy established under COVID-19 relief legislation, but the plans remain a common strategy as state governments seek to control the cost of Medicaid programs.”

Annual report 2025A · The company itself

“Admissions, average lengths of stay and reimbursement amounts continue to be negatively affected by third-party payer pre-admission authorization requirements, utilization review and pressure to maximize outpatient and alternative health care delivery services for less acutely ill patients.”

Annual report 2025A · The company itself

“Other risks we face during periods of economic weakness and high unemployment include potential declines in the population covered under managed care agreements, increased patient decisions to postpone or cancel elective and nonemergency health care procedures (including delaying surgical procedures), increases in the uninsured and underinsured populations, increased adoption of health plan structures that shift financial responsibility to patients and increased difficulties in collecting patient receivables for copayment and deductible amounts.”

Annual report 2025A · The company itself

“For example, COVID-19 relief legislation temporarily enhanced the premium tax credits available for purchasing coverage through the Exchanges by lowering premiums and raising income eligibility thresholds, but these enhanced premium tax credits expired at the end of 2025. Their expiration is expected to adversely impact Exchange enrollment and increase the uninsured rate.”

Annual report 2025A · The company itself

“Other legislative and executive branch initiatives related to health insurance, such as permitting the sale of insurance plans that lack currently required consumer protections, could increase rates of uninsured and underinsured individuals and destabilize insurance markets. Reductions in the number of insured individuals or the scope of insurance coverage, a decline in patients with private insurance coverage, or an increase in patients covered under governmental health programs or other health plans with lower reimbursement levels may have an adverse effect on our business and results of operations.”

Annual report 2025A · The company itself

“For example, the temporarily enhanced premium tax credits for purchasing coverage through the Exchanges that were established by COVID-19 relief legislation expired at the end of 2025. We expect their expiration will adversely impact Exchange enrollment and increase the uninsured rate.”

Annual report 2025A · The company itself

“If we experience reductions in the volume of patients with private health insurance coverage, our revenues may be reduced.”

Annual report 2025A · The company itself

“We anticipate that several recent developments may adversely affect our revenues by contributing to potential future declines in our volume of patients with private health insurance coverage, including the expiration of enhanced premium tax credits, provisions of the FBA that are expected to impact coverage obtained through the Exchanges, and a final rule issued by CMS in June 2025 focused on affordability, consumer protections and integrity of the Exchanges.”

Annual report 2025A · The company itself

“For the year ended December 31, 2025, approximately 88% of our admissions of uninsured patients occurred through our emergency rooms.”

Annual report 2025A · The company itself

“Issues related to the quality and safety of our products, ingredients or packaging could jeopardize our Company’s image and reputation. We have in the past recalled or removed certain products from store shelves, and may in the future need to do so again in the future. Negative publicity related to these types of concerns, or related to product contamination or product tampering, whether valid or not, could decrease demand for our products or cause production and delivery disruptions.”

Annual report 2025A · The company itself

“Price increases may not be sufficient to offset cost increases and maintain profitability or may result in sales volume declines associated with pricing elasticity. We may be able to pass some or all raw material, energy, and other input cost increases to customers by increasing the selling prices of our products or decreasing the size of our products; however, higher product prices or decreased product sizes have in the past and may in the future result in a reduction in sales volume and/or consumption.”

Annual report 2025A · The company itself

“We operate in highly competitive markets and rely on continued demand for our products. To generate revenues and profits, we must sell products that appeal to our customers and to consumers.”

Annual report 2025A · The company itself

“Kuluttajakysynnän kehitykseen liittyy edelleen epävarmuutta heikon työllisyyden ja kuluttajien laskeneen ostovoiman vuoksi. Mikäli kuluttajakysyntä heikentyy merkittävästi, voi tällä olla negatiivista vaikutusta yhtiön kannattavuuteen.”

Annual report 2025A · The company itself

“Kuluttajien heikentynyt ostovoima voi siirtää kysyntää hinnaltaan edullisempiin tuotteisiin ja tuoteryhmiin, mikä voi näkyä HKFoodsin myynnin volyymin heikentymisenä kalliimmissa tuotteissa ja vahvistumisena peruselintarvikkeissa.”

Annual report 2025A · The company itself

“Lihantuotannon ja rehun tuotannon (viljelyn) kasvihuone kaasupäästöjä koskevat määräykset Kansallisen ja EU-lainsäädännön kehityksen vaikutus hinnoitteluun, veroihin ja lihantuotannon kasvihuonekaasupäästöihin Kulut Lyhyt Keskitaso/korkea Markkina Kuluttajakäyttäytymisen muutos / negatiiviset käsitykset liha-alasta Eettisen kuluttamisen aiheuttama kuluttajakäyttäytymisen muutos, ml. huolenaiheet eläinten hyvinvoinnista, ravitsemuksesta ja lihan arvoketjun hiilijalanjäljestä, vaikuttaa kielteisesti myyntiin Liikevaihto Lyhyt Keskitaso/korkea Mahdollisuus ▲ Tuotteet & palvelut Vähähiilisten tuotteiden ja palveluiden kehittäminen ja laajentaminen Matalahiilisten tuotteiden ja palvelujen kehittäminen ja laajentaminen: Uusien proteiinivaihtoehtojen tutkiminen Liikevaihto Pitkä Korkea Korkeampi kysyntä matalahiiliselle lihalle Liikevaihto Kulut Lyhyt Keskitaso/korkea Markkinat/ resilienssi Vientimarkkinoiden painopiste Keskittyminen vientimarkkinoihin: Kilpailuedun hyödyntäminen ja lihan viennin lisääntyminen johtuen muiden markkinoiden maatalouden heikommista olosuhteista ilmastonmuutoksen vuoksi Liikevaihto Pitkä Korkea Riskien ja mahdollisuuksien arvioinnin aikajänteet ovat samat, joita yhtiö on käyttänyt aiemmin ilmastoon liittyvien riskien ja mahdollisuuksien arvioinnissa: Lyhyt aikaväli on alle 5 vuotta, keskipitkä aikaväli 5–10 vuotta ja pitkä aikaväli yli 10 vuotta.”

Annual report 2025A · The company itself

“Sianlihan kulutus on laskenut lievästi, mutta naudan- ja siipikarjanlihan kulutus sen sijaan on kasvanut.”

Annual report 2025A · The company itself

“Lihan ja lihavalmisteiden kulutus on pysynyt toistaiseksi vakaana. TNS Kantar Agrin tutkimuksen mukaan 93 prosenttia suomalaisista syö lihaa, ja määrä on pysynyt vakaana vuodesta 2020 (Uusin tutkimus on vuodelta 2024).”

Annual report 2025A · The company itself

“HKFoods seuraa jatkuvasti kuluttajien ja loppukäyttäjien toiveita myös yritysasiakkaidensa kautta saamiensa tietojen pohjalta. HKFoodsin asiakkaita ovat yritykset ja julkisyhteisöt, joilla on suora yhteys kuluttajiin ja tuotteiden loppukäyttäjiin omien prosessiensa mukaisesti.”

Annual report 2025A · The company itself

“Å ena sidan har 2024 präglats av en avvaktande marknad där investeringar skjutits på framtiden på grund av höga kapitalkostnader, avvaktande konsumenter och osäkerheter i omvärlden. Å andra sidan har tidigare års stora lageruppbyggnad hos de större kunderna nu svängt till en minskning av de höga lagernivåerna, både hos kunderna och i deras försäljningskanaler.”

Annual report 2024A · The company itself

“In addition, the majority of our hotels are classified as luxury or upper upscale and generally target business and high-end leisure travelers. In periods of economic difficulties, certain business and leisure travelers may seek to reduce travel costs by limiting travel or seeking to reduce the cost of their trips. Consequently, our hotels may be more susceptible to a decrease in revenues during an economic downturn, as compared to hotels in other categories that have lower room rates.”

Annual report 2025A · The company itself

“Our customers fall into three broad groups: transient business, group business and contract business. Similar to the majority of the lodging industry, we further categorize business within these broad groups based on characteristics they have in common as follows: Transient business broadly represents individual business and/or leisure travelers. Our hotels attract both business and leisure travelers; therefore, our hotels' performance as it relates to transient demand is driven by trends related to both of these customer types.”

Annual report 2025A · The company itself

“Global economic uncertainty could adversely affect us. During periods of prolonged slow growth, or a downturn in conditions in the worldwide or domestic economies, we could experience reduced orders, payment delays, supply chain disruptions or other factors caused by economic challenges faced by our customers, prospective customers and suppliers. Depending upon their severity and duration, these conditions could have an adverse impact on our results of operations, financial condition and cash flows.”

Annual report 2025A · The company itself

“•Changes in demand for our products, market conditions, product quality, or product availability adversely affecting sales levels. •Ability to effectively develop and introduce new products. •Changes in markets or competition adversely affecting realization of price increases. •Continued softness in the grid automation market of Utility Solutions and residential market of Electrical Solutions. •Failure to achieve projected levels of efficiencies, and maintain cost savings and cost reduction measures, including those expected as a result of our lean initiatives and strategic sourcing plans. •Failure to comply with import and export laws. •Changes relating to impairment of our goodwill and other intangible assets. •Inability to access capital markets or failure to maintain our credit ratings. •Changes in expected or future levels of operating cash flow, indebtedness and capital spending.”

Annual report 2025A · The company itself

“Här stärker hyresgästerna varandras verksamheter när kontorsmedarbetarna handlar, äter och umgås i området och företagen, som hyr kontoren, får nöjdare medarbetare och lättare att rekrytera personer med rätt kompetens.”

Annual report 2024A · The company itself

“Detaljhandeln påverkades fortsatt av hushållens försämrade köpkraft och allmänna kostnadsökningar under 2024. Mellanprissegmentet märkte störst effekt medan aktörer inom lågpris- och lyxsegmenten klarade året bättre trots den svaga konjunkturen.”

Annual report 2024A · The company itself

“Efterfrågan på kortare och flexiblare hyresavtal består, även om det under året varit något mer utmanande för coworkinganlägg - ningar och andra nyckelfärdiga hyreskoncept. Främst efterfrågas unika koncept med förstklassig service och goda möjligheter till nätverkande.”

Annual report 2024A · The company itself

“Konjunktur Hufvudstadens kommersiella fastigheter inrymmer främst kontor och butiker. En nedgång i konjunkturen med minskad tillväxt, ökad arbetslöshet och sämre lönsamhet för företag, kan leda till minskad efterfrågan på kontorsoch butikslokaler.”

Annual report 2024A · The company itself

“Hyresintäkter Minskade hyresintäkter kan uppstå både till följd av sjunkande marknadshyror och ökad vakansgrad. Detta leder till försämrat resultat och kassaflöde, vilket även påverkar fastighetsvärdena negativt.”

Annual report 2024A · The company itself

“En försämrad köpkraft för konsumenter påverkar även lönsamhet och omsättning för NK Retail.”

Annual report 2024A · The company itself

“Resultatet har påverkats av hög andel försäljning till rabatterat pris samt svag försäljning av varor med hög marginal. Försäljningen för NK Retail påverkas av säsongsvariationer där normalt det första kvartalet är det svagaste och det fjärde kvartalet är det starkaste.”

Annual report 2024A · The company itself

“Varumärkesportföljen består av noggrant utvalda internationella och svenska premiumoch lyxvarumärken.”

Annual report 2024A · The company itself

“consumer confidence took another turn for the worse in 2025”

Annual report 2025A · The company itself

“However, since 2021, the detached market has become more volatile following COVID-19 and challenging macro-economics and increased geopolitical turmoil weighing on consumer confidence. In 2021, the number of annual building permits peaked at above 8,500, dropped to around 3,400 in 2023, and recovered to approx. 4,600 permits in 2025.”

Annual report 2025A · The company itself

“While interest in housebuilding picked up and entailed higher sales growth, the market was impacted by declining consumer confidence and increasing cautiousness among home builders, which dampened sales towards the end of 2025 and in early 2026.”

Annual report 2025A · The company itself

“The market developed most positively in H1 2025, while declining consumer confidence and uncertainty related to the geo-political environment may have dampened growth in H2 2025.”

Annual report 2025A · The company itself

“Under samma period ökade nettoomsättningen med 34 procent, från 36,2 Mdkr till 48,4 Mdkr.”

Annual report 2024A · The company itself

“Under 2024 minskade nettoomsättningen för robotgräsklippare till 7,2 Mdkr (8,1).”

Annual report 2024A · The company itself

“Försäljningen av robotgräsklip - pare för konsumentmarknaden, bensindrivna hjulburna produkter, handhållna produkter, bevattningsprodukter liksom produkter inom Husqvarna Construction-divisionen minskade under året.”

Annual report 2024A · The company itself

“Försäljningen av bensindrivna hjulburna produkter fortsatte på en låg nivå till följd av lägre efterfrågan och att koncernen proaktivt lämnat delar av segmentet i Nordamerika.”

Annual report 2024A · The company itself

“Corporate owners of veterinary hospitals and buying consortiums often seek to improve profitability by leveraging the buying power they derive from their scale to obtain favorable pricing from suppliers, 23 which could have a negative impact on our profitability and results of operations.”

Annual report 2025A · The company itself

“Significant reductions to the pet population or to veterinary protocols that reduce the frequency of diagnostic testing, due to macroeconomic conditions or other reasons, could have an adverse effect on our results of operations.”

Annual report 2025A · The company itself

“Volume growth was supported by new business gains, our expanded menu of available tests, and higher utilization in our loyal customer base, partially constrained by macroeconomic and sector headwinds.”

Annual report 2025A · The company itself

“We may not be 59 able to offset these higher costs through productivity initiatives and price increases, which may materially and adversely affect our business, results of operations, and financial condition. Any price increases we may impose may lead to declines in sales volume or loss of business, if competitors do not similarly adjust their prices, or customers refuse to purchase at the higher prices.”

Annual report 2025A · The company itself

“Vuosikertomus 2025 Toimintaympäristö Hidasta kasvua Vuonna 2025 Suomessa talouden toipuminen jäi odotetusta jälkeen, ja bruttokansantuotteen kasvu hiipui lähes nollatasolle. Vaikka inflaation hellittäminen ja korkotason lasku loivat edellytyksiä kasvulle, kotimainen kulutus ja etenkin rakennusalan kriisi jarruttivat kehitystä.”

Annual report 2025A · The company itself

“Vuosikertomus 2025 Markkinointi-investointien kehitysnäkymät Eurooppalaisten markkinointipäättäjien näkymät vuoteen 2028 ovat optimistiset. Noin 72 % yrityksistä odottaa markkinointibudjettien suhteellisen osuuden kasvavan.”

Annual report 2025A · The company itself

“Brändin luottamus ja tehokkuus strategisina prioriteetteina Epävakaassa markkinatilanteessa brändin rakentaminen on noussut eurooppalaisten yritysten tärkeimmäksi prioriteetiksi. Kuluttajien hakeutuminen tuttujen ja luotettavien toimijoiden pariin vaatii yrityksiltä entistä vahvempaa panostusta brändin autenttisuuteen. Samaan aikaan on kasvava paine osoittaa markkinoinnin tuottoaste (MROI).”

Annual report 2025A · The company itself

“Market Trends The PC market in 2025 was driven by a hardware refresh cycle, increased demand for and adoption of AI PCs and expanding PC adoption outside the U.S. End-of-support for Windows 10 and aging devices from the COVID era drove PC refresh activity, while the introduction of AI PC capabilities also contributed to higher demand.”

Annual report 2025A · The company itself

“MD&A 21 Operating Segment Revenue Summary Total Intel Products revenue was $49.1 billion in 2025, down $324 million from 2024. ▪CCG revenue decreased $1.1 billion from 2024. Client revenue (collectively notebook and desktop) was $27.6 billion in 2025, down $1.1 billion from 2024, primarily due to lower 2025 client volume resulting from incremental customer incentives offered to certain customers in the first half of 2024 and customer inventory level reductions in 2025. Customers normalized inventory levels through Q3 2025 and continued to reduce inventory levels in Q4 2025, when supply constraints on our internally manufactured wafers limited product availability despite underlying demand.”

Annual report 2025A · The company itself

“In addition, CCG 2025 revenue was impacted by customer inventory level reductions in 2025 and by supply constraints on our internally manufactured wafers in 2025 which affected our ability to fully meet market demand primarily for our products manufactured using our Intel 7 process node.”

Annual report 2025A · The company itself

“To the extent customers are unwilling to pay prices to access the features that our process and product investments are expected to deliver, or if demand for our products, foundry capacity and assembly and test capacity decreases or we fail to forecast demand accurately, our gross margin and operating income can be disproportionately affected due to our high fixed cost structure, which is difficult to reduce quickly in response to lower demand and other unfavorable market factors.”

Annual report 2025A · The company itself

“CCG delivers platforms and processors that power PCs and edge devices, enabling enhanced performance, connectivity and user experiences for consumer and commercial markets with capabilities that also support retail, industrial robotics and AI ecosystems at the edge.”

Annual report 2025A · The company itself

“SEASONALITY Within our Consumer segment, our TurboTax and ProTax offerings have a significant and distinct seasonal pattern as sales and revenue from our income tax preparation products and services are typically heavily concentrated in the period from November through April. This seasonal pattern typically results in higher net revenues during our second and third quarters ending January 31 and April 30, respectively.”

Annual report 2026A · The company itself

“Macroeconomic conditions, and perceptions or expectations about current or future conditions, could cause potential new customers not to purchase or to delay purchasing our offerings, and could cause our existing customers to discontinue purchasing or delay upgrades of our existing offerings.”

Annual report 2026A · The company itself

“Consumer: This segment primarily serves consumers and professional accountants. Our TurboTax offerings primarily help consumers complete their taxes with confidence and maximize their financial outcomes—whether they do it themselves or with the help of an AI-enabled human expert.”

Annual report 2026A · The company itself

“TurboTax. Our TurboTax products and services are designed to enable consumers and businesses to prepare and file their federal and state income tax returns quickly and accurately.”

Annual report 2026A · The company itself

“Credit Karma. Credit Karma provides consumers with a financial solution that can help propel them forward wherever they are on their financial journey, enabling them to understand their financial picture, make smart financial decisions, and stick to their financial plan.”

Annual report 2026A · The company itself

“MARKETING, SALES, AND DISTRIBUTION CHANNELS Markets Our primary customers are consumers and small and mid-market businesses. We also provide specialized tax and accounting products to professional accountants.”

Annual report 2026A · The company itself

“• Electrolux Professional har starka positioner på marknader med god underliggande tillväxt i efterfrågan och god lönsamhet, driven av starka kundrelationer och en attraktiv eftermarknadspotential. • Under 2022 fortsatte verksamheten att återhämta sig från pandemin, med stark organisk omsättningstillväxt och förbättrad lönsamhet.”

Annual report 2022A · The company itself

“• Under 2022 påverkades Husqvarna negativt av komponentbrist och svagare konsumentefterfrågan.”

Annual report 2022A · The company itself

“Minskningen förklaras av det betydande bidraget från kundkontrakt för skyddsutrustning under 2021. • Gloves växte 11 procent organiskt i konstant valuta. • Antiseptics sjönk med 5 procent organiskt i konstant valuta. • Mölnlycke aviserade en flytt av huvudkontoret till GoCo Health Innovation City, ett life science-kluster under utveckling i Mölndal, Göteborg. • Karl-Henrik Sundström, styrelseledamot sedan 2018, efterträdde Gunnar Brock som ordförande. • Mölnlycke har via Science Based Targets Initiative (SBTi) åtagit sig att sätta klimatmål i linje med Parisavtalet. *Total exponering: 99% BEDÖMT VÄRDE, RAPPORTERAD EBITATILLVÄXT CO LEDNINGSGRUPP, KVINNOR mdr   – –  Laborie • Den organiska omsättningstillväxten uppgick till 12 procent i konstant valuta.”

Annual report 2022A · The company itself

“• Den organiska omsättningstillväxten uppgick till 28 procent i konstant valuta, drivet av en stark uppdämd efterfrågan i segmenten Commercial WAV (Wheelchair Accessible Vehicles) och Lifts, i takt med att störningarna i leverantörskedjan avtog. • EBITA-marginalen förbättrades jämfört med föregående år, drivet av operationell hävstång, delvis motverkat av negativ påverkan från ökade material- och personalkostnader. • BraunAbility förvärvade ProMasterverksamheten inom konvertering av rullstolsanpassade fordon från Forest River.”

Annual report 2022A · The company itself

“Risks Related to Our Business Deterioration of national and global macroeconomic conditions, an economic recession or slow growth, periods of inflation, or economic uncertainty in key markets may adversely affect consumer spending and demand for our products. National and global macroeconomic conditions can be uncertain and volatile. We have in the past been, and may continue to be, adversely affected by changes in national and global macroeconomic conditions, such as inflation, rising interest rates, tax rates, availability of capital markets, consumer spending rates, energy availability and costs, supply chain challenges (including changes in tariffs), labor shortages, geopolitical conflicts, the negative impacts caused by pandemics and public health crises, and growing recession risk.”

Annual report 2026A · The company itself

“If we are unable to build and sustain brand equity by offering recognizably superior products, we may be unable to maintain premium pricing over private label products.”

Annual report 2026A · The company itself

“Consumers may be less willing or able to pay a price differential for our branded products and may increasingly purchase lower-priced offerings or may forego some purchases altogether, especially during economic downturns or instances of increased inflationary pressures. Retailers may also increase levels of promotional activity for lower-priced offerings as they seek to maintain sales volumes during times of economic uncertainty. Accordingly, sales volumes of our branded products could be reduced or lead to a shift in sales mix toward our lower-margin offerings.”

Annual report 2026A · The company itself

“During the third quarter of 2026, both net sales and segment profit continued to underperform as compared to plan for the Sweet Baked Snacks reportable segment, reflecting sustained challenges in the sweet baked goods category, ongoing executional and operating challenges, and the impact of a dynamic macroeconomic environment, inclusive of continued pressures on consumer discretionary spending and an evolving regulatory environment. Furthermore, we also completed our long-range planning process during the third quarter of 2026, which resulted in a decrease in projected net sales and segment profit for the Sweet Baked Snacks reportable segment compared to the projected financial information used in the previous impairment test during the fourth quarter of 2025. The declines are reflective of both near-term underperformance and long-term expectations for both net sales and segment profit, driven by the sustained reduction in consumer discretionary income due to inflationary pressures and an overall shift in consumer sentiment related to sweet baked goods.”

Annual report 2026A · The company itself

“We operate in the competitive food industry whose growth potential is positively correlated to population growth. Our success depends in part on our ability to drive revenue growth in our brands faster than the population in general.”

Annual report 2026A · The company itself

“Herudover er der enkelte lejemål, der har en omsætningsbestemt leje. Dee indebærer, at lejen årligt reguleres i overensstemmelse med kundens omsætning året før, og en væsentlig nedgang i omsætningen kan have en negativ indflydelse på lejeindtægten.”

Annual report 2025A · The company itself

“En sådan situation kan opstå som følge af svigtende betalinger fra Jeudans kunder, stor tomgang eller uforudsete omkostninger.”

Annual report 2025A · The company itself

“Investering i detailejendomme Detailmarkedet har stabiliseret sig eer flere år med udfordringer fra makroøkonomiske trends som COVID-, høj inflation og stigende renter. Eerspørgslen er igen tiltagende, især på primære handelsgader, hvor internationale og nationale brands har øget aktiviteten.”

Annual report 2025A · The company itself

“Det er et gennemgående strategisk fokus, at kunderne skal opleve Jeudan som en langsigtet samarbejdspartner ‒ ikke blot som udlejer. En samarbejdspartner, der tager ansvar for relationen, skaber tryghed og møder kunderne med forståelse for deres forretning og hverdag.”

Annual report 2025A · The company itself

“I  nåede Jeudan en samlet NPS-score på udlejning på .”

Annual report 2025A · The company itself

“These consequences could be significantly worse if high levels of consumer debt, such as outstanding student loans, impair the ability of customers to pay their other consumer loan obligations, or in certain geographies where declining industrial or manufacturing activity has resulted in or could result in higher levels of unemployment. In addition, JPMorganChase’s earnings from its consumer businesses could be adversely affected if customer demand for the products and services offered by its consumer businesses is diminished by sustained low growth, low or negative interest rates, inflationary pressures, or recessionary conditions. Furthermore, governmental policies and actions, including those relating to pricing of products, taxation, medical insurance, education, immigration, and housing, or those that impact employment status, could reduce consumer disposable income and decrease JPMorganChase's earnings from its consumer businesses.”

Annual report 2025A · The company itself

“JPMorganChase’s consumer businesses could also be harmed by an excessive expansion of consumer credit by competitors. Heightened competition for certain types of consumer loans could lead to significant price reductions for those loans or providing loans to less-creditworthy borrowers. If large numbers of consumers subsequently default on their loans, this could impair their ability to repay obligations owed to JPMorganChase and result in an increase in the allowance for credit losses and higher charge-offs.”

Annual report 2025A · The company itself

“A reduction in JPMorganChase’s liquidity could be caused by events beyond its control. For example, JPMorganChase’s funding costs could increase and its access to traditional sources of liquidity could be 18 limited during periods of market stress, low investor confidence or significant market illiquidity.”

Annual report 2025A · The company itself

“Any significant failure or disruption of JPMorganChase’s business and operations, or the occurrence of extraordinary events that are beyond its control, could: •hinder JPMorganChase’s ability to provide services to its clients and customers or to transact with its counterparties •require it to expend significant resources to correct the failure or disruption or to address the event •cause it to incur losses or liabilities, including from loss of revenue, property damage, or injuries •disrupt market infrastructure systems on which JPMorganChase’s businesses rely •expose it to litigation or penalties, and •cause reputational harm. The occurrence of extraordinary events could also negatively impact the financial condition or creditworthiness of JPMorganChase’s clients and customers, and could lead to an increase in the allowance for credit losses and higher net charge-offs, which could reduce JPMorganChase’s earnings.”

Annual report 2025A · The company itself

“Actions by competitors could put pressure on the pricing for JPMorganChase’s products and services or could cause it to lose market share, particularly with respect to investment products and traditional banking products.”

Annual report 2025A · The company itself

“Hyresintäkterna påverkas av hyresgästernas betalningsförmåga, fastigheternas uthyrningsgrad samt möjligheten att ta ut marknadsmässiga hyror. En minskning av betalningsförmågan eller ökning i vakanser skulle innebära en risk för minskade intäkter och lägre resultat för koncernen.”

Annual report 2024A · The company itself

“Eersom samtliga fastigheter inom det samägda bolaget Arborem dekonsoliderades från 1 oktober blev helårsresultatet lägre än 2023, men våra hyresintäkter och vårt drisöverskott för perioden januariseptember låg på de högsta nivåerna i bolagets historia.”

Annual report 2024A · The company itself

“K2A:s hyresintäkter påverkas av en mängd olika faktorer såsom utveckling i ekonomin på de delmarknader där K2A verkar, utbud av hyres- och studentbostäder, befolkningstillväxt, sysselsättning samt hur väl K2A lyckas utveckla fastighetsbeståndet.”

Annual report 2024A · The company itself

“We leverage insights across our product offerings to understand the constantly changing consumer behaviors and expectations, which allow us to evolve our brand messaging to ensure that we drive relevance with consumers and healthcare professionals, ultimately seeking to increase reach, stimulate demand, and drive growth.”

Annual report 2025A · The company itself

“Our products also compete with retailers’ private-label brands and generic non-branded products, which are typically sold at lower prices than our branded products. An increase in the availability and acceptance of private-label brands and generic non-branded products around the world could cause us to reduce the prices of some of our products to maintain sales volume, which could adversely affect the profitability and market share of those products and otherwise adversely affect our business, results 24 of operations, or financial condition.”

Annual report 2025A · The company itself

“These competitors could introduce competing products more quickly, respond more effectively to changing business and economic conditions and evolving consumer preferences, outspend us on advertising and promotional activities, or possess greater negotiating leverage with customers, manufacturers, suppliers, distributors, and other third-party partners.”

Annual report 2025A · The company itself

“To maintain our success and increase our consumer and customer base, we must continually work to maintain and enhance the reputation of our brands; develop, manufacture, and market new products with differentiated benefits; maintain or expand our presence in existing and emerging distribution channels; anticipate and adapt to evolving scientific knowledge and advances; successfully manage our inventories; and modernize and refine our approach as to how and where we manufacture, market, and sell our products.”

Annual report 2025A · The company itself

“Customers have used, and may continue to use, their bargaining strength as leverage to demand increased investments across a diverse platform, inclusive of data, retail media, search, higher trade discounts, logistical services, or fines and promotion, which could lead to reduced sales or profitability.”

Annual report 2025A · The company itself

“Uncertain or unfavorable local, regional, or global economic or market conditions, such as a recession, an economic slowdown, inflation or reduced category growth rates, could impact our operating results or lead to significant reductions or volatility in demand for our products, which could adversely affect our business, results of operations, or financial condition. Although we devote significant resources to support our brands and market our products at multiple price points, during periods of economic uncertainty, consumers may reduce consumption or discretionary spending or change their purchasing patterns by forgoing purchasing certain of our products or by instead purchasing private-label or generic non-branded products, which are typically sold at lower prices than our products.”

Annual report 2025A · The company itself

“Our Skin Health and Beauty product categories include: Face and Body Care; and Hair, Sun, and Other. Major brands in the segment include Aveeno®, Dr.Ci:Labo®, Le Petit Marseillais®, Lubriderm®, Neutrogena®, OGX®, and Rogaine®. Our portfolio of skin and hair care brands focus on dermatological solutions by leveraging partnerships with skin experts and scientific expertise to create differentiated, science-backed products recommended by healthcare professionals. •Essential Health.”

Annual report 2025A · The company itself

“Our portfolio includes Self Care, Skin Health and Beauty, and Essential Health products, allowing us to connect with consumers across North America, Asia Pacific (“APAC”), Europe, Middle East, and Africa (“EMEA”), and Latin America (“LATAM”) in their daily rituals and the moments that matter most.”

Annual report 2025A · The company itself

“The total grocery retail market in Finland (incl. VAT) is estimated to have grown by approximately 2.5% (Finnish Grocery Trade Association PTY), and retail prices are estimated to have risen by some 2.1% (incl. VAT, Statistics Finland). K Group's grocery sales grew by 2.1% (incl. VAT).”

Annual report 2025A · The company itself

“The comparable operating profit for the grocery trade division totalled €418.1 million (€438.0 million), down by €19.9 million. The change in comparable operating profit was impacted by the implementation of the price programme in K Group grocery stores and a weak foodservice market.”

Annual report 2025A · The company itself

“Low demand, a decrease in sales, and price competition could increase margin and cost pressures in all divisions.”

Annual report 2025A · The company itself

“Retailers at our properties may face increasing competition from other retailers, e-commerce, outlet malls, discount shopping clubs, and other forms of marketing goods, such as direct mail and internet marketing, all of which could (i) reduce rents payable to us, (ii) reduce our ability to attract and retain tenants at our properties; or (iii) lead to increased vacancy rates at our properties. We may fail to anticipate the effects of changes in consumer buying practices, particularly of growing online sales and the resulting retailing practices and space needs of our tenants or a general downturn in our tenants’ businesses, which may cause tenants to close stores or default in payment of rent.”

Annual report 2025A · The company itself

“Our performance depends on our ability to collect rent from tenants, our tenants’ financial condition and our tenants maintaining leases for our properties. At any time, our tenants may experience a downturn in their business that may significantly weaken their financial condition. As a result, our tenants may delay a number of lease commencements, decline to extend or renew leases upon expiration, fail to make rental payments when due, close stores or declare bankruptcy. Any of these actions, which have impacted us and will continue to impact us from time 10 to time, could result in the termination of tenants’ leases and the loss of rental income attributable to these tenants’ leases.”

Annual report 2025A · The company itself

“A retail property’s revenues and value may be adversely affected by a number of factors, many of which apply to real estate investment generally, but which also include trends in the retail industry and perceptions by retailers or shoppers of the safety, convenience and attractiveness of the retail property. Our retail properties are public locations, and any incidents of crime or violence, including acts of terrorism, could result in a reduction of business traffic to tenant stores in our properties.”

Annual report 2025A · The company itself

“We may need to reduce our prices, or be restricted or delayed in our ability to increase prices, in response to competitive, customer, consumer, regulatory, or macroeconomic pressures, including pressures related to private label products that are generally sold at lower prices. These pressures have restricted, and may in the future continue to restrict, our ability to increase prices and maintain those price increases in response to commodity and other cost increases, including those related to inflationary pressures.”

Annual report 2025A · The company itself

“Unfavorable volume/mix was primarily due to declines in cold cuts, coffee, certain condiments, bacon, frozen snacks, and desserts.”

Annual report 2025A · The company itself

“Unfavorable volume/mix was primarily due to continued industry slowdowns of meals in the United Kingdom and pricing elasticity in New Zealand.”

Annual report 2025A · The company itself

“We recorded advertising expenses of $1,073 million in 2025, $1,031 million in 2024, and $1,071 million in 2023.”

Annual report 2025A · The company itself

“Organic Net Sales decreased 4.7% to $18.6 billion in 2025 compared to $19.5 billion in 2024, primarily due to unfavorable volume/mix (5.0 pp), which more than offset higher pricing (0.3 pp).”

Annual report 2025A · The company itself

“Risks Related to Our Business •Our business is particularly sensitive to reductions in discretionary consumer and corporate spending as a result of downturns in the economy. •Natural or man-made disasters, an outbreak of highly infectious or contagious disease, political instability, civil unrest, terrorist activity or war could materially adversely affect the number of visitors to our facilities and disrupt our operations. •Our business is sensitive to the willingness of our customers to travel. •We are subject to extensive regulations that govern our operations in any jurisdiction where we operate. •Certain local gaming laws apply to our gaming activities and associations in jurisdictions where we operate or plan to operate. •We depend primarily on our properties in two markets for all of our cash flow, and because we are a parent company, our primary source of cash is and will be distributions from our subsidiaries.”

Annual report 2025A · The company itself

“Market leadership in the growing higher-margin mass market gaming segment. In our gaming business, we focus on the higher-margin mass gaming segment. Our combined SCL properties continue to have the highest percentage of gaming win from mass tables and slots of the Macao operators.”

Annual report 2025A · The company itself

“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. We compete for homebuyers on the basis of a number of interrelated factors including location, price, reputation for customer satisfaction, amenities, design, quality and financing.”

Annual report 2025A · The company itself

“The residential homebuilding industry is sensitive to changes in economic conditions and other factors, such as the level of employment, consumer confidence, consumer income, product affordability, availability of financing, inflation, and interest rate levels.”

Annual report 2025A · The company itself

“We primarily sell homes in communities targeted to first-time, move-up, active adult, and luxury homebuyers.”

Annual report 2025A · The company itself

“However, while our margin has been under pressure as we focus on bringing affordable housing to an affordability-constrained consumer base, the underlying demand is still strong, while supply is short.”

Annual report 2025A · The company itself

“Our sales in the residential and commercial new construction markets correlate to the number of new homes and buildings that are built, which in turn is influenced by cyclical factors such as interest rates, inflation, availability of financing, consumer spending habits and confidence, employment rates and other macroeconomic factors over which we have no control.”

Annual report 2025A · The company itself

“Our business may be materially and adversely impacted by changes in U.S. or global economic conditions, including recessions, economic downturns, inflation, deflation, fluctuations in interest rates, consumer spending rates, energy availability and commodity prices, and the effects of governmental initiatives to manage economic conditions.”

Annual report 2025A · The company itself

“Home Comfort Solutions - We manufacture and market a broad range of furnaces, air conditioners, heat pumps, packaged heating and cooling systems, equipment and accessories to improve indoor air quality, comfort control products, replacement parts and supplies and related products for both the residential replacement and new construction markets in North America.”

Annual report 2025A · The company itself

“We will deliver more shows, grow the fan base and increase our ticket sales by continuing to build our portfolio of concerts globally, expanding our business into additional top global music markets, and further building our presence in existing markets.”

Annual report 2025A · The company itself

“During 2025, we connected over 805 million fans to their favorite live events.”

Annual report 2025A · The company itself

“We promoted approximately 55,000 live music and other events in 2025.”

Annual report 2025A · The company itself

“Revenue is generally impacted by the number of events, volume of ticket sales and ticket prices. Event costs such as artist fees and production expenses are included in direct operating expenses and are typically substantial in relation to the revenue.”

Annual report 2025A · The company itself

“Our ticketing sales are impacted by fluctuations in the availability of events for sale to the public, which may vary depending upon event scheduling by our clients. As ticket sales increase, related ticketing operating income generally increases as well.”

Annual report 2025A · The company itself

“Consequently, touring artists have various alternatives to our venues when scheduling tours.”

Annual report 2025A · The company itself

“In addition, our live entertainment business typically books our live music tours four to eight months in advance of the beginning of the tour and often agrees to pay an artist a fixed guaranteed amount prior to our receiving any revenue. Therefore, if the public is not receptive to the tour, or we or an artist cancel the tour, we may incur a loss for the tour depending on the amount of the fixed guarantee or incurred costs relative to any revenue earned, as well as lost revenue we could have earned at booked venues.”

Annual report 2025A · The company itself

“The live music industry competes with other forms of entertainment for consumers’ discretionary spending and within this industry we compete with other venues to book artists, and, in the markets in which we promote music concerts, we face competition from other promoters and venue operators.”

Annual report 2025A · The company itself

“Our Strategy Our strategy is to grow the global live entertainment industry by connecting artists with their fans, selling more tickets and partnering with additional sponsors.”

Annual report 2025A · The company itself

“We will grow our revenue per show across our venues through more effective ticket pricing, broader ticketing distribution and more targeted promotional marketing. We will also grow our onsite fan monetization by improving ease of purchase, through improved onsite food and beverage and other products, merchandising, and enhanced experiences for the fans.”

Annual report 2025A · The company itself

“We will continue to drive growth in our sponsorship relationships and capture a larger share of the global music sponsorship market by further monetizing our venue portfolio as well as grow our portfolio of brands connecting with fans. We will focus on expanding existing partnerships and developing new corporate sponsor partners to provide them with targeted strategic programs, accessing the fans attending our shows.”

Annual report 2025A · The company itself

“Our sponsors include some of the most well-recognized national and global brands across diverse sectors including consumer, financials and leisure, such as Citibank, O2, Mastercard, Cisco, Red Bull and Anheuser Busch (each of these brands is a registered trademark of the sponsor).”

Annual report 2025A · The company itself

“Our success is dependent on our ability to identify and respond to the economic, social, style, and other trends that affect demographic and consumer preferences in a variety of our merchandise categories and service offerings, as well as consumer spending.”

Annual report 2026A · The company itself

“These include, but are not limited to, periods of slow economic growth or recession, home price appreciation or decreasing housing turnover, age of housing stock, volatility and/or lack of liquidity from time to time in U.S. and world financial markets and the consequent reduced availability and/or higher cost of borrowing to Lowe’s and its customers, slower rates of growth in real disposable personal income that could affect the rate of growth in consumer spending, inflation and its impacts on discretionary spending and on our costs, shortages, and other disruptions in the labor supply, the impact of rising interest rates, consumer debt levels, changes in tax rates and policy, outbreak of pandemics, fluctuations in fuel and energy costs, inflation or deflation of commodity prices, natural disasters, geopolitical or armed conflicts, and acts of both domestic and international terrorism.”

Annual report 2026A · The company itself

“Additionally, in fiscal 2025, we continued to operate in an environment with inflationary pressures and affordability concerns, which has adversely impacted consumer discretionary spending.”

Annual report 2026A · The company itself

“These events can affect consumer spending and confidence and consumers’ disposable income, particularly with respect to home improvement or construction projects, and could have an adverse effect on our financial performance.”

Annual report 2026A · The company itself

“Seasonality Our business is affected by the general seasonal trends common to the retail apparel industry. Net revenue is typically larger during our fourth fiscal quarter, reflecting our historical strength in sales during the holiday season in the Americas, while our operating expenses are generally more equally distributed throughout the year. As a result, a substantial portion of our operating profits are typically generated in the fourth quarter of our fiscal year.”

Annual report 2026A · The company itself

“Macroeconomic volatility, inflationary pressures, and shifts in consumer sentiment may reduce demand for our products. Our performance depends on consumers’ willingness and ability to purchase discretionary products. That willingness can be affected by general economic conditions and uncertainty regarding the overall future environment, tariffs, inflation, changes in interest rates, foreign exchange fluctuations, energy and fuel costs, employment levels, consumer debt, housing market trends, commodity price volatility, and tax policy changes.”

Annual report 2026A · The company itself

“In 2025, we experienced lower store traffic in the Americas, partially reflective of inflationary pressures and economic uncertainty weighing on discretionary spending.”

Annual report 2026A · The company itself

“During 2025, we achieved our goal to invest a total of $75.0 million to advance equity in wellbeing.”

Annual report 2026A · The company itself

“Adverse changes to and uncertainty in the global economy have affected industries in which our customers operate and have resulted in decreases in the rate of demand, consumption or use of certain of our customers’ products which, in turn, have resulted in, and may in the future result in, decreased demand for our products, revenue fluctuations, increased price competition for our products, and increased the risk of excess and obsolete inventories as well as higher overhead costs as a percentage of revenue. For example, customers who had built up large inventories when supply chains were tight related to the COVID-19 pandemic brought down inventories as supply constraints eased and, in some cases, these customers delayed projected shipments, which harmed our revenue and profitability.”

Annual report 2026A · The company itself

“Market Risk Weakness in the economy, or fluctuations in market factors, has adversely affected the Company in the past and may adversely affect the Company in the future. Poor business and economic conditions in general or specifically in markets served by the Company could have adverse effects on the Company’s business including: •A decrease in the demand for loans and other products and services offered by the Company. •A decrease in net interest income derived from the Company’s lending and deposit gathering activities. •A decrease in the value of the Company’s investment securities, loans held for sale or other assets secured by residential or commercial real estate. •A decrease in fees from the Company’s brokerage, trust, and investment management businesses associated with declines or lack of growth in stock market prices.”

Annual report 2025A · The company itself

“At the time of the Company’s analysis regarding the determination of the allowance for loan losses as of December 31, 2025 uncertainties existed about the impact of inflationary pressures and potential increases in unemployment on the discretionary income and purchasing power of consumers, which could impact their ability to service existing debt obligations; the volatile nature of global markets and international economic conditions that could impact the U.S. economy, including the effect of international trade policies on domestic businesses and consumers; uncertainty related to Federal Reserve positioning of monetary policy and the potential impacts on future economic growth; shifts in immigration policies and enforcement; changes to government funding and reductions in federal workforce; downward pressures on commercial real estate values and the impacts on the ability of commercial borrowers to refinance maturing debt obligations; and the extent to which borrowers may be negatively affected by general economic conditions.”

Annual report 2025A · The company itself

“The most significant source of funding for the Company is core deposits, which are generated from a large base of consumer, corporate and institutional customers.”

Annual report 2025A · The company itself

“Because our businesses depend on construction spending, which can be cyclical, our profits are sensitive to national, regional and local economic conditions and the intensity of the underlying spending on aggregates and cement products.”

Annual report 2025A · The company itself

“Further, delays or cancellations of projects in the nonresidential and residential construction markets, which combined accounted for 58% of aggregates shipments in 2025, could occur if companies and consumers are unable to obtain financing for construction projects or if consumer confidence continues to be eroded or affected by economic uncertainty.”

Annual report 2025A · The company itself

“increasing price sensitivity, with some customers trading down - particularly within high-end beauty”

Annual report 2026A · The company itself

“At the same time, the year was marked by a shift in consumer behaviour as geopolitical tensions impacted the macroeconomic environment. We saw increasing price sensitivity, with some customers trading down - particularly within high-end beauty.”

Annual report 2026A · The company itself

“Customer engagement remains high and with growth in our loyalty programmes among Gen Z.”

Annual report 2026A · The company itself

“Consumer confidence remains uncertain, and this is reflected in our expectations for the coming year.”

Annual report 2026A · The company itself

“Consumers are more price-conscious and increasingly seeking better value-for-money, while heightened price transparency and campaign intensity are reshaping competitive dynamics.”

Annual report 2026A · The company itself

“Premium beauty is more exposed when consumers trade down or defer purchases, while Mass beauty is more for everyday use.”

Annual report 2026A · The company itself

“The Group now has 6.0 million club members, with 2.2 million in Matas and 3.8 million in KICKS.”

Annual report 2026A · The company itself

“The macroeconomic outlook remains uncertain, reflected in declining consumer confidence which may impact consumer spending and market growth.”

Annual report 2026A · The company itself

“High-end Beauty increased revenues by 0.9% (decline 0.7% currency neutral), mainly impacted by change in customer behavior, trading down to Mass Beauty with 7.7% growth (6.5% currency neutral). KICKS was impacted significantly more as High-end Beauty accounts for approximately 75% of revenues in KICKS.”

Annual report 2026A · The company itself

“Further, the gross margin in KICKS was impacted by price initiatives and the closedown of Skincity.”

Annual report 2026A · The company itself

“Risk Description Mitigation Macroeconomic development Matas Group operates in a discretionary consumer spending category and is exposed to changes in the macroeconomic environment within Matas Group’s geographical areas and general changes in consumer behaviour, which may affect Matas Group’s business in terms of demand for health and beauty products.”

Annual report 2026A · The company itself

“Change in consumer preferences During the year and accelerating in Q3 2025/26, consumer demands changed as consumers traded down. This has affected sales in Matas as well as in KICKS.”

Annual report 2026A · The company itself

“Malou Aamund, Chair Mette Uglebjerg, Group CEO Per Johannesen Madsen, Group CFO More for you We continued to expand our assortment across both Matas and KICKS, offering customers more choice across brands, categories and price points. We introduced a number of high-demand brands and continued to strengthen our in-house brands, including expanding them across markets.”

Annual report 2026A · The company itself

“At the same time, we have initiated a more focused effort to strengthen KICKS’ competitiveness - with clear actions across pricing, assortment, marketing efficiency and in-store execution.”

Annual report 2026A · The company itself

“Complementary footprint Matas Group is connecting a big and attractive Nordic market and 6 million members in loyalty programmes with brands through online and offline retail on a shared platform.”

Annual report 2026A · The company itself

“Seasonality Due to seasonal factors inherent in the business, our sales, operating income, and cash from operations are generally higher in the fourth quarter because of the holiday season.”

Annual report 2025A · The company itself

“Risks Related to Our Company, Business and Operations Deterioration of global economic conditions, an economic recession or slow growth, periods of inflation, or economic uncertainty in our key markets may adversely affect customer and consumer spending as well as demand for our products.”

Annual report 2025A · The company itself

“Higher product prices may result in reductions in sales volume. Consumers may be less willing to pay a price differential for our branded products and may increasingly purchase lower-priced offerings, or may forego some purchases altogether, during an economic downturn or times of increased inflationary pressure.”

Annual report 2025A · The company itself

“In addition, such climate change may result in modifications to the eating preferences of the ultimate consumers of certain of our products, which may also unfavorably impact our sales and profitability.”

Annual report 2025A · The company itself

“The Company's heavily franchised business model is designed to generate stable and predictable revenue, which is largely a function of franchisee sales, and resulting cash flow streams.”

Annual report 2025A · The company itself

“Marketing, promotional and public relations activities are designed with customers in mind and are focused on promoting the McDonald’s brand and differentiating the Company from its competitors. Marketing and promotional efforts focus on value, quality, food taste, menu choice, nutrition, convenience, cultural relevance and the customer experience.”

Annual report 2025A · The company itself

“To drive Systemwide sales, operating income and free cash flow growth, our business strategies – including the components of our Accelerating the Arches growth strategy – must be effective in maintaining and strengthening customer appeal and capturing additional market share.”

Annual report 2025A · The company itself

“If we do not anticipate and address industry trends and evolving consumer preferences and effectively execute our pricing, promotional and marketing plans, our business could suffer.”

Annual report 2025A · The company itself

“Such governmental actions may have a broader impact on macroeconomic conditions, geopolitical tensions, anti-American sentiment, consumer demand and the ability of us and our franchisees to operate in certain geographic areas, which in turn may have an adverse impact on our business and financial results.”

Annual report 2025A · The company itself

“Our results of operations are substantially affected by economic conditions, including inflationary pressures, which can vary significantly by market and can impact consumer disposable income levels and spending habits.”

Annual report 2025A · The company itself

“Under our Strategy, the Company will: •Maximize our Marketing by investing in new, culturally relevant approaches, grounded in fan truths, to effectively communicate the story of our brand, food and purpose. The Company continues to build relevance with customers through emotional connections and world class creative, which are central to the brand’s “Feel-Good Marketing” approach.”

Annual report 2025A · The company itself

“The Company is committed to a marketing strategy that highlights value at every tier of the menu, as providing delicious and affordable menu options remains a cornerstone of the McDonald’s brand. This includes everyday low-price options on our menu, affordable meal bundles, limited-time deals and personalized value and digital offers available in our mobile app.”

Annual report 2025A · The company itself

“Our ability to build upon our strengths and advantages also depends on the impact of pricing, promotional and marketing plans across the System, and the ability to adjust these plans to respond quickly and effectively to evolving customer behavior and preferences, as well as shifting economic and competitive conditions. Existing or future pricing strategies and marketing plans, as well as the value proposition they represent, are expected to continue to be important components of our business strategy.”

Annual report 2025A · The company itself

“In the current environment of managed care, consolidation among healthcare providers, increased competition, site of service shifts, government efforts to control healthcare costs, and competitively priced product offerings are essential to our success.”

Annual report 2026A · The company itself

“Implementation of legislative or regulatory reforms to reimbursement systems, or adverse decisions relating to our products by administrators of these systems in coverage or reimbursement, could significantly reduce reimbursement or result in the denial of coverage, which could have an impact on the acceptance of and demand for our products and the prices that our customers are willing to pay for them.”

Annual report 2026A · The company itself

“We have had, and may continue to have, periods when prices for certain of our goods and services decrease due to pricing pressure from managed care organizations and other third-party payors on our customers; increased market power of our customers as the healthcare industry consolidates; periodic variation in timing, volume, and pricing associated with customer purchasing patterns and stocking dynamics; and increased competition among medical engineering and manufacturing services providers.”

Annual report 2026A · The company itself

“In addition, the movement of procedures to ASCs, or other lower-cost sites of care, could also create downward pricing pressure. If we must reduce our prices because of industry consolidation or site of service shifts, or if we lose customers as a result of consolidation, growth in ASCs, or site of service shifts, our business, results of operations, financial condition, and cash flows could be adversely affected.”

Annual report 2026A · The company itself

“For example, managed care organizations have successfully negotiated volume discounts for pharmaceuticals, and GPOs and IDNs have also concentrated purchasing decisions for some customers, which has led to downward pricing pressure for medical device companies, including us.”

Annual report 2026A · The company itself

“Consumers want packaging solutions that reduce the use of plastics, and many international brand owners have committed to ambitious packaging and climate goals. Premium fresh fibre paperboards are safe in food contact, lightweight and fully recyclable, making them compliant with strict EU regulations.”

Annual report 2025A · The company itself

“Weak consumer demand and import tariffs imposed by the United States affected the demand for paperboard.”

Annual report 2025A · The company itself

“In Metsä Board’s most important growth market in Europe, demand for paperboard was sluggish in 2025 due to cautious consumer purchasing behaviour. Market balance was weakened by increased paperboard imports from China and capacity growth in Europe.”

Annual report 2025A · The company itself

“Our operating results are highly dependent on the volume of customers at our properties, which in turn affects the price we can charge for our hotel rooms and other amenities.”

Annual report 2025A · The company itself

“Our business is particularly sensitive to reductions in discretionary consumer spending and corporate spending on conventions, trade shows and business development. Adverse macroeconomic conditions, including inflation, economic contraction, economic uncertainty, geopolitical uncertainty, or the perception by our customers of weak or weakening economic conditions may cause a decline in demand for hotels, casino resorts, trade shows and conventions, and for the type of luxury amenities we offer.”

Annual report 2025A · The company itself

“If regional and national economic conditions deteriorate, including in connection with a recession, revenues from our operations could decline as consumer spending levels decrease and we could fail to generate cash sufficient to fund our liquidity needs or satisfy the financial and other restrictive covenants in our debt and lease instruments.”

Annual report 2025A · The company itself

“Our primary methods of successfully competing include: •Locating our properties in desirable leisure and business travel markets and operating at superior sites within those markets; •Constructing and maintaining high-quality resorts and facilities, including luxurious guestrooms, state-of-the-art convention facilities and premier dining, entertainment, retail and other amenities; •Recruiting, training and retaining well-qualified and motivated employees who provide superior customer service; •Providing unique, “must-see” entertainment attractions; •Investing in digital offerings and opportunities domestically and abroad; and •Developing distinctive and memorable marketing, promotional and customer loyalty programs.”

Annual report 2025A · The company itself

“Trots ekonomiska utmaningar på många håll i Europa visar konsumenterna ett fortsatt intresse för hälsosamma och hållbara livsmedel. Under 2024 fanns tydliga tecken på en återgång till långsiktiga drivkrafter i marknaden kring ekologiska och medvetna livsmedelsval.”

Annual report 2024A · The company itself

“Den ekonomiska motvinden som har påverkat konsumtionsmönster på våra europeiska kärnmarknader avtog under året, men någon tydlig vändpunkt nåddes inte under 2024. Konsumenternas beteende präglades fortsatt av stor försiktighet, liksom av jakten på erbjudanden.”

Annual report 2024A · The company itself

“Det gäller bland annat livsmedelsbranschen, där konsumenter under perioden valde att prioritera livsmedel med lägre prispunkt över dyrare produkter som har fokus på hälsa, hållbarhet och kvalitet. Skiftet mot mer prisdrivna konsumtionsval bidrog därför till en stark tillväxt för Private Label i hela Europa, med den allra största ökningen i Tyskland och Spanien.”

Annual report 2024A · The company itself

“Konsumenterna har förändrat sitt köpbeteende till följd av ett besvärligare privatekonomiskt klimat. Priset har blivit viktigare och det är tydligt att många konsumenter sökt sig mer till lågpris- och kampanjvaror, vilket framför allt har missgynnat ekologiska och hållbara produkter i det högre prissegmentet.”

Annual report 2024A · The company itself

“• Fortsätta tillväxten med starka varumärken i kategorin hälsolivsmedel både på befintliga och nya marknader genom fokus på lönsam organisk tillväxt på utvalda marknader med stöd av tre egna starka varumärken - Friggs, Earth Control och Gainomax. • Effektivisera värdekedjan och harmonisera sortimentet för att utveckla ett erbjudande som möter marknadens behov och samtidigt eftersträva hög effektivitet från inköp och varumärkesutveckling till produktion och logistik.”

Annual report 2024A · The company itself

“Under förutsättning att inga väsentliga förändringar sker i omvärlden under kommande år förväntas efterfrågan för bolagets produkter att vara god.”

Annual report 2024A · The company itself

“Under en period har efterfrågan på Mips produkter påverkats till följd av de utmaningar som förekommit i cykelmarknaden, vilket påverkat det finansiella resultatet negativt. Riskerna för potentiell påverkan på efterfrågan, givet högre räntenivåer och lägre generell konsumtionsförmåga, ligger kvar på en förhöjd nivå.”

Annual report 2024A · The company itself

“Table of Contents Furthermore, the broader alcohol industry is also experiencing a shift in consumer drinking preferences and behaviors due to, among others, downturns in economic conditions or perceived value, changing demographics and taste preferences, such as the expansion in above premium products, specifically flavored malt beverages, RTDs, spirit-based beverages, cider and other similar beverages, as well as a shift toward non-alcoholic beverages, health and wellness trends (including the use of glucagon-like peptide (GLP-1) agonists), as well as changes in consumers' perception of our brands and the brands of our competitors.”

Annual report 2025A · The company itself

“For example, under difficult or deteriorating economic conditions, consumers may seek to reduce discretionary spending by forgoing purchases of our products by shifting away from our premium and above premium products to lower-priced products offered by us or our competitors, by shifting from on-premise to off-premise consumption, or by shifting purchase to other categories, such as legal cannabis, delta-9, other hemp derived products, or online gambling, each of which could negatively impact our net sales and financial results.”

Annual report 2025A · The company itself

“Our ability to secure the correct quantities of raw and packaging materials on a timely basis depends on our ability to forecast demand for our finished products. Significant variances between forecasted and actual sales could disrupt supplier operations, which in turn could result in certain product shortages and increase the risk of customers switching to competitor brands.”

Annual report 2025A · The company itself

“Additionally, intense pricing competition in certain of our European markets, combined with reduced consumer confidence and a decline in consumers' prioritization of the beer category, may adversely reduce sales or profitability. In particular, the on-going focus by large competitors in Europe to drive increased market share through aggressive pricing strategies could adversely affect our sales and results of operations.”

Annual report 2025A · The company itself

“In conjunction with the impairment review of the Staropramen family of brands, we also reassessed the brand's indefinite-life classification and determined that the impaired brand has characteristics that have evolved and which now indicate a definite-life is more appropriate, including prolonged weakness in consumer demand driven by increased economic and competitive pressures. These factors have resulted in continued declines in performance and these pressures are expected to continue into the future.”

Annual report 2025A · The company itself

“Inom dessa affärsområden, Kungsportsgruppen och Wallmans Group, har vi under året märkt av en minskning i både antalet besökare som snittintäkter, vilket tillsammans med ökade omkostnaderna ger ett resultat som ligger lägre än förväntat.”

Annual report 2024A · The company itself

“De stora showarenorna, Cirkusbygningen i Köpenhamn och Wallmans i Oslo, har haft en lägre beläggning jämfört med föregående år. Även Golden Hits och Wallmans i Stockholm har sett en nedgång i gästantal under dinnershowkvällarna.”

Annual report 2024A · The company itself

“Året inleddes med lägre beläggning på våra aktivitetsrestauranger STAR Bowling och Ballbreaker, men vi såg en positiv utveckling under andra halvåret, där våra nya koncept SLiCE i Göteborg och Malmö samt Bermuda Deck Shuffle Club i Malmö bidrog till att öka omsättningen. Det rådande ekonomiska klimatet har påverkat hela restaurangbranschenoch som en restaurangnära verksamhet har vi känt av en ökad pris- och kostnadsmedvetenhet hos både privat- och företagsgäster.”

Annual report 2024A · The company itself

“Koncernens verksamheter är säsongsbundna, med en stor del av försäljning och rörelseresultat som genereras under det fjärde kvartalet, till följd av en stor efterfrågan kring jul (julfester och julevent inkluderat). Därmed är koncernens finansiella resultat för hela räkenskapsåret beroende av hur framgångsrik försäljningen avseende denna period är.”

Annual report 2024A · The company itself

“Om koncernen, inför denna period, upplever en svagare försäljning än förväntat eller överskattar efterfrågan på verksamheternas utbud kan de ökade kostnaderna som uppstår för att täcka sådana överskattningar resultera i att koncernens finansiella resultat för det året påverkas negativt.”

Annual report 2024A · The company itself

“Verksamheterna inom musikal och teater riktar sig huvudsakligen till privatkunder där den egna biljettsajten Showtic har en central roll för marknadsföring och försäljning. För verksamheter inom show-, mat och aktivitetsupplevelser vänder sig koncernen till en mer blandad målgrupp där även en hel del företagsbokningar återfinns.”

Annual report 2024A · The company itself

“The volume of sales in the beverage industry is affected by weather conditions. However, the energy drink category appears to be less seasonal than traditional beverages.”

Annual report 2025A · The company itself

“Competitive pressures in the energy drink category could impact our revenues, cause price erosion and/or lower our market share, any of which could have a material adverse effect on our business and results of operations.”

Annual report 2025A · The company itself

“Unfavorable economic conditions and financial uncertainties, including economic slowdowns and recessions, and unstable political conditions, including civil unrest and governmental changes, in our major markets could undermine global consumer confidence and reduce consumers’ purchasing power, thereby reducing demand for our products.”

Annual report 2025A · The company itself

“Revenues are highly dependent upon conditions in the agriculture industry and can be affected by, among other factors: crop conditions; changes in agricultural production practices; worldwide economic conditions, including the increasing world population, household incomes and demand for more protein-rich food, particularly in developing regions such as China, India and Latin America; changing demand for biofuels; variability in commodity pricing; governmental policies; the level of inventories in the crop nutrient distribution channels; customer expectations regarding farmer economics, future crop nutrient prices and availability, and transportation costs, among other matters; market trends in raw material costs; market prices for crop nutrients; and weather.”

Annual report 2025A · The company itself

“If tariffs are reintroduced, they could significantly increase the cost of importing potash from Canada. Higher potash prices may lead to reduced usage by U.S. farmers and negatively impact demand.”

Annual report 2025A · The company itself

“We extend trade credit to our customers and guarantee the financing that some of our customers use to purchase our products. Our results of operations may be adversely affected if these customers are unable to repay the trade credit from us or financing from their banks.”

Annual report 2025A · The company itself

“We extend trade credit to our customers throughout the world, in some cases for extended periods of time. In Brazil, where there are fewer third-party financing sources available to farmers, we also have several programs under which we guarantee customers’ financing from financial institutions that they use to purchase our products. As our exposure to longer trade credit extends throughout the world and use of guarantees in Brazil increases, we are increasingly exposed to the risk that some of our customers will not pay us or the amounts we have guaranteed.”

Annual report 2025A · The company itself

“The megatrends driving salmon demand are strong and driven by health trends and a growing need for more low-carbon diets, more food from the ocean and less ultra-processed food.”

Annual report 2024A · The company itself

“Operational revenue of EUR 5.62 billion was the highest ever, driven by record-high volumes of 502k tonnes.”

Annual report 2024A · The company itself

“The Market in General Supply 2024 marked a year with lower global commodity prices as rising cost of living in an inflationary environment took its toll on consumer demand in many end markets.”

Annual report 2024A · The company itself

“Market expectations for 2025 are favourable with an expectation of higher salmon prices on recovering demand and modest supply growth.”

Annual report 2024A · The company itself

“Furthermore, at-home dining has been on the rise due to a combination of economic and lifestyle factors. Finally, sustainability and health aspects of food are at the top of consumers’ priorities.”

Annual report 2024A · The company itself

“Branding and product innovation Understanding and responding to consumer preferences is central to Mowi’s approach to product development. We recognize that consumer tastes and dietary trends are constantly evolving, and we continuously adapt our product offerings to align with these changes.”

Annual report 2024A · The company itself

“Mowi’s financial position depends heavily on developments in the spot price for salmon, and these prices have historically been volatile. As such we are exposed to movements in supply and demand for salmon.”

Annual report 2024A · The company itself

“Farming spot prices decreased somewhat compared with the high levels of 2023. Prices in Norway were negatively impacted by winter sore issues in the first half compounded by string jellyfish, and prices in Americas were affected by temporarily muted US demand following increased cost-of-living.”

Annual report 2024A · The company itself

“Opportunities comprise potential increase in product demand, linked with dietary shifts from land-based animal protein to seafood.”

Annual report 2024A · The company itself

“Together, they form a business model set not only to withstand the challenges posed by climate change but also to leverage the opportunities that come with producing food from the ocean which has a lower carbon footprint in comparison with land animal proteins. from 17 413 tonnes of CO2e in 2023, to 20 580 tonnes of CO2e in 2024.”

Annual report 2024A · The company itself

“Our strategies for climate change mitigation and adaptation are intertwined with our initiatives for energy efficiency and renewable energy deployment.”

Annual report 2024A · The company itself

“Economic uncertainty and lower consumer confidence have also contributed to softer consumer spending within the U.S. book publishing industry, which may continue in the near term.”

Annual report 2026A · The company itself

“A Decline in Customer Advertising Expenditures or Other Adverse Changes in the Advertising Ecosystem Could Cause the Company’s Revenues and Operating Results to Decline Significantly. The Company generates substantial revenues from the sale of advertising, and declines in advertising revenues have had, and could continue to have, an adverse effect on its business, results of operations and financial condition.”

Annual report 2026A · The company itself

“NEE's and FPL's business, financial condition, results of operations and prospects may be negatively affected by a lack of growth, slower growth or a decline in the number of customers or in customer usage. Growth in customer accounts and growth of customer usage each directly influence the demand for electricity and the need for additional power generation and power delivery facilities, as well as the need for energy-related commodities, such as natural gas.”

Annual report 2025A · The company itself

“FPL serves approximately 12 million people through more than 6 million customer accounts.”

Annual report 2025A · The company itself

“Table of Contents CUSTOMERS AND REVENUE FPL's primary source of operating revenues is from its retail customer base; it also serves a limited number of wholesale customers within Florida.”

Annual report 2025A · The company itself

“Vi har under det gångna året upplevt en kraftig nedgång i efterfrågan inom de branscher där våra tre affärsområden är verksamma.”

Annual report 2024A · The company itself

“> NIBE STOVES > ÅRSREDOVISNING 2024 NIBE INDUSTRIER AB · 59 · SKORSTENSSYSTEM Devanligasteskorstenssystemenär tillverkadeirostfriarör,kläddamed ettisolerandematerial. TILLBEHÖR INSATSER Eninsatsäroftaintegreradihusetsinteriöroch placeradmotenvägg.Finnshuvudsakligenförved, gasochel.”

Annual report 2024A · The company itself

“Marknad och försäljning i fokus Medledandevarumärkenirespektivekategorierochstarkaresurser för marknadsföring och försäljning står NIBE Stoves väl rustade inför högsäsongen. Marknadsaktiviteterna stärker ytterligare relationer till återförsäljare och våra varumärkens premiumpositioner, samtidigt som synligheten gentemot slutkunden prioriteras såväl i traditionella kanaler somgenomdigitalainsatserochPR. Åtgärdsprogrammet har implementeras fullt ut i affärsområdet. Framför allt hardetta bestått av att antalet anställda i produktion, distribution och administration reducerats med ett antal hundra personer. Samtidigt har vi konsolideratverksamhetersomnukanbedrivaseffektivaretilllägrekostnad samt genomfört operationella effektiviseringar i flera av affärsområdets dotterbolag. Avdelningarna för produktutveckling, marknadsföring och försäljningharidetnärmastelämnatsorördaföratthaenstyrkaattpenetrera marknadennärefterfråganåterkommer. affärsområdetshistoriskaintervallsomligger,mellan10och12procent.”

Annual report 2024A · The company itself

“If global economic and financial market conditions continue to be volatile or deteriorate, the following factors, among others, could have a material adverse effect on our business, operating results and financial condition: •Our sales are impacted by discretionary spending by consumers. Declines in consumer spending have in the past resulted in and may in the future result in reduced demand for our products, increased inventories, reduced orders from retailers for our products, increased order cancellations or returns, lower revenues, higher discounts and lower gross margins. •In the future, we may be unable to access financing in the credit and capital markets at reasonable rates in the event we find it desirable to do so.”

Annual report 2026A · The company itself

“Comparable store sales decreased 2%. •Footwear revenues increased 5% on a currency-neutral basis. Unit sales of footwear increased 6%, while lower ASP per pair reduced footwear revenues by approximately 1 percentage point.”

Annual report 2026A · The company itself

“Lower ASP per pair was primarily due to channel mix, partially offset by product mix and strategic pricing. •Apparel revenues increased 4% on a currency-neutral basis. Unit sales of apparel increased 2%, while higher ASP per unit contributed approximately 2 percentage points of apparel revenue growth.”

Annual report 2026A · The company itself

“Unit sales of footwear decreased 2%, while lower ASP per pair reduced footwear revenues by approximately 3 percentage points. Lower ASP per pair was primarily due to higher discounts, partially offset by product mix. •Apparel revenues were flat on a currency-neutral basis.”

Annual report 2026A · The company itself

“Wholesale revenues decreased 14%, reflecting our actions to prioritize marketplace health. NIKE Direct revenues decreased 12% due to declines in digital sales of 29% and declines in store sales of 4%.”

Annual report 2026A · The company itself

“Salget av grønnere produkter fortsatte å vokse i 2024 til tross for et tregt marked.”

Annual report 2024A · The company itself

“Vekst innen resirkulering og ekstrudering Siden slutten av 2023 har marginene på resirkulering vært under press grunnet både svak etterspørsel etter sluttprodukter kombinert med et stramt marked for skrap grunnet lav økonomisk aktivitet i i viktige segmenter for skrapgenerering.”

Annual report 2024A · The company itself

“Innen ekstrudering opplever vi nå en nedgang i markedet, men vi jobber kontinuerlig med å forbedre, modernisere og optimalisere fleksibiliteten til våre globalt ledende ekstruderingsnettverk.”

Annual report 2024A · The company itself

“Kjøp av bauksitt fra Paragominas og gjennom MRN-avtalene baseres på priser som er delvis knyttet til London Metal Exchange (LME) og til markedsprisen på alumina.”

Annual report 2024A · The company itself

“Inntektene ved Hydros omsmelteverk påvirkes av volum, LME-prisen og produktpremier.”

Annual report 2024A · The company itself

“Demand decreased in 2024 (newsprint -1%, magazine paper -5%), but capacity closures have stabilised supply-demand for some grades.”

Annual report 2024A · The company itself

“This more moderate decline followed a sharp contraction towards the end of 2022 and into 2023, which was largely driven by high prices driving a further shift to digital and inventory reductions as consumers adjusted stock levels after significant build-ups during the 2022 energy crisis.”

Annual report 2024A · The company itself

“The main exposures for the group are linked to demand development in key paper grades within publication paper and packaging paper and capacity management by the suppliers and thereby impacting prices.”

Annual report 2024A · The company itself

“The demand for publication paper will likely continue to decrease and the market balance is over time dependent on future closures of production capacity either permanently or through conversions to other paper grades.”

Annual report 2024A · The company itself

“markeder, der fortsat var præget af geopolitisk uro, lav forbrugertillid og i Sverige også af lav økonomisk vækst”

Annual report 2025A · The company itself

“Konsolideringen af detailhandlen fortsatte i 2025 med sammenlægninger og reduktion af kæder, som medførte et reduceret behov for markedsføring. Samtidigt faldt forbrugertilliden over året på trods af en stabil inflation og reallønsstigninger.”

Annual report 2025A · The company itself

“Det skyldtes en fokuseret eksekvering af de strategiske prioriteter i markeder, der fortsat var præget af geopolitisk uro, lav forbrugertillid og i Sverige også af lav økonomisk vækst.”

Annual report 2025A · The company itself

“Vores kunder ser fortsat stor effekt og værdi af tryksagen i en tid, hvor forbrugertilliden til fremtiden og egen økonomi er lav, og hvor fødevarepriserne er høje. Disse faktorer medfører, at der er uændret højt fokus på især dagligvarebranchens tilbud, og at tryksagen er dens vigtigste markedsføringskanal.”

Annual report 2025A · The company itself

“Forbrugernes efterspørgsel på tilbud var derfor uændret høj, og tryksagen var fortsat detailhandlens stærkeste markedsføringskanal for salg af varer. En markedsundersøgelse fra Norstat af tryksagen som medie fra maj 2025 viste, at: • 80% af alle husstande med JaTak-ordning læste tilbudsaviser, og gemte dem i flere dage • 79% af de adspurgte påvirkedes af tilbudsaviser til køb • 57% af de adspurgte vurderede, at tryksagen var det mest værdifulde medie til planlægning af køb Den høje salgseffekt for detailkæderne, samt forbrugernes efterspørgsel på tilbud, understreger fortsat mediets styrke og relevans.”

Annual report 2025A · The company itself

“Daylis primære aktivitet i 2025 var tilbudsplatformen MineTilbud, som fastholdt sin stærke markedsposition i Danmark.”

Annual report 2025A · The company itself

“Tilbagegang i volumen af tryksager til omdeling af FK Distribution og SDR. Volumennedgang og ændret marketingmix (kanalstrategi) fra detailhandlen kan komme som følge af store prisstigninger på papir eller strukturelle markedsændringer, hvor annoncering bliver mere digital samt som følge af konsolidering og/eller lukning af detailhandelskæder.”

Annual report 2025A · The company itself

“Pakning og omdeling til danske private husstande +1,1 mia. stk. tilbuds- og lokale ugeaviser samt selekteret post 1,9 mio. husstande modtager tilbudsaviser (62% af samtlige husstande i Danmark) +2,3 mio. husstande ønsker at modtage lokale ugeaviser (76% af alle husstande i Danmark) 425.000 husstande modtager tilbudsaviser via NejTak+, hvor forbrugerne selv vælger, hvilke tryksager de ønsker at modtage +3 mio. husstande modtager Direct Mail mv.”

Annual report 2025A · The company itself

“Ikke fordelte indtægter / omkostninger -22,7 -23,6 -10,9 -5,1 -2,2 -4,5 -9,5 -7,9 -2,9 -3,3 EBIT 66,2 -74,9 36,9 -1,7 32,4 -1,4 -134,1 3,0 44,1 12,1 Overskudsgrad 5,1% -5,8% 10,3% -0,6% 9,5% -0,5% -39,4% 1,0% 12,9% 3,8% Koncernens kvartalsskema - EBIT Resultater Bekey Dayli BoligPortal Virksomheder Fremgang drevet af nyt forretningsområde Karman Connect lancerede i 2025 et nyt forretningsområde på det danske marked, Consumer Services, der forbinder private forbrugere med udbydere af bl.a. forsikringer, og internet, samt el- og varmeløsninger.”

Annual report 2025A · The company itself

“Vores Samfund kan distribueres til næsten tre millioner danske husstande gennem FK Distributions eksisterende distributionsnet. FK Distribution og SDR omdeler fortsat tryksager og lokale ugeaviser til millioner af husstande hver uge.”

Annual report 2025A · The company itself

“brugere af MineTilbud (32% af alle danskere over 18 år) +1,1 mio. besøg på MineTilbud ugentligt +141 mio. årlige læsninger og visninger i MineTilbud Resultater Bekey Dayli BoligPortal Virksomheder I sit første år som selvstændigt selskab efter udskillelsen fra FK Distribution etablerede Dayli det organisatoriske og tekniske fundament for en skalerbar drift, herunder egne IT-, udviklings- og salgsfunktioner.”

Annual report 2025A · The company itself

“Historically, demand for cruises has been strongest during the Northern Hemisphere’s summer months, which has resulted in fluctuations by quarter in our revenue and results of operations.”

Annual report 2025A · The company itself

“Our business depends on maintaining and strengthening our brand to attract new customers and maintain ongoing demand for our offerings, and a significant reduction in such demand could harm our results of operations.”

Annual report 2025A · The company itself

“Adverse changes in the perceived or actual economic climate in North America or globally, such as the volatility of fuel prices, elevated interest rates, which have risen significantly in recent years and may remain at elevated levels or fluctuate, stock and real estate market declines and/or volatility, more restrictive credit markets, higher unemployment or underemployment rates, inflation, which has moderated from recent historical highs but may persist or re-accelerate, higher taxes, changes in governmental policies and political developments impacting international trade, trade disputes, increased tariffs or customers’ willingness to travel with us, could reduce the level of discretionary income or consumer confidence in the countries from which we source our guests.”

Annual report 2025A · The company itself

“Table of Contents ​ Passenger Ticket Revenue ​ We offer our guests a wide variety of options when booking a cruise. Our cruise ticket prices generally include cruise fare and an array of onboard activities and amenities, meals, entertainment and government taxes, fees and port expenses.”

Annual report 2025A · The company itself

“Onboard and Other Revenue All three brands generate onboard and other revenue for additional products and services which are not included in the cruise fare, including casino operations, certain food and beverages, shore excursions, gift shop purchases, spa services, communication services and other similar items. Food and beverage, casino operations and shore excursions are generally managed directly by us while retail shops, spa services, art auctions and communication services may be managed through contracts with third-party concessionaires.”

Annual report 2025A · The company itself

“In US Operations, the outlook is based on current prescription trends for the injectable GLP-1 portfolio, intensifying competition as well as negative impact from reduced obesity medication coverage in Medicaid.”

Annual report 2025A · The company itself

“Demand for GLP‑1 medicines is surging, while access remains limited by uneven insurance coverage, affordability barriers and administrative hurdles.”

Annual report 2025A · The company itself

“Complex market dynamics and intensified competition from branded and generic competitors and compounders lead to risks of price pressure, lowered sales volumes and supply rebalancing.”

Annual report 2025A · The company itself

“Expanded affordability options to bring our GLP-1s to more Americans. Expanding access and affordability for our semaglutide medicines on top of existing initiatives such as lower self-pay prices and collaborations with select telehealth providers.”

Annual report 2025A · The company itself

“Since 2019, we have partnered with UNICEF to advance childhood obesity prevention, combining policy advocacy, robust data and implementation support to create healthier environments for children and adolescents.”

Annual report 2025A · The company itself

“From 2024 to 2025, more than 468,000 young people benefited directly via local programmatic activities.”

Annual report 2025A · The company itself

“During 2025, the prices at which we settled homes ranged from approximately $170,000 to $2.3 million. The average price of homes settled was $460,600 and $450,700 in 2025 and 2024, respectively.”

Annual report 2025A · The company itself

“The housing industry is cyclical and is affected by consumer confidence levels, prevailing economic conditions and interest rates. Other factors that affect the housing industry and the demand for new homes include: the availability and the cost of land, labor and materials; changes in consumer preferences; demographic trends; and the availability of mortgage finance programs.”

Annual report 2025A · The company itself

“Our business is affected by the risks generally incident to the residential construction business, including, but not limited to: •actual and expected changes in interest rates, which affect the availability of mortgage financing for potential purchasers of homes; •the availability of adequate land in desirable locations on favorable terms; •employment levels, consumer confidence and spending and unexpected changes in customer preferences; and •changes in the national economy and in the local economies of the markets in which we operate.”

Annual report 2025A · The company itself

“Segment New Orders decreased 13% and the average sales price of New Orders decreased 1% in 2025 compared to 2024.”

Annual report 2025A · The company itself

“New Orders were lower primarily due to a 15% decrease in the average number of active communities year over year.”

Annual report 2025A · The company itself

“New Orders were lower primarily due to a 6% decrease in the average number of active communities, coupled with a 5% lower sales absorption rate year over year due to weaker demand.”

Annual report 2025A · The company itself

“New Orders were negatively impacted by a 9% lower sales absorption rate due to weaker demand and a 4% decrease in the average number of active communities year over year.”

Annual report 2025A · The company itself

“The decrease in New Orders was primarily attributable to a 21% lower absorption rate due to weaker demand, offset partially by the aforementioned increase in the average number of active communities within the segment year over year.”

Annual report 2025A · The company itself

“If new orders and selling prices of the homebuilding segment decline, NVRM’s operations will also be adversely affected.”

Annual report 2025A · The company itself

“New store sites are strategically located in clusters within geographic areas that complement our distribution network in order to achieve economies of scale in management, advertising, and distribution. Other key factors we consider in the site selection process include population density and growth patterns, demographic lifestyle segmentation, age and per capita income, vehicle traffic counts, vehicles in operation, number and type of existing automotive repair facilities, and competing auto parts stores within a predetermined radius.”

Annual report 2025A · The company itself

“Grow Sales in Existing Stores: Profitable comparable store sales growth is also an important part of our growth strategy. To achieve improved sales and profitability at existing O’Reilly stores, we continually strive to improve the service provided to our customers. We believe that while competitive 7 ​ pricing is an essential component of successful growth in the automotive aftermarket business, it is customer satisfaction, whether of the DIY consumer or professional service provider, resulting from superior customer service, that generates sustainable increased sales and profitability.”

Annual report 2025A · The company itself

“Our business is influenced by a number of general macroeconomic factors that impact both our industry and consumers, including, but not limited to, inflation, including rising consumer staples; fuel and energy costs; unemployment trends; interest rates; and other economic factors.”

Annual report 2025A · The company itself

“The decrease in DIY customer transaction counts was driven by pressured consumer spending on discretionary categories and broader industry pressure on certain hard part categories.”

Annual report 2025A · The company itself

“We compete on the basis of customer service, which includes merchandise selection and availability, technical proficiency, helpfulness of store personnel, price, store layout, the Omnichannel experience, and convenient and accessible store locations.”

Annual report 2025A · The company itself

“Myyntivolyymin kehitykseen vaikuttivat yleisen markkinatilanteen heikentyminen, kuluttajakäyttäytymisen muutos alkoholittomiin juomiin, kesäsesongin epävakainen sää, kuluttajien ostovoiman heikko kehitys ja menetetyt kaupan omien merkkien myynnit.”

Annual report 2025A · The company itself

“Latviassa kuluttajakysynnän heikko kehitys jatkui, laskien koko toimialan myyntivolyymeja vähittäiskaupassa.”

Annual report 2025A · The company itself

“Kaikissa toimintamaissa toteutetut, edellisvuotta merkittävästi suuremmat panostukset brändinäkyvyyteen, kampanjointiin ja hintoihin auttoivat säilyttämään ja varmistamaan Olvin kilpailuasemat, mutta heikensivät kannattavuutta markkinan ollessa odotuksia pienempi.”

Annual report 2025A · The company itself

“Sen aiheuttamat jännitteet, Ukrainan sota ja ilmastonmuutoksen aiheuttamat sääilmiöt vaikuttavat muun muassa raaka-aineiden ja pakkausmateriaalien sekä energian hintoihin ja saatavuuteen markkinoilla sekä kuluttajaluottamukseen.”

Annual report 2025A · The company itself

“Historiallisen korkeat kuluttajahinnat, juomien verotuksen ja alkoholilainsäädännön kiristäminen sekä geopoliittisen epävarmuuden aiheuttama yleisen taloudellisen tilanteen heikentyminen laskevat kuluttajien luottamusta ja vaikuttavat kuluttajakäyttäytymiseen.”

Annual report 2025A · The company itself

“Salget i India har vært preget av en utfordrende markedssituasjon, spesielt i distriktene og mindre byer, der høye priser på basisvarer har presset etterspørselen. Prisene hadde en negativ utvikling gjennom året, ettersom lavere råvarekostnader ble overført til kundene, mens volumveksten har vært positiv både i hjemmemarkedet og på eksportmarkedene.”

Annual report 2024A · The company itself

“Selskapet hadde en underliggende forbrukersalgsvekst på 2,7 % (ekskludert den tyske virksomheten).”

Annual report 2024A · The company itself

“Kjernestrategien til HSNG er sentrert rundt tre initiativer: automatisere distribusjonssenteret: utnytte det nye distribusjonssenteret til å forbedre kundetilfredsheten og øke kostnadseffektiviteten; øke bruttomarginen: øke markedsandelen ved strategisk å fokusere på egne merkevarer, som vil øke effektiviteten i verdikjeden og øke lønnsomheten; styrke markedsposisjonen: forbedre lønnsomheten og markedsandelen ved å fokusere på segmenter med høy lønnsomhet i resultatbasert markedsføring, tiltrekke verdifulle kunder, effektivisere budgivningsstrategier for produkter gjennom bruk av datamodeller, samt forsterke merkevarekommunikasjonen i CRM og sosiale medier.”

Annual report 2024A · The company itself

“Høydepunkter i 2024 Selskapet leverte en organisk vekst på ca 4 %, som er svakere enn veksten foregående år, drevet av lavere konsumentetterspørsel på tvers av markeder.”

Annual report 2024A · The company itself

“HSNG har foretatt betydelige investeringer som har skapt et solid grunnlag for vekst i lønnsomhet. Vi planlegger å kapitalisere på disse investeringene for å generere en voksende, høy kontantstrøm fremover.”

Annual report 2024A · The company itself

“Høydepunkter i 2024 Organisk inntektsreduksjon på 10,1 %, i sin helhet drevet av et fall i volumer som følge av en utfordrende markedssituasjon og tapet av en stor kunde i Norge.”

Annual report 2024A · The company itself

“Prosjektene utvikler seg i stor grad som planlagt, selv om salget er noe lavere enn normalt på grunn av et generelt svakt marked.”

Annual report 2024A · The company itself

“Samtidig var flere av Orklas selskaper fortsatt påvirket av svekket kjøpekraft blant konsumentene og økt konkurranse fra handelens egne merker.”

Annual report 2024A · The company itself

“Invoiced sales in the Kitchen category declined by 8.2% and amounted to 17.7 million euros (19.3).”

Annual report 2025A · The company itself

“The business climate in 2025 was characterized by careful consumer behaviour and customer uncertainty. Although inflation pressures slowed down, and interest rates stabilized during the year, demand did not recover remarkably.”

Annual report 2025A · The company itself

“Global economic uncertainties and geopolitical tensions continue to influence consumer confidence, purchasing power, and purchasing behaviour, which may consequently affect Orthex’s business performance.”

Annual report 2025A · The company itself

“The sales decline is particularly attributed to careful consumer behaviour. In addition, especially at the start of the year, the company had to limit shipments to some customers facing financial challenges.”

Annual report 2025A · The company itself

“Table of Contents General Risk Factors Adverse economic conditions or reduced technology spending may adversely impact our business. Our business depends on the economic health of our current and prospective customers and overall demand for technology. In addition, the purchase of our platforms and services is often discretionary and typically involves a significant commitment of capital and other resources.”

Annual report 2025A · The company itself

“Privacy and Civil Liberties We are committed to ensuring that our software is as effective as possible while preserving individuals’ fundamental rights, including privacy and civil liberties. We have made deep investments to ensure that privacy, civil liberties, and other fundamental rights protections remain central to our software and business practices. Our platforms were built from the start to protect individual privacy and prevent the misuse of information.”

Annual report 2025A · The company itself

“Fastighetsförvaltning är kärnan i vår verksamhet. Affärsmodellen bygger på omsättningsbaserade hyresavtal med lång löptid, garanterad miniminivå och gemensamma incitament.”

Annual report 2024A · The company itself

“Dessa avtal är direkt kopplade till hotellrörelsens prestation, där en andel av hotellets omsättning betalas som hyra till Pandox. När hotellets omsättning växer, ökar även hyresintäkterna.”

Annual report 2024A · The company itself

“Investeringar höjer hotellets standard och ökar dess konkurrenskraft, vilket betyder ökade intäkter och förbättrad lönsamhet för hotelloperatören och därmed en högre omsättningsbaserad hyra för Pandox. Ökade kassaflöden lägger i sin tur grunden för ökade fastighetsvärden.”

Annual report 2024A · The company itself

“Pandox största efterfråge segment har historiskt sett varit affärsresenärer och möten, men andelen fritidsresenärer har stadigt ökat. Ett ökat globalt fritidsresande och vår egen utveckling av nya hotellprodukter med en mer attraktiv fritidsprofil är två förklaringar.”

Annual report 2024A · The company itself

“Vi diversifierar hotellfastighetsportföljen genom att finnas på inhemska, regionala och internationella marknader, samt genom hotelltyp och efterfrågemix. Våra stora fullservicehotell i goda lägen attraherar alla typer av efterfrågan.”

Annual report 2024A · The company itself

“Omsättningsbaserade hyresavtal ger oss och hyresgästen gemensamma incitament att utveckla hotellprodukten och skapa god produktivitet och lönsam tillväxt. Vi arbetar tillsammans med hyresgästen för att identifiera lämpliga kassaflödeshöjande investeringar i fastigheten.”

Annual report 2024A · The company itself

“År 2024 var ett starkt år, framför allt tack vare stora evenemang som fotbolls-EM i Tyskland och större konserter i Storbritannien. De flesta hotell presterade bättre än sina konkurrenter, vilket gav ökade marknadsandelar.”

Annual report 2024A · The company itself

“Inför 2025 kan förändringar som minskad efterfrågan på sociala evenemang, färre affärsmöten och längre planeringstid för gruppbokningar påverka utvecklingen.”

Annual report 2024A · The company itself

“STRATEGI OCH VÄRDESKAPANDE VERKSAMHETEN FASTIGHETER STYRNING FINANSIELLT OCH HÅLLBARHET Trender i hotellmarknaden • Världen växer ekonomiskt och antalet människor ökar. • Den globala medelklassen växer stadigt. Ett ökat välstånd leder till ett ökat resande, vilket i sin tur ökar efterfrågan på hotellrum.”

Annual report 2024A · The company itself

“• När materiella behov har mättats blir upplevelser viktigare. • Människor värdesätter sin frihet mer än innan pandemin. Människor reser av fler anledningar än tidigare.”

Annual report 2024A · The company itself

“RevPAR ökade 2024 med stöd av en stark eventkalender och en positiv underliggande efterfrågan drivet av en fortsatt normalisering av hotellmarknaden efter pandemin.”

Annual report 2024A · The company itself

“Trender på hotellmarknaden 2025: • Utsuddade gränser mellan arbete och privatliv: Hotell erbjuder mer än bara övernattningar och har blivit centrala i den växande upplevelseekonomin, där konsumenter prioriterar upplevelser framför fysiska produkter, särskilt efter pandemins isolering. Hotell fungerar alltmer som ”den tredje platsen” (efter hem och arbetsplats) där människor kan samlas för olika syften, såsom kulturupplevelser, sociala möten, arbete eller långvarigt boende. • Förändrat globalt reselandskap: Internationellt resande är nästan tillbaka på nivåerna från 2019 men ser annorlunda ut.”

Annual report 2024A · The company itself

“Vilka marknader ser ni mest potential i? ”För 2025 förväntar vi oss RevPAR-tillväxt i hotellmarknaden drivet av både högre beläggning och ökade snittpriser.”

Annual report 2024A · The company itself

“• Pandox arbetsmetodik bygger på att optimera intäkterna med hänsyn taget till distributionslandskapet och dess påverkan på intäkter och kostnader, bland annat med stöd av ett koncerngemensamt Revenue Management Center. • Långa hyresavtal med externa hotelloperatörer som innehåller bestämmelser som föreskriver en kontrakterad minimihyra och generella avdrag för kommissioner tillåts i regel inte.”

Annual report 2024A · The company itself

“2024 var ett år med både god beläggnings- och snittprisutveckling. Totalt driftnetto ökade med 7 procent och är främst drivet av högre hyror i affärssegmentet Hyresavtal och god tillväxt i affärssegmentet Egen drift.”

Annual report 2024A · The company itself

“In addition to attracting new users, we must also meaningfully engage existing users to minimize “churn” and maximize our advertising and subscription revenues. If consumers do not perceive our streaming services to be of value compared to competing services, including because we fail to introduce compelling new content and features, do not maintain competitive pricing, terminate or modify promotional or trial period offerings, change the mix of content in a manner that is unfavorably received, or offer an inferior consumer viewing experience, we may not be able to attract, engage and retain users, and our business, financial condition or results of operations could be adversely affected.”

Annual report 2024A · The company itself

“Our advertising revenues have been and may continue to be adversely impacted by several factors, including changes in consumer behavior and advertising market conditions. We generate substantial revenues from the sale of advertising, and a decline in advertising revenues has had, and could continue to have, an adverse effect on our business, financial condition or results of operations.”

Annual report 2024A · The company itself

“This evolution has also given rise to new ways of purchasing advertising, as well as a general shift in total advertising expenditures toward streaming and digital, some of which may not be as beneficial to us as traditional advertising models.”

Annual report 2024A · The company itself

“Our success depends on our ability to anticipate and adapt to shifting content consumption patterns, evolving technologies and distribution models.”

Annual report 2024A · The company itself

“Consumer tastes and behavior change frequently, and it is a challenge to anticipate what will resonate with audiences at any given time. The popularity of our original and acquired content is affected by our ability to target key audiences; the quality and attractiveness of competing content; and the availability and popularity of alternative forms of entertainment and leisure activities, general economic conditions and other tangible and intangible factors, all of which can be unpredictable.”

Annual report 2024A · The company itself

“Economic conditions in each market can impact our audience’s discretionary spending and, in turn, their willingness to pay for our content.”

Annual report 2024A · The company itself

“Economic conditions in each market can also impact the businesses of our advertising partners, potentially causing them to reduce spending or increase payment cycles.”

Annual report 2024A · The company itself

“Such regulations also restrict the types of advertising we are able to sell on these digital properties and how we perform measurement for advertising purposes and impose strict liability on us for certain of our actions, as well as certain actions of our advertisers and other third parties, which could affect advertising demand and pricing.”

Annual report 2024A · The company itself

“PARKEN Sport & Entertainment A/S har identificeret følgende væsentlige risici for 2026: SPORTSLIGE RESULTATER De sportslige resultater for F.C. København har indflydelse på antallet af solgte billetter til de respektive kampe, ligesom de sportslige resultater påvirker TV-penge, salg af merchandise, sponsorater og Food & Beverage.”

Annual report 2025A · The company itself

“Sports-, koncert-, konference-, ejendoms- og feriebrancherne er alle konkurrenceprægede. Fastholdelse af koncernens konkurrenceposition afhænger af koncernens fortsatte evne til at udbyde produkter, der appellerer til forbrugerne. Efterspørgslen i nævnte brancher afhænger af en række eksterne faktorer, herunder den demografiske udvikling, sociale forhold, samt ændringer i økonomiske forhold.”

Annual report 2025A · The company itself

“Our customers are sensitive to negative changes in economic conditions. If they cease operations or file for bankruptcy protection, we may not be paid for solutions we already provided, and our customer base will shrink, which will lower our revenue. If under financial pressure, our customers may determine they are no longer willing to pay for the solutions and support we provide, which would reduce our revenue.”

Annual report 2026A · The company itself

“Our customers may decrease their workforce, which would decrease their demand for our solutions. Because of spending constraints on our customers and competition in the industry, we may face pricing pressure on our solutions and challenges in onboarding new customers, which would reduce revenue and ultimately impact our results of operations.”

Annual report 2026A · The company itself

“KEY PERFORMANCE METRICS In 2025, we processed $1.79 trillion of total payment volume (“TPV”), an increase of 7% compared to 2024, and 25.4 billion payment transactions, a decrease of 4% compared to 2024.”

Annual report 2025A · The company itself

“STRATEGY Our ability to grow revenue is affected by, among other things, the macroeconomic environment and its impact on commerce and economic growth, consumer spending patterns, adoption of digital payment methods, the growth of multiple commerce channels, the growth of mobile devices and commerce and payment applications on those devices, the growth of consumers and merchants globally with internet and mobile access, the pace of transition from cash and checks to digital forms of payment, our share of digital payments, and our ability to innovate and introduce new products, services, and features that consumers and merchants value.”

Annual report 2025A · The company itself

“We differentiate ourselves to consumers through our broad acceptance and the ability to use our products and services across multiple commerce channels, including e-commerce, mobile, and offline payments, and without sharing their financial information with the merchant or any other party they are paying; our customer service, dispute resolution, and purchase protection programs; and our ability to simplify and personalize shopping experiences.”

Annual report 2025A · The company itself

“Our products are designed to enable digital payments and simplify commerce experiences for consumers and merchants to make selling, shopping, and sending and receiving money simple, personalized, and secure, whether online or in-person. We operate a global, two-sided network at scale that connects consumers and merchants with 439 million active accounts across approximately 200 markets as of December 31, 2025. •Consumers: We provide consumers with digital wallets and other solutions that allow them to shop and pay with PayPal and Venmo—both online and in-person—manage their finances (including saving and buying and selling cryptocurrencies), and send and receive money between friends and family.”

Annual report 2025A · The company itself

“We offer credit products to eligible consumers in certain markets as a funding source at checkout. Our consumer credit offerings include our BNPL products in the U.S., Germany, France, United Kingdom (“U.K.”), and Australia, among other markets, and in Japan through our Paidy brand.”

Annual report 2025A · The company itself

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

Annual report 2025A · The company itself

“Our PayPal and Venmo branded checkout experiences allow consumers to complete purchases in just a few steps without having to enter payment and address information. We also focus on simplifying and personalizing shopping experiences for our consumers by offering tools for product discovery, price tracking, saving through deals and offers, convenient package tracking, and earning and redeeming of shopping rewards.”

Annual report 2025A · The company itself

“We offer credit products to a wide range of consumers and merchants in the U.S. and various international markets.”

Annual report 2025A · The company itself

“Höga byggkostnader gör det svårare att få ihop kalkyler, vilket hämmar efterfrågan på byggmarknaden i hela Norden.”

Annual report 2024A · The company itself

“Nettoomsättningen minskade till 3 584 Mkr (5 188). Rörelseresultatet uppgick till -95 Mkr (197) och rörelsemarginalen till -2,7 procent (3,8).”

Annual report 2024A · The company itself

“Försäljningen av bostäder till konsumenter och investerare var låg i samtliga regioner och länder, även om vi sålde i jämn takt och noterade ett visst ökat intresse under året.”

Annual report 2024A · The company itself

“When input prices increase unexpectedly or significantly, we may be unwilling or unable to increase our product prices or unable to effectively hedge against price increases to offset these increased costs without suffering reduced volume, revenue, margins and operating results.”

Annual report 2025A · The company itself

“Under difficult economic conditions, consumers may seek to reduce discretionary spending by forgoing purchases of our products or shifting toward lower-priced products offered by other companies, including private-label brands, which has impacted and could continue to impact consumer demand for our products.”

Annual report 2025A · The company itself

“Our products compete against products of international beverage and convenient food companies that, like us, operate in multiple geographies, as well as regional, local and private label and economy brand manufacturers and other competitors, including smaller companies developing and selling micro brands directly to consumers through e-commerce platforms or through retailers focused on locally sourced products.”

Annual report 2025A · The company itself

“Pricing and access pressures in the commercial sector continue to be significant. Overall, increasing pressure exists on U.S. providers to deliver healthcare at a lower cost and to ensure that those expenditures deliver demonstrated value in terms of health outcomes. Many employers have adopted or make available high deductible health plans, which can increase out-of-pocket costs for medicines, or are using utilization management tools or limiting access on formularies. This trend is likely to continue.”

Annual report 2025A · The company itself

“Commercial and government payors typically encourage the use of generics as alternatives to brand-name drugs in their healthcare programs, including Medicaid in the U.S., and U.S. laws generally allow, and in some cases require, pharmacists to substitute generic drugs for brand-name drugs. In a small subset of states, prescribing physicians are able to expressly prevent such substitution. Similar rules also apply in several EU member states, where national authorities typically encourage and incentivize the use of generic products.”

Annual report 2025A · The company itself

“In 2025, due to seasonality of demand for COVID-19 vaccinations, the majority of our global revenues for Comirnaty were recorded in the fourth quarter. In 2026, we expect market share in commercial markets and revenue phasing similar to 2025, primarily concentrated in the second-half of the year.”

Annual report 2025A · The company itself

“However, we could see continuous decline in vaccination rates due to additional changes in vaccination recommendations, and the expected impact has been incorporated in our 2026 financial guidance.”

Annual report 2025A · The company itself

“We expect a higher proportion of revenues to be delivered in the second-half of the year and revenues to fluctuate based on the timing, duration and severity of COVID-19 cases. The expected impact of lower demand has been incorporated in our 2026 financial guidance.”

Annual report 2025A · The company itself

“Operational Results Commentary Eliquis Growth driven by higher demand globally, partially offset by lower net price in the U.S., as well as generic entry and price erosion in certain international markets.”

Annual report 2025A · The company itself

“Growth primarily driven by strong uptake of the adult indication in certain international markets, new launches of the pediatric indication in certain emerging markets, as well as strong uptake of the adult indication in the U.S. as a result of strong demand following the CDC’s recommendation for ages 50-64, partially offset by worldwide lower pediatric indication sales mostly due to timing of CDC shipments in the U.S., as well as lower shipments and competitive pressure in certain international markets.”

Annual report 2025A · The company itself

“Worldwide $ 6,494 $ 6,411 1 1 Vyndaqel family Growth primarily driven by strong demand with continuing uptake in patient diagnosis primarily in the U.S. and certain international developed markets, as well as improved patient affordability in the U.S., partially offset by lower net price in the U.S. mostly due to the impact of higher manufacturer discounts resulting from the IRA Medicare Part D Redesign as well as new payer contracts with reduced pricing.”

Annual report 2025A · The company itself

“Declines primarily driven by lower contractual deliveries and lower vaccination rates in certain international markets, as well as lower utilization in the U.S. resulting from narrower recommendation for vaccination, partially offset by lower returns and higher market share in the U.S.”

Annual report 2025A · The company itself

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

Annual report 2025A · The company itself

“Worldwide $ 2,362 $ 5,716 (59) (59) Xtandi Growth mainly driven by strong demand, in part due to improved patient affordability in the U.S., partially offset by unfavorable buying patterns and lower net price partly due to the impact of higher manufacturer discounts resulting from the IRA Medicare Part D Redesign.”

Annual report 2025A · The company itself

“Worldwide $ 1,940 $ 1,588 22 22 Nurtec ODT/Vydura Growth primarily driven by strong demand in the U.S. and recent launches in certain international markets, partially offset by lower net price in the U.S. mainly due to unfavorable changes in channel mix.”

Annual report 2025A · The company itself

“Growth primarily driven by launch uptake for both the adult and maternal indications in certain international markets, as well as increased market share in the adult indication and higher demand in the maternal indication—both in the U.S., partially offset by lower vaccination rates for the older adult indication following an updated ACIP recommendation in the U.S.”

Annual report 2025A · The company itself

“Customer groups and select products within the Biopharma product portfolio in 2026 include: •Primary Care: ◦Internal medicine product portfolio including in cardiovascular metabolic diseases – select products include: Eliquis, as well as other brands that have experienced patent-based expirations or loss of regulatory exclusivity. ◦Migraine product portfolio: Nurtec ODT/Vydura and Zavzpret. ◦Vaccines product portfolio across all ages – select products include: the Prevnar family, Comirnaty, Abrysvo, FSME/IMMUN-TicoVac, Nimenrix and Trumenba.”

Annual report 2025A · The company itself

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

Annual report 2025A · The company itself

“Internationally, most revenue was generated through commercial channels in 2025.”

Annual report 2025A · The company itself

“Consumption of tax-paid cigarettes continues to decline in many of our markets. This decline is due to multiple factors, including increased taxes and pricing, governmental actions, the diminishing social acceptance of smoking, health concerns, competition, continuing economic and geopolitical uncertainty, and the continuing prevalence of illicit products.”

Annual report 2025A · The company itself

“Inflationary pressures may also negatively impact consumer purchasing power, which could result in reduced demand for our products.”

Annual report 2025A · The company itself

“Net revenues, excluding currency and acquisitions/divestitures, increased by 6.5%, mainly reflecting: a favorable pricing variance due to higher combustible tobacco pricing; and favorable volume/mix, driven by higher smoke-free products volume, notwithstanding unfavorable mix and lower volumes for cigarettes.”

Annual report 2025A · The company itself

“Restrictions on Public Smoking and Use of Nicotine-Containing Products in Public: The pace and scope of restrictions on the use of our products have increased significantly in most of our markets. Many countries around the world have adopted, or are likely to adopt, regulations that restrict or ban smoking and use of certain nicotine-containing products in public and/or workplaces, restaurants, bars and nightclubs.”

Annual report 2025A · The company itself

“Marknaden är fortsatt mycket priskänslig och vårt fokus är att öka vinsten i absoluta tal samtidigt som vi stärker vår position.”

Annual report 2024A · The company itself

“Detaljhandeln är särskilt cyklisk och konsumenters köp av sällanköpsvaror, inklusive merparten av Pierces produkter, sjunker normalt under lågkonjunkturer och under andra tider då disponibel inkomst eller konsumtionen är låg.”

Annual report 2024A · The company itself

“E-handel kännetecknas av försäljningsökningar under vissa perioder, exempelvis under det fjärde kvartalets kampanjer för Black Week och jul. Inför sådana perioder ökar normalt inköpen och därmed varulagret. Om Pierces försäljning påverkas negativt eller avbryts under sådana perioder kan effekten på likviditeten och möjligheterna att nå lönsamhetsmål för koncernen bli mer betydande än under andra perioder.”

Annual report 2024A · The company itself

“Vara bäst i branschen på prissättning och inköp Att erbjuda ett attraktivt sortiment till konkurrenskraftiga priser och relevanta kampanjer kommer att vara grundläggande för Pierce också i framtiden.”

Annual report 2024A · The company itself

“APS’s 2025 peak one-hour demand on its electric system was recorded on August 7, 2025, at 8,648 MW, compared to the 2024 peak of 8,210 MW recorded on August 4, 2024.”

Annual report 2025A · The company itself

“This practice is becoming more popular with customers installing or having installed products such as rooftop solar panels to meet or supplement their energy needs. While historically this practice has been largely focused on customers installing behind the meter technologies, such as rooftop solar panels or back-up generators to meet or supplement their energy needs, today APS and utilities broadly are seeing a rise in large customers seeking to develop or accelerate large, utility scale generation projects to serve their energy needs.”

Annual report 2025A · The company itself

“Weather conditions directly influence the demand for electricity and affect the price of energy commodities. Electric power demand is generally a seasonal business. In Arizona, demand for power peaks during the hot summer months, with market prices also peaking at that time.”

Annual report 2025A · The company itself

“Table of Contents BUSINESS OF ARIZONA PUBLIC SERVICE COMPANY APS currently provides electric service to approximately 1.4 million customers.”

Annual report 2025A · The company itself

“Declining or adverse economic conditions and adverse changes in investor, consumer and business sentiment generally result in reduced business activity, which may decrease the demand for our products and services or reduce the number of creditworthy borrowers.”

Annual report 2025A · The company itself

“Risks Related to Our Need for Customers Our success depends on our ability to attract and retain customers for our products and services.”

Annual report 2025A · The company itself

“Sum Annonseinntekter papir 426 543 Sum Annonseinntekter digitalt 471 453 Svekkelsen i annonsemarkedet fortsatte i både Norge og Sverige i 2024. Den svake markedsutviklingen bidro 7 Av driftsinntektene på MNOK 1 953 i Mediehus Norge i 2024 utgjør inntektene i Hallingdølen MNOK 4,8.”

Annual report 2024A · The company itself

“Aviser 125 149 Siviltrykk 85 164 Sum Eksterne trykkeriinntekter 210 313 Konsernets eksterne trykkeriinntekter ble redusert med 33% til MNOK 210 (313) i 2024. Nedgangen var drevet av nedskalert produksjon av siviltrykk, samt lavere avisvolumer grunnet opplagsfall og frekvensreduksjoner.”

Annual report 2024A · The company itself

“Mediehusene fortsatte å levere godt i brukermarkedet gjennom 2024. Brukerinntektene økte med 6% fra året før, drevet av 26% vekst i inntekter fra rene digitale produkter. Vekst i den digitale abonnementsmassen var den viktigste driveren bak inntektsveksten, men mediehusene realiserte også høyere priser for sine produkter.”

Annual report 2024A · The company itself

“Det största segmentet för bolaget är fortsatt mobiltelefoner och här har ekosystemet kring mobiltelefontillverkarna upplevt en återhämtning i form av en starkare efterfrågan under 2024 jämfört med 2023 – och ser en fortsatt ökning framåt. Under 2024 tillverkades närmare 1,2 miljarder smartphones enligt Research and Markets.”

Annual report 2024A · The company itself

“Användningsområdena finns inom både digital och fysisk access och tillämpningarna hittas inom till exempel mobiltelefoner, bärbara datorer, logisk access, betalning, fordon, samt inom besöks- och accessystem.”

Annual report 2024A · The company itself

“Lågprismarknaden, som är Prismas fokusområde, växer snabbt i Norden och har visat sig vara motståndskraftig över tid. ● Mellan 2004 och 2021 växte lågprishandeln i Sverige med i snitt 8 procent per år, från cirka 30 miljarder kronor till 114 miljarder kronor. ● Lågpris har blivit mainstream – kunder som lockas till lågprishandeln under sämre ekonomiska tider tenderar att stanna kvar även när ekonomin förbättras.”

Annual report 2024A · The company itself

“Uncertain economic or social conditions may adversely impact demand for our products or cause our customers and other business partners to suffer financial hardship, which could adversely impact our business. Our business could be negatively impacted by reduced demand for our products related to one or more significant local, regional or global economic or social disruptions. These disruptions have included and may include: a slow-down, recession or inflationary pressures in the general economy; reduced market growth rates; tighter credit markets for our suppliers, vendors or customers; a significant shift in government policies; significant social unrest; the deterioration of economic relations between countries or regions; potential negative consumer sentiment toward non-local products or sources; or the inability to conduct day-to-day transactions through our financial intermediaries to pay funds to or collect funds from our customers, vendors and suppliers.”

Annual report 2026A · The company itself

“BUSINESS STRATEGY & ORGANIZATIONAL RISKS Our ability to meet our growth targets depends on successful product, marketing and operations innovation and successful responses to competitive innovation, evolving digital marketing and selling platforms and changing consumer habits. We are a consumer products company that relies on continued global demand for our brands and products, and consumer expectations and purchasing habits are evolving at an accelerating pace.”

Annual report 2026A · The company itself

“These market changes include evolving ways in which consumers are engaging with our brands across social media platforms, streaming services or AI based search. We observe changes in retail landscapes around the world, where retailers are selling across multiple platforms (digital and physical outlets) and building their own media platforms.”

Annual report 2026A · The company itself

“Consumers are changing how they perceive value across their basket of goods as cumulative inflation impacts their shopping behavior.”

Annual report 2026A · The company itself

“Strategic Focus Procter & Gamble aspires to serve the world’s consumers better than our best competitors in every category and in every country in which we compete and, as a result, deliver total shareholder return in the top one-third of our peer group. Delivering and sustaining leadership levels of shareholder value creation requires balanced top- and bottom-line growth and strong cash generation.”

Annual report 2026A · The company itself

“We create, manufacture, market and distribute a diversified portfolio of daily-use products to delight consumers with irresistible superiority across five key vectors - product performance, packaging, brand communication, retail execution and value.”

Annual report 2026A · The company itself

“OVERVIEW P&G is a global leader in the fast-moving consumer goods industry, focused on providing branded consumer packaged goods of superior quality and value to our consumers around the world.”

Annual report 2026A · The company itself

“Our business and that of other insurers may be adversely affected by a downturn in general economic conditions and other forces beyond our control. Issues such as unemployment rates, the number of vehicles sold, technological advances, home ownership trends, inflation or deflation, tariffs, consumer confidence, and construction spending, among many other factors, will have a bearing on the amount of insurance that is purchased by consumers and small businesses and the costs that we incur.”

Annual report 2025A · The company itself

“Our Personal Lines strategy is to be a competitively priced provider of a broad range of personal auto, special lines, and personal property insurance products with distinctive service, distributed through whichever channel the customer prefers, and bundled with other products when appropriate to match our customers’ needs.”

Annual report 2025A · The company itself

“Personal Lines Our Personal Lines operating segment writes insurance for personal autos and special lines products (e.g., recreational vehicles, such as motorcycles, RVs, and watercraft), collectively referred to as our personal vehicle business, and personal residential property insurance for homeowners and renters.”

Annual report 2025A · The company itself

“Logistics real estate demand is driven by the essential role supply chains play in the global economy and heightened by several long-term structural factors. These include: (i) customers repositioning their supply chains to meet rising e-commerce penetration and service expectations; (ii) growth in global consumption; (iii) an increased focus on supply chain efficiency and resiliency; and (iv) the need for modern, well-located facilities to support evolving distribution and fulfillment requirements. We believe these factors will continue to support demand for logistics space and relatively low vacancy rates over the long term.”

Annual report 2025A · The company itself

“We are also subject to the risk that, upon lease expiration, existing customers may not renew, the space may not be re-leased to new customers or the terms of renewal or re-leasing, including the cost of required renovations or concessions to customers, may be less favorable to us than current lease terms. Our competitors may offer space at rental rates below current market rates or below what we currently charge, and we may be pressured to reduce our rates to retain customers when leases expire, or risk losing potential customers.”

Annual report 2025A · The company itself

“Insufficient supply to meet forecasted demand has caused increases in energy and capacity prices which, in turn, have caused the customer rates by which we recover electric supply costs to materially increase. This has resulted in continuing affordability concerns that have caused regulators and other policymakers to consider ways to reduce utility rates, including proposing to mitigate electric rate increases, and create increased regulatory uncertainty for utility investment initiatives and programs.”

Annual report unknown yearA · The company itself

“Some or all of these factors could result in a lack of growth or decline in customer demand for electricity or natural gas or of customers, and may cause us to fail to fully realize anticipated benefits from significant capital investments and expenditures, which could have a material adverse effect on our financial position, results of operations and cash flows.”

Annual report unknown yearA · The company itself

“PSE&G earns revenues from its regulated rate tariffs under which it provides electric transmission and electric and natural gas distribution to residential, commercial and industrial (C&I) customers in its service territory.”

Annual report unknown yearA · The company itself

“We provide distribution service to 2.4 million electric customers and 1.9 million gas customers in a service area that covers approximately 2,600 square miles running diagonally across New Jersey. We serve the most densely populated, commercialized and industrialized territory in New Jersey, including its six largest cities and approximately 300 suburban and rural communities.”

Annual report unknown yearA · The company itself

“Increases in interest rates can adversely affect the market for new homes, as potential homebuyers may be less willing or able to pay the increased monthly costs resulting from higher interest rates or to obtain mortgage financing.”

Annual report 2025A · The company itself

“Sales prices of home closings during 2025 ranged from approximately $150,000 to over $3,000,000, with 82% falling within the range of $250,000 to $750,000.”

Annual report 2025A · The company itself

“In an inflationary environment like the one we experienced in years following the COVID-19 pandemic, economic conditions and other market factors may make it difficult for us to raise home prices enough to keep up with the rate of inflation, which could reduce our profit margins or reduce the number of consumers who can afford to purchase one of our homes.”

Annual report 2025A · The company itself

“The company’s long-term financial targets for the strategy period 2026 – 2030: • Growth: Net sales CAGR above 10% and net sales above €800 million by the end of financial year 2030 (ends in January 2031) • Profitability: Adjusted EBITA margin above 17% of net sales • Profit distribution: The company aims to distribute at least 80% of net income for each financial year • Leverage: Net debt to adjusted EBITDA below 2.5x Growth strategy Puuilo’s target is to continue strengthen its position as one of the leading discount retailers in Finland by utilising its key strengths: maintaining an attractive and wide product assortment, low prices and a convenient shopping experience.”

Annual report 2026A · The company itself

“Processes for engaging with consumers and end-users about impacts (S4-2) Consumer needs and preferences directly guide retail operations. These are interpreted through product sales and customer satisfaction.”

Annual report 2026A · The company itself

“In line with its updated growth strategy, the company aims to open approximately 7 – 10 new stores in Finland per year and to continue to increase its like-for-like net sales by further increasing Puuilo’s brand awareness.”

Annual report 2026A · The company itself

“For calendar year 2025, we estimate that consumer demand for smartphones will remain approximately flat relative to calendar year 2024. This estimate includes expected mid single-digit percentage growth in 5G handsets.”

Annual report 2025A · The company itself

“RISKS RELATED TO OUR OPERATING BUSINESSES •We derive a significant portion of our revenues from a small number of customers and licensees, and particularly from their sale of premium-tier handset devices. If revenues derived from these customers or licensees decrease or the timing of such revenues fluctuates, our business and results of operations could be negatively affected. •Our business, particularly our semiconductor business, may suffer as a result of our customers vertically integrating (i.e., developing their own integrated circuit products). •A significant portion of our business is concentrated in China, and the risks of such concentration are exacerbated by U.S./China trade and national security tensions.”

Annual report 2025A · The company itself

“The loss of any one of our significant customers, a reduction in the purchases of our products by any of these customers or the cancellation of significant purchases by any of these customers, whether due to the use of their own integrated circuit products or our competitors’ integrated circuit products, government restrictions, a decline in global, regional or local economic conditions, a decline in consumer demand (or a shift in consumer demand away from new devices in favor of refurbished or secondhand devices) or otherwise, would reduce our revenues and could harm our ability to achieve or sustain expected results of operations.”

Annual report 2025A · The company itself

“In addition, the timing and size of purchases by our significant customers may be impacted by the timing of such customers’ new or next generation product introductions, over which we have no control, and the timing and success of such introductions may cause our revenues and results of operations to fluctuate.”

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

“The mobile industry has also from time to time experienced declines in sales or slowing growth in the premium-tier device segment. A reduction in sales of premium-tier devices, a reduction in sales of our premium-tier integrated circuit products (which have a higher revenue and margin contribution than our lower-tier integrated circuit products), a shift in share away from OEMs that utilize our premium-tier products, or a shift in consumer demand in favor of refurbished or secondhand devices, would reduce our revenues and margins and may harm our ability to achieve or sustain expected 16 financial results.”

Annual report 2025A · The company itself

“Reductions in sales of our licensees’ products, or reductions in the average selling prices of such products without a sufficient increase in the volumes sold, would generally have an adverse effect on our licensing revenues.”

Annual report 2025A · The company itself

“Our revenues and growth in revenues could be negatively impacted, our business may be harmed and our substantial investments in these technologies may not provide us an adequate return, if: our customers’ and licensees’ sales of products, particularly premium-tier handset products, and services using these technologies, or average selling prices of such products, decline due to, for example, the maturity of smartphone penetration in developed regions, including China; we do not continue to maintain our intellectual property and technical leadership in 5G, including in ongoing 5G standardization efforts, or we fail to establish such leadership in future generations of wireless technology; we are unable to drive the adoption of our products into networks and devices, including devices beyond mobile handsets; consumers’ rates of replacement of smartphones and other devices decline; or there is a shift in consumer demand away from new devices in favor of refurbished or secondhand devices.”

Annual report 2025A · The company itself

“QCT develops and supplies integrated circuit platforms and system software with advanced connectivity and high-performance, low-power computing technologies for use in mobile devices; automotive systems for connectivity, digital cockpit and ADAS/AD; and IoT including consumer electronic devices, industrial devices and edge networking products.”

Annual report 2025A · The company itself

“QCT’s integrated circuit products are sold and its system software is licensed to manufacturers that use our products in a broad range of devices, from low-tier, entry-level devices primarily for emerging regions to premium-tier devices, including but not limited to mobile devices, wireless networks, devices used in IoT, broadband gateway equipment, consumer electronic devices and automotive systems.”

Annual report 2025A · The company itself

“Our licensees manufacture wireless cellular products such as mobile devices (including handsets), other consumer devices (e.g., tablets and PCs), plug-in end user data modem cards and embedded modules for incorporation into machine-to-machine devices and certain other devices, connected vehicle units and connected vehicle modules used in automobiles, wireless access points and small cells.”

Annual report 2025A · The company itself

“We are finding increased interest among health plans in driving better value in spending for laboratory testing. Health plans increasingly are taking steps to encourage the movement of testing volume to high value, lower cost providers like our Company, including by identifying preferred provider partners, plan design changes (e.g., zero-dollar out-of-pocket costs for members using preferred providers) and better aligning reimbursement rates for hospital-based providers and independent commercial laboratories.”

Annual report 2025A · The company itself

“Consumerization Consumers are our customers. Increasingly, consumers are engaged and interested in, and empowered to manage and take direct responsibility for, their own healthcare. As a result, they are becoming more sophisticated in their understanding of their healthcare needs and their expectations of healthcare providers. In addition, consumers often are bearing increased financial responsibility for their healthcare (e.g., high deductible health plans; rising deductibles).”

Annual report 2025A · The company itself

“Pricing transparency There has been a trend toward greater pricing transparency in healthcare, including in the laboratory testing marketplace. Several states have taken action to foster greater pricing transparency in healthcare. Federal laws require healthcare providers to provide good faith estimates of costs to self-pay patients, and provide rights and protections for consumers against surprise billing or balance billing. In addition, the federal government has adopted new legislation and issued new regulations designed to increase transparency regarding pricing and quality in healthcare, including requiring providers, group health plans and insurers to disclose cost information to consumers in advance of care being provided.”

Annual report 2025A · The company itself

“For example, value-based reimbursement is increasing (e.g., UnitedHealthcare's Preferred Lab Network) and CMS has set goals for value-based reimbursement to be achieved by 2030. Patients are encouraged to take increased interest in and responsibility for, and often are bearing increased responsibility for payment for, their healthcare.”

Annual report 2025A · The company itself

“Our ability to raise the prices and fees we charge for the services we provide is limited.”

Annual report 2025A · The company itself

“As consumers increasingly seek more involvement and control over their health and wellness, we aim to meet them where they are. Our QuestHealth.com platform empowers health- and wellness-minded consumers to purchase tests and panels without the need to schedule an appointment and visit a doctor’s office.”

Annual report 2025A · The company itself

“Patients and Consumers We are well positioned to provide information and insights to patients and individual consumers to help empower them take actions to improve their healthcare.”

Annual report 2025A · The company itself

“We generally bill for diagnostic information services on a fee-for-service basis under one of two types of fee schedules; fees may be negotiated or discounted. The types of fee schedules are: •“Client” fees charged to physicians, hospitals and institutions for which services are performed on a wholesale basis and which are billed on a monthly basis. •“Patient” fees charged to individual patients and certain third-party payers on a claim-by-claim basis.”

Annual report 2025A · The company itself

“Risks Related to Macroeconomic Conditions Economic, political, and other conditions, including the imposition of significant new tariffs or other changes to existing trade policies and agreements, may adversely affect the global economy and/or the level of consumer purchases of discretionary items and luxury retail products, including our products.”

Annual report 2026A · The company itself

“Other recent economic conditions, including increases in oil and other energy prices, ongoing inflationary pressures, organized labor disputes, high interest rates, significant foreign currency volatility, and military conflicts (as discussed below), continue to impact consumer discretionary income levels, spending, and sentiment in the U.S. and beyond. In response to such pressures, as well as to reduce elevated inventory levels, many retailers (particularly in the U.S. and Europe) continue to resort to promotional activity in an attempt to offset traffic declines and increase conversion.”

Annual report 2026A · The company itself

“Consumer purchases of discretionary items and luxury retail products, including our products, tend to decline during periods of economic weakness, high inflation, or rising interest rates, and at other times when disposable income is lower.”

Annual report 2026A · The company itself

“A decision by the controlling owner of a group of stores or any other significant customer, whether motivated by economic conditions, financial difficulties, competitive conditions, or otherwise, to decrease or eliminate the amount of merchandise purchased from us or our licensing partners or to change their manner of doing business with us or our licensing partners or a change based on their new strategic and operational initiatives, including their continued focus on 31 further development of "private labels" and exclusive product offerings in an effort to differentiate themselves from competitors, could have a material adverse effect on our business.”

Annual report 2026A · The company itself

“The department store sector has experienced numerous consolidations, restructurings, bankruptcies, and other ownership changes in recent times, which could potentially increase in frequency as a result of current adverse economic conditions, including changes to existing trade policies and agreements (including higher tariffs on U.S. imports), ongoing inflationary pressures and high interest rates, and/or changes in consumer shopping preferences, such as the continued shift away from traditional brick and mortar wholesale retailers to larger online retailers. Such disruptions have typically resulted in actual or anticipated bankruptcies (such as Saks Global's recent bankruptcy filing), store closures (such as Macy's previously announced plan to close 150 stores through calendar 2028), centralized purchasing decisions, and increased emphasis on inventory management and productivity, which could result in fewer stores carrying our products or reduced demand of our products by our wholesale customers.”

Annual report 2026A · The company itself

“North America Sales in North America increased by 10% from the comparison period with reported translation exchange rates and increased by 14% with comparable translation exchange rates. Two consecutive strong ice fishing seasons supported both earlyyear replenishment sales of winter products and load-in orders in the latter part of the year. Sales growth was further driven by the successful launch of the new 13 Fishing product range, the continued strong performance of CrushCity soft plastic lures together with VMC hooks and rigs, and solid momentum across all key brands.”

Annual report 2025A · The company itself

“The North American market proved resilient despite tariff-related disruptions, with consumer spending and retail activity holding up throughout the year despite related price increases.”

Annual report 2025A · The company itself

“In contrast, in Europe and Asia, global trade disputes weighed on consumer sentiment and spending remained subdued.”

Annual report 2025A · The company itself

“Sales at the beginning of the year were negatively impacted by retailer carryover inventory from the previous season. Consumer activity remained subdued, and retailers continued to exercise extreme caution with replenishment orders.”

Annual report 2025A · The company itself

“European markets have experienced slower consumer spending following the recent economic and political developments, and this trend is expected to continue in 2026.”

Annual report 2025A · The company itself

“Affärsområdet Consumer påverkades av fortsatt tuff kon sumentmarknad, men KVD gjorde detta till trots ett bättre resultat.”

Annual report 2024A · The company itself

“Finansiell utveckling Nettoomsättningen för helåret uppgick till 5 337 MSEK, vilket motsvarade en minskning med 9 procent jämfört med föregående år. Den organiska tillväxten var negativ och uppgick till –7 procent. Nedgången förklaras främst av Plantasjen där försäljningen påverkades negativt av rekonstruktionen som inleddes i augusti och utförsäljning av varor till låga marginaler i butiker som stängdes under året.”

Annual report 2024A · The company itself

“Competition We are competing for people’s time and for global advertising spend.”

Annual report 2025A · The company itself

“Seasonality in Our Business We have historically seen seasonality in our business and financial results, with an increase in overall advertiser spending in the fourth quarter, due in large part to end-of-year advertiser spending, typically followed by a weaker first quarter.”

Annual report 2025A · The company itself

“The following is a summary of principal risks and uncertainties that could materially adversely affect our business, results of operations, financial condition, and prospects.”

Annual report 2025A · The company itself

“The size of our user base and their level of engagement are critical to our success. Our financial performance has been, and will continue to be, significantly determined by our success in growing and retaining our user base so that we add Redditors, and those Redditors become daily users—more specifically, DAUq.”

Annual report 2025A · The company itself

“If we experience a decline in the number of Redditors, or a decrease in Redditor growth rate or engagement, including as a result of a lack of valuable or appealing content, or the loss of influential Redditors or subreddits, advertisers may not view our products and services as attractive for their marketing expenditures, and may reduce their spending with us, which would harm our reputation, business, results of operations, financial condition, and prospects.”

Annual report 2025A · The company itself

“To sustain or increase our advertising revenue, we must attract new advertisers, encourage existing advertisers to maintain or increase their advertising spend on our platform, expand the number of markets where we offer advertising, and increase the breadth and functionality of our advertising services, including new advertising formats and measurement tools. In order to obtain new advertisers and further our relationship with current advertisers, we must increase the amount of monetizable content on our platform, including by increasing the absolute number of DAUq who post and consume content, and our monetization model depends on this engagement.”

Annual report 2025A · The company itself

“As we continue to grow our advertiser base, our revenue depends on our ability to effectively serve enough advertisements that meet the objectives of our advertisers while maintaining a high-quality, relevant, reliable, trustworthy, and innovative user experience. If we are unable to do this on our platform due to either a decline in DAUq, or changes in our products or services or Redditor behavior that reduce our ability to display as many advertisements as our advertisers may request, our business, results of operations, financial condition, and prospects would be adversely affected.”

Annual report 2025A · The company itself

“We face intense competition for advertising spend both inside and outside the United States, and we are subject to a rapidly evolving technology landscape. If we fail to attract or retain advertisers, or advertisers do not maintain or increase their advertising budgets, our business, results of operations, financial condition, and prospects could be adversely affected.”

Annual report 2025A · The company itself

“Moderators can also band together and, for various reasons, including changes to Reddit’s product or policies, decide to shut down the normal operation of their communities in a manner that degrades the experiences of all Redditors in the affected communities and that can negatively impact Redditors who continue to use our service and reduce the amount of monetizable content generated by Redditors.”

Annual report 2025A · The company itself

“The Future of Our Platform and Monetization Strategies Advertising We believe the unique proposition of Reddit —built on human conversations, shared interests, and trust— translates into positive outcomes for advertisers. We continue to expand our ad platform capabilities to enable more ways for advertisers to invest to grow their business on Reddit.”

Annual report 2025A · The company itself

“We are in the early stages of our monetization efforts, and as such, we are still scaling our advertising revenue model. Our growth strategy depends on, among other things, attracting more advertisers, scaling our business with existing advertisers, and expanding our advertising services, as well as successfully identifying and capturing non-advertising sources of revenue.”

Annual report 2025A · The company itself

“Advertisers of all sizes rely on Reddit to find highly engaged, high-intent customers in conversations that drive decisions at every stage of the path to purchase. Advertisers come to Reddit for distinctive benefits: •Contextual and Interest-based Advertising.”

Annual report 2025A · The company itself