Sea freight and freight rates

“EBIT decreased by USD 3.0bn, driven by lower freight rates by 17%”

Annual report 2025A · The company itself

“nominal capacity expanded by 7.2% in 2025, driven by a still significant influx of deliveries”

Annual report 2025A · The company itself

“Ocean 34,975 ... A.P. Moller - Maersk consolidated 53,988”

Annual report 2025B · From the report

“Increase in vessel capacity in the market could lead to a drop in freight rates that continues for longer than expected.”

Annual report 2025A · The company itself

“All else being equal, the sensitivities for 2026 for four key assumptions are listed below: Factors Change Effect on EBIT (full year 2026) Container freight rate +/- 100 USD/FFE +/- USD 1.3bn Container freight volume +/- 100,000 FFE +/- USD 0.01bn Bunker price (net of expected BAF coverage) +/- 100 USD/tonne +/- USD 0.3bn Foreign exchange rate (net of hedges) +/- 10% change in USD +/- USD 0.3bn No company can drive transformative change alone.”

Annual report 2025A · The company itself

“Volume grew by 8.9% and accordingly, utilisation increased by 7.7 percentage points to 86% (78%), with several terminals nearing the optimal utilisation limit. Revenue per move increased by 8.2%, driven by improved rates, an increase in storage revenue and improved terminal mix.”

Annual report 2025A · The company itself

“Panama Canal Railway Company acquisition On 1 April 2025, Maersk acquired the Panama Canal Railway Company (PCRC) which operates a 76-km single-track railway running parallel to the Panama Canal and connecting the Atlantic and Pacific Oceans. The railway has been integrated into the Ocean network by further improving the intermodal container offering.”

Annual report 2025A · The company itself

“At the heart of the Integrator strategy, Ocean ensures that goods keep moving across the world, providing customers with a unique offering, combining flexibility and stability to manage and simplify their end-toend supply chains. While providing access to a competitive global network, Ocean offers resilient solutions and differentiated value propositions through its global network and digital products to fit the diverging customer needs and enhance long-term partnerships. Operating one of the largest container vessel fleets in the world, Ocean carries approximately 13m FFE per annum serving over 500 ports worldwide.”

Annual report 2025A · The company itself

“Table of Contents •Network bandwidth costs are also a significant portion of our cost of revenue. We have been able to manage these costs through investment in internal-use software development to improve the performance and efficiency of our network and, more recently, improved pricing on contract renewals with our bandwidth providers.”

Annual report 2025A · The company itself

“Cost of Revenue Cost of revenue consists primarily of fees paid to network providers for bandwidth and to third-party network data centers for housing servers, also known as co-location costs. Cost of revenue also includes employee costs for services delivery and network operation, build-out and support of the Company's network; network build-out and supporting service costs, including network storage costs, cost of software licenses and partner program costs; depreciation of network equipment used to deliver the Company’s services; and amortization of network-related internal-use software.”

Annual report 2025A · The company itself

“The Company enters into contracts for bandwidth with third-party network providers with terms typically ranging from several months to two years. These contracts generally commit the Company to pay minimum monthly fees plus additional fees for bandwidth usage above the committed level.”

Annual report 2025A · The company itself

“Purchase Commitments We enter into long-term agreements with network and internet service providers for bandwidth, as well as execute purchase orders for the purchase of goods or services in the ordinary course of business, which may contain minimum commitments. These minimum commitments may vary from period to period depending on the timing and length of contract renewals with our vendors, and on our plans for network expansion, including our expansion plans related to our compute locations.”

Annual report 2025A · The company itself

“Our media delivery solutions are designed to enable enterprises to execute their digital media distribution strategies by addressing volume and global reach requirements, improving the end-user experience, boosting reliability and reducing the cost 5 Table of Contents of internet-related infrastructure. Underlying these solutions is technology to address variable connection speeds and device types, facilitate access to disparate locations around the world, accelerate large file downloads, reliably deliver high-quality live content across various devices and platforms and enable comprehensive insights and real-time online video monitoring.”

Annual report 2025A · The company itself

“The improvement was mostly due to that better customer call-off accuracy supported an improved operational efficiency with around $82 million in lower costs for labor, premium freight and waste and scrap.”

Annual report 2024A · The company itself

“There is also volatility in the sea freight rates driven by geopolitical events.”

Annual report 2024A · The company itself

“We could experience disruption in our supply or delivery chain, which could cause one or more of our customers to halt or delay production We, as with other component manufactures in the automotive industry, ship our products to customer vehicle assembly facilities throughout the world on a “just-in-time” basis for our customers to maintain low inventory levels. Our suppliers (external suppliers as well as our own production sites) use a similar method in providing raw materials to us.”

Annual report 2024A · The company itself

“Due in part to the negative impact of the war in Ukraine, we have experienced exacerbated increases in raw materials and increased costs for transportation, energy, and commodities. Although we have negotiated and continue to negotiate with our customers with respect to these additional costs, commercial negotiations with our customers may not be successful or may not offset all of the adverse impact of higher transportation, energy and commodity costs.”

Annual report 2024A · The company itself

“We continuously monitor our supply chain, identify alternate shipping and logistic sources, and work with foreign regulators so our suppliers can provide high quality parts. Supply chain disruptions are an ongoing occurrence and our continuous monitoring allows us to minimize their impact.”

Annual report 2025A · The company itself

“A significant number of our raw materials or components comprise petroleum-based products or incur some form of landed cost associated with transporting the raw materials or components. Our freight and import costs and the timely delivery of our products could be adversely affected by the materialization or re-emergence of a number of factors that could reduce the profitability of our operations, including, for example: higher fuel costs; supply chain shortages; potential port closures or shipping disruptions; customs clearance issues; increased government regulation or regulatory changes for imports of foreign products into the United States and exports from foreign sources; and delays created by war, terrorist attacks or threats, public health issues, national disasters or work stoppages.”

Annual report 2025A · The company itself

“Additionally, conflict in the Middle East, and the resulting disruption of transit through the Persian Gulf and the Strait of Hormuz, continues to disrupt global supply chain flows and impact fuel prices. Furthermore, these conflicts or other international policies and efforts may impact, or continue to impact, our critical international trade routes, such as the Panama Canal, the Red Sea and the Suez Canal. Such disruptions may increase shipping times or costs, which could adversely affect our operations and financial results.”

Annual report 2026A · The company itself

“The costs of our freight supply agreements are typically passed through to our customers as a component of the prices we charge for our products. However, changes in the market value of such freight services compared to the rates at which we have contracted them may affect margins on the sales of agricultural commodities.”

Annual report 2025A · The company itself

“The results of this analysis, which may differ from actual results, are as follows: Year Ended Year Ended (US$ in millions) Fair Value Market Risk Fair Value Market Risk Highest daily aggregated position value $ 1,307 $ (131) $ 762 $ (76) Lowest daily aggregated position value $ (611) $ (61) $ (407) $ (41) Ocean Freight Risk Ocean freight represents a significant portion of our operating costs. The market price for ocean freight varies depending on the supply and demand for ocean vessels, global economic conditions, inflationary pressure, and other factors.”

Annual report 2025A · The company itself

“Our supply chain could be impacted by climate events through extreme weather, resulting in delivery or production disruptions and increased material costs. In addition, other issues with suppliers (such as capacity constraints, quality issues, consolidations, closings or bankruptcies), price increases, raw material/component/finished good shortages, regulatory limitations, government actions, or the decreased availability of trucks and other delivery services could also have a material adverse effect on our ability to meet our commitments to customers or increase our operating costs. Periodic disruptions in our supply chains have resulted, and may continue to result, in sufficient inventory not being available in a timely manner or during the appropriate season as well as higher freight and other logistic costs, including increased carrier rates, which could have a material adverse effect on our business.”

Annual report 2025A · The company itself

“Geopolitiska spänningar, handelshinder och ökade fraktkostnader innebär vidare att företag behåller större lager och försörjer fler funktioner.”

Annual report 2024A · The company itself

“Nitrogen Product Distribution The safe, efficient and economical distribution of nitrogen products is critical for successful operations. Our production facilities have access to multiple transportation modes by which we ship products to terminals, warehouses and customers.”

Annual report 2025A · The company itself

“In addition, we rely on railroad, barge, truck, vessel and pipeline companies to coordinate and deliver finished products to our distribution system and to ship finished products to our customers. We also lease rail cars in order to ship finished products.”

Annual report 2025A · The company itself

“These transportation operations, equipment and services are subject to various hazards and other sources of disruption, including adverse operating conditions on the inland waterway system or on the seas with respect to oceangoing vessels, adverse weather conditions, system failures, unscheduled downtime, labor difficulties or shortages, shutdowns, delays, accidents such as spills and derailments, vessel groundings and other accidents and operating hazards. The inability of our third-party providers to develop or operate CO2 pipelines and sequestration wells would impact our ability to generate tax credits and recognize revenue for low-carbon ammonia sales.”

Annual report 2025A · The company itself

“If shipping of our products is delayed or we are unable to obtain raw materials as a result of these transportation companies’ failure to operate properly, if new and more stringent regulatory requirements were implemented affecting transportation operations or equipment, or if there were significant increases in the cost of these services or equipment, our revenues and cost of operations could be adversely affected. In addition, increases in our transportation costs, or changes in such costs relative to transportation costs incurred by our competitors, could have a material adverse effect on our business, financial condition, results of operations and cash flows.”

Annual report 2025A · The company itself

“Reduced availability of transportation or disruptions in our transportation network could adversely affect us. We distribute our products and receive raw materials and packaging components primarily by truck, rail and ship and through various ports of entry. Reduced availability of trucking, rail or shipping capacity due to labor shortages, adverse weather conditions, natural disasters, including climatic and weather-related events, allocation of assets to other industries or geographies or otherwise, work stoppages, closure of operations due to government restrictions or sick employees or other impacts of pandemics, strikes or shutdowns of ports of entry or such transportation sources, could lead to inflationary cost pressures, cause us to incur unanticipated expenses and impair our ability to distribute our products or receive our raw materials or packaging components in a timely manner, which could disrupt our operations, strain our customer relationships and competitive position.”

Annual report 2025A · The company itself

“Our distribution operations depend on the effective functioning of global transportation and logistics networks, including ports, carriers, and third-party service providers. Disruptions to these networks, including labor shortages or disputes, capacity constraints, fuel and freight cost volatility, routing inefficiencies, or infrastructure limitations could increase delivery times, delay inbound or outbound shipments, strain distribution capacity, increase fulfillment and other costs, and impair our ability to efficiently receive, store, and distribute products.”

Annual report 2026A · 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

“For example, prolonged or escalating conflicts in the Middle East could disrupt our supply chain and increase energy, transportation, and commodity costs, as well as cause shipping delays.”

Annual report 2026A · The company itself

“Gross margin decreased to 57.7% from 57.9%, compared to the prior period, primarily due to incremental tariffs on domestic goods and a slightly unfavorable channel mix; partially offset by cost‑sharing arrangements, strategic price increases, and favorable product mix, along with slightly favorable foreign currency exchange rate fluctuations and freight costs.”

Annual report 2026A · The company itself

“Profitability and Operational Risks Our profitability is vulnerable to cost pressures from increases in merchandise, shipping, freight and fuel, wages, benefits and other operating costs.”

Annual report 2026A · The company itself

“While we experienced lower domestic and import freight costs in fiscal 2025, we expect those costs to increase in the future.”

Annual report 2026A · The company itself

“Ocean shipping and other freight costs could increase because of the macroeconomic environment, armed conflicts and other geopolitical tensions, or other shocks or disruptions in the global supply chain.”

Annual report 2026A · The company itself

“We have experienced disruptions in the global supply chain, including issues with shipping capacity and port congestion, and could experience disruptions because of geopolitical tensions and other international events such as armed conflict, war, economic sanctions, cyberattacks, piracy or acts of terrorism. Tensions in the Persian Gulf and Red Sea and traffic restrictions through the Panama Canal caused global supply chain disruptions in recent years and may continue, which, along with ongoing conflicts in the Middle East, could increase ocean shipping costs, transit times and port congestion.”

Annual report 2026A · The company itself

“Our success is dependent on our ability to import or transport merchandise to our distribution centers and deliver merchandise to our stores in a safe, timely and cost-effective manner.”

Annual report 2026A · The company itself

“constrained shipping capacity, leading to extended transit times”

Annual report 2025A · The company itself

“Overall, modest demand growth, increased capacity and shifts in trade lanes led to flat to slightly negative freight rates compared to last year.”

Annual report 2025A · The company itself

“Despite a reduction of the effective capacity due to the Red Sea situation, the global fleet expanded, which led to overcapacity and declining freight rates, especially in the second half of the year.”

Annual report 2025A · The company itself

“Results Air & Sea revenue was DKK 137,320 million in 2025 (2024: DKK 104,496 million), up 35.6% in constant currencies compared to the previous year. The development in revenue was driven by the contribution from Schenker, offsetting lower average freight rates, especially within sea freight.”

Annual report 2025A · The company itself

“Results DSV Road revenue increased by 93.0% to DKK 77,977 million in 2025 (2024: DKK 40,507 million), driven by the acquisition of Schenker and partly offset by lower freight rates and lower overall activity levels, especially in Europe.”

Annual report 2025A · The company itself

“As one of the largest buyers of transportation services globally, we and our customers benefit from keen pricing and strong relationships with carriers. Being a platform business, our customers see greater value as our network grows.”

Annual report 2025A · The company itself

“We connect our customers with the world and ensure flexible and efficient supply chains through storage and transport of goods by air, sea and road. We enable the business of our customers by keeping supply chains flowing – from shipper to consignee.”

Annual report 2025A · The company itself

“For the Air & Sea division, revenue increased by 35.6% compared to 2024.”

Annual report 2025A · The company itself

“Gross profit DKK 32,386 million 34.9% Geographic segmentation based on gross profit MEA Europe 6% 41% The Air & Sea division operates a global network across more than 90 countries specialising in transportation of cargo by air and sea. The division offers freight forwarding services and tailored cargo solutions based on a broad portfolio of value-added services.”

Annual report 2025A · The company itself

“For 2025, DSV Air & Sea reported air freight volume growth of 44% and a 38% increase in sea freight volumes compared to the previous year, driven by Schenker.”

Annual report 2025A · The company itself

“Besides the positive impact from Schenker, the development in value-added services per shipment contributed to the growth.”

Annual report 2025A · The company itself

“Rörelseresultatet 2024 Jämfört med samma period föregående år har påverkats negativt av ökade logistikkostnader avseende utomnordiska transporter, förändrad produktmix med lägre marginaler samt delvis negativa valutaeffekter avseende koncernens inköp.”

Annual report 2024A · The company itself

“De ökade logistikkostnaderna avser främst högre kostnader för utomnordiska transporter till lager.”

Annual report 2024A · The company itself

“Attacks on merchant vessels remain high in the Red Sea which is causing disruptions in shipping routes. Although alternative routes are available, including routes via the Cape of Good Hope, these routes can add additional transit time and lead to delayed deliveries and increased fuel costs.”

Annual report 2025A · The company itself

“As a non-asset-based provider of global logistics services, Expeditors depends on a variety of carriers and other service providers, including air, ocean and ground freight carriers. Our ability to deliver our services depends on service providers having sufficient capacity available to purchase.”

Annual report 2025A · The company itself

“Ocean Freight and Ocean Services: Within ocean services, Expeditors offers three basic services: ocean freight consolidation, direct ocean forwarding, and order management: Ocean freight consolidation: Expeditors, when acting as an ocean freight consolidator, contracts with ocean shipping carriers to obtain transportation for an allocation of containers between various points during a specified time period at agreed-upon rates. We handle both full container loads as well as Less-than Container Load (LCL) freight, offering a wide range of shipping options and rates.”

Annual report 2025A · The company itself

“Our end markets have in the past been, and could in the future be, adversely impacted by logistical constraints and increased freight and logistics costs around the world.”

Annual report 2026A · The company itself

“Given the complexity of our supply chain and our geographically dispersed operations, we depend on a variety of common carriers to transport our materials from our suppliers to us, and to transport our products from us to our customers. Problems suffered by any of these common carriers, whether due to geopolitical issues, such as conflicts in Ukraine and the Middle East, disruptions in the Strait of Hormuz and the Red Sea, including as a result of attacks on shipping vessels, natural disasters, labor problems, increased energy prices, criminal activity or other issues, have in the past resulted, and could in the future result, in shipping delays, increased costs, or other supply chain disruptions, and therefore have in the past had, and could 15 Table of Contents in the future have, a material adverse effect on our operations.”

Annual report 2026A · The company itself

“If there is a shortage of a key component in our supply chain or a supplier is unable to deliver a component to us in accordance with our specifications and at the cost contracted for, because of a production issue, a disruption at a supplier’s facility (e.g., fire, explosion, equipment failure, or natural disaster), limited availability of materials, shipping problems, restrictions on transactions with certain countries or companies, implementation of tariffs, or other reason, and the component cannot be easily sourced from a different supplier, or we are unable to obtain a component on a timely basis, the shortage may disrupt our operations or increase our costs of production and our ability to recoup lost production volume may be limited.”

Annual report 2025A · The company itself

“Genom att placera fabriker nära kunder och leverantörer, reduceras transportbehov och miljöpåverkan.”

Annual report 2024A · The company itself

“Leverantörsrisk – HANZA är för fullgörande av bolagets kunduppdrag, beroende av materialleveranser från bolagets leverantörer. Väsentliga eller långvariga störningar i leverans av kritiska insatsvaror och tillverkningsmaterial skulle kunna påverka HANZAs finansiella ställning och resultat negativt. En del av HANZAs leverantörer är så kallade single sourceleverantörer, vilket innebär att HANZA är beroende av en leverantör för samtliga leveranser av den aktuella råvaran eller komponenten. Det finns en risk att leverantören inte kan leverera råvaror och komponenter i enlighet med HANZAs behov.”

Annual report 2024A · The company itself

“Exempel på strategiska anpassningar av HANZAs affärsmodell: Transporter – HANZAs klusterstrategi där kompletta produkter tillverkas i fabriker som är samlade i kluster geografiskt nära kunderna vilket reducerar utsläpp från frakter. Totala transporter till klustret minimeras genom våra regelmässigt stora inköp från få leverantörer.”

Annual report 2024A · The company itself

“uforudsete stigninger i særligt priser på søfragt har stor betydning for resultatudviklingen”

Annual report 2026A · The company itself

“Den enkeltstående største kommercielle risiko... vurderes at være uforudsete stigninger i søfragt-omkostninger”

Annual report 2026B · From the report

“Den enkeltstående største kommercielle risiko, som kan påvirke forventningerne til 2026/27, vurderes at være uforudsete stigninger i søfragt-omkostninger, som de senere år har været ganske svingende.”

Annual report 2026A · The company itself

“Faktorer, der kan påvirke forventningerne, omfatter bl.a. de generelle økonomiske og forretningsmæssige forhold, prisudvikling på råvarer og fragt, nye afgifter og regulering, politiske forhold, efterspørgsel, valutakursudsving og konkurrencemæssige forhold.”

Annual report 2026A · The company itself

“Prisudvikling på bl.a. råvarer, emballager, energi, fragt og introduktion af nye eller forhøjede afgifter kan påvirke indtjeningen væsentligt.”

Annual report 2026A · The company itself

“Der ventes en fortsat intensiv konkurrence, som vil sætte indtjeningen under pres, ligesom prisudviklingen på råvarer, hjælpematerialer, søfragt og energi mv. kan påvirke resultaterne.”

Annual report 2026A · The company itself

“Ikke som forventet Den geopolitiske situation i Mellemøsten har haft negativ indvirken på ordreindgang og prisvolatilitet på søfragt.”

Annual report 2026A · The company itself

“Samtidig er Harboe eksponeret mod markedsudviklingen på de internationale markeder, herunder risiko for stigende energiog fragtpriser, geopolitisk uro og reguleringsmæssige regimer og forretningspraksis, som kan påvirke handelsvilkår, godkendelser, importregulering, logistik mv.”

Annual report 2026A · The company itself

“We are subject to the Jones Act, which generally restricts U.S. point-to-point maritime shipping to vessels operating under the U.S. flag, built in the U.S., owned and operated by U.S.-organized companies that are controlled and at least 75% owned by U.S. citizens and crewed by predominately U.S. citizens. Our business would be adversely affected if we fail to comply with the Jones Act provisions on coastwise trade.”

Annual report 2025A · The company itself

“Demand for electronic products and other factors have resulted in, and may in the future result in, a shortage of parts, materials, and services needed to manufacture, deliver, and install our products, as well as delays in and unpredictability of shipments due to transportation interruptions. Such shortages, delays, and unpredictability have adversely impacted, and may in the future impact, our suppliers’ ability to meet our demand requirements. Difficulties in obtaining sufficient and timely supply of parts, materials, or services, and delays in and unpredictability of shipments due to transportation interruptions, have adversely impacted, and may in the future adversely impact, our manufacturing operations and our ability to meet customer demand.”

Annual report 2026A · The company itself

“The waterborne distribution network also increases the Company’s exposure to certain risks, including, among other items, meeting minimum tonnage requirements of shipping contracts, demurrage costs, fuel costs, ship availability and weather disruptions. The Company has agreements with shipping companies to provide vessels to transport its aggregates to various coastal ports.”

Annual report 2025A · The company itself

“Building Materials Business’ Key Considerations Growth markets with limited supply of indigenous stone must be served via a long-haul distribution network The U.S. Department of the Interior identified possible sources of indigenous rock and documented its limited supply in certain areas of the United States, including the coastal areas from Virginia to Texas. Further, certain interior United States markets may experience limited availability of locally sourced aggregates resulting from increasingly restrictive zoning, permitting and/or environmental laws and regulations.”

Annual report 2025A · The company itself

“Product shipments are moved by truck, rail and water through the Company’s long-haul distribution network. The Company’s rail network primarily serves its Texas, Southeast and Gulf Coast markets, while the Company’s Bahamas and Nova Scotia locations transport materials via oceangoing ships.”

Annual report 2025A · The company itself

“The Company’s rail shipments result in continued reliance on railroad operations, which are impacted by track congestion, crew and locomotive availability, the effects of adverse weather conditions and the ability to negotiate favorable railroad shipping contracts. Further, changes in the operating strategy of rail transportation providers can create operational inefficiencies and increased costs from the Company’s rail network.”

Annual report 2025A · The company itself

“In 2025, direct production costs represented 82% of the Specialties business' total cost of revenues: The Specialties business is highly dependent on rail transportation, particularly for movement of dolomitic lime from Woodville to Manistee, magnesite from Gabbs to processing plants in North Carolina, Indiana and Pennsylvania and direct customer shipments of dolomitic lime and magnesia products from Woodville, Manistee and Gabbs.”

Annual report 2025A · The company itself

“Transportation in the Company’s long-haul network, particularly the supply of railcars and locomotive power and condition of rail infrastructure to move trains, affects the Company’s efficient transportation of aggregates products in certain markets, most notably Texas, the Southeast and the Gulf Coast. In addition, availability of railcars and locomotives affects the Company’s movement of essential dolomitic lime for magnesia chemicals to both the Company’s plant in Manistee, Michigan, and its customers as well as the movement of magnesite from the Company's Gabbs, Nevada facility to processing plants in North Carolina, Indiana and Pennsylvania and its customers.”

Annual report 2025A · The company itself

“Generally, the distance shipments travel by truck from a given quarry is limited because the cost of transporting processed aggregates to customers is high relative to the price of the product itself. The Company’s distribution system mainly uses trucks, but also has access to rail and waterborne networks where the per-mile unit costs of transporting aggregates are lower.”

Annual report 2025A · The company itself

“Adverse weather conditions, including hurricanes and tropical storms, extreme temperatures, snow, heavy or sustained rainfall, wildfires and earthquakes, reduce construction activity, restrict the demand for our products and impede our ability to efficiently transport material. Severe events can close or damage transportation networks or constrain logistics capacity, slowing our ability to move materials and increasing delivered costs.”

Annual report 2025A · The company itself

“We also rely heavily on third-party truck and rail transportation to ship coal, natural gas and other fuels to our plants. Any significant delays, disruptions or the non-availability of our transportation support system could negatively affect our operations.”

Annual report 2025A · The company itself

“Railcars can be used to transport many different types of products across all of our segments. If owners sell or lease railcars for use in other industries, we may not have enough railcars to transport our products.”

Annual report 2025A · The company itself

“Some of our products are distributed by barges along rivers in Ohio and West Virginia. We may experience, to a lesser degree, risks associated with distributing our products by barges, including significant delays, disruptions or the non-availability of our barge transportation system that could negatively affect our operations, water levels that could affect our ability to transport our products by barge, and barges that may not be available in quantities that we might need from time to time to support our operations.”

Annual report 2025A · The company itself

“In addition, we distribute our products and receive raw materials primarily by truck. Reduced availability of trucking capacity due to shortages of drivers has caused an increase in the cost of transportation for us and our suppliers.”

Annual report 2025A · The company itself

“In addition, we rely on third-party transportation providers to deliver raw materials and our products to our customers. There has been, and could continue to be, reduced availability of transportation capacity due to labor shortages and higher fuel costs, which have caused and may continue to cause an increase in transportation costs for us and our suppliers.”

Annual report 2025A · The company itself

“We have experienced, and may in the future experience, supply or labor shortages, strikes or other disruptions in logistics and the supply chain, which could result in shipping delays and negatively impact our operations, product development, and sales.”

Annual report 2025A · The company itself

“Changes in transportation costs can affect our sales volumes and selling prices. Delivery costs are a significant factor in the total cost to customers. As a result, changes in transportation costs, or in customer expectations about them, may adversely affect our sales volumes and prices.”

Annual report 2025A · The company itself

“We own and operate sulfur terminals in Riverview and Tampa, Florida, along with Galveston, Texas and Faustina, Louisiana. We also lease terminal space in Beaumont, Texas. We have long-term time charters on two ocean-going tugs/barges and one ocean-going vessel that transports molten sulfur from the Texas terminals to Tampa. We then further transport by truck to our Florida phosphate plants.”

Annual report 2025A · The company itself

“A shortage or unavailability of trucks, railcars, tugs, barges and ships for carrying our products and the raw materials we use in our business could result in customer dissatisfaction, loss of production or sales and higher transportation or equipment costs. We rely heavily upon truck, rail, tug, barge and ocean freight transportation to move raw materials needed at our mines and concentrates facilities and to deliver our products to our customers. In addition, the cost of transportation is an important part of the final sale price of our products.”

Annual report 2025A · The company itself

“Våra mönsterkort transporteras både med flyg och båt.”

Annual report 2024A · The company itself

“Ett ytterligare huvudområde är transport; majoriteten av våra koldioxidutsläpp orsakas av transport från tillverkare till kund. Vi använder till stor del flyg som transportmedel till följd av att kunder ställer höga krav på korta leveranstider.”

Annual report 2024A · The company itself

“We have experienced, and may continue to experience, negative impacts on our gross margins due to rising component costs, logistics costs, tariffs and other trade barriers, and inflationary pressures. For example, we have experienced inflationary pressure and supply chain constraints beginning in the second half of fiscal 2026, resulting in increased costs for memory and other components, which have affected our gross margins.”

Annual report 2026A · The company itself

“Factors such as inflationary pressures, higher transportation costs and delays and other supply chain issues, financial pressures, industry trends or economics (including the closure or conversion of newsprint mills and consolidation among suppliers and partners), changes in laws and regulations, such as the E.U.’s Deforestation Regulation, labor shortages or unrest, natural disasters, extreme weather, pandemics and other widespread health crises, tariffs or other changes in trade policy or other circumstances affecting the Company’s paper and other third-party suppliers and print and distribution partners have increased, or could in the future increase, the Company’s printing and distribution costs and lead to disruptions, reduced operations or consolidations within the Company’s printing and distribution supply chains and/or of third-party print sites and/or distribution routes.”

Annual report 2026A · The company itself

“Because contract manufacturers make a majority of our products outside of our principal sales markets, our products must be transported by third parties over large distances. Delays in the shipment or delivery of our products due to the availability of transportation, container shortages, labor shortages, including work stoppages or port strikes, infrastructure and port congestion or other factors, and costs and delays associated with consolidating or transitioning between manufacturers, have adversely impacted, and could in the future adversely impact the availability of our products and, in turn, our financial performance.”

Annual report 2026A · The company itself

“Constraints in the supply of wafers As a fabless semiconductor company, Nordic outsources the capital-intensive production of silicon wafers, packaging, and testing of its products to third-party suppliers, mainly in Asia. The manufacturing pipeline involves multiple stages with multiple suppliers. Disruption at any of these third-party suppliers could negatively affect revenue and customer relationships.”

Annual report 2024A · The company itself

“Container rates declined through the second half of the year”

Annual report 2025A · The company itself

“NTG is dependent on the availability of trucks, truck drivers, and air and ocean freight capacity”

Annual report 2025A · The company itself

“freight rates are expected to decline due to an oversupply of available freight capacity”

Annual report 2025A · The company itself

“Net revenue was DKK 2,484 million in 2025 (2024: DKK 2,734 million), a decline of 9.1% compared to last year. Organic growth was negative 13.7%, mainly driven by lower freight rates and a normalisation of project volumes following an unusually strong 2024.”

Annual report 2025A · The company itself

“The Air & Ocean division provides international air and ocean freight services, including project transports.”

Annual report 2025A · The company itself

“Chemical tanker spot rates strengthened during the first half of the year but weakened towards the end of the year. Swing tonnage in our market was at low levels in the beginning of the year due to high margins in the clean petroleum product (CPP) tanker segment, contributing to the tight chemical tanker supply.”

Annual report 2024A · The company itself

“The average rates achieved on Contract of Affreightment (CoA) cargoes ended in 2024 at a level approximately 10% higher than the year before, while achieved spot rates were down around 2% for the same period.”

Annual report 2024A · The company itself

“Renewed contracts in 2024 saw healthy average rate increases, and achieved rates are now up around 42% on average since the market upswing started in the second quarter 2022. Although geopolitical unrest has caused market conditions to be volatile, a solid future tonne-mile demand outlook and limited supply growth together with market inefficiencies should ensure continued healthy and strong markets for our tankers.”

Annual report 2024A · The company itself

“Bortsett från effekten av avsättningen för överlager föregående år ledde höjda priser mot kund, minskade fraktkostnader vid inköp och återförda avsättningar för överlager till en förbättring av bruttomarginalen med 2,1 procentenheter för 2024.”

Annual report 2024A · The company itself

“Lägre rörliga kostnader, framför allt personalkostnader, motverkade delvis ökade avgifter till betalningsleverantörer, kostnader för frakt till kunderna och lagret i Polen, samt avskrivningar.”

Annual report 2024A · The company itself

“Vid årets utgång bedömdes den risken vara mindre relevant, eftersom priserna på frakt från Asien har återgått till nivåerna före pandemin. De nuvarande geopolitiska utmaningarna i Mellanöstern och i Röda havsområdet i synnerhet har emellertid återigen påverkat fraktpriserna från Asien, som har varit högre under 2024 jämfört med föregående år och även visat sig vara mer volatila.”

Annual report 2024A · The company itself

“Störningarna i Röda havsområdet, särskilt sedan i december 2023, har medfört utmaningar för de globala leveranskedjorna, trängsel i hamnarna och ökade fraktkostnader. På grund av dessa faktorer och de politiska förändringarna i USA har fraktpriserna varit mer volatila och högre 2024 än i slutet av 2023, vilket kan komma att påverka marginalerna. Framtidsutsikterna är osäkra för närvarande, men det finns en risk för att fraktkostnaderna fortsatt kommer att vara volatila och (i genomsnittliga mått för bolaget, liksom dess konkurrenter) högre.”

Annual report 2024A · The company itself

“Disruptions or cost increases in our supply chain, including labor shortages, could materially impact our business. The supply chain of goods and services could be impacted by several factors, including sanctions, tariffs, manufacturing labor shortages, domestic and international shipping constraints, increases in demand, physical alterations in technologies that create cyber risks, and shortages of raw materials and specialty components. This could cause price increases in some areas and delivery delays of certain goods, which could increase our costs and impact our operations.”

Annual report unknown yearA · The company itself

“In addition, the entire apparel industry, including our Company, has faced, and could continue to face, supply chain challenges, including reduced freight availability, port congestion, labor shortages, and rising wages, oil prices and other energy costs, among others, as a result of unfavorable macroeconomic conditions and other factors.”

Annual report 2026A · The company itself

“We have also incurred, and may continue to incur, higher freight and other logistic costs as a result of certain of the beforementioned factors.”

Annual report 2026A · The company itself

“We also rely upon third-party transportation providers for substantially all of our product shipments, including shipments to and from our distribution centers, to our stores and shop-within-shops, and to our digital commerce and wholesale customers. Our utilization of these shipping services is subject to various risks, including, but not limited to, potential labor shortages (stemming from labor disputes, strikes, or otherwise), severe weather, and pandemic diseases, which could delay the timing of shipments, and increases in wages and fuel prices, which could result in higher transportation costs.”

Annual report 2026A · The company itself

“We have seen an unstable and volatile macro- environment in 2024/25 affecting the global economy, with inflationary effects on raw materials, energy prices and logistics costs.”

Annual report 2025A · The company itself

“Because a significant portion of the apparel and other goods we sell is originally manufactured in other countries, constraints on the availability of shipping capacity, changes in transportation or tariff costs, trade relationships or tax policies, geopolitical conflicts, natural disasters, or public health issues, that reduce the supply or increase the relative cost of imported goods, could also result in disruptions to our supply relationships.”

Annual report 2026A · The company itself

“Intern koldioxidprissättning Ericsson har introducerat funktionalitet att inkludera ett internt koldioxidpris (skuggpris) om 100 USD per ton koldioxidekvivalenter från transporter av viss typ av nätutrustning i sin modell för att beräkna den totala transportkostnaden.”

Annual report 2024A · The company itself

“Utsläpp i kategorin Uppströms transporter uppskattas genom att kombinera beräkningar baserade på försäljningsdata över leverantörsvolymer, med beräkningar baserade på de transporterade produkternas vikt och transportsträckor för de utgående transporter som har betalats av Ericsson.”

Annual report 2024A · The company itself

“Vi bidrar till klimatförändringarna genom de utsläpp av växthusgaser som orsakas av våra transporter, affärsresor, inköpt värme/ kyla, elektricitet och inköpta varor och tjänster.”

Annual report 2023A · The company itself

“Transporter – Grad av inflytande: MEDIUM Cirka 9 procent av vårt koldioxidavtryck kommer från transporter, både uppströms, från våra leverantörer, och nedströms, från kunder och konsumenter.”

Annual report 2023A · The company itself

“Bruttoresultatet har påverkats positivt av betydligt lägre frakt- och materialkostnader jämfört med föregående år, men samtidigt påverkas bruttoresultatet negativt av den lägre försäljningen och en underutnyttjad produktions kapacitet.”

Annual report 2023A · The company itself

“Vår största positiva påverkan Begränsa klimatförändringarna tack vare användning av förnybar energi i våra produktionsanläggningar, optimering av transporter samt minskning av klimatavtryck vid produktutveckling av alla produktkategorier.”

Annual report 2023A · The company itself

“En hållbar leveranskedja och kostnadseffektiv, klimatsmart distribution står högt på vår agenda. Thule Group har cirka 750 materialleverantörer i 32 länder – egen tillverkning vid nio anläggningar i sju länder, och försäljning till fler än 26 000 butiker på 138 marknader.”

Annual report 2023A · The company itself

“•The $586 million impact of lower input cost per pound was impacted by: •Decrease of approximately $895 million in our Chicken segment related to decreased feed ingredient costs. •Decrease in freight and transportation costs of approximately $310 million. •Decrease of $140 million due to plant closure and disposal charges. •Decrease in hog costs of approximately $135 million in our Pork segment. •Decrease in raw material and other input costs of approximately $65 million in our Prepared Foods segment. •Decrease due to net derivative losses of $55 million in fiscal 2024, compared to net derivative losses of $117 million in fiscal 2023 due to our risk management activities.”

Annual report 2025A · The company itself

“In addition, shipping and transportation costs represent a component of our cost structure and an increase in shipping and transportation costs, including as a result of inflationary pressures, could have a material adverse effect on our business, financial condition, profitability, and cash flows.”

Annual report 2026A · The company itself

“Despite this strategy, it is possible that we may from time to time experience critical part shortages which may drive the need for additional spot buys at increased costs, as well as increased costs associated with premium freight to meet customer commitments.”

Annual report 2025A · The company itself

“We also rely upon labor and third-party freight services to produce and deliver our offerings to our customers. In the past few years, we experienced significant increases in material, freight and labor costs and custom duties and tariffs.”

Annual report 2025A · The company itself

“For example, instability in the Middle East is deterring commercial vessels from traveling through the Suez Canal and the Strait of Hormuz, and as a result, vessels are now traveling around the Cape of Good Hope, South Africa, resulting in longer transit times and increased costs. Additionally, we have been, and may continue to be, affected by disruptions and delays in the shipping channels utilizing the Panama Canal.”

Annual report 2026A · The company itself

“We rely upon third-party carriers for our merchandise shipments and reliable data regarding the timing of those shipments, including shipments to our customers and to and from our stores. In addition, we are heavily dependent upon certain carriers for the delivery of our merchandise to our customers. Our dependence on these providers subjects us to certain risks which has caused, and could continue to cause, restrictions in shipping capacity and a related increase in costs.”

Annual report 2026A · The company itself

“Geopolitical turmoil and uncertainty could have a negative impact on our ability to sell and ship our offerings, collect payments from and support customers in certain regions, and could increase the costs, risks and adverse impacts from supply chain and logistics challenges. In addition, geopolitical turmoil could result in: increased energy costs, which could increase the cost of manufacturing, selling and delivering our offerings; inflation, which has resulted in increases in the cost of manufacturing, reduced customer purchasing power, increased price pressures, and reduced or cancelled orders; increased risk of cybersecurity attacks; and market instability, any of which could adversely impact our financial results.”

Annual report 2025A · The company itself

“Additionally, other trade disruptions include supply chain continuity disruption; inflationary pressures and increased costs of raw materials and inputs; manufacturing or shipping delays; increased shipping costs and transit delays (such as experienced due to attacks on shipping transiting the Red Sea); and increased disruptions and delays affecting our ability to operate in and to collect payment for our products and services in particular markets.”

Annual report 2025A · The company itself

“lack of available production capacity or transportation and installation vessels”

Annual report 2025B · From the report

“Inputs for Ross Offshore include vessels and associated inputs, and the vessel owner receives these for ABL Group’s use. The associated inputs are gasoline, remote offshore vehicles (ROVs) and geoscience equipment, liquefied natural gas, and marine urea.”

Annual report 2024A · The company itself

“Our Services Onshore In recent years, very large construction projects are being executed with worldwide procurement strategies requiring significant marine transportation campaigns to bring high-value items such as modules, pre-assembled units (PAUs), vessels, equipment and other materials from their place of fabrication / supply to the final site location. Such projects include multiple loadout, transportation and offloading operations occurring simultaneously in multiple locations. With our expansive global network of marine and engineering surveyors, and effective centralised project management systems, we are able to provide seamless MWS, marine assurance and risk, engineering and consulting services to support onshore projects with the most complex global supply chains.”

Annual report 2024A · The company itself

“Marine operations management covers pre-lay, rig move and mooring, subsea/IMR/ROV work, offshore quality assurance, vessel vetting and inspection, procurement and cost control of marine operations, rig intake and vessel management. The geophysical and geotechnical site survey management service includes the use of on-contract multi-purpose vessels M/V Sunny Lady and M/V Ross Eagle – both fully fitted out to meet the latest and highest operational standards for integrated surveys and geotechnical management.”

Annual report 2024A · The company itself

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

Annual report 2025A · The company itself

“We often rely on a single contracted supplier or a small number of suppliers for the provision of fuel, transportation of fuel and other services required for the operation of some of our facilities. If these suppliers cannot perform, we would seek to meet our fuel requirements by purchasing fuel at market prices, exposing us to market price volatility and the risk that fuel and transportation may not be available during certain periods at any price, which could adversely impact the profitability of the affected business and our results of operations, and could result in a breach of agreements with other counterparties, including, without limitation, offtakers or lenders.”

Annual report 2025A · The company itself

“If one or more of the third-party package delivery or other logistics providers we use experiences a significant disruption in services or institutes a significant price increase, we may have to seek alternative providers, which could result in increased costs, and/or delay the delivery of our products. Additionally, changing or replacing our contract manufacturers, logistics providers or other outsourcers could cause disruptions or delays.”

Annual report 2025A · The company itself

“In addition, we earn an increasingly larger portion of our total revenues from international sales, which carry higher shipping costs that negatively impact our gross margin and results of operations.”

Annual report 2025A · The company itself

“Higher inflation, as well as the cost of fuel, energy and domestic and international shipping costs, food and other essential or discretionary items, 22 raw material prices and labor rates, has and may continue to rise, which could adversely impact the costs of producing, procuring and shipping our products.”

Annual report 2025A · The company itself

“We depend on commercial freight carriers, primarily United Parcel Service, Inc., to deliver our products. If the operations of commercial freight carriers are disrupted or we fail to mitigate any disruptions, we may be unable to timely deliver products to our customers who may choose alternative products, causing our net revenues and gross margin to decline, possibly materially.”

Annual report 2025A · The company itself

“the timing of product shipments to China and Japan may lead to quarterly fluctuations in revenue”

Annual report 2025A · The company itself

“If we are unable to effectively manage these relationships, or if these third parties experience delays, disruptions, shortages of materials, labor, electronic and other components, capacity constraints, new or increased tariffs and/or other trade restrictions, regulatory issues or quality control problems in their operations, freight delays and other supply chain constraints and 19 Table of Contents disruptions, or otherwise fail to meet our future requirements for timely delivery, our ability to ship and deliver certain of our products to our customers could be impaired and our business could be harmed.”

Annual report 2025A · The company itself

“Lagernivåerna reducerades under året, men arbetet utmanades av en svag försäljning och förlängd transporttid från Asien på grund av störningar i sjötrafiken vid Suezkanalen.”

Annual report 2024A · The company itself

“delays can lead to higher freight rates”

Annual report 2025A · The company itself

“Global Specialty: Products include marine, energy-related property insurance products, aviation, political risk, trade credit and trade finance.”

Annual report 2025A · The company itself

“Significant risks and uncertainties relate to global supply chain disruptions with also potential threats to shipping routes, to the supply of grain, and to further price increases across all input costs.”

Annual report 2025A · The company itself

“Apotea erbjuder gratis leverans i Sverige och har till skillnad från de flesta konkurrenter inte något krav på lägsta ordervärde för en fraktfri leverans. Apotea erbjuder snabba leveranser över hela Sverige och i många fall leverans samma dag.”

Annual report 2024A · The company itself

“• Ellastbilar: Emissionsfria transporter mellan Apoteas lager och PostNords terminal i Rosersberg minskar både antalet tunga fordon på vägarna och koldioxidutsläppen. • Varsam produkthantering: Rutiner och regelbundna utbildningar i logistiken minskar skador på produkter och därmed onödigt svinn. • Farmaceutisk rådgivning: Apoteas farmaceuter ger expertstöd som främjar säker och effektiv läkemedelsanvändning samt stärker folkhälsan. • Trygg läkemedelshantering: Noggranna rutiner och egenkontroll säkerställer korrekta och säkra leveranser av läkemedel. • Egna varumärken: Apotea tillämpar strikta förpackningskrav för sina egna varumärken, bland annat genom återvinningsbara förpackningar och att successivt öka andelen återvunnet eller förnybart material i förpackningen. • Förbud mot skadliga ämnen: Apotea ställer krav på förbud av bland annat PFAS-ämnen. • Systematiskt arbetsmiljöarbete: Apotea satsar på arbetsmiljö, kompetensutveckling och ledarskapsutveckling för att medarbetarna ska trivas och utvecklas.”

Annual report 2024A · The company itself

“The Company’s transportation operations are partially dependent upon rail access, diesel fuel and other petroleum-based products, as well as on the availability and cost of ocean freight and port operations.”

Annual report 2025A · The company itself

“Ag Services subsegment had lower results compared to the prior year, primarily driven by lower Global Trade results, driven by lower margins due to negative freight timing and lower trading results, and a decrease in sales volumes, partially offset by productivity actions, leading to decreased expenses, and improved Transportation results.”

Annual report 2025A · The company itself

“Arjo arbetar aktivt med att effektivisera transporter, bland annat genom att förbättra fyllnadsgraden och därmed säkerställa att utrymme inte lämnas tomt som kan användas för produkter avsedda för samma destination. Arjo har som mål att utveckla ett system för att mäta faktisk fyllnadsgrad och analysera vad som samlastas för att optimera och verifiera leveranser.”

Annual report 2024A · The company itself

“Raw material and freight cost increases have impacted our business.”

Annual report 2025A · The company itself

“Many of the raw materials essential to our business require the use of rail, storage, and trucking services to transport the materials to our job sites. These services, particularly during times of high demand, may cause delays in the arrival of or otherwise constrain our supply of raw materials. These constraints could have a material adverse effect on our business and consolidated results of operations.”

Annual report 2025A · The company itself

“Reduced air freight emissions by 58% and overall logistics emissions intensity by 34% through logistics optimisation, including a shift from air to road and sea transport”

Annual report 2026A · The company itself

“We rely heavily on a limited number of providers of transport services for reliable and secure point-to-point transport of our products to our customers and patients and for tracking of these shipments, and from time to time we require warehousing for our products. If any of these providers were to encounter delivery performance issues, such as loss, damage, or destruction of any systems or machines, it would be costly to replace such systems or machines in a timely manner and such occurrences may damage our reputation and lead to decreased demand for our products and increased cost and expense to our business.”

Annual report 2025A · The company itself

“We have experienced, and may continue to experience, significant challenges to our global transportation channels and other aspects of our global supply chain network, including to the cost and availability of energy, raw materials and components due to shortages, labor strikes and cost inflation.”

Annual report 2025A · The company itself

“In addition to increased resin costs, any future increases in oil prices could also increase our packaging and transportation costs.”

Annual report 2025A · The company itself

“Viktiga händelser under 2024 Under 2024 har flera externa faktorer som väsentligt påverkar verksamheten stabiliserats jämfört med föregående år. Detta inkluderar råvarupriser, transportkostnader och valutakurser, som alla har påverkat inköp och ledtider positivt.”

Annual report 2024A · The company itself

“Boozts funktionsdugliga infrastruktur utgör en konkurrensfördel. Beställningar levereras vanligtvis inom 1–2 dagar, vilket innebär att Boozt uppfyller nordiska konsumenters förväntningar på snabbhet och pålitlighet.”

Annual report 2024A · The company itself

“Logistik och lagerhantering är hörnstenar i Boozts affärsmodell där vårt hanteringscenter i Ängelholm möjliggör snabba leveranser och effektiva returer. Verksamheten där är optimerad så att kostnaderna minskas samtidigt som snabbheten och pålitligheten ökar, faktorer som bidrar till en bra kundupplevelse.”

Annual report 2024A · The company itself

“Hanteringscentrets strategiska läge i södra Sverige gör att vi kan uppfylla vårt löfte om snabba och pålitliga leveranser. 90% av alla ordrar levereras inom 1–2 dagar, en effektivitet som är avgörande för att leva upp till de nordiska konsumenternas höga förväntningar.”

Annual report 2024A · The company itself

“We have also faced and may continue to face disruptions in the transportation of materials, components and our products within our global supply chains, including as a result of labor disputes or shortages, strikes, port closures, public health crises or geopolitical developments, which may cause delays in the shipment of our products or other disruptions to our business, as well as increased freight costs.”

Annual report 2025A · The company itself

“Our freight costs and the timely delivery of our products could be adversely affected by a number of factors, including driver or equipment shortages, higher fuel costs, weather conditions, traffic congestion, ocean freight lane disruptions, shipment container availability, rail shutdowns, customs importation delays, and increased government regulation.”

Annual report unknown yearA · The company itself

“For example, armed conflicts in the Middle East have contributed to elevated freight rates and longer transit times compared to historical levels, and prolonged or escalating conflicts could result in additional supply chain disruption, including higher transportation costs (such as a result of increased fuel costs), shipping delays, or increased costs from using air freight instead of ocean freight to mitigate inventory delays.”

Annual report unknown yearA · The company itself

“81% of our purchases originates from Europe”

Annual report 2025A · The company itself

“Short-term changes in the cost of these materials and the related in-bound freight costs, some of which are subject to significant fluctuations, are sometimes, but not always, passed on to our customers. Delays in our ability to pass on material price increases to our customers can adversely impact our operating results.”

Annual report 2025A · The company itself

“In our NVOCC ocean transportation business, we have contracts with most of the major ocean carriers, which support a variety of service and rate needs for our customers. We negotiate annual contracts that establish the predetermined rates we agree to pay the ocean carriers.”

Annual report 2025A · The company itself

“higher IT and logistics costs”

Annual report 2025A · The company itself

“Increases in the cost of commercial delivery services or disruptions of those services could materially adversely impact our business. We generally ship hardware products to our customers by third party commercial delivery services and invoice customers for delivery charges.”

Annual report 2025A · The company itself

“de transporteres primært med lastbil og skib”

Annual report 2025A · The company itself

“ChemoMetecs produkter pakkes i pap, plastik og folier, og de transporteres primært med lastbil og skib. Vi arbejder løbende på at optimere emballering og transport med henblik på at opnå en positiv effekt på vores klimaaftryk i vores samlede værdikæde.”

Annual report 2025A · The company itself

“Desuden fokuserer vi på at reducere vores indvirkning på klima og miljø i den samlede værdikæde, herunder fx i forbindelse med indkøb, fragt og rejseaktivitet.”

Annual report 2025A · The company itself

“The operated fleet consists of conventional crude tankers, product carriers and LNG vessels. These vessels transport crude oil, LNG, refined products and feedstock in support of the company’s global upstream and downstream businesses.”

Annual report 2025A · The company itself

“Cintas' ability to find qualified suppliers who meet its standards and to access products in a timely and efficient manner, is subject to ongoing market risks.”

Annual report 2026A · The company itself

“Such measures could also reduce the availability of products and materials, disrupt established sourcing arrangements, increase transportation and logistics costs, extend lead times and contribute to volatility in commodity and input costs.”

Annual report 2026A · The company itself

“Disruptions affecting key maritime shipping routes, ports or other critical infrastructure could adversely affect the availability, timing and cost of materials and products used in our business and may require us or our suppliers to implement alternative sourcing, transportation or inventory strategies, which could increase costs and reduce operating efficiencies.”

Annual report 2026A · The company itself

“Recent geopolitical conflicts and tensions have contributed to volatility in fuel and freight costs, as well as disruptions and delays in global shipping and logistics networks, which has affected, and may continue to affect, the Company’s supply chain.”

Annual report 2025A · The company itself

“Increases in the costs of and/or a reduction in the availability of commodities, energy (including fuel prices), logistics (including trucks and containers) or other necessary services, including as a result of macroeconomic and geopolitical tensions, conflicts and uncertainty, such as in Ukraine, the Middle East and Venezuela, developments in trade relations (including new or increased tariffs, new or revised trade agreements, sanctions, export controls or import restrictions), widespread health emergencies, such as pandemics or epidemics, changes in supply and demand and/or the impact of climatic events have affected and, in some instances, are likely to continue to adversely affect our profit margins.”

Annual report 2025A · The company itself

“Transportation Services In the U.S. segment, we perform transportation services through a combination of third-party vehicle transport companies and our fleet. We maintain contracts with third-party vehicle transport companies, which enable us to pick up most of our sellers’ vehicles within 24 hours. Our national network and transportation capabilities provide cost and time savings to our vehicle sellers and offer timely vehicle pick up and prompt response to catastrophes and natural disasters in the U.S.”

Annual report 2025A · The company itself

“In the International segment, we perform transportation services through a combination of our fleet and third-party vehicle transport companies. Our international network and transportation capabilities provide cost and time savings to our vehicle sellers throughout the U.K., Europe, Canada, Brazil and Middle East market.”

Annual report 2025A · The company itself

“Continuity of the cash flows derived from the production and sale of certain building materials depends on satisfactory reserves planning, including appropriate long-term arrangements for their replacement. The high weight-to-price ratio of the aggregates we consume generally makes it uneconomical to transport them over long distances, and accordingly it is important to secure high quality mineral resources local to our markets or adjacent to appropriate logistical hubs (e.g. rail infrastructure).”

Annual report 2025A · The company itself

“Midstream Capacity Constraints and Interruptions Impact Commodity Sales We rely on midstream facilities and systems owned and operated by others to process our gas production and to gather and transport our oil, gas and NGL production to downstream markets. All or a portion of our production in one or more regions may be interrupted or shut in from time to time due to losing access to plants, pipelines or gathering systems.”

Annual report 2025A · The company itself

“Financial performance The Ferry Division’s revenue decreased 4.8% to DKK 16,999m and decreased 1.7% adjusted for bunker surcharges and route changes.”

Annual report 2025A · The company itself

“The Ferry Division’s revenue decreased 4.8% to DKK 17.0bn and decreased 1.7% compared to 2024 adjusted for bunker surcharges, acquisitions, divestments, and route changes.”

Annual report 2025A · The company itself

“• Produktions- och distributionsstörningar på grund av extrema väderförhållanden. • Stigande försäkringskostnader. • Ökade investeringar krävs för att trygga en stabil produk - tion och en stabil leveranskedja. • Väsentligt högre kostnader för sålda varor eftersom resursbrist leder till högre priser på råvaror, energi, vatten och distribution. • Lägre levnadsstandard och förändrade konsumtionsvanor. • Försämrad naturmiljö – skogar, kustlinjer, berg etc.”

Annual report 2024A · The company itself

“Factors such as freight costs, transportation availability, inventory levels, the level of imports, the imposition of duties, tariffs and other trade barriers and general economic conditions may affect the price of these raw materials, sub-assemblies and components. Significant price increases for certain commodities, other raw materials or components could adversely affect operating profits of our businesses.”

Annual report 2025A · The company itself

“For example, domestic or international shipping and postal rate increases may reduce the competitiveness of certain sellers’ offerings, and postal service changes and disruptions could require certain sellers to utilize alternatives which could be more expensive, slower or inconvenient, which could in turn decrease the number of transactions on our sites, negatively impacting our results of operations.”

Annual report 2025A · The company itself

“Elopak’s value chain involves multiple transportation links that impact air pollution. Upstream, trucks and ships transport raw materials to processing suppliers and then to Elopak’s facilities. Downstream, transportation from Elopak’s facilities to customers, retailers, and end-users also contributes to pollution.”

Annual report 2024A · The company itself

“For transportation, we have continued our work on optimalization of supply chain planning and investigation of alternatives fuels. We have also reviewed how we can improve our data collection related to upstream transportation from key suppliers.”

Annual report 2024A · The company itself

“Nedgangen i salgs- og administrasjonskostnader og andre driftskostnader fra 2023 til 2024 skyldtes hovedsakelig lavere transportkostnader og kostnader knyttet til drift av landbaserte anlegg, noe som ble delvis utlignet av høyere kostnader til utvikling av lavkarbonprosjekter.”

Annual report 2024A · The company itself

“Equinors evne til lønnsom utnyttelse av energiressurser og karbonprodukter avhenger blant annet av tilgang på tilstrekkelig transportkapasitet og/eller transportinfrastruktur til markedene til en kommersielt forsvarlig pris.”

Annual report 2024A · The company itself

“The local purchasing currencies NOK and SEK continued to depreciate against the main purchasing currencies USD and EUR, and costs for inbound freight from Asia were negatively impacted by surcharges due to the conflict in the Red Sea.”

Annual report 2024A · The company itself

“We utilize multiple modes of transportation to support our business model. We transport product from our global manufacturing and supplier partners to our distribution centers. Related costs range from port fees, duties, costs related to container and shipper services, and inland trucking and intermodal charges.”

Annual report 2025A · The company itself

“Over time, we have generally experienced an increase in our SG&A expenses, including costs related to payroll, occupancy, freight, and IT, among others, as our net sales have grown.”

Annual report 2025A · The company itself

“Sustainable Customer Solutions FedEx handles more than 18 million shipments per day across our global network. We recognize that the transportation of those goods has environmental consequences, particularly in the form of emissions and waste.”

Annual report 2026A · The company itself

“e third quarter continued as the second quarter. e re - tail market continued to be driven by price pressure and warm weather. e supply chain was aected negatively by the cri - sis in the middle east. is were, not only creating delays to Europe, the following lack of containers also hurt deliveries to the US. e were some lights.”

Annual report 2024A · The company itself

“In addition, shipping capacity constraints and related fluctuations in shipping rates and space availability further impact product cost.”

Annual report 2025A · The company itself

“The action imposes new port fees on Chinese vessel operators and/or Chinese vessel owners as well as on non-Chinese operators of Chinese-origin vessels beginning on October 14, 2025. The level of fees is on a sliding scale per net ton or, in the case of non-Chinese operators, the higher of a net ton or container-based fee. Effective November 10, 2025, however, the United States suspended implementation of such action for one year.”

Annual report 2025A · The company itself

“Table of Contents Our ability to provide solar modules on economically attractive terms is also affected by the availability and cost of logistics services associated with the procurement of raw materials or equipment used in our manufacturing process and the shipping, handling, storage, and distribution of our modules. To mitigate certain logistics costs, we employ commercial contract structures that provide additional consideration to us if the cost of logistics services, excluding demurrage and detention, exceeds defined thresholds.”

Annual report 2025A · The company itself

“The increase in cost of sales was driven by (i) higher costs of $651.6 million due to an increase in the volume of modules sold; (ii) higher production costs of $216.5 million, largely due to a higher sales mix of U.S.-produced modules and tariffs on raw materials; (iii) higher logistics costs of $173.1 million, which included detention and demurrage charges; (iv) higher warehousing costs of $130.7 million; and (v) tariffs on international modules imported into the United States of $94.4 million.”

Annual report 2025A · The company itself

“Divestment of the Air Pollution Control business On 30 June 2025, FLSmidth announced that it had entered into an agreement to divest its Air Pollution Control (APC) business to Rubicon Partners. The transaction included all related assets, including intellectual property, technology, employees and order backlog.”

Annual report 2025A · The company itself

“Transportsektoren, herunder lastbiler og andre tunge køretøjer, der anvender fossile brændstoffer”

Annual report 2026A · The company itself

“As a result of customer buying patterns and the efforts of our sales force and channel partners to meet or exceed quarterly quotas, we have historically received a substantial portion of each quarter’s sales orders and generated a substantial portion of each quarter’s billings and revenue during the last two weeks of the quarter. We typically arrange for a logistics partner to pick up the last shipment of our products a few hours prior to the end of the quarter, and a delay in the arrival of the logistics partner or other factors such as a power outage could prevent us from shipping and billing for a material amount of products for which we have orders.”

Annual report 2025A · The company itself

“Conflicts in the Middle East highlights potential risks associated with geopolitical instability in the region, including disruption to shipping routes, longer lead times for components and products, increased insurance costs for vessels passing through conflict zones, 28 Table of Contents potential increased costs for shipping and products, and potential delays and interruptions in the supply chain.”

Annual report 2025A · The company itself

“Fluctuations in the price and availability of consumables and components for key machines and equipment we purchase, and constraints on supply and logistics could affect our profitability and operating plans. Further, significant delays or increases in costs affecting transportation services may affect our business.”

Annual report 2025A · The company itself

“We operate in a capital intensive industry and have historically financed our purchase of tankers and other capital expenditures through a combination of cash generated from operations, equity capital and borrowings from commercial banks. Our ability to generate adequate cash flows on a short and medium term basis depends substantially on the trading performance of our vessels in the market.”

Annual report 2024A · The company itself

“Similarly, commodities and energy prices are subject to significant volatility. If the costs of certain commodities or of energy, shipping, or transportation increase and we are unable to pass along these costs to our customers, our financial results would be adversely affected.”

Annual report 2025A · The company itself

“Logistics can be disrupted by weather, strikes or lockouts, inadequate infrastructure or port capacity, hostilities, terrorism, or other events, and transportation costs can be volatile.”

Annual report 2025A · The company itself

“The prices of those raw materials and components are susceptible to significant fluctuations due to trends in supply and demand, commodity prices, currency rate changes, transportation costs, government regulations and tariffs, price controls, economic conditions and other unforeseen circumstances beyond our control.”

Annual report 2025A · The company itself

“reduction in the share of air freight (by tonkm) from the global to regional distribution hubs”

Annual report 2025A · The company itself

“Businesses in the U.S. and globally have experienced shortages in materials and increased costs for transportation, energy, and raw materials due in part to the negative effects of the conflict on the global economy.”

Annual report 2025A · The company itself

“This increased exposure to procurement has heightened the focus on foreign exchange risk when purchases are made in currencies different from the delivery market, as well as risks related to delivery times and general supply chain stability.”

Annual report 2024A · The company itself

“GRK:n keskeisiä alkupään toimintoja ja toimijoita ovat raaka-aineiden tuottajat, materiaalien valmistajat, kuljetuspalvelut ja aliurakoitsijat.”

Annual report 2025A · The company itself

“Oppstrøms (globalt) Kort, mellom og lang sikt Energi Faktisk negativ påvirkning: Transport av varer fordrer bruk av energi som bidrar til CO -utslipp.”

Annual report 2024A · The company itself

“The occurrence of these types of events can result, and in the case of COVID-19 resulted in, disruptions and damage to our business, due to, among other things: •difficulties in shipping and distributing products due to ongoing port capacity, and labor, shipping container and truck transportation shortages, resulting in higher costs for both ocean and air freight and delays in the availability of products, which can result in delayed sales and in some cases result in lost sales; •disruptions in supply of products, due to closures or reductions in operations at third-party manufacturing facilities across several geographies; •adverse sales impact due to changes in consumer purchasing behavior and availability of products to consumers; •uncertain inventory availability or difficulty in anticipating demand, which can result in too little or too much supply at a given time; •interruptions, delays or postponements of entertainment productions and releases; and •challenges of working remotely.”

Annual report 2025A · The company itself

“Prolonged disputes or slowdowns at west coast or other ports can negatively impact both the time and cost of transporting goods into the U.S.”

Annual report 2025A · The company itself

“Rising fuel and raw material prices, due to inflation or otherwise, for paperboard and other components such as resin used in plastics or electronic components, increased transportation and shipping costs, and increased labor costs in the markets in which our products are manufactured all may increase the costs we incur to produce and transport our products, which in turn may reduce our margins, reduce our profitability and harm our business.”

Annual report 2025A · The company itself

“Other factors influencing this trend are: i.) increasingly large order sizes from new adopters of NG, ii.) the start of production of DTNA (Freightliner) trucks with the X15N engine sometime in mid-2025, allowing significantly more trucks to be available to equip with the X15N engine, iii.) expected improvements to freight rates after a historically low market, enabling higher customer capital allocations.”

Annual report 2024A · The company itself

“Oavsett om det rör sig om en manöverkabel hundratals meter under havsnivån, fiber för övervakning i ett stålverk eller kablage i tuffa miljöer, är våra lösningar byggda för att hålla länge och säkra överföringen av viktiga data eller ström.”

Annual report 2024A · The company itself

“(L) + Toimitusketjun optimoinnilla saavutetaan lyhyempi etäisyys toimittajiin, mikä vähentää polttoaineen kulutusta ja päästöjä.”

Annual report 2025A · The company itself

“Försäljning Förändring Pris Leveranser Kartong och Papper +/-1 % 153 59 Trävaror +/-1 % 37 11 Virke egen skog +/-1 % 20 14 Vatten och vindkraft +/-1 % 6 5 Insatsvaror Förändring Pris Virke +/-1 % 52 El* +/-1 % 3 Kemikalier +/-1 % 20 Övriga rörliga kostnader +/-1 % 8 Leveranskostnader +/-1 % 22 Personal +/-1 % 30 Övriga fasta kostnader +/-1 % 21 * Med hänsyn tagen till elprissäkringar för 2025.”

Annual report 2024A · The company itself

“Once products are purchased, customers seek alternate options for delivery of those products, including advance ordering through digital platforms for Pros, and they often expect quick, timely, and low-price or free delivery, real-time updates on delivery status, and/or convenient pickup or delivery options.”

Annual report 2026A · The company itself

“In recent years, ports in the U.S. and elsewhere have been impacted by capacity constraints, port congestion and delays, periodic labor disputes, strikes, security issues, weather-related events, and natural or man-made disasters.”

Annual report 2026A · The company itself

“As part of enhancing the interconnected experience, over the past several years, we have invested in our supply chain network with the goal of achieving the fastest, most efficient and most reliable delivery capabilities in home improvement. With that investment now largely complete, our supply chain initiatives have positioned us to operate effectively and meet our customers’ needs for product availability and fast, reliable delivery.”

Annual report 2026A · The company itself

“The segment’s adjusted EBIT increased significantly, supported by increased sales prices, lower transportation and energy costs as well as actions to improve profitability.”

Annual report 2025A · The company itself

“Major fires or disruption in supply chain may cause business interruptions.”

Annual report 2025A · The company itself

“Transportation and energy costs remained close to the previous year’s level.”

Annual report 2025A · The company itself

“Detta optimerar fyllnadsgraden på lastbilarna och bidrar till en mer klimateffektiv transportprocess. • Jalofoods klimatkompenserade för 800 ton CO2-ekvivalenter. • Byte till LED-belysning genomfört i flera lageroch fabrikslokaler, däribland Grahns Konfektyr och Privab Trollhättan vars lokaler sammantaget omfattar nästan 15 000 kvm.”

Annual report 2024A · The company itself

“Koncernen är beroende av speditörer, sjöfartsnav, hamnar och transportföretag för leveranser av komponenter och fär - diga produkter. Koncernen är sårbar inför försörjningsavbrott och höjningar av fraktpriser.”

Annual report 2024A · The company itself

“For example, higher prices for transportation, energy and other inputs, as well as more protracted air permitting processes, could cause delays and higher costs to implement capital projects.”

Annual report 2025A · The company itself

“Moreover, the availability of labor and the market price for fuel may affect third-party transportation costs.”

Annual report 2025A · The company itself

“Mkr 20222021202020192018201720162015 10000 20000 30000 40000 50000 60000 Mölnlycke • Den organiska omsättningstillväxten uppgick till 4 procent i konstant valuta, främst drivet av Wound Care och Gloves. • EBITA-marginalen sjönk, drivet av högre kostnader för råvaror och frakt, produktionsstörningar i den amerikanska Wound Care fabriken, upprampningen av den nya Glovesfabriken i Kulim, Malaysia, samt betydande investeringar för att ytterligare stärka marknadspositionerna och driva hållbar tillväxt.”

Annual report 2022A · The company itself

“• EBITA-marginalen sjönk, negativt påverkad av högre kostnader för frakt ochdirektmaterial. • Mats Rahmström, vd för Atlas Copco och styrelseledamot i Piab, efterträdde Ronnie Leten som ordförande i Piab.”

Annual report 2022A · The company itself

“Tillverkning och leverans av komponenterna till JMs projekt garanteras i långsiktiga ramavtal med leverantörer, och styr dokument möjliggör effektivt och hållbart logistikflöde.”

Annual report 2024A · The company itself

“Syftet är att minska klimatpåverkan från transporter och produk - tion genom användning av förnyelsebara drivmedel och energislag i produktion i kombination med resurseffektiva transporter. Aktiviteter planerade för 2025 är att utreda fossilfria transporter inom prefabricerade byggmaterial samt kartlägga klimatbelast - ningen från logistik och produktion.”

Annual report 2024A · The company itself

“Kyseiset tapahtumat voiva myös aiheuttaa viivästyksiä joko osien kuljetuksessa tai tuotteiden toimituksessa, sillä ne vaikuttavat kuljetusreitteihin.”

Annual report 2025A · The company itself

“We are also significantly impacted by changes in other transportation costs, such as ocean freight and tariffs.”

Annual report 2025A · The company itself

“In 2025, the majority of CPH’s air cargo capacity, around 75%, was carried primarily as belly cargo on passenger aircraft, with a smaller share on dedicated cargo flights. The remaining 25% was attributable to the integrator segment, including major logistics providers, declining in 2025 due to adjustments to a provider’s global network as of June.”

Annual report 2025A · The company itself

“Därtill råder osäkerhet kring externa faktorer, såsom fluktuationer i råmaterialpriser, transportkostnader och leverantörers kapacitetsutrymme, vilket kan påverka inköpskostnaderna för koncernens varor.”

Annual report 2024A · The company itself

“Komponenttien hinnat ja Lamorin laitteiden kuljetus- ja valmistuskustannukset voivat nousta merkittävästi esimerkiksi luonnonkatastrofien ja Lamorin toimitussopimusten ongelmien tai globaalien poikkeusolojen tai toimitusketjujen häiriöiden johdosta.”

Annual report 2024A · The company itself

“Further, online and omnichannel retailers continue to focus on delivery services, as customers are increasingly seeking faster, guaranteed delivery times, including same-day and next-day fulfillment, low-price or free shipping, and convenient pick-up options, and we must make investments to keep up with our customers’ evolving shopping preferences.”

Annual report 2026A · The company itself

“In recent years, U.S. ports have been impacted by capacity constraints, port congestion and delays, periodic labor disputes, security issues, weather-related events, and natural disasters.”

Annual report 2026A · The company itself

“Through our market-based delivery model, we have been focused on improving the speed of our delivery capabilities for our customers. Most parcel-eligible items fulfilled by Lowe’s can be ordered by a customer and delivered within two business days.”

Annual report 2026A · The company itself

“In the event of a disruption in the worldwide or regional shipping infrastructure, including as a result of geopolitical or armed conflicts, our access to supplies and our ability to deliver products to customers would correspondingly be negatively impacted. As a result of shipping disruptions, we have experienced, among other things, increased costs to ship products and delays in receiving components.”

Annual report 2026A · The company itself

“Malmbergs bevakar kontinuerligt transportmarknaden. Förutom pris och val av fraktsätt görs inköp i volymer så att transporten till Malmbergs ska bli så effektiv som möjligt.”

Annual report 2024A · The company itself

“Pipeline System or Storage Asset Diameter (inches) Length (miles) Capacity Total crude oil pipeline systems(a)(b) 2" - 42" 5,259 Various Total refined products pipeline systems(a)(b)(c) 4" - 36" 3,787 Various Barge Docks (mbpd) 5,104 Storage assets: (mbbls) Refining Logistics(d) 93,643 Tank Farms 35,456 Caverns 3,632 (a) Includes approximately 16 miles of crude oil pipeline and 2 miles of refined product pipeline leased from third parties.”

Annual report 2025A · The company itself

“Transportation in the upstream and downstream value chain generates greenhouse gas emissions within Scope 3”

Annual report 2026A · The company itself

“◦Delivery: The Company offers delivery from nearly 41,000 restaurants across approximately 100 markets, representing approximately 90% of McDonald's restaurants. The Company is continuing to build on and enhance the delivery experience for customers, including adding the ability to place a delivery order in our mobile app (a feature that is currently available in five of the Company’s top markets).”

Annual report 2025A · The company itself

“Chemicals costs decreased, while wood and logistics costs increased.”

Annual report 2025A · The company itself

“Risks related to the availability of transport capacity, unstable conditions on key transit routes, and significant increases in market prices have the potential to hamper the product transport operations of Metsä Board and its associated company Metsä Fibre, thereby weakening profitability.”

Annual report 2025A · The company itself

“The region is a major source of global oil production and a critical transit point for maritime shipping routes. Hostilities, infrastructure damage, sanctions, or blockages of key shipping lanes could disrupt oil production and distribution, reducing the availability of fuel or increasing fuel prices.”

Annual report 2026A · The company itself

“Our operations rely heavily on global logistics networks - including ocean freight, air freight, and long‑haul trucking - that depend on stable and cost‑effective fuel supplies. Significant increases in fuel costs, reductions in carrier capacity, or extended transit times could materially increase our transportation and distribution expenses.”

Annual report 2026A · The company itself

“Shipping carriers may impose fuel surcharges, reroute vessels, reduce service frequency, or experience delays, each of which could impair our ability to obtain raw materials or deliver finished products to customers on expected timelines.”

Annual report 2026A · The company itself

“Prolonged or severe disruption - whether due to fuel shortages, materials constraints, logistics delays, or increased energy costs, or reduced customer demand - could adversely affect our ability to meet customer commitments and could materially harm our business, financial condition, and results of operations.”

Annual report 2026A · The company itself

“För flertalet viktiga råvaror, förpackningsmaterial, färdigvaror och vägtransporter var prisbilden i all väsentlighet stabil, men fortsatt på relativt höga prisnivåer. Den eskalerade geopolitiska konflikten kring Röda havet medförde både försenade inleveranser och en väsentligt högre prisbild för sådana transporter.”

Annual report 2024A · The company itself

“In addition, we purchase and use significant quantities of product packaging materials, natural gas, fuel and electricity for our factories and warehouses, and we also incur expenses in connection with labor and the transportation and delivery of our products.”

Annual report 2025A · The company itself

“Spot freight rates are falling but are still above levels before the Red Sea crisis Figure 1 illustrates that freight rates peaked in July 2024 with the Shanghai Containerized Freight Index (SCFI) recording 3,734 points.‌ 6 Afterwards they declined by approximately 30% until the end of 2024. Nonetheless, freight rate levels at the end of 2024 were still almost twice as high as seen at the beginning of December 2023, right before the rerouting around the Cape of Good Hope started.”

Annual report 2024A · The company itself

“Above 4,000 TEU, vessels were able to secure three-year employments, while 3,000 TEU designs achieved periods between two and three years. Between 2,000 TEU and 3,000 TEU, ships managed to fix for two years, and even smaller vessels than that were able to secure two-year periods.”

Annual report 2024A · The company itself

“We are exposed to material availability, disruption and performance risks across our supply chain, including lack of suitable suppliers or contractors, cost increases, impacts of pandemics and epidemics on the supply chain, transportation and logistics issues including delays in delivery, disruption to trade flows due to geopolitical tensions and/or changes in legislation, performance of suppliers and contractors to contractual terms, and damage to our reputation caused by actions of our suppliers or contractors.”

Annual report 2025A · The company itself

“Störningar i distributionsledet kan påverka kunderna negativt och ökade fraktvolymer innebär större koldioxidutsläpp.”

Annual report 2024A · The company itself

“In addition, we depend on electric transmission lines, natural gas pipelines, and other transportation and storage facilities owned and operated by third parties to deliver the electricity and natural gas we sell to wholesale markets, supply natural gas to our gas storage and electric generation facilities, and provide retail energy services to our customers. If transportation is disrupted, if capacity is inadequate or if supply is interrupted, we may be unable to sell and deliver our gas and electric services to some or all of our customers.”

Annual report 2025A · The company itself

“The new factory, including an extrusion tower adjacent to the existing facility in Karlskrona, the expansion of the Cologne factory, and a new market-leading cable-laying vessel are all expected to become operational in 2027.”

Annual report 2025A · The company itself

“OCEANS Continued strong and profitable growth ^ Delivered NOK 743.9 million in revenues, an increase of 24 per cent from 2023. Growth was particularly strong for subsea sonars, accelerated further with the acquisition of Innomar. The EBIT margin for the year was 29 per cent.”

Annual report 2024A · The company itself

“During the year, Reach Subsea took several steps towards securing vessel capacity and upgrading and enhancing its pool of subsea equipment and technologies. Charters were entered into, and extended, for the subsea vessels Olympic Taurus and Havila Subsea, securing visibility into 2028.”

Annual report 2024A · The company itself

“Converting product distribution from air freight to sea- and road freight, while sourcing Sustainable Aviation (SAF) and Marine Fuels (SMF)”

Annual report 2025A · The company itself

“In late February, we opened our own weekly block train connection between northern Italy and Sweden. The block train transports containers, covered wagons and trailers, and the service covers a wide clientele.”

Annual report 2025A · The company itself

“Export controls may disrupt our supply and distribution chain for a substantial portion of our products, which are warehoused in and distributed from Hong Kong.”

Annual report 2026A · The company itself

“Et unntak var sjøfrakt, der kostnadene økte som følge av spenningene i Rødehavet.”

Annual report 2024A · The company itself

“Cost of sales includes expenses related to materials and supplies, energy, maintenance and freight.”

Annual report 2025A · The company itself

“Bakkafrost uses ship transport and trucking whenever possible to transport frozen and fresh products to nearby markets.”

Annual report 2024A · The company itself

“Containerboard produced in our mills is primarily shipped by rail or truck. Our corrugated products are delivered by truck due to proximity of our corrugated manufacturing operations to customers and load size.”

Annual report 2025A · The company itself

“Our cost of sales consists primarily of: tobacco leaf, non-tobacco raw materials, labor and manufacturing costs; shipping and handling costs; and the cost of devices produced by third-party electronics manufacturing service providers.”

Annual report 2025A · The company itself

“In addition, fuel, natural gas and derivative products are important commodities consumed in our manufacturing processes and in the transportation of input materials and finished products.”

Annual report 2026A · The company itself

“Our costs are subject to fluctuations, particularly due to changes in the prices of commodities (including certain petroleum-derived materials like resins and paper-based materials like pulp), raw and packaging materials and the costs of labor, tariffs, transportation (including trucks and containers), energy, pensions and healthcare.”

Annual report 2026A · The company itself

“Supply chain disruptions, resulting in supply shortages and higher shipping charges, have impacted our suppliers and could continue to impact our ability to maintain supplies of products and the costs associated with obtaining raw materials.”

Annual report 2025A · The company itself

“Supply chain disruptions, including as a result of the relocation of certain low-cost and limited source suppliers to less-developed countries, plant and/or power outages, labor shortages and/or strikes, geopolitical activity, tariffs, weather events and natural disasters, including hurricanes or flooding that impact coastal regions, and global health risks or pandemics could seriously harm our operations as well as the operations of our customers and suppliers.”

Annual report 2025A · The company itself

“A number of factors can also adversely affect the industries we serve, including, among other things, the economic impact of supply chain and other logistical issues, financing conditions, potential bankruptcies and global and U.S. trade relationships and other geopolitical conflicts and other events.”

Annual report 2025A · The company itself

“Additionally, substantial increases in product demand, including in response to a product recall by a major competitor, Philips, have resulted and could continue to result in higher costs for materials and components, and increased expenditures for freight and other expenses, which have and could continue to negatively impact our profit margins.”

Annual report 2026A · The company itself

“AND SUBSIDIARIES Quantitative and Qualitative Disclosures About Market and Business Risks Inflation Inflationary factors such as increases in the cost of our products, freight, overhead costs or wage rates may adversely affect our operating results.”

Annual report 2026A · The company itself

“We ship a significant portion of our products to our customers through independent package delivery and import/export companies, including UPS and Federal Express in the United States; TNT, UPS and DHL in Europe; and UPS in Asia. We also ship our products through other carriers, including commercial airlines, freight carriers, national trucking firms, overnight carrier services and the United States Postal Service.”

Annual report 2025A · The company itself

“400 km is the average transport distance for insulation in Europe”

Annual report 2025A · The company itself

“Downstream transportation and distribution”

Annual report 2025A · The company itself

“Overall, the Danish business delivered volumes and net revenue slightly above the prior year while continuing to realize efficiency gains in supply chain and sourcing. These improvements were supported by our investments in both production capacity and warehouse facilities.”

Annual report 2025A · The company itself

“In addition, some of our components have long lead-times, requiring us to place orders several months in advance of anticipated demand. Such long lead-times increase the risk of excess inventory, potentially resulting in inventory write-downs or loss of sales in the event our forecasts vary substantially from actual demand.”

Annual report 2026A · The company itself

“The shipping and transportation costs associated with our international operations are typically higher than those associated with our U.S. operations, resulting in decreased operating margins for us in some countries. Volatility in fuel costs, political instability or constraints and increases in the costs or reliability of air transportation may lead us to develop alternative shipment methods, which could disrupt our ability to receive raw materials, or ship finished products, and as a result our business and results of operations may be harmed.”

Annual report 2026A · The company itself

“We also incur costs of inbound and outbound freight in our business. Factors that influence our freight expense are distance between shipping and delivery locations, distance from our facilities to customers and suppliers, mode of transportation (rail, truck, intermodal and ocean) and freight rates, which are influenced by supply and demand and fuel costs.”

Annual report 2025A · The company itself

“We distribute our products primarily by truck, rail and sea. The reduced availability of trucks, rail cars or cargo ships, including as a result of labor shortages in the transportation industry, could adversely impact our ability to distribute our products in a timely or costeffective manner. Higher transportation costs could make our products less competitive compared to similar or alternative products offered by competitors.”

Annual report 2025A · The company itself

“We partner with suppliers that produce high-quality and sought-after products for our customers, to which we add delivery and logistics services, inventory management, technical support, training etc.”

Annual report 2025A · The company itself

“Plast i primær form og som halvfabrikata bliver i ca. 90% af tilfældene leveret til vores selskaber over land i lastbiler.”

Annual report 2025A · The company itself

“In addition, the Company’s ability to import these items in a timely and cost-effective manner may be affected by conditions at ports or issues that otherwise affect transportation and warehousing providers, such as fluctuations in freight costs, port and shipping capacity, personnel security, labor disputes and shortages, severe weather, or increased homeland security requirements in the U.S. and other countries.”

Annual report 2026A · The company itself

“The Company also faces risks related to the transition to a lower-carbon economy, such as its ability to successfully adopt new technology, meet market-driven demands for low carbon, carbon neutral and renewable energy technology, or to comply with more stringent and increasingly complex environmental regulations or requirements for the Company's manufacturing facilities and business operations, increased prices related to freight and shipping costs and other permitting requirements.”

Annual report 2026A · The company itself

“The majority of our scrap consuming operations are located near sustainable sources of scrap metal and close to our customer base, creating freight savings on inbound scrap and outbound finished products. This proximity also allows us to provide consistent, on-time delivery with relatively short lead times, further strengthening our customer relationships.”

Annual report 2025A · The company itself

“Operating revenue was $2,890.6 million in 2024, which was 2.5% higher than in 2023, mainly due to higher regional fleet revenues at Stolt Tankers. Stolt Tankers’ revenue increased by $93.1 million, mainly due to $111.3 million increase from full-year inclusion of the Stolt NYK Asia Pacific Services Inc. pool (SNAPS pool) which commenced in October 2023 as a result of Stolt Tankers managing the SNAPS pool.”

Annual report 2024A · The company itself

“Partially offsetting this was a 10.6% increase in average freight rates between the periods, mainly driven by a 16.9% increase in the rates on contracts of affreightment (COA) business, which contributed approximately 49% of total deep-sea freight revenue.”

Annual report 2024A · The company itself

“For Stolt Tank Containers, the impact of increased freight costs due to changes in capacity on container ships in select markets, additional surcharges, and fluctuations in fuel prices can result in downward pressure on margins.”

Annual report 2024A · The company itself

“We continue to invest across all our businesses – enhancing our market positions, expanding our asset base and strengthening our portfolio to enable solid financial performance throughout the cycle. For example, at Stolt Tankers we secured on-the-water and newbuilding replacement tonnage to maintain our market-leading position; at Stolthaven Terminals we are increasing capacity with expansion projects; and at Stolt Tank Containers we are optimising our scalable platform.”

Annual report 2024A · The company itself

“Stolt Tankers (ST) is a leading operator of deep-sea and regional chemical tankers, with 162 ships transporting more than 26 million tonnes of cargo annually across Europe, the Middle East, Asia Pacific, the Caribbean, the US and Latin America. We provide safe, reliable, high-quality and flexible transportation services to the world’s leading manufacturers and consumers of chemicals, edible oils, acids and other bulk liquids, offering supply chain efficiencies and added value for our customers.”

Annual report 2024A · The company itself

“Stolt Tank Containers (STC) is a leading provider of bespoke logistics and transportation services for door-to-door shipments of bulk liquids. In addition to the safe handling and shipment of products, our 21 full-service depots and refurbishing facilities ensure our fleet and cargo handling operations consistently meet the highest standards for quality, reliability and environmental protection.”

Annual report 2024A · The company itself

“Steveco myy laivauspalveluja Stora Ensolle markkinahinnoilla. Vuonna 2025 ostettujen palvelujen arvo oli 24 (25) milj. euroa.”

Annual report 2025A · The company itself

“Nedströms transport och distribution Omfattar transport och distribution av sålda produkter som inte handlas upp av Storskogen, för transportslagen flyg, sjö och väg. Järnväg har exkluderats från beräkningen då detta transportslag används i liten omfattning och har låg klimatpåverkan per sträcka.”

Annual report 2024A · The company itself

“Dessa omfattar tjänsteresor, anställdas pendling, avfall, transport och distribution uppströms och nedströms, inköpta varor och tjänster, kapitalvaror, leasade tillgångar uppströms, hantering av uttjänta produkter och användning av sålda produkter.”

Annual report 2024A · The company itself

“Vi har under året gjort ytterligare framsteg i arbetet med vårt produktions- och innovationscenter på Frösön, Östersund. Anläggningen innebär att vi kunnat flytta delar av vår produktion från Asien till Sverige, vilket skapar en mer flexibel och effektiv försörjningskedja.”

Annual report 2024A · The company itself

“Koncernens målsättning är att alltid transportera produkter på det mest klimatsmarta sättet. Majoriteten av långväga transporter görs därför sjövägen, där omlastningar undviks.”

Annual report 2024A · The company itself

“Det finns också risk för brist och ökade kostnader för transporter.”

Annual report 2024A · The company itself

“Furthermore, the cost of transportation has fluctuated and may continue to fluctuate significantly if oil prices continue to rise.”

Annual report 2026A · The company itself

“In an effort to reduce the variability of our cash flows, as of December 31, 2025, we have hedged the commodity price associated with a portion of our expected (i) natural gas, NGL, and condensate equity volumes in our Gathering and Processing operations that result from our percent-of-proceeds processing arrangements, (ii) future commodity purchases and sales in our Logistics and Transportation segment and (iii) natural gas transportation basis risk in our Logistics and Transportation segment.”

Annual report 2025A · The company itself

“Commercial Transportation Our NGL transportation and distribution infrastructure includes a wide range of assets supporting both third-party customers and the delivery requirements of our marketing and asset management business. We provide fee-based transportation services to refineries and petrochemical companies throughout the Gulf Coast area.”

Annual report 2025A · The company itself

“We rely on our distribution and transportation network, including third-party logistics providers, to provide goods to our stores and to our customers in a timely and cost-effective manner through deliveries to our distribution facilities from vendors and then from the distribution facilities or direct ship vendors to our stores or customers by various means of transportation, including shipments by sea, air, rail, and truck. Disruptions due to extreme weather conditions, including snow and ice storms, flood and wind damage, hurricanes, tornadoes, extreme rain, fires and droughts have at times resulted and may in the future 13 Table of Contents result in delays in the transportation and delivery of merchandise to our distribution centers, our stores, or our customers.”

Annual report 2025A · The company itself

“We are subject to market risk with respect to the pricing of certain products and services, which include, among other items, grain, corn, steel, petroleum, cotton, and other commodities, as well as duties, tariffs, diesel fuel, and transportation services.”

Annual report 2025A · The company itself

“Osto-osien, palkkojen, rahtien ja energian hintojen voimakkaat nousut voivat vaikuttaa yhtiön kannattavuuteen, mikäli Tulikivi-tuotteiden myyntihintoja ei pystytä nostamaan vastaavasti.”

Annual report 2025A · The company itself

“Our services include transportation and delivery through our integrated air and ground network, distribution, contract logistics, ocean freight, airfreight, customs brokerage and insurance.”

Annual report 2025A · The company itself

“Additionally, as one of the world’s leading non-vessel operating common carriers, we provide ocean freight full container load, less-than-container load and multimodal transportation services between most major ports around the world. We also provide customs brokerage as well as various related services.”

Annual report 2025A · The company itself

“Port congestion issues, transportation bottlenecks, accidents in transit, and rising logistics or construction costs, all of which could be resulting from external events or market conditions beyond the control of UPM, may have an effect on the execution or profitability of investment projects.”

Annual report 2025A · The company itself

“we will enhance engagement and integration with our supply chain partners, such as Maersk, ZF, and Cadeler”

Annual report 2025A · The company itself

“Geopolitical tensions, trade disruptions and protectionist measures challenged supply chains and increased costs, ultimately impacting power prices.”

Annual report 2025A · The company itself

“The delivery time of raw materials from Asia has during 2024 been longer and more volatile than normal due to the Red Sea situation where ships need to sail via Africa to reach Europe.”

Annual report 2024A · The company itself

“Fluctuations in the price of fuel or increased demand for freight services could affect transportation costs.”

Annual report 2025A · The company itself

“Samaan aikaan kuljetusmatkat pidentyvät kasvaneiden geopoliittisten jännitteiden ja keskeisillä merireiteillä esiintyvien häiriöiden seurauksena.”

Annual report 2024A · The company itself

“Our manufacturing and operating costs fluctuate with volatility in the prices of commodities, parts, raw materials, energy, utilities, freight, logistics, and labor.”

Annual report 2025A · The company itself

“Availability of these items has been, and may in the future be, affected by delays, shortages, curtailment, or changes due to macroeconomic, geopolitical and other factors, including: supply and demand dynamics; labor shortages or disputes; changes in supplier strategy or production planning including decisions to exit production of key components on which we rely; production interruptions from cybersecurity or information technology disruptions, or humanmade or natural disasters; supplier financial distress; capacity allocations to other purchasers; trade agreements, or trade protection measures including tariffs or export restrictions; ability to meet regulatory 18 requirements; weather emergencies and the effects of volatile weather patterns; public health crises; and threatened or actual terrorism, armed conflict or war.”

Annual report 2025A · The company itself

“These risks include delays, supply chain disruption and the unavailability of materials, cost overruns, inflation, the cost and availability of capital, labor disputes or shortages and other factors that could cause the total cost and timing of any project to exceed estimates.”

Annual report 2025A · The company itself

“Earthquakes, fires, tsunamis, extreme precipitation and flooding, public health emergencies or other catastrophic events may disrupt local semiconductor-related businesses and adversely affect manufacturing capacity, availability and cost of key raw materials, utilities and equipment, and availability of key services, including transport of our products worldwide.”

Annual report 2025A · The company itself

“Förändring av skulder inom finansieringsverksamheten NOT 23 ÖVRIGA SKULDER Avtal om leverantörsfinansiering - Letter of Credit Koncernen har ett avtal med en bank under vilket det ställs ut ett "Letter of Credit" till leverantörer i samband med att BHG lägger en order på varor från dessa. Av Letter of Credit framgår att leverantören har rätt att erhålla betalning från banken direkt då varorna levererats till BHG. Leverantören kan därmed använda Letter of Credit som säkerhet för egen upplåning och har på sätt möjlighet att erhålla det rörelsekapital som krävs för att kunna leverera de varor BHG har beställt.”

Annual report 2024A · The company itself

“Cloetta har en god övervakningsprocess för att förutse kortsiktiga störningar både när det gäller inköp och leverans.”

Annual report 2024A · The company itself

“There are risks inherent in doing business in Asia, and internationally in general, including: • changes in, or impositions of, legislative or regulatory requirements or restrictions, including tax and trade laws in the U.S., and in the countries in which we manufacture or sell our products, and governmental action or restrict our ability to sell to foreign customers where sales of products may require export licenses; • trade restrictions imposed by the U.S. related to goods imported from regions in China with records of forced labor and other human rights issues; • changes in U.S. laws, or the interpretation and enforcement of these laws, regarding investment in China or other countries; • fluctuations in the value of the U.S.”

Annual report 2025A · The company itself

“It may also lead to increased transportation costs which may in turn negatively affect Navamedic’s margins.”

Annual report 2024A · The company itself

“Kostnadene påvirkes av metallkost, inkludert LME, kostnaden for skrap og produktpremien på standardblokker, fraktkostnader til kunder og driftskostnader, inkludert energi.”

Annual report 2024A · The company itself

“we procured sustainable maritime fuels for the first time”

Annual report 2025A · The company itself

“The kitchen utensils market is even more fragmented and more exposed to international competition due to lower shipping costs. Competitors include Keter, Sistema, Nordiska Plast, Mepal, and Joseph Joseph.”

Annual report 2025A · The company itself

“External factors such as the ongoing war in Europe, increased tariffs and an escalating trade war as well as other geopolitical conflicts may continue to cause market uncertainty with direct implications for the transportation routes, supply chains and related costs.”

Annual report 2025A · The company itself

“Significantly lower logistics costs could introduce new competitors, such as valet-style storage services, which may reduce the demand for traditional self-storage.”

Annual report 2025A · The company itself

“Klimatförändringar kan även orsaka störningar i produktion och distribution, vilket kan påverka inköpskostnaderna.”

Annual report 2024A · The company itself

“These risks may also increase transportation costs.”

Annual report 2024A · The company itself