Public debt and fiscal policy

“Japan is the largest market for the Company's insurance products, and the Company owns substantial holdings in Japan Government Bonds (JGBs).”

Annual report 2025A · The company itself

“A U.S. government debt default would have a material adverse impact on our business and financial performance, including a decrease in the value of Treasury bonds and other government securities held by us, which could negatively impact Huntington’s and the Bank’s capital positions and their ability to meet regulatory requirements. Other negative impacts of a U.S. government debt default, budget deficit concerns, government shutdown, or related credit ratings downgrades could include volatile capital markets, an adverse impact on the U.S. economy and the U.S. dollar, as well as increased default rates among borrowers in light of increased economic uncertainty.”

Annual report 2025A · The company itself

“A reduction in overall U.S. defense spending, on an absolute or inflation-adjusted basis, because of shifting priorities, budget compromises or otherwise could adversely affect our business. Budget uncertainty, extended or repeated U.S. Government shutdowns, the use of continuing resolutions, and the federal debt ceiling can adversely affect our industry and both the quantum and timing of funding for our programs.”

Annual report 2025A · The company itself

“As of December 31, 2025, we had total indebtedness of $34.0 billion.”

Annual report 2025A · The company itself

“We have a significant amount of outstanding indebtedness and may incur additional indebtedness in the future. As of December 31, 2025, we had approximately $13.1 billion of outstanding principal indebtedness.”

Annual report 2025A · The company itself

“A sovereign debt crisis in a major economy – such as a default or near-default by a G20 country – leading to widespread financial market panic, tightening credit conditions and a collapse in global investment and trade flows.”

Annual report 2025A · The company itself

“In addition, because of the impact to the business environment due to civil unrest, high cost of living, taxes, and other increased region-specific costs of doing business in certain of our markets and submarkets, such as those located in the states of California and Washington, tenants may choose not to renew or re-lease space.”

Annual report 2025A · The company itself

“Thus, the repeal of or amendment to Proposition 13 could lead to a decrease in our income from rentals over time.”

Annual report 2025A · The company itself

“Property taxes are also impacted by inflationary changes as taxes are regularly reassessed based on changes in the fair value of our properties located outside of California. As discussed previously, in California, property taxes are not reassessed based on changes in the fair value of the underlying real estate asset but are instead limited to a maximum 2% annual increase by law.”

Annual report 2025A · The company itself

“I Europa är merparten av våra kunder beroende av statliga vårdbudgetar. Under 2024 har politisk turbulens och en osäkerhet avseende finansiering av sjukvården haft en direkt påverkan på vår försäljning på flera större marknader.”

Annual report 2024A · The company itself

“Svag makroekonomi och hög statsskuld i ett land kan påverka både offentliga och privata kunders budgetar och därmed efterfrågan. Detta kan också ha en negativ påverkan på landets förmåga och politiska vilja att investera i och fördela offentliga resurser till hälso- och sjukvård.”

Annual report 2024A · The company itself

“SKATT Förutsättningarna för Corems verksamhet påverkas av förändringar i bolagsoch fastighetsskatt, liksom övriga statliga avgifter. Det kan inte uteslutas att skattesatser förändras i framtiden eller att andra ändringar sker i det statliga systemet som påverkar fastighetsägandet.”

Annual report 2024A · The company itself

“The U.S. federal government and our other government customers also may reduce funding for health care or other programs, or make changes that adversely affect the number of persons eligible for certain programs, the services provided to enrollees in such programs, our premiums and our administrative and health care and other benefit costs, any of which could have a material adverse effect on our businesses, operating results and cash flows. When federal funding is delayed, suspended or curtailed, we continue to receive, and we remain liable for and are required to fund, claims from providers for providing services to beneficiaries of federally funded health benefits programs in which we participate.”

Annual report 2025A · The company itself

“We are subject to complex tax regimes, changing tax laws, income taxes, non-income-based taxes, and ongoing tax audits, in the various jurisdictions in which we operate. Tax authorities may disagree with certain positions we have taken and assess additional taxes.”

Annual report 2025A · The company itself

“The U.S. federal government has in the past reached and may in the future reach the statutory limit of its outstanding debt. In that situation, if Congress does not raise or suspend the debt ceiling, the U.S. could default on its obligations, including Treasury securities that play an integral role in financial markets. A default by the U.S. could result in unprecedented market volatility and illiquidity, heightened operational risks relating to the clearance and settlement of transactions, margin and other disputes with clients and counterparties, an adverse impact to investors including money market funds that invest in U.S. Treasuries, downgrades in the U.S. credit rating, further increases in interest rates and borrowing costs and a recession in the U.S. or other economies.”

Annual report 2025A · The company itself

“Medicare In addition to the reimbursement reductions and adjustments discussed below, the Budget Control Act of 2011 (the “BCA”) requires automatic spending reductions to reduce the federal deficit, resulting in a uniform percentage reduction across all Medicare programs of 2% per fiscal year that extends through the first five months of federal fiscal year 2033. We anticipate that the federal deficit will continue to place pressure on government health care programs, and it is possible that future legislation will impose additional spending reductions.”

Annual report 2025A · The company itself

“For example, there have been discussions in various jurisdictions around financial transaction or digital service tax frameworks as well as global 30 minimum corporate income tax rates. Changes to tax frameworks in jurisdictions where we operate significant business, for example, the U.S., the U.K. and the EU have increased costs in the past, and may in the future increase costs to us or to our market participants and discourage participation in the markets we operate.”

Annual report 2025A · The company itself

“A number of countries have enacted legislation to implement the OECD’s 15% global minimum tax regime. As additional jurisdictions enact legislation, transitional relief expires, and other provisions of the minimum tax legislation become effective, our effective tax rate and cash tax payments could increase in future years.”

Annual report 2025A · The company itself

“De offentliga finanserna är emellertid fortsatt ansträngda på båda sidor av Atlanten. I USA har budgetunderskottet ökat markant sedan pandemin, och statsskulden ökar i snabb takt – en trend som sannolikt inte kommer att vända utan omfattande politisk förändring.”

Annual report 2025A · The company itself

“Vi är en av de största skattebetalarna bland företag i Norden. Under 2025 uppgick våra samlade skattebetalningar till 5,8 md euro och utgjordes av inkomstskatt, moms och sociala avgifter samt källskatt som dragits för aktieägare, kunder och anställda för myndigheters räkning.”

Annual report 2025A · The company itself

“For example, developments related to the U.S. federal debt ceiling, including the possibility of a government shutdown, default by the U.S. government on its debt obligations, or related credit-rating downgrades, could have adverse effects on the broader economy, disrupt access to capital markets, and contribute to, or worsen, an economic recession.”

Annual report 2025A · The company itself

“In addition, high deficit levels and high debt servicing costs could drive cuts to federal spending. If the statutory debt limit is reached and not increased adequately, we could be obligated to work without receiving timely payments, and a prolonged breach could have far-reaching adverse consequences. •We use estimates when accounting for contracts.”

Annual report 2025A · The company itself

“Table of Contents Our business is affected by global economic and political conditions as well as the state of the financial markets, particularly as the United States and other countries balance concerns around debt, inflation, trade protectionism, growth and budget allocations in their policy initiatives.”

Annual report 2025A · The company itself

“Beyond this, demand for our products and services may be adversely impacted by public sector budgetary cycles and funding availability that in any given fiscal cycle may be reduced or delayed, including in connection with an extended federal government shutdown, partisan gridlock or changes to government policy.”

Annual report 2025A · The company itself

“In October 2025, the federal government entered a shutdown due to a lapse in appropriations, resulting from an inability by Congress to pass a budget or continuing resolution. A similar impasse in federal government budget decisions could lead to substantial delays or reductions in federal spending.”

Annual report 2025A · The company itself

“In addition, state tax laws that specifically impact the insurance industry, such as premium taxes, or more general tax laws, such as U.S. federal corporate taxes, could be enacted or changed and could have a material adverse impact on us.”

Annual report 2025A · The company itself

“As a REIT, we are subject to annual distribution requirements, which limit the amount of cash we retain for other business purposes, including amounts to fund our growth. We generally must distribute annually at least 90% of our net REIT taxable income, excluding any net capital gain, in order for our distributed earnings not to be subject to corporate income tax.”

Annual report 2025A · The company itself

“There is increased pressure for governments and their agencies, both domestically and internationally, to reduce spending and demand and payment for our services may be impacted by public sector budgetary cycles and funding authorizations.”

Annual report 2025A · The company itself

“However, we require a substantial amount of cash in the United States for operating requirements, stock repurchases, cash dividends and acquisitions. If we are not able to meet our U.S. cash requirements through operations, borrowings under our current revolving credit facility, issuances under our commercial paper program, future debt or equity offerings or other sources of cash obtained at an acceptable cost, it may be necessary for us to consider repatriation of earnings that are indefinitely reinvested, and we may be required to pay additional taxes under current tax laws, which could have a material adverse effect on our results of operations and financial condition.”

Annual report 2025A · The company itself

“Certain states and localities have imposed or are considering imposing new or additional taxes or fees on our services or changing the methodologies or base on which certain fees and taxes are computed. Potential changes include additional taxes or fees on our services which could impact our customers, changes to income tax sourcing rules and other changes to general business taxes, central/unit-level assessment of property taxes and other matters that could increase our income, franchise, sales, use and/or property tax liabilities.”

Annual report 2025A · The company itself

“Samalla kuitenkin julkisen talouden paineet ja työvoimakustannusten nousu hillitsevät muiden infrainvestointien kasvua.”

Annual report 2025A · The company itself

“We may be affected by higher rates of federal, state, or local tax imposed as a result of political developments or economic conditions, which could affect our effective tax rate. Our effective tax rate and future tax liability could be adversely affected by regulatory and legal changes, the results of tax audits and examinations, disallowed tax strategies, and changes in accounting principles and interpretations relating to tax matters, all of which could negatively impact our business.”

Annual report 2026A · The company itself