Interest rates

“While market sentiment reflected both recalibration and resilience, the near-term outlook remains uncertain due to economic pressures and shifting policy landscapes, pushing long-term interest rates back up towards the 10-year highs observed in late 2023 and early 2024. This environment negatively impacts market visibility and increases short-term risk.”

Annual report 2024A · The company itself

“Uncertainty in the economic environment or other unfavorable changes in economic conditions, such as inflation, fluctuating interest rates, recession, slowing growth, increased unemployment, tighter credit markets, changes or uncertainty in fiscal monetary or trade policy, implementation of new or increased tariffs, retaliatory tariffs by other countries or other trade restrictions, or currency fluctuations, may negatively impact consumer confidence and spending causing our customers to stop or postpone purchases.”

Annual report 2025A · The company itself

“Among other matters and consistent with the Stipulation and Settlement Agreement, the 2024 Base Rate Order approves an increase in AES Indiana's total annual operating revenue of $71 million for AES Indiana’s electric service and provides a return on common equity of 9.9% and cost of long-term debt of 4.9% on a rate base of approximately $3.5 billion.”

Annual report 2025A · The company itself

“AES Ohio is permitted to recover its costs of providing distribution service as well as earn a regulated rate of return on assets, determined by the regulator, based on the utility's allowed regulated asset base, capital structure, and cost of capital.”

Annual report 2025A · The company itself

“As a result, fluctuating commodity prices or interest rates may negatively impact our financial results to the extent we have unhedged or inadequately hedged positions.”

Annual report 2025A · The company itself

“A substantial portion of cash flow from operations must be used to make payments on our debt. Furthermore, since a significant percentage of our assets are used to secure this debt, this reduces the amount of collateral available for future secured debt or credit support and reduces our flexibility in operating these secured assets.”

Annual report 2025A · The company itself

“As of December 31, 2025, a hypothetical 100‑basis‑point increase in interest rates would be expected to increase annual pre‑tax interest expense by less than $10 million, based on the portion of the Company's debt that is subject to variable interest rates.”

Annual report 2025A · The company itself

“Aflac Japan remains focused on maintaining leadership in third sector insurance products that are less interest rate sensitive and have strong and stable margins.”

Annual report 2025A · The company itself

“The Bank of Japan remains an exception to the major central bank loosening trends, ending a prolonged period of negative interest rates on bank reserves in March 2024.”

Annual report 2025A · The company itself

“Continuing higher interest rates and softer economic conditions could impact the creditworthiness and value of the Company's existing investment portfolio, influence opportunities for new investments and have a negative impact on the Company's results of operations and financial positions.”

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

“Interest rate risk is an inherent portfolio, business and capital risk for the Company, and significant changes in interest rates could have a material adverse effect on the Company's consolidated results of operations, financial condition or cash flows through realized losses, impairments, changes in unrealized positions, and liquidity. Changes in interest rates could also result in the Company having to recognize gains or losses because the Company disposes of some or all of its investments prior to their maturity.”

Annual report 2025A · The company itself

“Low levels of interest rates on investments experienced in Japan and the U.S. over the last decade have also reduced the level of investment income earned by the Company.”

Annual report 2025A · The company itself

“In spite of recent decreases in interest rates in the U.S. and other regions and interest rate increases in Japan, interest rates in Japan remain lower than in the U.S., and the Company's overall level of investment income will continue to be negatively impacted from Japan’s low interest rates from investments made in prior periods at lower rates and from decreasing rates in the U.S.”

Annual report 2025A · The company itself

“In addition, uncertainty regarding the timing, pace and magnitude of future interest rate changes could further increase fluctuations in the value of the Company’s assets and liabilities and adversely affect its capital position and liquidity.”

Annual report 2025A · The company itself

“A sustained decline in interest rates could hinder the Company's ability to earn the returns assumed in the pricing and the reserving for its insurance products at the time of sale and issue and may also influence the Company's ability to develop and price attractive new products and could impact its overall sales levels.”

Annual report 2025A · The company itself

“While the Bank of Japan ended its negative interest rate policy in March of 2024, low interest rates in Japan could continue to have a negative impact on the distribution and pricing of these products.”

Annual report 2025A · The company itself

“Valuations of the Company's derivatives fluctuate with changes in underlying market variables, such as interest rates and foreign exchange rates. During periods of market turbulence created by political instability, economic uncertainty, government interventions or other factors, the Company may experience significant changes in the volatility of its derivative valuations.”

Annual report 2025A · The company itself

“Japan's FSA maintains its own solvency standard which is quantified through the SMR. Aflac Japan's SMR is sensitive to interest rate, credit spread, and foreign exchange rate changes; therefore, the Company continues to evaluate alternatives for reducing this sensitivity, including the reduction of subsidiary dividends paid to the Parent Company and Parent Company capital contributions.”

Annual report 2025A · The company itself

“The Company has evaluated its holdings and identified investments in areas such as commercial real estate and highly leveraged companies as the most exposed to continued high interest rates and an economic downturn.”

Annual report 2025A · The company itself

“INVESTMENTS The Company’s investment strategy utilizes disciplined asset and liability management while seeking long-term risk-adjusted investment returns and the delivery of stable income within regulatory and capital objectives, and preserving shareholder value. In attempting to optimally balance these objectives, the Company seeks to maintain on behalf of Aflac Japan a diversified portfolio of Japanese yen-denominated investment assets, a U.S. dollar-denominated investment portfolio hedged back to Japanese yen and a portfolio of unhedged U.S. dollar-denominated assets.”

Annual report 2025A · The company itself

“De seneste års markante renteforhøjelser, der blev besluttet som et led i bestræbelserne på at reducere inflationen, har sammen med en lav forbrugertillid, øget pres fra online-handel og den generelle usikkerhed i markedet medvirket til, at afkastkravene på særligt detailejendomme er steget betydeligt over de seneste år. Det forventes, at investorer i 2026 fortsat har betydelig kapital til ejendomsinvesteringer og fortsat ønsker risikospredning i sin portefølje, og det er ledelsens vurdering, at interessen for investering i fast ejendom også vil stige i 2026 i forhold til 2025.”

Annual report 2026A · The company itself

“Det er afgørende for Agat Ejendomme at have et tilstrækkeligt likviditetsberedskab, og at der er mulighed for at opnå finansiering af ejendomme. Agat Ejendomme har alene finansieringsaftaler direkte bundet op på afkastgenererende aktiver. Koncernens nuværende rente- og afdragsforpligtelser kombineret med personaleomkostninger og andre eksterne omkostninger overstiger aktuelt de nettolejeindtægter, som koncernen likviditetsmæssigt oppebærer fra driften af ejendomsporteføljen.”

Annual report 2026A · The company itself

“Koncernens rentebærende gæld er i al væsentlighed varia belt forrentet. Dette betyder, at stigende renter vil øge koncernens renteomkost ninger og påvirke koncernens driftsresultater negativt. En renteændring på et procentpoint af koncernens variabelt forrentede gæld, inklusive gæld i joint ventures, vil medføre en umiddelbar efter-skat-effekt for Agat Ejendomme på ca. DKK 4,4 mio. Det vurderes løbende, hvorvidt renterisici skal søges afdækket ved indgåelse af renteswap eller lignende.”

Annual report 2026A · The company itself

“Because we operate globally, our business, revenues and profitability are impacted by global macroeconomic and geopolitical conditions. The success of our activities is affected by general economic, political and market conditions, including inflation, foreign exchange rates, interest rates, tax rates, economic uncertainty or contraction, political instability, warfare or acts of terrorism, public health crises, changes in laws, policy - and regulatory-related changes resulting from U.S. government actions and regulatory priorities, trade barriers including announced or expected tariffs, changes in export controls, the actual or perceived failure or financial difficulties of financial institutions, reduced consumer confidence and spending and economic and trade sanctions.”

Annual report 2025A · The company itself

“We, along with our customers, continue to manage through an uncertain period of fluctuating inflation, regulatory policies and resources that may negatively impact business, economic and political uncertainty, decreased consumer confidence and pressure on prices during contract renewals, uncertain energy supplies, heightened geopolitical tensions and conflict, potential for supply chain disruptions, changes in legislation and regulations, including U.S. and international tax laws, volatility and increasing tensions related to changing trade policies, including announced or expected tariffs, fluctuations in foreign exchange rates and elevated interest rates.”

Annual report 2025A · The company itself

“A sharp rise in interest rates could have an adverse impact on the fair market value of certain securities in our portfolio.”

Annual report 2025A · The company itself

“Inflationstakten har sjunkit markant och nådde i december 1,5 procent (KPIF), klart under Riksbankens mål på 2 procent. Denna utveckling möjliggjorde en betydande förändring i penningpolitiken, där Riksbanken inledde en räntesänkningscykel i maj från räntetoppen på 4,0 procent till 3,75 procent. Under årets gång har ytterligare fyra sänkningar gjorts, vilket resulterade i en styrränta på 2,50 procent vid årets slut.”

Annual report 2024A · The company itself

“Higher interest rates increase capital costs and can reduce capital availability”

Annual report 2025A · The company itself

“Financing and interest rates Higher interest rates increase capital costs and can reduce capital availability.”

Annual report 2025A · The company itself

“The net interest-bearing debt was reduced by DKK 927 million during the year to stand at DKK 4,449 million at 31 December 2025. Thanks to the reduced debt, the financial gearing ratio (NIBD/EBITDA) improved from 1.8 to 1.5 year on year.”

Annual report 2025A · The company itself

“In a rising interest rate environment, debt financing will become more expensive and may have higher transactional and servicing costs. Although we may take steps to limit our exposure to variable rate debt, if interest rates remain relatively high or increase in the future, we could see increases in our borrowing costs which could have a material adverse effect on our results of operations, financial condition and cash flows.”

Annual report 2025A · The company itself

“Further, an economic downturn or recession or market disruption in the capital and credit markets may adversely impact the value of our pension plan assets, our results of operations, our statement of changes in stockholders’ equity and our liquidity. Our funding obligations could change significantly based on the investment performance of the pension plan assets and changes in actuarial assumptions for local statutory funding valuations. Any deterioration of the capital markets or returns available in such markets may negatively impact our pension plan assets and increase our funding obligations for one or more of these plans and negatively impact our liquidity.”

Annual report 2025A · The company itself

“As of December 31, 2025, our aggregate long-term debt was $3.2 billion, primarily related to senior notes. We expect to maintain significant levels of indebtedness going forward.”

Annual report 2025A · The company itself

“Interest rates at elevated levels could increase our financing costs over time, either through near-term borrowings on our variable-rate unsecured senior line of credit and commercial paper program, refinancing of our existing borrowings, or the issuance of new debt.”

Annual report 2025A · The company itself

“In addition, elevated market interest rates may result in a decrease in the value of our real estate and could also adversely affect the securities markets in general, which could impact the market price of our common stock without regard to our operating performance.”

Annual report 2025A · The company itself

“Historically, during periods of increasing interest rates, real estate valuations have generally decreased as a result of rising capitalization rates which tend to move directionally with interest rates. Consequently, prolonged periods of higher interest rates may negatively impact the valuation of our real estate asset portfolio and lead to higher cost of capital and/or lower sales proceeds from future real estate dispositions.”

Annual report 2025A · The company itself

“If our properties do not generate revenues sufficient to cover our operating expenses, including our debt service obligations and capital expenditures, we may have to borrow additional amounts to cover fixed costs and cash flow needs. This could adversely affect our ability to make distributions to our stockholders.”

Annual report 2025A · The company itself

“If tariff uncertainty, its associated costs, and the disruption of broader financial markets continue, we may face the following risks: •Restricted access to capital. Market instability may hinder our ability to raise capital, including through dispositions, sales of partial interests, and new debt capital, and could potentially delay our current or future development and redevelopment projects.”

Annual report 2025A · The company itself

“These industry dynamics may also affect our ability to raise capital to fund future development projects. If capital markets perceive the life science sector as structurally challenged, our cost of capital may increase and our access to equity or debt financing may be constrained. This could limit our ability to pursue new development opportunities, reposition existing assets, or invest in strategic initiatives that enhance long-term stockholder value.”

Annual report 2025A · The company itself

“From time to time, we may enter into interest rate hedge agreements to manage some of our exposure to interest rate volatility. Interest rate hedge agreements involve risks, such as the risk that counterparties may fail to honor their obligations under these arrangements. In addition, these arrangements may not be effective in reducing our exposure to changes in interest rates. These risk factors may lead to failure to hedge effectively against changes in interest rates and therefore could adversely affect our results of operations.”

Annual report 2025A · The company itself

“Inflation may also cause interest rates to increase or stay elevated, increasing our cost of capital.”

Annual report 2025A · The company itself

“Disruption, uncertainty or volatility in the capital markets could increase our cost of capital or limit our ability to raise funds needed to operate our businesses.”

Annual report 2025A · The company itself

“Our pension and other postretirement benefits plans are subject to investment and interest rate risk that could negatively impact our financial condition - We have pension and other postretirement benefits plans that provide benefits to many of our employees and retirees. Costs of providing benefits and related funding requirements of these plans are subject to changes in the liabilities of the plans and market value of the assets that fund the plans.”

Annual report 2025A · The company itself

“Our investment portfolios are subject to market risk, including interest rate risk and equity price risk, and declines in credit quality which may adversely affect or create volatility in investment income and cause realized and unrealized losses We continually evaluate investment management strategies since we are subject to risk of loss due to adverse changes in interest rates, equity prices, credit spreads, real estate values, currency exchange rates and liquidity.”

Annual report 2025A · The company itself

“Declining equity markets or increases in interest rates or credit spreads could cause the value of the investments in our pension plans to decrease. Declines in interest rates could cause the funding ratio to decline and the value of the obligations for pension and postretirement plans to increase.”

Annual report 2025A · The company itself

“Macro, regulatory and risk environment Conditions in the global economy and capital markets could adversely affect the business and results of operations Global economic and capital market conditions could adversely impact demand for our products, returns on our investment portfolio and results of operations. The conditions that may have the largest impact on our business include: •Low or negative economic growth •Interest rate levels •Rising inflation increasing claims and claims expense •Trade policy actions, such as tariffs and quotas •Substantial increases in delinquencies or defaults on debt •Significant downturns in the market value or liquidity of our investment portfolio •Prolonged downturn in equity valuations •Reduced consumer spending and business investment Stressed conditions, volatility and disruptions in global capital markets or financial asset classes could adversely affect our investment portfolio.”

Annual report 2025A · The company itself

“Capital and credit market conditions may significantly affect our ability to meet liquidity needs or obtain credit on acceptable terms In periods of extreme volatility and disruption in the capital and credit markets, liquidity and credit capacity may be severely restricted.”

Annual report 2025A · The company itself

“Interest rate risk is the risk that we will incur a loss due to adverse changes in risk-free interest rates. This risk arises from many of our primary activities, as we invest substantial funds in interest-sensitive assets. Changes in interest rates can have favorable and unfavorable effects on our results. For example, increases in rates can improve investment income, but decrease the fair value of our fixed income securities portfolio which may result in sales of assets at losses.”

Annual report 2025A · The company itself

“Decreases in rates could increase the fair value of our fixed income securities portfolio while decreasing future investment income due to reinvestment at lower market yields and accelerated pay-downs and prepayments of certain investments.”

Annual report 2025A · The company itself

“I syfte att sänka finansieringskostnaderna genomförde bolaget bland annat refinansiering av banklån, emission av gröna obligationer och inlösen av befintliga obligationer.”

Annual report 2024A · The company itself

“Samtidigt fick den lägre styrräntan ytterligare genomslag.”

Annual report 2024A · The company itself

“Transaktioner – Aktiva på transaktionsmarknaden Handelsfastigheten Kantokatu 2 i Nokia, förvärvad under året. Efter en svag nordisk marknad för fastighetstransaktioner 2023 märktes en gradvis ökning i aktivitet under andra halvåret 2024, drivet av stärkta kapital- och kreditmarknader och fallande räntenivåer som förbättrade finansieringsmöjligheterna.”

Annual report 2024A · The company itself

“Ränterisk Variationer i marknadsräntan har en betydande påverkan på Nyfosas resultat. Att hantera ränterisken är därför en viktig del av finansfunktionens arbete. Ur Nyfosas perspektiv avser ränterisk framför allt risken för högre marknadsräntor och därmed ett försämrat resultat på grund av högre räntekostnader.”

Annual report 2024A · The company itself

“Räntebindning och exponering mot ränteförändringar Exponeringen mot räntehöjningar hanteras genom nyttjande av derivatinstrument, för närvarande räntetak och ränteswappar. Den 31 december 2024 var 63 procent (52) av låneportföljen säkrad med derivat.”

Annual report 2024A · The company itself

“I syfte att minimera finansiella risker utgör bland annat nedanstående riktlinjer ramen för Nyfosas finanspolicy: • Belåningsgrad får inte långsiktigt överstiga 55 procent • Bolagets räntebetalningsförmåga får inte understiga en räntetäckningsgrad på 2 ggr • Bolaget ska ha minst fyra huvudsakliga kreditgivare • Kapitalmarknadsskuld får högst uppgå till 15 procent av total räntebärande skuld • Räntebärande nettoskuld/EBITDA får inte överstiga 12 ggr • Högst 25 procent av räntebindningen får löpa ut per år • Likviditetskvoten får inte understiga 120 procent • Valutaexponeringen får inte överstiga 30 procent av koncernens egna kapital Riskbegränsningarna är bolagets egna och utgör inte så kallade covenanter i koncernens finansieringsavtal.”

Annual report 2024A · The company itself

“Capital Markets and Financing Risks Disruption and uncertainty in the credit and capital markets could materially adversely affect our business. Access to the credit and capital markets is important for us to satisfy our liquidity and financing needs. We typically access the commercial paper market in the second quarter to help fund payments under the Master Settlement Agreement (“MSA”), tax obligations and shareholder dividends.”

Annual report 2025A · The company itself

“Continued escalation of geopolitical tensions, including the conflict in the Middle East and tensions between China and Taiwan, could result in supply chain disruptions, significant inflationary pressure on raw material prices and other resources (such as energy and natural gas), fluctuations in our customers’ buying patterns given regional shortages of food ingredients and other factors, lower demand by end consumers given rising inflation, enhanced risks to our global technology infrastructure (such as through cyberattack or ransomware attack), exposure to foreign currency fluctuations, credit and capital market disruption which could impact our ability to obtain financing, increased interest rates, the loss of property, and adverse foreign exchange impacts.”

Annual report 2026A · The company itself

“As of June 30, 2026, we had $14.0 billion of debt outstanding, including borrowings of $1.29 billion under revolving credit facilities in an aggregate limit of $3.75 billion, and we are not restricted in incurring, and may incur, additional indebtedness in the future. Increased indebtedness could have significant consequences for our business and any investment in our securities, including increasing our vulnerability to adverse economic, industry or competitive developments; requiring more of our cash flows from operations to be used to pay principal and interest on our indebtedness, thus limiting our cash flows available to fund our operations, capital expenditures and other future business opportunities or the return of cash to our shareholders.”

Annual report 2026A · The company itself

“Interest Rates — Rising interest rates increase our borrowing costs on our variable rate indebtedness and could have other negative impacts. As of June 30, 2026, approximately 15% of our indebtedness was subject to variable interest rates. When interest rates increase, our debt service obligations on our variable rate indebtedness increase even when the amount borrowed remains the same.”

Annual report 2026A · The company itself

“We are exposed to regulatory lag, including the impact of inflationary pressures, and cost disallowances to varying degrees by jurisdiction, which, if unmitigated, could adversely affect our results of operations, financial position, and liquidity.”

Annual report 2025A · The company itself

“Higher inflation levels, as well as higher interest rates, tariffs, trade wars, or a recession could impact our ability to control costs, to make substantial investments in our businesses, to recover costs and investments, to earn our allowed ROEs within frameworks established by our regulators, and/or to maintain affordability of our services for our customers.”

Annual report 2025A · The company itself

“We rely on the issuance of short-term and long-term debt and equity as significant sources of liquidity and funding for capital requirements not satisfied by our operating cash flow, as well as to refinance existing long-term debt. The inability to raise debt or equity capital on reasonable terms, or at all, could negatively affect our ability to maintain or to expand our businesses.”

Annual report 2025A · The company itself

“We had net interest income of approximately $17.4 billion for the year ended December 31, 2025. Changes in interest rates could adversely affect our net interest yield, and consequently our net interest income and results of operations, including if our borrowing costs and the interest we pay on deposits increase at a greater magnitude than the rate of interest we earn on our loans.”

Annual report 2025A · The company itself

“In addition, interest rate changes or prolonged periods of elevated or depressed rates may affect customer behavior, such as by impacting the balances Card Members carry on their cards or their ability to make payments to us, general spending and economic activity, or the demand for deposit accounts.”

Annual report 2025A · The company itself

“Weaknesses in economic conditions, including a recessionary environment, poor capital markets performance, market volatility, volatility in interest rate levels and inflation have in the past led to, and may in the future lead to, among other consequences, a poor operating environment, erosion of consumer and investor confidence, reduced business volumes, deteriorating liquidity and declines in asset valuations.”

Annual report 2025A · The company itself

“Adverse economic conditions may result from a variety of factors including domestic and global economic and political developments, including changes in interest rate levels, plateauing or decreasing economic growth and business activity, recessions, social inflation, inflationary or deflationary pressures in developed economies, including the United States (U.S.), civil unrest, pandemics, geopolitical tensions, changes to international trade and/or tariff policies, foreign investment restrictions, military action or armed conflicts and corresponding sanctions imposed by the U.S. and other countries, and new or evolving legal and regulatory requirements on business investment, data protection, cybersecurity and artificial intelligence, hiring, migration, labor supply and global supply chains.”

Annual report 2025A · The company itself

“We are exposed to certain risks arising from or exacerbated by fluctuations in interest rates, such as a potential mismatch between the expected duration of our liabilities and our assets, changes in certain statutory reserve or capital requirements that are based on formulas or models that consider interest rates or prescribed interest rates, increased financing and refinancing costs, in particular with respect to our corporate debt instruments, and lower investment income on our floating rate investments that will adjust to lower coupons if short-term rates decrease.”

Annual report 2025A · The company itself

“For example, increases in interest rates have impacted, and may continue to impact, our investment portfolio by decreasing the estimated fair values of the fixed income securities that constitute a substantial portion of our investment portfolio as well as the alternative investments in our investment portfolio.”

Annual report 2025A · The company itself

“Our investments are also subject to market risks and uncertainties, including, in addition to interest rate risk, changes in the level of credit spreads, currency rates and equity prices, each of which has affected and will continue to affect the value of investments in our investment portfolio as well as the performance of, and returns generated by, such investments.”

Annual report 2025A · The company itself

“If our liquidity is insufficient to meet our needs, we may need to have recourse to third-party financing, external capital markets or other sources of liquidity, which may not be available or could be expensive. The availability and cost of any additional financing at any given time depends on a variety of factors, including general market conditions, the volume of trading activities, the overall availability of credit, regulatory actions and our credit ratings and credit capacity.”

Annual report 2025A · The company itself

“In the event of a downgrade of AIG Parent’s credit ratings, our financing costs will increase and the availability of financing could be limited. A downgrade could also cause our derivative counterparties to limit or reduce their exposure to us and thus reduce our ability to manage our market risk exposures effectively.”

Annual report 2025A · The company itself

“MARKET RISK Market risk is defined as the risk of adverse impact due to systemic movements in one or more of the following market risk drivers: interest rates, credit spreads, foreign exchange, equity and commodity prices, residential and commercial real estate values, inflation, and their respective levels of uncertainty.”

Annual report 2025A · The company itself

“Our Net investment income is impacted by market interest rates as well as the deployment of asset allocation strategies to enhance yield and manage duration and interest rate risk.”

Annual report 2025A · The company itself

“The majority of assets backing our insurance liabilities consist of fixed maturity securities. INVESTMENT HIGHLIGHTS IN 2025 •Blended investment yields on new investments were higher than blended rates on investments that were sold, matured or called during this period.”

Annual report 2025A · The company itself

“Impacts on the economic environment, such as inflation or rising interest rates, could materially and adversely affect our customers through disruptions of, among other things, their ability to procure their equipment through their supply chains, their ability to procure power and fuel and their ability to maintain liquidity and deploy network capital, with potential decreases in consumer spending contributing to liquidity risks.”

Annual report 2025A · The company itself

“In addition, many of our customers and potential customers rely on capital raising activities to fund their operations and capital expenditures, which may be more difficult or expensive in the event of downturns in the economy or disruptions in the financial and credit markets, including those caused by factors such as inflation, currency devaluations and other foreign currency exchange rate volatility, higher interest rates and supply chain disruptions.”

Annual report 2025A · The company itself

“In addition, inflation is often accompanied by higher interest rates. The combination of higher interest rates and high inflation could lead to an extended economic downturn, which could reduce our ability to incur debt or access capital and impact our results of operations and financial condition even after these conditions improve.”

Annual report 2025A · The company itself

“Additionally, higher inflation or higher costs of capital could also impact the risk premiums or market returns on our assets. Changes in costs of capital could adversely impact the underlying value of our assets, which could in turn result in impairment charges.”

Annual report 2025A · The company itself

“Further, market volatility and disruption caused by factors such as inflation and fluctuating interest rates may impact our ability to raise additional capital through debt and equity financing activities or our ability to repay or refinance maturing liabilities, or impact the terms of any new obligations, which in turn may have an adverse impact on our credit ratings.”

Annual report 2025A · The company itself

“Federal fund rates have been elevated for several years and, although there were several rate cuts in recent years, rates could remain at current levels for an extended period of time. An increase in rates can have a corresponding impact to our costs of borrowing and may have an adverse impact on our ability to raise funds through the offering of our securities or through the issuance of debt due to higher debt capital costs, diminished credit availability or less favorable equity markets.”

Annual report 2025A · The company itself

“The Company attempts to minimize “regulatory lag,” which is the time between the occurrence of an event that triggers a change in the utility’s revenue requirement and the recognition in rates of that change. The Company’s Regulated Businesses support regulatory practices at the PUCs and state legislatures that mitigate the adverse impact of regulatory lag.”

Annual report 2025A · The company itself

“Financial, Economic and Market-Related Risks Our indebtedness could adversely affect our business and limit our ability to plan for or respond to changes in our business, and we may be unable to generate sufficient cash flows to satisfy our liquidity needs. As of December 31, 2025, our aggregate long-term and short-term debt balance (including preferred stock with mandatory redemption requirements) was $15.8 billion, and our working capital (defined as current assets less current liabilities) was in a deficit position.”

Annual report 2025A · The company itself

“Given our usage of long-term debt as a key component of our capital and investment strategy, one of the principal market risks to which the Company is exposed is changes in interest rates. We have in the past entered into, and in the future may enter into, financial derivative instruments, including without limitation, interest rate swaps, forward starting swaps and U.S.”

Annual report 2025A · The company itself

“The Company is exposed to risks from changes in interest rates as a result of its issuance of variable and fixed rate debt and commercial paper. The Company manages its interest rate exposure by limiting its variable rate exposure and by monitoring the effects of market changes in interest rates.”

Annual report 2025A · The company itself

“These could include, among other things, interest rate movements, quarterly variations or changes in financial estimates by securities analysts and governmental or regulatory actions.”

Annual report 2025A · The company itself

“We invest significant amounts of capital to add, replace and maintain property, plant and equipment, and to improve aging infrastructure. In 2025, we invested $3.2 billion in net Company-funded capital improvements. The level of capital expenditures necessary to maintain the integrity of our systems will continue into the future and, we believe, will increase.”

Annual report 2025A · The company itself

“Revenues for our variable annuity products are primarily earned as fees based on a contractholder’s benefit base, contract value or separate account values, which is impacted by both market movements and net asset flows.”

Annual report 2025A · The company itself

“Such factors, which can be global, regional, national or local in nature, include: (i) the level and volatility of the markets, including equity prices, interest rates, commodity prices, currency values and other market indices and drivers; (ii) geopolitical strain, terrorism and armed conflicts, (iii) political dynamics or elections and social, economic and market conditions; (iv) the availability and cost of capital; (v) global health emergencies; (vi) technological changes and events; (vii) U.S. and foreign government regulatory, fiscal and tax policies; (viii) U.S. and foreign government ability, real or perceived, to avoid defaulting on government securities; (ix) the availability and cost of credit and hedge markets; (x) periods of elevated inflation; (xi) natural disasters such as weather catastrophes; and (xii) other factors affecting investor sentiment and confidence in the financial markets.”

Annual report 2025A · The company itself

“Our clients can also reduce the aggregate amount of managed assets or shift their funds to other types of accounts with different fee rate structures, for any number of reasons, including investment performance, changes in prevailing interest rates, changes in investment preferences or investment management strategy (for example, “active” or “passive” investing styles or the proliferation of ETFs or other vehicles like separately managed accounts (“SMAs”)), changes in our (or our advisors’) reputation in the marketplace, a client’s view of sustainability factors, changes in client or relationship management, loss of key investment management personnel and financial market performance.”

Annual report 2025A · The company itself

“Collateral requirements for the hedging program are market-sensitive, and certain market environments (e.g., rising interest rates) will result in increased needs for liquidity to satisfy these requirements. Depending on how rapidly the market moves and other factors, we may need to access liquidity sources that are more costly, which could have an adverse impact on profitability or our results of operations or financial condition.”

Annual report 2025A · The company itself

“Certain of our insurance, annuity, investment products, wrap fees and banking products are sensitive to interest rate fluctuations (inclusive of changes in credit spreads), which could cause future impacts associated with such fluctuations to differ from our historical results of operations. In addition, interest rate fluctuations could result in fluctuations in the valuation of certain minimum guaranteed benefits contained in some of our variable annuity products. Although we typically hedge to mitigate some of the effect of such fluctuations, significant changes in interest rates (or prolonged periods of low interest rates) could have a material adverse impact on the profitability of certain products or product lines or our results of operations or financial condition.”

Annual report 2025A · The company itself

“During periods of declining market interest rates or stagnancy of low interest rates, the interest we receive on variable interest rate investments decreases and we are forced to reinvest the cash we receive as interest or return of principal on our investments in lower-yielding high-grade instruments or in lower-credit instruments to maintain comparable returns.”

Annual report 2025A · The company itself

“If there is a return to a period of prolonged low interest rates, our spread may be reduced or could become negative. Due to the long-term nature of the liabilities associated with certain of our businesses, such as long term care and universal life with secondary guarantees as well as guaranteed benefits on variable annuities, sustained declines in or stagnancy of low long-term interest rates may subject us to reinvestment risks and increased hedging costs.”

Annual report 2025A · The company itself

“As market interest rates increase or sustain at relatively higher rates, we may credit clients higher rates on interest-sensitive products, such as universal life insurance, face-amount certificates, and banking products and we may increase these rates on in force products to keep these products competitive (which could have an adverse effect on our financial condition and results of operations). Because yields on invested assets may not increase as quickly as current interest rates, we may have to accept a lower spread and thus lower profitability or face a decline in sales and greater loss of existing contracts and related assets.”

Annual report 2025A · The company itself

“In addition, increases in market interest rates would further increase the unrealized loss position of our investment portfolio and may cause outflows and other negative impacts through increased policy surrenders, withdrawals from life insurance policies and annuity contracts and requests for policy loans, or changes in demands of certain bank or certificate products as policyholders, contractholders and clients seek to shift assets to products with perceived higher returns. This process may lead to an earlier than expected outflow of cash from many different areas of our business. These withdrawals, surrenders and other client actions may require investment assets to be sold at a time when the prices of those assets are lower because of the increase in market interest rates, which may result in investment losses to be realized in our results of operations.”

Annual report 2025A · The company itself

“If higher market interest rates lead to inflows into interest-sensitive products (such as face-amount certificates and certain banking products) or other changes in product behavior, our capital requirements may increase as well.”

Annual report 2025A · The company itself

“During periods of market disruption, including periods of significantly rising or high interest rates and rapidly widening credit spreads or illiquidity, it may be difficult to value certain of our securities and the value of our securities as reported within our Consolidated Financial Statements and the period-to-period changes in value could vary significantly. There may be certain asset classes that were in active markets with significant observable data that become illiquid due to the financial environment. In such cases, the valuation of certain securities may require additional subjectivity and management judgment.”

Annual report 2025A · The company itself

“Banking and deposit interest expense decreased $231 million, or 35%, for 2025 compared to the prior year primarily reflecting lower balances and lower average crediting rates on certificates and lower average crediting rates on Ameriprise Bank cash deposits. •The average certificate reserve balance for ACC was $9.8 billion for 2025 compared to $12.5 billion for the prior year with the average crediting rate of 3.64% for 2025 compared to 4.42% for 2024. •The daily average interest-bearing deposit balance for the Ameriprise Bank increased to $22.3 billion for 2025 compared to $21.5 billion for the prior year with the average interest rate paid on deposits decreasing to 0.28% for 2025 from 0.44% for 2024, which included both cash sweep and savings products.”

Annual report 2025A · The company itself

“Net investment income, which excludes net realized investment gains or losses, increased $183 million, or 17%, for 2025 compared to the prior year primarily due to increased SVA balances and higher investment portfolio yields from investment portfolio repositioning.”

Annual report 2025A · The company itself

“LTC insurance had pretax adjusted operating earnings of $2 million for 2025 compared to pretax adjusted operating earnings of $58 million for the prior year primarily reflecting the impact of unlocking from updating morbidity and mortality assumptions and lower investment portfolio yields in 2025 as well as a higher level of closed claims in 2024.”

Annual report 2025A · The company itself

“Equity price and interest rate fluctuations can have a significant impact on our results of operations, primarily due to the effects they have on the asset management and other asset-based fees we earn, the spread income generated on our brokerage client cash balances, banking deposits, face-amount certificate products, fixed portion of our variable annuities and variable insurance contracts, fixed annuity and insurance contracts, the value of market risk benefits and other liabilities associated with our variable annuities and the value of derivatives held to hedge related benefits.”

Annual report 2025A · The company itself

“In general, the change in interest paid lags the change in revenues earned.”

Annual report 2025A · The company itself

“Payments collected from clients are primarily invested in fixed income securities to fund the client credited rate with the spread between the rate earned from investments and the rate credited to clients recorded as earned income. Client liabilities and investment assets generally differ as it relates to basis, repricing or maturity characteristics.”

Annual report 2025A · The company itself

“Forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ materially from such statements.”

Annual report 2025A · The company itself

“If this nonperformance credit spread moves to a zero spread over the U.S. Treasury curve, the reduction to future total equity would be approximately $481 million, net of the reinsurance accrual and income taxes (calculated at the statutory tax rate of 21%), based on December 31, 2025 credit spreads.”

Annual report 2025A · The company itself

“The carrying value and weighted average yield of non-structured fixed maturity securities and commercial mortgage loans that may generate proceeds to reinvest through 2027 due to prepayment, maturity or call activity at the option of the issuer, excluding securities with a make-whole provision, were $2.5 billion and 4.1%, respectively, as of December 31, 2025. In addition, residential mortgage backed securities, which can be subject to prepayment risk under a low interest rate environment, totaled $28.2 billion and had a 57 Index Ameriprise Financial, Inc. weighted average yield of 4.7% as of December 31, 2025.”

Annual report 2025A · The company itself

“Banking Deposits and Brokerage Client Cash Balances We pay interest on banking deposits and certain brokerage client cash balances and have the ability to reset these rates from time to time based on prevailing economic and business conditions. We earn revenue to fund the interest paid from interest-earning assets or fees from off-balance sheet deposits at Federal Deposit Insurance Corporation insured institutions, which are indexed to short-term interest rates.”

Annual report 2025A · The company itself

“●a global or regional economic slowdown or recession in any of the Company’s end markets (or a prolonging or intensification of such a slowdown or recession), which could negatively affect the financial condition of our customers and result in reduced demand; ●postponement of customer spending, in response to tighter credit, inflationary pressures, financial market volatility and other global economic factors; ●effects of significant changes in economic, monetary and/or fiscal policies, including interest rate changes by the U.S.”

Annual report 2025A · The company itself

“This increase in debt requires a larger portion of the Company’s cash flow to be dedicated to the payment of principal and interest on its debt, which could, among other things, prevent the Company from carrying out capital spending that is necessary or important to the Company’s growth strategy and reduce our flexibility to respond to changing business and economic conditions. Further, the amount of cash required for the payment of principal and interest on the increased debt, and thus the demands on the Company’s capital resources, have increased. More specifically, the Company expects interest expense, net of interest income, to increase from $367.8 million in 2025 to approximately $800.0 million in 2026.”

Annual report 2025A · The company itself

“Similarly, changes in interest rates and deterioration of credit quality could reduce the value of our cash balances and investment portfolios and adversely affect our financial condition or results. •We have debt outstanding that could adversely affect our financial flexibility.”

Annual report 2025A · The company itself

“A downgrade in the credit ratings of our senior debt and commercial paper could increase our borrowing costs, reduce or eliminate our access to capital, reduce our financial flexibility, and limit our ability to implement our corporate strategy.”

Annual report 2025A · The company itself

“Interest income was $19 million in 2025, a decrease of $48 million, or 72%, from 2024, primarily reflecting interest earned on the investment of $5 billion of term debt proceeds in 2024, which were ultimately used to fund the acquisition of NFP. Interest Expense Interest expense, which represents the cost of our debt obligations and net interest expense on operating cash balances and other income-producing investments, was $815 million in 2025, an increase of $27 million, or 3%, from 2024.”

Annual report 2025A · The company itself

“Impact of Changing Economic Assumptions Changes in the discount rate and expected return on assets can have a material impact on pension obligations and pension expense. Holding all other assumptions constant, the following table reflects what a 25 BPS increase and decrease in our discount rate would have on our PBO at December 31, 2025 (in millions): Increase (decrease) in projected benefit obligation (1) 25 BPS Change in Discount Rate Increase Decrease U.K. plans $ (79) $ 83 U.S. plans $ (46) $ 48 Other plans $ (42) $ 44 (1)Increases to the PBO reflect increases to our pension obligations, while decreases in the PBO are recoveries toward fully-funded status. A change in the discount rate has an inverse relationship to the PBO.”

Annual report 2025A · The company itself

“A hypothetical 1% increase or decrease in interest rates would change the fair value by a decrease of 7% or an increase of 8%, respectively, at December 31, 2025.”

Annual report 2025A · The company itself

“Wealth Solutions includes retirement consulting, pension administration, and investments consulting. Retirement consulting provides clients strategic design advice, actuarial services, risk management solutions including pension risk transfer, and integrated pension administration.”

Annual report 2025A · The company itself

“In addition to other efforts, Athene manages the risk of rising interest rates by strategically allocating a meaningful portion of its investment portfolio into floating rate securities. Athene manages its interest rate risk in a declining rate environment through hedging activity or the issuance of additional floating rate liabilities to lower its overall net floating rate position.”

Annual report 2025A · The company itself

“While inflation has moderated in certain economies, it has remained elevated or proven more persistent in others due to services inflation, labor market tightness, fiscal spending and tariff-related cost pressures, leading central banks to pursue increasingly divergent policy paths. As a result, interest rates may remain elevated for longer than in prior cycles or increase further in certain markets, contributing to volatility in interest rates, foreign exchange markets and financial conditions.”

Annual report 2025A · The company itself

“Interest rate risk poses a significant market risk to us as a result of interest rate-sensitive assets (e.g., fixed income assets) and liabilities (e.g., fixed deferred and immediate annuities) held by us, the funds we manage and by the portfolio companies of the funds we manage.”

Annual report 2025A · The company itself

“Moreover, our retirement services business is materially affected by conditions in the capital markets and the U.S. economy generally, as well as by the global economy. Actual or perceived stressed conditions, volatility and disruptions in financial asset classes or various capital and credit markets can have an adverse effect on our retirement services business, both because such conditions may decrease the returns on, and value of, its investment portfolio and because its benefit and claim liabilities are sensitive to changing market factors.”

Annual report 2025A · The company itself

“We rely on the financing markets for the operation of our business. We rely on the debt and equity financing markets for the operation of our business. To the extent that debt and equity markets render financing difficult to obtain, refinance or extend, or more expensive, this may have a material and adverse effect on our business, financial condition, results of operations, liquidity and cash flows.”

Annual report 2025A · The company itself

“Additionally, certain investments by the funds we manage rely heavily on the use of leverage. The absence of available sources of debt financing for extended periods of time could materially and adversely affect the funds we manage.”

Annual report 2025A · The company itself

“Furthermore, investments in highly leveraged entities are inherently more sensitive to declines in revenues, increases in expenses and interest rates and adverse economic, market and industry developments. As a result, the risk of loss associated with a leveraged entity is generally greater than for companies with comparatively less debt.”

Annual report 2025A · The company itself

“In addition, our retirement services business relies on access to lending and debt markets to provide capital and liquidity. Changes in debt financing markets may impact our retirement services business’ access to capital and liquidity.”

Annual report 2025A · The company itself

“Net investment income was $19.2 billion in 2025, an increase of $3.5 billion from $15.7 billion in 2024, primarily driven by significant growth in Athene’s investment portfolio attributable to strong net flows of $47.9 billion in 2025, higher rates on new deployment in comparison to Athene’s existing portfolio related to the higher interest rate environment, earlier deployment into assets during the year compared to 2024 and more favorable investment fund performance in 2025.”

Annual report 2025A · The company itself

“The increase in SRE was primarily driven by an increase in net investment earnings and strategic capital management fees, partially offset by an increase in cost of funds and interest and other financing costs. Net investment earnings were $14.3 billion in 2025, an increase of $2.6 billion from $11.7 billion in 2024, primarily driven by $39.1 billion of growth in Athene’s average net invested assets, higher rates on new deployment compared to Athene’s existing portfolio related to the higher interest rate environment, an increase in alternative net investment income and earlier deployment into assets during the year compared to 2024, partially offset by lower floating rate income and prepayment of higher yielding assets.”

Annual report 2025A · The company itself

“Strategic capital management fees were $131 million in 2025, an increase of $26 million from $105 million in 2024, primarily driven by additional fees received from ADIP II and Catalina attributable to strong net flows into ACRA 2 and Catalina in 2025. Cost of funds was $10.1 billion in 2025, an increase of $2.4 billion from $7.7 billion in 2024, primarily driven by significant growth in deferred annuity and funding agreement business, higher rates on new business and runoff of lower rate business compared to existing blocks, earlier origination of new business within the year compared to 2024, a shift in business mix to more institutional business at higher crediting rates and an unfavorable change in unlocking.”

Annual report 2025A · The company itself

“Interest and other financing costs were $560 million in 2025, an increase of $95 million from $465 million in 2024, primarily driven by higher interest expense related to additional issuances of long-term debt in the second quarter of 2025 and a full year of interest on long-term debt issued in the fourth quarter of 2024, partially offset by a decrease in preferred stock dividends due to the redemption of Athene’s Fixed-Rate Reset Perpetual Non-Cumulative Preferred Stock, Series C (“Series C”) in the second quarter of 2025.”

Annual report 2025A · The company itself

“The $43.8 billion increase was primarily driven by growth from net inflows of $63.2 billion in excess of net liability outflows of $29.7 billion, the reinvestment of earnings, the issuance of $1.6 billion of long-term debt in 2025 and favorable alternative investment performance in 2025, partially offset by the payment of common and preferred stock dividends and cash paid to redeem Athene’s Series C preferred stock in the second quarter of 2025.”

Annual report 2025A · The company itself

“Our retirement services business is exposed to market risk through its investment portfolio, its counterparty exposures and its hedging and reinsurance activities.”

Annual report 2025A · The company itself

“Athene’s primary market risk exposures are to credit risk, interest rate risk and equity price risk.”

Annual report 2025A · The company itself

“Market risk is inherent in each of the investments of the funds we manage, including equity investments, loans, short-term borrowings, long-term debt, hedging instruments, credit default swaps and other derivatives. Just a few of the market conditions that may shift from time to time, thereby exposing us to market risk, include fluctuations in interest, currency exchange rates and credit spreads, equity prices or changes in the implied volatility of interest rates.”

Annual report 2025A · The company itself

“Interest Rate Risk—Significant interest rate risk may arise from mismatches in the timing of cash flows from Athene’s assets and liabilities.”

Annual report 2025A · The company itself

“However, changes in interest rates that impact the cost of the projected GLWB and GMDB rider benefits, included within Athene’s market risk benefit reserve, are amortized within cost of funds in spread related earnings over the life of the business. Assuming a parallel increase in interest rates of 25 basis points, the estimated impact to spread related earnings over a 12-month period related to market risk benefits would be an increase of approximately $30 to $50 million, and a parallel decrease in interest rates of 25 basis points would generally result in a similar decrease.”

Annual report 2025A · The company itself

“Athene’s investment strategy seeks to achieve sustainable risk-adjusted returns through the disciplined management of its investment portfolio against its long-duration liabilities, coupled with the diversification of risk. The investment strategies focus primarily on a buy and hold asset allocation strategy that may be adjusted periodically in response to changing market conditions and the nature of Athene’s liability profile. Athene takes advantage of its generally persistent liability profile by identifying investment opportunities with an emphasis on earning incremental yield by taking measured liquidity and complexity risk rather than assuming incremental credit risk.”

Annual report 2025A · The company itself

“Over the long term, we believe we will be able to (i) grow Apollo’s Assets Under Management and generate positive investment performance in the funds we manage, which we expect will allow us to grow the Company’s management fees and performance fees and (ii) grow the investment portfolio of retirement services, in each case in amounts sufficient to cover our long-term liquidity requirements, which may include: •supporting the future growth of our businesses; •creating new or enhancing existing products and investment platforms; •making payments to policyholders; •pursuing new strategic corporate investment opportunities; •paying interest and principal on the Company’s financing arrangements; •repurchasing common stock; •making payments under the tax receivable agreements; and •paying cash dividends.”

Annual report 2025A · The company itself

“Adverse macroeconomic conditions, including slow growth or recession, high unemployment, inflation, tighter credit, higher interest rates, and currency fluctuations, can adversely impact consumer confidence and spending and materially adversely affect demand for the Company’s products and services.”

Annual report 2025A · The company itself

“Interest Rate Risk The Company is primarily exposed to fluctuations in U.S. interest rates and their impact on the Company’s investment portfolio and term debt. Increases in interest rates will negatively affect the fair value of the Company’s investment portfolio and increase the interest expense on the Company’s term debt.”

Annual report 2025A · The company itself

“In addition, from time to time we have entered into interest rate swap instruments to limit our exposure to changes in variable interest rates. While our hedging strategy is designed to minimize the impact of increases in interest rates applicable to our variable rate debt, including our credit facility, there can be no guarantee that our hedging strategy will be effective, and we may experience credit-related losses in some circumstances.”

Annual report 2025A · The company itself

“Quantitative and Qualitative Disclosures About Market Risk We are exposed to market risks in the ordinary course of our business, which primarily relate to fluctuations in interest rates and foreign exchange.”

Annual report 2025A · The company itself

“As of December 31, 2025, we had a total of $3.6 billion in aggregate principal amount of senior unsecured notes outstanding (the “Senior Notes”).”

Annual report 2025A · The company itself

“Automotive sales and production are highly cyclical and, in addition to general economic conditions, also depend on other factors, such as consumer confidence and consumer preferences.”

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

“Table of Contents Interest—Cash paid for interest related to debt outstanding totaled $363 million, $286 million and $275 million for the years ended December 31, 2025, 2024 and 2023, respectively.”

Annual report 2025A · The company itself

“Borrowers default for a variety of reasons, including a reduction of income, unemployment, divorce, illness, inability to manage credit, rising interest rate levels and declining home prices.”

Annual report 2025A · The company itself

“Elevated levels of inflation could drive higher U.S. and global interest rates, negatively impacting asset prices, particularly in fixed income and undermine financial flexibility of operating businesses.”

Annual report 2025A · The company itself

“Monthly interest rate changes in Australia or the increasing cost of homeowners insurance in the U.S. could make a borrower’s monthly housing-related payment obligations increase and could increase the frequency of claims.”

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

“A significant portion of cash and invested assets held by Arch consists of fixed maturities (70.8% as of December 31, 2025).”

Annual report 2025A · The company itself

“In addition, the Federal Reserve decreased the federal funds rate multiple times in 2025. Changes in and uncertainty surrounding interest rates may have a material effect on our business, particularly with respect to the cost and availability of financing for significant acquisition and disposition transactions.”

Annual report 2025A · The company itself

“We are exposed to risks associated with changes in interest rates. General interest rate fluctuations may have a substantial negative impact on our investments and investment opportunities and, accordingly, may have a material adverse effect on our investment objective and our net investment income.”

Annual report 2025A · The company itself

“In addition, debt instruments that are held by our funds to maturity or for long terms must be “marked-to-market” periodically, and their values are therefore vulnerable to interest rate fluctuations and the changes in the general state of the credit environment, notwithstanding their underlying performance. Changes in the values of these investments may adversely affect our investment performance and our results of operations.”

Annual report 2025A · The company itself

“Dependence on significant leverage by our funds subjects us to volatility and contractions in the debt financing markets could adversely affect our ability to achieve attractive rates of return on those investments. Some of our funds and their investments rely on the use of leverage, and our ability to achieve attractive rates of return on investments will depend on our ability to access sufficient sources of indebtedness at attractive rates. If our funds or the companies in which our funds invest raise capital in the structured credit, leveraged loan, high yield bond or investment grade bond markets, the results of their operations may suffer if such markets experience dislocations, contractions or volatility.”

Annual report 2025A · The company itself

“Significant ongoing volatility or a protracted economic downturn could adversely affect the financial resources of our funds and their investments (in particular those investments that depend on credit from third parties or that otherwise participate in the credit markets) and their ability to make principal and interest payments on outstanding debt, or refinance outstanding debt when due. Moreover, these events could affect the terms of available debt financing with, for example, higher rates, higher equity requirements and/or more restrictive covenants, particularly in the area of acquisition financings for leveraged buyout and real estate assets transactions.”

Annual report 2025A · The company itself

“Table of Contents The absence of available sources of sufficient debt financing for extended periods of time or an increase in either the general levels of interest rates or in the risk spread demanded by sources of indebtedness would make it more expensive to finance those investments. Future increases in interest rates could also make it more difficult to locate and consummate investments because other potential buyers, including operating companies acting as strategic buyers, may be able to bid for an asset at a higher price due to a lower overall cost of capital or their ability to benefit from a higher amount of cost savings following the acquisition of the asset.”

Annual report 2025A · The company itself

“In the event that our funds are unable to obtain committed debt financing for potential acquisitions or can only obtain debt at an increased interest rate or on unfavorable terms, our funds may have difficulty completing otherwise profitable acquisitions or may generate profits that are lower than would otherwise be the case, either of which could reduce the performance and investment income earned by us. Similarly, our funds’ portfolio companies regularly utilize the corporate debt markets to obtain financing for their operations. If the credit markets render such financing difficult to obtain or more expensive, this may negatively impact the operating performance of those portfolio companies and, therefore, the investment returns of our funds.”

Annual report 2025A · The company itself

“When our funds’ existing portfolio investments reach the point when debt incurred to finance those investments matures in significant amounts and must be either repaid or refinanced, those investments may materially suffer if they have not generated sufficient cash flow to repay maturing debt and there is insufficient capacity and availability in the financing markets to permit them to refinance maturing debt on satisfactory terms, or at all. A persistence of the limited availability of financing for such purposes for an extended period of time when significant amounts of the debt incurred to finance our funds’ existing portfolio investments becomes due could have a material adverse effect on these funds.”

Annual report 2025A · The company itself

“For example, CLOs are subject to credit, liquidity, interest rate and other risks and we have significant exposure to these markets through our investments in our CLO funds. CLOs invest on a leveraged basis in loans or securities that are themselves highly leveraged investments in the underlying collateral, which increases both the opportunity for higher returns as well as the magnitude of losses compared to unlevered investments.”

Annual report 2025A · The company itself

“A fund may borrow money from time to time to purchase or carry securities or may enter into derivative transactions with counterparties that have embedded leverage. The interest expense and other costs incurred in connection with such borrowing may not be recovered by appreciation in the securities purchased or carried and will be lost, and the timing and magnitude of such losses may be accelerated or exacerbated, in the event of a decline in the market value of such securities.”

Annual report 2025A · The company itself

“Gains realized with borrowed funds may cause the fund’s net asset value to increase at a faster rate than would be the case without borrowings. However, if investment results fail to cover the cost of borrowings, the fund’s net asset value could also decrease faster than if there had been no borrowings.”

Annual report 2025A · The company itself

“For example, in many non-distressed private equity investments, indebtedness may be as much as 75% or more of a portfolio company’s or real estate asset’s total debt and equity capitalization, including debt that may be incurred in connection with the investment, 67 Table of Contents whether incurred at or above the investment-level entity. In distressed situations, indebtedness may exceed 100% or more of a portfolio company’s capitalization. Investments in highly leveraged entities are inherently more sensitive to declines in revenues, increases in expenses and interest rates and volatile or adverse economic, market and industry developments.”

Annual report 2025A · The company itself

“In addition, market conditions can also delay our funds’ ability to exit and realize value from their investments. For example, fluctuations in interest rates and challenging credit markets may make it difficult for potential buyers to raise sufficient capital to purchase our funds’ investments. Although the equity markets are not the only means by which we exit investments from our funds, the strength and liquidity of the U.S. and relevant global equity markets generally, and the initial public offering market specifically, affect the valuation of, and our ability to successfully exit, our equity positions in the portfolio companies of our funds in a timely manner.”

Annual report 2025A · The company itself

“Economic events affecting the economy or market in general, such as volatility in the financial markets related to changes in markets, inflation, changes in interest rates or global or national events that are beyond our control, could cause investors to request redemption of an increased number of shares pursuant to the share redemption programs of our perpetual wealth vehicles, potentially in excess of established limits.”

Annual report 2025A · The company itself

“These investments are subject to the potential for deterioration of market fundamentals and the risk of adverse changes in local market and economic conditions, which may include changes in supply of and demand for liquid credit, alternative credit and direct lending.”

Annual report 2025A · The company itself

“Our use of leverage to finance our businesses exposes us to substantial risks. As of December 31, 2025, we had $1,380 million borrowings outstanding under the Credit Facility and aggregate principal amount of senior notes and subordinated notes of $2,150.0 million and $450.0 million, respectively, are outstanding. We may choose to finance our businesses operations through further borrowings under the Credit Facility or by issuing additional debt.”

Annual report 2025A · The company itself

“Our funds may choose to use leverage as part of their respective investment programs and certain funds, particularly in our Credit Group, regularly borrow a substantial amount of their capital. The use of leverage poses a significant degree of risk and enhances the possibility of a significant loss in the value of the investment portfolio.”

Annual report 2025A · The company itself

“Some of our funds may invest in companies that are highly leveraged, which may increase the risk of loss associated with those investments. Some of our funds may invest in companies whose capital structures involve significant leverage.”

Annual report 2025A · The company itself

“In the majority of cases, we use proprietary insurance-tracking administration systems linked with the administrative systems of our clients to monitor clients’ mortgage portfolios to verify the existence of insurance on each mortgaged property and identify those that are uninsured. If there is a potential lapse in insurance coverage, we begin a process of outreach and notification to the homeowner and the last known insurance carrier or agent through phone calls, written correspondence and in some cases, direct interfaces with insurance carriers, which generally takes up to 90 days to complete. If coverage cannot be verified at the end of this process, the mortgage servicer procures a lender-placed policy.”

Annual report 2025A · The company itself

“The global capital and credit markets have experienced periods of uncertainty, volatility and disruption, including from geopolitical and macroeconomic tensions, a U.S. government shutdown, the possibility of a default on U.S. debt obligations, changes to U.S. and foreign tax and trade policies, the imposition of tariffs or other trade restrictions, other government actions and foreign currency fluctuations.”

Annual report 2025A · The company itself

“We are subject to interest rate risk in our investment portfolio. Changes in interest rates have, and may continue to, materially adversely affect the performance of some of our investments, including by materially reducing the fair value of and investment income from fixed maturity securities and increasing unrealized losses in our investment portfolio, which can adversely impact our capital.”

Annual report 2025A · The company itself

“As of December 31, 2025, fixed maturity securities represented approximately 85% of our total investments and full year 2025 gross investment income from fixed maturity securities totaled $434.8 million.”

Annual report 2025A · The company itself

“Recent periods have been characterized by substantial volatility in interest rates. A prolonged period during which interest rates remain at high levels may result in greater unrealized losses in our investment portfolio. Conversely, a prolonged period during which interest rates are at lower levels may result in lower-than-expected investment income.”

Annual report 2025A · The company itself

“Factors affecting these items, including conditions in the financial markets, the global economy, political conditions and the markets in which we operate, fluctuations in exchange rates, interest rates and inflation, and tariffs and global supply chain disruptions may have a material adverse effect on our results of operations or financial condition.”

Annual report 2025A · The company itself

“Interest rates are highly sensitive to many factors, including governmental monetary policies, domestic and international economic and political 44 conditions, inflation and other factors beyond our control. Fluctuations in interest rates affect our returns on, and the market value of, fixed maturity and short-term investments.”

Annual report 2025A · The company itself

“Our investment portfolio, including our fixed maturity portfolio, has exposure to interest rate risk. Changes in investment values attributable to interest rate changes are mitigated by corresponding and partially offsetting changes in the economic value of our liabilities. We monitor this exposure through periodic reviews of our asset and liability positions and we manage interest rate risk by selecting investments with characteristics such as duration, yield, currency and liquidity tailored to the anticipated cash outflow characteristics of our insurance and reinsurance liabilities.”

Annual report 2025A · The company itself

“In periods of declining interest rates, mortgage prepayments generally increase and mortgage-backed securities, commercial mortgage obligations and bonds are more likely to be prepaid or redeemed as borrowers seek to borrow at lower interest rates. Therefore, in these circumstances we may be required to reinvest those funds in lower interest-earning investments.”

Annual report 2025A · The company itself

“The priority for the use of capital is to develop and grow the business. The strong profitability and cash generation allow the Group to do that while at the same time maintaining the ambition to distribute about 50% of earnings as dividends to shareholders.”

Annual report 2024A · The company itself

“The Group’s net interest cost is affected by changes in market interest rates.”

Annual report 2024A · The company itself

“Effective interest rate on bonds and loans 1.4% 1.6% Effective interest rate on lease liabilities 3.3% 3.0% Duration (months) 29% (29) of the Group’s bonds and loans have floating interest rates.”

Annual report 2024A · The company itself

“A shift of one percentage point upward of all floating rates would impact the Group’s interest net with –75 (–73). Same shift downwards would impact the Group’s interest net with 75 (73).”

Annual report 2024A · The company itself

“Generellt sett högre räntenivåer har motverkats av en lägre genomsnittlig skuld jämfört med motsvarande period föregående år. Genomsnittlig ränta under året, baserat på årets genomsnittliga skuldvolym uppgick till 2,7% (2,5).”

Annual report 2024A · The company itself

“Ränteswappar används för att räntesäkra underliggande lån som löper till rörlig ränta och valutaswappar används för att valutasäkra obligationslån i norska kronor.”

Annual report 2024A · The company itself

“the economy. In periods of declining economic conditions, including as a result of inflation, high levels of consumer debt, and/or high interest rates, consumers may reduce their discretionary spending by deferring vehicle maintenance or repair. Additionally, such conditions may affect our customers’ ability to obtain credit.”

Annual report 2025A · The company itself

“For example, new or increased tariffs, inflation, rising interest rates and disruption to the global supply chain have negatively impacted costs and inventory availability and may continue to have a negative impact on future results and profitability.”

Annual report 2025A · The company itself

“A downgrade in our credit ratings or a general disruption in the credit markets could make it more difficult for us to access funds, refinance our debt, obtain new funding or issue debt securities.”

Annual report 2025A · The company itself

“To maintain our investment-grade ratings, we are required to meet certain financial performance ratios. A change by the rating agencies in these ratios, an increase in our debt, and/or a decline in our earnings could result in downgrades in our credit ratings.”

Annual report 2025A · The company itself

“Quantitative and Qualitative Disclosures about Market Risk We are exposed to market risk from, among other things, changes in interest rates, foreign exchange rates and fuel prices.”

Annual report 2025A · The company itself

“Räntenettot påverkas av ränteläget samt förändringar i in- och utlåningsvolymer. Ökad riskvilja gjorde att likviditeten låg på historiskt låga nivåer under året.”

Annual report 2024A · The company itself

“Sänkningen av styrräntan, det nyintroducerade skattefria sparandet på ISK och kapitalförsäkring samt förväntade reallöneökningar följt av bland annat lägre inflation torde borga väl för ett ännu starkare sparande framöver. " Hushåll önskar i allt större utsträckning ökad ekonomisk frihet vilket gynnar sparandet" Det finns också starka långsiktiga trender som gynnar sparandemarknaden.”

Annual report 2024A · The company itself

“Inom tjänstepension utgör fondsparandet närmare 80 procent, vilket i takt med att pensionsaffären växer bedöms öka andelen stabilare intäkter och minska känsligheten för marknadssvängningar.”

Annual report 2024A · The company itself

“Vi har en styrka i vår affärsmodell med flera intäktsben, där räntenettot även framöver kommer att vara en betydande bidragande faktor, trots att ränteintäkterna pressas av lägre marknadsräntor.”

Annual report 2024A · The company itself

“Avanzas intäkter påverkas i hög grad av marknadsförutsättningarna, kunders handelsaktivitet, ränteläget samt förändringar i in och utlåningsvolymer.”

Annual report 2024A · The company itself

“Perioder med högre eller stigande marknadsräntor påverkar Avanzas räntenetto positivt samtidigt som aktiviteten inom värdepappershandeln kan mattats av.”

Annual report 2024A · The company itself

“Ökad riskvilja under 2024 påverkade våra provisionsintäkter och handelsrelaterade intäkter positivt, medan sjunkande marknadsräntor började sätta press på räntenettot.”

Annual report 2024A · The company itself

“Historiskt har sjunkande marknadsräntor lett till ökad riskvilja och handelsaktivitet, vilket kompenserat för lägre ränteintäkter.”

Annual report 2024A · The company itself

“Fördröjd återhämtning i den svenska ekonomin kan komma att påverka hushållens möjligheter till sparande De senaste årens penningpolitiska åtgärder har haft positiv effekt på inflationen som sjunkit och nu rör sig nära inflationsmålet. Samtidigt har hushållens ekonomi tyngts av lägre reallöner, kraftigt stigande bolåneräntor, försvagad svensk krona och generellt högre kostnader.”

Annual report 2024A · The company itself

“Den ekonomiska utblicken för svenska hushåll ser nu betydligt ljusare ut med högre förväntad BNP-tillväxt, skattelättnader, sjunkande räntor och därmed högre realinkomster. Att hushåll ställer om och anpassar sin ekonomi efter rådande ekonomiska förutsättningar är positivt, och en ljusare ekonomi framöver kan få positiva effekter för sparandemarknaden och finanssektorn.”

Annual report 2024A · The company itself

“Räntan på vårt eget sparkonto var den sista december 2,25 procent och vi har under året innan räntesänkningarna tog fart även betalat sparränta på övriga konton, men numera endast för våra mer aktiva tradingkunder.”

Annual report 2024A · The company itself

“Vårt internt finansierade bolån är villkorsmässigt direkt knutet till Riksbankens styrränta. Trots detta avstod vi från en av höjningarna i början av året och vårt erbjudande hör till de mest attraktiva i landet.”

Annual report 2024A · The company itself

“2024 var ett börsår påverkat av krig, geopolitisk osäkerhet, sjunkande inflation och räntesänkningar.”

Annual report 2024A · The company itself

“Vi genererar ränteintäkter genom utlåning på egen balansräkning, vilket sker via värdepapperskrediter och bolån, samt genom avkastning från vår överskottslikviditet.”

Annual report 2024A · The company itself

“Förändringar i styrräntan påverkar avkastningen på Treasuryportföljen, det vill säga överskottslikviditeten, som i allt väsentligt är placerad i säkerställda obligationer, i likvida medel hos Riksbanken samt systemviktiga nordiska banker. Obligationsportföljen är kopplad till Stibor med 3 månaders räntebindningstid.”

Annual report 2024A · The company itself

“Vår intäktsmodell är väldiversifierad med flera intäktsben, vilket gör den motståndskraftig i olika marknadslägen. Det har inte minst bevisat sig under de senaste årens svängningar i makroekonomin.”

Annual report 2024A · The company itself

“Vårt eget internt finansierade bolån vänder sig endast till kunder inom Private Banking. Räntan är bunden på tre månader och kopplad till Riksbankens styrränta.”

Annual report 2024A · 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

“Although 2024 continued to be a challenging year of macroeconomic uncertainty, inflation reduced significantly leading to several rounds of central banks interest rate cuts, and despite the macro-economic challenges, no meaningful increase in the low unemployment rates were observed, particularly across B2 Impact footprint. This positively impacted the Group, both from a customer collections perspective as well as reducing our internal costs.”

Annual report 2024A · The company itself

“The NPL business is capital intensive, and we are reliant on new capital to invest.”

Annual report 2024A · The company itself

“In last year’s annual report we announced that our aim was to reduce our cost of debt further in 2024. It’s very pleasing to see that we have delivered a significant reduction of our cost of debt as promised.”

Annual report 2024A · The company itself

“Disruptions in our supply chain, the high cost or unavailability of raw materials, equipment, and supplies essential to our business could adversely affect our ability to execute our operations on a timely basis. Our manufacturing operations are dependent on having sufficient raw materials, component parts and manufacturing capacity, including labor, available to meet our manufacturing plans on a timely basis, at a reasonable cost while minimizing inventories. Additional disruptions within our supply chain resulting from factors including, but not limited to, sanctions, tariffs, conflict, inflation, high interest rates, severe weather and natural disasters, and shortages in labor supply, have had and may continue to have an impact on our business and reputation.”

Annual report 2025A · The company itself

“As of December 31, 2025, we had approximately $9.48 billion of indebtedness outstanding. While we repaid $3.81 billion of legacy indebtedness in 2025 (which repayment does not include $2.00 billion of indebtedness repaid with proceeds from a new notes offering), our significant level of indebtedness requires us to use a substantial 10 amount of our cash flow for debt service, which reduces funds available (under our credit facilities or otherwise) for investments in R&D, capital expenditures, dividend payments, pension plan contributions, acquisitions, share repurchases and other activities, and may create competitive disadvantages for us relative to other companies with lower debt levels.”

Annual report 2025A · The company itself

“Global economic conditions, including inflation, have adversely affected, and could continue to adversely affect, our operations. General global economic downturns and macroeconomic trends, including heightened inflation, capital markets volatility, interest rate and currency rate fluctuations, changes in monetary policy and economic slowdown or recession, have resulted in, and may continue to result in, unfavorable conditions that negatively affect demand for our products and exacerbate other risks described in this “Risk Factors” section that affect our business, results of operations, financial condition, and cash flows. Both domestic and international markets have been experiencing significant inflationary pressures in recent years and inflation rates in the U.S., as well as in other countries in which we operate, are currently expected to continue at elevated levels for the near term.”

Annual report 2025A · The company itself

“General global economic downturns and macroeconomic trends, including heightened inflation, capital market volatility (including volatility resulting from the imposition of (and changing policies around) tariffs and related countermeasures), import or export licensing requirements, interest rate and currency rate fluctuations, economic slowdown or recession, have contributed to conditions that have impacted, and may continue to impact, demand for our products and services, or the prices we can charge for our products, disrupt aspects of our supply chain, impair our ability to produce our products, increase borrowing costs and exacerbate other risks that affect our business, financial condition and results of operations.”

Annual report 2025A · The company itself

“Risks Relating to Our Indebtedness We may not be able to service all of our indebtedness. We depend on cash on hand and cash flows from operations to make scheduled debt payments.”

Annual report 2025A · The company itself

“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

“Economic, regulatory and other developments could adversely affect our ability to offer attractive promotional financing to our customers and adversely affect the profits we generate from these programs. In partnership with third parties, we offer promotional financing as well as credit cards issued by third-party banks that manage and directly extend credit to our customers. Customers choosing promotional financing can receive extended payment terms and low- or no-interest financing on qualifying purchases.”

Annual report 2026A · The company itself

“Interest Rate Risk We are exposed to changes in short-term market interest rates and these changes in rates will impact our net interest expense. Certain cash, cash equivalents and restricted cash generate interest income that will vary based on changes in short-term interest rates. In addition, we have swapped a portion of our fixed-rate debt to floating rate such that the interest expense on this debt will vary with short-term interest rates.”

Annual report 2026A · The company itself

“The current portfolio has a net yield of 7.3 per cent, while the all-in interest rate following the significant refinancing and portfolio expansion in 2023 is at 6.3 per cent. This leaves us with a positive margin generating value for our shareholders – a favorable "yield gap".”

Annual report 2023A · The company itself

“In July 2023, KMC Properties completed the refinancing of its NOK 1 850 million senior secured bond loan and its NOK 200 million fully drawn revolving credit facility. The refinancing resulted in an overall interest margin of 3.32 per cent plus floating interest on the company's total interest-bearing debt of approximately NOK 3 484 million, down from 3.49 per cent plus floating interest previously.”

Annual report 2023A · The company itself

“BlackRock’s investment advisory and administration fees are primarily comprised of fees based on a percentage of the value of AUM and, in some cases, performance fees expressed as a percentage of the returns realized on AUM. At December 31, 2025, the majority of the Company’s investment advisory and administration fees were based on average or period end AUM of the applicable investment funds or separate accounts. Movements in equity market prices, interest rates/credit spreads, foreign exchange rates or all three could cause the value of AUM to decline, which would result in lower investment advisory and administration fees.”

Annual report 2025A · The company itself

“Fixed Income Fixed income AUM ended 2025 at $3.3 trillion, reflecting net inflows of $164 billion. Net inflows included $175 billion and $29 billion into ETFs and active, respectively, partially offset by net outflows of $40 billion from non-ETF index.”

Annual report 2025A · The company itself

“Cash Management Cash management AUM totaled $1.1 trillion at December 31, 2025, reflecting $131 billion of net inflows. Cash management products include taxable and tax-exempt money market funds, short-term investment funds, tokenized liquidity offerings, and customized separate accounts.”

Annual report 2025A · The company itself

“Aladdin, which represented the majority of technology services and subscription revenue for the year, continues to benefit from trends favoring global platform and multi-asset risk solutions across public and private markets. In addition, while Aladdin is a multi-asset system, the majority of positions managed on the platform are fixed income.”

Annual report 2025A · The company itself

“Securities Lending Securities lending is managed by a dedicated team, supported by quantitative analysis, proprietary technology and disciplined risk management. BlackRock receives both cash (primarily for US domiciled portfolios) and noncash collateral under securities lending arrangements.”

Annual report 2025A · The company itself

“Risks Related to Our Business • Our business could be adversely affected by difficult market, economic and geopolitical conditions, each of which could materially reduce our revenue, earnings and cash flow and adversely affect our operating results and financial prospects and condition. • A slower than expected decrease in interest rates and other challenges in the financial markets could negatively impact the values of certain assets or investments and the ability of our funds and their portfolio companies to access the capital markets, which could adversely affect investment and realization opportunities. • A decline in the pace or size of investments made by, or poor performance of, our funds may adversely affect our revenues and obligate us to repay Performance Allocations previously paid to us, and could adversely affect our ability to raise capital.”

Annual report 2025A · The company itself

“Nevertheless, inflation has remained above the U.S. Federal Reserve’s target level, and interest rates remain elevated. Uncertainty regarding the further trajectory of inflation and interest rates creates the potential for volatility in debt and equity markets.”

Annual report 2025A · The company itself

“The valuations of our funds’ real estate assets, and fundraising in certain of our real estate strategies targeting high-net-worth investors, have been adversely impacted in recent years by elevated interest rates and a high, albeit declining, cost of capital. A slower-than-expected decrease in interest rates would continue to present a challenge to real estate valuations.”

Annual report 2025A · The company itself

“Sustained periods of high interest rates and challenging debt market conditions negatively impact the values of certain assets or investments and the ability of our funds and their portfolio companies to access capital markets, which could adversely affect investment and realization opportunities, lead to lower-yielding investments and potentially decrease our net income.”

Annual report 2025A · The company itself

“Conversely, in recent periods the performance of certain of our credit funds has benefited from elevated interest rates as a substantial majority of the portfolio is floating rate. Accordingly, a decline in interest rates and/or widening of credit spreads would make it more difficult for such funds to replicate such strong performance.”

Annual report 2025A · The company itself

“In addition, elevated interest rates increase the cost of debt financing for the transactions our funds pursue. A significant contraction or weakening in the market for debt financing or other adverse change relating to the terms of debt financing (such as, for example, higher equity requirements and/or more restrictive covenants), particularly in the area of acquisition financings for private equity and real estate transactions, could have a material adverse effect on our business.”

Annual report 2025A · The company itself

“If growth of the global economy decelerates, or conditions in the financing markets were challenged, the investment performance of our funds could suffer, resulting in, for example, the payment of decreased or no Performance Allocations to us.”

Annual report 2025A · The company itself

“Our ability to raise capital from third-party investors depends on a number of factors, such as economic, market (including the level of interest rates and stock market performance) and geopolitical conditions, and the asset allocation rules or investment policies to which such third-party investors are subject. These factors could inhibit or restrict the ability of third-party investors to make investments in our funds or make investment in certain asset classes or geographies less attractive to such investors. Market or currency volatility or perceived economic or geopolitical uncertainty or instability may contribute to decreased interest on the part of investors in allocating capital to certain asset classes or geographies in which our funds operate.”

Annual report 2025A · The company itself

“Conversely, in periods of positive market environments and low volatility, investors may favor passive investment strategies such as index funds over our actively managed investment vehicles. Similarly, during periods of high interest rates, investors may favor investments that are generally viewed as producing a risk-free return, such as treasury bonds, over investments in our products, particularly if the spread between the products declines.”

Annual report 2025A · The company itself

“In addition, an increase in either the general levels of interest rates or in the risk spread demanded by sources of indebtedness would make it more expensive to finance those businesses’ investments.”

Annual report 2025A · The company itself

“As a result, the risk of loss associated with a leveraged entity is generally greater than for companies with comparatively less debt. When our funds’ existing portfolio investments reach the point when debt incurred to finance those investments matures in significant amounts and must be either repaid or refinanced, those investments may materially suffer if they have generated insufficient cash flow to repay maturing debt and there is insufficient capacity and availability in the financing markets to permit them to refinance maturing debt on satisfactory terms, or at all.”

Annual report 2025A · The company itself

“Investors may also seek to redeem their interests due to changes in interest rates that make other investments more attractive, rebalancing of their asset allocations, changes in investor perception of us and our reputation, unhappiness with a fund’s performance or investment strategy, departures or changes in responsibilities of key investment professionals, and liquidity needs.”

Annual report 2025A · The company itself

“Given the long-term nature of many of the tenant leases at our funds’ digital infrastructure assets, a prolonged period of high interest rates could also negatively impact the valuation of such assets to the extent the contractual rent escalators in such leases are insufficient to offset increased costs.”

Annual report 2025A · The company itself

“In addition, counterparties have in the past and may in the future react to market volatility by tightening underwriting standards and increasing margin requirements for all categories of financing, which may decrease the overall amount of leverage available and increase the costs of borrowing.”

Annual report 2025A · The company itself

“While lower interest rates will likely reduce returns in our floating rate strategies, we believe we will continue to generate excess returns relative to liquid markets in our private credit strategies.”

Annual report 2025A · The company itself

“We earn interest income from funds held in these accounts.”

Annual report 2025A · The company itself

“Adverse changes in the macroeconomic environment or the credit quality of our sellers could cause some sellers who utilize Square Loans to cease operations or to experience a decline in their payment processing volume, thereby rendering them unable to make payment on the Square Loans and/or extend the repayment period beyond the contractual repayment terms. Similarly, economic factors such as interest rate changes, market volatility or rising unemployment rates could negatively impact loan repayment rates, increase our risk of loss, and materially and adversely impact our business, results of operations, and financial condition.”

Annual report 2025A · The company itself

“From time to time, we have experienced and may continue to experience material and adverse impacts to our business as a result of the uncertainty and volatility in the banking and financial services sectors, adverse macroeconomic conditions, including inflation, heightened or uncertain tariffs, and interest rate increases, availability of credit, bankruptcies or insolvencies of customers, and recession or economic downturn.”

Annual report 2025A · The company itself

“Changes in interest rates and monetary policy can impact the demand for new loans, the credit profile of our borrowers, the yields earned on loans and securities, and the rates paid on deposits and borrowings.”

Annual report 2025A · The company itself

“Our Warehouse Facilities borrowings and any future borrowings incurred under the Credit Agreement both accrue interest at variable rates based on formulas tied to certain market rates at the time of incurrence.”

Annual report 2025A · The company itself

“Commodity price fluctuations could reduce the Company’s ability to refinance its outstanding credit facilities and could result in a reduced borrowing base under credit facilities available to the Company, including the RBL facility.”

Annual report 2024A · The company itself

“The capital structure put in place reflects the Company’s strategy to maintain a level of diversity and its continued support from lenders. It is also in keeping with the Company’s aim to maintain a target net debt to EBITDA ratio of 1.5 on a through-cycle basis.”

Annual report 2024A · The company itself

“We depend, in part, on our ability to successfully access the capital and financial markets to fund our operations and contractual commitments. As of December 31, 2025, our debt totaled $54.1 billion, of which approximately $15.5 billion of principal payments on outstanding debt are scheduled to become due over the next three years, and our airplane financing commitments totaled $15.2 billion.”

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

“Marknadstrender på kortare sikt Sänkning av styrräntor och sjunkande inflation i Europa under 2024 har successivt stärkt hushållens köpkraft.”

Annual report 2024A · The company itself

“Med en sänkning av räntan, förväntningar om ökad köpkraft och en lägre grad av osäkerhet i ekonomin som helhet, i kombination med nedkylning av byggkostnadsökningar, talar mycket för att bostadsbyggandet har nått botten.”

Annual report 2024A · The company itself

“Efterfrågan på bostäder påverkas av makroekonomiska faktorer såsom det allmänna ekonomiska läget, inflation och räntenivåer, sysselsättningsnivån, takten i nyproduktion av bostäder, förändringar i infra - struktur och demografiska trender.”

Annual report 2024A · The company itself

“Financial Risks Our liquidity, credit ratings, and ongoing access to capital could be materially and negatively affected by global financial conditions and events. Our continued access to sources of liquidity depends on multiple factors, including global economic and financial market conditions, the availability of sufficient amounts of financing, our ability to meet debt covenant requirements, our operating performance, and our credit ratings.”

Annual report 2025A · The company itself

“We face increased risks if the level of our debt increases. We have a substantial amount of outstanding indebtedness and we may incur substantial additional indebtedness in the future.”

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

“Ränterisk Koncernen är exponerad för ränterisk på räntebärande långfristiga och kortfristiga skulder. Koncernen är exponerad för konsekvenserna av rörlig ränta på skulder.”

Annual report 2024A · The company itself

“These conditions could affect our ability to access credit markets, including to obtain financing for mergers and acquisitions (M&A) or for other general purposes.”

Annual report 2025A · The company itself

“These conditions may adversely affect our suppliers, leading them to experience financial difficulties or be unable to borrow money to fund their operations, which could cause disruptions in our ability to produce our products.”

Annual report 2025A · The company itself

“Further, uncertain or negative economic conditions, including as a result of inflationary pressures, interest rates or geopolitical developments, could negatively affect our third-party vendors, which could lead to a reduction or interruption in the supply of materials and components used in manufacturing our products or increase the price of such materials or components.”

Annual report 2025A · The company itself

“As part of our strategy to maximize stockholder value, we use financial leverage to manage our cost of capital. Our outstanding debt balance was $11.436 billion as of December 31, 2025.”

Annual report 2025A · The company itself

“Konsekvenserna av en sådan geopolitisk eskalering är svåra att förutse och kan försvåra Boules verksamhet eller leda till negativa konsekvenser för den globala ekonomin och viktiga ekonomiska faktorer såsom BNP-tillväxt samt räntor och inflation. En sådan utveckling skulle kunna komma att väsentligt negativt påverka Boules framtida intjäningsförmåga och lönsamhet.”

Annual report 2024A · The company itself

“För att hantera ränterisken har Brinova finansiella instrument i form av räntederivat, så kallade ränteswappar.”

Annual report 2024A · The company itself

“Räntekostnaden utgör Brinovas enskilt största kostnadspost. Förändringar i marknadsräntor påverkar Brinovas resultat, både direkt via räntekostnad och indirekt via värdet på fastigheterna.”

Annual report 2024A · The company itself

“Risks Related to Our Indebtedness •Our substantial indebtedness could adversely affect our financial health and our ability to execute our business strategy.”

Annual report 2025A · The company itself

“We receive debt ratings from the major credit rating agencies in the U.S., and any downgrade in our credit rating or the ratings of our indebtedness, or adverse conditions in the debt capital markets, could materially adversely affect our business, financial condition and results of operations. In addition, the current market volatility may adversely impact our ability to manage our debt, including through borrowing at favorable interest rates or due to reduced cash flows.”

Annual report 2025A · The company itself

“As of December 31, 2025, our total debt was $7,613 million.”

Annual report 2025A · The company itself

“While moderate inflation generally benefits our industry by increasing insurable asset values, significant inflation is often accompanied by higher interest rates, which can have negative effects on the global economy.”

Annual report 2025A · The company itself

“The failure of any lender under our revolving credit facility (which matures in 2026) (the “Revolving Credit Facility”) could adversely affect our ability to borrow on that facility, which over time could negatively impact our ability to consummate significant acquisitions or make other significant capital expenditures. Tightening conditions in the credit markets in future years could adversely affect the availability and terms of future borrowings or renewals or refinancing.”

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

“Prices of building products are subject to fluctuations arising from changes in supply and demand, national and international economic conditions, including inflation and interest rates, labor costs, competition, market speculation, government regulation, and trade policies, as well as from periodic delays in the delivery of lumber and other products, all of which are outside our control.”

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

“As of December 31, 2025, our debt totaled $4.5 billion, which includes $0.2 billion of finance lease and other finance obligations.”

Annual report 2025A · The company itself

“Our variable rate indebtedness subjects us to interest rate risk, which could cause our indebtedness service obligations to increase significantly. Interest rates may increase in the future.”

Annual report 2025A · The company itself

“Our unsecured credit facility, unsecured debt securities and certain secured loans contain customary restrictions, requirements and other limitations on our ability to incur indebtedness, including total debt to asset 33 Table of Contents ratios, secured debt to total asset ratios, debt service coverage ratios and minimum ratios of unencumbered assets to unsecured debt, which we must maintain. Our continued ability to borrow under our credit facilities is subject to compliance with our financial and other covenants.”

Annual report 2025A · The company itself

“We rely on debt financing, including borrowings under our unsecured credit facility, issuances of unsecured debt securities and debt secured by individual properties, to finance our existing portfolio, our acquisition and development activities and for working capital. If we are unable to obtain debt financing from these or other sources, or to refinance existing indebtedness upon maturity, our financial condition and results of operations would likely be adversely affected.”

Annual report 2025A · The company itself

“As with other publicly traded equity securities, the value of BXP’s common stock depends on various market conditions that may change from time to time. Among the market conditions that may affect the value of BXP’s common stock are the following: •the extent of investor interest in our securities; •the general reputation of REITs and the sentiment towards the office sector and the attractiveness of our equity securities in comparison to other equity securities, including securities issued by other real estate-based companies; •our underlying asset value; •investor confidence in the stock and bond markets, generally; •national economic conditions; •changes in tax laws; •our financial performance; •changes in our credit ratings; •differences between the yields paid on other investments available in the market and BXP’s dividend yield; and •general stock and bond market conditions, including changes in interest rates.”

Annual report 2025A · The company itself

“Detta ändras nu snabbt och radikalt, naturligtvis drivet av den nytillträdde presidenten i USA, men där andra länder vill, eller tvingas, följa efter. Makromässigt och finansiellt är det rimligt att på kort sikt förvänta sig högre osäkerhet där t ex tullar och handelshinder kan öka pristryck och därmed korta räntor, i värsta fall i kombination med sjunkande tillväxt.”

Annual report 2024A · The company itself

“We are subject to the risk our indebtedness will not be renewed, repaid, or refinanced when due or the terms of any renewal or refinancing will not be as favorable as the existing terms of such indebtedness.”

Annual report 2025A · The company itself

“Rising interest rates could increase our borrowing costs, lower the value of our real estate, and decrease our share price, leading investors to seek higher yields through other investments.”

Annual report 2025A · The company itself

“Insufficient cash flows could limit our ability to make required payments for debt obligations or pay distributions to shareholders.”

Annual report 2025A · The company itself

“An environment of rising interest rates may also result in a decrease in the value of our real estate and a decrease in the market price of our shares, which may lead holders of our securities to seek higher yields through other investments.”

Annual report 2025A · The company itself

“As of the date of this filing, we have an unsecured term loan with varying interest rates dependent upon various market indexes. In addition, we have an unsecured revolving credit facility and utilize a commercial paper program bearing interest at variable rates on all amounts drawn and a senior unsecured note which has been converted into a floating rate instrument through an interest rate swap arrangement. We may incur other additional variable rate debt in the future.”

Annual report 2025A · The company itself

“Interest expense increased approximately $8.4 million for the year ended December 31, 2025 as compared to 2024. The increase was primarily due to increases in interest expense of $16.5 million relating to having higher average balances on our commercial paper program entered into in February 2025 and decreases in capitalized interest expense of $3.8 million due to having lower average balances in assets under construction during the year ended December 31, 2025 as compared to the same period in 2024.”

Annual report 2025A · The company itself

“OPERATIONS AND BUSINESS SEGMENTS Our consolidated total net revenues are derived primarily from lending to consumer and commercial customers net of funding costs associated with our deposits, long-term debt and other borrowings. We also earn non-interest income which primarily consists of discount and interchange income, net of reward expenses, and service charges and other customer-related fees.”

Annual report 2025A · The company itself

“For example, some customers have been and may continue to be less willing or able overall to borrow at higher interest rates. Higher interest rates also have hindered and may continue to hinder the ability of some borrowers to support required loan payments.”

Annual report 2025A · The company itself

“Additionally, interest rate fluctuations and competitor responses to those changes may 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, reduce demand for credit or (for existing customers) the level of borrowing or purchase activity.”

Annual report 2025A · The company itself

“Like other lenders, we face the risk that our customers will not repay their loans. A customer’s ability and willingness to repay us can be adversely affected by decreases in the income of the borrower or increases in their payment obligations to other lenders, whether as a result of a job loss, higher debt levels or rising cost of servicing debt, inflation outpacing wage growth, or by restricted availability of credit generally. We may fail to quickly identify and reduce our exposure to customers that are likely to default on their payment obligations, whether by closing credit lines or restricting authorizations. Our ability to manage credit risk also is affected by legal or regulatory changes (such as restrictions on collections, bankruptcy laws, minimum payment regulations and re-age guidance), competitors’ actions and consumer behavior, and depends on the effectiveness of our collections staff, techniques and models.”

Annual report 2025A · The company itself

“Historically, customers are more likely to miss payments during an economic downturn, recession, periods of high unemployment, or prolonged periods of slow economic growth. Customers might also be more likely to miss payments if the payment burdens on their existing debt grow due to higher interest rates, or if inflation outpaces wage growth.”

Annual report 2025A · The company itself

“We compete on the basis of the rates we pay on deposits and the rates and other terms we charge on the loans we originate or purchase, as well as the quality and range of our customer service, products, innovation and experience, and, with respect to our payment network businesses, the strength, reach, pricing and capabilities of our network offerings to merchants, acquirers and issuers.”

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

“MARKET RISK PROFILE Our primary market risk exposures include interest rate risk, foreign exchange risk and commodity pricing risk. We are exposed to market risk primarily from the following operations and activities: •Traditional banking activities of deposit gathering and lending; •Asset/liability management activities including the management of investment securities, short-term and long-term borrowings and derivatives; •Foreign operations within our Credit Card and Consumer Banking businesses; and •Customer accommodation activities within our Commercial Banking business.”

Annual report 2025A · The company itself

“As of June 30, 2025, we integrated the acquired assets and assumed liabilities of Discover that are part of our continuing operations into our interest rate risk framework. The Transaction, and subsequent business actions, have resulted in modest impacts to both our net interest income and economic value of equity sensitivities.”

Annual report 2025A · The company itself

“At the current level of interest rates, our projected 12-month net interest income is expected to increase in higher rate scenarios and decrease in lower rate scenarios. The decrease in lower rate scenarios is driven by lower interest income from our assets, including floating rate credit card and commercial loans, being partially offset by lower interest expense from our deposits and other liabilities, net of our interest rate hedges.”

Annual report 2025A · The company itself

“We maintained liquidity reserves of $144 billion and $123.8 billion as of December 31, 2025 and 2024, respectively, as shown in Table 27 below. Included in liquidity reserves are cash and cash equivalents, investment securities and FHLB borrowing capacity secured by loans.”

Annual report 2025A · The company itself

“Credit Ratings Our credit ratings impact our ability to access capital markets and our borrowing costs. For more information, see “Part I—Item 1A.”

Annual report 2025A · The company itself

“Net interest-bearing debt/EBITDA was 3.28x (2024: 1.73x).”

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

“•Our debt requires a significant amount of cash to service and our ability to generate sufficient cash depends on many factors, some of which may be beyond our control.”

Annual report 2025A · The company itself

“Our debt requires a significant amount of cash to service and our ability to generate sufficient cash depends on many factors, some of which may be beyond our control. Our financial condition and operations could be adversely impacted if we are unable to service our debt or satisfy our covenants. Our ability to meet our debt service obligations depends on our future operating and financial performance and our ability to generate cash. This will be affected by our ability to successfully continue to execute on our business strategy and by general economic, financial, geopolitical, competitive, regulatory and other factors beyond our control.”

Annual report 2025A · The company itself

“Interest Rate Risks The composition of our debt was as follows: Fixed rate 54 % EUR fixed rate 31 % Floating rate 5 % EUR floating rate 10 % Based on a 100 basis point change in the market interest rates, our annual interest expense on floating rate debt would change by approximately $42 million.”

Annual report 2025A · The company itself

“Makroekonomiska förhållanden såsom inflation och ränteläge påverkar transaktionsnivåer och förvaltat kapital och därmed resultaten i Investment Management och Corporate Finance.”

Annual report 2024A · The company itself

“Räntekostnader och känslighet Räntekostnader utgör en betydande del av Catenas resultat. De påverkas i huvudsak av förändringar i marknadsräntan men också av förändrade regler och förutsättningar på kreditmarknaden som i sin tur kan förändra kreditmarginalerna.”

Annual report 2024A · The company itself

“Catena, med verksamhet i Sverige och Danmark, är främst beroende av hur de svenska och danska marknadsräntorna förändras.”

Annual report 2024A · The company itself

“Exponering Risk Riskbeskrivning Hantering/Möjligheter Påverkan Sannolikhet Operationella risker Fastighetsvärden Catena redovisar sin fastighetsportfölj till marknadsvärde. Marknadsvärdet, som bestäms av driftnetto och vilken förväntad avkastning marknaden accepterar, påverkar Catenas finansiella rapporter. Ett högre framtida driftnetto påverkar värderingen positivt liksom ett lägre avkastningskrav.”

Annual report 2024A · The company itself

“Risks Related to our Business Environment Our performance is significantly related to general economic, political and regulatory conditions and, accordingly, our business, operations and financial condition could be materially adversely affected by economic slowdowns, liquidity constraints, inflationary pressures, significant rises in interest rates, significant public health events, fiscal or political uncertainty and possible subsequent downturns in commercial real estate asset values, property sales and leasing activities in the geographies or industry sectors that we or our clients serve.”

Annual report 2025A · The company itself

“In addition, economic downturns may reduce the volume of loans our capital markets business originates and/or services.”

Annual report 2025A · The company itself

“If our clients are unable to obtain credit on favorable terms, there may be fewer property leasing, disposition and acquisition transactions. For example, in 2023, central banks around the world raised interest rates in efforts to rein in inflation, reducing 7 Table of Contents credit availability. While central banks began cutting their interest rates in 2024, interest rates remain above recent norms and if inflation were to begin to rise again such interest rate cuts may be reversed.”

Annual report 2025A · The company itself

“Borrowings under certain of our debt instruments bear interest at variable rates and expose us to interest rate risk. In addition, while our commercial paper notes generally have a fixed rate, due to their short-term nature, we view all of the interest rates charged in connection with these instruments as variable.”

Annual report 2025A · The company itself

“As of December 31, 2025, our total debt, excluding notes payable on real estate (which are generally non-recourse to us) and warehouse lines of credit (which are recourse only to our wholly-owned subsidiary, CBRE Capital Markets, and are secured by our related warehouse receivables), was $6.0 billion. For the year ended December 31, 2025, our interest expense was $490 million.”

Annual report 2025A · The company itself

“These fluctuations may cause the market price of our common stock to be volatile and may result from many factors, including the state of the technology industry in general, shifts in demand and pricing for hardware, software, and services, and the introduction of new products or upgrades. Further, if our customers’ businesses are adversely affected by global or regional economic conditions such as cost inflation or rising interest rates, they may delay or reduce purchases from us, which could adversely affect our results of operations.”

Annual report 2025A · The company itself

“Weak or unstable economic conditions, inflation, and actions taken by central banks to counter inflation, sustained uncertainty about global political conditions, periods of intense diplomatic or armed conflict, government spending cuts or prolonged governmental shutdowns, and the impact of new government policies (including the introduction of new or increased taxes, the imposition of minimum taxes, or new or increased limitations on deductions, credits, or other tax benefits, or any other changes to tax laws), or a tightening of credit markets, including as a result of rising interest rates or bank failures, could cause our customers and potential customers to postpone or reduce spending on technology products or services or put downward pressure on prices, which could have an adverse effect on our business, results of operations, or cash flows.”

Annual report 2025A · The company itself

“Such indebtedness could reduce our agility and may adversely affect our financial condition; Risks Associated with Mergers, Acquisitions, and Divestitures •Our business and results of operations may be materially adversely affected if we fail to manage and complete divestitures; •Previous or future acquisitions may not perform as expected and we may not realize the financial results expected from acquisitions or divestitures; and •We may be unable to successfully integrate our existing business with acquired businesses and realize the anticipated benefits of such acquisitions.”

Annual report 2025A · The company itself

“Changes in healthcare regulations and practices, including due to the OBBBA, the level of utilization of healthcare services, including due to eligibility changes, benefit design, provider or consumer behavior changes, out-of-network utilization and pricing, medical claim submission patterns, including due to the use of artificial intelligence, hospital and pharmaceutical costs, including new high-cost specialty drugs, unexpected events, such as natural disasters, the effects of climate change, acts of war or aggression, geopolitical instability, major epidemics, pandemics and their resurgence, or newly emergent diseases, new medical technologies, increases in provider fraud, tariffs, unexpected increases in taxes and fees, including provider taxes, and other external factors, including general economic conditions such as interest rates, inflation and unemployment levels, are generally beyond our control and could reduce our ability to accurately predict and effectively control the costs of providing health benefits.”

Annual report 2025A · The company itself

“Payments from government payors may be delayed in the future, which, if extended for any significant period of time, could have a material adverse effect on our results of operations, financial condition, cash flows or liquidity. For example, we have a receivable due to us from CMS for Part D risk-sharing programs attributable to the 2025 plan year that we expect to be paid by CMS within a year after the plan year closes.”

Annual report 2025A · The company itself

“Adverse credit market conditions may have a material adverse effect on our liquidity or our ability to obtain credit on acceptable terms. In the past, the securities and credit markets have experienced volatility and disruption. The availability of credit, from virtually all types of lenders, has at times been restricted. In the event we need access to additional capital to pay our operating expenses, fund subsidiary surplus requirements, make payments on or refinance our indebtedness, pay capital expenditures or fund acquisitions, our ability to obtain such capital may be limited and the cost of any such capital may be significant, particularly if we are unable to access our existing Revolving Credit Facility.”

Annual report 2025A · The company itself

“We are also exposed to interest rate risk to the extent of our variable rate indebtedness. Changes in interest rates can increase our cost of borrowing, and volatility in U.S. and global financial markets could impact our access to, or further increase the cost of, financing.”

Annual report 2025A · The company itself

“Our market risk exposure is primarily the result of fluctuations in interest rates.”

Annual report 2025A · The company itself

“Substantially all of our investments are subject to interest rate risk and will decrease in value if market rates increase. Assuming a hypothetical and immediate 1% increase in market interest rates at December 31, 2025, the fair value of our fixed income investments would decrease by approximately $650 million. Declines in interest rates over time will reduce our investment income.”

Annual report 2025A · The company itself

“As of December 31, 2025, we had consolidated indebtedness of $17.4 billion.”

Annual report 2025A · The company itself

“We rely on various sources to finance our capital expenditures and operations. For example, we depend on (i) long-term debt, (ii) borrowings through our revolving credit facilities and, for CenterPoint Energy and CERC, commercial paper programs and (iii) if market conditions permit, issuances of additional shares of common stock or shares of preferred stock by CenterPoint Energy, including through our at-the-market program. We may also use such sources to refinance any outstanding indebtedness as it matures.”

Annual report 2025A · The company itself

“As of December 31, 2025, we had approximately $3.25 billion of total funded indebtedness, consisting solely of unsecured senior notes with varying maturity dates between 2034 and 2044, or approximately 29% of our total capitalization (total debt plus total equity), and an additional $750 million of unsecured senior borrowing availability (reflecting no outstanding borrowings and no outstanding letters of credit) for general corporate purposes under our revolving credit agreement. Our debt service obligations will impact our earnings and cash flow as long as the indebtedness is outstanding.”

Annual report 2025A · The company itself

“Our ability to obtain any financing, whether through the issuance of new debt securities or otherwise, and the terms of any such financing are dependent on, among other things, our financial condition, financial market conditions within our industry and generally, interest rate fluctuations, credit ratings and numerous other factors, including factors beyond our control. Consequently, in the event that we need to access the credit markets, including to refinance our debt, there can be no assurance that we will be able to obtain financing on acceptable terms or within an acceptable timeframe, if at all.”

Annual report 2025A · The company itself

“If we finance acquisitions, partnerships, joint ventures, business combination transactions or other major investments by issuing equity or convertible or other debt securities or loans, our existing stockholders may be diluted or we could face constraints under the terms of, and as a result of the repayment and debt-service obligations under, the additional indebtedness.”

Annual report 2025A · The company itself

“As of December 27, 2025, we had $2.1 billion of debt and finance leases (debt). Our debt could have significant adverse effects on our business, including making it more difficult for us to obtain additional financing on favorable terms; requiring us to dedicate a substantial portion of our cash flows from operations to the repayment of debt and the interest on this debt; limiting our ability to capitalize on significant business opportunities; making us more vulnerable to rising interest rates, and reducing our flexibility to respond to changing business and economic conditions.”

Annual report 2025A · The company itself

“Interest expense for fiscal year 2025 was $107.0 million, a decrease of $19.3 million, or 15.3%, compared to $126.3 million in fiscal year 2024 due primarily to lower average debt balances.”

Annual report 2025A · The company itself

“Sources of Net Revenues Schwab’s largest sources of net revenues are net interest revenue, asset management and administration fees, trading revenue, and bank deposit account fees. These revenue streams are supported by the combination of our broker-dealer, bank, and asset management operating subsidiaries, each of which brings specific capabilities that enable us to provide clients with the products and services they are seeking. Net interest revenue is the difference between interest generated on interest-earning assets and interest paid on funding sources.”

Annual report 2025A · The company itself

“The monetary policies of the Federal Reserve, which regulates the supply of money and credit in the United States, have a significant effect on our operating results. Actions taken by the Federal Reserve, including changes in its target funds rate and its own balance sheet management, are difficult to predict and can affect our financial results, including net interest revenue and bank deposit account fees, and the market value of our investment securities.”

Annual report 2025A · The company itself

“Client cash balances are a significant funding source for the generation of the Company’s revenue. Cash awaiting investment may be used to extend margin loans to clients or be swept to our banking subsidiaries and those bank deposits are then used to extend loans to clients and purchase investment securities. We also sweep a portion of such cash to the TD Depository Institutions pursuant to the 2023 IDA agreement, through which we earn bank deposit account fees.”

Annual report 2025A · The company itself

“For example, as a result of rapid increases in short-term interest rates in 2022 and 2023, the Company saw a significant decrease in clients’ asset allocation to sweep cash and greater client investment in higher-yielding alternatives at Schwab such as fixed income investments and proprietary purchased money market funds.”

Annual report 2025A · The company itself

“The direction and level of interest rates are important factors in our earnings. A decline in interest rates may have a negative impact on our net interest revenue and our bank deposit account fee revenue.”

Annual report 2025A · The company itself

“The Company’s interest-earning assets include significant holdings of investment securities, which include fixed- and floating-rate debt securities, including substantial holdings of mortgage-backed securities, as well as margin loans, mortgages, and PALs. The Company could be adversely affected by a decline in interest rates if the rates that the Company earns on interest-earning assets decline more than the rates that the Company pays on its funding sources, or if prepayment rates increase on the mortgages and mortgage-backed securities that the Company holds.”

Annual report 2025A · The company itself

“Though the Company may benefit from a rising interest rate environment, a rise in interest rates may cause our funding costs to increase. The competitive environment may induce us to raise our interest rates to avoid losing deposits, or we may need to replace deposits with higher-cost funding sources as we experienced in recent years. In such situations, without offsetting increases in yields on interest-earning assets, the benefit of higher market interest rates to our net interest revenue may be reduced.”

Annual report 2025A · The company itself

“The rapid increases in market interest rates experienced in 2022 and 2023 also contributed to increased unrealized losses on our investment securities portfolios. Increased unrealized losses on investment securities or other assets on our balance sheet can reduce market or client confidence in us, which could limit our ability to attract new client assets and accounts or result in the transfer of client assets and accounts from the Company.”

Annual report 2025A · The company itself

“Factors which may adversely affect our liquidity position include CS&Co having temporary liquidity demands due to timing differences between brokerage transaction settlements and the availability of segregated cash balances, fluctuations in cash held in banking or brokerage client accounts, such as significant client reallocation from sweep cash to higher-yielding investments as we experienced in recent years in response to rapid interest rate increases, a dramatic increase in our lending activities (including margin, mortgage-related, and personal lending), increased capital requirements, changes in regulatory guidance or interpretations, other regulatory changes, or a loss of market or client confidence in us resulting in unanticipated withdrawals of client funds.”

Annual report 2025A · The company itself

“The Company’s margin lending activity has significantly increased in recent years due to market-driven factors and overall growth of our business.”

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

“Net interest revenue was $11.8 billion in 2025, up 28% from 2024, due primarily to lower interest expense from reductions in bank supplemental funding and lower rates on funding sources, as well as growth in margin and bank lending and higher segregated cash and investments, which more than offset lower yields on interest-earning assets due to lower market rates.”

Annual report 2025A · The company itself

“The Federal Reserve reduced the target federal funds rate by a total of 75 basis points in the third and fourth quarters.”

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 $960 million, or 20%, in 2024 from 2023, primarily as a result of higher balances in Schwab money market funds as clients shifted their cash allocations to higher-yielding investment solutions.”

Annual report 2025A · The company itself

“Average BDA balances (8) % $ 80,329 $ 86,846 $ 104,227 Average net yield 1.22 % 0.84 % 0.68 % Percentage of average BDA balances designated as: Fixed-rate balances 78 % 86 % 92 % Floating-rate balances 22 % 14 % 8 % Bank deposit account fees increased $248 million, or 34%, in 2025 compared to 2024, primarily due to a decrease in the amount paid to clients as a result of lower interest rates.”

Annual report 2025A · The company itself

“The decrease in average BDA balances in 2025 compared to 2024 was primarily due to the transfer of $6.7 billion of BDA balances to Schwab’s balance sheet after September 10, 2025, as well as client cash allocation decisions in 2024 in response to elevated short-term market interest rates through most of 2024.”

Annual report 2025A · The company itself

“Net interest revenue increased $2.6 billion, or 28%, in 2025 from 2024 primarily due to lower balances of bank supplemental funding, lower average rates paid on funding sources, growth in margin and bank lending, and increases in securities lending revenue, partially offset by lower yields on floating-rate assets due to lower market rates.”

Annual report 2025A · The company itself

“Net interest margin increased to 2.74% in 2025, from 2.12% in 2024, as reduced balances of bank supplemental funding and lower rates paid on funding sources more than offset lower yields on floating-rate assets due to lower market interest rates.”

Annual report 2025A · The company itself

“Net interest revenue decreased $283 million, or 3%, in 2024 from 2023 primarily due to lower average interest-earning assets, higher average rates paid on most funding sources, and lower net interest revenue contributed from securities lending, partially offset by growth in margin and bank lending and lower bank supplemental funding.”

Annual report 2025A · The company itself

“Net interest revenue increased for both segments primarily due to reductions in bank supplemental funding, lower average rates paid on funding sources, and growth of margin and bank lending balances, partially offset by lower yields on interest-earning assets.”

Annual report 2025A · The company itself

“Bank deposit account fees increased for both segments primarily due to improved net yields partially offset by lower average BDA balances.”

Annual report 2025A · The company itself

“Credit Risk Credit risk is the potential for loss due to a borrower, counterparty, or issuer failing to perform its contractual obligations. Our exposure to credit risk mainly results from investing activities in our liquidity and investment portfolios, mortgage lending, margin lending and client option and futures activities, pledged asset lending, securities lending activities, and our role as a counterparty in other financial contracts.”

Annual report 2025A · The company itself

“Schwab is exposed to market risk primarily from changes in interest rates within our interest-earning assets relative to changes in the costs of funding sources that finance these assets.”

Annual report 2025A · The company itself

“Net interest revenue is affected by various factors, such as the distribution and composition of interest-earning assets and interest-bearing liabilities, the spread between yields earned on interest-earning assets and rates paid on interest-bearing liabilities, which may reprice at different times or by different amounts, and the spread between short- and long-term interest rates.”

Annual report 2025A · The company itself

“During periods of rapidly rising interest rates, clients tend to reallocate cash out of sweep products into higher-yielding, off-balance sheet, fixed income investments and money market funds within Schwab’s product offerings. This can result in lower interest-earning assets and/or may require increased use of higher-cost funding sources, which therefore tend to constrain net interest revenue when interest rates are moving rapidly higher.”

Annual report 2025A · The company itself

“A decline in short-term interest rates could negatively impact the yield on the Company’s investment and loan portfolios to a greater degree than any offsetting reduction in interest expense from funding sources, compressing net interest margin.”

Annual report 2025A · The company itself

“The following table assumes a statically-sized balance sheet with simulated changes to net interest revenue over the next twelve months beginning December 31, 2025 and 2024 of a gradual increase or decrease in market interest rates relative to prevailing market rates at the end of each reporting period: December 31, 2025 2024 Increase of 200 basis points 8.6% 8.6% Increase of 100 basis points 4.1% 4.6% Increase of 50 basis points 1.7% 2.5% Decrease of 50 basis points (2.2)% (2.3)% Decrease of 100 basis points (4.4)% (4.6)% Decrease of 200 basis points (8.8)% (9.3)% The Company’s simulated incremental increases and decreases in market interest rates had an overall smaller impact on net interest revenue as of December 31, 2025 compared to December 31, 2024. These changes were primarily due to the use of cash flow hedges related to PALs beginning in 2025 and additional hedging of Senior Notes, partially offset by higher concentrations of both margin loan and cash balances.”

Annual report 2025A · The company itself

“Schwab’s EVE profile is characterized by a more stable asset duration relative to liabilities in both higher and lower interest rate environments. Currently, the EVE exposure to rates increasing or decreasing in a similar magnitude shows that there is greater exposure to rates decreasing.”

Annual report 2025A · The company itself

“Our clients’ allocation of cash held on our balance sheet as bank deposits or payables to brokerage clients is sensitive to interest rate levels, with clients typically increasing their utilization of investment cash solutions, such as purchased money market funds and certain fixed income products when those yields are higher than those of cash sweep features.”

Annual report 2025A · The company itself

“Contractual Obligations Schwab’s principal contractual obligations as of December 31, 2025 include payments on long-term debt; payments on securities lending and wholesale borrowings, including brokered CDs, FHLB borrowings, and other short-term borrowings; lease payments including legally-binding minimum lease payments for leases signed but not yet commenced; credit-related financial instruments, representing our banking subsidiaries’ commitments to extend credit to banking clients, purchase mortgage loans, and fund CRA investments; and purchase obligations for services such as advertising and marketing, telecommunications, hardware- and software-related agreements, and professional services.”

Annual report 2025A · The company itself

“The combined entity will assume Cox Communications’ approximately $12.6 billion in outstanding net debt and finance leases (assumed debt is on a pro forma basis contemplating Cox Communications refinancing of debt maturities occurring between signing and closing of the Cox Transactions).”

Annual report 2025A · The company itself

“We have a significant amount of debt, with total principal amount of approximately $94.6 billion and a leverage ratio of 4.15 times Adjusted EBITDA as of December 31, 2025.”

Annual report 2025A · The company itself

“Our significant amount of debt could have adverse consequences, such as: •impact our ability to raise additional capital at reasonable rates, or at all; •make us vulnerable to interest rate increases, in part because approximately 13% of our borrowings as of December 31, 2025 were, and may continue to be, subject to variable rates of interest; •expose us to increased interest expense to the extent we refinance existing debt with higher cost debt; •require us to dedicate a significant portion of our cash flow from operating activities to make payments on our debt, reducing our funds available for capital expenditures and other general corporate purposes; •limit our flexibility in planning for, or reacting to, changes in our business, the cable and telecommunications industries, and the economy at large; •place us at a disadvantage compared to our competitors that have proportionately less debt; and •adversely affect our relationship with customers and suppliers.”

Annual report 2025A · The company itself

“As of December 31, 2025, the amount available under our credit facilities was approximately $4.4 billion and cash on hand was approximately $477 million. We expect to utilize free cash flow, cash on hand and availability under our credit facilities as well as future refinancing transactions to further extend the maturities of our obligations.”

Annual report 2025A · The company itself

“Efter et par år med en betydelig opbremsning på markedet for celle- og genterapi som følge af et stigende renteniveau”

Annual report 2025A · The company itself

“Den såkaldte CAR-T metode er den mest 92% (2023/24: 91%) Efter et par år med en betydelig opbremsning på markedet for celle- og genterapi som følge af et stigende renteniveau og en generel større usikkerhed har der atter været mere positive takter i det forløbne regnskabsår. Ifølge markedsdata for det amerikanske marked (som er langt det største marked inden for celle- og genterapi) har der været et stigende antal forsøg inden for celle- og genterapi i det seneste år. Samtidig er flere nye terapier blevet godkendt af FDA, ligesom stadig flere terapier er sat i produktion.”

Annual report 2025A · The company itself

“De mindre nystartede virksomheder har derimod fortsat vanskeligt ved at tiltrække ny kapital til finansiering af deres udviklingsprojekter, og det har blandt andet betydning for udviklingsprojekter i de tidligere faser, som typisk igangsættes af denne type virksomheder. Det forventes, at markedet for automatisering inden for både celle- og genterapi og bioprocessing vil vokse betydeligt i de kommende år, og med lanceringen af XcytoMatic-produkterne har vi ambitioner om at opnå en betydelig andel af dette marked.”

Annual report 2025A · The company itself

“Federal Reserve raised interest rates in recent years, and while it has cut interest rates at recent meetings, and signaled that it expects to hold rates steady or decrease rates in the future, additional increases or the failure to reduce rates could impact the interest rates available to us for borrowings in the future.”

Annual report 2025A · The company itself

“As of December 31, 2025, we had approximately $2,205.0 million of total consolidated indebtedness, net of debt issuance costs.”

Annual report 2025A · The company itself

“Fixed-Maturity Securities and Short-Term Investments By maintaining a well-diversified fixed-maturity portfolio, we attempt to manage overall interest rate, reinvestment, credit and liquidity risk. We pursue a buy-and-hold strategy and do not attempt to make large-scale changes to the portfolio in anticipation of rate movements.”

Annual report 2025A · The company itself

“Average invested assets plus cash and cash equivalents $ 31,655 $ 28,374 $ 25,685 Average yield pretax 3.68 % 3.61 % 3.48 % Average yield after-tax 3.05 3.01 2.92 Effective tax rate 17.2 16.8 16.2 Fixed-maturity returns: Average amortized cost $ 17,743 $ 15,697 $ 13,670 Average yield pretax 4.93 % 4.67 % 4.39 % Average yield after-tax 4.02 3.83 3.62 Effective tax rate 18.4 18.0 17.5 In 2025, we continued to invest available cash flow in both fixed income and equity securities in a manner that we believe balances current income needs with longer-term invested asset growth goals. As bonds in our generally laddered portfolio mature or are called over the near term, we reinvest with a balanced approach, keeping in mind our long-term strategy and pursuing attractive risk-adjusted after-tax yields.”

Annual report 2025A · The company itself

“Fixed-Maturity Securities Investments For both taxable and tax-exempt fixed-maturity securities, the inverse relationship between interest rates and bond prices leads to falling bond values during periods of increasing interest rates.”

Annual report 2025A · The company itself

“Increases in labor costs, including the cost to provide employee-partner related healthcare benefits, minimum wages, labor shortages or shortages of skilled labor, regulations regarding the classification of employees and/or their eligibility for overtime wages, higher material costs for items such as fabrics, textiles and other products used in our operations, the inability to obtain insurance coverage at cost-effective rates, higher interest rates, inflation, higher tax rates and other changes in tax laws and other economic factors could increase our costs of rental uniforms and facility services, cost of other services and selling and administrative expenses.”

Annual report 2026A · The company itself

“Our outstanding indebtedness along with adverse interest rate fluctuations may have negative consequences on our business, such as requiring us to dedicate a substantial portion of our cash flow from operations to the payment of debt service, reducing the availability of our cash flow to fund working capital, capital expenditures, acquisitions, dividend increases, stock buybacks and other general corporate purposes, as well as increasing our vulnerability to adverse economic or industry conditions.”

Annual report 2026A · The company itself

“In connection with the proposed Transaction, we expect to incur approximately $2.8 billion in additional indebtedness and, if incurred, would have consolidated indebtedness of approximately $5.2 billion, which is greater than our current indebtedness. Any such increase in indebtedness in comparison to our indebtedness on a historical basis may have the effect of, among other things, reducing our flexibility to respond to changing business and economic conditions and increasing borrowing costs.”

Annual report 2026A · The company itself

“Our access to the credit markets will depend on a variety of factors, such as prevailing economic and credit market conditions, the general availability of credit, the overall availability of credit to our industry, our credit ratings and credit capacity and perceptions of our financial prospects. For example, in the event that the ratings of our commercial paper or our outstanding long-term debt issues were substantially lowered or withdrawn for any reason, or if the ratings assigned to any new issue of long-term debt securities were significantly lowered, particularly if we no longer had investment grade ratings, our ability to access the debt markets may be adversely affected.”

Annual report 2026A · The company itself

“These models are typically able to offer higher rates on deposit products than traditional retail banking institutions given their lower cost structure.”

Annual report 2025A · The company itself

“Our other funding sources are dependent on our ability to securitize loans in secondary markets, raise funds in the debt and equity capital markets, pledge loans and/or securities for borrowing from the FHLB, pledge securities as collateral for borrowing under repurchase agreements, and sell AFS securities. Our ability to meet our obligations and support our operations could be materially affected by a variety of conditions, including market-wide illiquidity or disruption, a general loss of market or customer confidence in the financial services industry or in the Company specifically, or reductions in one or more of our credit ratings.”

Annual report 2025A · The company itself

“An increase in interest rates could weaken demand for loans by customers, reducing our net interest income due to lower loan balances and origination-related fee income due to lower production volume.”

Annual report 2025A · The company itself

“An increase in rates could also have an adverse impact on our credit costs, as borrowers may have difficulty in making higher interest payments, as well as on our AFS securities portfolio, which could trigger the recognition of losses in the event the securities need to be sold.”

Annual report 2025A · The company itself

“Similarly, a decrease in interest rates could reduce our net interest income, net interest margin, and fee income.”

Annual report 2025A · The company itself

“Changes in the spread between short-term and long-term interest rates (i.e., the yield curve) can also have a material impact on our net interest income and net interest margin. The yield curve, typically upward sloping with short-term rates lower than long-term rates, could cause our net interest income and net interest margin to decline if it were to flatten or invert, as the cost of our short-term funding is likely to increase relative to the yield we can earn on our long-term assets.”

Annual report 2025A · The company itself

“Key Financial Highlights •Net income of $1.8 billion increased $322 million, with earnings per diluted common share up $0.83 to $3.86 compared to 2024. •Net interest income of $5.9 billion increased $220 million and net interest margin of 2.97% increased 13 basis points compared to 2024.”

Annual report 2025A · The company itself

“The level of net interest income is primarily a function of the difference between the effective yield on our average interest-earning assets and the effective cost of our interest-bearing liabilities. Factors that influence our net interest income include, but are not limited to, the pricing and mix of interest-earning assets and interest-bearing liabilities which, in turn, are impacted by external factors such as economic conditions, competition for loans and deposits, the monetary policy of the FRB, and market interest rates.”

Annual report 2025A · The company itself

“Consumer Banking Net interest income increased $408 million compared to 2024, driven by higher net interest margin and growth in average interest-earning assets. Noninterest income increased $121 million compared to 2024, driven by wealth fees, mortgage banking fees, and service charges and fees, reflecting growth in assets under management, primarily driven by net inflows as well as market appreciation, higher MSR valuation results, net of hedging, and higher overdraft and cash management fees.”

Annual report 2025A · The company itself

“Commercial Banking Net interest income decreased $172 million compared to 2024, driven by lower net interest margin and a decline in average interest-earning assets.”

Annual report 2025A · The company itself

“Interest Rate Risk Interest rate risk emerges from the balance sheet after the aggregation of our assets, liabilities, and equity. We refer to this non-trading risk embedded in the balance sheet as “structural interest rate risk” or “interest rate risk in the banking book.” A major source of structural interest rate risk is a difference in the repricing of assets relative to liabilities and equity.”

Annual report 2025A · The company itself

“A primary source of our structural interest rate risk relates to faster repricing of floating-rate loans relative to core deposit funding. This source of asset sensitivity is more biased toward the short end of the yield curve.”

Annual report 2025A · The company itself

“The secondary source of our interest rate risk is driven by longer term rates comprising the rollover or reinvestment risk on fixed-rate loans, as well as prepayment risk on mortgage-related loans and securities funded by non-rate sensitive deposits and equity.”

Annual report 2025A · The company itself

“Repricing characteristics and balance fluctuations of deposits with indeterminate (i.e., non-contractual) maturities, as well as the pace of mortgage prepayments are the most significant behavioral assumptions.”

Annual report 2025A · The company itself

“As the following table illustrates, our balance sheet is slightly asset sensitive; net interest income would benefit from an increase in interest rates, while exposure to a decline in interest rates is within limits established and monitored by senior management. While an instantaneous and severe shift in interest rates is included in this analysis, we believe that any actual shift in interest rates would be more gradual and, therefore, have a more modest impact.”

Annual report 2025A · The company itself

“EVE measures the extent to which the economic value of assets, liabilities, and off-balance sheet instruments may change in response to fluctuations in interest rates.”

Annual report 2025A · The company itself

“Credit ratings assigned by agencies such as Moody’s, Standard and Poor’s, and Fitch impact our access to unsecured wholesale market funds and to large uninsured customer deposits and are presented in the table below. We currently have a “stable” outlook at Standard & Poor’s, a “stable” outlook at Moody’s, and a “positive” outlook at Fitch. Changes in our public credit ratings could affect both the cost and availability of our wholesale funding.”

Annual report 2025A · The company itself

“Under the income approach, cash flow projections are based on multi-year financial forecasts developed for each reporting unit that consider key business drivers such as new business initiatives, customer retention standards, market share changes, anticipated loan and deposit growth, fees and expenses, forward interest rates, historical performance, credit performance, and industry and economic trends, among other considerations.”

Annual report 2025A · The company itself

“The ongoing war in Ukraine and broader geopolitical instability continue to influence energy security policies, supply chains, inflation rates, and interest rate environments.”

Annual report 2024A · The company itself

“Cloudberry is exposed to various financial risks, including power price volatility, interest rate risk, currency fluctuations, credit risk, and liquidity risk.”

Annual report 2024A · The company itself

“Interest rate risk primarily relates to Cloudberry’s debt portfolio, which is managed to balance long-term cost efficiency with cash flow stability. The company’s projects are typically financed through a mix of equity and debt, making Cloudberry sensitive to increases in interest rates, which directly impact financing costs and profitability.”

Annual report 2024A · The company itself

“At year end we have a NOK 2.2 billion credit facility in place with approximately NOK 1.6 billion drawn ensuring financial flexibility for new opportunities in addition to a cash position of close to NOK 900 million and a high equity ratio.”

Annual report 2024A · The company itself

“The company has secured a NOK 2.2 billion credit facility in 2023, with NOK 1.6 billion currently utilized. Over 80% of total debt was hedged at rates below 4%, ensuring stability despite power price fluctuations.”

Annual report 2024A · The company itself

“Adjusted for this, the underlying costs for 2024 decreased compared to 2023. • Cloudberry has an attractive NOK 2.20 billion credit facility in with an additional accordion of NOK 300m. At year end, approximately NOK 1.60 billion was utilized.”

Annual report 2024A · The company itself

“Our business, operating results, financial condition and liquidity may be adversely affected by changes in global economic conditions, including global inflationary pressures, prevailing interest rates, credit market conditions, increased unemployment, levels of consumer and business confidence, bank failures, commodity (including energy) prices and supply, a recession or economic slowdown, trade policies, foreign currency exchange rates, changing policy positions or priorities, governmental rules and approaches to taxation, levels of government spending and deficits, and actual or anticipated default on sovereign debt.”

Annual report 2025A · The company itself

“Volatile, negative or uncertain economic and geopolitical conditions, including as a result of recession or slowing economic growth, inflation, higher interest rates, tightening of credit markets and changes in trade policy (including trade disputes, the threat or imposition of tariffs or other trade restrictions and related retaliatory actions), have in the past and could in the future cause our clients to reduce, postpone or cancel spending on new or existing projects with us, negatively affecting our business and making it more difficult for us to accurately forecast client demand and have available the right resources to profitably address such client demand.”

Annual report 2025A · The company itself

“We have a substantial amount of debt, which could adversely affect our business, financial condition, or results of operations and prevent us from fulfilling our debt-related obligations. As of June 30, 2026, we had approximately $3.2 billion of outstanding indebtedness on a consolidated basis, including under (i) our $1.1 billion senior secured incremental term A loan facility (the “Term Loan A Facility”), (ii) our approximately $1.1 billion senior secured term loan B facility (the “Term Loan B Facility”, and together with the Term Loan A Facility, the “Senior Credit Facilities”) and (iii) our $990 million 5.000% senior notes due 2029 (the “2029 Notes”).”

Annual report 2026A · The company itself

“Custodial Interest We earn interest on customer custodial funds held at third-party depository institutions, which is influenced by customer funds on our platform and prevailing interest rates.”

Annual report 2025A · The company itself

“Interest rate fluctuations could negatively impact us. The level of prevailing short-term interest rates affects our profitability because we derive a large portion of our revenue from interest earned on funds deposited with us by our customers which we hold on their behalf in custodial accounts at financial institutions and from stablecoin revenue, which is derived from interest earned on payment stablecoins, such as USDC reserve balances, as well as from interest earned on cash and other cash equivalents. Higher interest rates increase the amount of interest and finance fee income and stablecoin revenue earned from these activities.”

Annual report 2025A · The company itself

“Further, because stablecoin revenue from payment stablecoins has become an increased portion of our subscription and services revenue, if interest rates were to significantly decline, our net revenue could decline.”

Annual report 2025A · The company itself

“Such revenue depends on a variety of factors, including demand for our subscription and services offerings, demand for payment stablecoins, the overall payment stablecoin market capitalization, the mix of payment stablecoin balances held in Coinbase products as compared to that held off-platform, interest rates, and our ongoing relationships with third parties, such as Circle.”

Annual report 2025A · The company itself

“We may not be able to generate sufficient cash to service our debt and other obligations, including our obligations under the 2026 Convertible Notes, 2029 Convertible Notes, 2030 Convertible Notes, 2032 Convertible Notes, and Senior Notes. Our ability to make payments on our indebtedness, including the 2026 Convertible Notes, 2029 Convertible Notes, 2030 Convertible Notes, 2032 Convertible Notes, and Senior Notes, and our other obligations will depend on our financial and operating performance, which is subject to prevailing economic and competitive conditions and to certain financial, business and other factors beyond our control.”

Annual report 2025A · The company itself

“As of December 31, 2025, we had approximately $7.28 billion in aggregate principal amount of outstanding long-term indebtedness (excluding crypto asset borrowings), which includes $1.74 billion of our Senior Notes, $1.27 billion of our 2026 Convertible Notes, $1.50 billion of our 2029 Convertible Notes, $1.27 billion of our 2030 Convertible Notes, and $1.50 billion of our 2032 Convertible Notes.”

Annual report 2025A · The company itself

“Inflation and rising interest rates, especially in Europe, increased input costs and placed pressure on our gross profit margins.”

Annual report 2025A · The company itself

“The net expense includes interest expenses of DKK 722 million, compared to DKK 762 million last year, mostly related to the financing of the Atos Medical acquisition.”

Annual report 2025A · The company itself

“At 30 September 2025, Coloplast had net interestbearing debt of DKK 21,692 million, against DKK 21,841 million at 30 September 2024. The gearing ratio at the end of the period was 2.4x EBITDA (before special items).”

Annual report 2025A · The company itself

“FINANCIAL AND ECONOMIC RISKS Indebtedness, credit ratings, interest rate fluctuations, and credit market disruptions or volatility We have incurred indebtedness to finance investments and acquisitions, refinance other indebtedness, fund beer operations capacity additions and other capital expenditures, pay cash dividends, repurchase shares of our common stock, and fund other general corporate purposes, including working capital. In the future, we may continue to incur indebtedness for any or all of these activities.”

Annual report 2026A · The company itself

“We are exposed to risks associated with interest rate fluctuations, including for our variable interest rate debt, and disruption or volatility in the credit markets.”

Annual report 2026A · The company itself

“The current interest rate environment is elevated relative to the interest rates on certain of our outstanding indebtedness that will be maturing over the next several years. If we experience reduced access to credit or higher future interest rates to refinance our maturing indebtedness, to incur additional indebtedness, or on our variable interest rate exposures, it could increase our overall interest expense and adversely affect our liquidity and capital resources.”

Annual report 2026A · The company itself

“In addition, certain of our debt and derivative financial instruments have, or in the future could have, interest rates that are tied to reference rates, such as SOFR.”

Annual report 2026A · The company itself

“Unfavorable global or regional economic conditions, including trade barriers, tariffs, trade wars, economic slowdown or recession, instability in the banking sector, and the disruption, volatility, and tightening of credit and capital markets, as well as unemployment, tax increases, governmental spending cuts, or continuing high levels of inflation, could affect consumer spending patterns and purchases of our products.”

Annual report 2026A · The company itself

“If we do not comply with the obligations contained in our senior credit facility, our existing or future indentures, or other loan agreements, we could be in default under such debt facilities or agreements. In such an event, the holders of our debt could elect to declare as due and payable all amounts outstanding under those instruments.”

Annual report 2026A · The company itself

“Efter en periode med fald i transaktionsvolumen, var niveauet i 2025 steget med mere end 30% sammenlignet med året forinden. Den Europæiske Centralbank sænkede i 2025 renten til 2%, hvilket sammenholdt med at den økonomiske usikkerhed globalt synes at være aftaget, har medvirket til at ejendomsmarkedet er landet på et stabilt sted.”

Annual report 2025A · The company itself

“Rentestigninger vil som udgangspunkt have en negativ effekt på selskabets resultat, eftersom finansieringsomkostningerne alt andet lige vil stige sammen med renten.”

Annual report 2025A · The company itself

“Periodens finansielle udgifter steg med 22,6% og er opgjort netto til kr. 21,4 mio. i 2025 mod kr. 17,4 mio. for 2024.”

Annual report 2025A · The company itself

“Ledelsen i Copenhagen Capital koncernen fokuserer på ejendommens grundlæggende drift, og søger at afdække renterisici i et passende omfang. Strategien justeres løbende i forhold til forventninger til renteudviklingen, rentekurven og renterisikoen på den eksisterende låneportefølje.”

Annual report 2025A · The company itself

“Marknadsvärdet för Corems förvaltningsfastigheter uppgick per 31 december 2024 till 55 205 mkr (58 033).”

Annual report 2024A · The company itself

“Orealiserade värdeförändringar förklaras främst av höjda bedömda avkastningskrav.”

Annual report 2024A · The company itself

“De senaste årens inflationsökning har tydligt präglat fastighetsmarknaden genom högre finansieringskostnader och stigande direktavkastningskrav.”

Annual report 2024A · The company itself

“I takt med ett lägre inflationstryck och sjunkande marknadsräntor den senare halvan av året, ökade omsättningen igen på den svenska fastighetsmarknaden 2024 och bedömningen är att avkastningskraven har stabiliserats och värdeminskningen generellt har stannat av.”

Annual report 2024A · The company itself

“De räntebärande skulderna utgjorde vid årets utgång 51 procent (52) av Corems totala finansiering.”

Annual report 2024A · The company itself

“I syfte att begränsa ränterisken har Corem räntesäkrat, med hjälp av ränteswappar, 80 procent (63) av de räntebärande skulderna, 25 012 mkr (21 012), mot fast ränta. Vanliga fasträntelån uppgår till 2 procent (1), eller 502 mkr (582).”

Annual report 2024A · The company itself

“Genomsnittlig ränta och räntetäckningsgrad Vid årets slut uppgick Corems genomsnittliga ränta till 4,6 procent (4,4).”

Annual report 2024A · The company itself

“Adverse effects on demand for our business-related products and services, from unfavorable macroeconomic conditions, weather conditions, natural catastrophes or public health crises or from changes to business purchasing practices, could adversely affect our financial condition and operating results. Adverse macroeconomic conditions within the U.S. or internationally, including but not limited to recessions or economic downturns, inflation, rising or volatile interest rates, deteriorating credit conditions, labor shortages and disputes, high unemployment, currency fluctuations, actual or anticipated large-scale defaults or failures, terrorist attacks, prolonged or recurring government shutdowns, regional or domestic hostilities, and economic sanctions and export controls (including tariffs), as well as the prospect or occurrence of more widespread conflicts, rising energy prices, a slowdown of global trade, and reduced consumer, small business, government and corporate spending, have a direct impact on the demand for our business-related products, including fuel, lodging and payment services.”

Annual report 2025A · The company itself

“The impact of acquisitions has, and may continue to have, a significant impact on our results of operations and may make it difficult to compare our results between periods. •Interest rates—We are exposed to market risk changes in interest rates on our debt, particularly in rising interest rate environments, which is partially offset by incremental interest income earned on cash and restricted cash. As of December 31, 2025, we have a number of receive-variable SOFR, pay-fixed interest rate swap derivative contracts with a cumulative notional U.S. dollar value of $4.5 billion. The objective of these contracts is to reduce the variability of cash flows in the previously unhedged interest payments associated with variable rate debt, the sole source of which is due to changes in SOFR benchmark interest rate.”

Annual report 2025A · The company itself

“Our operating results and revenue are subject to fluctuations, and our quarterly financial results may be subject to market cyclicality, each of which could negatively affect our stock price. The real estate market may be influenced by general economic conditions, economic cycles, changes in interest rates, seasonality, and many other factors, which in turn may impact our financial results. The different sectors of the large and fragmented real estate industry, such as office, industrial, retail, multifamily, single family, and others, are influenced differently by different factors, and have historically moved through economic cycles with different timing.”

Annual report 2025A · The company itself

“Our success and revenue depend on attracting and retaining subscribers to our information, analytics, and online marketplace services, which generate the largest portion of our revenue. Our renewal rate, net new booking and revenue may not grow, or could decrease, if we cannot attract new customers, continue to keep our cancellation rate low, and continue to sell new services to our existing customers, which may occur as a result of several factors, including, continuing global economic and geopolitical volatility, economic pressures, and the impact of inflation on our costs and on customer spending; the business failure of current clients; customer decisions that they do not need our services or to use alternative services; customers’ and potential customers’ budgetary constraints; consolidation in the real estate and/or financial services industries; data quality; technical problems; competitive pressures; or devaluation of the local currencies of international customers relative to the U.S. dollar which impairs the purchasing power of such customers.”

Annual report 2025A · The company itself

“Risks related to our indebtedness We have a significant amount of indebtedness, which could decrease our flexibility and adversely affect our business, financial condition, and results of operations. As of December 31, 2025, we had $1.0 billion of Senior Notes outstanding and an additional approximately $1.1 billion available to be drawn under the 2024 Credit Agreement.”

Annual report 2025A · The company itself

“Borrowings under the 2024 Credit Agreement bear interest at varying rates and expose us to interest rate risk.”

Annual report 2025A · The company itself

“In addition, the 2024 Credit Agreement requires us to comply with a maintenance covenant that we will not exceed a total net leverage ratio, calculated as total consolidated debt, net of up to $1.0 billion of unrestricted cash and cash equivalents, to consolidated EBITDA, of 4.50 to 1.00. The operating restrictions and financial covenants in the 2024 Credit Agreement may limit our ability to finance future operations or capital needs, to engage in other business activities, or to respond to changes in market conditions.”

Annual report 2025A · The company itself

“Risks Related to Our Industry and Our Business Industry Cyclicality and Economic Conditions CRH’s business depends on construction demand, and construction activity is inherently cyclical and influenced by multiple factors, including global and national economic circumstances (particularly those affecting the infrastructure and construction markets), monetary policy, consumer sentiment, swings in fuel and other input costs, and weather conditions that may, individually or collectively, disrupt outdoor construction activity.”

Annual report 2025A · The company itself

“In general, economic uncertainty and rising interest rates can exacerbate negative trends in construction activity, including when current and/or prospective customers are unable to obtain credit or issue bonds, which can lead to the postponement, delay and/or cancellation of projects, and an associated negative impact on demand for building materials and related services.”

Annual report 2025A · The company itself

“As of January 31, 2026, we had $750.0 million principal amount of indebtedness outstanding (excluding intercompany indebtedness). Our indebtedness could have important consequences, including: •limiting our ability to obtain additional financing to fund future working capital, capital expenditures, acquisitions or other general corporate requirements; •requiring a portion of our cash flows to be dedicated to debt service payments instead of other purposes, thereby reducing the amount of cash flows available for working capital, capital expenditures, acquisitions and other general corporate purposes; 49 Table of Contents •increasing our vulnerability to adverse changes in general economic, industry and competitive conditions; and •increasing our cost of borrowing.”

Annual report 2026A · The company itself

“A slowdown in demand for data or our communications infrastructure may negatively impact our growth or otherwise have a material adverse effect on us. If our current or potential tenants are unable to raise adequate capital to fund their business plans, as a result of disruptions in the financial and credit markets or otherwise, they may reduce their spending, which could adversely affect our anticipated growth or the demand for our communications infrastructure or services.”

Annual report 2025A · The company itself

“An increase in interest rates driven by the Federal Reserve would increase our cost of borrowing. Between March 2022 and August 2023 the Federal Reserve raised the federal funds rate from 0.20% to 5.33%. As of February 19, 2026, approximately 19% of our outstanding indebtedness consisted of variable interest rates. Any prolonged period of elevated interest rates or further increases to interest rates on such debt could continue to adversely impact our financial results and our ability to meet our dividend growth targets, strategically deploy our capital or execute our business plan.”

Annual report 2025A · The company itself

“Economic conditions and the credit markets have historically experienced, and may continue to experience, periods of volatility, uncertainty, or weakness that could impact (1) the availability or cost of debt financing, including any refinancing of the obligations described above, (2) our ability to draw the full amount of our $7.0 billion senior unsecured revolving credit facility under our 2016 Credit Facility ("2016 Revolver"), that, as of February 19, 2026, had $5.2 billion of undrawn availability, or (3) our ability to issue the full amount of the $2.0 billion commercial paper notes ("Commercial Paper Notes") under our unsecured commercial paper program ("CP Program"), that, as of February 19, 2026, had $1.9 billion outstanding. If we are unable to repay or refinance our debt, we cannot guarantee that we will be able to generate enough cash flows from operations or that we will be able to obtain enough capital to service our debt, fund our planned capital expenditures or pay future dividends.”

Annual report 2025A · The company itself

“Risks Relating to Our REIT Status Future dividend payments to our stockholders will reduce the availability of our cash on hand available to fund future discretionary investments, and may result in a need to incur indebtedness or issue equity securities to fund growth opportunities. In such event, the then current economic, credit market or equity market conditions will impact the availability or cost of such financing, which may hinder our ability to grow our per share results of operations.”

Annual report 2025A · The company itself

“Sales Contracts and Backlog Our sales contracts require an earnest money deposit which varies in amount across our markets and communities. Additionally, customers are generally required to pay additional deposits if they select options or upgrade features for their homes. Our sales contracts include a financing contingency which permits customers to cancel and receive a refund of their deposit if they cannot obtain mortgage financing at prevailing or specified interest rates within a defined period.”

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

“In an effort to lower the rate of inflation, the Federal Reserve raised interest rates significantly, which has resulted in higher mortgage interest rates. The increase in mortgage interest rates has reduced the affordability of our homes and has required us to use pricing adjustments and incentives to adapt to current market conditions.”

Annual report 2025A · The company itself

“Changes in prevailing interest rates may affect the cost of our debt service obligations, because borrowings under the homebuilding, rental and Forestar revolving credit facilities and mortgage repurchase facilities bear interest at floating rates.”

Annual report 2025A · The company itself

“As of September 30, 2025, our consolidated debt was $6.0 billion, which consisted of $3.2 billion related to our homebuilding segment, $1.4 billion related to our financial services segment, $803 million related to our Forestar segment and $600 million related to our rental segment.”

Annual report 2025A · The company itself

“Our business is sensitive to general economic conditions, such as elevated inflation and interest rates that have been experienced in domestic and international markets in recent years as well as the policy disruptions and uncertainties that have followed the 2025 change in administration in the U.S. Our operational costs, including the cost of energy, materials, labor, distribution and our other operational and facilities costs are subject to market conditions, including inflationary pressures.”

Annual report 2025A · The company itself

“Certain of our businesses have also experienced cyclical dynamics as a result of factors such as inventory de-stocking, high interest rates and depressed funding levels for biotechnology companies.”

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

“To support financing solutions and services as part of the portfolio, Dell Financial Services and its affiliates (“DFS”) originate, collect, and service customer receivables primarily related to the purchase or use of our product, software, and services offerings. DFS funded $11.9 billion of originations in Fiscal 2026 and as of January 30, 2026 maintains a $14.3 billion global portfolio of financing receivables with a strong credit quality.”

Annual report 2026A · The company itself

“Adverse economic conditions may negatively affect customer demand, and could result in postponed or decreased spending amid customer concerns over elevated inflation and interest rates or slowing demand for our products, reduced asset values, volatile energy costs, the availability and cost of credit, and the stability of financial institutions, financial markets, businesses, local and state governments, and sovereign nations.”

Annual report 2026A · The company itself

“As of January 30, 2026, we and our subsidiaries had approximately $31.5 billion of indebtedness.”

Annual report 2026A · The company itself

“Our Debt May Limit Our Liquidity and Financial Flexibility, and Any Downgrade of Our Credit Rating Could Adversely Impact Us As of December 31, 2025, we had total indebtedness of $8.4 billion. Our indebtedness and other financial commitments have important consequences to our business, including, but not limited to: • requiring us to dedicate a portion of our liquidity to debt service payments, thereby limiting our ability to fund working capital, capital expenditures, investments or acquisitions and other general corporate purposes; • increasing our vulnerability to general adverse economic and industry conditions, including low commodity price environments; and • limiting our ability to obtain additional financing due to higher costs and more restrictive covenants.”

Annual report 2025A · The company itself

“For example, current economic conditions, including relatively high interest rates, inflation and potential economic slowdowns, as well as our business decisions, may reduce the value of some of our assets.”

Annual report 2025A · The company itself

“The Amended Credit Agreement is a five-year $200.0 million revolving credit facility, or the Credit Facility. As of December 31, 2025, we had no outstanding borrowings, $7.9 million in outstanding letters of credit, and a total available balance of $192.1 million under the Amended Credit Agreement.”

Annual report 2025A · The company itself

“In May 2023, we completed an offering of approximately $1.25 billion aggregate principal amount of 0.375% unsecured senior convertible notes due 2028, or the Notes or the 2028 Notes, which offering we refer to as the Notes Offering. As a result of the Notes Offering, we incurred $1.25 billion principal amount of indebtedness, the principal amount of which we may be required to pay at maturity.”

Annual report 2025A · The company itself

“We have incurred a substantial amount of debt to finance our recent acquisitions and for other corporate purposes. Our ability to make scheduled payments of the principal, to pay interest on or to refinance our indebtedness, including our senior notes, depends on our future performance, which is subject to economic, financial, competitive and other factors beyond our control.”

Annual report 2025A · The company itself

“We have substantial debt and face risks associated with the use of debt to fund our business activities, including refinancing and interest rate risks. Our total consolidated indebtedness at December 31, 2025 was approximately $18.6 billion, and we may incur significant additional debt to finance future acquisition, investment and development activities.”

Annual report 2025A · The company itself

“Our substantial indebtedness currently requires us to dedicate a significant portion of our cash flow from operations to debt service payments, which reduces the availability of our cash flow to fund working capital, capital expenditures, expansion efforts, distributions and other general corporate purposes.”

Annual report 2025A · The company itself

“Norges Bank opprettholdt styringsrenten på 4,50 prosent gjennom året, for å balansere behovet for å forankre inflasjonsforventningene med ønsket om å dempe risikoen for langvarig stagnasjon i økonomien.”

Annual report 2024A · The company itself

“I første halvår 2024 var rentene i Europa høyere enn de hadde vært på lenge. Kombinert med forventningen om rentefall i Norge, førte dette til stor interesse fra europeiske investorer.”

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

“Norges Bank hevet styringsrenten til 4,5 prosent i desember 2023 for å motvirke inflasjonen. Sentralbanken holdt renten uendret gjennom 2024, men signaliserte i desember at renten mest sannsynlig vil bli satt ned i mars 2025.”

Annual report 2024A · The company itself

“Tremåneders Nibor var 4,68 prosent ved utgangen av fjoråret, 5 basispunkter lavere enn ett år før. Stabiliteten i pengemarkedsrenten skyldtes først og fremst at styringsrenten lå i ro på 4,5 prosent gjennom hele året.”

Annual report 2024A · The company itself

“Despite inflation moderation and some recent declines in interest rates, both inflation and interest rates remain at elevated levels, which significantly increases our new store opening costs and occupancy costs, pressuring new store returns and influencing our new store growth plans.”

Annual report 2026A · The company itself

“Changes in the credit and capital markets, including market disruptions, limited liquidity and interest rate increases, may increase the cost of financing or restrict our access to these potential sources of future liquidity.”

Annual report 2026A · The company itself

“We believe ongoing inflationary pressures could continue to affect our vendors and customers and our operating results. Both inflation and higher interest rates have significantly increased new store opening costs and occupancy costs in recent years and, while new store returns remain strong, these increased costs have negatively impacted our projected new store returns and influenced our new store growth plans.”

Annual report 2026A · The company itself

“Our debt securities currently are rated investment grade, and a downgrade of this rating likely would negatively impact our access to the debt capital markets and increase our cost of borrowing. As a result, disruptions in the debt markets or any downgrade of our credit ratings could adversely affect our business operations and financial condition and our ability to return cash to our shareholders.”

Annual report 2026A · The company itself

“We believe that these macroeconomic factors, including inflationary pressures and higher interest rates, negatively affect our customers and impact our sales.”

Annual report 2026A · The company itself

“Changes in the credit and capital markets, including as a result of financial market disruptions, rising interest rates, bank failures or other macroeconomic conditions, could increase the cost of financing or restrict our access to these potential sources of future liquidity.”

Annual report 2026A · The company itself

“In addition, we have exposure to future interest rates based on variable rates under our revolving credit facility and issuances under our commercial paper program and to the extent we raise additional debt in the capital markets to meet maturing debt obligations or otherwise. Significant and sustained increases in market interest rates could materially increase our financing costs and negatively impact our reported results.”

Annual report 2026A · The company itself

“The Companies’ ability to invest the significant financial resources necessary for the CVOW Commercial Project is dependent on the Companies’ access to the financial markets in a timely and cost-effective manner. A decline in the Companies’ credit worthiness, an unfavorable market reputation of either the Companies or their industry or general market disruptions could adversely impact financing costs and increase the overall cost of the project.”

Annual report 2025A · The company itself

“An inability to access financial markets and, in the case of Dominion Energy, obtain cash from subsidiaries could adversely affect the execution of the Companies’ business plans. The Companies rely on access to short-term money markets and longer-term capital markets as significant sources of funding and liquidity for business plans with increasing capital expenditure needs, normal working capital and collateral requirements related to hedges of future sales and purchases of energy-related commodities. Deterioration in the Companies’ creditworthiness, as evaluated by credit rating agencies or otherwise, or declines in market reputation either for the Companies or their industry in general, or general financial market disruptions outside of the Companies’ control could increase their cost of borrowing or restrict their ability to access one or more financial markets.”

Annual report 2025A · The company itself

“Additionally, changes in interest rates will affect the liabilities under Dominion Energy’s pension 33 and other postretirement benefit plans; as interest rates decrease, the liabilities increase, potentially requiring additional funding.”

Annual report 2025A · The company itself

“We have a substantial amount of indebtedness. As of December 28, 2025, our consolidated total indebtedness was approximately $4.82 billion.”

Annual report 2025A · The company itself

“Our interest expense could also be increased by rising interest rates.”

Annual report 2025A · The company itself

“Our 2025 Variable Funding Notes bear interest at fluctuating interest rates based on the Secured Overnight Financing Rate (“Term SOFR”), plus a spread adjustment. Accordingly, a rising interest rate environment could result in higher interest expense due on borrowings under our 2025 Variable Funding Notes, in which event we may have difficulties making interest payments and funding our other fixed costs, and our available cash flow for general corporate requirements may be adversely affected.”

Annual report 2025A · The company itself

“Customer growth and customer usage are affected by several factors outside the control of the Duke Energy Registrants, such as mandated EE measures, demand-side management goals, advancements in technology that may impact the energy usage by large commercial customers, such as data centers, distributed generation resources and economic and demographic conditions, such as inflation, tariffs, and interest rate volatility, population changes, job and income growth, housing starts, new business formation and the overall level of economic activity.”

Annual report 2025A · The company itself

“Completion of these types of large projects is subject to substantial delay or cost overrun risks that have, or may occur again, in the future, including those related to labor costs, availability of materials, productivity of workforce/equipment; as well as supply chain issues including, quality, availability, disruptions and potential tariff impacts; weather related delays; start up issues; public and regulatory support; transmission grid interconnection issues; and potential for increased financing costs as a result of interest rates and impact of delays including loss of otherwise available tax credits and incentives.”

Annual report 2025A · The company itself

“LIQUIDITY, CAPITAL REQUIREMENTS AND COMMON STOCK RISKS The Duke Energy Registrants rely on access to short-term borrowings and longer-term debt and equity markets to finance their capital requirements and support their liquidity needs. Access to those markets can be adversely affected by a number of conditions, many of which are beyond the Duke Energy Registrants’ control.”

Annual report 2025A · The company itself

“Additionally, rapidly rising interest rates could impact the ability to cost- effectively finance the capital plan or increase rates to customers and could have an impact on our ability to execute on our energy modernization.”

Annual report 2025A · The company itself

“Bolagets räntebärande skuld ökade efter förvärven och därmed också räntekostnaderna. Den genomsnittliga räntenivån steg, även om det noterades en viss nedgång under det fjärde kvartalet.”

Annual report 2024A · The company itself

“Återgång till kontoren, i kombination med lägre nybyggnation, borde innebära ett tryck uppåt på hyresnivåerna och vi har sett tendenser till detta i både Warszawa och Vilnius.”

Annual report 2024A · The company itself

“Många faktorer förbättrades på Eastnines marknader under 2024 – inflationen sjönk, den europeiska centralbanken sänkte styrräntan och transaktionsaktiviteten på fastighets marknaden ökade.”

Annual report 2024A · The company itself

“För eurozonen väntas en modest tillväxt och prognosen är därför att ECB fortsätter med fler räntesänkningar under 2025.”

Annual report 2024A · The company itself

“Den europeiska centralbanken sänkte under 2024 sin viktigaste styrränta, depositräntan. Sänkningarna fortsatte i februari 2025, då till 2,75 procent.”

Annual report 2024A · The company itself

“Vid årets slut uppgick den genomsnittliga räntenivån till 4,5 procent (4,0), efter att ha varit 4,7 procent som högst under året. Eastnine använder räntederivat som försäkring mot högre räntekostnader vid stigande marknadsräntor.”

Annual report 2024A · The company itself

“Risk för ökade kostnader för räntebärande skulder samt lägre ränteintäkter på likvida medel, kopplade till förändringar i marknadsräntor, påverkar resultat och kassaflöde. Räntekostnader utgör normalt en av de största kostnadsposterna i ett fastighetsbolag och är därför av stor vikt för Bolagets resultat.”

Annual report 2024A · The company itself

“Eastnine finansieras idag via banklån samt ett mindre direktlån från pensionsfonder.”

Annual report 2024A · The company itself

“Den för fastig hetsmarknaden viktiga femårsswapen, som är kostnaden för att binda räntan på ett femårigt lån, sjönk till runt 2,20-2,30 procent för EUR- denominerade lån i slutet på 2024, från att ha legat i spannet 3,00–3,50 procent under 2023.”

Annual report 2024A · The company itself

“Eastnine eftersträvar en belåningsgrad kring 50 procent över en konjunkturcykel, med en övre gräns på 60 procent.”

Annual report 2024A · The company itself

“• Eastnine eftersträvar en belåningsgrad kring 50 procent över en konjunkturcykel. Belåningsgraden ska inte överstiga 60 procent. • Räntetäckningsgraden ska uppgå till minst 2,0 ggr.”

Annual report 2024A · The company itself

“Adverse changes in the credit markets including, but not limited to, rising interest rates and macro-economic conditions, could increase our borrowing costs and/or make it more difficult for us to obtain financing for our operations or for us to refinance existing indebtedness on favorable terms.”

Annual report 2025A · The company itself

“Continued or prolonged higher interest rates could increase our cost of capital and require us to devote a higher percentage of our cash flow to interest payments, which could have a material adverse effect on our financial results.”

Annual report 2025A · The company itself

“As of December 31, 2025, our total debt, finance lease and other obligations (including current portion) outstanding, including the debt of our subsidiaries, was $25.980 billion.”

Annual report 2025A · The company itself

“SCE may finance balancing account undercollections and working capital requirements to support operations and capital expenditures with commercial paper, its credit facilities or other borrowings, subject to availability in the bank and capital markets and within levels authorized by the CPUC. As necessary, SCE will utilize its available liquidity, capital market financings, other borrowings or parent company equity contributions to SCE in order to meet its obligations as they become due, including costs related to the wildfire events.”

Annual report 2025A · The company itself

“MARKET RISK EXPOSURES Edison International's and SCE's primary market risks include fluctuations in interest rates, commodity prices and volumes, investment prices, and counterparty credit. Interest Rate Risk Edison International and SCE are exposed to changes in interest rates primarily as a result of financing, investing and borrowing activities used for liquidity purposes, and to fund business operations and capital investments.”

Annual report 2025A · The company itself

“However, S&P downgraded SCE's long-term issuer credit rating.”

Annual report 2025A · The company itself

“SCE also has approximately $2.3 billion available to borrow on its $3.4 billion revolving credit facility. The credit facility is available for borrowing needs until May 2029.”

Annual report 2025A · The company itself

“RISKS RELATING TO SOUTHERN CALIFORNIA EDISON COMPANY Regulatory and Legislative Risks SCE's financial results depend upon its ability to recover its costs and to earn a reasonable rate of return on capital investments in a timely manner from its customers through regulated rates. SCE's ongoing financial results depend on its ability to recover its costs from its customers, including the costs of electricity purchased for its customers, through the rates it charges its customers as approved by the CPUC and FERC. SCE's financial results also depend on its ability to earn a reasonable return on capital, including long-term debt and equity.”

Annual report 2025A · The company itself

“SCE's CPUC-authorized cost of capital is subject to potential adjustment should interest rates move substantially in years between cost of capital proceedings.”

Annual report 2025A · The company itself

“Financing Risks As a capital-intensive company, SCE relies on access to the bank and capital markets. If SCE were unable to access these markets or the cost of financing were to substantially increase, its liquidity and operations could be materially affected.”

Annual report 2025A · The company itself

“SCE's ability to obtain financing, as well as its ability to refinance debt and make scheduled payments of principal and interest, are dependent on numerous factors, including SCE's levels of indebtedness, maintenance of acceptable credit ratings, financial performance, liquidity and cash flow, increases in interest rates and credit spreads due to inflationary pressures, and other market conditions.”

Annual report 2025A · The company itself

“Edison International and SCE could be materially and adversely impacted by catastrophic, macroeconomic and geopolitical events, such as the effects of increased inflationary pressures and interest rates, potential economic downturns or recessions, geopolitical pressures, and pandemics and regional health emergencies.”

Annual report 2025A · The company itself

“2025 med at opjustere forventningerne til årets EBVAT fra DKK 13 til 14,5 mio. til DKK 14 til 17 mio. Den positive ændring i forventningerne til driftsresultatet var knyttet til rentefaldene forårsaget af, at Den Europæiske Centralbank (ECB) sænkede renten henholdsvis i slutningen af januar, starten af marts og senest midt i april 2025, hver gang med 0,25%. En del af selskabets finansiering var på det tidspunkt i helt korte lån, hvilket betød, at selskabet straks kunne drage nytte af udviklingen med faldende renteudgifter til følge.”

Annual report 2025A · The company itself

“I forbindelse med de hastigt stigende renter i begyndelsen af den geopolitiske krise udløst af Ukrainekrigen foretog selskabet en låneomlægning til forholdsvis korte lån. Denne strategi muliggjorde en fordelagtig tilpasning, da renteniveauet stabiliserede sig i 2025.”

Annual report 2025A · The company itself

“Ændringer af omkostninger til vedligeholdelse af ejendommene, politiske og geopolitiske forhold samt ændringer i finansieringsforholdene vil kunne påvirke resultatet.”

Annual report 2025A · The company itself

“Koncernen har optaget rentebærende gæld i forbindelse med ejendomsinvesteringerne og er derfor følsom overfor rentestigninger, når disse lån skal rentetilpasses.”

Annual report 2025A · The company itself

“Selvom renteniveauet er stabiliseret i 2025, er afkastkravene endnu ikke sænket.”

Annual report 2025A · The company itself

“Koncernen har primo 2026 i forbindelse med refinansiering fået inddelt selskabets realkreditlån i puljer på ca. fjerdedele, der refinansieres hvert fjerde år.”

Annual report 2025A · The company itself

“Higher interest expenses, as an effect of the current net debt combined with high interest rate levels, continued to have a tangible impact on the income statement compared to last year. — Supply Chain Solutions Elanders Sverige AB, which was previously part of the business area Supply Chain Solutions, is as of January 1, 2024, included in Print & Packaging Solutions, which better reflects the Group’s internal reporting structure and the company’s product and service offering.”

Annual report 2024A · The company itself

“Net debt increased by MSEK 921 to MSEK 9,112 compared to MSEK 8,191 at the beginning of the year.”

Annual report 2024A · The company itself

“The challenging conditions of 2023 persisted throughout 2024, with weak growth, high inflation, and high interest rates.”

Annual report 2024A · The company itself

“This rating was downgraded in 2024 due to a slower-than-anticipated recovery in credit metrics amidst ongoing market challenges.”

Annual report 2024A · The company itself

“Under strategiperioden 2024–2026 är den faktiska tidpunkten och värdet för telekomkundernas kapitalinvesteringar osäkra. Dessutom finns det en risk för projektförseningar på grund av högre finansieringskostnader än vad som är acceptabelt för kunderna, speciellt inom nya marknadssegment som e-mobilitet, solenergi och mobil inomhustäckning.”

Annual report 2024A · The company itself

“För koncernen är de främsta marknadsriskerna valutakursrisker, ränterisker och råvaruprisrisker.”

Annual report 2024A · The company itself

“Ränterisker är osäkerheten i det finansiella resultatet eller värdet på koncernen som orsakas av fluktuationer i räntenivåerna. Räntenivårisker kan delas in i två delar: • Ränteflödesrisk är risken för att koncernens nettoräntekostnader förändras på grund av ändrade räntenivåer. • Ränteprisrisk är risken för att det verkliga värdet på finansiella instrument förändras på grund av ändrade räntenivåer.”

Annual report 2024A · The company itself

“Korkoriski Enersense altistuu toiminnassaan korkoriskille voimassa olevien rahoitussopimuksien muuttuvien korkojen sekä rahoituksen saatavuuden kautta. Muutokset makrotaloudellisessa ympäristössä tai rahoitusmarkkinoiden yleisessä tilanteessa voivat vaikuttaa negatiivisesti rahoituksen saatavuuteen, hintaan ja muihin ehtoihin. Korkotason nousulla voisi olla olennainen suora vaikutus saatavilla olevan rahoituksen kustannuksiin ja yhtiön olemassa oleviin rahoitussopimuksien kustannuksiin.”

Annual report 2025A · The company itself

“Efterfrågan i Norden dämpades under året av höga räntor och en avvaktande byggsektor, vilket ledde till att nettoomsättningen minskade med 23 procent.”

Annual report 2024A · The company itself

“Höga räntenivåer och ovisshet kring presidentvalet i USA har bidragit till osäkerhet som också sammanfallit med interna utmaningar.”

Annual report 2024A · The company itself

“Ekonomisk osäkerhet och höga räntor minskade efterfrågan inom byggsektorn under 2024, vilket ledde till lägre grävmaskinsförsäljning. Återförsäljares välfyllda lager bidrog också till svagare efterfrågan och minskad nettoomsättning.”

Annual report 2024A · The company itself

“Osäkerhet kopplat till rådande omvärlds- och konjunktursituation med hög inflation, räntehöjningar, valutaeffekter samt den geopolitiska oron i världen med allt fler väpnade konflikter har haft viss påverkan på engcon under året.”

Annual report 2024A · The company itself

“Inflation och höga räntor, som leder till ökade kostnader och minskad investeringsbenägenhet bland kunder, utgör ytterligare risker.”

Annual report 2024A · The company itself

“Industrial and Commercial Customers Entergy’s large industrial and commercial customers continually explore ways to reduce their energy costs. Entergy responds by working with industrial and commercial customers to negotiate electric service contracts with competitive rates that match specific customer needs and load profiles.”

Annual report 2025A · The company itself

“Business Risks (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) Entergy and its Registrant Subsidiaries depend on access to the capital markets and, at times, may face potential liquidity constraints, which could make it more difficult to handle future contingencies such as natural disasters or substantial increases in gas and fuel prices. Disruptions in the capital and credit markets may adversely affect Entergy’s and its subsidiaries’ ability to meet liquidity needs, or to access capital to operate and grow their businesses, and the cost of capital. Entergy’s business is capital intensive and dependent upon its ability to access capital at reasonable rates and other terms.”

Annual report 2025A · The company itself

“The inability to raise capital on favorable terms, particularly during times of high interest rates and inflation, and uncertainty or reduced liquidity in the capital markets, could negatively affect Entergy and its subsidiaries’ ability to maintain and to expand their businesses.”

Annual report 2025A · The company itself

“Entergy and its subsidiaries have in the past, and may in the future, enter into financial arrangements that are subject to variable interest rates and transactions to hedge variable interest rate risk associated with such financing arrangements, such as interest rate swaps, caps or collars. Entergy’s and its subsidiaries’ use of such hedging strategies may not be effective and may adversely affect their business, results of operations, or financial position.”

Annual report 2025A · The company itself

“The performance of the capital markets affects the values of the assets held in trust under Entergy’s pension and postretirement benefits plans. A decline in the market value of the assets may increase the funding requirements relating to Entergy’s benefit plan liabilities and also result in higher benefit costs.”

Annual report 2025A · The company itself

“It is difficult to predict how escalating geopolitical tensions and trade conflicts may impact inflation, interest rates, and overall economic conditions.”

Annual report 2024A · The company itself

“After several years of moderate newbuild activity, and with break-even rents for newbuilds currently below market rents, new supply will be limited in the years to come. The positive outlook for office demand, combined with a restrained supply side, support expectations of continued market rental growth. Entra’s portfolio is well positioned to capitalise on this market rental growth in the years to come.”

Annual report 2024A · The company itself

“Financial strategy and capital management The debt capital markets improved in 2024, marked by tightening credit margins and a more attractive bond market, particularly in the second half of the year. In Q1 2025, we successfully reintroduced Entra in the bond market and established a new long-term bank financing structure.”

Annual report 2024A · The company itself

“While the Eurozone has already implemented several rate cuts, the Norwegian Central Bank kept rates stable throughout 2024. Anticipated future rate cuts are expected to support continued positive development.”

Annual report 2024A · The company itself

“Project development Typically, the company has had 5-10 per cent of its portfolio in project development. Project development has been brought down over the last years as current market rents are below required break-even rents needed to initiate newbuild projects. This discrepancy between newbuild costs and market rents has arisen after several years of rising construction costs and higher capital costs.”

Annual report 2024A · The company itself

“Financing The Group’s financing is diversified between bank and capital market instruments. The nominal interest-bearing debt of 31 665 million as of year-end has a diversified maturity structure, with an average time to maturity of 3.1 years (3.8 years).”

Annual report 2024A · The company itself

“Further, if the condition of the credit and capital markets materially declines, we might not be able to obtain financing on terms we consider acceptable, if at all. In addition, weakness and/or volatility in domestic and global financial markets or economic conditions or a depressed commodity price environment may increase the interest rates that lenders and commercial paper investors require us to pay or otherwise adversely affect our ability to finance our capital expenditures through debt or equity offerings or other financing transactions.”

Annual report 2025A · The company itself

“Under 2024 steg elefterfrågan i EU med 1,2 procent efter att ha stagnerat under 2022–2023. Förseningar av storskaliga industri- och vätgassatsningar pressade samtidigt ned elprisprognoserna i norra Europa.”

Annual report 2024A · The company itself

“Sammantaget råder en situation med ökad osäkerhet om timing och lönsamhet för ny elproduktion på vissa marknader och inom vissa teknologier, särskilt havsbaserad vind som kräver större kapitalinvesteringar.”

Annual report 2024A · The company itself

“Fokus på lönsamhet i en dämpad marknad Att inga transaktioner genomfördes under 2024 visar på en avvaktande hållning och ökade avkastningskrav bland kunder. Den svaga nordiska marknaden präglas av lägre prognosticerade elpriser, högre kostnader för vindturbiner och ett förhöjt ränteläge.”

Annual report 2024A · The company itself

“Politiska villkor sätter förutsättningar för utveckling av projekt för förnybar energi, men branschen påverkas även av konjunktur, ränteläge, elpriser och valutakurser.”

Annual report 2024A · The company itself

“En höjd ränta skulle fördyra kundernas finansiering och förändringar i långsiktiga elprisprognoser skulle påverka kundernas kalkyler.”

Annual report 2024A · The company itself

“Förändringar i marknadsräntor till följd av inflationsbekämpande penningpolitik kan därför komma att få effekter avseende framtida resultat och lönsamhet.”

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

“EQT fortsätter att dra nytta av sin balansräkning för att driva tillväxtinitiativ och genomföra sin långsiktiga strategi. Under de senaste åren har EQT ökat sin finansiella flexibilitet genom att höja sin hållbarhetsrelaterade revolverande kreditfacilitet och genom att emittera ett antal hållbarhetskopplade obligationer.”

Annual report 2024A · The company itself

“Kreditfaciliteten syftar till att öka EQT:s finansiella flexibilitet och används för företagsändamål samt som stöd i EQT AB-koncernens tillväxtinitiativ och långsiktiga strategi.”

Annual report 2024A · The company itself

“Negative changes in general economic conditions, including interest rates, the level of inflation, unemployment rates, income, home prices, investment values and consumer confidence, could adversely affect us. Our customers, and therefore our business and revenues, are sensitive to negative changes in general economic conditions, including the demand and availability of affordable credit and capital, the level and volatility of interest rates, the level of inflation, employment levels, consumer confidence, and housing demand, both inside and outside the United States.”

Annual report 2025A · The company itself

“Demand for our services tends to be correlated to general levels of economic activity and to consumer credit activity, which can be impacted by changes in interest rates and the level of inflation.”

Annual report 2025A · 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

“We remain in a period of economic uncertainty in the U.S. and the international markets in which we operate, including uncertainty regarding expectations for inflation and interest rates.”

Annual report 2025A · The company itself

“A downgrade in our credit ratings would increase the cost of borrowings under our commercial paper program and $1.5 billion revolving credit facility, and could limit or, in the case of a significant downgrade, preclude our ability to issue commercial paper. If our credit ratings were to decline to lower levels, we could experience increases in the interest cost for any new debt.”

Annual report 2025A · The company itself

“The performance of the financial markets and interest rates impact our plan expenses, expected returns, and funding obligations.”

Annual report 2025A · The company itself

“We remain in a period of economic uncertainty in the U.S. and our global markets, including uncertainty regarding expectations for inflation and interest rates. The direction of global economies, inflation and interest rates will have an impact on demand for our services.”

Annual report 2025A · The company itself

“We expect U.S. mortgage credit activity in 2026 to be slightly below the levels of activity seen in 2025. The U.S. mortgage market, particularly the mortgage refinance portion of the U.S. mortgage market, can be significantly 32 impacted by U.S. interest rates which impact mortgage rates available to consumers.”

Annual report 2025A · The company itself

“Increases in U.S. interest rates may also negatively impact the U.S. mortgage market, which may adversely affect the Company’s revenue, financial position and profitability.”

Annual report 2025A · The company itself

“Interest Rate Risk Our exposure to market risk for changes in interest rates relates to our variable-rate commercial paper and Revolver borrowings. We attempt to achieve the lowest all-in weighted-average cost of debt while simultaneously taking into account the mix of our fixed- and variable-rate debt and the average life and scheduled maturities of our debt.”

Annual report 2025A · The company itself

“Market competition bears directly on the price charged for insurance products and services subject to regulatory limitations. Industry capital levels can also significantly affect prices charged for coverage.”

Annual report 2025A · The company itself

“Table of Contents The performance of the fixed maturity portfolio is subject to a number of risks including, but not limited to: •Interest rate risk - the risk of adverse changes in the value of fixed maturity securities as a result of increases in market interest rates. •Investment credit risk - the risk that the value of certain investments may decrease due to the deterioration in financial condition of, or the liquidity available to, one or more issuers of those securities or, in the case of structured securities, due to the deterioration of the loans or other assets that underlie the securities, which, in each case, also includes the risk of permanent loss. •Sector/Concentration risk - the risk that the portfolio may be too heavily concentrated in the securities of one or more issuers, sectors, or industries.”

Annual report 2025A · The company itself

“Approximately 30% of our fixed maturity portfolio is expected to mature over the next three years.”

Annual report 2025A · The company itself

“Our primary sources of liquidity are management fee revenue and cash flows generated from our investment portfolio.”

Annual report 2025A · The company itself

“Interest Rate Risk We invest primarily in fixed maturity investments, which comprised 85% of our invested assets at December 31, 2025. The value of the fixed maturity portfolio is subject to interest rate risk.”

Annual report 2025A · The company itself

“The Exchange's investment portfolio is comprised principally of fixed income securities, equity securities and limited partnerships. The fixed income portfolio is subject to a number of risks including, but not limited to, interest rate risk, investment credit risk, sector/concentration risk and liquidity risk. The Exchange's common stock and preferred equity securities have exposure to price risk, the risk of potential loss in estimated fair value resulting from an adverse change in prices. Limited partnerships are significantly less liquid and generally involve higher degrees of price risk than publicly traded securities.”

Annual report 2025A · The company itself

“The defined benefit pension plan we offer to our employees is affected by variable factors such as the interest rate used to discount pension liabilities, asset performance, and changes in retirement patterns, which are beyond our control, and any related future cost increases could reduce our profitability.”

Annual report 2025A · The company itself

“Risks Related to Our Indebtedness and Financings Capital and credit market conditions and volatility, including significant fluctuations in the price of the Company’s stock, may affect the Company’s access to sources of capital and/or the cost of capital, which could materially adversely affect the Company’s business, stock price, results of operations, cash flows and financial condition.”

Annual report 2025A · The company itself

“The Company is subject to the risks normally associated with debt financing, including that cash flow may not be sufficient to meet required payments of principal and interest and the REIT distribution requirements of the Code; inability to renew, repay, or refinance maturing indebtedness on encumbered apartment communities on favorable terms or at all, possibly requiring the Company to sell a property or properties on disadvantageous terms; inability to comply with debt covenants could trigger cash management provisions limiting our ability to control cash flows, cause defaults, or an acceleration of maturity dates; paying debt before the scheduled maturity date could result in prepayment penalties; and defaulting on secured indebtedness may result in lenders seeking a foreclosure or pursuing other remedies which would reduce the Company’s income and net asset value, its ability to service other debt, or create taxable income without accompanying cash proceeds, thereby hindering our ability to meet REIT distribution requirements.”

Annual report 2025A · The company itself

“Our ability to make payments on and to refinance our indebtedness and to fund our operations, working capital and capital expenditures, depends on our ability to generate cash in the future. There is a risk that we may not be able to refinance existing 17 Table of Contents indebtedness or that a refinancing will not be done on as favorable terms, which in either case could have a material adverse effect on our financial condition, results of operations and cash flows.”

Annual report 2025A · The company itself

“The Company manages its debt in compliance with debt covenants under its unsecured bank facilities and senior unsecured bonds. However, the Company may increase the amount of outstanding debt at any time without a concurrent improvement in the Company’s ability to service the additional debt, resulting in an increased risk of default on its debt covenants or on its debt obligations and in an increase in debt service requirements.”

Annual report 2025A · The company itself

“Interest rate increases on future credit facilities and debt offerings could be higher than current levels, causing our financing costs to increase accordingly, which could adversely impact our financial position, results of operations and cash flows.”

Annual report 2025A · The company itself

“Our operations, revenues and operating income may be adversely impacted by, for example, increases in unemployment rates, rising interest rates, changing demographics, decreases in the volume of housing market transactions, recessions, perceptions about the safety of our stores, changes in local zoning laws, consequences from climate change, public health emergencies, as well as earthquakes, hurricanes and other natural disasters, terrorist acts, civil disturbances or acts of war.”

Annual report 2025A · The company itself

“Uncertainty in the credit and financial markets may negatively impact our ability to access additional debt financing or to refinance existing debt maturities on favorable terms (or at all), which may negatively affect our ability to make acquisitions and fund development projects. Credit and financial markets can be volatile and may be impacted by diminished liquidity and credit availability, rising interest and inflation rates, declines in economic growth and uncertainty about economic stability as well as geopolitical events such as the ongoing conflict between Russia and Ukraine, Israel and Hamas, and Israel and Iran, terrorism, civil unrest and acts of war.”

Annual report 2025A · The company itself

“If we are required to utilize our revolving lines of credit and commercial paper for purposes other than acquisition activity, this will reduce the amount available for acquisitions and could slow our growth.”

Annual report 2025A · The company itself

“As of December 31, 2025, we had approximately $13,481,899 in total face value of debt, of which approximately $2,415,341 was subject to variable interest rates (excluding debt with interest rate swaps). If the Daily Simple Secured Overnight Financing Rate (“SOFR”) was to increase or decrease by 100 basis points, the increase or decrease in interest expense on the variable-rate debt would increase or decrease future earnings and cash flows by approximately $24,153 annually.”

Annual report 2025A · The company itself

“As of December 31, 2025, we had approximately $13.5 billion of outstanding indebtedness.”

Annual report 2025A · The company itself

“Table of Contents General Risks Macroeconomic downturns or uncertainties may harm our industry, business, and results of operations We operate globally and as a result, our business, revenues, and profitability may be impacted by global macroeconomic conditions. Adverse macroeconomic conditions both in the U.S. and abroad, including, but not limited to, rising interest rates, inflationary pressures on goods and services, challenges in the financial and credit markets, labor shortages, supply chain disruptions, trade uncertainty, adverse changes in global taxation and tariffs, sanctions, outbreaks of pandemic diseases, political unrest and social strife, armed conflicts, or other impacts from the macroeconomic environment could adversely affect our business, financial condition, results of operations and cash flows through, among others, softer demand of our products and services as well as unfavorable increases to our operating costs, which could negatively impact our profitability.”

Annual report 2025A · The company itself

“Transaktionsmiljøets vilkår har været relativt sunde, igen i 2025 på baggrund af en stærk dansk økonomi, høj beskæftigelse og et mere roligt og stabilt renteniveau.”

Annual report 2025A · The company itself

“Pilen har i løbet af året peget mere i retning af yderligere – om end beskedne – rentesænkninger end rentestigninger, men det får vente. Og de fleste aktører mener dog, at et niveau på den korte rente på godt 2% skaber nogle gunstige betingelser, netop når man også tager højde for de øvrige parametre nævnt ovenfor.”

Annual report 2025A · The company itself

“En stigning i det generelle renteniveau med 1 procentpoint vil medføre en stigning i de årlige renteomkostninger før skat på ca. -7,5 mio. kr.”

Annual report 2025A · The company itself

“Selskabet er som følge af sin drift, investeringer og finansiering eksponeret over for ændringer i renteniveauet. Ledelsen følger nøje udviklingen på de finansielle markeder.”

Annual report 2025A · The company itself

“Selskabet har været i stand til at opskrive ejendommenes værdi i løbet af året med samlet 67,2 mio. kr. og samtidig fastholde niveauet fra 2024 for det gennemsnitlige afkastkrav på 6,3% (2024: 6,4%), som i 2024 og 2025 er påvirket af et lavere afkastkrav på boligejendommen på Baltorpvej i Ballerup end på den øvrige portefølje.”

Annual report 2025A · The company itself

“Efter en omlægning i 2025 af de sidste Realkredit Danmark lån til Selskabets nye finansieringspartner DLR Kredit, er ca. 24% af låneporteføljen optaget med en fast rente på 4%, 42% med fast rente i op til 5 år (F5) og 34% med kort finansiering med en rentefastsættelse hver 6. måned (cibor 6). Omlægningen i 2025 af de restende Realkredit Danmark lån til DLR Kredit har øget den gennemsnitlige varighed til 5,20 år (2024: 1,60 år).”

Annual report 2025A · The company itself

“Finansnettot, exklusive värdeförändringar derivat, uppgick till –4 079 Mkr (–3 186), varav effekten av förändrade valutakurser uppgick till 13 Mkr (–137).”

Annual report 2024A · The company itself

“FINANSIELLA NYCKELTAL 31 dec 2024 31 dec 2023 Räntebärande skulder, Mkr 138 851 134 469 Tillgänglig likviditet inklusive bekräftade lånelöften, Mkr 20 726 17 653 Genomsnittlig kreditbindning, år 5,0 5,4 Genomsnittlig räntebindning, år 3,1 3,2 Nettoskuld/EBITDA, ggr 12,2 12,3 Finansiella åtaganden Belåningsgrad < 65, % 49,4 50,0 Räntetäckningsgrad > 1,8, ggr (rullande 12 månader) 2,7 3,2 Säkerställda skulder/Totala tillgångar < 45, % 23,6 22,0 Kreditrating S&P BBB Stable outlook BBB Negative outlook FINANSIELLA MÅL Mål Utfall Soliditet, % lägst 40,0 38,0 Belåningsgrad, % högst 50,0 49,4 Räntetäckningsgrad, ggr (rullande 12 månader) lägst 2,0 2,7 Nettoskuld/EBITDA, ggr (rullande 12 månader) högst 11,0 12,2 Balder har tillgångar i Sverige, Danmark, Finland, Norge, Tyskland och Storbritannien, vilket innebär att koncernen är exponerad mot valutarisker.”

Annual report 2024A · The company itself

“Avkastningen på eget kapital är lägre än tidigare år men förbättrades främst andra halvan av året av positiva värdeförändringar av förvaltningsfastigheter och derivat.”

Annual report 2024A · The company itself

“Det höga inflationstrycket och väsentligt justerade ränteläget påverkade finansmarknaderna kraftigt hösten 2022 och finansieringsmöjligheterna försämrades markant.”

Annual report 2024A · The company itself

“Trots förändrat ränte- och kostnadsläge syns ingen minskning i efterfrågan på bostäder. Även nybyggda bostäder hyrs ut i snabb takt och en möjlig anledning är att hyresrätter blivit mer attraktiva när boräntorna stigit.”

Annual report 2024A · The company itself

“Omställningen till nya marknadsförutsättningar fortsatte och året 2024 präglades av Riksbankens sänkningar av styrräntan med start våren 2024, från 4 till 2,75 procent i slutet av året.”

Annual report 2024A · The company itself

“Omställningen till nya marknadsförutsättningar fortsatte genom ytterligare räntesäkringar och förstärkning av det egna kapitalet genom emission. Trianon fortsatte att satsa på ökad andel hållbar bankfinansiering genom att teckna hållbarhetslänkade lån om 2,5 Mdkr i slutet av året.”

Annual report 2024A · The company itself

“Detta ökade säkringsgraden till 83 procent (83). Den genomsnittliga räntebindningstiden uppgick till cirka 3,4 år (2,6).”

Annual report 2024A · The company itself

“Ränterisk och räntetäckningsgrad Räntekostnader utgör en av verksamhetens största kostnader och påverkar tillväxten i förvaltningsresultatet. Räntekostnaden påverkas i huvudsak av förändring i marknadsräntan men även av förändrade förutsättningar på kreditmarknaden, som i sin tur påverkar den marginal kreditgivare kräver i ersättning för att låna ut pengar.”

Annual report 2024A · The company itself

“För 2024 uppgick räntetäckningsgraden till 1,8 (1,8) ggr. En förändring av de rörliga marknadsräntorna med en procentenhet skulle påverka räntekostnaderna med cirka 110 MSEK per år med befintlig kapitalstruktur.”

Annual report 2024A · The company itself

“Detta finansie ringssätt har inneburit att bolagets räntekostnader fortsatt varit höga under året då Riksbanken har höjt styrräntan kraftigt under 2022 och 2023 för att få bukt på den stigande inflationen. De räntesänkningar som Riksbanken gjort av styrräntan under andra halvåret 2024 har inte slagit igenom fullt ut under 2024.”

Annual report 2024A · The company itself

“Genomsnittlig räntesats på fastighets lånen var per 31 december 2024 4,0 (4,8) procent.”

Annual report 2024A · The company itself

“Vid årsskiftet uppgick således de räntebärande skulderna till 16 293,9 (16 650,3) MSEK vilket motsvarade 48,0 (49,3) procent av fastigheternas mark nadsvärde. Räntebärande nettoskulder uppgick till 15 498,1 (15 814,9) MSEK vilket motsvarade 45,7 (46,9) procent av fastigheternas marknadsvärde.”

Annual report 2024A · The company itself

“Under året har Fastpartners resultat påverkats med 6,1 (–49,4) MSEK i orealiserade värdeförändringar på ingångna ränteswapavtal.”

Annual report 2024A · The company itself

“I november 2022 bekräftade Moody’s Fastpartners kreditbetyg Baa3 men justerade utsikterna till negativa. Mot bakgrund av förändrade marknadsförutsättningar under 2023 med ökade marknadsräntor och försämrad räntetäckningsgrad sänkte Moody´s vid tre tillfällen under 2023 kreditbetyget till B1, vilket även är det kreditbetyg Fastpartner har vid årets utgång.”

Annual report 2024A · The company itself

“Fastpartner bedömer att bolaget besitter rätt kompetens för att genomföra fastighetsförvärv och integrera dessa i verksamheten. l l l EXPONERING MOT VÄRDE- FÖRÄNDRINGAR PÅ FASTIGHETER Fastpartner är exponerat mot förändringar av fastighetsportföljens marknadsvärde. Sjunkande marknadsvärden kan inträffa bland annat till följd av försvagad konjunktur, stigande räntelägen, avflyttningar av hyresgäster eller försämrad teknisk standard. Fallande fastighetsvärderingar slår direkt på resultatet och leder till minskat eget kapital.”

Annual report 2024A · The company itself

“Refinansieringsrisken, definierat som risken att refinansiering av befintliga skulder ej kan ske på skäliga villkor, är något som Fastpartner hela tiden följer och arbetar med. Fastpartners lån löper i vissa fall med särskilda åtaganden som upprätthållande av exempelvis räntetäckningsgrad. Med en försämrad balansräkning ökar refinansieringsrisken. Detta kan leda till att bolagets villkor mot bankerna försämras vilket kan leda till högre räntekostnader och lägre lånebelopp.”

Annual report 2024A · The company itself

“För värdebedömningen genomförs en kassaflödesanalys för varje fastighet. Kassaflödesanalysen utgörs av en bedömning av nuvärdet av fastighetens framtida driftnetton under en kalkylperiod samt nuvärdet av objektets restvärde efter kalkylperiodens slut. Kalkylperioden uppgår normalt till tio år.”

Annual report 2024A · The company itself

“Ränterisk Med ränterisk avses risken att förändringar i marknadsräntan påverkar koncernens räntenetto. Hur snabbt en ränteförändring får genomslag i räntenettot beror på räntebindningstiden för de finansiella tillgångarna och de finansiella skulderna.”

Annual report 2024A · The company itself

“För att i viss mån begränsa ränterisken, definierad som risken för en resultat - och kassaflödes påverkan genom förändring av marknads räntan, och öka förutsägbarheten i förvaltningsresultatet har Fastpartner valt att ingå ränteswap avtal om totalt 3 700 (2 975) MSEK. Tillsammans med upptagna fasträntelån om 201,2 (203,3) MSEK har Fastpartner räntesäkrat 24 (19) procent av sin låneportfölj.”

Annual report 2024A · The company itself

“Fastpartner har emitterat icke säkerställda gröna obligationer om totalt 1 250 MSEK, med en löptid om tre år, under det nyligen uppdaterade MTN-programmet. Lånet löper med en rörlig ränta om Stibor 3M + 2,50 procentenheter.”

Annual report 2024A · The company itself

“För att uppnå detta använder bolaget i huvudsak korta räntebindningstider. Fastpartner arbetar hårt för att bibehålla goda kassaflöden vilket ger bättre finansieringsmöjligheter och bättre villkor.”

Annual report 2024A · The company itself

“Fastpartner följer räntesäkringsmarknaden noga och när nivåerna på långa räntor är låga överväger Fastpartner att ingå förmånliga ränteswapavtal. Fastpartner har även erhållit officiella ratingar från Moody´s och Scope Ratings som bör öka motståndskraften för stigande räntor. l l l ORGANISATION OCH MED ARBETARE Fastpartner har en relativt liten organisation vilket medför beroende av enskilda medarbetare.”

Annual report 2024A · The company itself

“Economic, legal, and/or competitive conditions, such as impacts from higher tariffs, changing interest rates, the cost and availability of labor, and changes in federal government spending, may impact the success of our tenants’ retail operations and therefore the amount of rent and expense reimbursements we receive from our tenants.”

Annual report 2025A · The company itself

“We have a $1.25 billion revolving credit facility, which bears interest at SOFR plus 77.5 basis points, of which $310.0 million was outstanding at December 31, 2025, and we have a $250.0 million term loan that bears interest at SOFR plus 85 basis points, of which no amount was outstanding at December 31, 2025.”

Annual report 2025A · The company itself

“However, the effects of inflationary pressures and elevated interest rates continue to negatively impact our business with the largest impacts being higher interest costs, increased material costs, and higher operating costs.”

Annual report 2025A · The company itself

“Any growth from acquisitions is contingent on our ability to find properties that meet our qualitative standards at prices that meet our financial hurdles. Changes in interest rates may affect our success in achieving earnings growth through acquisitions by affecting both the price that must be paid to acquire a property, as well as our ability to economically finance the property acquisition.”

Annual report 2025A · The company itself

“We also have experienced, and may continue to experience, a decline in demand for our transportation services as inflation and elevated interest rates negatively affect consumer and business spending.”

Annual report 2026A · The company itself

“The costs of providing pension plans are dependent on numerous assumptions, such as discount rates, expected long-term investment returns on plan assets, future salary increases, employee turnover, mortality, and retirement ages. Changes in actuarial assumptions and differences between the assumptions and actual values, as well as significant declines in the value of investments that fund our pension plans, increases in healthcare costs, or other adverse developments, could increase benefits-related expenses and liabilities.”

Annual report 2026A · The company itself

“In connection with the Spin-Off, we incurred significant debt obligations that could limit our financial and operating flexibility. Prior to the completion of the Spin-Off, we incurred $4.3 billion of indebtedness, net of debt issuance costs and discounts of $36 million, consisting of $3.7 billion in our senior notes and a $0.6 billion term loan under our delayed draw term loan facility.”

Annual report 2026A · The company itself

“We also entered into a revolving credit facility which provides for borrowings of up to $1.2 billion. These financing arrangements could have important consequences, including: •requiring a substantial portion of our cash flow from operations to make interest payments on debt; -17- Table of Contents •making it more difficult for us to satisfy debt and other obligations; •increasing the risk of a future credit ratings downgrade of our debt, which could increase future debt costs and limit the future availability of debt financing; •increasing our vulnerability to general adverse economic and industry conditions; •reducing the cash flow available to fund capital expenditures and grow our business; •limiting our flexibility in planning for, or reacting to, changes in our business and industry; •placing us at a competitive disadvantage relative to our competitors that may not be as highly leveraged with debt; and •limiting our ability to pay cash dividends or repurchase our common stock.”

Annual report 2026A · The company itself

“We incurred indebtedness in contemplation of the Spin-Off, creating interest rate risk on the balance sheet. As discussed in Note 5, Long-Term Debt, to the accompanying consolidated financial statements, we have outstanding long-term debt (exclusive of finance leases) with an estimated fair value of $4.2 billion. Market risk for long-term debt is estimated as the potential decrease in fair value resulting from a hypothetical 10% increase in interest rates and amounts to approximately $91 million.”

Annual report 2026A · The company itself

“In addition, our actual cash requirements in the future may be greater than expected. Our cash flow from operations may not be sufficient to repay all of our outstanding debt as it becomes due, and we may not be able to borrow money, sell assets, or otherwise raise funds on acceptable terms, or at all, to refinance our debt. These factors could jeopardize our investment-grade credit rating, which would harm our ability to reinvest in organic growth opportunities, fund strategic initiatives, and provide overall financial flexibility with respect to prevailing capital allocation priorities.”

Annual report 2026A · 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

“On January 9, 2026, FIS incurred debt of approximately $7.7 billion to finance the cash portion of the Issuer Solutions Acquisition. Accordingly, the indebtedness of FIS and its subsidiaries following completion of the Issuer Solutions Acquisition is substantially greater than FIS' indebtedness prior to completion of the acquisition. FIS' substantially increased indebtedness could have the effect, among other things, of reducing FIS' flexibility to respond to changing business and economic conditions.”

Annual report 2025A · The company itself

“Rising interest rates could increase our borrowing costs. Our exposure to market risk for changes in interest rates relates to our short-term commercial paper borrowings and revolving credit facilities. Interest rates have increased significantly from recent historical levels and may remain elevated for an extended period.”

Annual report 2025A · The company itself

“FIS acquired the Issuer Solutions Business from Global Payments in exchange for FIS' minority interest in Worldpay and approximately $7.7 billion in cash, which is equal to the difference between the purchase price payable by FIS in respect of the Issuer Solutions Business and the purchase price payable by Global Payments in respect of FIS' minority interest in Worldpay.”

Annual report 2025A · The company itself

“FIS expects to replace the Term Facility with new permanent financing in the form of senior notes to be issued based on market conditions. We expect our future cash paid for interest to increase from current levels as a result of financing the Issuer Solutions Acquisition.”

Annual report 2025A · The company itself

“State Regulation and Federal Regulation The following table summarizes the allowed ROE and the aggregate actual ROE of the Electric Companies and Transmission Companies as determined for regulatory purposes as of and for the year ended December 31, 2025: Actual ROE Segment Entity/State Allowed ROE FirstEnergy Stand-Alone Transmission FET 9.88%(1) - 12.7% 9.8% KATCo 10.45% Integrated Maryland 9.5% - Distribution 10.45% - Transmission New Jersey 9.6% - Distribution 10.2% - Transmission West Virginia 9.8% Distribution Ohio 10.5%(2) Pennsylvania Settled(3) (1) Reflects a 0.5% reduction to the 10.38% approved ROE due to the January 2025 Sixth Circuit ruling eliminating the 50 basis point adder associated with RTO membership (see "Outlook - FERC Regulatory Matters - Transmission ROE Incentive" in Item 7., "Management's Discussion and Analysis of Financial Condition and Results of Operations" for additional information and discussion.”

Annual report 2025A · The company itself

“The success of our growth strategy will depend, in part, on the successful growth of revenue resulting from our transmission investments in line with our expectations. Factors that may affect our revenue growth may include: (1) FERC’s timely approval of rates to recover such investments; (2) whether investments are included in PJM's RTEP; (3) FERC's evolving policies with respect to incentive rates for transmission investment assets, the calculation of the base ROE component of transmission rates, and the interconnection of AI data centers and transmission network upgrades supporting such large loads; (4) FERC’s potentially-evolving policies regarding whether certain classes of network transmission upgrade costs can be capitalized as part of transmission rates and whether such costs will be direct charged to the connecting customer; (5) consideration and potential impact of the objections of those who oppose such investments and their recovery; and (6) timely development, construction, and operation of the new facilities.”

Annual report 2025A · The company itself

“If FERC were to lower the rate of return it has authorized for FirstEnergy's cost-based wholesale power rates or transmission investments and facilities, it could reduce future earnings and cash flows, and adversely impact our financial condition.”

Annual report 2025A · The company itself

“Macroeconomic conditions that are beyond our control, such as government fiscal policy, tariffs, recessions, inflation and interest rate pressures, may negatively impact our financial condition, results of operations, liquidity, and cash flows. Economic conditions, including those that may arise from government fiscal policy, tariffs, recessions, inflationary and interest rate pressures, may impact the demand for electricity and, therefore, any decline in economic conditions could lead to declines in the demand for electricity, which would reduce our revenues.”

Annual report 2025A · The company itself

“Any future downgrades in FirstEnergy or its subsidiaries' credit ratings from the nationally recognized credit rating agencies, particularly to levels below investment grade, could negatively affect our ability to access the bank and capital markets, especially in a time of uncertainty in either of those markets, and may require us to post cash collateral to support outstanding commodity positions in the wholesale market, as well as available letters of credit and other guarantees. Furthermore, additional downgrades could increase the cost of such capital by causing us to incur higher interest rates and fees associated with such capital.”

Annual report 2025A · The company itself

“The following table summarizes the key terms of state base rate orders in effect for the Electric Companies as of December 31, 2025: Company Rates Effective For Customers Allowed Debt/Equity Capital Structure Allowed ROE CEI (1) May 2009 51%/ 49% 10.5% FE PA January 2025 Settled(2) Settled(2) MP March 2024 Settled(2) 9.8% JCP&L June 2024 9.6% OE (1) January 2009 51% /49% 10.5% PE (West Virginia) March 2024 Settled(2) 9.8% PE (Maryland) October 2023 47% / 53% 9.5% TE (1) January 2009 51% / 49% 10.5% (1) On November 19, 2025, the PUCO issued an order in the Ohio Companies’ base rate case that authorized a capital structure of 48.8% debt and 51.2% equity, and an ROE of 9.63%.”

Annual report 2025A · The company itself

“The Ohio Companies requested a net increase in base distribution revenues of approximately $94 million with a return on equity of 10.8% and capital structures of 44% debt and 56% equity for CEI, 46% debt and 54% equity for OE, and 45% debt and 55% equity for TE, which reflects a roll-in of current riders such as DCR and AMI.”

Annual report 2025A · The company itself

“On November 19, 2025, the PUCO issued an order in the rate case lifting the rate freeze and approving a net increase in base distribution revenues of the Ohio Companies of approximately $34 million, with a return on equity of 9.63% and a hypothetical capital structure of 48.8% debt and 51.2% equity for all three Ohio Companies, which reflects a roll-in of current riders such as DCR and AMI.”

Annual report 2025A · The company itself

“We are exposed to interest rate risk on certain of these debt obligations. We had fixed- and variable-rate debt, excluding finance leases and other financing obligations, with varying maturities for an aggregate carrying amount of $24.9 billion and $2.1 billion, respectively, at December 31, 2025.”

Annual report 2025A · The company itself

“Table of Contents In connection with processing electronic payments transactions, funds received from subscribers are invested into short-term, highly liquid investments from the time we collect the funds until payments are made to the applicable recipients. Fluctuations in market interest rates affect the interest-related income that we earn on these investments. We also earn interest on intermediary settlement cash balances received from agents, payment networks, bank partners, merchants or direct consumers that we hold on behalf of merchants until the funding becomes due to the merchants or payees.”

Annual report 2025A · The company itself

“Outstanding borrowings under the U.S. dollar program were $326 million and $221 million at December 31, 2025 and 2024, with weighted average interest rates of 3.851% and 4.534%, respectively. Outstanding borrowings under the Euro program were $839 million and $1.2 billion at December 31, 2025 and 2024, with weighted average interest rates of 2.210% and 3.115%, respectively.”

Annual report 2025A · The company itself

“Interest on the Company’s U.S. dollar-denominated senior notes is paid semi-annually, while interest on its Euro- and British Pound-denominated senior notes is paid annually. The interest rate applicable to certain of the senior notes is subject to an increase of up to two percent in the event that the credit rating assigned to such notes is downgraded below investment grade.”

Annual report 2025A · The company itself

“At December 31, 2025, we had approximately $29 billion of debt. We and our subsidiaries may incur additional indebtedness in the future. Our indebtedness could: decrease our ability to obtain additional financing for working capital, capital expenditures, general corporate or other purposes; limit our flexibility to make acquisitions; increase our cash requirements to support the payment of interest; limit our flexibility in planning for, or reacting to, changes in our business and our industry; limit our ability to return capital to shareholders, including through share repurchases; and increase our vulnerability to adverse changes in general economic and industry conditions.”

Annual report 2025A · The company itself

“Such revenue primarily consists of interest-related income earned on merchant and settlement anticipation cash advances, on short-term investments of subscriber funds and intermediary settlement cash balances, and lease income associated with POS terminal equipment.”

Annual report 2025A · The company itself

“In addition, capital market conditions may indirectly affect our Cloud and Power Infrastructure businesses by constraining our customers’ ability to fund infrastructure investments. The development and expansion of data center capacity, including site acquisition, power procurement, and infrastructure buildouts, are capital intensive and often depend on our customers’ access to debt and equity markets. Higher interest rates, tighter credit conditions, reduced investor appetite for digital infrastructure investment, or broader concerns regarding economic conditions and financial market volatility may lead our data center customers to delay, scale back, or reprioritize projects, renegotiate commercial terms, or reduce order volumes.”

Annual report 2026A · The company itself

“Our ability to fund growth depends on internally generated cash and access to debt and other financing on acceptable terms. Market disruptions, interest rate volatility, bank sector instability, or adverse credit conditions could increase borrowing costs, limit available capital, or delay funding, constraining project delivery and capacity expansion.”

Annual report 2026A · The company itself

“High or rising interest rates could have a dampening effect on overall economic activity and/or the financial condition of our customers, either or both of which could negatively affect customer demand for our manufacturing services and our customers' ability to repay obligations to us.”

Annual report 2026A · The company itself

“Adverse economic conditions, such as a possible recession and possible impacts of inflation or stagflation, tariffs or other trade disruptions, changing interest rates, reduced information technology spending, including firewall and other security spending, or any economic downturn or recession, may adversely impact our business.”

Annual report 2025A · The company itself

“General Risks Global economic uncertainty, an economic downturn, the possibility of a recession, inflation, changing interest rates, changes to government spending and regulations, and weakening product demand could adversely affect our business and financial performance. Economic challenges caused by economic downturn, any resulting recession, inflation, GDP impact (both domestically and internationally) or change in interest rates can weaken and harm our financial position. The U.S. capital markets have experienced and continue to experience extreme volatility and disruption.”

Annual report 2025A · The company itself

“Quantitative and Qualitative Disclosures about Market Risk Investment and Interest Rate Fluctuation Risk We are exposed to interest rate risks primarily related to our investment portfolio and the outstanding debt, as changes in prevailing interest rates may affect the fair value of investments and the cost of future financing activities. The primary objectives of our investment activities are to preserve principal, provide liquidity and maximize income without significantly increasing risk. Some of the securities we invest in are subject to market risk.”

Annual report 2025A · The company itself

“In addition, adverse general economic conditions may lead to instability in U.S. and global capital and credit markets, including market disruptions, limited liquidity, and interest rate volatility. If we are unable to access capital and credit markets on terms that are acceptable to us or our lenders are unable to provide financing in accordance with their contractual obligations, we may not be able to make certain investments or acquisitions or fully execute our business plans and strategies.”

Annual report 2025A · The company itself

“Risk Related to Our Financing Activities We have incurred a significant amount of debt, and our debt obligations, including the cost of such debt, will increase further if we incur additional debt and do not retire existing debt, our credit rating declines, or if the applicable interest rates rise.”

Annual report 2025A · The company itself

“Business Trends Our financial outlook is subject to various assumptions and risks, including but not limited to: ongoing geopolitical events; global economic and consumer trends and sentiments; monetary policies; inflationary pressures on expenses and pricing; uncertainties in governmental policies on international trade, regulations, sanctions, and healthcare; operational challenges from existing, new, or increased tariffs, in some cases, subsequent rollbacks or suspensions; foreign exchange rate volatility, including the impact of unhedged foreign currency debts; reduction in U.S. government spending due to H.R.1, also known as the One Big Beautiful Bill Act (“OBBBA”); and overall fiscal policies, including investment and taxation policy initiatives being considered in the U.S.; the incremental impacts of the Pillar Two initiative from the Organization for Economic Co-operation and Development (“OECD”); and the impact from the Separation.”

Annual report 2025A · The company itself

“FOX is incurring a significant amount of debt in connection with the Merger, which could have significant consequences, including: increasing the Company’s vulnerability to adverse changes in economic or industry conditions; reducing its ability to effectively compete and respond to business or industry changes; creating competitive disadvantages compared to companies with lower debt levels; increasing FOX’s borrowing costs and requiring it to dedicate a greater amount of cash to debt payments at the expense of operating needs, capital expenditures, strategic initiatives or general corporate purposes; limiting the Company’s ability to return capital to stockholders; and impeding its ability to borrow additional funds in the future.”

Annual report 2026A · The company itself

“Increased volatility and weakness in the financial markets, the further tightening of credit markets or a decrease in our debt ratings assigned by ratings agencies could adversely affect our ability to cost-effectively refinance outstanding indebtedness or obtain new financing.”

Annual report 2026A · The company itself

“We have operations outside the United States that make up a significant portion of our total revenue, which can present challenges depending on economic and geopolitical conditions on both a global and regional scale. Adverse economic conditions, including higher interest rates, inflation, higher fuel prices, higher unemployment, or recession, could adversely affect demand for our products and services.”

Annual report 2025A · The company itself

“Marknadsförutsättningarna på de marknader där GARO är verksamt har varit utmanande under 2024, präglade av makroekonomiska faktorer som höga räntor, inflation och osäkerhet på finansmarknaderna. Detta har lett till en dämpad aktivitet inom nybyggnation och renovering.”

Annual report 2024A · The company itself

“Dessa faktorer pekade mot en expansiv utveckling, men istället har tillväxten dämpats avsevärt. Den finansiella oron har inte enbart minskat viljan att investera i laddinfrastruktur utan också kraftigt bromsat den förväntade tillväxten i Europa under det gångna året.”

Annual report 2024A · The company itself

“Den svaga elbilsförsäljningen i kombination med kraftigt minskade investeringar i laddinfrastruktur till följd av det höga ränteläget satte ytterligare press på marknaden.”

Annual report 2024A · The company itself

“We may need to change our pricing models to compete successfully. The intense competition and evolving general and economic business conditions (including rising government debt levels, potential government policy shifts, changing U.S. consumer spending patterns, economic volatility, fluctuating tariff rates, trade wars, and high inflation and interest rates, among other things), may require us to change our pricing practices.”

Annual report 2026A · The company itself

“For example, disruptions in the credit markets or other factors, such as the high inflation and interest rate environment in calendar years 2024, 2025, and to date in 2026, could adversely affect the availability, diversity, cost and terms of our funding arrangements.”

Annual report 2026A · The company itself

“Although inflation has moderated from recent peak levels in certain markets, it remains elevated in many regions, and interest rates in the United States and other jurisdictions remain at historically elevated levels compared to the prior decade.”

Annual report 2026A · The company itself

“As of April 3, 2026, we also had $5,825 million outstanding debt with variable interest rates based on the Secured Overnight Financing Rate (SOFR). A hypothetical 100 basis point change in SOFR would have resulted in a $58 million increase or decrease in interest expense on an annualized basis.”

Annual report 2026A · The company itself

“Another key assumption in determining net pension and other postretirement benefits (OPEB) expense is the assumed discount rate used to discount plan obligations. We estimate the assumed discount rate for U.S. plans using a cash flow matching approach, which uses projected cash flows matched to spot rates along a high quality corporate bond yield curve to determine the weighted-average discount rate for the calculation of the present value of cash flows.”

Annual report 2025A · The company itself

“During a period of rising interest rates, the interest earned on assets would increase more than the interest paid on liabilities, which would initially increase net interest income. During a period of falling interest rates, net interest income would be expected to initially decrease.”

Annual report 2025A · The company itself

“Automotive The following analyses provide quantitative information regarding exposure to foreign currency exchange rate risk, interest rate risk, and commodity risk.”

Annual report 2025A · The company itself

“interest expense associated with debt issued in December 2025 in connection with financing the Merus acquisition”

Annual report 2025A · The company itself

“we incurred borrowing of $5.5 billion to contribute to the financing of the acquisition”

Annual report 2025A · The company itself

“Genmab’s projected revenue for 2026 primarily consists of DARZALEX royalties of approximately $2.7 billion at the midpoint. Such royalties are based on estimated DARZALEX 2026 net sales of $15.6 - 16.4 billion compared to actual net sales in 2025 of $14.3 billion.”

Annual report 2025A · The company itself

“The decrease of $6 million, or 4% from 2024 to 2025, was primarily driven by the lower average cash and cash equivalents and marketable securities as a result of the ProfoundBio acquisition in the second quarter of 2024, as well as lower interest rates of USD denominated marketable securities in 2025 compared to 2024. Additionally, Genmab liquidated its entire marketable security portfolio in December 2025 to contribute to the financing of the Merus acquisition.”

Annual report 2025A · The company itself

“Genmab's borrowings include two senior secured term loans, Term Loan A and Term Loan B, with nominal amounts of $1 billion and $2 billion, senior secured notes of $1.5 billion, senior unsecured notes of $1.0 billion as well as access to a revolving loan facility up to $500 million with a syndicate of lenders, which can be drawn down upon as another source of additional funding. The credit agreement requires Genmab to comply with certain financial maintenance and other covenants.”

Annual report 2025A · The company itself

“The increase of $27 million, or 100% from 2024 to 2025, was primarily driven by interest expense associated with debt issued in December 2025 in connection with financing the Merus acquisition.”

Annual report 2025A · The company itself

“Åtgärder under 2024 har redan stärkt vårt kassaflöde genom lägre finansieringskostnader och ökade hyresintäkter.”

Annual report 2024A · The company itself

“Det finns risk för makroekonomiska förändringar såsom inflation, stigande räntor och lågkonjunktur, vilket leder till bland annat minskad investeringsvilja, ökade räntekostnader samt ökad vakans.”

Annual report 2024A · The company itself

“Verksamhet i fastighetssektorn är även i hög grad påverkad av makroekonomiska faktorer såsom allmän konjunkturutveckling, regionalekonomisk utveckling, sysselsättningsutveckling, produktionstakt för nya bostäder och lokaler, förändringar i infrastruktur, befolkningstillväxt, befolkningsstruktur, inflation, räntenivåer med mera.”

Annual report 2024A · The company itself

“Dock innebär omvärldssituationen en osäkerhet på de finansiella marknaderna med stigande priser, vilket medför sämre köpkraft, stigande inflation och risk för ökade räntenivåer.”

Annual report 2024A · The company itself

“Genova strävar efter en god framförhållning för att hantera kreditförfall vilket innebär en kontinuerlig utvärdering av alternativ för refinansiering 12–24 månader före förfall.”

Annual report 2024A · The company itself

“Our debt levels could adversely affect our cash flow and prevent us from fulfilling our obligations.”

Annual report 2025A · The company itself

“Our overall credit rating may be negatively impacted by deteriorating and uncertain credit markets or other factors that may or may not be within our control. The interest rates on our unsecured revolving credit facility, as well as any additional indebtedness we may incur in the future, are impacted by our credit ratings.”

Annual report 2025A · The company itself

“Interest Rates We are subject to interest rate volatility with regard to existing and future issuances of debt and with respect to the A/R Sales Agreement, for which the fees are linked to interest rate changes.”

Annual report 2025A · The company itself

“In addition, the Group benefited from declining net interest expenses during the year. The decrease in interest costs was mainly driven by the general decline in market interest rates and the refinancing structure of the Group’s loan portfolio.”

Annual report 2025A · The company itself

“In 2025, the market for welllocated properties was characterized by generally lower valuation multiples (gross capitalization factors), see note 12. Lower valuation multiples on the German properties has led to a decrease in the value of German high street properties. Based on the valuation report as of December 31, 2025, the Group has decreased the value of the German property portfolio by EUR 6.6 million, from EUR 91.1 million to EUR 84.5 million.”

Annual report 2025A · The company itself

“Provided that financing conditions gradually improve, and interest rates stabilize at a slightly lower level, the Group’s result for 2026 before value adjustments and tax is expected to be in the range of EUR 0.2 – 0.8 million.”

Annual report 2025A · The company itself

“However, this expectation remains subject to uncertainty related to the general macroeconomic environment, including potential changes in interest rates and geopolitical developments, which may negatively affect the Group’s results.”

Annual report 2025A · The company itself

“The portfolio's value depends on its commercial operation and income and the development and pricing of investment properties in Germany - specifically, German high street properties.”

Annual report 2025A · The company itself

“The loans related to the Danish property bear interest at the 3-month Cibor + 1.75% margin.”

Annual report 2025A · The company itself

“Vi forvalter en betydelig kapital som følge av at kundene betaler forsikringspremie på forskudd og at vi har et pensjonsforetak i Norge. Denne kapitalen forvalter vi for å sikre at vi til enhver tid har midler til å håndtere våre forpliktelser overfor kundene og at vi når vårt mål for avkastning på egenkapitalen.”

Annual report 2024A · The company itself

“Høy inflasjon, høye rentekostnader og sterkt press i arbeidsmarkedet medfører forventninger til lønnsvekst blant de ansatte.”

Annual report 2024A · The company itself

“Rutiner for å avhjelpe negativ påvirkning Tilstrekkelig lønn I alle våre markeder har de siste årene vært preget av relativt høy prisvekst, høyt rentenivå og lav arbeidsledighet.”

Annual report 2024A · The company itself

“Netto finansinntekter var 163,7 millioner kroner (60,7) som følge av høyere rentenivå i løpet av året.”

Annual report 2024A · The company itself

“Financial Risks •We are subject to risks associated with changes in interest rates or currency exchange rates and may not effectively hedge against these risks, which could adversely affect our business, financial condition, results of operations and cash flows. •A downgrade in the ratings of our debt could restrict our ability to access the debt capital markets and increase our interest costs. •Failure to maintain effective internal control over financial reporting in accordance with Section 404 of the Sarbanes-Oxley Act of 2002 (the "Sarbanes-Oxley Act") could have a material adverse effect on our business.”

Annual report 2025A · The company itself

“Consumer credit risk may make it more difficult or expensive for consumers to access credit facilities such as credit cards. In addition, regulatory changes may lead financial institutions to impose additional fees on the use of credit or debit cards, which could reduce card usage.”

Annual report 2025A · The company itself

“We have a significant amount of indebtedness and may incur other debt in the future. Our level of debt and the covenants to which we agreed could have negative consequences for us, including, among other things, (1) requiring us to dedicate a large portion of our cash flow from operations to servicing and repayment of such debt; (2) limiting funds available for strategic initiatives and opportunities, working capital and other general corporate needs; and (3) limiting our ability to incur certain kinds or amounts of additional indebtedness, which could restrict our flexibility to react to changes in our business, our industry and economic conditions.”

Annual report 2025A · The company itself

“If we are unable to generate sufficient cash flow from operations in the future to service our debt, we may be required, among other things, to seek additional financing in the debt or equity markets, refinance or restructure all or a portion of our existing indebtedness, sell selected assets or reduce or delay planned capital, operating or investment expenditures. Such measures may not be sufficient to enable us to service our debt, which could result in us defaulting on our obligations.”

Annual report 2025A · The company itself

“Additionally, credit card issuers may reduce credit limits and become more selective in their card issuance practices.”

Annual report 2025A · The company itself

“We may seek to reduce our exposure to fluctuations in interest rates or currency exchange rates through the use of hedging arrangements. To the extent that we hedge our interest rate or currency exchange rate exposures, we forgo the benefits we would otherwise experience if interest rates or currency exchange rates were to change in our favor. Developing an effective strategy for dealing with movements in interest rates and currency exchange rates is complex, and no strategy can completely insulate us from risks associated with such fluctuations.”

Annual report 2025A · The company itself

“Changes in interest rates could negatively affect income. Declines in interest rates expose insurance companies to the risk that they will fail to earn the level of interest on investments assumed in pricing products and in setting discount rates used to calculate policy liabilities, which could have a negative impact on income.”

Annual report 2025A · The company itself

“An increase in interest rates could result in certain policyholders surrendering their life or annuity policies for cash, thereby potentially requiring our insurance subsidiaries to liquidate invested assets if other sources of liquidity are not available to meet their obligations. In such a case, realized losses could result from the sale of the invested assets and could adversely affect our statutory income, required capital levels, and results of operations.”

Annual report 2025A · The company itself

“Management views excess investment income per diluted common share as an important and useful measure to evaluate the performance of the investment segment. It is defined as excess investment income divided by the total diluted weighted-average shares outstanding, representing the contribution by the investment segment to the consolidated earnings per share of the Company.”

Annual report 2025A · The company itself

“Net investment income declined in the current period due to lower growth in invested assets and lower earned yields on short-term investments, commercial mortgage loans, and limited partnerships compared to the prior year.”

Annual report 2025A · The company itself

“Growth in net investment income (0.5) % 7.5 % 6.6 % Growth in mean invested assets (at amortized cost) 0.9 % 4.5 % 3.5 % Globe Life's net investment income benefits from higher interest rates on new investments.”

Annual report 2025A · The company itself

“While increasing interest rates has resulted in a net unrealized loss from our available-for-sale debt securities included in accumulated other comprehensive income (loss) as of December 31, 2025, we are not concerned because we do not generally intend to sell, nor is it likely that we will be required to sell, the fixed maturities prior to their anticipated recovery.”

Annual report 2025A · The company itself

“Since the liability for future policy benefits for traditional and limited-payment long duration life and health products comprises approximately 93% of the total liability for future policy benefits, it is subject to interest rate risk.”

Annual report 2025A · The company itself

“Globe Life's investment securities are exposed to interest rate risk, meaning the effect of changes in financial market interest rates on the current fair value of the Company’s investment portfolio. Since 86% of the carrying value of our investments is attributable to fixed maturity investments and these investments are predominately fixed-rate investments, the portfolio is highly subject to market risk. Declines in market interest rates generally result in the fair value of the investment portfolio rising, and increases in interest rates cause the fair value to decline.”

Annual report 2025A · The company itself

“The vast majority of our life and health insurance policies are fixed interest rate protection policies, not investment products, and are accounted for under current GAAP accounting guidance for long-duration insurance products which mandates that interest rate assumptions for a particular block of business be “locked in” for the life of that block of business.”

Annual report 2025A · The company itself

“In 2025, we entered into a 30-year facility agreement (“Facility Agreement”) with a Delaware Trust (the “Trust”) formed by us in connection with the sale by the trust of $500 million pre-capitalized trust securities redeemable May 15, 2055 in a Rule 144A private placement. The Trust invested the proceeds from the sale of its securities in a portfolio of principal and interest strips of U.S. Treasury securities (the “Strips”). The Facility Agreement provides us with the right to sell at any time to the Trust up to $500 million of our 6.580% Senior Notes due 2055 (the “6.580% Senior Notes”) in exchange for a corresponding amount of the Strips held by the Trust (the “Issuance Right”).”

Annual report 2025A · The company itself

“Volatility in the credit markets, including the U.S. Federal Reserve Bank's actions and implementation of varying interest rates to combat inflation in the U.S., may have an adverse effect on our ability to obtain debt financing.”

Annual report 2025A · The company itself

“The Revolver bears interest at a rate equal to, at our option, either (i) SOFR for the applicable interest period plus a margin ranging from 1.25% to 1.75% per annum or (ii) the highest of (a) the Federal Funds Rate plus 0.5%, (b) the Prime Rate or (c) SOFR for an interest period of one month plus 1.0% plus a margin ranging from 0.25% to 0.75% per annum, with the margins determined based on our first lien secured leverage ratio. The Revolver also contains a financial covenant requiring us to maintain a leverage ratio of 5.75:1.00 when our usage exceeds 40.0% of the maximum capacity.”

Annual report 2025A · The company itself

“interest rates, which influence borrowing costs for both developers and buyers, and overall economic growth, which impacts the demand for new housing”

Annual report 2025A · The company itself

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

Annual report 2025A · The company itself

“The industry is influenced by a range of factors, including interest rates, which affect borrowing costs for developers and buyers, and general economic growth, which impacts demand for housing. Population growth, urbanisation, and shifts in household formation also play a role in driving the need for new homes.”

Annual report 2025A · The company itself

“Germany continued to be impacted by relatively high financing costs, weak affordability, and cautious sentiment among both private buyers and developers. Although interest rates declined and building permits increased from a low base, demand did not recover in any meaningful way.”

Annual report 2025A · The company itself

“Mortgage uptake increased as the central bank reduced interest rates, making financing more accessible for homebuyers. Looking ahead to 2026, further interest rate cuts and improving financing conditions can support development in building activity.”

Annual report 2025A · The company itself

“In Switzerland, moderate growth was achieved in 2025 as inflation eased and interest rates fell.”

Annual report 2025A · The company itself

“Bruttomarginalen förbättrades och lönsamheten upprätthölls men nettoresultatet påverkades negativt av en högre räntenivå.”

Annual report 2023A · The company itself

“New and renewal business for our property and casualty and employee benefits products is priced considering prevailing interest rates. As interest rates decline, in order to achieve the same economic return, we would have to increase product prices to offset the lower anticipated investment income earned on invested premiums.”

Annual report 2025A · The company itself

“Conversely, as interest rates rise, pricing targets will tend to decrease to reflect higher anticipated investment income.”

Annual report 2025A · The company itself

“In addition, due to the long-term nature of the liabilities within our Employee Benefits operations, particularly with respect to long-term disability, and our workers' compensation operations, declines in interest rates over an extended period of time would result in our having to reinvest at lower yields.”

Annual report 2025A · The company itself

“On the other hand, a rise in interest rates, in the absence of other countervailing changes, would reduce the market value of our investment portfolio.”

Annual report 2025A · The company itself

“Our reserves for future policy benefits are sensitive to changing interest rate conditions. U.S. Generally Accepted Accounting Principles ("U.S. GAAP") guidance requires that we update reserves for future policy benefits for changes in discount rates quarterly which could cause volatility in our stockholders' equity.”

Annual report 2025A · The company itself

“The profitability and financial condition of the Company substantially depends on the extent to which our actual experience is consistent with assumptions we use in our models and ultimate model outputs. If, based upon these models or other factors, we misprice our products or our estimates of the risks we are exposed to prove to be materially inaccurate, our business, financial condition, results of operations or liquidity may be adversely affected.”

Annual report 2025A · The company itself

“New and renewal business for employee benefits business, particularly for LTD, are priced using an assumption about expected investment yields over time. While the Company employs asset-liability duration matching strategies to mitigate risk and may use interest-rate sensitive derivatives to hedge its exposure in the Employee Benefits investment portfolio, cash flow patterns related to the payment of benefits and claims are uncertain and actual investment yields could differ significantly from expected investment yields, affecting profitability of the business.”

Annual report 2025A · The company itself

“For the 2026 calendar year, we estimate the change in net investment income to increase due to a higher level of invested assets and a higher yield on limited partnerships and other alternative investments.”

Annual report 2025A · The company itself

“This has been interpreted to represent a yield based on single-A credit rated fixed maturity instruments with similar duration to the related liability.”

Annual report 2025A · The company itself

“Global and Economic Risks •Changes in U.S., global or regional political or economic conditions can harm our business, such as inflation, tariffs, rising interest rates and unemployment rates, as well as the markets in which we and our employees, consumers, customers, suppliers and manufacturers operate.”

Annual report 2025A · The company itself

“•Our indebtedness may limit our availability of cash, cause us to divert cash to fund debt service payments or make it more difficult to take certain other actions.”

Annual report 2025A · The company itself

“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

“Due to the seasonal nature of our business, in order to meet our working capital needs, particularly those in the third and fourth quarters, we may rely on our commercial paper program, revolving credit facility and our other credit facilities for working capital.”

Annual report 2025A · The company itself

“Our business is impacted by economic conditions in the United States, including periods of significant inflation, higher interest rates or economic weakness or recessions.”

Annual report 2025A · The company itself

“Increased interest rates and borrowing costs could materially adversely impact our business and ability to refinance existing debt, sell properties, and conduct investment activities. U.S. government policies implemented to address inflation, including actions by the Federal Reserve System’s Federal Open Market Committee (the “FOMC”) to increase short-term interest rates, resulted in increases in interest rates in the credit markets and other impacts on the macroeconomic environment.”

Annual report 2025A · The company itself

“Table of Contents We currently have and may incur additional debt obligations that have variable interest rates and related payments that vary with the movement of certain indices, and we may not be able to offset additional costs caused by inflation, higher interest rates, or other macroeconomic trends by passing them through, or increasing the rates we charge, to tenants and residents. These increased costs have caused, and in the future may cause, unfavorable financing terms and may hinder our ability to execute on accretive acquisitions or otherwise adversely affect our business, results of operations, and financial condition.”

Annual report 2025A · The company itself

“Elevated interest rates could also negatively impact consumer spending and our tenants’, operators’, and borrowers’ businesses and future demand for our properties.”

Annual report 2025A · The company itself

“In addition, elevated interest rates have lowered, and could continue to lower, the amount third parties are willing to pay for our properties, thereby negatively impacting our ability to reposition our portfolio promptly in response to changes in economic or other conditions.”

Annual report 2025A · The company itself

“Additionally, higher borrowing costs and attendant negative impacts on our business can reduce the amount investors are willing to pay for our common stock. Because REIT stocks are often perceived as high-yield investments, investors may perceive less relative benefit to owning REIT stocks as borrowing costs increase.”

Annual report 2025A · The company itself

“In order to consummate the Merger, we have incurred a substantial amount of debt.”

Annual report 2025A · The company itself

“Allmänna ekonomiska och finansiella marknadsförhållanden, inklusive ränteläget, påverkar benägenheten och förmågan hos Hexagons befintliga och potentiella kunder att investera i olika teknologier. Svaga makroekonomiska förhållanden globalt eller i delar av världen kan därför leda till lägre marknadstillväxt än förväntat och minska intäkterna för Hexagon, eller ha andra effekter, som att förlänga försäljningscykeln.”

Annual report 2024A · The company itself

“Med ränterisk avses den potentiella negativa inverkan som förändringar i marknadsräntorna kan ha på koncernens räntenetto och kassaflöde. Ränteexponering uppstår främst från utestående lån.”

Annual report 2024A · The company itself

“Vidare kan stigande räntor ha en inverkan på Hexagons kunder, säljare och leverantörer. Exempelvis kan kunder investera mindre i Hexagons lösningar eller så kan försäljningscykeln förlängas.”

Annual report 2024A · The company itself

“Säljare och leverantörer kan minska lagernivåerna av tillgängliga produkter att leverera till Hexagon, vilket kan förlänga leveranstiderna, eller kan misslyckas med att uppfylla sina åtaganden.”

Annual report 2024A · The company itself

“Under 2024 har marknaderna för fiberoptisk infrastruktur karaktäriserats av svag efterfrågan och lägre priser till följd av geopolitisk osäkerhet, högre finansieringskostnader och korrigeringar av tidigare lageruppbyggnad i operatörsled.”

Annual report 2024A · The company itself

“Höga räntenivåer har påverkat investeringarna inom marknaden för Fiber Solutions.”

Annual report 2024A · The company itself

“I takt med att räntor och inflation vänt nedåt i de flesta länder förväntas investeringar i fiberinfrastruktur öka igen.”

Annual report 2024A · The company itself

“2024, fördelat mellan skulder till kreditinstitut om 2 513 MSEK (2 924) och leasingskulder om 558 MSEK (567), minus likvida medel om 633 MSEK (813).”

Annual report 2024A · The company itself

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

Annual report 2025A · The company itself

“As of December 31, 2025, our total indebtedness, excluding the deduction for unamortized deferred financing costs and discount, was approximately $12.5 billion, and our contractual debt maturities of our long-term debt for the years ending December 31, 2026, 2027 and 2028 are $25 million, $619 million and $12 million, respectively.”

Annual report 2025A · The company itself

“Our primary sensitivity in 2025 was to changes in one-month SOFR, as the interest rates on our Term Loans, which represent the majority of our variable-rate indebtedness, were based on this benchmark rate. We use an interest rate swap in order to maintain what we believe to be an appropriate level of exposure to interest rate variability.”

Annual report 2025A · The company itself

“Konserni on pääasiallisesti altistunut korkoriskille korollisten velkojen kautta.”

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

“Totalt har koncernens externa lån förändrats netto med  62 MSEK (60).”

Annual report 2024A · The company itself

“Under senare år, i ljuset av ett högre ränteläge, har flera industriella spelare i Europa valt att gå mot mer kapitallätta affärsmodeller med fokus på tredjepartsservicing, vilket lett till minskad konkurrens och större prisdisciplin i förvärvsmarknaden.”

Annual report 2024A · The company itself

“Samtidigt har vissa finansiella aktörer blivit mer aktiva på transaktionsmarknaden för förfallna lån då de sett goda riskjusterade avkastningsmöjligheter i jämförelse med andra investeringsalternativ.”

Annual report 2024A · The company itself

“…har också lett till bättre prisdisciplin Med högre räntor och ökad specialisering har syndikat av portföljförvärvare, där till exempel industriella spelare och finansiella aktörer gått ihop och budar på portföljer tillsammans, blivit vanligare. Detta har lett till en ökad prisdisciplin i marknaden.”

Annual report 2024A · The company itself

“När nu marknadsräntorna har börjat falla tillbaka är det tänkbart att man, över tid, kommer se en tillbakagång till en mer aggressiv prissättning.”

Annual report 2024A · The company itself

“Hoist Finance är exponerad mot valutakursrisk eftersom koncernen löpande köper kreditportföljer i bland annat EUR, PLN och GBP medan rapporteringsvalutan är SEK och en stor del av koncernens skulder är i SEK. Koncernen är också exponerad mot ränterisk då bolaget lånar in via kapitalmarknaderna där obligationsräntor emellanåt kan fluktuera stort.”

Annual report 2024A · The company itself

“Rörelseintäkter Rörelseintäkterna under året uppgick till 4 392 MSEK (3 495), en ökning med 26 procent. Förändringen förklaras främst av ränteintäkter från en större kreditportfölj, högre avkastningsnivåer i kreditportföljerna och intäkter från en större likviditetsportfölj mot jämförelseåret.”

Annual report 2024A · The company itself

“Genom HoistSpar får Hoist Finance en fördelaktig finansieringskostnad, som är lägre än kapitalmarknadsfinansiering. Tillgången är också en styrka, det finns betydande finansieringsvolymer att nå på våra marknader, och vi erbjuder sparkonton med olika löptider vilket ger flexibilitet.”

Annual report 2024A · The company itself

“Lodging supply growth generally is driven by overall lodging demand, as extended periods of strong demand growth tend to encourage new development. However, the rate of supply growth also is influenced by several additional factors, including the availability of capital, interest rates, construction costs and unique market considerations. The relatively long lead-time required to complete the development of hotels makes supply growth easier to forecast than demand growth but increases the volatility of the cyclical behavior of the lodging industry, as new supply may be planned during an upcycle but may open for business in a weaker economy.”

Annual report 2025A · The company itself

“In addition, our interest expense has increased due to higher interest rates on the senior notes we issued in 2024 and 2025 We cannot assure you that adverse changes in the general economy or other circumstances that affect the lodging industry will not have an adverse effect on the hotel revenues or earnings at our hotels.”

Annual report 2025A · The company itself

“We depend on external sources of capital for future growth; therefore, any disruption to our ability to access capital at times, and on terms reasonably acceptable to us, may affect adversely our business and results of operations.”

Annual report 2025A · The company itself

“Interest payments for borrowings on our credit facility and the mortgages on certain properties are based on floating rates. As a result, an increase in interest rates will reduce our cash flow available for other corporate purposes, including investments in our portfolio. As of December 31, 2025, approximately 20% of our debt is subject to floating interest rates.”

Annual report 2025A · The company itself

“If market rates of interest on our variable rate debt increase or decrease by 100 basis points, interest expense would increase or decrease, respectively, our earnings and cash flows by approximately $10 million in 2026.”

Annual report 2025A · The company itself

“As of December 31, 2025, we and our subsidiaries had total indebtedness of approximately $5.1 billion. Our indebtedness requires us to commit a significant portion of our annual cash flow from operations to debt service payments, which reduces the availability of our cash flow to fund working capital, capital expenditures, expansion efforts, dividends and distributions and other general corporate needs.”

Annual report 2025A · The company itself

“Table of Contents The interest payments on 80% of our debt are fixed in nature.”

Annual report 2025A · The company itself

“In addition, macroeconomic effects such as increases in interest rates and other measures taken by central banks and other policy makers could have a negative effect on overall economic activity that could reduce our customers’ demand for our products.”

Annual report 2025A · The company itself

“The outstanding principal amount under the 2023 Term Loan Agreement was due and payable in full at maturity in December 2026.”

Annual report 2025A · The company itself

“•The general impact of inflation on our business, including the impact on raw materials costs, elevated interest rates and increased energy costs and our ability to implement and maintain pricing actions that we have taken to cover higher costs and protect our margin profile. •Economic and business conditions in particular industries, markets or geographic regions, as well the potential for macro-economic effects of the U.S. government federal deficit, and continued inflation, a significant economic slowdown, stagflation or recession. •Effects of unfavorable foreign currency exchange rates and the potential use of hedging instruments to hedge the exposure to fluctuating rates of foreign currency exchange on inventory purchases. •Supply chain disruptions and availability, costs and quantity of raw materials, purchased components, energy and freight.”

Annual report 2025A · The company itself

“The 2025 Term Loan bears interest based on the Term SOFR Rate (as defined in the 2025 Term Loan Agreement), plus an applicable interest addition based on Hubbell's credit ratings. The interest rate on the 2025 Term Loan as of December 31, 2025 was 4.99%.”

Annual report 2025A · The company itself

“Hushållens köpkraft var låg, främst kopplat till bolåneräntor, livsmedelspriser och en svagare arbetsmarknad.”

Annual report 2024A · The company itself

“Årets räntesänkningar medförde att det för stabila fastighetsbolag blev lättare att refinansiera lån både via bank och kapitalmarknad. Även om räntorna sjunkit är de högre än under den tidigare lågränteperioden vilket fortsatt haft en dämpande effekt på fastighets - marknaden.”

Annual report 2024A · The company itself

“Ränteläge Förändringar i marknadsräntor kan påverka företagets finansieringskostnader och kassaflöde negativt. En ökning av räntorna kan leda till högre räntekostnader för befintliga och nya lån, vilket kan minska vår lönsamhet och påverka vår förmåga att finansiera nya investeringar. Dessutom kan stigande räntor påverka fastighetsvärdena negativt genom högre avkastningskrav.”

Annual report 2024A · The company itself

“Hufvudstadens genomsnittliga avkastningskrav har den senaste femårs - perioden varierat från 3,5 procent till 4,2 procent och uppgick 2024-12-31 till 4,1 procent.”

Annual report 2024A · The company itself

“Koncernen har två löptidslån på sammanlagt 1 395 MSEK:  245 MSEK, löper med rörlig ränta (STIBOR 3m + 3,30%)  1 150 MSEK, löper med rörlig ränta (STIBOR 3m + 3,50%) Känslighetsanalys - ränterisk Om räntorna på upplåning per den 31 december 2024 varit 1 procentenhet högre/lägre med alla andra variabler konstanta, hade resultatet före skatt för räkenskapsåret varit +/-14 MSEK (15) lägre/högre, huvudsakligen som en effekt av högre/lägre räntekostnader för upplåning med rörlig ränta. b) Kreditrisk Kreditrisk uppkommer främst från likvida medel.”

Annual report 2024A · The company itself

“Market Risks •Changes in interest rates could reduce our net interest income, reduce transactional income, and negatively impact the value of our loans, securities, and other assets.”

Annual report 2025A · The company itself

“Our results of operations depend substantially on net interest income, which is the difference between interest earned on interest earning assets (such as investments and loans) and interest paid on interest bearing liabilities (such as deposits and borrowings). Interest rates are highly sensitive to many factors, including governmental monetary policies, inflation, and domestic and international economic and political conditions. Conditions such as inflation, deflation, recession, unemployment, money supply, and other factors beyond our control may also affect interest rates. In addition, the Federal Reserve’s monetary policies, including changes in the federal funds rate and increasing or reducing the size of its balance sheet, may also affect interest rates.”

Annual report 2025A · The company itself

“If our interest earning assets mature or reprice faster than interest bearing liabilities in a declining interest rate environment, our net interest income could be materially adversely impacted.”

Annual report 2025A · The company itself

“Changes in interest rates can affect the value of loans, securities, assets under management, and other assets, including mortgage servicing rights. An increase in interest rates that adversely affects the ability of borrowers to pay the principal or interest on loans and leases may lead to an increase in NPAs and a reduction of income recognized, which could have a material adverse effect on our results of operations and cash flows.”

Annual report 2025A · The company itself

“Rising interest rates reduce the value of our fixed-rate securities. Unrealized losses from available-for-sale securities impact our OCI, shareholders’ equity, and the Tangible Common Equity ratio. Any realized securities losses impact our regulatory capital ratios.”

Annual report 2025A · The company itself

“Certain investment securities, notably mortgage-backed securities, are sensitive to rising and falling interest rates. Generally, when rates rise, prepayments of principal and interest will decrease, and the duration of mortgage-backed securities will increase. Conversely, when rates fall, prepayments of principal and interest will increase, and the duration of mortgage-backed securities will decrease. In either case, interest rates have a significant impact on the value of mortgage-backed securities.”

Annual report 2025A · The company itself

“Our performance could be negatively affected to the extent there is deterioration in business and economic conditions, including persistent inflation, rising interest rates, supply chain issues, labor shortages, or changes in U.S. trade policies, including the imposition of tariffs and retaliatory tariffs, which have direct or indirect material adverse impacts on us, our customers, and our counterparties.”

Annual report 2025A · The company itself

“Changes in Huntington’s financial condition or in the general banking industry, or changes in interest rates, could result in a loss of depositor confidence.”

Annual report 2025A · The company itself

“Our primary source of liquidity is our large supply of deposits from consumer and commercial customers. The continued availability of this supply depends on customer willingness to maintain deposit balances with banks in general, and with us in particular. The availability of deposits can also be impacted by regulatory changes (e.g., changes in FDIC insurance, liquidity requirements, etc.), changes in the financial condition of Huntington, other banks, or the banking industry in general, changes in the interest rates our competitors pay on their deposits, and other events which can impact the perceived safety or economic benefits of bank deposits.”

Annual report 2025A · The company itself

“If we lose access to capital markets, we may not be able to meet the cash flow requirements of our depositors, creditors, and borrowers, or have the operating cash needed to fund corporate expansion and other corporate activities. Wholesale funding sources can include securitization, federal funds purchased, securities sold under repurchase agreements, brokered deposits, and long-term debt.”

Annual report 2025A · The company itself

“Rising interest rates, disruptions in financial markets, negative perceptions of our business or our financial strength, negative perceptions of the overall banking industry or of other regional banks, or other factors may impact our ability to raise additional capital, if needed, on terms acceptable to us.”

Annual report 2025A · The company itself

“We are exposed primarily to interest rate risk as a result of offering a wide array of financial products to our customers, and secondarily to price risk from trading securities, securities owned by our broker-dealer subsidiaries, foreign exchange positions, equity investments, and investments in securities backed by mortgage loans.”

Annual report 2025A · The company itself

“To illustrate a hypothetical sensitivity analysis, management calculated a quantitative allowance using a 100% weighting applied to an adverse scenario reflecting an amount of stress in excess of current expectations. This scenario contemplates elevated interest rates weakening credit-sensitive consumer spending and confidence more than expected. In this scenario, the impact of tariffs and immigration policy on the economy is significantly worse than expected, causing inflation to increase.”

Annual report 2025A · The company itself

“Core inflation and interest rates remained relatively stable, providing a positive backdrop to our business”

Annual report 2025A · The company itself

“Assumptions for the 2026 outlook The stabilisation and gradual rebound in the housebuilding market continued in 2025 based on sound macroeconomic indicators, including a Danish core inflation level around 2% and stable interest rates.”

Annual report 2025A · The company itself

“The increasing number of permits in the detached market was driven by positive underlying macro-economic indicators such as declining interest rates, higher employment rates and rising housing prices.”

Annual report 2025A · The company itself

“In rural areas, access to financing remains more challenging for customers.”

Annual report 2025A · The company itself

“The Company’s profitability may be adversely affected during any periods of unexpected or rapid increases in interest rates. The Company maintains a Credit Agreement with a revolving credit facility (the “Revolving Facility”) in an aggregate principal amount of $800 million, which bears interest at either an alternate base rate or adjusted Term SOFR (or appropriate alternative currency reference rates) plus, in each case, an applicable margin based on the lower of the Company’s senior, unsecured, long-term debt rating or the Company’s applicable leverage ratio. A significant increase in Term SOFR or the other rates the Company has agreed to use as an alternative to Term SOFR (should Term SOFR become unavailable) under the Credit Agreement, as amended, would significantly increase the Company’s cost of borrowings.”

Annual report 2025A · The company itself

“Restrictions in our debt agreements or our inability to obtain financing on favorable terms may increase our cost of borrowing and limit our activities Our ability to make scheduled payments and satisfy our other obligations under our Credit Facility and senior notes depends on our future operating performance and on economic, financial, competitive, and other factors beyond our control. Our business may not generate sufficient cash flows to meet these obligations or generate sufficient levels of earnings to satisfy the applicable affirmative, negative, and financial covenants. Our failure to comply with these covenants and the other terms of the Credit Facility and senior notes could result in an event of default and acceleration of our obligations under these agreements, which may require us to seek additional financing or restructure existing debt on unfavorable terms.”

Annual report 2025A · The company itself

“Borrowings under our Credit Facility bear interest at variable rates, including rates based on the Secured Overnight Financing Rate (“SOFR”), exposing us to interest rate risk. If interest rates were to increase, our debt service obligations under our variable-rate Credit Facility would increase even if the principal amount borrowed remained the same.”

Annual report 2025A · The company itself

“Interest expense was $38.9 million for the year ended December 31, 2025, compared to $31.2 million for the prior year. The increase in interest expense was primarily due to higher average debt levels and higher interest rates.”

Annual report 2025A · The company itself

“Nya affärer I spåren av räntenedgångar och en avtagande oro på obligationsmarknaden och hos bankerna, har affärsaktiviteten successivt ökat under den senare delen av 2024. Under fjärde kvartaletkundevipresenterafleranyaaffärersomviarbetat med under året.”

Annual report 2024A · The company itself

“Värdet på fastighetsbeståndet ökade med 10,2 procent under året till 23,6 mdkr vid årets utgång, vilket motsvarar en genomsnittlig initial direktavkastning om 5,2 procent. stark under året och kreditmarginalerna har minskat.”

Annual report 2024A · The company itself

“För att motverka lågkonjunktur har stora ekonomier inlett räntesänkningscykler under 2024, där Federal Reserve sänkte räntan med 50 baspunkter i september, och ECB minskat sin ränta från 4,0 till 3,0 procent. Riksbanken sänkte räntan fyra gånger under året med totalt 1,5 procentenheter, ned till en nivå om 2,5 procent.”

Annual report 2024A · The company itself

“Samhällsfastighetssegmentet har traditionellt sett uppvisat relativt låga yieldnivåer, vilket kan förklaras av den förhållandevis låga risken inom segmentet till följd av stabila hyresgäster och långa löptider på hyreskontrakten.”

Annual report 2024A · The company itself

“Ränterisk och högre räntekostnader Ränterisk avser den resultateffekt som en bestående ränteförändring har på koncernens finansiella intäkter och kostnader. Inteas finansieringskällor utgörs i huvudsak av kassaflöde från den löpande verksamheten och upplåning. Upplåning medför att koncernens exponeras för en risk att nivån på marknadsräntor och marknadsmässiga marginaler ökar, för vilken risk koncernen inte alltid kan skydda sig. Höjda räntekostnader kan ha negativ inverkan på Inteas verksamhet, finansiella ställning och resultat.”

Annual report 2024A · The company itself

“Kreditfaciliteter och banklån har förlängts till marknadsmässiga villkor.”

Annual report 2024A · The company itself

“Finansiella kostnader avser i huvudsak räntekostnader. Ökningen av räntekostnader förklaras av fortsatt höga marknadsräntor samt av förvärv och investeringar i projektportföljen.”

Annual report 2024A · The company itself

“Genom de nyemissioner av B-aktier och D-aktier som Intea genomförde i samband med börsnoteringen i december tillfördes en nettolikvid om cirka 1 960 mkr. För att stärka Inteasfinansiellaställninganvändesendelavlikvidentillatt delbetala nyttjade kreditfaciliteter och vid årets slut uppgick outnyttjade kreditfaciliteter till 6 420 mkr.”

Annual report 2024A · The company itself

“Under kvartal 4 2024 utnyttjade Intea volatiliteten i marknaden och ingick nya ränteswapavtal med olika löptider om ytterligare 2 000 mkr i nominellt belopp till i genomsnitt 2,34 procent ränta. Under året har Intea inom sitt MTN-program och gröna ramverk genomfört sju emissioner av gröna obligationer med en total volym om 3 400 mkr samt återköpt obligationer med en total volym om 1 190 mkr.”

Annual report 2024A · The company itself

“Intea har även förlängt och utökat banklån samt kreditfaciliteter som skulle ha förfallit under kvartal 4 2024. En kreditfacilitetet har utökats med 350 mkr till 1 350 mkr och förlängts i 3 år med ytterligare förlängningsoptioner. Ett nytt banklån har ingåtts och utökats med 275 mkr till 1 125 mkr och förlängts i 3 år.”

Annual report 2024A · The company itself

“INTEAS HYRESGÄSTER, ANDEL AV KONTRAKTERAD ÅRSHYRA INTEAS GEOGRAFI, ANDEL AV FASTIGHETERNAS MARKNADSVÄRDE Icke-offentliga, 4 % 1 305 mkr Högre utbildning, 30 % Öst, 29% Sjukvård, 12 % Nord, 15 %Rättsväsende, 42 % Syd, 44 % Övriga offentliga, 12 % Väst, 12 % Bolagets fokus på långsiktighet, kvalitet och aktiv utveckling har gjort Intea till en attraktiv samarbetspartner för offentliga verksamheter i behov av specialanpassade byggnader och lokaler, vilket resulterat i låg hyresgästomsättning och långa hyresförhållanden.”

Annual report 2024A · The company itself

“The semiconductor industry is a cyclical business and our revenue, cash flows and outlook often fluctuate in accordance with this cycle, as well as prevailing macroeconomic and geopolitical conditions, our business strategy, and other risks described in these risk factors. These fluctuations, together with our debt level and related debt service obligations, could have the effect of, among other things, reducing our flexibility to respond to changing business and economic conditions and increasing the risk of a future downgrade in our credit ratings that can impact the value of our outstanding debt and increase our borrowing costs.”

Annual report 2025A · The company itself

“During 2025 and in prior years, we suffered multiple credit rating downgrades that adversely impacted our borrowing costs and access to capital, and we may continue to suffer additional such downgrades if our business and financial results do not measurably improve.”

Annual report 2025A · The company itself

“We have incurred significant debt obligations that could adversely affect our business and financial condition, including our ability to fully implement our strategy. As of December 27, 2025, we had $47.2 billion in aggregate principal amount of senior unsecured notes and other borrowings outstanding.”

Annual report 2025A · The company itself

“We are affected by domestic and international macroeconomic and political conditions, as well as, the level of interest rates, inflation, and by fiscal and monetary policy. Our business depends in part on the level of global trading volumes and volatility, which are affected by factors beyond our control.”

Annual report 2025A · The company itself

“Our net interest income and profitability could be negatively affected by lower benchmark interest rates caused by central banks lowering target benchmark rates in an attempt to buffer their economies from a public health emergency.”

Annual report 2025A · The company itself

“Our revenues are dependent on the level of trading activity on securities and derivatives exchanges in the U.S. and abroad and on the general level of interest rates. In the past, our revenues and operating results have varied significantly from period to period primarily due to movements and trends in the underlying markets and to fluctuations in trading and interest rate levels.”

Annual report 2025A · The company itself

“During 2025, macroeconomic conditions, including changes in the interest rate environment, inflation, and increased market volatility, as well as changes in government policies implemented by new political administrations in the United States and in many other non-U.S. jurisdictions abroad, alongside other geopolitical events, such as the conflicts in Ukraine and the Middle East and the events in Venezuela, and the imposition of sanctions and tariffs, contributed to continued economic and political uncertainty and volatility in global markets. Those factors resulted in a dynamic operating environment and impacted our operations and results. We expect that these impacts may continue in 2026.”

Annual report 2025A · The company itself

“In addition, adverse conditions in the residential mortgage lending industry, including a substantial or prolonged decline in mortgage lending volume or an increase in mortgage foreclosure volume, have in the past increased our costs or had an adverse effect on our revenues, and may continue to do so in the future. For example, beginning in early 2022, in line with the Federal Reserve raising rates numerous times as part of its anti-inflation strategy, mortgage lending volume decreased substantially.”

Annual report 2025A · The company itself

“Factors that are currently adversely impacting mortgage lending volumes include elevated mortgage interest rates, as well as housing affordability and availability. Additional factors that could now or in the future adversely impact mortgage lending volumes include persistent or increasing housing affordability concerns, reduced consumer and investor demand for mortgages, more stringent underwriting guidelines, decreased liquidity in the secondary mortgage market, high levels of unemployment, high levels of consumer debt, lower consumer confidence, changes in tax and other regulatory policies, the number of existing mortgages eligible for refinancing, and other macroeconomic factors.”

Annual report 2025A · The company itself

“Our business is subject to the impact of interest rate and inflation levels and volatility and financial markets volatility, which are caused by conditions that are beyond our control. Trading volume in our markets and products is largely driven by the degree of volatility - the magnitude and frequency of fluctuations - in prices and levels of the underlying commodities, securities, indices, financial benchmarks or other instruments. Volatility increases the need to hedge price risk and creates opportunities for investment and speculative or arbitrage trading.”

Annual report 2025A · The company itself

“In addition, interest rates are a significant factor influencing mortgage loan production volumes and loan foreclosures, as discussed above. Rising or high interest rates generally reduce mortgage loan production volumes and increase loan foreclosures, which has in the past impacted, and could in the future impact, our transaction-based revenues.”

Annual report 2025A · The company itself

“Factors that are particularly likely to affect price and interest rate levels and volatility, and thus trading and mortgage loan production volumes, include: • global economic and market conditions; • global political conditions; and • concerns over recession, inflated asset prices, inflation, deflation, legislative, regulatory and governmental policy changes, government fiscal and monetary policy, including actions by the Federal Reserve and other foreign monetary units governing bodies, developments related to the U.S. federal debt ceiling, including the possibility of additional government shutdowns, risk of default by the U.S. government on its debt obligations or related credit rating downgrades, and investor and consumer confidence levels.”

Annual report 2025A · The company itself

“In an attempt to combat inflation, countries and regions have used monetary policy, through increasing central bank interest rates, and such actions have caused, and may continue to cause, volatility in currency exchange rates. External events such as Brexit have caused, and may in the future cause, significant volatility in currency exchange rates, especially among the U.S. dollar, the British pound sterling and the euro.”

Annual report 2025A · The company itself

“Further, a portion of our outstanding debt has historically been and may continue to be in commercial paper, which is subject to interest rate changes. Rising interest rates will result in an increase in our interest expense.”

Annual report 2025A · The company itself

“We currently have a substantial amount of outstanding indebtedness which could adversely affect our financial condition and operations and restrict our activities or our ability to satisfy our debt service obligations. As of December 31, 2025, we had $19.6 billion of outstanding debt, inclusive of approximately $18.6 billion of senior notes and approximately $1.0 billion of commercial paper.”

Annual report 2025A · The company itself

“Our global interest rate complex spans geographies, currencies and tenors, providing participants around the world with tools to manage risk in a capital efficient manner. Key products include: Euribor, Gilts, and Sterling Overnight Index Average, or SONIA, among others.”

Annual report 2025A · The company itself

“Volatility or uncertainty in the financial, capital and credit markets, and negative developments associated with interest rates, asset values, currency exchange rates and the availability of credit, could also have a material adverse effect on our business, financial condition and results of operations and could adversely affect our liquidity, access to capital markets and ability to pay a dividend.”

Annual report 2025A · The company itself

“Maintaining an investment-grade credit rating is an important element of our financial strategy. A downgrade of ratings below investment grade will likely eliminate our ability to access the commercial paper market, may limit access to the capital markets, have an adverse effect on the market price of our securities, increase borrowing costs and require us to post collateral for derivatives in a net liability position.”

Annual report 2025A · The company itself

“Certain of our debt agreements provide for an interest rate increase in case of a credit rating downgrade. This applies to agreements governing approximately $4.0 billion of our debt as of December 31, 2025.”

Annual report 2025A · The company itself

“As of December 31, 2025, we had approximately $9.8 billion of outstanding indebtedness.”

Annual report 2025A · The company itself

“En växande marknad Marknaden för kredithanteringstjänster växer. Detta beror bland annat på våra uppdragsgivares behov av att hantera sina balansräkningar samt makroekonomiska förhållanden som ger ett ökat inflöde av nya ärenden. Det totala utbudet av skuldportföljer förväntas öka, samtidigt som uppdragsgivare i allt högre grad behöver professionella, långsiktiga partners som behandlar deras kunder med omsorg och respekt.”

Annual report 2024A · The company itself

“Viktigt är att inflation och räntor sjunker från höga nivåer. Även om nivåerna fortfarande är förhöjda minskar det trycket på företag och konsumenter. Samtidigt stiger lönerna. Efter en viss tidsfördröjning förväntas konsumenternas skuldbörda lätta och fordringar bli lättare att driva in.”

Annual report 2024A · The company itself

“Mixen av branscher och uppdragsgivare erbjuder en minskning av risken och stabila kassaflöden. Mot bakgrund av högre inflation, räntor och levnadsomkostnader med början 2022, har vi märkt av en hög efterfrågan på kredithanteringstjänster både i form av högre inflöde av ärenden hos befintliga uppdragsgivare och i diskussioner med nya uppdragsgivare.”

Annual report 2024A · The company itself

“Generellt kan viktiga makroekonomiska indikatorer som inflation, räntor och arbetslöshet påverka, men inte begränsa sig till, Intrums nuvarande resultat och utsikter när det gäller dess erbjudande av kredithanteringstjänster, investeringar samt värdering av tillgångar, skulder och möjligheter att försvara sin marknadsposition eller till och med utöka sin närvaro.”

Annual report 2024A · The company itself

“Intrums policy är att alltid ha tillgänglig likviditet för att täcka de finansiella avtalsflödena och utestående åtaganden både gällande företagsförvärv och portföljinvesteringar. För att säkerställa likviditet för att täcka åtaganden när de förfaller, har Intrum kassareserver och en revolverande kreditfacilitet som kan utnyttjas vid behov.”

Annual report 2024A · The company itself

“Finansnetto Finansnettot uppgick till -3 301MSEK (-2 944), och bestod av räntenetto på 119MSEK (127), räntekostnader på -3380MSEK (-3027) hänförliga till externa lån.”

Annual report 2024A · The company itself

“Finansiering Koncernens nettoskuld minskade från 57 343 MSEK till 49 658 MSEK sedan föregående årsskifte.”

Annual report 2024A · The company itself

“Intrum har en löptidsprofil med en genomsnittlig livslängd på cirka 2,3 år.”

Annual report 2024A · The company itself

“procent) av lånen har fast ränta och 30 procent (2023: 35 procent) har rörlig ränta. Koncernens lån har en räntebindningstid på för närvarande cirka 16 månader (2023: 20 månader) för hela låneportföljen. En enprocentig ökning av marknadsräntorna skulle under året ha försämrat finansnettot med cirka 201 MSEK (2023: 210).”

Annual report 2024A · The company itself

“Slutlig tillväxttakt 2,0% 2,0% De viktigaste övervägande av parametrarna vid nedskrivningsprövning av goodwill inkluderar följande: • För att fastställa WACC, har en tioårig svensk statsobligation använts som referens för den riskfria räntan. Denna har justerats för en risk premie relaterad till ett eget kapital instrument (branschens genomsnittliga prognostiserade skuldsatta beta samt landsriskpremie) för att fastställa kostnaden för eget kapital.”

Annual report 2024A · The company itself

“Åretpräglades av kraftigt stigande inflation, räntor och energipriser, fortsatta störningar i leverantörskedjorna och den pågående pandemin.”

Annual report 2022A · The company itself

“Det underliggande fastighetsvärdet sjönk på grund av etthögre avkastningskrav. • Vectura erhöll miljöcertifiering för samtliga fastigheter byggda under 2022 och fortsatte processen med att certifiera 100 procent av fastighetsbeståndet.”

Annual report 2022A · The company itself

“Det råder för närvarande stor osäkerhet i den globala ekonomin med bland annat kraftigt stigande inflation och räntepriser, vilket kan påverka de finansiella riskerna väsentligt.”

Annual report 2022A · The company itself

“Koncernens ränterisk uppstår i huvudsak genom långfristig upplåning.”

Annual report 2022A · The company itself

“Inflation could also impact our cost of capital as a result of changing interest rates on variable rate debt that is not hedged or if our debt instruments are refinanced in a high-inflation environment.”

Annual report 2025A · The company itself

“Additionally, increased interest rates, political dissension, and fluctuating global and United States economic conditions, geopolitical tensions, and other factors that are beyond our control could negatively affect our business and financial condition.”

Annual report 2025A · The company itself

“The effects of inflation on our financial condition and results of operations over the past few years are primarily related to increased operating costs for the procurement of goods and services, compensation of our associates, including benefits, and financing costs in the form 22 of interest expense.”

Annual report 2025A · The company itself

“Additionally, volatility in the financial markets and elevated interest rates could affect our ability to access the capital markets at a time when we desire, or need, to do so which could have an impact on our flexibility to pursue additional growth opportunities and maintain our desired level of revenue growth in the future.”

Annual report 2025A · The company itself

“A general decline in business activity and demand for real estate transactions could adversely affect our ability to acquire or dispose of single-family homes or to successfully complete and lease development projects on terms that are attractive or at all, which may be impacted in periods of elevated interest rates.”

Annual report 2025A · The company itself

“Current fluctuating macroeconomic conditions, including inflation, elevated interest rates, slower growth, economic uncertainty, and a general decline in business activity, have caused dislocations, illiquidity, and volatility in the market for asset-backed securities and mortgage-backed securities, as well as disruption in the wider global financial markets, including a significant reduction of investor demand for, and purchases of, asset-backed securities and structured financial products.”

Annual report 2025A · The company itself

“Borrowings under our debt instruments totaling $2,620.0 million as of December 31, 2025, bear interest at variable rates and expose us to interest rate risk. Long-term interest rates remain elevated, driven by broader market factors. Elevated interest rates could lead to increases in debt service obligations on our variable rate indebtedness even though the amount borrowed remained the same, and our earnings and cash flows could correspondingly decrease.”

Annual report 2025A · The company itself

“If we are unable to maintain our current credit ratings, we would likely incur higher borrowing costs, and it would make it more difficult or expensive to obtain additional financing or refinance existing obligations and commitments, which could have a material adverse impact on our financial condition, results of operations, cash flows, and liquidity.”

Annual report 2025A · The company itself

“In addition, decreases in interest rates may lead to additional competition for the acquisition of single-family homes, which may lead to future acquisitions being more costly and resulting in lower yields on single-family homes targeted for acquisition.”

Annual report 2025A · The company itself

“Unexpected disruptions to our supply chain, continued inflationary pressures or high interest rates, tariffs, delays in construction, limited financing availability, constrained supplies of new power, or changes in customer requirements could significantly affect the cost or timing of our planned expansion projects, have consequences under our project financing and partnership agreements, and interfere with our ability to meet commitments to customers who have contracted for space in new data centers under construction.”

Annual report 2025A · The company itself

“Certain of our indebtedness, including indebtedness under our Credit Agreement (as defined below), is paid at floating interest rates, and as a result, our interest expense or the cost of our debt may increase due to rising interest rates or changes to benchmark rates.”

Annual report 2025A · The company itself

“In the last couple of years, the demand for IT services has been adversely impacted by high interest and inflation rates.”

Annual report 2024A · The company itself

“Interest rates peaked in 2023, with minor reductions in some countries during 2024. Inflation significantly decreased from the high levels of 2023. Despite these improvements, the IT services industry experienced marginally negative growth in most markets. Many Nordic IT services companies reduced their workforce and focused on cost reduction.”

Annual report 2024A · The company itself

“Weak financial performance, downgrades in our credit ratings, or disruptions in the financial markets may adversely affect our ability to access capital in the future. We may need new or additional financing in the future to conduct our operations, expand our business, or refinance existing indebtedness, which would be dependent upon our financial performance. Any downgrade in our credit ratings, particularly our short-term rating, would likely impact the amount of commercial paper we could issue and increase our commercial paper borrowing costs. The liquidity of the overall capital markets and the state of the economy, including the food and beverage industry, may make credit and capital markets more difficult for us to access, even though we have an established revolving credit facility.”

Annual report 2026A · The company itself

“Our ability to make payments on our indebtedness will depend on our ability to generate cash in the future. Our ability to generate cash is subject to general economic, financial, competitive, legislative, regulatory, and other factors, many of which are beyond our control. Our business may not generate sufficient cash flow from operations, and future borrowings may not be available to us in an amount sufficient to enable us to pay our indebtedness when scheduled payments are due or to fund other liquidity needs. In these circumstances, we may need to refinance all or a portion of our indebtedness on or before maturity.”

Annual report 2026A · The company itself

“Demand for our services may be impacted by continuing inflation, high interest rates, international trade issues, including tariffs and counter tariffs, and/or construction costs. •Project sites are inherently dangerous workplaces.”

Annual report 2025A · The company itself

“Continuing inflation and high interest rates and/or construction costs could reduce the demand for our services as well as decrease our profit on our existing contracts, in particular with respect to our fixed-price contracts.”

Annual report 2025A · The company itself

“These measures may also have the effect of heightening many of the other risks applicable to our business, including risks relating to: •the impact of inflation and high interest rates and/or construction costs, particularly on any fixed-price contract, which we may not be able to fully mitigate, •our failure to meet performance requirements or contractual schedules, including as a result of supply chain disruptions, •a reduction in the amount of available governmental funding, •our international operations, including risks of facing backlash from potential customers as a result of being headquartered in the United States, and •our indebtedness and credit markets.”

Annual report 2025A · The company itself

“Borrowings under our credit facilities are at variable rates of interest and expose us to interest rate risk. In the past year, inflation and other factors have resulted in an increase in interest rates generally, which has impacted our borrowing costs.”

Annual report 2025A · The company itself

“Rentestigninger vil som udgangspunkt have en negativ effekt på driftsresultatet”

Annual report 2025A · The company itself

“Et stigende renteniveau i de mellemlange og lange renter medførte en positiv dagsværdiregulering”

Annual report 2025B · From the report

“Jeudan anvender ved finansiering af ejendomsporteføljen i størst muligt omfang realkreditbelåning”

Annual report 2025A · The company itself

“Der tilstræbes en renteafdækning på 70-90 % af de finansielle gældsforpligtelser”

Annual report 2025A · The company itself

“Rente- og kursrisiko Rentestigninger vil som udgangspunkt have en negativ effekt på drisresultatet.”

Annual report 2025A · The company itself

“Det kan ikke udelukkes, at långiverne i forbindelse med fald i værdien af de finansierede ejendomme, rentestigninger, uro på de finansielle markeder, nye krav fra EU/Basel eller en vanskelig situation for långiver vil kræve, at Jeudan helt eller delvist indfrier anlægslån eller driskredier, eller ikke vil tilbyde lånefinansiering til Jeudan på tilfredsstillende vilkår.”

Annual report 2025A · The company itself

“Finansielle poster neo De finansielle poster (neo) udgjorde DKK - mio. mod DKK - mio. Faldet kan blandt andet henføres til et fald i de korte renter, der påvirker den udækkede del af gælden, der således absorberer et øget forretningsomfang.”

Annual report 2025A · The company itself

“Ejendomsmarkedet i København – Jeudan Årsrapport   MARKEDET FOR INVESTERINGSEJENDOMME Ejendomsmarkedet i Danmark har siden  vist tegn på stabilisering eer perioden med stigende renter, der prægede markedet i  og . Den samlede transaktionsvolumen endte i  på DKK  mia., hvilket var en stigning på DKK  mia. i forhold til .”

Annual report 2025A · The company itself

“Den valgte finansieringsstrategi, hvor renterisikoen bliver afdækket med aaler om fast rente, medfører en kursrisiko. De enkelte renteaaler opgøres løbende til markedsværdi i forhold til det aktuelle renteniveau og kan medføre både positive og negative kursreguleringer, der ikke påvirker cash flowet.”

Annual report 2025A · The company itself

“Jeudans finansiering er langsigtet, og Jeudan tilstræber en renteafdækning på 70-90 % af de finansielle gældsforpligtelser med en gennemsnitlig løbetid på mere end 7,5 år, hvorved ændringer i den korte rente alene påvirker 10-30 % af de finansielle gældsforpligtelser og dermed resultat før kurs- og værdireguleringer (EBVAT). Primo 2026 er renten på ca. 81 % af realkreditfinansieringen fastlåst ved anvendelse af renteaaler med en gennemsnitlig løbetid på ca. 8,5 år.”

Annual report 2025A · The company itself

“Derfor bliver fremmedfinansieringens sammensætning og vilkår tilreelagt ud fra et mangeårigt perspektiv, så risikoen ved ejendomsinvesteringerne primært kan henføres til Jeudans dri og kun i begrænset omfang til finansieringen.”

Annual report 2025A · The company itself

“Ökande efterfrågan på bostäder trots fortsatt svag ekonomisk utveckling Under våren föll inflationen, vilket gav Riksbanken möjlighet att sänka styrräntan under sommaren och hösten. Totalt sänkte Riksbanken styrräntan från 4,00 till 2,5 procent under året.”

Annual report 2024A · The company itself

“Inflationen har stadigt sjunkit sedan 2022 och arbetslösheten i Norge var vid utgången av 2024 på en låg nivå. Norges Bank lämnade styrräntan fortsatt oförändrad under 2024, med avise - ring om en första sänkning under våren 2025.”

Annual report 2024A · The company itself

“Europeiska centralbanken sänkte styrräntan vid fyra tillfällen och inflationen var vid utgången av året på en låg nivå.”

Annual report 2024A · The company itself

“Aktieägarmålet ska uppnås bland annat genom: • Tillväxt med god lönsamhet och marknadsledande position som mål • Tillväxt, främst organisk, men även via bolagsförvärv, för att stärka JMs position på prioriterade geografiska marknader För att utvärdera varje projekts lönsamhet och vilka projekt som ska prioriteras, arbetar JM med ett antal investeringsanalysmetoder och kriterier: Vägd kapitalkostnad (WACC) efter skatt för nya projekt uppgår till 6,5–8,0 procent och används för att nuvärdesberäkna prognosticerade kassaflöden för ett specifikt projekt.”

Annual report 2024A · The company itself

“Declines in real estate values and increases in prevailing interest rates could lead to significant reductions in the demand for and availability of project financing, even in markets where demand may otherwise be sufficient to support new construction. These factors could in turn temper demand for new building products and solutions and have a corresponding impact on our financial condition, results of operations and cash flows.”

Annual report 2025A · The company itself

“Many of our customers inside and outside of the industrial and commercial sectors, including governmental and institutional customers, have experienced budgetary constraints as sources of revenue have been negatively impacted by adverse or stagnant economic conditions, including sustained increases in interest rates. These budgetary constraints have in the past, and may in the future, reduce demand for our products and services among governmental and institutional customers.”

Annual report 2025A · The company itself

“A worldwide economic downturn and/or disruption of the credit markets could reduce our access to capital necessary for our operations and executing our strategic plan. In addition, we have experienced, and could continue to experience, increased capital costs due to fluctuations in global interest rates.”

Annual report 2025A · The company itself

“Interest payable on long-term debt outstanding as of September 30, 2025 is $326 million in the twelve months following September 30, 2025 and $3.3 billion thereafter. •Refer to Note 8, "Leases," of the notes to consolidated financial statements for additional information on lease obligations and maturities. •The Company received net cash proceeds related to the sale of its R&LC HVAC business of approximately $5.6 billion after tax and transaction-related expenses in connection with the close of the transaction on July 31, 2025.”

Annual report 2025A · The company itself

“Changes in interest rates and credit spreads could adversely affect JPMorganChase’s earnings or its liquidity and capital levels. JPMorganChase may generally be expected to earn higher net interest income when interest rates are high or increasing. However, higher interest rates could also result in: •fewer originations of commercial and residential real estate loans •losses on underwriting exposures or increases in client-specific downgrades •increased financing costs for clients, which could lead to an increase in the allowance for credit losses and higher net charge-offs •the loss of deposits, including where customers transition to higher-yielding products •losses on available-for-sale (“AFS”) securities held in the investment securities portfolio •less liquidity in the financial markets, and •higher funding costs.”

Annual report 2025A · The company itself

“Higher interest rates could also negatively affect the payment performance on loans within JPMorganChase’s consumer and wholesale loan portfolios that are linked to variable interest rates. If borrowers of variable rate loans reduce or stop making payments at higher interest rates, JPMorganChase could incur losses as well as increased operational costs related to servicing a higher volume of delinquent loans. On the other hand, a low or negative interest rate environment could cause: •compressed net interest margins, which could result in lower earnings on JPMorganChase’s investment securities portfolio •adverse or unanticipated changes in depositor behavior, which could negatively affect JPMorganChase’s broader asset and liability management strategies, and •a reduction in the value of JPMorganChase’s mortgage servicing rights (“MSRs”) asset, resulting in decreased revenues.”

Annual report 2025A · The company itself

“JPMorganChase’s liquidity could be impacted by factors such as: •market-wide illiquidity or disruption •actions by governmental authorities, including changes in regulatory requirements relating to liquidity or capital •actions taken by the Federal Reserve to reduce its balance sheet, which could reduce deposits held by JPMorganChase and other financial institutions •inability to sell assets, or to sell at favorable times or prices •default by a CCP or other significant market participant •unanticipated outflows of cash or collateral •unexpected loss of deposits, including due to deposit pricing or migration to other investment products •higher than anticipated draws on lending-related commitments, and •lack of market or customer confidence in JPMorganChase or financial institutions in general.”

Annual report 2025A · The company itself

“JPMorganChase’s liquidity and cost of funding could be adversely affected by downgrades in its credit ratings. JPMorgan Chase & Co. and certain of its principal subsidiaries are rated by credit rating agencies, which evaluate general, firm-specific and industry-specific factors when determining credit ratings, including: •expected future profitability •risk management practices •legal expenses •regulatory developments •ratings differentials between bank holding companies and their bank and non-bank subsidiaries •assumptions about government support, and •economic and geopolitical developments. JPMorganChase has experienced credit ratings downgrades in the past, and there is no assurance that JPMorganChase’s credit ratings will not be downgraded in the future.”

Annual report 2025A · The company itself

“A downgrade in JPMorganChase’s credit ratings could curtail its business activities and its profitability, including by: •reducing its access to capital markets •materially increasing its cost of issuing and servicing securities •triggering additional collateral or funding requirements, and •decreasing the number of investors and counterparties that are willing or permitted to do business with or lend to JPMorganChase. Any rating downgrade could also increase the credit spreads charged by market participants for taking credit risk on JPMorgan Chase & Co. and its subsidiaries.”

Annual report 2025A · The company itself

“MARKET RISK MANAGEMENT Market risk is the risk associated with the effect of changes in market factors such as interest and foreign exchange rates, equity and commodity prices, credit spreads or implied volatilities, on the value of assets and liabilities held for both the short and long term.”

Annual report 2025A · The company itself

“Det påverkade även byggandet då allt högre byggpriser och högre ränteläge innebar svårigheter för byggföretagen att få ihop investeringskalkylen för nybyggnation.”

Annual report 2024A · The company itself

“Vidare bidrar lägre räntenivåer till att transaktionsmarknaden för småhus och bostadsrättslägenheter förbättras och att nybyggnationen successivt kommer i gång, vilket leder till flyttkedjor, vilket i sin tur även påverkar hyreslägenheter positivt.”

Annual report 2024A · The company itself

“Stigande inflation innebär generellt även högre räntor då Riksbanken försöker motarbeta inflationen, något som leder till ökade kostnader för lån.”

Annual report 2024A · The company itself

“Räntekostnaden är den enskilt största löpande utgiften i K-Fastigheters verksamhet.”

Annual report 2024A · The company itself

“Detta bidrog till att K2A:s nettobelåningsgrad minskade från 66,4 procent vid utgången av 2023 till 57,7 procent per 31 december 2024.”

Annual report 2024A · The company itself

“Utgifter för ränta på lånat kapital är en stor kostnadspost i K2A:s resultaträkning. Ränteutgifter påverkas av marknadsräntor och av kreditinstitutens marginaler samt K2A:s strategi avseende räntebindning.”

Annual report 2024A · The company itself

“Inflaatio, korkeat korot ja geopoliittiset tekijät voivat muun muassa vaikuttaa asiakkaiden investointipäätöksiin.”

Annual report 2025A · The company itself

“Kuluttajien ostovoiman heikkeneminen inflaation ja korkeana pysyneen korkotason myötä sekä kasvaneet epävarmuudet työllisyystilanteessa varjostivat kuluttajien luottamusta ja ostopäätöksiä.”

Annual report 2024A · The company itself

“Lyhytaikaista velkarahoitusta käytetään käyttöpääomatarpeiden kattamiseen, ja tähän käytetään eri rahoituslähteitä, joiden maturiteetit ja ehdot poikkeavat toisistaan.”

Annual report 2024A · The company itself

“Denna upplåning löper med rörlig ränta baserad på en referensränta med ett visst marginalpåslag. Ökade marknadsräntor leder således till ökade räntekostnader för koncernen. Vid en ökning av räntan med en procentenhet skulle resultatet teoretiskt minska med 4,0 MSEK (3,5).”

Annual report 2024A · The company itself

“Should the fundamentals of the commercial real estate market deteriorate, our financial condition and results of operations could be adversely affected. After disruptions in 2022 through early 2024 as a result of the increases in the Fed Funds rate and dislocations in the office sector as a result of COVID-19, the commercial and residential real estate markets have remained relatively steady over the past 18 months as they have adjusted to a more “normalized” rate environment.”

Annual report 2025A · The company itself

“◦We are subject to interest rate risk, which could adversely affect net interest income. ◦Our profitability depends upon economic conditions in the geographic regions where we have significant operations and in certain market segments in which we conduct significant business. ◦The soundness of other financial institutions could adversely affect us. •Liquidity Risk ◦We are subject to liquidity risk, which could negatively affect our funding levels. ◦Capital and liquidity requirements imposed by banking regulators and the credit rating agencies may require banks and BHCs to maintain more and higher quality capital and more and higher quality liquid assets. ◦Federal agencies’ actions to ensure stability of the U.S. economy and financial system may have costly or disruptive effects on us. ◦We rely on dividends by our subsidiaries for most of our funds.”

Annual report 2025A · The company itself

“Banking conditions may deteriorate during periods of persistent or large and sudden interest rate increases and/or a slowing economy, negatively affecting business and financial performance.”

Annual report 2025A · The company itself

“In addition, volatility and uncertainty related to inflation and the effects of inflation, which has, in recent years, led to increased costs for businesses and consumers, and could cause the Federal Reserve to reinitiate a series of interest rate increases, which may amplify or contribute to some of the risks of our business by adversely affecting the creditworthiness of our borrowers, increasing our costs, or resulting in lower values for our investment securities and other fixed-rate assets.”

Annual report 2025A · The company itself

“When the Federal Reserve raises or reduces interest rates, the behavior of national money market rate indices, the correlation of consumer deposit rates to financial market interest rates, and the evolution of benchmark rates may not follow historical relationships, which could influence net interest income and net interest margin through basis and other risks.”

Annual report 2025A · The company itself

“Table of contents Moreover, if the interest we pay on deposits and other borrowings increases at a faster rate than the interest we receive on loans and other investments, net interest income, and therefore our earnings, would decline. Conversely, earnings could also be adversely affected if the interest we receive on loans and other investments falls more quickly than the interest we pay on deposits and other borrowings.”

Annual report 2025A · The company itself

“In addition, regulatory liquidity standards require us to hold high-quality liquid assets, which has caused us to change, and may in the future cause us to change, our mix of investments in favor of lower-yielding securities, and may impact future business relationships with certain customers, both of which may reduce our profitability.”

Annual report 2025A · The company itself

“For example, beginning in 2024 and during 2025, the Federal Reserve, after an extended period of raising its monetary policy rate, began lowering interest rates to support what it viewed as a weakening labor market. These types of actions can impact financial markets and our business and cause increased financial market and interest rate volatility.”

Annual report 2025A · The company itself

“If demand for deposit alternatives were to grow materially, KeyBank could experience deposit outflows or be compelled to materially increase deposit interest rates to retain its deposits. Customers may also shift their deposits from non-interest bearing to interest bearing accounts or otherwise to higher cost products at KeyBank.”

Annual report 2025A · The company itself

“Any adverse movement in deposits and associated higher funding costs could reduce our net interest margin and net interest income and otherwise materially and adversely affect our liquidity, financial condition, and results of operations.”

Annual report 2025A · The company itself

“We are exposed to interest rate risk, primarily through our unsecured revolving credit facility. Borrowings under our unsecured revolving credit facility and commercial paper program bear interest at a floating rate, and as a result, elevated or increased interest rates will increase the amount of interest we must pay.”

Annual report 2025A · The company itself

“$209 million Financings During 2025, we issued $1,850 million of new senior notes to repay short-term borrowings, to fund maturing debt and for general corporate purposes and repaid a combined $1,500 million of maturing senior notes.”

Annual report 2025A · The company itself

“Our large amount of debt makes us vulnerable to increases in interest rates to the extent we have variable-rate debt and maturing fixed-rate debt. As of December 31, 2025, we had approximately $31.8 billion of consolidated debt (excluding debt fair value adjustments), including $1.1 billion of senior notes maturing within the next 12 months, and approximately $3.5 billion of debt subject to variable interest rates, either as short-term or long-term variable-rate debt obligations, or as long-term fixed-rate debt effectively converted to variable rates through the use of interest rate swaps.”

Annual report 2025A · The company itself

“Interest Rate Risk In order to maintain a cost effective capital structure, it is our policy to borrow funds using a mix of fixed-rate debt and variable-rate debt. Fixed-to-variable interest rate swap agreements are entered into for the purpose of converting a portion of the underlying cash flows related to long-term fixed-rate debt securities into variable-rate debt in order to achieve our desired mix of fixed and variable-rate debt.”

Annual report 2025A · The company itself

“We require significant liquidity in order to support and grow our asset management and insurance businesses, conduct our investment activities, meet our capital markets underwriting commitments, satisfy our policyholder obligations and comply with regulatory requirements. We also have debt securities outstanding and indebtedness outstanding under various credit facilities.”

Annual report 2025A · The company itself

“Several of our competitors have raised, or may raise, significant amounts of capital and have investment objectives that are similar to the investment objectives of our investment vehicles, which may create additional competition for investment opportunities. Some of these competitors may also have lower costs of capital and access to funding sources that are not available to us, which may create competitive advantages for them.”

Annual report 2025A · The company itself

“Our ability to raise capital is also dependent on market and economic conditions and investor perception, including the general appeal of alternative asset investments or our financial products. Our ability to raise capital depends on numerous factors, many of which are beyond our control, including economic conditions, financial market volatility, regulatory developments, investor liquidity and competitive dynamics.”

Annual report 2025A · The company itself

“The credit markets can also impact the valuations of our equity investments in portfolio companies. For example, we typically use a discounted cash flow analysis as one of the methodologies in our valuation of illiquid assets process. If interest rates rise, then the assumed cost of capital for the equity investments in our portfolio companies would be expected to increase under the discounted cash flow analysis, and this effect would negatively impact their valuations if not offset by other factors.”

Annual report 2025A · The company itself

“The credit markets directly impact the valuations of the credit investments that we (especially our insurance subsidiaries) and our investment vehicles own. Interest income earned from debt investments with floating interest rates should increase if the applicable benchmark interest rate were to rise, and the reverse is true if the applicable benchmark interest rate were to decline. However, during periods of rising interest rates, the obligor of such floating rate debt may become less able to pay its debt obligations, which could have the effect of impairing the value of its debt obligations.”

Annual report 2025A · The company itself

“We and our investment vehicles typically use a significant amount of leverage as part of our investment strategy and regularly borrow a substantial amount of capital for operations and investments. With respect to our private equity and real assets businesses, if we are unable to obtain committed debt financing for potential acquisitions or can only obtain debt at an increased interest rate or on unfavorable terms, we may have difficulty completing otherwise profitable acquisitions or may generate lower profits, either of which could lead to a decrease in the investment income earned by us.”

Annual report 2025A · The company itself

“Our ability to generate returns on these assets would be reduced to the extent that changes in market conditions, including changes to interest rates, cause the cost of our financing to increase relative to the income that can be derived from the assets acquired or financed. Significant stress in the credit markets is likely to materially affect our business.”

Annual report 2025A · The company itself

“Our portfolio companies often incur debt in connection with our acquisition of it, and our portfolio companies regularly utilize the corporate debt markets to obtain financing for operations. To the extent that credit markets render such financing difficult to obtain or more expensive, this may negatively impact our performance (and in particular our insurance business) and the performance of such portfolio companies.”

Annual report 2025A · The company itself

“These CLO strategies and the value of the assets of such CLO vehicles are also sensitive to changes in interest rates because these strategies rely on borrowed money and because the value of the underlying portfolio loans can fall when interest rates rise. As a result of their use of large amounts of leverage, CLOs are at greater risk of suffering material losses.”

Annual report 2025A · The company itself

“Volatile market and economic conditions, including sustained increases or decreases in interest rates and other interest rate fluctuations, may adversely affect our insurance business. Global Atlantic’s business model depends on the performance of its investments to meet its policyholder liabilities.”

Annual report 2025A · The company itself

“In times of difficult market and economic conditions, Global Atlantic’s policyholders may choose to defer paying insurance premiums, stop paying insurance premiums altogether or surrender their policies, or there could be an elevated rate of defaults within certain of Global Atlantic’s investments.”

Annual report 2025A · The company itself

“Interest rate risk is a particularly significant market risk for our insurance business. Fluctuations in market interest rates can expose Global Atlantic to the risk of reduced income in respect of its investment portfolio, increases in the cost of acquiring or maintaining its insurance liabilities, increases in the cost of hedging, or other fluctuations in Global Atlantic’s financial, capital and operating profile.”

Annual report 2025A · The company itself

“Lower interest rates may reduce the demand for Global Atlantic’s insurance products, leading to lower sales, and may make the reinsurance solutions Global Atlantic is able to offer more expensive to potential clients. In a period of declining or lower interest rates, Global Atlantic’s investment earnings may decline because existing investments may prepay or refinance and new investments will likely bear lower interest rates, and Global Atlantic may not be able to fully offset the decline in investment earnings with lower liability costs on the products these investments support.”

Annual report 2025A · The company itself

“In 2025, the United States continued to experience economic growth while also continuing to experience inflation in excess of the U.S. Federal Reserve Board’s 2.0% target rate. The U.S. Federal Reserve Board lowered the target range for the federal funds rate three times in 2025, including two reductions in the fourth quarter, that brought the target range to 3.50-3.75%.”

Annual report 2025A · The company itself

“Real gross domestic product (“GDP”) growth in the Eurozone in 2025 was moderately positive. The European Central Bank lowered the deposit rate four times in the first half of 2025 to 2.00% as part of a broader easing cycle in response to downward revisions to inflation expectations.”

Annual report 2025A · The company itself

“In Asia, Japan’s economy reaccelerated in 2025, supported by resilient exports and consumer spending. The Bank of Japan continued its gradual monetary policy normalization during 2025, including an increase in its policy rate from 0.25% to 0.75%.”

Annual report 2025A · The company itself

“The following table sets forth information regarding KKR's insurance segment operating results for the years ended December 31, 2025 and 2024: ($ in thousands) Change $7,224,118 $6,328,822 $895,296 (5,229,343) (4,448,886) (780,457) (885,380) (865,390) (19,990) $1,109,395 $1,014,546 $94,849 Net investment income increased for the year ended December 31, 2025, as compared to the year ended December 31, 2024, primarily due to (i) increased average assets under management from the cumulative impact of new business volume growth, and (ii) higher average portfolio yields. Net cost of insurance increased for the year ended December 31, 2025, as compared to the year ended December 31, 2024, primarily due to (i) growth in reserves in the institutional and individual market channels as a result of the cumulative impact of new business volumes in the current year, and (ii) higher average funding costs due to higher crediting rates and the routine run-off of older business originated in a lower interest rate environment.”

Annual report 2025A · The company itself

“Insurance operating earnings increased for the year ended December 31, 2025, as compared to the year ended December 31, 2024, primarily due to an increase in net investment income due to an increase in average assets under management and higher portfolio yields, and the favorable impact of the annual assumption review, partially offset by an increase in net cost of insurance due to the cumulative impact of new business volume growth and higher crediting rates.”

Annual report 2025A · The company itself

“Our exposure to market risks for KKR's asset management and strategic holdings businesses, on a GAAP basis, primarily relates to movements in one or more of the fair value of investments, including the effect that those movements have on our management fees, carried interest, and net gains from investment activities. Our exposure to market risks in our insurance segment, on a GAAP basis, primarily relates to the impact of movements in such market risks on our insurance segment’s assets, liabilities, and hedge program.”

Annual report 2025A · The company itself

“The fair value of investments may fluctuate in response to changes in the values of investments, foreign currency exchange rates, and interest rates. Additionally, interest rate movements can adversely impact the amount of interest income we receive on credit instruments bearing variable rates and could also impact the amount of interest that we pay on debt obligations bearing variable rates.”

Annual report 2025A · The company itself

“As of December 31, 2025, the net market risk liability balance totaled $1.3 billion. As of December 31, 2025, the liability balances for market risk benefits were $1.1 billion for fixed-indexed annuities and $197.5 million for variable and other annuities.”

Annual report 2025A · The company itself

“Changes in interest rates, future index credits, instrument-specific credit risk, projected withdrawal and surrender activity, and mortality on fixed-indexed annuity and interest-sensitive life products can have a significant impact on the value of the embedded derivative. Valuation of Embedded Derivatives – Fixed-Indexed Annuities Fixed-indexed annuity contracts allow the policyholder to elect a fixed interest rate of return or a market indexed strategy where interest credited is based on the performance of an index, such as the S&P 500 Index, or other indexes.”

Annual report 2025A · The company itself

“For the years ended December 31, 2025 and 2024, Global Atlantic recognized $(437.1) million and $238.1 million in other comprehensive income (loss) (gross of the impact of reinsurance), respectively, due to changes in the future policy benefits estimate from updating discount rates.”

Annual report 2025A · The company itself

“Global Atlantic reviews its assumptions at least annually, and more frequently if necessary. Accordingly, as part of the annual assumption review conducted during the year ended December 31, 2025, assumptions were updated for higher expected morbidity for certain long-term care related benefit riders, offset in part by an increase in expected fixed-indexed annuity activations, which resulted in a $6.0 million decrease to net income before taxes.”

Annual report 2025A · The company itself

“Global Atlantic primarily generates income by earning a spread between its investment income and the cost of policyholder benefits. •Strategic Holdings - The strategic holdings business acquires and manages interests in operating companies that are owned by KKR.”

Annual report 2025A · The company itself

“We and certain consolidated investment vehicles, including CLOs, hold credit investments that generate interest income based on variable interest rates. We are exposed to interest rate risk relating to investments that generate yield since a meaningful portion of credit investments held by us and our consolidated investment vehicles, including CLOs, earn income based on variable interest rates.”

Annual report 2025A · The company itself

“We and certain consolidated investment vehicles, including CLOs, have debt obligations that include revolving credit agreements, certain investment financing arrangements, and debt securities issued by CLO vehicles that accrue interest at variable rates. Changes in these rates would affect the amount of interest payments that our consolidated investment vehicles, including CLOs, would have to make.”

Annual report 2025A · The company itself

“The 2035 Notes bear interest at a rate of 5.100% per annum and will mature on August 7, 2035 unless earlier redeemed. Interest on the 2035 Notes accrues from August 7, 2025 and is payable semi-annually in arrears on February 7 and August 7 of each year, commencing on February 7, 2026 and ending on the maturity date.”

Annual report 2025A · The company itself

“The 2065 Notes bear interest at a rate of 6.875% per annum and will mature on June 1, 2065 unless earlier redeemed. Interest on the 2065 Notes accrues from May 28, 2025, and is payable quarterly in arrears on March 1, June 1, September 1, and December 1 of each year, commencing on September 1, 2025, and ending on the maturity date.”

Annual report 2025A · The company itself

“Förvaltningsresultatet steg med 9 procent under året, drivet av högre hyresnivåer samt effektiv förvaltning, fortsatt kostnadskontroll men även att inflationen nu verkar vara under kontroll och att Riksbanken genomfört en rad räntesänkningar under senare delen av året.”

Annual report 2024A · The company itself

“Koncernens låneportfölj består till övervägande del av krediter med rörlig räntebas, men även av krediter med fast ränta. I syfte att säkra mot fluktuationer på räntemarknaden och minska ränterisken nyttjas räntederivat för att påverka räntebindningstiden.”

Annual report 2024A · The company itself

“Den genomsnittliga räntan, inklusive derivat, uppgick till 3,3 procent (3,5) på balansdagen. Förändringen jämfört med föregående år berodde på lägre marknadsräntor samt lägre marginaler för de krediter som omförhandlades under det fjärde kvartalet 2024.”

Annual report 2024A · The company itself

“Fastigheternas värde påverkas av ett flertal faktorer, dels fastighetsspecifika såsom vakansgrad, hyresnivå ̊ , kontraktslängd och driftkostnader, dels marknadsspecifika såsom avkastningskrav och kalkylräntor härledda ur jämförbara transaktioner på fastighetsmarknaden.”

Annual report 2024A · The company itself

“KlaraBo är ett finansiellt stabilt bolag med en soliditet på 43,6 procent och en belåningsgrad om 51,4 procent. Därutöver har vi 100 procent av vår finansiering i nordiska banker, varav hela 80 procent var vid bokslutstidpunkt räntesäkrat.”

Annual report 2024A · The company itself

“At the same time, the company faces challenges related to financing, as the availability of financing can decline and its price increase.”

Annual report 2025A · The company itself

“The interest rates of the loans are tied to the six-month Euribor rate, and they also have a margin, the level of which depends on the ratio of net debt to EBITDA. In addition, the company agreed on a fixed term-loan of EUR 12.0 million during the past quarter. The financing is allocated to investments to increase capacity in the Sawn Timber Industry and Panel Industry segments.”

Annual report 2025A · The company itself

“Changes in financial and capital markets, including market disruptions, instability in financial institutions, limited liquidity, and interest rate volatility, may increase the cost of financing as well as the risks of refinancing maturing debt.”

Annual report 2025A · The company itself

“A decrease in these credit ratings could limit our access to capital markets and increase our borrowing costs, which could materially and adversely affect our financial condition and operating results.”

Annual report 2025A · The company itself

“Additionally, the annual costs of benefits vary with increased costs of health care and the outcome of collectively bargained wage and benefit agreements.”

Annual report 2025A · The company itself

“We have aggregate principal amounts of senior notes of approximately $1.9 billion maturing in June 2026.”

Annual report 2025A · The company itself

“During fiscal 2025 and 2024, increased interest rates as compared to prior years have made our homes less affordable to many prospective buyers and led us to reduce prices and/or increase sales incentives in a number of our communities to maintain sales pace.”

Annual report 2025A · The company itself

“Demand for our homes is dependent on a variety of macroeconomic factors, such as employment levels, inflation, interest rates, changes in stock market valuations, consumer confidence, consumer income, housing demand, availability and cost of financing for homebuyers, availability and prices of new homes compared to those of previously occupied homes, and demographic trends.”

Annual report 2025A · The company itself

“Currently, potential purchasers of our homes are being affected by inflation and continued high interest rates, tariffs and trade policy, all of which increase what homebuyers have to pay for new homes.”

Annual report 2025A · The company itself

“We finance our mortgage loan activities with borrowings under our financial services warehouse facilities or funds from our operating activities. At November 30, 2025, Financial Services had six warehouse residential facilities maturing at various dates through fiscal year 2027 with a total maximum borrowing capacity of $3.3 billion including an uncommitted amount of $2.1 billion.”

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

“Inflation may also accompany higher interest rates, which could adversely impact housing affordability by limiting potential buyers’ ability to obtain financing on favorable terms, thereby decreasing demand for our homes.”

Annual report 2025A · The company itself

“Table of Contents Further increase in mortgage interest rates could reduce potential buyers’ ability or desire to obtain financing with which to buy homes. Housing has been considerably impacted by the more than doubling of mortgage interest rates in 2022 and 2023, and small decreases in 2025. When interest rates increase, the cost of owning a new home increases, which usually reduces the number of potential buyers who can afford, or are willing, to purchase homes we build.”

Annual report 2025A · The company itself

“Table of Contents Increased interest rates could increase our cost of building homes. Our business requires us to finance much of the cost of developing our residential communities. One of the ways we do this is with bank borrowings.”

Annual report 2025A · The company itself

“The interest on borrowings under the Credit Facility is at rates based on prevailing short-term rates from time to time. In 2022 and 2023, the Federal Reserve steadily raised benchmark interest rates and the Federal Reserve did not begin reducing benchmark interest rates until well into 2024.”

Annual report 2025A · The company itself

“With the increase in interest rates, we have experienced an increase in cancellation rates. If there is a weakening of the housing market, or if mortgage financing becomes less available or more expensive than it currently is or is expected to be more homebuyers may cancel their agreements of sale with us, which would have an adverse effect on our business and results of operations.”

Annual report 2025A · The company itself

“We began the quarter with the expectation that declining interest rates were the start of a market recovery. While mortgage rates drifted marginally lower in the fourth quarter, the customer response remained tepid, suggesting a combination of poor affordability and diminished consumer confidence continued to limit demand.”

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

“The tightening, unavailability or increased cost of credit adversely affects the ability of our customers to obtain financing for significant purchases and operations, resulting in a decrease in sales of our products and services and may impact the ability of 13 our customers to make payments to us.”

Annual report 2025A · The company itself

“Many factors related to corporate spending and discretionary consumer spending, including economic conditions affecting disposable consumer income such as unemployment levels, fuel prices, interest rates, changes in tax rates and tax laws that impact companies or individuals, and inflation can significantly impact our operating results.”

Annual report 2025A · The company itself

“A prolonged period during which investment returns remain at low levels could result in shortfalls in investment income on assets supporting CNA’s obligations under long-term care policies. This risk may be more significant for CNA’s long-term care products when the long potential duration of the policy obligations exceeds the duration of the supporting investment assets.”

Annual report 2025A · The company itself

“CNA’s investment portfolio is exposed to various risks, such as interest rate, credit spread, issuer default, equity prices and foreign currency, which are unpredictable. Financial markets are highly sensitive to changes in economic conditions, monetary policies, tariff policies, tax policies, interest rates, domestic and international geopolitical issues and many other factors. Changes in financial markets, including fluctuations in interest rates, credit, equity prices and foreign currency prices, and many other factors beyond CNA’s control can adversely affect the value of its investments, the realization of investment income and the rate at which it discounts certain liabilities.”

Annual report 2025A · The company itself

“CNA has significant holdings in fixed maturity investments that are sensitive to changes in interest rates. A decline in interest rates may reduce the returns earned on new fixed maturity investments, thereby reducing CNA’s net investment income, while an increase in interest rates may reduce the value of its existing fixed maturity investments, which could 23 Table of Contents increase CNA’s net unrealized losses or reduce its net unrealized gains included in Accumulated Other Comprehensive Income (“AOCI”).”

Annual report 2025A · The company itself

“To the extent that Boardwalk Pipelines is unable to pass all or any such cost increases on to its customers, such cost increases could adversely affect its returns on investment. Higher materials costs could also diminish Boardwalk Pipelines’ ability to develop new projects at acceptable returns, particularly during times of economic uncertainty, and limit its ability to pursue growth opportunities.”

Annual report 2025A · The company itself

“Also, disruptions and volatility in the financial markets may lead to adverse changes in the availability, terms and cost of capital. Such adverse changes could increase Boardwalk Pipelines’ costs of capital and limit its access to external financing sources to fund acquisitions, capital projects, or refinancing of debt maturities on similar terms.”

Annual report 2025A · The company itself

“Changes in the debt markets and increases in interest rates could adversely affect Boardwalk Pipelines’ business.”

Annual report 2025A · The company itself

“Changes in the debt markets, including market disruptions, limited liquidity, and an increase in interest rates, may increase the cost of financing for these growth projects as well as the risks of refinancing maturing debt. This may affect its ability to raise needed funding and reduce the amount of cash available to fund its operations or growth projects or refinance maturing debt.”

Annual report 2025A · The company itself

“Boardwalk Pipelines expects to construct approximately $3.3 billion of growth projects over the next five years (and is evaluating additional growth projects involving substantial capital commitments) and anticipates having to finance a substantial portion of these capital commitments. This level of debt requires significant interest payments. Boardwalk Pipelines’ inability to generate sufficient cash flow to satisfy its debt obligations, or to refinance its obligations on commercially reasonable terms, would have a material adverse effect on its business.”

Annual report 2025A · The company itself

“Risks Related to Us and Our Unconsolidated Subsidiary, Altium Packaging Altium Packaging’s substantial indebtedness could affect its ability to meet its obligations and may otherwise restrict its activities. Altium Packaging has a significant amount of indebtedness, which requires significant interest payments.”

Annual report 2025A · The company itself

“I april erhöll Loomis AB ett kreditbetyg från S&P Global Ratings på BBB med stabila utsikter. Betyget återspeglar Loomis marknadsledande position, organiska tillväxt, solida marginaler och starka kassaflöde.”

Annual report 2024A · The company itself

“Loomis International hade ett utmanande år till följd av en cykliskt relaterad minskning av transportvolymerna för ädelmetaller och andra värdesaker, och förvärrat av påverkan från höga räntor.”

Annual report 2024A · 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

“We rely on cash flows from operations, as well as continued access to capital markets on both a short-term and long-term basis, as needed, to fund our operations, make strategic investments to support long-term growth, such as the acquisitions of FBM and ADG, return excess cash to shareholders in the form of dividends and share repurchases, and repay debt maturities as they become due. Our access to capital markets depends on our strong credit ratings, the overall condition of such capital markets, our operating performance and reputation with potential lenders.”

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

“Our financial results may be adversely affected due to changes in product demand impacted by recessions, increases in interest rates, stagflation and other economic conditions. Customer demand for our products may be impacted by weak economic conditions, inflation, stagflation, trade wars, adverse changes in tariffs and trade policies, recessionary or lower-growth environments, high interest rates, tightening credit markets, equity market volatility or other negative economic factors in the U.S. or other countries.”

Annual report 2026A · The company itself

“Inflation and increased borrowing costs could impact our cash flows and profitability. Prolonged periods of inflation may continue to adversely affect our business, results of operations, financial condition and liquidity by increasing our overall cost structure, particularly if we are unable to achieve commensurate increases in the prices we charge our customers. Inflation has resulted in and may continue to result in higher interest rates and capital costs, supply shortages, increased costs of labor and other similar effects.”

Annual report 2026A · The company itself

“We have repeatedly taken advantage of opportunities for convertible debt financing and have $1,554.3 million in aggregate principal amount of debt outstanding.”

Annual report 2026A · The company itself

“A significant milestone in 2024 was the complete repayment of our debt, including the buy out of the stream credit facility and offtake, further enhancing our financial flexibility and exposure to the strengthening gold price.”

Annual report 2024A · The company itself

“Company’s access to financing or its own cash balance may also be negatively impacted by liquidity crises. These factors may impact the Company’s ability to obtain equity or debt financing and, where available, to obtain such financing on terms favourable to the Company. Increased levels of volatility and market turmoil could have an adverse impact on the Company’s operations, planned growth, profitability and the trading price of the Company’s Shares.”

Annual report 2024A · The company itself

“We require significant capital to operate our current business and fund our dividends, share repurchases, and growth strategy. Moreover, interest payments, dividends, capital requirements of our joint ventures, the expansion of our current business or other business opportunities may require significant amounts of capital.”

Annual report 2025A · The company itself

“If we need external financing, our access to credit markets and pricing of our capital is dependent upon our credit ratings and the state of the capital markets generally. There can be no assurances that we would be able to incur indebtedness on terms we deem acceptable, and it is possible that the cost of any financings could increase significantly, thereby increasing our expenses and decreasing our net income.”

Annual report 2025A · The company itself

“The Company’s business and financial performance is impacted significantly by market interest rates and movements in those rates. The monetary and other related policies of governmental agencies, including the Federal Reserve, have a significant impact on interest rates and overall financial market performance over which the Company has no control and which the Company may not be able to anticipate adequately.”

Annual report 2025A · The company itself

“The FOMC increased the federal funds target interest rate through several hikes during 2022 and 2023 and held that interest rate at the elevated level until it began decreasing the federal funds target interest rate in September through December 2024. The FOMC then maintained the target interest rate in 2025, before decreasing it in each of September, October and December 2025. As a result of the high percentage of the Company’s assets and liabilities that are in the form of interest-bearing or interest-related instruments, changes in interest rates, including in the shape of the yield curve or in spreads between different market interest rates, as well as changes linked to inflation, can have a material effect on the Company’s business and profitability and the value of the Company’s assets and liabilities.”

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

“A primary market risk the Company is exposed to is interest rate risk. Interest rate risk arises from the Company’s core banking activities of lending and deposit-taking, because assets and liabilities reprice at different times and by different amounts as interest rates change. As a result, net interest income earned by the Company is subject to the effects of changing interest rates.”

Annual report 2025A · The company itself

“The accompanying table as of December 31, 2025 and December 31, 2024 displays the estimated impact on net interest income in the base scenarios described above resulting from changes in market interest rates.”

Annual report 2025A · The company itself

“Yhdysvaltain keskuspankki Fed laski ohjauskorkoaan vuoden 2025 aikana kolmesti, mikä piristi sekä markkinoita että talousnäkymiä.”

Annual report 2025A · The company itself

“Korkojen aleneminen kasvattaa laskuperustekorkoisen vakuutussopimusvelan määrää ja heikentää siten sijoitus- ja rahoitustoiminnan tulosta.”

Annual report 2025A · The company itself

“Mandatumin arvion mukaan sen olennaisilla riskeillä ja mahdollisuuksilla ei ole lyhyellä aikavälillä eikä kuluneella raportointikaudella merkittäviä taloudellisia vaikutuksia, eikä yhtiö ole tunnistanut sellaisia riskejä tai mahdollisuuksia, että asiaan liittyviin tilinpäätöksessä ilmoitettujen omaisuuserien tai velkojen kirjanpitoarvoihin tehtäisiin oikaisua seuraavan tilikauden aikana.”

Annual report 2025A · The company itself

“Med ränterisk avses osäkerheten i framtida kassaflöden till följd av förändrad marknadsränta för finansiering och inlåning. Ränterisk avser ett företags känslighet för förändringar i räntornas nivå och räntekurvans struktur.”

Annual report 2024A · The company itself

“Our business, financial results, and growth are impacted by weak or volatile economic conditions; pandemics and other outbreaks of disease; natural and man-made disasters; changes in energy prices, interest rates, inflation, and currency values; political instability, geopolitical disputes or conflict, actual or threatened war, terrorist activity, civil unrest and other acts of violence; heightened travel security measures, travel advisories, and disruptions in air and ground travel; and concerns over the foregoing.”

Annual report 2025A · The company itself

“Current and potential hotel owners must periodically spend money to fund new hotel investments, as well as to refurbish and improve existing hotels. The availability of funds for new investments and improvement of existing hotels by our current and potential hotel owners depends in large measure on their ability to access the capital markets.”

Annual report 2025A · The company itself

“A variety of other factors also affect income from properties and real estate values, including local market conditions and new supply of hotels and other lodging products, operating costs, governmental regulations, insurance, zoning, tax and eminent domain laws, interest rate levels, and the availability of financing.”

Annual report 2025A · The company itself

“Such projects pose further risks beyond those generally associated with our lodging business, which may reduce our profits or compromise our brand equity, including risks that: (1) changes in residential real estate demand generally may reduce our profits and could make it more difficult to convince future project developers of the value added by our brands; and (2) increases in interest rates, reductions in mortgage availability or the tax benefits of mortgage financing or residential ownership generally, or increases in the costs of residential ownership could prevent potential customers from buying residential products or reduce the prices they are willing to pay.”

Annual report 2025A · The company itself

“Lower interest rates have led to a decline in our fiduciary income.”

Annual report 2025A · The company itself

“The maintenance and growth of our business, including our ability to finance acquisitions, the payment of dividends and our ability to make share repurchases rely on our access to capital, which depends in large part on cash flow generated by our business and the availability of equity and debt financing. Certain of our businesses also rely on financings by the Company to fund the underwriting of their client's debt and equity capital raising transactions. There can be no assurance that our operations will generate sufficient positive cash flow to finance all of our capital needs or that we will be able to obtain equity or debt financing on favorable terms, particularly in an environment of rising interest rates.”

Annual report 2025A · The company itself

“Pension plan assets could decrease as the result of poor future asset performance. In addition, the estimated return on plan assets would likely be impacted by changes in the interest rate environment and other factors, including equity valuations, since these factors reflect the starting point used in the Company’s projection models. For example, a reduction in interest rates may result in a reduction in the estimated return on plan assets.”

Annual report 2025A · The company itself

“Factors affecting defined benefit pension plans and the services we provide relating to those plans could adversely affect Mercer. Mercer currently provides plan sponsors, plan trustees, multi-employer and public entity clients with actuarial, consulting and administration services relating to defined benefit pension plans.”

Annual report 2025A · The company itself

“Many clients, particularly in the public sector, have sizeable pension deficits and are subject to impact from volatility in the global markets and interest rate fluctuations. A number of Mercer's clients have frozen or curtailed their defined benefit plans and have moved to defined contribution plans resulting in reduced revenue for Mercer's retirement business.”

Annual report 2025A · The company itself

“Additionally, a rapid rise in interest rates could result in higher defined benefit pension plan funding levels. In some markets, this could accelerate clients’ desire to conduct a buyout or third-party risk transfer. Such a transaction could result in additional short-term revenue for Mercer to the extent we advise the client on the transaction, but a loss in longer term recurring revenue related to the plan.”

Annual report 2025A · The company itself

“Interest earned on fiduciary funds decreased $94 million to $403 million in 2025, compared to $497 million in 2024, due to lower average interest rates compared to the prior year.”

Annual report 2025A · The company itself

“Interest Expense Interest expense was $960 million in 2025, compared to $700 million in 2024. Interest expense increased $260 million in 2025 due to debt raised to fund the McGriff acquisition.”

Annual report 2025A · The company itself

“The Company has significant defined benefit pension obligations to its current and former employees, totaling approximately $11.7 billion, and related plan assets of approximately $13.1 billion, at December 31, 2025 in accordance with U.S.”

Annual report 2025A · The company itself

“Building Materials Business The profitability of the Building Materials business, which serves customers in the construction marketplace, is sensitive to national, regional and local economic conditions and construction cyclicality, which are in turn affected by fluctuations in public-sector infrastructure funding; interest rates; access to capital markets; and demographic, geographic, employment and population dynamics.”

Annual report 2025A · The company itself

“Construction spending is affected by economic conditions, changes in interest rates, inflation, employment levels, demographic and population shifts, and changes in construction budgets by federal, state and local governments.”

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

“Sustained high or rising interest may reduce construction demand, increase our financing costs, and adversely affect our results of operations and financial condition. Our businesses are sensitive to interest-rate and credit conditions because a substantial portion of demand for our products is tied to the construction markets. Therefore, our business in these industries may experience declines from sustained high or rising interest rates and cost increases.”

Annual report 2025A · The company itself

“Credit-market stress and tighter financing conditions could reduce construction demand, slow customer payments, constrain our liquidity, and increase our cost of capital. Demand for aggregates products, particularly in the infrastructure construction market, has historically been negatively affected by federal and state budget challenges and uncertainty over future highway funding levels.”

Annual report 2025A · The company itself

“Our access to and cost of capital may be adversely affected. Additional financing or refinancing might not be available and, if available, may not be at economically favorable terms.”

Annual report 2025A · The company itself

“BUSINESS ENVIRONMENT Building Materials Business The Building Materials business serves customers in the construction marketplace. The business’ profitability is sensitive to national, regional and local economic conditions and cyclical swings in construction spending, which are affected by fluctuations in levels of public-sector infrastructure funding; interest rates; access to capital markets; and demographic, geographic, employment and population dynamics.”

Annual report 2025A · The company itself

“The Company is exposed to credit markets through the interest cost related to borrowings under its Revolving Facility and Trade Receivable Facility.”

Annual report 2025A · The company itself

“Demand in the nonresidential and residential construction markets, which combined accounted for 58% of the Company's 2025 aggregates shipments, is affected by interest rates.”

Annual report 2025A · The company itself

“Risks Relating to Credit and Capital Markets, Our Credit Rating, Borrowings and Dividends Increases in interest rates or changes in our credit ratings may negatively impact us. On November 30, 2025, we had total outstanding variable rate debt of approximately $351.8 million at a weighted-average interest rate of approximately 4.06%.”

Annual report 2025A · The company itself

“A downgrade in our credit ratings would increase our borrowing costs and could affect our ability to issue commercial paper. Additionally, disruptions in the commercial paper market or other effects of volatile economic conditions on the credit markets could also reduce the amount of commercial paper that we could issue and raise our borrowing costs.”

Annual report 2025A · The company itself

“Det gäller bland annat störningar i leverans- och logistikkedjor och ökad volatilitet på energimarknaden, tillsammans med en högre inflationstakt och stigande räntor.”

Annual report 2024A · The company itself

“We base our pricing on the expected benefits payout which we calculate through the use of assumptions for mortality, longevity, morbidity, expenses, persistency and investment returns and macroeconomic factors such as inflation.”

Annual report 2025A · The company itself

“Interest Rates Our exposure to interest rate changes results most significantly from our holdings of fixed maturity securities AFS, mortgage loans, derivatives, and our interest rate sensitive liabilities. Fixed maturity securities AFS include U.S. and foreign government bonds, securities issued by government agencies, corporate bonds, mortgage-backed securities and ABS & CLO, all of which are mainly exposed to changes in medium- and long-term interest rates.”

Annual report 2025A · The company itself

“The interest rate sensitive liabilities for purposes of this disclosure include FPBs, PABs related to certain investment type contracts, debt and MRBs primarily consisting of variable annuities with guaranteed minimum benefits which have the same type of interest rate exposure (medium- and long-term interest rates) as fixed maturity securities AFS.”

Annual report 2025A · The company itself

“Based on our analysis of the impact of a 100-basis point change (increase or decrease) in interest rates, as well as a 10% change (increase or decrease) in foreign currency exchange rates and equity market prices, we have determined that such a change could have a material adverse effect on the estimated fair value of certain assets and liabilities from interest rate, foreign currency exchange rate and equity market exposures.”

Annual report 2025A · The company itself

“Risks Related to Our Substantial Financial Commitments Our substantial indebtedness and significant financial commitments, including our rent payments and guarantees we provide of the indebtedness of the landlords of Bellagio, Mandalay Bay, and MGM Grand Las Vegas could adversely affect our operations, development options, and financial results and impact our ability to satisfy our obligations.”

Annual report 2025A · The company itself

“In addition, our substantial indebtedness and significant financial commitments could have important negative consequences on us, including: •increasing our exposure to general adverse economic and industry conditions; •limiting our flexibility to plan for, or react to, changes in our business and industry; •limiting our ability to borrow additional funds for working capital requirements, capital expenditures, debt service requirements, execution of our business strategy (including returning value to our shareholders) or other general operating requirements; •making it more difficult for us to make payments on our indebtedness; or •placing us at a competitive disadvantage compared to less-leveraged competitors.”

Annual report 2025A · The company itself

“In addition, we have a significant amount of indebtedness maturing in 2027, and thereafter. Our ability to fund or timely refinance and replace our indebtedness will depend upon the economic and credit market conditions discussed above.”

Annual report 2025A · The company itself

“Interest rate risk. We are subject to interest rate risk associated with our variable rate long-term debt.”

Annual report 2025A · The company itself