Healthcare and hospitals

“National Primary Drinking Water Regulations On April 10, 2024, the EPA announced a final National Primary Drinking Water Regulation (“NPDWR”) for six PFAS, including perfluorooctanoic acid (“PFOA”), perfluorooctane sulfonic acid (“PFOS”), perfluorononanoic acid (“PFNA”), hexafluoropropylene oxide dimer acid (“HFPO-DA”, commonly known as “GenX Chemicals”), perfluorohexane sulfonic acid (“PFHxS”), and perfluorobutane sulfonic acid (“PFBS”). The NPDWR for PFAS establishes legally enforceable levels, called Maximum Contaminant Levels (“MCLs”), for PFAS in drinking water. Utilities will be required to complete their initial monitoring for PFAS by 2027, followed by ongoing compliance monitoring. Although the EPA has indicated its intent to extend the compliance deadline to 2031, under the current rule utilities will be required to comply with the new MCLs by April 2029, implementing solutions to reduce PFAS levels where needed.”

Annual report 2025A · The company itself

“Our operations and the quality of water we supply and wastewater we treat are subject to extensive and increasingly stringent environmental, water quality and health and safety laws and regulations, including with respect to contaminants of emerging concern, compliance with which could impact both our operating costs and capital expenditures, and violations of which could subject us to substantial liabilities and costs, as well as damage to our reputation. Our water and wastewater operations are subject to extensive federal, state and local laws and regulations. These requirements include, among others, CERCLA, the Clean Water Act, the Safe Drinking Water Act, the LCR (as amended), and each of their implementing rules and regulations, as well as other federal and state requirements.”

Annual report 2025A · The company itself

“In addition, in April 2024, the EPA issued a final rule designating PFOA and PFOS as hazardous substances under CERCLA. While the EPA has 25 Table of Contents stated that it will focus on holding responsible under CERCLA entities that significantly contributed to the release of PFAS into the environment, it is not yet known whether or to what extent liability protection will be afforded to passive receivers of PFAS, including water and wastewater utilities. In September 2025, the EPA reaffirmed this enforcement approach, explaining that, while it intends to focus CERCLA enforcement activities on entities that significantly contributed to PFAS releases and generally does not plan to pursue actions against passive receivers, its enforcement discretion does not alter CERCLA’s underlying liability framework or restrict private party claims, and therefore the extent to which we may be subject to future CERCLA liability for PFAS-related claims remains uncertain.”

Annual report 2025A · The company itself

“These laws and regulations and their enforcement have become more stringent over time, and new or stricter requirements, such as the final EPA drinking water regulations for PFAS, the LCRR and the recently promulgated LCRI, are expected to increase our costs. For example, the designation of PFOA and PFOS as hazardous substances under CERCLA may impact our approach to how we dispose of material related to treatment at impacted systems and may increase our costs as a result.”

Annual report 2025A · The company itself

“The wastewater collection, treatment and disposal operations of our subsidiaries are subject to substantial regulation and involve environmental risks. If collection, treatment or disposal systems fail, overflow, or do not operate properly, untreated or inadequately treated wastewater or other contaminants could spill onto nearby properties or into nearby streams and rivers, causing damage to persons or property, injury to aquatic life and economic damages. This risk is most acute during periods of substantial rainfall or flooding, which are the main causes of sanitary sewer overflow and system failure.”

Annual report 2025A · The company itself

“The Company currently estimates an investment of approximately $2 billion of capital expenditures to install additional treatment facilities in order to comply with the NPDWR for PFAS as proposed. Additionally, the Company estimates that it will incur annual operating expenses of up to approximately $50 million related to testing and treatment, with the majority of the operating expenses beginning near the April 2029 compliance deadline.”

Annual report 2025A · The company itself

“Table of Contents Research and Development The Company’s Research and Development Program The Company maintains an industry-leading research and development (“R&D”) program that is designed to enhance its services, support its compliance activities, improve service quality and operational effectiveness, and provide environmental leadership. For more than four decades from its inception, American Water’s R&D program has evolved into an industry-leading effort and has achieved numerous advancements in the science of drinking water, wastewater, and desalination. Through laboratory and industry resources and the team’s expertise, efforts are focused on contaminants of emerging concern, including but not limited to PFAS, Legionella, cyanotoxin-forming algal blooms, a variety of pathogens (for example, Cryptosporidium, Giardia, viruses, and various bacteria), microbial indicators and disinfection byproducts.”

Annual report 2025A · The company itself

“BUSINESS The Company With a history dating back to 1886, American Water is the largest and most geographically diverse, publicly-traded water and wastewater utility company in the United States, as measured by both operating revenues and population served. A holding company originally incorporated in Delaware in 1936, the Company employs approximately 7,000 professionals who provide drinking water, wastewater and other related services to approximately 14 million people in 24 states.”

Annual report 2025A · The company itself

“PROSESSIT KIELTEISTEN VAIKUTUSTEN ENNALTAEHKÄISEMISEEN JA RISKIEN HALLINTAAN Elintarviketurvallisuuden vaarantuminen on mahdollinen kuluttajiin ja loppukäyttäjiin kohdistuva olennainen kestävyysvaikutus, johon liittyen on tunnistettu myös olennainen taloudellinen riski.”

Annual report 2025A · The company itself

“Tuotteisiin ja palveluihin liittyvät resurssien ulosvirtaukset + Kestävä tapa tuottaa eläinperäisiä elintarvikkeita pohjoismaisissa oloissa turvaa ravitsevan ja monipuolisen ruoan saatavuutta ja huoltovarmuutta paikallisesti. Atria valmistaa ja saattaa markkinoille monipuolisia ja turvallisia elintarvikkeita, mikä varmistaa, että kuluttajilla on mahdollisuus ostaa terveellistä ja kestävästi tuotettua ruokaa.”

Annual report 2025A · The company itself

“Atrian toiminta tukee näitä kuluttajiin ja loppukäyttäjiin kohdistuvia ihmisoikeuksia.”

Annual report 2025A · The company itself

“Tillgång till den globala medtech-marknaden genom licenspartnerskap Genom licenspartnerskap med ledande globala medtechföretag är Bactiguard väl positionerat på den expansiva globala marknaden för medicintekniska produkter där våra fem strategiska terapiområden ortopedi, kardiologi, neurologi, urologi och vaskulär åtkomst, tillsammans beräknas utgöra en potentiell marknad som överstiger 70miljarder USD, enligt intern bolagsanalys. Vår innovativa infektionsförebyggande teknologi möter ett angeläget och icke-uppfyllt brett medicinskt behov.”

Annual report 2024A · The company itself

“DEN GLOBALA HÄLSO- OCH SJUKVÅRDS- MARKNADEN OCH DESS UTMANINGAR Vi ser ökat intresse för Bactiguards teknologi, vilket reflekterar det växande erkännandet om infektionsprevention som ett kritiskt globalt medicinskt behov. Vi utreder aktivt möjligheterna kring applikation av den infektionsförebyggande teknologin inom våra fem strategiska terapiområden: ortopedi, kardiologi, neurologi, urologi och vaskulär åtkomst.”

Annual report 2024A · The company itself

“Bactiguard fokuserar på fem strategiska terapiområden inom vilka risken för infektion har allvarliga konsekvenser, vilket skapar ett betydande icke uppfyllt medicinskt behov av infektionsprevention. Dessa områden inkluderar ortopedi, kardiologi, neurologi, urologi och vaskulär åtkomst som tillsammans representerar en betydande marknadspotential för Bactiguard.”

Annual report 2024A · The company itself

“Vår licensaffär bygger på fem uppdaterade strategiska terapiområden, som understryker det omfattande behovet av infektionsförebyggande lösningar. Inom områdena ortopedi, kardiologi, neurologi, urologi och vaskulär åtkomst adresserar vår infektionsförebyggande teknologi kritiska utmaningar kring infektioner kopplade till medicin tekniska produkter. Dessa problem är mer aktu ella än någonsin och utgör en betydande andel av de vårdrelaterade infektionerna, där nuvarande behandlingar bidrar till ökad antibiotikaresistens. Det växande behovet ökar efterfrågan på säkrare och mer effektiva lösningar inom hälso- och sjukvården.”

Annual report 2024A · The company itself

“Hydrocyn aqua är en medicinteknisk pro dukt, klass IIb med vissa indikationer i klassIII, godkänd för behand ling av flera olika typer av vävnader och sår, från akuta till svår läkta och infekterade, såsom trycksår kategori I–IV, venösa bensår, diabetiska fotsår, operationssår, bränn skador (grad 1 och 2) och även peritonealsköljning.”

Annual report 2024A · The company itself

“Continued consolidation in the health care industry or additional governmental controls exerted over pricing and access in key markets could lead to increased demands for price concessions or limit or eliminate our ability to sell to certain of our significant market segments. Numerous initiatives and reforms by legislators, regulators, and third-party payers to curb the rising cost of health care, and to increase access to care, have catalyzed a consolidation of aggregate purchasing power within many of the markets in which we sell our products.”

Annual report 2025A · The company itself

“Demand for our products and services, and our overall growth, depend in large part on overall demand and growth in the healthcare market.”

Annual report 2025A · The company itself

“Our participation in these agreements often requires increased discounting or restrictions on our ability to raise prices, and failure to participate in or to be awarded these agreements might result in a reduction of sales to the member hospitals. In addition, in recent years, select market participants have shown an increased focus on individual GPO members negotiating directly with manufacturers on committed contracts. IDNs and health systems, when negotiating directly with manufacturers, often request additional discounts or other enhancements, such as most-favored-nation clauses.”

Annual report 2025A · The company itself

“With the healthcare market’s increased focus on asset and resource efficiency, as well as reimbursement constraints and competitive dynamics (including consolidation within healthcare systems, as discussed below in “Continued consolidation in the health care industry or additional governmental controls exerted over pricing and access in key markets could lead to increased demands for price concessions or limit or eliminate our ability to sell to certain of our significant market segments”), we have seen margins for some of our products decline and they may continue to do so over time.”

Annual report 2025A · The company itself

“EXECUTIVE OVERVIEW Description of the Company, Recent Strategic Actions and Business Segments Baxter International Inc. is a global medical technology with approximately 37,500 employees worldwide who are engaged in the development, manufacture and sale of a broad range of products, digital health solutions and therapies used by hospitals, nursing homes, rehabilitation centers, ambulatory surgery centers, doctors’ offices and patients at home under physician supervision.”

Annual report 2025A · The company itself

“Healthcare Systems & Technologies Our Healthcare Systems & Technologies segment includes sales of our connected care solutions and collaboration tools, including smart bed systems, patient monitoring systems and diagnostic technologies, respiratory health devices and advanced equipment for the surgical space, including operating room integration technologies, precision positioning devices and other accessories.”

Annual report 2025A · The company itself

“Market Access and Third-Party Reimbursement BD’s customers and their patients rely on public and private payers to reimburse some or all the cost of procedures, products and services. BD actively engages with the payer community, medical societies and other stakeholders in order to navigate market access trends and appropriately communicate value propositions for a broad range of BD medical technologies. However, BD has no direct control over payer decision-making with respect to coverage and payment levels for BD products.”

Annual report 2025A · The company itself

“Table of Contents Vertical integration of health systems has created a concentrated market among commercial payers in the U.S. and there is an increased focus globally on payment policies that serve to control healthcare spending while also rewarding quality and patient outcomes. Governments around the world continue to consider and transition to value-based payment reforms that would drive improved value and quality- and resource-based reimbursement.”

Annual report 2025A · The company itself

“In addition, general economic conditions have adversely impacted, and may continue to adversely impact, the healthcare industry, including reductions in capital spending and U.S. federal funding and changes in the delivery of healthcare services, which have affected, and could in the future affect, demand for our products.”

Annual report 2025A · The company itself

“In particular, the shift of care from acute to non-acute settings may also place financial pressure on hospitals and broader healthcare systems that could result in less demand for our products.”

Annual report 2025A · The company itself

“In addition, healthcare systems and other providers are consolidating, resulting in greater purchasing power for these companies. As a result, competition among medical device suppliers to provide goods and services has increased.”

Annual report 2025A · The company itself

“The sale of our products and services, as well as access to them, depends, in part, on the healthcare funding landscape, how healthcare providers and facilities are reimbursed by public and private payers and health insurance coverage levels and costs. Coverage policies and reimbursement levels can vary across the payer community globally, regionally and locally, and may affect which products customers purchase, the market acceptance rate for new technologies and the prices customers are willing to pay for those products in a particular jurisdiction.”

Annual report 2025A · The company itself

“Examining reimbursement and continually assessing the broader healthcare funding landscape is a strategic consideration in the development and marketing of medical technology. Advancing coding, coverage and payment strategies reduce barriers to adoption, improve affordability and are critical to ensuring patient and provider access to medical technologies. Market access strategies are also critical in ensuring commercial priorities are meeting the demand for critical healthcare needs globally and locally.”

Annual report 2025A · The company itself

“BD is a global medical technology company engaged in the development, manufacture and sale of a broad range of medical supplies, devices, laboratory equipment and diagnostic products used by healthcare institutions, physicians, life science researchers, clinical laboratories, the pharmaceutical industry and the general public. We provide customer solutions that are focused on improving medication management and patient safety; supporting infection prevention practices; equipping surgical and interventional procedures; improving drug delivery; aiding anesthesiology care; enhancing the diagnosis of infectious diseases and cancers; and advancing cellular research and applications.”

Annual report 2025A · The company itself

“BD Medical BD Medical produces a broad array of medical technologies and devices that are used to help improve healthcare delivery in a wide range of settings. The primary customers served by BD Medical are hospitals and clinics; physicians’ office practices; consumers and retail pharmacies; governmental and nonprofit public health agencies; pharmaceutical companies; and healthcare workers.”

Annual report 2025A · The company itself

“The primary customers served by BD Life Sciences are hospitals, laboratories and clinics; blood banks; healthcare workers; physicians’ office practices; academic and government institutions; and pharmaceutical and biotechnology companies.”

Annual report 2025A · The company itself

“Distribution BD’s products are marketed and distributed in the United States and internationally through independent distribution channels, as well as directly to hospitals and other healthcare related institutions by BD and independent sales representatives. In the United States, BD uses acute care, non-acute care, laboratory and drug wholesaler distributors to broadly support our overall disposable product demand from our end user customers, while our capital equipment is mostly sold direct to our end user customers.”

Annual report 2025A · The company itself

“Healthcare systems are visibly under strain. The need for more efficient allocation of scarce healthcare resources is global. The Homerton study clearly increased interest in a product that directly addresses this need.”

Annual report 2025A · The company itself

“Our objective is clear: to have GastroPanel ® included in the national treatment guidelines of as many countries as possible.”

Annual report 2025A · The company itself

“The GastroPanel ® quick test saves costs and unnecessary visits to the clinic, enabling endoscopic examinations to be targeted at patients who need them most urgently. Patient safety is improved as follow-up examinations, treatment, and monitoring are accelerated.”

Annual report 2025A · The company itself

“Its use in clinical practice will produce a substantial financial and environmental impact by avoiding unnecessary upper GI endoscopy procedures and help keep the focus on patients with high-risk precancerous lesions.”

Annual report 2025A · The company itself

“KDIGO (Kidney Disease: Improving Global Outcomes) is the leading global organization developing and implementing evidence-based clinical practice guidelines in kidney disease. The next open comment period is expected spring 2025 and BioPorto plans to pursue including ProNephro AKI (NGAL), which is the first AKI biomarker test cleared for pediatric and young adult use in the US, in KDIGO’s highly regarded and important guidelines for AKI.”

Annual report 2025A · The company itself

“We achieved 11% sales growth, mainly driven by continued growth in our research use only NGAL business in the United States.”

Annual report 2025A · The company itself

“Jens Due Olsen & Carsten Buhl Chairman of the Board & Chief Executive Officer A key strategic milestone, was the commercial launch of ProNephro AKI® on the Roche Cobas® c 501 module for the US pediatric market during Q3 2025. This launch aligns with our ambition to establish a commercial platform for kidney diagnostics and drive broad adoption of ProNephro AKI, the NGAL biomarker focused on AKI within the intensive care settings at hospitals globally.”

Annual report 2025A · The company itself

“The primary target accounts and customers for BioPorto’s commercial activities are nephrologists, cardiologists, intensivists and laboratory directors at large hospitals and medical centers The commercial go-to-market strategy for the pediatric launch of ProNephro AKI® (NGAL) has three focus areas: 1.”

Annual report 2025A · The company itself

“Government and private sector initiatives related to limiting the growth of health care costs (including price regulation), coverage and payment policies, comparative effectiveness reviews of therapies, technology assessments, price transparency and health care delivery and payment structure reforms, are continuing in many countries where we do business.”

Annual report 2025A · The company itself

“Implementation of cost containment initiatives and health care reforms in significant markets such as the U.S., China, Australia, and other markets may limit the price of, or the level at which reimbursement is provided for, our products or procedures using our products, which in turn may make it less likely that a hospital or physician will select our products to treat patients.”

Annual report 2025A · The company itself

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

Annual report 2025A · The company itself

“Shifts in sites of care including migration of procedures from inpatient to outpatient, ambulatory surgical centers or office-based settings, and associated changes in coverage, reimbursement, payment terms and provider economics, may impact procedure volumes, product mix, and pricing and contracting.”

Annual report 2025A · The company itself

“Continued consolidation in the health care industry or additional governmental controls exerted over pricing in and access to key markets could lead to increased demands for price concessions or limit or eliminate our ability to sell certain of our products, which could have an adverse effect on our business, financial condition or results of operations. Numerous initiatives and reforms by legislators, regulators and third-party payers to curb the rising cost of health care, and to increase access to care, have catalyzed a consolidation of aggregate purchasing power within the markets in which we sell our products. Additionally, a growing number of countries have instituted or are contemplating introducing regional or national tender processes driven primarily by price.”

Annual report 2025A · The company itself

“Governments and payers may institute changes in health care delivery or payment systems that may reduce funding for services or encourage greater scrutiny of health care costs. The ability of customers to obtain appropriate reimbursement for their products and services is critical to the success of medical technology companies because it affects which products customers purchase and the prices they are willing to pay.”

Annual report 2025A · The company itself

“Further, international markets are affected by economic pressure to contain health care costs, which can lead to more rigorous evidence requirements and lower reimbursement rates for either our products directly or procedures in which our products are used.”

Annual report 2025A · The company itself

“Legal and Regulatory Risk Factors Health care policy changes may have a material adverse effect on our business, financial condition, results of operations and cash flows. Political, economic and policy influences are leading the health care industry to make substantial structural and financial changes that will continue affecting our results of operations. Government and private sector initiatives aimed at limiting the growth of health care costs (including price regulation), coverage and payment policies, comparative effectiveness of therapies, technology assessments, increasing price transparency and reforming health care delivery and payment structures, are continuing in many countries where we do business.”

Annual report 2025A · The company itself

“We cannot predict the specific health care programs and regulations that will be ultimately implemented by various regional and national governments. However, any changes that lower reimbursements for either our products and/or procedures using our products reduce medical procedure volumes and/or increase cost containment pressures on us or others in the health care sector could adversely affect our business and results of operations.”

Annual report 2025A · The company itself

“Marketing and Sales We market our products and solutions to hospitals, clinics, outpatient facilities and medical offices in 127 countries worldwide.”

Annual report 2025A · The company itself

“In addition, large group purchasing organizations, hospital networks and other buying groups are important to our business and represent a substantial portion of our net sales.”

Annual report 2025A · The company itself

“Our products are purchased principally by hospitals, physicians and other health care providers around the world that typically bill various third-party payers, including government programs (e.g., Medicare and Medicaid in the U.S.) and private insurance payers, for the items and services provided to their patients.”

Annual report 2025A · The company itself

“Marketing and Sales We market our products and solutions to hospitals, clinics, outpatient facilities and medical offices in 127 countries worldwide. In addition, large group purchasing organizations, hospital networks and other buying groups are important to our business and represent a substantial portion of our net sales.”

Annual report 2025A · The company itself

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

Annual report 2025A · The company itself

“Transaktionsvolymen dominerades av äldreboenden, där den demografiska utvecklingen – med en växande andel äldre i befolkningen – driver efterfrågan. Behovet av fler vård- och omsorgsplatser är påtagligt, vilket gör äldreboenden till en fortsatt attraktiv investeringskategori.”

Annual report 2024A · The company itself

“Vi färdigställde våra stora projekt med nya bostäder i Malmö, Lund och Bromölla. Under året förvärvades också ett större äldreboende i Malmö. Året kröntes av förvärvsavtalet som slöts med K-Fast Holding AB och som kommer att betydligt stärka Brinovas position som en ledande fastighetsaktör i södra Sverige och Öresundsregionen.”

Annual report 2024A · The company itself

“De båda fastighetsbestånden har närmare 65 procent bostadsfastigheter. Om Brinovas stora andel äldreboende, trygghetsboenden och LSS-boenden inom segmentet samhällsfastigheter adderas, blir fokuset än tydligare.”

Annual report 2024A · The company itself

“Brinova har bred erfarenhet av att både utveckla och förvalta samhällsfastigheter och har i sin portfölj allt från stora idrottsarenor, förskolor, skolor, bibliotek, vårdcentraler och folktandvård till särskilda boenden för äldre och LSS-boenden.”

Annual report 2024A · The company itself

“Brinova har kompetens och erfarenhet för att möta behoven av kostnadseffektiva hyresbostäder för samtliga målgrupper, trygga service- och särskilda boenden för en växande äldre befolkning och andra ändamålsenliga samhällsfastigheter.”

Annual report 2024A · The company itself

“CMS estimates Medicaid spending will grow at an average annual rate of 7% to $1.5 trillion by 2031.”

Annual report 2025A · The company itself

“CMS estimates Medicare spending will grow at an average annual rate of 8% to $1.9 trillion by 2031.”

Annual report 2025A · The company itself

“The One Big Beautiful Bill Act (OBBBA), passed in July 2025, includes requirements that may reduce the number of members eligible for state Medicaid Expansion programs by requiring work or community engagement by members and for state Medicaid agencies to redetermine member eligibility at more frequent intervals, along with adding a "Cost Sharing" or "Co-Pay" for certain medical services. These changes could have the effect of increasing the overall morbidity of the Medicaid Expansion population largely beginning in 2027, subject to state implementation plans.”

Annual report 2025A · The company itself

“Plans receive additional Medicare revenue related to the achievement of higher Star ratings that can be used to offer more attractive benefit packages to members and/or achieve higher profit margins.”

Annual report 2025A · The company itself

“Part C or Part D Medicare plans with Star ratings of fewer than three stars for three consecutive years are denoted as "low performing" plans on the CMS website and in the CMS "Medicare and You" handbook. In addition, CMS has the authority to terminate the Medicare Advantage and PDP contracts for plans rated below three Stars for three consecutive years for any Part (C or D).”

Annual report 2025A · The company itself

“Government agencies evaluate multiple factors before awarding contracts, including quality of care, provider network access, administrative efficiency, financial strength, prior performance, and local market investments. Competition also extends to member acquisition and retention. Individuals typically select health plans based on quality of care and services, provider network inclusion, ease of access, and supplemental benefits.”

Annual report 2025A · The company itself

“Risks Relating to Our Business Failure to timely and effectively identify and mitigate medical cost trends and receive adequate rate adjustments to account for increased acuity could have a material adverse effect on our results of operations, financial condition and cash flows. Our profitability depends to a significant degree on our ability to accurately estimate and effectively manage expenses related to health benefits through, among other things, our ability to contract favorably with hospitals, physicians and other healthcare providers, as well as related administrative costs.”

Annual report 2025A · The company itself

“In addition, during 2025, our Medicaid membership had higher than expected medical costs, including due to unanticipated increased costs in behavioral health, home health and high-cost drugs.”

Annual report 2025A · The company itself

“In particular, as part of the Medicaid rate setting process, state actuaries determine actuarial soundness of rates based on historical data. The delay in time between making claims payments and receiving rate adjustments when we experience an increased rate of change in medical expenses, whether due to the increased acuity profile of the membership or the increased utilization of health care services, such as behavioral health, home health and high-cost drugs, may cause the profitability of our Medicaid plans to be reduced.”

Annual report 2025A · The company itself

“In the Health Insurance Marketplace, we may be adversely impacted if we have not accurately and timely predicted the health needs of our members, including individuals exiting or entering the market, causing the morbidity of the risk pool to rise without a proportionate change to risk adjustment.”

Annual report 2025A · The company itself

“In addition, the risk adjustment provisions of the ACA established to apportion risk amongst insurers may not be effective in appropriately mitigating the financial risks related to the Health Insurance Marketplace product, are affected by our members' acuity relative to the membership acuity of other insurers and are subject to a high degree of estimation and variability, including estimation of the ultimate level of program funding based on the financial performance of other insurers.”

Annual report 2025A · The company itself

“For example, late in the second quarter of 2025, we made a significant negative adjustment to our expected net risk adjustment revenue attributable to the 2025 Marketplace plan year.”

Annual report 2025A · The company itself

“If we fail to design and maintain programs that are attractive to Medicare participants; if our Medicare operations are subject to negative outcomes from program audits, sanctions, penalties or other actions; if we do not submit adequate bids in our existing markets or any expansion markets; if our existing contracts are modified or terminated; or if we fail to maintain or improve our quality Star ratings, our current Medicare business and our ability to expand our Medicare operations could be materially and adversely affected, negatively impacting our results of operations and financial performance.”

Annual report 2025A · The company itself

“As of December 2025, approximately 60% of our Medicare Advantage membership was associated with contracts rated 3.5 stars or better.”

Annual report 2025A · The company itself

“Star ratings are subject to change annually by CMS, and despite our operational efforts to improve our Star ratings, there can be no assurances that we will be successful in maintaining or improving our Star ratings in future years, which could negatively impact our quality bonus and rebates.”

Annual report 2025A · The company itself

“In addition, our Medicare Advantage and PDP contracts may be terminated by CMS if our Medicare Advantage contracts receive Star ratings of below 3.0 stars for three consecutive years. For example, two of our Medicare Advantage contracts received notice of termination for plan year 2025.”

Annual report 2025A · The company itself

“CMS establishes annually different pricing components of the Medicare Advantage program that may not adequately reflect changes in the underlying health care costs, and which may reduce the profitability or desirability of various Medicare Advantage plans. For calendar year 2026, CMS again applied a negative rate adjustment for risk model revisions and fee for service normalization.”

Annual report 2025A · The company itself

“Risk-adjustment payment systems make our revenue and results of operations more difficult to estimate and could result in retroactive adjustments that have a material adverse effect on our results of operations, financial condition and cash flows.”

Annual report 2025A · The company itself

“The data provided to our government customers to determine the risk score is subject to audit by them even after the annual settlements occur. These audits may result in the refund of premiums to the government customer previously received by us, which could be significant and would reduce our premium revenue in the year that repayment is required.”

Annual report 2025A · The company itself

“In 2023, CMS announced the removal of the fee-for-service adjuster from the risk adjustment data validation audit methodology beginning for audit year 2018, which could increase our audit error scores. Additionally in 2025, CMS announced the intent to accelerate the timing and expand the scope of risk adjustment data validation audits.”

Annual report 2025A · The company itself

“Based on the most recent publicly available membership data, we are the nation's largest Medicaid and Marketplace insurer, as well as the largest stand-alone PDP provider.”

Annual report 2025A · The company itself

“We are the largest Medicaid health insurer in the country, serving 12.5 million Medicaid members in 30 states as of December 31, 2025.”

Annual report 2025A · The company itself

“We continuously improve our claims processing strategies, expertise, configuration and tools to achieve operational excellence, including timely payments to our providers. •Care management for complex populations. Through our experience with Medicaid populations and long-time presence in states with experience in long-term care for children and adolescents in the foster care system, we have developed care management, service coordination and crisis prevention/response programs that improve healthcare outcomes through decreasing preventable emergency department utilization and improving access to primary care and behavioral health intervention.”

Annual report 2025A · The company itself

“Centene was established as a Medicaid company, anchored around long-lasting, trusted relationships, with a continual focus on low-income populations. Since our founding more than 40 years ago, we have forged new paths developing innovative solutions and addressing the evolving needs of our members, earning Centene an important seat at the table and a powerful voice to shape the conversation at the state and federal level.”

Annual report 2025A · The company itself

“Business OVERVIEW Our mission is to transform the health of the communities we serve, one person at a time. As the nation's largest managed care company focused on underserved populations, Centene is committed to helping people live healthier lives. Centene offers affordable and high-quality products to more than 1 in 15 individuals across the nation, including Medicaid and Medicare members (including Medicare Prescription Drug Plans) as well as individuals and families served by the Health Insurance Marketplace.”

Annual report 2025A · The company itself

“For the year ended December 31, 2025, our Medicaid, Commercial, Medicare and Other segments accounted for 57%, 21%, 19% and 3%, respectively, of our total external revenues.”

Annual report 2025A · The company itself

“For the year ended December 31, 2025, our total revenues were $194.8 billion and our total cash flow from operations was $5.1 billion.”

Annual report 2025A · The company itself

“Community Medical Group (CMG) provides clinical healthcare, encompassing primary care, access to certain specialty services and a suite of social and other support services. CMG operates in Florida through an at-risk primary care provider model, focusing on clinical and social care for at-risk beneficiaries.”

Annual report 2025A · The company itself

“Organization and Operations Centene Corporation, or the Company, is a leading provider of government-sponsored healthcare. Centene's focus is on improving health and health care for low-income populations with complex needs. The Company provides access to high-quality healthcare, innovative programs and a wide range of health solutions that help families and individuals get well, stay well and be well.”

Annual report 2025A · The company itself

“Table of Contents Providers For each of our service areas, we establish a provider network consisting of primary and specialty care physicians, hospitals, behavioral health practitioners and ancillary providers. Our network of primary care physicians is a critical component of care delivery, healthcare affordability, and the attraction and retention of new members.”

Annual report 2025A · The company itself

“Table of Contents We provide Medicare Advantage, PDPs, D-SNPs and MMPs pursuant to contracts with CMS and subject to federal regulation regarding the award, administration and performance of such contracts.”

Annual report 2025A · The company itself

“The majority of our revenues come from government subsidized healthcare programs including Medicaid, Medicare, CHIP, LTSS, ABD, Foster Care and Health Insurance Marketplace premiums.”

Annual report 2025A · The company itself

“Our results of operations depend on our ability to contract for these services at competitive prices. In any particular market, physicians, hospitals and health service providers may enter into exclusive arrangements with competitors or simply refuse to contract with us, demand higher payments, or take other actions that could result in higher medical costs or less desirable products or services for our customers. In some markets, certain providers, particularly hospitals, physician/hospital organizations and multi-specialty physician groups, may have significant or controlling market positions that could result in a diminished bargaining position for us.”

Annual report 2025A · The company itself

“We provide our customers with a national network of participating health care providers; hospitals; and other facilities, pharmacies and providers of health care services and supplies. As of December 31, 2025, our U.S. network had approximately 1.7 million physicians, including specialists, and over 6,000 hospitals.”

Annual report 2025A · The company itself

“SEGMENT REPORTING Evernorth Health Services Segment Evernorth Health Services includes our Pharmacy Benefit Services and Specialty and Care Services operating segments, which provide independent and coordinated health solutions and capabilities to enable the health care system to work better and help people live healthier lives.”

Annual report 2025A · The company itself

“Cigna Healthcare Segment Cigna Healthcare includes our U.S. Healthcare and International Health operating segments, which provide comprehensive medical and coordinated solutions to clients and customers.”

Annual report 2025A · The company itself

“At The Cigna Group our global workforce of approximately 67,700 colleagues strives to fulfill our mission to improve the health and vitality of more than 185 million customer relationships in more than 30 markets and jurisdictions (as of December 31, 2025).”

Annual report 2025A · The company itself

“We provide services to managed care organizations, health insurers, third-party administrators, employers, union-sponsored benefit plans, workers' compensation plans, government health programs, providers, clinics, hospitals and others.”

Annual report 2025A · The company itself

“I industriländer växer marknaden med cirka 5 % årligen, medan tillväxttakten i utvecklingsländer ofta är ännu högre. Samtidigt råder det brist på utbildad vårdpersonal, vilket skapar stora utmaningar för sjukvårdssystemen och understryker behovet av mer effektiva och lättanvända bildbehandlingslösningar.”

Annual report 2024A · The company itself

“Baserat på antalet sålda enheter uppskattar vi vår marknadsandel till över 20 % av den adresserbara marknaden Vår starkaste närvaro finns inom radiologi och kvinnors hälsa, där vi erbjuder lösningar för allt från enklare system till avancerade premiumprodukter. Vi uppskattar vår marknadsandel till över 30 % inom radiologi och över 40 % inom kvinnors hälsa, med båda segmenten förväntade att växa med 3–4 % per år under de kommande åren.”

Annual report 2024A · The company itself

“ContextVisions produkter för röntgenavbildning är samlade i Altumira-plattformen, som består av: - Altumira® – Utformad för statiska tillämpningar - Altumira® Plus – Utformad för dynamiska tillämpningar Om ContextVision | Året i korthet | Investerarcase | Vd-ord | Case: Data Quality | Marknadstrender | Strategi | Affärsmodell | Hållbarhet | Årsredovisning Affärs- och intäktsöversikt: Röntgen är vår näst största intäktskälla, och står för 20 % av den totala omsättningen, inklusive både statisk och dynamisk avbildning.”

Annual report 2024A · The company itself

“Marknad: ContextVisions satsning på Data Quality adresserar ett akut behov inom sjukvården: avancerade verktyg för hantering av kroniska sjukdomar som kan minska beroendet av specialistvård. MASLD, en av de främsta orsakerna till leverrelaterade komplikationer, drabbar miljontals människor globalt och understryker behovet av tidiga och precisa diagnoslösningar. Enbart i Nordamerika lever 110 miljoner människor med kroniska sjukdomar, vilket medför sjukvårdskostnader på 800 miljarder USD. Detta skapar en betydande marknadspotential för teknologier som möjliggör tidig upptäckt, ökad effektivitet, bättre vårdresultat och minskad belastning på sjukvårdssystemet.”

Annual report 2024A · The company itself

“Genom att utveckla ett diagnostiskt verktyg anpassat för primärvården syftar vi till att minska behovet av specialisttolkning och påskynda insatser.”

Annual report 2024A · The company itself

“For example, elections can result in significant political shifts and/or disruptions, and the 2025 change in the U.S. administration as well as recent Supreme Court decisions have resulted in policy, regulatory and economic changes, challenges and uncertainty, including with respect to tariffs and healthcare-related topics. •Uncertainties with respect to the development, deployment, and use of artificial intelligence (“AI”) in our business and products may result in harm to our business and reputation. •Global health crises, pandemics, epidemics or other outbreaks can adversely impact certain elements of our business and financial statements.”

Annual report 2025A · The company itself

“Many states, foreign countries and supranational bodies have also adopted laws and regulations similar to, and in some cases more stringent than, the U.S. federal regulations discussed above and below, including the UK Bribery Act and similar anti-bribery laws. •Many of our healthcare-related products are purchased by healthcare providers that typically bill various third-party payers, such as governmental healthcare programs (e.g., Medicare, Medicaid and comparable non-U.S. programs), private insurance plans and managed care plans, for the healthcare services provided to their patients. The ability of our customers to obtain appropriate reimbursement for products and services from third-party payers is critical because it affects which products customers purchase and the prices they are willing to pay.”

Annual report 2025A · The company itself

“Third-party payers are increasingly reducing reimbursements for medical products and services and, in international markets, many countries have instituted price ceilings on specific products and therapies (for further discussion of governmental initiatives to reduce healthcare costs, please see “—Healthcare Reform” below). Price ceilings, decreases in third-party reimbursement for any product or a decision by a third-party payor not to cover a product may reduce usage and patient demand for the product.”

Annual report 2025A · The company itself

“Typical users of these products include professionals in academic, translational and commercial research, medical diagnostics, clinical care and biopharmaceutical development.”

Annual report 2025A · The company itself

“Typical users include research, scientific, medical and surgical professionals as well as quality assurance and quality control technicians operating in pharmaceutical and biotechnology companies, contract development and manufacturing organizations (“CDMO”), clinical research organization universities, medical schools, surgical theaters and research institutions and in some cases industrial manufacturers.”

Annual report 2025A · The company itself

“Typical users of these products include professionals, scientists and researchers in the areas of academic and commercial research, agriculture, medical diagnostics, 6 pharmaceutical development, biotechnology companies and research institutions across discovery, clinical and commercial applications.”

Annual report 2025A · The company itself

“DIAGNOSTICS The Diagnostics segment offers clinical instruments, consumables, software and services that hospitals, physicians’ offices, reference laboratories and other critical care settings use to diagnose disease and make treatment decisions.”

Annual report 2025A · The company itself

“The healthcare industry and related industries that we serve have undergone, and are in the process of undergoing, significant changes in an effort to reduce (and increase the predictability of) costs, including the following: •Many of our customers, and the end-users to whom our customers supply products, rely on government funding of and reimbursement for healthcare products and services and research activities. The PPACA, healthcare austerity measures in other countries and other potential healthcare reform changes and government austerity measures have reduced and may further reduce the amount of government funding or reimbursement available to customers or end-users of our products and services and/or the volume of medical procedures using our products and services.”

Annual report 2025A · The company itself

“Global economic uncertainty or deterioration can also adversely impact government funding and reimbursement. •Governmental and private healthcare providers and payors around the world are increasingly utilizing managed care for the delivery of healthcare services, centralizing purchasing, limiting the number of vendors that may participate in purchasing programs, forming group purchasing organizations, strategic alliances and integrated health delivery networks and pursuing consolidation to improve their purchasing leverage, using competitive bid processes to procure healthcare products and services and investing in healthcare practices to increase their control over healthcare spending.”

Annual report 2025A · The company itself

“Although many third-party payors have adopted some form of coverage policy for continuous glucose monitoring devices, our products do not always have such coverage, including simple broad-based contractual coverage with third-party payors, and we frequently experience administrative challenges in obtaining coverage or reimbursement for our products. If we are unable to obtain adequately broad coverage or reimbursement for our products or any future products from third-party payors, our revenue may be negatively impacted. As a medical device company, reimbursement from government and/or commercial third-party healthcare payors, including Medicare and Medicaid, is an important element of our success.”

Annual report 2025A · The company itself

“We face a number of regulatory and commercial hurdles relating to wide-scale sales where a government or commercial third-party payor provides reimbursement, including sales to Medicare beneficiaries. If we are unable to successfully address these hurdles, reimbursement of our products may be limited to a smaller subset of people with diabetes covered by Medicare or to those people with diabetes covered by other third-party payors that have adopted policies for CGM devices allowing for coverage of these devices if certain conditions are met. Adverse coverage or reimbursement decisions relating to our products, or rescission or limitation of favorable determinations, by CMS, its Medicare Administrative Contractors, other state, federal or international payors, and/or third-party commercial payors could significantly reduce reimbursement, which could have an impact on the acceptance of, and demand for, our products and the prices that our customers are willing to pay for them.”

Annual report 2025A · The company itself

“Previously, Medicare coverage for CGM was only available to Medicare patients who take at least three doses of insulin a day, limiting CGM reimbursement for Medicare beneficiaries with intensive Type 1 and 2 diabetes. The Local Coverage Determination, or LCD, that CMS released in April 2023 extends Medicare CGM coverage to patients who use any insulin. Further, the LCD also allows coverage for patients not taking insulin if the patient has a history of problematic hypoglycemia.”

Annual report 2025A · The company itself

“Nevertheless, third-party payors are increasingly attempting to contain healthcare costs by limiting both coverage and the level of reimbursement of new and existing medical devices, and, as a result, they may be restrictive, or they may not cover or provide adequate payment for our products. In order to obtain additional reimbursement arrangements, including under pharmacy benefits, we may have to agree to a net sales price lower than the net sales price we might charge in other sales channels.”

Annual report 2025A · The company itself

“In addition, the change in presidential administration in 2025 has caused and may continue to cause shifts in health policy priorities, including potential impacts on Medicare coverage and reimbursement. As discussed above, the Bill included significant changes to federal Medicaid funding and ACA enrollment requirements, all of which are expected to result in decreased Medicaid reimbursement and loss of coverage for individuals under Medicaid and ACA plans.”

Annual report 2025A · The company itself

“Risks Related to Manufacturing, Commercial Operations and Commercialization If we or our suppliers or distributors fail to comply with ongoing regulatory requirements, including responding to the FDA warning letter, or if we have unanticipated problems with our products, the products could be subject to restrictions or withdrawal from the market. Any products for which we obtain marketing approval, clearance or authorization (and the activities related to its production, distribution, and promotion, sale, and marketing) are subject to continual review and periodic inspections by the FDA and other regulatory bodies, which may include inspection of our manufacturing processes, complaint handling and adverse event reporting, post-approval clinical data and promotional activities for such product.”

Annual report 2025A · The company itself

“While we intend to undertake certain corrective actions and provide regular updates to the FDA in order to meet the requirements set forth by FDA in the warning letter, we cannot give any assurances that the FDA will be satisfied with our response or as to the date we expect to resolve the matters included in the FDA warning letter. Until the issues cited in the warning letter are resolved to the FDA’s satisfaction, additional legal or regulatory action may be taken without further notice, including as described above. The potential effect of the warning letter and these other events can in some cases be difficult to quantify and could harm our reputation and cause our product sales and profitability to suffer.”

Annual report 2025A · The company itself

“Risks Related to Non-Compliance with Laws, Regulations and Contractual Requirements and Healthcare Industry Shifts We conduct business in a heavily regulated industry and if we fail to comply with applicable laws and government regulations, we could become subject to penalties, be excluded from participation in government programs, and/or be required to make significant changes to our operations.”

Annual report 2025A · The company itself

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

Annual report 2025A · The company itself

“We may also be adversely affected by the growth in patient responsibility accounts, as a result of increases in the adoption of plan structures, due to evolving health care policy and insurance landscapes that shift greater responsibility for care to individuals through greater exclusions, prior authorizations, and copayment and deductible amounts.”

Annual report 2025A · The company itself

“Commercial Operations We have built a direct sales organization in North America and certain international markets to call on health care professionals, such as endocrinologists, physicians and diabetes educators, who can educate patients about continuous glucose monitoring. We believe that focusing efforts on these participants is important given the instrumental role they each play in the decision-making process for diabetes therapy, and to ensure that health care professionals and patients are knowledgeable about our products and their functionality.”

Annual report 2025A · The company itself

“In addition to our CGM devices, we have a Class I data management service which we market to clinics. This service helps healthcare providers and patients see, understand and use blood glucose meter data to diagnose and manage diabetes.”

Annual report 2025A · The company itself

“As of December 31, 2025, the eight largest private third-party payors in the United States, in terms of the number of covered lives, have issued coverage policies for the category of CGM devices. In addition, we have negotiated contracted rates with all of those third-party payors for the purchase of the G6 and G7 systems by their members.”

Annual report 2025A · The company itself

“Because of the predominance of government-sponsored healthcare systems around the world, most of our customer relationships outside of the United States are with governmental entities and are therefore potentially subject to such anti-bribery laws.”

Annual report 2025A · The company itself

“Our products are purchased principally by individual patients, who may be eligible for insurance coverage of their devices from various third-party payors, such as governmental programs (e.g., Medicare, Medicaid, TRICARE, other federal and state health benefit plans, and comparable non-U.S. programs), private insurance plans, and managed care plans. The ability of our customers to obtain appropriate reimbursement for products and services from third-party payors is critical because it affects which products customers purchase and the prices they are willing to pay.”

Annual report 2025A · The company itself

“Den visade också att investeringar i högteknologiska kommunikationshjälpmedel för personer med funktionsnedsättning betalar sig tre gånger om och fördubblar användarens livskvalitet inom en femårsperiod. I Sverige innebär tillgång till ett högteknologiskt kommunikationshjälpmedel en samhällsbesparing på mer än 320000 SEK per användare under en femårsperiod, efter att kostnaden för hjälpmedlet dragits av.”

Annual report 2024A · The company itself

“Studien, ”En undersökning om fördelarna med kommunikationshjälpmedel”, som genomfördes på uppdrag av Tobii Dynavox, visade att personer som använder kommunikationshjälpmedel uppskattar att deras välbefinnande fördubblas. Dessutom finns det tydliga ekonomiska fördelar för samhället i stort: investeringar i kommunikationshjälpmedel betalar sig tre gånger om inom en femårsperiod.”

Annual report 2024A · The company itself

“65+ marknader som betjänas Som världens största leverantör av heltäckande kommunikationslösningar har vi för närvarande mer än 600 aktiva avtal med offentliga och privata finansiärer.”

Annual report 2024A · The company itself

“Gruppen inkluderar logopeder, arbetsterapeuter, fysioterapeuter eller andra yrkesgrupper som identifierar behovet av ett kommunikationshjälpmedel och rekommenderar eller förskriver det hjälpmedel som upp fyller individens krav. Förskrivare är ovärderliga partners som kopplar ihop oss med de människor som kan dra nytta av våra heltäckande kommunikationslösningar.”

Annual report 2024A · The company itself

“De partnerskap som vi har skapat i USA spelar en viktig roll för att stödja och säkerställa behoven hos personer med funktionsnedsättning.”

Annual report 2024A · The company itself

“Government and private sector initiatives to limit the growth of health care costs, including price regulation and competitive pricing, coverage and payment policies, comparative effectiveness reviews, technology assessments, increasing evidentiary demands, and managed-care arrangements, are continuing in many geographies where we do business, including the United States, Europe, and Japan. As a result of these changes, the marketplace has placed increased emphasis on the delivery of more cost-effective medical therapies. For example, government programs, private health care insurance, and managed-care plans have attempted to control costs by restricting coverage and limiting the level of reimbursement for procedures or treatments, and some third-party payors require their pre-approval before covering payment of new or innovative devices or therapies that are used by patients.”

Annual report 2025A · The company itself

“Reimbursement schedules regulate the amount the United States government will reimburse hospitals and doctors for the inpatient care of persons covered by Medicare. HHS' Centers for Medicare & Medicaid Services (“CMS”) may also review whether and/or under what circumstances a procedure or technology is reimbursable for Medicare beneficiaries. Changes in current coverage and reimbursement levels could have an adverse effect on market demand and our pricing flexibility.”

Annual report 2025A · The company itself

“The success of many of our products depends upon certain key physicians, research institutions, and hospital systems. We work with leading global physicians and research institutions who provide considerable knowledge and experience. These physicians may assist us as researchers, marketing consultants, product trainers and consultants, inventors, and public speakers.”

Annual report 2025A · The company itself

“In addition, we rely on hospital systems to be able to hire staff and have available facilities, including catheterization laboratories, to perform procedures using our products. With multiple new technologies competing for these facilities, including technologies we develop and introduce in both our TAVR and TMTT product groups, a decision by a hospital system, particularly a large hospital system, not to adequately staff or provide facilities necessary to perform procedures using our products, or a decision to use a competitors’ products instead of ours, has in the past and may continue in the future to meaningfully adversely impact our ability to sell our products, 14 Table of Contents resulting in lower sales and revenue than we forecasted, which could have a material adverse effect on our business, financial condition, and results of operations.”

Annual report 2025A · The company itself

“Government and other third-party payors are increasingly attempting to contain health care costs by limiting both coverage and the level of reimbursement for medical products and services. Reimbursement levels may be decreased in the future.”

Annual report 2025A · The company itself

“The purchasing power of these larger customers has increased, and may continue to increase, causing downward pressure on product pricing. If we are not one of the providers selected by one of these organizations, we may be precluded from making sales to its members or participants. Even if we are one of the selected providers, we may be at a disadvantage relative to other selected providers that are able to offer volume discounts based on purchases of a broader range of medical equipment and supplies.”

Annual report 2025A · The company itself

“We are subject to various federal and foreign laws that govern our domestic and international business practices. For example, in the United States, continued implementation of the Affordable Care Act and the 21st Century Cures Act, or any future legislation, including deficit reduction legislation, could impact medical procedure volumes, reimbursement for our products, and demand for our products or the prices at which we sell our products.”

Annual report 2025A · The company itself

“The medical technologies we create, study, manufacture, and market globally are subject to rigorous regulation and scrutiny by the FDA and various other federal, state, and foreign governmental authorities, including the European Union's European Commission (the “Commission”), which promulgated the European Medical Device Regulation (“EU MDR”). Government regulation applies to nearly all aspects of our products’ lifecycles, including testing, clinical study, manufacturing, transporting, sourcing, safety, labeling, storing, packaging, recordkeeping, reporting, advertising, promoting, distributing, marketing, and importing or exporting of medical devices and products.”

Annual report 2025A · The company itself

“Regulatory agencies may also change policies, adopt additional regulations, or revise existing regulations, each of which could prevent or delay approval or clearance of devices, or could impact our ability to market a previously cleared, approved, or unregulated device. Additionally, the United States federal government has shut down several times in recent years, most recently on October 1, 2025, during which many government agencies, including the FDA, furloughed critical employees and stopped critical activities. A prolonged government shutdown could significantly affect the FDA’s timely review of any regulatory filings or applications we submit, which could result in delays or failures to obtain or maintain regulatory approvals, clearances or to comply with regulatory requirements.”

Annual report 2025A · The company itself

“Table of Contents We are also subject to various United States and foreign laws pertaining to health care pricing, anti-competition, anti-corruption, and fraud and abuse, including prohibitions on kickbacks and the submission of false claims laws and restrictions on relationships with physicians and other referral sources.”

Annual report 2025A · The company itself

“We may incur losses from product liability or other claims that could adversely affect our operating results. Our business exposes us to potential product liability risks that are inherent in the design, manufacture, and marketing of medical technologies. Many of the devices we manufacture and sell are designed to be implanted in the human body for long periods of time.”

Annual report 2025A · The company itself

“We rely extensively on our sales and field clinical specialist personnel who work closely with our customers in hospitals. Field clinical specialists routinely attend procedures where Edwards' products are being used in order to provide guidance on the use of our therapies, thereby enabling physicians and staff to reach expert proficiency and deliver differentiated patient outcomes. In addition to working closely with physicians, nurses, and other clinical personnel, our customers include decision makers such as service line leaders, material managers, biomedical staff, hospital administrators and executives, purchasing managers, and ministries of health.”

Annual report 2025A · The company itself

“We have in the past and are continuing to experience constrained procedure volumes and sales for our products because more products, including Edwards’ own products, are competing for the same facilities and staffing within hospitals.”

Annual report 2025A · The company itself

“If government or other third-party payors decline to reimburse our customers for our products or impose other cost containment measures to reduce reimbursement levels, our ability to profitably sell our products will be harmed. We sell our products and technologies to hospitals and other health care providers, nearly all of which receive reimbursement for the health care services provided to patients from third-party payors, such as government programs (both domestic and outside of the United States), private insurance plans, and managed care programs. The ability of customers to obtain appropriate reimbursement for their products from private and governmental third-party payors is critical to our success.”

Annual report 2025A · The company itself

“Continued consolidation in the health care industry could have an adverse effect on our sales and results of operations. The health care industry has been consolidating, and organizations such as GPOs, independent delivery networks, and large single accounts, such as the United States Veterans Administration, continue to consolidate purchasing decisions for many of our health care provider customers. As a result, transactions with customers are larger and more complex, and tend to involve more long-term contracts.”

Annual report 2025A · The company itself

“If we fail to develop and maintain satisfactory relationships with hospitals, physicians, pharmacy service providers and other healthcare providers, our business, cash flows, financial condition and results of operations may be adversely affected. Our profitability is dependent in part upon our ability to contract on favorable terms with hospitals, physicians, pharmacy services providers and supply chain partners and other healthcare providers. These partners may elect not to contract with us, and the failure to secure or maintain cost-effective contracts on competitive terms may result in a loss of membership or higher medical costs, which could adversely affect our business.”

Annual report 2025A · The company itself

“Our inability to contract with providers, providers attempting to use their market position to negotiate more favorable contracts or place us at a competitive disadvantage, the departure of prominent network providers or provider groups to competitors, or the inability of providers to provide adequate care could adversely affect our business. In addition, we do not have contracts with all providers that render services to our members and, as a result, may not have a pre-established agreement about the amount of compensation those out-of-network providers will accept for the services they render.”

Annual report 2025A · The company itself

“We contract with various federal and state agencies, including CMS, to provide managed health benefits services, such as Medicare Advantage, Medicare Part D, Medicare Supplement, Medicaid, TANF, SPD, LTSS, CHIP, Medicaid expansion programs and various specialty programs, products and services.”

Annual report 2025A · The company itself

“We continue to evolve our business to offer products and services beyond traditional health insurance, including digital health technology, pharmacy services, home health, and behavioral and clinical care services, which subjects us to litigation and regulatory risks that are different from our traditional product and services offerings and may adversely affect our exposure to other risks. The direct provision of healthcare services by certain of our subsidiaries involves risks of additional litigation brought against us or our associates for alleged malpractice or professional liability claims arising out of the delivery of healthcare and related -32- services.”

Annual report 2025A · The company itself

“In order to achieve our long-term financial targets, we need to not only grow our profitable medical membership, but also continue to profitably grow and diversify our sources of revenue and earnings, including through the increased sale of our pharmacy services, both integrated and external, other healthcare services and products, and specialty products, expand our products and services and establish new cost of care solutions.”

Annual report 2025A · The company itself

“Vidare finns en risk för att tillräckligt gynnsam ersättning från nationella ersättningssystem inte uppnås och att nationella ersättningssystem inte kommer att betala sådan ersättning inom en viss period. Det finns också en risk att bolagets produkter och metoder inte erhåller klinisk acceptans eller introduceras i enlighet med nationella kliniska riktlinjer.”

Annual report 2024A · The company itself

“Till dags datum har bolaget uppnått begränsade marknadsandelar, men bolaget gör framsteg med s k Key Opinion Leaders i sina nyckelmarknader i linje med strategin. I flera länder, bland annat i USA och Tyskland, har bolaget lyckats expandera utanför den första gruppen av användare, och båda dessa marknader är för närvarande de mest framgångsrika för bolaget.”

Annual report 2024A · The company itself

“Bolaget och dess partners möjligheter att framgångsrikt kommersialisera produkter och möjligheterna till eventuell framtida försäljning beror bland annat på nivån av ekonomisk vårdersättning som sjukhusen kan få för bolagets produkter från försäkringsbolag, myndigheter och andra köpare av medicinska produkter och tjänster. Dessa ersättningssystem är komplexa och föränderliga och det är i regel beställarens ambition att reglera priset på bolagets produkter.”

Annual report 2024A · The company itself

“improve the lives of patients through innovative and differentiated antibody therapeutics”

Annual report 2025A · The company itself

“we work with local country regulatory and payer authorities in the U.S., Japan, and throughout Europe”

Annual report 2025A · The company itself

“Advisory boards – Clinical trials – Educational initiatives and feedback mechanisms”

Annual report 2025A · The company itself

“The increase of $1,202 million from 2024 to 2025, or 37%, was primarily driven by increased demand and continued strong access.”

Annual report 2025A · The company itself

“Global net sales of EPKINLY/TEPKINLY were $468 million in 2025 compared to $281 million in 2024, an increase of $187 million or 67%, driven by strong growth in 3L+ DLBCL and the expansion to address a second indication, 3L+ FL, which was approved in the US in June 2024 .”

Annual report 2025A · The company itself

“Genmab is subject to government regulations on pricing/public reimbursement as well as other healthcare payer cost-containment initiatives; increased pressures by governmental and third-party payers to reduce healthcare costs.”

Annual report 2025A · The company itself

“Expanding access for underrepresented groups ensures Genmab’s trials reflect real-world patients and generate more representative safety and efficacy data.”

Annual report 2025A · The company itself

“We are focused on our pursuit to turn innovative science into medicines that create value and provide meaningful impact to patients and health systems. Ultimately, we positively impact the lives of people with cancer when our science becomes medicine, our medicine creates value, and the value of our medicine is realized by patients who can benefit.”

Annual report 2025A · The company itself

“We aim to ensure patients have timely access to our medicines, regardless of their socioeconomic or insurance status. Our pricing approach balances this commitment to access with the value of our innovations and our ability to invest in the breakthrough science of the future.”

Annual report 2025A · The company itself

“Access and inclusion in clinical trials Patient and Study Coordinator Advisory Councils: Continued involvement to inform trial design and execution. Registration: Registered all Genmab-sponsored trials on ClinicalTrials.gov to ensure transparency. Trial Access: Conducted 13 trials in 27 countries, enrolling 818 patients in 2025; compared to 25 trials in 37 countries, enrolling 620 patients in 2024.”

Annual report 2025A · The company itself

“Our medicines have achieved leading positions worldwide, reaching more than 13,000 patients through 2025.”

Annual report 2025A · The company itself

“6 Letter from the CEO Dear shareholder, Key demographic trends, including an aging population, a rise in lifestyle-related diseases, and increasing healthcare cost pressures, underscore the urgent need for enhanced efficiency in laboratories and fast, accurate diagnostic results among clinicians. With our mission to innovate diagnostic efficiency, we take pride in addressing this critical market demand with our clinically relevant portfolio.”

Annual report 2024A · The company itself

“Gentian aims to protect life and improve health by improving diagnostic efficiency and decision making in the clinical setting enabling better treatment. The company develops and manufactures high quality, in vitro diagnostic (IVD) reagents for a wide range of clinical chemistry analysers. The product lines of laboratory tests, for various diagnostic targets, provide high accuracy and fast results for both human and veterinary healthcare.”

Annual report 2024A · The company itself

“Gentian’s expertise and focus lies within immunoassays, specifically for infections, inflammation, kidney disease and congestive heart failure.”

Annual report 2024A · The company itself

“Customers Clinical laboratories are the end-users of Gentian’s products. These laboratories may operate within hospitals or as private institutions serving the outpatient sector. Gentian products are primarily utilized in core laboratories, which function as specialized departments within laboratory medicine.”

Annual report 2024A · The company itself

“The clinical significance of calprotectin as a biomarker has been well established across a broad spectrum of inflammatory disorders, including paediatric and adult rheumatic diseases. It has demonstrated value not only in early detection of inflammation but also in monitoring treatment efficacy and assessing disease severity.”

Annual report 2024A · The company itself

“GENTIAN DIAGNOSTICS ASA – GROUP 35 ESG focus areas The group currently focuses its ESG efforts on the following four areas with associated KPIs to track performance and progress: Safe and effective products • KPI: Safety incidents Care for our employees • KPIs: Gender balance, sick leave, work related incidents Conduct our business in an ethical manner • KPIs: Code of conduct breaches, non-conformances with the anti-corruption policy, supplier audits Minimise potential harm to the environment • KPI: Initiatives to minimise any potential harm to the environment Safe and effective products Gentian designs, manufactures, and distributes in vitro diagnostic devices to a global market with focus on patient safety and with the aim to positively impact patient outcomes and overall health sector efficiency. The company’s products are subject to high quality and safety requirements and product certifications which require an extensive quality system, and a highly competent staff.”

Annual report 2024A · The company itself

“The end of the continuous enrollment requirement in 2023, including the resumption of redeterminations for Medicaid enrollees, resulted in significant coverage disruptions and dis-enrollments of Medicaid beneficiaries. Most states have completed the process of unwinding the continuous enrollment provision.”

Annual report 2025A · The company itself

“The FBA is expected to decrease federal Medicaid spending, including as a result of changes to Medicaid eligibility policies and changes to Medicaid financing mechanisms, such as limitations on provider tax arrangements.”

Annual report 2025A · The company itself

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

Annual report 2025A · The company itself

“We and the health care industry as a whole face the challenge of continuing to provide quality patient care while dealing with rising costs and strong competition for patients. Changes in medical technology, existing and future legislation, regulations and interpretations and contracting for provider services by third-party payers remain ongoing challenges.”

Annual report 2025A · The company itself

“The health care industry is heavily regulated. Federal agencies oversee, regulate and otherwise affect many aspects of our business, including through Medicare and Medicaid policies, policies affecting the size of the uninsured population, and enforcement and interpretation of fraud and abuse laws.”

Annual report 2025A · The company itself

“These changes may include, for example, reductions to reimbursement levels and to supplemental payment programs, funding restrictions, limitations on scope of coverage or patient eligibility, and changes affecting utilization review. These and other changes may impact the scale and scope of the Medicare and Medicaid programs, may reduce the reimbursement we receive, may affect the cost of providing services to patients and could otherwise adversely affect our business and results of operations.”

Annual report 2025A · The company itself

“For example, Congress established automatic spending reductions, referred to as sequestration, under the BCA, resulting in a 2% reduction in Medicare payments that extends through the first five months of federal fiscal year 2033.”

Annual report 2025A · The company itself

“From time to time, CMS revises the reimbursement systems used to reimburse health care providers, including changes to the inpatient hospital MS-DRG system and other payment systems, which may result in reduced Medicare payments. For example, under a site neutrality policy, clinic visit services provided by off-campus provider-based departments are generally not covered as outpatient department services under the outpatient PPS, but instead are paid at the Physician Fee Schedule rate, which is generally substantially lower than the outpatient PPS rate.”

Annual report 2025A · The company itself

“For example, the FBA includes significant health care policy reforms that are expected to result in Medicaid spending reductions and changes in administration of state Medicaid programs. Among other changes, the law makes significant changes to Medicaid financing mechanisms, including restrictions intended to reduce the federal matching funds received by state Medicaid programs, such as limitations on provider tax arrangements and SDP arrangements. The FBA requires HHS to revise regulations governing SDP arrangements to cap total payment rates paid by Medicaid managed care organizations for specified services, tying caps to Medicare payment rates instead of average commercial rates, a change that we anticipate will impact payment rates in many states in which we operate, including Texas.”

Annual report 2025A · The company itself

“In addition, several states in which we operate face budgetary challenges that have resulted, and likely will continue to result, in reduced Medicaid funding levels to hospitals and other providers. Because most states must operate with balanced budgets and the Medicaid program is often a state’s largest program, some states have enacted or may consider enacting legislation designed to reduce their Medicaid expenditures.”

Annual report 2025A · The company itself

“Medicaid reimbursement is often less than a hospital’s cost of services.”

Annual report 2025A · The company itself

“Our general, acute care hospitals typically provide a full range of services to accommodate such medical specialties as internal medicine, general surgery, cardiology, oncology, neurosurgery, orthopedics and obstetrics, as well as diagnostic and emergency services.”

Annual report 2025A · The company itself

“Outpatient and ancillary health care services are provided by our general, acute care hospitals, ASCs, freestanding emergency care facilities, urgent care facilities, walk-in clinics, physician practices, diagnostic centers, home health agencies, hospices and rehabilitation facilities and various other facilities.”

Annual report 2025A · The company itself

“At December 31, 2025, we owned and operated 179 general, acute care hospitals with 50,436 licensed beds.”

Annual report 2025A · The company itself

“We receive payments for patient services from the federal government under the Medicare program, state governments under their respective Medicaid or similar programs, managed care plans (including plans offered through federal and state-based health insurance marketplaces (“Exchanges”)), private insurers and directly from patients.”

Annual report 2025A · The company itself

“Over the last three years, states in which the majority of our hospitals operate have implemented or enhanced their Medicaid supplemental payment programs and SDP arrangements. Revenues from these programs totaled approximately $6.2 billion, $5.5 billion and $4.4 billion in 2025, 2024 and 2023, respectively.”

Annual report 2025A · The company itself

“EMTALA All of our hospitals in the United States are subject to EMTALA. This federal law requires any hospital participating in the Medicare program to conduct an appropriate medical screening examination of every individual who presents to the hospital’s emergency room for treatment and, if the individual is suffering from an emergency medical condition, to either stabilize the condition or make an appropriate transfer of the individual to a facility able to handle the condition.”

Annual report 2025A · The company itself

“A significant portion of our patient volume is derived from government health care programs, principally Medicare and Medicaid. Specifically, we derived 45.4% of our revenues from the Medicare and Medicaid programs in 2025.”

Annual report 2025A · The company itself

“We concentrate our investments in the healthcare property sector. A downturn or slowdown in this sector would have a greater adverse impact on our business than if we had investments across multiple sectors, and could negatively impact the ability of our tenants, operators, and borrowers to meet their obligations to us, as well as their ability to maintain historical rental and occupancy rates, which could have a material adverse effect on our business, results of operations, and financial condition.”

Annual report 2025A · The company itself

“Table of Contents The hospitals on whose campuses our outpatient medical buildings are located and their affiliated healthcare systems could fail to remain competitive or financially viable, which could adversely impact their ability to attract physicians and physician groups to our outpatient medical buildings and our other properties that serve the healthcare industry.”

Annual report 2025A · The company itself

“Table of Contents In addition, the patient driven payment model utilized by the Centers for Medicare and Medicaid Services to calculate reimbursement rates for patients in skilled nursing properties (which is among the unit types in our life plan communities) could result in decreases in payments to our operators and tenants or increase our operators’ and tenants’ costs.”

Annual report 2025A · The company itself

“Furthermore, with respect to our senior housing properties, all of which are operated in RIDEA structures, we generally directly bear the costs of any such increases in litigation, monitoring, reporting, and insurance due to our direct exposure to the cash flows of such properties. We are responsible for these claims, litigation, and liabilities, with limited indemnification rights against our operators, which are typically based on the gross negligence or willful misconduct by the operator.”

Annual report 2025A · The company itself

“Under the outpatient medical and lab segments, we own, operate, and develop outpatient medical buildings, hospitals, and lab buildings.”

Annual report 2025A · The company itself

“We have a diversified portfolio of high-quality healthcare properties across three core asset classes of outpatient medical, lab, and senior housing real estate.”

Annual report 2025A · The company itself

“Physicians in our outpatient medical portfolio may use AI tools to run comprehensive diagnostic tests.”

Annual report 2025A · The company itself

“Properties Our strategy is to own, operate, and develop high-quality real estate focused on healthcare discovery and delivery.”

Annual report 2025A · The company itself

“In the medical market, there continues to be a migration of procedures from acute-care settings to physicians’ offices and home health settings, a trend that we believe provides additional opportunities for us.”

Annual report 2025A · The company itself

“In recent years, the health care industry has been undergoing significant changes driven by various efforts to reduce costs, including, among other factors: trends toward managed care; collective purchasing arrangements and consolidation among office-based health care practitioners; and changes in reimbursements to customers, including increased attention to value-based payment arrangements, as well as enforcement activities (and related monetary recoveries) by governmental officials. Both our profitability and that of our customers may be materially adversely affected by laws and regulations reducing reimbursement rates for pharmaceuticals, medical supplies and devices, and/or medical treatments or services, changes to the methodology by which reimbursement levels are determined, or regulating pricing, contracting and discounting practices with respect to medical products and services.”

Annual report 2025A · The company itself

“It is possible that the adoption of the One Big Beautiful Bill Act could impact eligibility for participation in Medicare and Medicaid programs, resulting in a change in utilization of the health care system. In addition, a number of states are considering and enacting laws or regulations to expand their oversight of health care transactions, which may impact the financial stability and strategic opportunities of certain of our customers.”

Annual report 2025A · The company itself

“The ACA greatly expanded health insurance coverage in the United States and has been the target of legal and political challenges since its adoption. Any outcome of these challenges that changes the ACA could have a significant impact on the U.S. health care industry and the ability or willingness of individuals to engage with it.”

Annual report 2025A · The company itself

“Applicable federal, state, local and foreign laws and regulations also may require us to meet various standards relating to, among other things, licensure, registration, program eligibility, procurement, third-party reimbursement, sales and marketing practices, product integrity and supply tracking to product manufacturers, product labeling, personnel, privacy and security of health or other personal information, installation, maintenance and repair of equipment and the importation and exportation of products. The FDA, DEA, OCR, and state privacy regulators, as well as CMS (including with respect to complex Medicare reimbursement requirements applicable to our specialty home medical supplies business) and state Medicaid agencies, have recently increased their regulatory and enforcement activities and, in particular, the DEA has heightened enforcement activities due to the opioid crisis in the United States.”

Annual report 2025A · The company itself

“The failure to comply with any of these laws or regulations, or new interpretations of them, or the imposition of any additional laws and regulations, could materially adversely affect our business. The costs to us associated with complying with the various applicable statutes and regulations, as they now exist and as they may be modified, could be material.”

Annual report 2025A · The company itself

“If we enter into settlement agreements to resolve allegations of non-compliance, we could be required to make settlement payments or be subject to civil and criminal penalties, including fines and the loss of licenses. Non-compliance with government requirements could also adversely affect our ability to participate in important federal and state government health care programs, such as Medicare and Medicaid, and damage our reputation.”

Annual report 2025A · The company itself

“Certain of our businesses are subject to federal and state (and similar foreign) health care fraud and abuse, referral and reimbursement laws and regulations with respect to their operations. Some of these laws, referred to as “false claims laws,” prohibit the submission or causing the submission of false or fraudulent claims for reimbursement to federal, state and other health care payers and programs. Other laws, referred to as “anti-kickback laws,” prohibit soliciting, offering, receiving or paying remuneration in order to induce or reward the referral of a patient or ordering, purchasing, leasing or arranging for, or recommending ordering, purchasing or leasing of, items or services that are paid for by federal, state and other health care payers and programs.”

Annual report 2025A · The company itself

“Certain additional state and federal laws, such as the federal Physician Self-Referral Law (“Stark Law”), prohibit physicians and other health care professionals from referring a patient to an entity with which the physician (or family member) has a financial relationship, for the furnishing of certain designated health services (for example, durable medical equipment and medical supplies), unless an exception applies. The fraud and abuse laws and regulations have been subject to heightened enforcement activity over the past few years, often as the result of “relators” who serve as whistleblowers by filing complaints in the name of the United States (and if applicable, particular states) under applicable false claims laws, and who may receive up to 30% of total government recoveries.”

Annual report 2025A · The company itself

“If we fail to comply with laws and regulations relating to the collection, storage and processing of sensitive personal information or standards in electronic health records or transmissions, we could be required to make significant changes to our products, or incur substantial fines, penalties, or other liabilities. Our businesses that involve physician and dental practice management products, equipment and our specialty home medical supplies businesses, and our self-funded employee benefits programs include information technology (IT) systems that store and process personal health, clinical, financial, and other sensitive information of individuals.”

Annual report 2025A · The company itself

“Leveraging our broad array of assets and capabilities, we offer solutions to address these new markets. In the medical business, we have expanded to serve customers located in settings outside of the traditional office, such as urgent care clinics, retail, occupational health and home health settings.”

Annual report 2025A · The company itself

“Global Distribution and Value-Added Services includes distribution to the global dental and medical markets of national brand and corporate brand merchandise, as well as equipment and related technical services. This segment also includes value-added services such as financial services, continuing education services, consulting and other services.”

Annual report 2025A · The company itself

“We believe we are the world’s largest provider of health care products and services primarily to officebased dental and medical practitioners, as well as alternate sites of care.”

Annual report 2025A · The company itself

“With 94 years of experience distributing health care products, we have built a vast base of small, mid-sized and large customers in the dental and medical markets, serving more than one million customers worldwide across dental practices, laboratories, physician practices, and ambulatory surgery centers, as well as government, institutional health care clinics, home health providers, and other alternate care clinics.”

Annual report 2025A · The company itself

“We have over one million customers worldwide and we intend to increase sales to our existing customer base and enhance or secure our position as their primary supplier.”

Annual report 2025A · The company itself

“In the dental business, we provide products and services to independent practices, mid-market groups, and large DSOs as well as community health centers and government sites of care.”

Annual report 2025A · The company itself

“Henry Schein, Inc. is a solutions company for health care professionals powered by a network of people and technology. We believe we are the world’s largest provider of health care products and services primarily to officebased dental and medical practitioners, as well as alternate sites of care. We serve more than one million customers worldwide including dental practitioners, laboratories, physician practices and ambulatory surgery centers, as well as government, institutional health care clinics, home health providers, and other alternate care clinics.”

Annual report 2025A · The company itself

“It also has accelerated the growth of DSOs, GPOs, HMOs, group practices, other managed care accounts and collective buying groups, which, in addition to their emphasis on obtaining products at competitive prices, tend to favor distributors capable of providing specialized management information support.”

Annual report 2025A · The company itself

“Patient Protection and Affordable Care Act. The Patient Protection and Affordable Care Act as amended by the Health Care and Education Reconciliation Act of 2010 (“ACA”) enacted significant changes to the provision of and payment for healthcare in the United States. Under the ACA and related laws and regulations, federal and state government initiatives are focused on limiting the growth of healthcare costs and implementing changes to healthcare delivery structures.”

Annual report 2025A · The company itself

“Efforts to control healthcare costs, including limiting access to care, alternative delivery models, and changes in the methods used to determine reimbursement systems and rates, are ongoing at the federal and state levels. Future changes cannot be predicted with certainty, and may have an adverse effect on our industry and on our ability to maintain or increase sales of any of our products.”

Annual report 2025A · The company itself

“•Providing payors with the clinical and economic justifications for why Omnipod products offer unique value to the people they insure.”

Annual report 2025A · The company itself

“Third-Party Coverage and Reimbursement In the United States, we sell our products primarily through wholesalers and, to a lesser extent to healthcare organizations, pharmacies, and consumers. Consumers generally have coverage that pays for Omnipod products through commercial insurance plans or federal and state government healthcare programs, including Medicare and Medicaid.”

Annual report 2025A · The company itself

“We expect that sales of our Omnipod products would be limited if a substantial portion of their sales price is not paid for by third-party payors, including private insurance companies, health maintenance organizations, preferred provider organizations, federal and state government healthcare agencies, intermediaries, Medicare, Medicaid, and other managed care providers.”

Annual report 2025A · The company itself

“The Company’s Omnipod products are currently sold in the United States, Europe, Canada, the Middle East, and Australia either indirectly through intermediaries or directly to end-users.”

Annual report 2025A · The company itself

“Sjukvård Vården står inför nya krav på grund av en växande befolkning ochförändradedemografiskaförutsättningar,därandelen äldre förväntas öka kraftigt. Åldersgruppen 80+ år stod för drygt fem procent av befolkningsmängden 2023, men spås växa till en andel om drygt åtta procent 2040, vilket motsvarar en ökning i absoluta tal om nästan 300 000 personer.”

Annual report 2024A · The company itself

“Bolaget driver projekt i olika faser åt bland annat aktörer inom rättsväsendet och vårdområdet och under 2024 investerades totalt cirka 1,5 mdkr i ny-, till- och ombyggnationer i fastigheter runt om landet. Sammanlagt har bolaget vid periodens utgång pågående projekt med en bedömd total investeringsvolym om cirka 3,3 mdkr till ett idag bedömt hyresvärde om cirka 300 mkr.”

Annual report 2024A · The company itself

“Fastighetsaffärer Under 2024 genomförde Intea fem förvärv, samtliga under fjärde kvartalet. Tre av förvärven var inom den växande kategorin rättsväsende och två inom kategorin sjukvård.”

Annual report 2024A · The company itself

“Bolagets fastighetsbestånd, som den 31 december 2024 bestod av 42 fastigheter till ett verkligt värde om 23,6 mdkr, består främst av fastigheter inom kategorierna rättsväsende, högre utbildning, sjukvård och övriga offentliga verksamheter.”

Annual report 2024A · The company itself

“Med social infrastruktur avser Intea lokaler för samhällsviktiga funktioner som ofta är specialanpassade för sitt ändamål och där hyresgästen av lokalen är en offentlig aktör. Fastighetsportföljen består främst av fastigheter inom kategorierna rättsväsende, högre utbildning, sjukvård och övriga offentliga verksamheterochbeståndetärbelägetpåettflertalorteri Sverige. Inteas hyresgäster utgörs av statliga verk, myndigheter, regioner och andra offentliga institutioner.”

Annual report 2024A · The company itself

“Potentiella förvärv utvärderas alltid mot Inteas tydliga förvärvskriterier: • Hyresgästen ska vara en offentlig aktör som bedriver en samhällsviktig funktion med behov av specialanpassade lokaler för sin verksamhet. • Fastighetenskavaraavhögkvalitetochdetskafinnas möjlighet till ett långsiktigt ägande samt en långsiktig relation med hyresgästen. • Fastigheten ska falla inom någon av kategorierna rättsväsende, högre utbildning eller sjukvård, alternativt övriga offentliga verksamheter.”

Annual report 2024A · The company itself

“•If our products do not achieve and maintain customer acceptance, we will not be able to generate the revenue necessary to support our business. •If hospitals are unable to obtain coverage and reimbursement for procedures using our products, if reimbursement is insufficient to cover the costs of purchasing our products, or if limitations are imposed by governments on the amount hospitals can charge for certain procedures, we may be unable to generate sufficient sales to support our business. •If our products contain defects or encounter performance problems, we may have to recall our products and our reputation may suffer. •We utilize distributors for a portion of our sales and service of our products in certain countries, which subjects us to a number of risks that could harm our business, financial condition, or results of operations.”

Annual report 2025A · The company itself

“We have received national reimbursement status in Japan for a number of procedures since the approval of our first da Vinci surgical system in 2012. An additional eight da Vinci procedures were granted reimbursement in April 2022, including colon resection, and an additional five da Vinci procedures were granted reimbursement in April 2024, including lobectomy for benign conditions.”

Annual report 2025A · The company itself

“If these procedures are not adopted and we are not successful in obtaining adequate procedure reimbursements for additional procedures, then the demand for our products in Japan could be limited. The process of reimbursement for new da Vinci surgical procedures in Japan is led by the surgical societies. The societies submit for reimbursement or incremental reimbursement to the MHLW for their evaluation. The decision to reimburse requires in-country clinical data and is fixed in April of even-numbered years.”

Annual report 2025A · The company itself

“In the U.S., the CMS and its fiscal intermediaries (Medicare Administrative Contractors) and state Medicaid programs establish reimbursement policies for medical and surgical services at the state and federal level for the Medicare and Medicaid programs. Third-party payors often rely upon Medicare coverage policy and payment limitations in setting their own coverage and payment policies but also have their own methods and approval processes.”

Annual report 2025A · The company itself

“CPT codes currently exist for minimally invasive surgical procedures, which may involve the da Vinci surgical system, as well as for robotic-assisted bronchoscopy, which may involve the Ion endoluminal system. In general, the majority of payors, including Medicare, consider robotic assistance as a tool used to perform the procedure and do not pay providers more for a procedure that involves robotic assistance using the da Vinci, Ion, or any other robotic system.”

Annual report 2025A · The company itself

“Because there is often no separate payment for the use of our products, the additional cost associated with the use of our products can affect the profit margin of the hospital or surgery center where the procedure is performed. If hospitals do not obtain sufficient payment from third-party payors for procedures performed with our products or if governmental and private payors’ policies do not cover surgical procedures performed using our products, hospital adoption or utilization of our products could be negatively impacted, and we may not be able to generate the revenue necessary to support our business.”

Annual report 2025A · The company itself

“Medicare and commercial payor payments to facilities for medical and surgical services may not always fully reimburse providers for all costs associated with furnishing these procedures. If payment is insufficient for procedures involving our technology, hospitals and physicians may decide not to use our products.”

Annual report 2025A · The company itself

“In countries outside of the U.S., payment for surgical services to physicians and facilities differs considerably and varies by country. In some markets, there is a single public payor who provides a global annual budget to hospitals to provide all care to the population served in a designated geographic area.”

Annual report 2025A · The company itself

“Further, in many global markets, access to procedures and technology is governed or heavily influenced by Health Technology Assessment (“HTA”) organizations, which conduct periodic and extensive evidence-based reviews of the clinical value and cost effectiveness of a new technology. To effectively conduct our business, we may need to seek OUS reimbursement approvals, and we do not know if these required approvals will be obtained in a timely manner or at all. In addition, in some markets, HTA organizations may publish reports with mixed conclusions about the clinical and economic value of our products to the population.”

Annual report 2025A · The company itself

“Future significant changes in the healthcare systems in the U.S. or other countries, including retroactive and prospective rate and coverage criteria changes, competitive bidding or tender processes for certain products and services, and other changes intended to reduce expenditures along with uncertainty about whether and how changes may be implemented, could have a negative impact on the demand for our products.”

Annual report 2025A · The company itself

“We expect additional state and federal healthcare reform measures to be adopted in the future that could have a material adverse effect on our industry generally and on our customers.”

Annual report 2025A · The company itself

“Our direct sales organization is composed of a capital sales team, responsible for selling systems, and a clinical sales team, responsible for supporting the systems used in procedures performed at our hospital accounts. Our hospital accounts include both individual hospitals and healthcare facilities as well as hospitals and healthcare facilities that are part of an integrated delivery network (“IDN groups”).”

Annual report 2025A · The company itself

“Third-Party Coverage and Payment Our customers, including physicians, hospitals, and outpatient facilities, typically bill third-party payors for the costs and fees associated with the procedures in which our products are used. In the U.S., in order to receive payment for the procedures performed using our products, our customers must report codes that describe the services or products furnished and determine the medical necessity of the service or whether the service is included in the payors’ policy. In the U.S. and most markets globally where we sell our products, payment for medical services and surgical procedures to hospitals, outpatient facilities, and surgeons (collectively “providers”) is determined by the government, commercial payors (insurers), or both.”

Annual report 2025A · The company itself

“In the U.S., hospitals generally bill for the services performed with our products to various third-party payors, such as Medicare, Medicaid, other government programs, and private insurance plans. If hospitals do not obtain sufficient reimbursement from third-party payors for procedures performed with our products, or if government and private payors’ policies do not cover surgical procedures performed using our products, we may not be able to generate the revenues necessary to support our business.”

Annual report 2025A · The company itself

“Sales of our products depend, in part, on the extent to which the costs of our products are reimbursed by governmental health administration authorities.”

Annual report 2025A · The company itself

“Risks related to government regulation and legal proceedings Global sales in the Company’s Innovative Medicine and MedTech segments may be negatively impacted by healthcare reforms and increasing pricing pressures. Sales of the Company’s Innovative Medicine and MedTech products are significantly affected by reimbursements by third-party payors such as government healthcare programs, private insurance plans and managed care organizations.”

Annual report 2025A · The company itself

“Medicines in this segment are distributed directly to retailers, wholesalers, distributors, hospitals and healthcare professionals for prescription use.”

Annual report 2025A · The company itself

“Government and private sector initiatives to limit the growth of healthcare costs, including price regulation, competitive pricing, bidding and tender mechanics, coverage and payment policies, comparative effectiveness of therapies, technology assessments and managed-care arrangements, are continuing in many countries where we do business, including the U.S. These initiatives put increased emphasis on the delivery of more cost-effective medical devices and therapies.”

Annual report 2026A · The company itself

“Government programs, including Medicare and Medicaid, private healthcare insurance, managed-care plans, and volume-based procurement tenders in China, have attempted to control costs by limiting the amount of 10 Table of Contents reimbursement they will pay for particular procedures or treatments, tying reimbursement to outcomes, shifting to population health management, encouraging lower-cost sites of service, increasing use of utilization management programs (e.g., prior authorization), and other mechanisms. Hospitals, which purchase our technology, are also seeking to reduce costs through a variety of mechanisms, including, for example, centralized purchasing, and in some cases, limiting the number of vendors that may participate in the purchasing program.”

Annual report 2026A · The company itself

“Hospitals are also aligning interests with physicians through employment and other arrangements, such as gainsharing, where a hospital agrees with physicians to share any realized cost savings resulting from changes in practice patterns such as device standardization. This has created an increased level of price sensitivity among customers for our products.”

Annual report 2026A · The company itself

“Table of Contents CARDIOVASCULAR PORTFOLIO The Cardiovascular Portfolio is made up of the Cardiac Rhythm & Heart Failure, Structural Heart & Aortic, and Coronary & Peripheral Vascular divisions. The primary medical specialists who use our Cardiovascular products include electrophysiologists, implanting cardiologists, heart failure specialists, cardiovascular, cardiothoracic, and vascular surgeons, and interventional cardiologists and radiologists.”

Annual report 2026A · The company itself

“NEUROSCIENCE PORTFOLIO The Neuroscience Portfolio is made up of the Cranial & Spinal Technologies, Specialty Therapies, and Neuromodulation divisions. The primary medical specialists who use the products of this group include spinal surgeons, neurosurgeons, neurologists, pain management specialists, anesthesiologists, orthopedic surgeons, urologists, urogynecologists, interventional radiologists, and ear, nose, and throat specialists.”

Annual report 2026A · The company itself

“Products and therapies of this group are used primarily by healthcare systems, physicians' offices, ambulatory surgical centers (ASCs), and other alternate site healthcare providers. While less frequent, some products and therapies are also used in home settings.”

Annual report 2026A · The company itself

“The primary medical specialists who use and/or prescribe our Diabetes products are endocrinologists and primary care physicians.”

Annual report 2026A · The company itself

“Sales and Distribution We sell our medical devices and therapies through a combination of direct sales representatives and third parties (e.g., independent distributors and agents) globally. Additionally, a portion of the Company's revenue is generated from consignment inventory maintained at hospitals.”

Annual report 2026A · The company itself

“Regulations Governing Reimbursement The delivery of our devices is subject to regulation by the U.S. Department of HHS and comparable state and non-U.S. agencies responsible for reimbursement and regulation of healthcare items and services.”

Annual report 2026A · The company itself

“Our devices, products, and therapies are purchased principally by hospitals or physicians that typically bill various third-party payors, such as governmental healthcare programs (e.g., Medicare, Medicaid and comparable non-U.S. programs), private insurance plans and managed care plans, for the healthcare services provided to their patients. The ability of our customers to obtain appropriate reimbursement for products and services from third-party payors is critical because it affects which products customers purchase and the prices they are willing to pay.”

Annual report 2026A · The company itself

“Luftföroreningar är en global hälsoutmaning, och WHO har skärpt sina riktlinjer för att bekämpa dessa faror.”

Annual report 2024A · The company itself

“En viktig faktor för en lyckad kommersialisering är den ersättning som kan erhållas för produkten från privata försäkringsbolag, myndigheter och andra som betalar för sjukvårdsprodukter och tjänster. Om vårdbetalare inte erbjuder läkare, sjukhus och andra vårdinrättningar tillräckliga ersättningsnivåer för behandlingar som innefattar Oncopeptides produkter, eller om ersättningen från vårdbetalare avseende sådana produkter minskar väsentligt, eller om priset på produkten anses för högt, kan det leda till ovilja att använda bolagets produkter.”

Annual report 2024A · The company itself

“Bolaget bedömer att vårdsektorn är en konservativ och trögrörlig sektor. Omfattande krav på läkemedelstillverkare och leverantörer kan medföra att tiden från den initiala kontakten med relevanta köpare eller mottagare av en produkt till dess att bolaget kan ingå kontrakt och erhålla ersättning kan bli mycket lång.”

Annual report 2024A · The company itself

“The private sector produces more than half of all appointments with physicians.”

Annual report 2025A · The company itself

“The wellbeing services counties must be able to cover their deficits by the 2026 deadline. However, the Finnish Government has proposed a legislative amendment that would allow counties which fully balance their finances to cover their deficits only by the end of 2027 or 2028.”

Annual report 2025A · The company itself

“A potential compromise of customer or patient safety, for example due to a medical error or delay, may in individual cases impair the health of an individual customer in the short, medium, or long term. Negative impacts and risks related to customer and patient safety are managed through, for example, preventive processes, maintaining personnel’s competence, meeting quality criteria, and ensuring the high quality of services. Risks are assessed as part of risk assessments and human rights risk assessments.”

Annual report 2025A · The company itself

“Limitations in service availability may lead to lost individual customers or partnerships if their needs cannot be met. In addition, maintaining availability in areas with low demand can result in extra costs. Technical disruptions in services, particularly in remote services, may cause financial losses and reputational damage in the short or medium term.”

Annual report 2025A · The company itself

“Pihlajalinna’s customer base includes particularly vulnerable groups, such as children, for whom data protection and the special requirements of care require special diligence, as well as elderly persons and people with long-term illnesses, who are vulnerable to health-related impacts, and persons who are at a weaker financial position, for whom the accessibility and equality of services are key considerations, and the digitally marginalised, for whom the accessibility of remote services can be a challenge. These particularly vulnerable groups may be at higher risk of negative impacts, such as challenges related to accessibility, data protection or equality.”

Annual report 2025A · The company itself

“Compromised patient safety is a material potential negative impact on individual customers. It may result from human error or deficiencies in the flow of information, for example.”

Annual report 2025A · The company itself

“The three main themes of the sustainability programme support the business strategy and Sustainable Development Goals: Value-based health Value-based health means that Pihlajalinna’s high-quality and cost-effective healthcare services are accessible to everyone. Clinical quality and value are Pihlajalinna’s key strategic priorities.”

Annual report 2025A · The company itself

“Value-based healthcare Opportunity (Own operations, downstream value chain) High-quality and value-based care, preventive work, and positive customer experiences can promote customer retention and new customer acquisition, while also strengthening Pihlajalinna’s reputation in the short or medium term. To ensure high-quality and value-based care as well as a positive customer experience, Pihlajalinna invests in the professional competence of its personnel, both in terms of subject-matter expertise and customer-oriented service. Pihlajalinna develops health-data–based services for at-risk groups in collaboration with partners.”

Annual report 2025A · The company itself

“Personnel treat all individual customers equally, without allowing any characteristic to affect the service provided. Non-discrimination is embedded in Pihlajalinna’s Code of Conduct and included in mandatory training. Equality for individual customers can be enhanced by improving access to services through remote options, even in areas where local services are not available.”

Annual report 2025A · The company itself

“Mobile services, such as the mobile MRI unit and Punkkibussi, bring services closer to users, and their development will continue. Business opportunity through service availability Opportunity (Own operations, downstream value chain) Developing new service models and care pathways, such as Sydänkaista, and remote services, such as Tapaturmalinja, is expected to bring new partnerships and individual customers, as well as open opportunities for new revenue models. Improving the availability of new services supports business development and strengthens reputation in the short and medium term.”

Annual report 2025A · The company itself

“In addition, Pihlajalinna emphasises preventive healthcare and the strengthening of the comprehensive wellbeing of customers. This operating model reduces the need for social and healthcare services and the related environmental burden with regard to materials, the use of space and energy consumption, for example. The approach also supports the principles of planetary health, where human health and the wellbeing of the environment are seen as being inextricably linked.”

Annual report 2025A · The company itself

“Pihlajalinna’s strategic ambitions are to reform healthcare, thriving together with partners and professionals, and building value-based care pathways and a human-oriented workplace community. The enablers of the strategy are operational quality and productivity, service and commercial development, ensuring the offering and network, and taking advantage of digital and data.”

Annual report 2025A · The company itself

“Pihlajalinna’s strategy emphasises the value-based care pathways, which is linked to the health, safety and social inclusion of individual customers.”

Annual report 2025A · The company itself

“The social inclusion of individual customers is at the heart of Pihlajalinna’s activities and involves several actual positive impacts. Pihlajalinna promotes the availability of services and equality of care by developing care pathways and service structures to meet the needs of different patient groups.”

Annual report 2025A · The company itself

“Strategy, business model and value chain (SBM-1) Pihlajalinna is a private social and healthcare service provider. The Group offers private clinic and hospital services, as well as services related to occupational healthcare and insurance cooperation.”

Annual report 2025A · The company itself

“Pihlajalinna offers social and healthcare service production models for wellbeing services counties.”

Annual report 2025A · The company itself

“Private clinic and hospital services Pihlajalinna’s private clinic and hospital network covers all of Finland, focusing on the biggest regional centres. In addition to general practitioners, specialists and nurses’ appointments and emergency and onc all services, the services offered include, among other things, surgical operations, physiotherapy and examination services.”

Annual report 2025A · The company itself

“Pihlajalinna provides an extensive range of laboratory and imaging services. Imaging examinations include, for example, magnetic, X-ray and ultrasound examinations.”

Annual report 2025A · The company itself

“Pihlajalinna promotes the health of individual customers by providing valuebased and high-quality care and by facilitating quicker access to care. This generates health benefits for individual customers as well as savings for society and employers. Pihlajalinna has a comprehensive network of hospitals and private clinics, remote services along with extensive diagnostic services which ensure quick availability and accessibility of services and support wellbeing services counties with the reduction of queues for care.”

Annual report 2025A · The company itself

“Pihlajalinna can have a positive impact on individual customers' health and safety by offering diverse general practitioner and medical specialist services. Pihlajalinna has a comprehensive network of hospitals and private clinics, remote services and extensive diagnostics services.”

Annual report 2025A · The company itself

“The Private Healthcare Services operating segment consists of private clinic, diagnostics, hospital, occupational healthcare, remote and fitness center services. These comprehensive care path services are provided by Pihlajalinna to corporate customers, insurance companies, the public sector, and private customers through its nationwide network of medical centers and diverse digital channels.”

Annual report 2025A · The company itself

“The Public Services operating segment consists of social and healthcare services produced primarily for the public sector, which include outsourcing and housing services, mainly remotely produced responsible doctor services, as well as a wide range of staffing and recruitment services.”

Annual report 2025A · The company itself

“The impacts on consumers and end-users mainly arise through Pihlajalinna’s own services, although business relationships, such as insurance company partners, may also influence customer satisfaction.”

Annual report 2025A · The company itself

“to consumers and end-users and their management (SBM-3) The material impacts of Pihlajalinna Group’s operations affect consumers and the end-users of services (hereinafter referred to as individual customers). Individual customers include patients in healthcare operations, the customers of social care and other customers, such as the customers of fitness centres, who use Pihlajalinna’s services either directly or through partners, such as corporations, insurance companies or the public sector.”

Annual report 2025A · The company itself

“Customer and patient safety and access to services A failed care experience and the inadequate availability of services may give rise to significant business risks for Pihlajalinna, such as weaker customer satisfaction, reputational damage and increased monitoring by the authorities.”

Annual report 2025A · The company itself

“Government agencies, health plans, consumer-focused health companies and other customers are increasingly focused on helping the healthy stay healthy, detecting symptoms among those at risk and providing preventative insight and care that helps avoid or reduce the negative impacts of a disease.”

Annual report 2025A · The company itself

“ACOs and patient-centered medical homes have grown as a means to deliver patient care. Centers for Medicare and Medicaid Services (“CMS”) has refreshed its strategy to address the national push toward value-based care for Medicare and Medicaid beneficiaries, and set goals for value-based reimbursement to be achieved. CMS has stated that the Medicare Sharing Savings Program for ACOs is a critical component of CMS' vision to drive high-quality, person-centered care and promote affordability and sustainability of the Medicare program. CMS has stated that its goal is for all people in traditional Medicare to be in an ACO by 2030, and is adopting policies to drive growth in ACO participation.”

Annual report 2025A · The company itself

“In 2025, we acquired select clinical testing and dialysis-related water testing assets of Fresenius Medical Care's wholly-owned Spectra Laboratories, a leading provider of renal-specific laboratory testing services in the United States.”

Annual report 2025A · The company itself

“We offer broad access to clinical testing through a network of laboratories, including advanced laboratories as well as rapid response laboratories (smaller facilities where we can quickly perform an abbreviated menu of routine tests for customers that require rapid turnaround times). We operate 24 hours a day, 365 days a year.”

Annual report 2025A · The company itself

“BUSINESS OPERATIONS The Company is made up of two businesses: Diagnostic Information Services and Diagnostic Solutions. Our Diagnostic Information Services business develops and delivers diagnostic information services, providing insights from the results of our laboratory testing to empower people, physicians, and organizations to take action to improve health outcomes.”

Annual report 2025A · The company itself

“We offer health IT solutions, including our products and national healthcare provider network, to help healthcare organizations and clinicians empower better health by leveraging the power of our significant information assets, including one of the world's largest databases of de-identifiable clinical lab results, and our technology prowess, including our history of providing leading IT for diagnostic information services. Our portfolio of offerings is designed to address analytic, clinical and financial needs.”

Annual report 2025A · The company itself

“The patients we serve annually comprise approximately one-third of the adult population of the United States, and over a three-year period, we serve approximately one-half of the adult population of the United States.”

Annual report 2025A · The company itself

“We estimate that annually we serve approximately half of the physicians and half of the hospitals in the United States.”

Annual report 2025A · The company itself

“We play a critical role in healthcare decisions for customers across the healthcare ecosystem, including physicians, hospitals, patients and consumers, health plans, government agencies, employers, retailers, pharmaceutical companies and insurers.”

Annual report 2025A · The company itself

“Physicians We serve approximately half the physicians in the United States each year. We serve virtually all types of physicians from primary care physicians and internists to specialists, including rheumatologists, cardiologists, neurologists, and obstetricians/gynecologists.”

Annual report 2025A · The company itself

“We serve approximately half the hospitals in the United States each year in many ways, including: •Serving as a hospital lab’s laboratory. In 2025, we generated approximately $1.2 billion in revenue from “reference testing,” where we perform testing that hospitals do not perform in their own in-hospital labs. •Helping hospitals operate their labs more efficiently.”

Annual report 2025A · The company itself

“In 2025, our Collaborative Lab Solutions (formerly known as Professional Laboratory Services) offering generated approximately $800 million in revenues and management fees supporting hospitals in the operation of their own labs.”

Annual report 2025A · The company itself

“Customer Channels We provide diagnostic information services to a broad range of customers within our primary customer channels of physicians, hospitals, and patients and consumers.”

Annual report 2025A · The company itself

“Table of Contents Customer Channels Physicians, including those associated with ACOs and FQHCs Physicians and physician assistants requiring diagnostic information services for patients are the primary referral source for our services. For more information see "Our Strategy --Physicians."”

Annual report 2025A · The company itself

“We also serve physicians associated with ACOs and FQHCs. An ACO is a network of providers and facilities that share financial risk in providing or arranging for the provision of healthcare. ACO members collaborate to provide coordinated, high-quality care to their patients; ACOs may manage the health of a population group, exercise operational and financial control over providers across the continuum of care, and function as a payer. Increasingly, ACOs are focusing on driving improvement in healthcare through value-based services arrangements, and to influence reimbursement for healthcare delivery.”

Annual report 2025A · The company itself

“FQHCs are non-profit, community-directed organizations that offer care to medically underserved patients; FQHCs are the largest primary care system in the United States today. Their patients are mostly low income, members of racial and ethnic minority groups, and are uninsured or publicly insured. We offer an array of services that we believe are attractive to FQHCs as they pursue better outcomes for their patients and maintain financial stability for their organizations.”

Annual report 2025A · The company itself

“Hospitals We believe that we are an industry leader in servicing hospitals and serve approximately half the hospitals in the United States each year in many ways.”

Annual report 2025A · The company itself

“We generally bill for diagnostic information services on a fee-for-service basis under one of two types of fee schedules; fees may be negotiated or discounted. The types of fee schedules are: •“Client” fees charged to physicians, hospitals and institutions for which services are performed on a wholesale basis and which are billed on a monthly basis. •“Patient” fees charged to individual patients and certain third-party payers on a claim-by-claim basis.”

Annual report 2025A · The company itself

“Additionally, some traditional customers for anatomic pathology services, including specialty physicians that generate biopsies through surgical procedures, such as dermatologists, gastroenterologists, urologists and oncologists, are consolidating, have added in-office histology labs or have retained pathologists to read cases on site. Hospitals also are internalizing clinical laboratory testing, including some non-routine and advanced testing.”

Annual report 2025A · The company itself

“RAYSEARCHS STARKA TILLVÄXT HÅLLER I SIG Idag finns uppskattningsvis omkring 8 500 strålbehandlingskliniker i världen. Av dessa använde 1 082 – i 46 länder, inklusive alla stora marknader – RayStation (december 2024) och systemet är etablerat som ett av de främsta och mest avancerade dosplaneringssystemen.”

Annual report 2024A · The company itself

“Under 2024 såldes RayStation till 94 nya kliniker.”

Annual report 2024A · The company itself

“Ersättningssystemen varierar mellan olika länder och förändringar i nuvarande ersättningssystem relaterade till sjukvårdsprodukter eller implementering av nya regler kan ha en direkt inverkan på efterfrågan av RaySearchs produkter.”

Annual report 2024A · The company itself

“RaySearchs system och mjukvaruprodukter utvecklas i nära samarbete med ledande cancerkliniker och forskningsinstitutioner, såsom MD Anderson i USA, Princess Margaret Cancer Center i Kanada, universitetssjukhuset i Heidelberg i Tyskland. Det är av stor vikt för RaySearch att kunna upprätthålla dessa långsiktiga och nära relationer för att därigenom kunna ta del av och möta kundernas behov.”

Annual report 2024A · The company itself

“Företaget utvecklar och marknadsför dosplaneringssystemet RayStation®* och onkologiinformationssystemet RayCare®* till kliniker över hela världen och distribuerar produkter via licensavtal med ledande medicinteknikföretag.”

Annual report 2024A · The company itself

“RaySearch erbjuder innovativa mjukvarulösningar för att förbättra effektivitet och behandlingsresultat för cancervården genom fem produkter: Dosplaneringssystemet RayStation, onkologiinformationssystemet RayCare, analyssystemet RayIntelligence, behandlingsstyrsystemet RayCommand och den nya produkten DrugLog, som minskar risken för fel vid beredning av läkemedel.”

Annual report 2024A · The company itself

“Third-Party Coverage and Reimbursement The cost of medical care in many of the countries in which we operate is funded in substantial part by government and private insurance programs. In Germany and Korea, we receive payments directly from these payors.”

Annual report 2026A · The company itself

“Domestic third-party payors include government payors such as Medicare and Medicaid and commercial health insurance plans. These payors may deny coverage and reimbursement if they determine that specific defined coverage criteria are not met or that a device is not used in accordance with certain covered treatment methods, or is experimental, or not deemed reasonable and necessary.”

Annual report 2026A · The company itself

“Risks Related to Non-Compliance with Laws, Regulations and Healthcare Industry Shifts Healthcare reform or other cost-cutting measures, including changes in coverage policy for our products and services, by government or commercial payors may have a material adverse effect on our industry and our results of operations.”

Annual report 2026A · The company itself

“In February 2026, the CBO projected that federal health programs will cost over $26 trillion through 2036, projected to grow in size from less than $2 trillion today to over $3 trillion by 2036. Medicare spending is projected to nearly double over the next decade, while the cost of Medicaid and the Children’s Health Insurance Program (CHIP) will grow a projected 36% and ACA subsidies by 33%. Finally, Medicare’s Hospital Insurance Trust Fund is projected to become insolvent in 2040, highlighting the continuing fiscal pressures facing the Medicare program. Future legislative and other governmental actions to curb this projected spending could include stricter eligibility requirements and more restrictive Medicaid programs at the state level, leaving fewer individuals eligible for coverage, which could have an adverse impact on the number of individuals who seek to use our products and services.”

Annual report 2026A · The company itself

“We expect material changes in health policy, enforcement initiatives, and coverage and reimbursement for health care items and services from the Trump Administration and Congress. As such, our costs to monitor these changes and respond to new requirements are expected to increase. The full impact on our business of the ACA, the Medicare Sequestration Payment Reductions, VA disability ratings criteria, Medicaid funding, and other new laws is uncertain.”

Annual report 2026A · The company itself

“Government and private insurance plans may not adequately reimburse our customers for our products, which could result in reductions in sales or selling prices for our products. Our ability to sell our products depends in large part on the extent to which coverage and adequate reimbursement for our products will be available from government health administration authorities, private health insurers and other organizations. These third-party payors are increasingly challenging the reimbursement models and prices charged for medical products and services and can, without notice, deny or reduce coverage for our products or treatments that may include the use of our products. Therefore, even if a product is approved for marketing, we cannot assure that coverage and reimbursement will be available for the product, that reimbursement will be adequate or that the reimbursement amount, even if initially adequate, will not be subsequently reduced.”

Annual report 2026A · The company itself

“A development negatively affecting reimbursement stems from the Medicare competitive bidding program mandated by the Medicare Prescription Drug, Improvement, and Modernization Act of 2003 (MMA). Under the program, our customers -40- Table of Contents PART I Item 1A RESMED INC. AND SUBSIDIARIES who provide services must compete to offer products in designated competitive bidding areas, or CBAs.”

Annual report 2026A · The company itself

“In addition, our products are the subject of periodic studies by third party agencies, including the Agency for Healthcare Research and Quality (AHRQ) and the Institute for Clinical and Economic Review (ICER) in the U.S., intended to review the comparative effectiveness of different treatments of the same illness. In October 2022, the AHRQ concluded that randomized controlled clinical trials do not provide sufficient evidence that CPAP affects long-term clinically important outcomes. We believe that the AHRQ methodology was too restrictive, that retrospective and prospective observational studies should have been included, that real-world evidence should have been considered, and that CPAP therapy does have long-term positive effects on health outcomes.”

Annual report 2026A · The company itself

“We cannot predict the timing, scope, or effect of future legislation, rulemaking, or other governmental actions affecting the U.S. health care system. Government and private insurance plans may not adequately reimburse our customers for our products, which could result in reductions in sales or selling prices for our products.”

Annual report 2026A · The company itself

“CPAP and other respiratory devices are not included in Round 2028, set to begin January 1, 2028. CMS could make changes to the program as part of further cost-cutting measures.”

Annual report 2026A · The company itself

“On June 30, 2026, we entered into a definitive agreement to sell our MatrixCare business for $490 million in an all-cash transaction, subject to certain closing adjustments. The transaction includes MatrixCare and related software offerings historically sold under the MatrixCare brand, including Healthcare First, Citus, and home health and hospice solutions, collectively defined as the "MatrixCare business”.”

Annual report 2026A · The company itself

“Residential Care Software Net revenue from our Residential Care Software business for the year ended June 30, 2026 was $676 million, compared to $641 million for the year ended June 30, 2025, an increase of $34 million or 5%.”

Annual report 2026A · The company itself

“The Market We focus on sleep and related breathing health, both of which we believe are globally underpenetrated, and where we believe our products can improve patient outcomes, create efficiencies for our customers, help physicians and providers better manage chronic disease and reduce overall healthcare system costs.”

Annual report 2026A · The company itself

“Breathing Health Our aim is to provide breathing health solutions to patients with COPD and other chronic respiratory diseases, such as overlap syndrome, obesity hypoventilation syndrome, or OHS, and neuromuscular disease, including amyotrophic lateral sclerosis, or ALS.”

Annual report 2026A · The company itself

“Residential Care Software Our Residential Care Software business provides cloud-based solutions to healthcare providers operating in the residential care market, including HME and home infusion providers, home health and hospice providers, skilled nursing facilities, private duty nursing organizations, senior living facilities, and life plan communities.”

Annual report 2026A · The company itself

“AND SUBSIDIARIES •Our business depends on our ability to effectively educate and engage dealers of home healthcare products, sleep clinics and physicians, health care providers, and patients regarding the benefits of our products, software solutions and services. •The success of our software offerings depends substantially on customers entering, renewing, upgrading and expanding their agreements for cloud services, term licenses, and maintenance and support agreements with us.”

Annual report 2026A · The company itself

“Our business depends on our ability to effectively educate and engage dealers of home healthcare products, sleep clinics and physicians, health care providers, and patients regarding the benefits of our products, software solutions and services. We market our products and services primarily to HME providers, sleep clinics, and physicians that diagnose OSA and other sleep disorders, as well as to non-sleep specialist physician practices that diagnose and treat sleep disorders in the course of providing primary care to patients. We believe that these groups play a significant role in determining which brand or type of product a patient will use. The success of our business depends on our ability to market effectively to these groups to ensure that our products are properly prescribed, marketed and sold by these third parties.”

Annual report 2026A · The company itself

“In the U.S., we sell our products primarily to HME providers, health systems and sleep clinics.”

Annual report 2026A · The company itself

“In addition, we are a leading provider of cloud-based health applications, software and devices designed to provide connected care, enabling clinicians to manage more patients efficiently and effectively, as well as enabling and encouraging patients’ long-term adherence to and satisfaction with their therapy.”

Annual report 2026A · The company itself

“Forskning har visat att upp till 40 procent av de patienter som genomgår narkos med muskelavslappnande läkemedel riskerar att drabbas av postoperativa komplikationer om rätt sorts patientövervakning saknas. Användningen av muskelavslappnande läkemedel i samband med allmän narkos har även ökat de senaste åren, vilket leder till att fler patienter utsätts för en ökad risk för postoperativa komplikationer vilket ställer större krav på patientövervakningen.”

Annual report 2024A · The company itself

“Att köpa in ny innovativ teknik till sjukhus och få vårdgivare att använda den kan vara en utmaning. Det är framför allt en lärandeprocess för vårdgivare, där vi på Senzime hjälper till hela vägen.”

Annual report 2024A · The company itself

“Ytterligare fler produkter och lösningar är under utveckling. Ny- och vidareutveckling är viktigt för att fortsatt kunna förbättra patientsäkerhet och hälsa, och all produktutveckling sker i nära samarbete med våra kunder.”

Annual report 2024A · The company itself

“sjukhus är kunder runt om i världen Anställda och närvaro på över 40 marknader Viktiga händelser under året Senzime säkrar sin hittills största USA-affär från ledande Houston-baserat universitetssjukhussystem med leveranser av mer än 300 TetraGraph-system.”

Annual report 2024A · The company itself

“Senzimes målsättning är att bli marknadsledande inom neuromuskulär- och andningsrelaterad patientövervakning. Marknaden som utgörs av fler än 100 miljoner patienter som varje år behandlas i operationssalar, på uppvakningsavdelningar och på intensivvårdsavdelningar.”

Annual report 2024A · The company itself

“For example, changes in the policies or practices of government programs, authorities or agencies (e.g., Medicare and Medicaid in the U.S.) could adversely impact the amount of funding Solventum’s customers have for its products and services.”

Annual report 2025A · The company itself

“Healthcare markets are characterized by rapidly evolving technology, frequent introduction of new products, intense competition and pricing pressure. Solventum faces substantial competition from international and domestic companies of all sizes, including existing competitors, new market entrants and non-traditional entrants.”

Annual report 2025A · The company itself

“Solventum works with leading global healthcare professionals who provide considerable knowledge and experience. The research, development, marketing and sales of many of Solventum’s products depend on maintaining working relationships with healthcare professionals.”

Annual report 2025A · The company itself

“Sales of many of Solventum’s products directly or indirectly depend on the availability of reimbursement and the amount of reimbursement that its customers may seek from various third-party payers, including government programs, authorities or agencies (e.g., Medicare and Medicaid in the U.S.), and private health plans. The coverage policies and reimbursement levels of third-party payers, which can vary among public and private sources and by country, may affect which products customers purchase and the prices they are willing to pay for those products in a particular jurisdiction.”

Annual report 2025A · The company itself

“In general, employers and third-party payers, particularly in the U.S., have become increasingly cost-conscious, with higher deductibles imposed in many medical plans. Additionally, austerity measures or other reforms by foreign governments may limit, reduce or eliminate payments for Solventum’s products and adversely affect both pricing flexibility and demand for Solventum’s products.”

Annual report 2025A · The company itself

“Pricing pressure has also increased due to continued consolidation among healthcare providers, trends towards managed care, the shift towards governments becoming the primary payers of healthcare expenses, reduction in reimbursement levels and medical procedure volumes and government laws and regulations relating to sales and promotion, reimbursement and pricing generally. As a result of these and other measures, including future measures or reforms that cannot be predicted, reimbursement may not be available or sufficient to allow Solventum to sell its products on a competitive basis.”

Annual report 2025A · The company itself

“Business Solventum Corporation ("Solventum," "we," "our," "us," or the "Company"), is a leading global healthcare company developing, manufacturing, and commercializing a broad portfolio of solutions that leverages deep material science, data science, and digital capabilities to address critical customer and patient needs.”

Annual report 2025A · The company itself

“Solventum’s customers include hospitals, universities, healthcare providers, government agencies and public and private research institutions.”

Annual report 2025A · The company itself

“Customers or their patients have brought and likely will continue to bring product liability claims if Solventum’s products fail, or allegedly fail, to perform as expected or show a failure rate that is higher than expected, or the use of Solventum’s products results, or is alleged to result, in bodily injury, death or property damage.”

Annual report 2025A · The company itself

“Salget til Healthcare-industrien faldt med 0,9% og udgør nu 39,8% af vores salg”

Annual report 2025A · The company itself

“For 2026 forventer vi en omsætningsvækst i niveauet 15-23%, hvoraf Idé-Pro udgør ca. 15%, med en EBITDA-margin på 19-21% og en EBT-margin på 11-13%, drevet af nye medicoprojekter, øget aktivitet i USA, fuldt bidrag fra Idé-Pro samt fortsat positiv udvikling for både egne produkter og underleverandørforretningen.”

Annual report 2025A · The company itself

“SP Group er i en solid position til fortsat at udvikle forretningen gennem akkvisitionen af Idé-Pro, kapacitetsudbygning i USA og Polen samt nye kundeopgaver, især inden for Healthcare SP Group er i en god position til at vokse forretningen.”

Annual report 2025A · The company itself

“Vi vil fortsætte den stærke kommercielle eksekvering for vores egne produkter og dermed øge salget samt afsætte flere produkter til Healthcare i 2026.”

Annual report 2025A · The company itself

“Vi vil fokusere på nye produkter og løsninger til kunder inden for især Healthcare, Cleantech og Foodtech.”

Annual report 2025A · The company itself

“Vores strategiske fokus er på avancerede tekniske plastløsninger til Healthcare, Cleantech og Foodtech, hvor vi ser gode muligheder for fortsat vækst og for at skabe plastløsninger, der gør en forskel for vores kunder.”

Annual report 2025A · The company itself

“Salget til Healthcare-industrien faldt med 0,9% og udgør nu 39,8% af vores salg (40,5% i 2024).”

Annual report 2025A · The company itself

“Selskabet fungerer som udviklings- og produktionspartner fra idé til færdigt monteret produkt og kombinerer teknisk knowhow med dokumenteret proceskontrol og renrumsproduktion.”

Annual report 2025A · The company itself

“Selskabet udvikler og producerer desuden podepinde til kliniske prøver.”

Annual report 2025A · The company itself

“MedicoPack udvikler og producerer plastemballage til medicinsk brug inden for injektions- og infusionsterapi og leverer til den globale medico- og healthcareindustri.”

Annual report 2025A · The company itself

“Initiatives to limit the growth of general healthcare expenses and hospital costs are ongoing. These initiatives are sponsored by government agencies, legislative bodies and the private sector and include price regulation and competitive pricing.”

Annual report 2025A · The company itself

“Furthermore, any changes to the coverage or reimbursement landscape, or adverse decisions relating to our products by administrators of these systems could significantly reduce reimbursement for procedures using our products or result in denial of reimbursement for those products, which could adversely affect customer demand, or the price customers are willing to pay for such products. Public and private payers have challenged, and are expected to continue to challenge, prices charged for medical products and services. Such downward pricing pressures from any or all of these payers may result in an adverse effect on our business, results of operations, financial condition and cash flows.”

Annual report 2025A · The company itself

“We have experienced, and may continue to experience, a significant and unpredictable need to adjust our operations as market demand for certain of our products has shifted and continues to shift or as may be mandated by governmental authorities: Some of our products are particularly sensitive to reductions in elective medical procedures. It is not possible to predict whether elective medical procedures will be suspended or reduced in the future and, to the extent individuals and customers are required to delay or cancel elective procedures, our business, cash flows, financial condition and results of operations could be negatively affected.”

Annual report 2025A · The company itself

“The impact of healthcare reform legislation on our business remains uncertain: Several markets where we sell our products are making efforts to expand access to healthcare or health insurance coverage while decreasing costs. These efforts may have a direct or unintended negative impact on access to medical technology and could have a significant effect on our business.”

Annual report 2025A · The company itself

“Both in the United States and internationally, governmental authorities may make legislative or administrative reforms to existing reimbursement programs, make adverse decisions relating to our products’ coverage or reimbursement, or make changes to patient access to healthcare, all of which could adversely impact the demand for and usage of our products or the prices that our customers are willing to pay for them.”

Annual report 2025A · The company itself

“Stryker Corporation (Stryker or the Company) is a global leader in medical technologies and, together with our customers, we are driven to make healthcare better. We offer innovative products and services in MedSurg, Neurotechnology and Orthopaedics that help improve patient and healthcare outcomes.”

Annual report 2025A · The company itself

“Most of our products are marketed directly to doctors, hospitals and other healthcare facilities.”

Annual report 2025A · The company itself

“We offer innovative products and services in MedSurg, Neurotechnology, and Orthopaedics that help improve patient and healthcare outcomes. Alongside our customers around the world, we impact more than 150 million patients annually.”

Annual report 2025A · The company itself

“Utöver de affärsmöjligheter som skapas av omställningen i Europa ser Sweco även tillväxt inom områden som säkerhet och försvar, sjukvård och läkemedel.”

Annual report 2024A · The company itself

“Sweco noterade även ökande efterfrågan inom segment som försvar och säkerhet, läkemedelsindustrin och datacenter.”

Annual report 2024A · The company itself

“Inom byggnadssegmentet var investeringarna inom sjukvård och offentliga byggnader stabila, medan investeringar i bostäder, kontor och industribyggnader mattades av.”

Annual report 2024A · The company itself

“Efterfrågan inom sjukhussegmentet var god, med stöd av den nyligen godkända sjukhusreformen.”

Annual report 2024A · The company itself

“Utöver de affärsmöjligheter som skapas av Europas gröna omställning ser Sweco även tillväxt inom segment som försvar och säkerhet, datacenter, sjukvårdsanläggningar och läkemedel. Sweco fortsätter att stödja sina kunder i dessa segment och bolaget har en bra position för att skapa fortsatt tillväxt för verksamheten.”

Annual report 2024A · The company itself

“Sweco leder ett konsortium för att utveckla sjukhuskomplexet Südspidol i Luxemburg, förkunden Centre Hospitalier Emile Mayrisch (CHEM). Komplexet ska bli ett stort vårdnav med en yta på 121 000 kvm och cirka 600 vårdplatser.”

Annual report 2024A · The company itself

“Nationella reformer som syftar till ökad kapacitet och förbättrad tillgänglighet i hälso- och sjukvården resulterade under året i uppdrag rörande sjukhus och vårdbyggnader på flera av Swecos marknader i Europa.”

Annual report 2024A · The company itself

“Den medicinska utvecklingen samt behovet av sjukvård och omsorg drev även efterfrågan på multidisciplinär expertis för läkemedel- och sjukvårdssektorn.”

Annual report 2024A · The company itself

“Julkisen sektorin hoitojonot ovat edelleen pitkiä: marraskuun 2025 lopussa kiireettömään erikoissairaanhoitoon odotti noin 143 200 potilasta, joista noin 19 500 oli jonottanut yli puoli vuotta.”

Annual report 2025A · The company itself

“Terveydenhuollon palveluiden liikevaihto laski 1,1 prosenttia vertailukaudesta 1 031,0 (1 042,8) miljoonaan euroon.”

Annual report 2025A · The company itself

“Terveydenhuollon palvelut -segmentti tarjoaa Suomessa asiakkaille integroituja hoitopolkuja ennaltaehkäisevistä työterveyden palveluista perusterveydenhuollon ja erikoislääketieteen palveluihin, diagnostiikkaan ja päiväkirurgiaan.”

Annual report 2025A · The company itself

“In any particular market, physicians and health care providers could refuse to contract with us, demand higher payments, or take other actions which could result in higher medical costs, less desirable products for customers or difficulty meeting regulatory or accreditation requirements. In some markets, certain health care providers, particularly hospitals, physician and hospital organizations or multi-specialty physician groups, may have significant market positions which could diminish our bargaining power.”

Annual report 2025A · The company itself

“Optum Health Optum Health provides comprehensive and patient-centered care, addressing the physical, mental, social, and financial well-being of 95 million consumers and serves more than 100 health payer partners.”

Annual report 2025A · The company itself

“Optum Health delivers primary, specialty and surgical care; helps patients and providers navigate and address complex, chronic and behavioral health needs; offers post-acute care planning services; and serves consumers and care providers through advanced, on-demand digital health technologies, such as telehealth and remote patient monitoring, and innovative health care financial services.”

Annual report 2025A · The company itself

“Table of Contents Optum Insight Optum Insight connects the health care system with services, analytics and platforms that make clinical, administrative and financial processes simpler and more efficient for all participants in the health care system. Hospital systems, physicians, health plans, public entities, life sciences companies and other organizations comprising the health care industry depend on Optum Insight to help them improve performance and reduce costs through administrative efficiency and payment simplification, advance care quality through evidence-based standards built directly into clinical workflows, meet compliance mandates and modernize their core operating systems to meet the changing needs of the health system.”

Annual report 2025A · The company itself

“The ability to analyze complex data and apply deep health care expertise and insights allows us to serve patients, consumers, care providers, businesses, communities and governments with more innovative products and complete, end-to-end offerings for many of the biggest challenges facing health care today.”

Annual report 2025A · The company itself

“Optum serves the broad health care marketplace, including patients and consumers, payers, care providers, employers, governments and life sciences companies, through its Optum Health, Optum Insight and Optum Rx businesses.”

Annual report 2025A · The company itself

“Table of Contents Optum Optum is an information and technology-enabled health services business serving the broad health care marketplace, including: •Those who need care: patients who need the right care, information, resources, products and engagement to improve their health, achieve their health goals and receive an improved patient experience that is personalized, comprehensive and delivered in all care settings, including in-home and virtually. •Those who provide care: physicians, hospitals, pharmacies and others seeking to improve the health system and reduce the administrative burden, allowing for providers to focus time on patients leading to the best possible patient care and experiences while achieving better health outcomes at lower costs.”

Annual report 2025A · The company itself

“Serves hospitals, physicians and other care providers to improve operating performance, better coordinate care and reduce administrative costs through technology and services to improve population health management, patient engagement, revenue cycle management and strategic growth plans.”

Annual report 2025A · The company itself

“We depend substantially on our continued ability to contract with health care payers (as a service provider to those payers), as well as physicians, hospitals, pharmaceutical benefit service providers, pharmaceutical manufacturers and other care and service providers at competitive prices.”

Annual report 2025A · The company itself

“Further, physicians, hospitals, pharmaceutical benefit service providers, pharmaceutical manufacturers and certain health care providers are customers of our Optum businesses.”

Annual report 2025A · The company itself

“Our ability to negotiate favorable service contracts with purchasers of group health care services also affects our competitive position and significantly affects the revenues and operating results of our hospitals. Managed care plans, including managed Medicare and Medicaid plans, attempt to direct and control the use of hospital services and to demand that we accept lower rates of payment. In addition, employers and traditional health insurers are increasingly interested in containing costs through negotiations with hospitals for managed care programs and discounts from established charges.”

Annual report 2025A · The company itself

“Private payers, including managed care organizations, increasingly are demanding that we accept lower rates of payment. We expect that government pressure on managed care organizations through static or reduced funding received by these payers from government sources such as through Medicare Advantage plans will in turn increase the pressure on us to not increase or reduce the rates charged by us to patients covered by those plans.”

Annual report 2025A · The company itself

“In recent years, the number of quality measures that hospitals are required to report publicly has increased. Centers for Medicare and Medicaid Services (“CMS”) publishes performance data related to quality measures and data on patient satisfaction surveys that hospitals submit in connection with the Medicare program. Federal law provides for the future expansion of the number of quality measures that must be reported.”

Annual report 2025A · The company itself

“Additionally, the Patient Protection and Affordable Care Act (the “Legislation”) requires all hospitals to annually establish, update and make public a list of their standard charges for products and services. Also, the No Surprises Act, adopted as part of the Consolidated Appropriations Act, 2021 (“CAA”), creates additional price transparency requirements beginning January 1, 2022, including requiring providers to send health plans of insured patients and uninsured patients a good faith estimate of the expected charges and diagnostic codes prior to the scheduled date of the service or item.”

Annual report 2025A · The company itself

“Our performance depends on our ability to recruit and retain quality physicians. Typically, physicians are responsible for making hospital admissions decisions and for directing the course of patient treatment. As a result, the success and competitive advantage of our hospitals depends, in part, on the number and quality of the physicians on the medical staffs of our hospitals, the admitting practices of those physicians and our maintenance of good relations with those physicians.”

Annual report 2025A · The company itself

“The trend toward value-based purchasing may negatively impact our revenues. We believe that value-based purchasing initiatives of both governmental and private payers tying financial incentives to quality and efficiency of care will increasingly affect the results of operations of our hospitals and other healthcare facilities and may negatively impact our revenues if we are unable to meet expected quality standards.”

Annual report 2025A · The company itself

“Medicare now requires providers to report certain quality measures in order to receive full reimbursement increases for inpatient and outpatient procedures that were previously awarded automatically. In addition, hospitals that meet or exceed certain quality performance standards will receive increased reimbursement payments, and hospitals that have “excess readmissions” for specified conditions will receive reduced reimbursement.”

Annual report 2025A · The company itself

“There is a trend among private payers toward value-based purchasing of healthcare services, as well. Many large commercial payers require hospitals to report quality data, and several of these payers will not reimburse hospitals for certain preventable adverse 17 events. We expect value-based purchasing programs, including programs that condition reimbursement on patient outcome measures, to become more common and to involve a higher percentage of reimbursement amounts.”

Annual report 2025A · The company itself

“Controls imposed by third-party payers designed to reduce admissions and lengths of stay, commonly referred to as “utilization review,” have affected and are expected to continue to affect our facilities. Utilization review entails the review of the admission and course of treatment of a patient by managed care plans.”

Annual report 2025A · The company itself

“In addition, we have been experiencing increasing rates of denied claims (“denials”) from managed care payers, including managed Medicare, which have reduced our net revenues and increased our operating costs as we devote additional resources to enhanced documentation and collection efforts. Although we cannot predict the effect these factors will have on our operations, significant limits on the scope of services reimbursed, and reimbursements withheld due to denials, could have a material adverse effect on our business, financial position and results of operations.”

Annual report 2025A · The company itself

“We have partnered with local physicians in the ownership of certain of our facilities. These investments have been permitted under an exception to the physician self-referral law.”

Annual report 2025A · The company itself

“Business Our principal business is owning and operating, through our subsidiaries, acute care hospitals and outpatient facilities and behavioral health care facilities.”

Annual report 2025A · The company itself

“Services provided by our hospitals include general and specialty surgery, internal medicine, obstetrics, emergency room care, radiology, oncology, diagnostic care, coronary care, pediatric services, pharmacy services and/or behavioral health services.”

Annual report 2025A · The company itself

“Net revenues from our acute care hospitals, outpatient facilities and commercial health insurer accounted for approximately 57% of our consolidated net revenues during each of 2025 and 2024.”

Annual report 2025A · The company itself

“Net revenues from our behavioral health care facilities and commercial health insurer accounted for approximately 43% of our consolidated net revenues during each of 2025 and 2024.”

Annual report 2025A · The company itself

“Competition The health care industry is highly competitive. In recent years, competition among healthcare providers for patients has intensified in the United States due to, among other things, regulatory and technological changes, increasing use of managed care payment systems, cost containment pressures and a shift toward outpatient treatment. In all of the geographical areas in which we operate, there are other facilities that provide services comparable to those offered by our facilities.”

Annual report 2025A · The company itself

“Our revenues and results of operations are significantly affected by payments received from the government and other third party payers. We derive a significant portion of our revenue from third-party payers, including the Medicare and Medicaid programs.”

Annual report 2025A · The company itself

“A broad downturn or slowdown in the healthcare real estate sector could have a greater adverse impact on our business than if we had investments in multiple industries and could negatively impact the ability of our managers, tenants and borrowers to meet their obligations to us.”

Annual report 2025A · The company itself

“From time to time, we or our managers, tenants or borrowers may be subject to lawsuits, investigations, claims and other legal or regulatory proceedings arising out of our or their alleged actions or inactions. Also, in certain circumstances, regardless of whether we are a named party in a lawsuit, investigation, claim or other legal or regulatory proceeding, we may be contractually obligated to indemnify, defend and hold harmless our managers, tenants and borrowers and other third parties against, or may otherwise be responsible for such actions, proceedings or claims. These claims may include, among other things, professional liability and general liability claims, commercial liability claims, unfair business practices claims, class action claims, employment-related claims, as well as regulatory proceedings, including proceedings related to our SHOP segment, where we are typically the holder of the applicable healthcare license.”

Annual report 2025A · The company itself

“In our SHOP segment in particular, if one of our managers fails to comply with applicable law or regulation, we may be held responsible, which could subject us to civil, criminal and administrative penalties, including the loss or suspension of accreditation, licenses or certificates of need with respect to a single community or more broadly; suspension of or nonpayment for new admissions; denial of reimbursement; fines; suspension, decertification, or exclusion from federal, state or foreign healthcare programs; or facility closure. In addition, we cannot assure you that any contractual obligations to indemnify, defend and hold us harmless from such liabilities will be satisfied by third parties, or that any amounts held in escrow for such purpose will be sufficient.”

Annual report 2025A · The company itself

“Table of Contents We and our managers, tenants and borrowers are subject to or impacted by extensive and frequently changing federal, state, local and foreign laws and regulations. For example, the healthcare industry is subject to laws and regulations that relate to, among other things, licensure and certificates of need, conduct of operations, ownership of communities and facilities, construction of new communities and facilities and addition of equipment, governmental reimbursement programs, such as Medicare and Medicaid, allowable costs, services, prices for services, qualified beneficiaries, appropriateness and classification of care, patient rights, resident health and safety, data privacy and cybersecurity, wage and hour, fraud and abuse and financial and other arrangements that may be entered into by healthcare providers.”

Annual report 2025A · The company itself

“Through our Lillibridge subsidiary and our 50% ownership interest in PMB Real Estate Services LLC (“PMBRES”), a property management platform, we provide outpatient medical building and research center management, leasing, marketing, facility development and advisory services to highly rated hospitals and health systems and universities, academic medical centers, biotech and other similar companies throughout the United States.”

Annual report 2025A · The company itself

“Outpatient Medical and Research Portfolio (OM&R) In our OM&R segment, we primarily acquire, own, develop, lease and manage outpatient medical buildings and research centers. Our outpatient medical buildings, which are predominantly located on or contiguous to a health system campus, are generally multi-tenant properties leased to health systems and several unrelated medical practices, although in many cases they may be associated with a large single specialty or multi-specialty group, including neighboring health systems. Tenants typically require customized space devoted to patient examination and treatment, diagnostic imaging, outpatient surgery and other outpatient services.”

Annual report 2025A · The company itself

“Triple-Net Leased Properties (NNN) In our NNN segment, we invest in and own senior housing communities, skilled nursing facilities (“SNFs”), long-term acute care facilities (“LTACs”), freestanding inpatient rehabilitation facilities (“IRFs”) and other healthcare facilities. The senior housing communities in our NNN segment may include independent living communities, assisted living communities, memory care communities and continuing care retirement communities, which property types are described in more detail above in “—Senior Housing Operating Portfolio (SHOP).””

Annual report 2025A · The company itself

“SNFs provide rehabilitative, restorative, skilled nursing and medical treatment for patients and residents who do not require the high technology, care-intensive, high-cost setting of an acute care or rehabilitation hospital. Treatment programs may include physical, occupational, speech, respiratory and other therapies, including sub-acute clinical protocols such as wound care and intravenous drug treatment.”

Annual report 2025A · The company itself

“LTACs typically serve medically complex, chronically ill patients who require a high level of monitoring and specialized care, but whose conditions do not necessitate the continued services of an intensive care unit and have a Medicare average length of stay of greater than 25 days. LTACs typically have the capability to treat patients who suffer from multiple systemic failures or conditions such as neurological disorders, head injuries, brain stem and spinal cord trauma, cerebral vascular accidents, chemical brain injuries, central nervous system disorders, developmental anomalies and cardiopulmonary disorders. Chronic patients often depend on technology for continued life support, such as mechanical ventilators, total parenteral nutrition, respiration or cardiac monitors and dialysis machines, and, due to their severe medical conditions, generally are not clinically appropriate for admission to a SNF or rehabilitation hospital.”

Annual report 2025A · The company itself

“IRFs are devoted to the rehabilitation of patients with various neurological, musculoskeletal, orthopedic and other medical conditions following stabilization of their acute medical issues. Other healthcare facilities include facilities that provide medical and surgical services, including inpatient care, intensive care, cardiac care, diagnostic services and emergency services. These other healthcare facilities may also provide outpatient services such as outpatient surgery, laboratory, radiology, respiratory therapy, cardiology and physical therapy.”

Annual report 2025A · The company itself

“We invest in a variety of asset classes in real estate, including senior housing, outpatient medical, research, long-term acute care facilities and other healthcare facilities.”

Annual report 2025A · The company itself

“Segment NOI (1) Percentage of Total NOI Segment Properties Senior housing operating portfolio (SHOP) $ 1,184,064 49.4 % 752 Outpatient medical and research portfolio (OM&R) 590,169 24.7 % 409 Triple-net leased properties (NNN) 588,073 24.6 % 213 Non-segment (2) 30,748 1.3 % n/a $ 2,393,054 100 % 1,374 ______________________________ (1) “NOI” is defined as total revenues, less interest and other income, property-level operating expenses and third-party capital management expenses. See “Non-GAAP Financial Measures” included elsewhere in this Annual Report for additional disclosure and a reconciliation of Net income attributable to common stockholders, as computed in accordance with U.S. generally accepted accounting principles (“GAAP”), to NOI. (2) NOI for non-segment includes management fees and promote revenues, net of expenses related to our third-party institutional private capital management platform, income from loans and investments and corporate-level expenses not directly attributable to any of our three reportable segments.”

Annual report 2025A · The company itself

“Table of Contents Charges for services provided at SNFs, LTACs, IRFs and other healthcare facilities are generally paid from a combination of government reimbursement and commercial insurance and other private sources.”

Annual report 2025A · The company itself

“We rely on Atria, Sunrise and Le Groupe Maurice to manage a significant portion of the properties in our SHOP segment, including by setting appropriate resident fees, managing expenses, providing accurate property-level financial results in a timely manner and otherwise managing risk and operating our senior housing communities profitably and in compliance with the terms of our management agreements and all applicable law and regulation.”

Annual report 2025A · The company itself

“nm - not meaningful NOI—SHOP Segment 63 Table of Contents The following table summarizes results of operations in our SHOP segment for the years ended December 31, 2025 and 2024 (dollars in thousands): For the Years Ended December 31, Increase (Decrease) to NOI 2025 2024 $ % NOI—SHOP Resident fees and services $ 4,276,163 $ 3,372,796 $ 903,367 26.8 % Less: Property-level operating expenses (3,092,099) (2,506,413) (585,686) (23.4) NOI $ 1,184,064 $ 866,383 $ 317,681 36.7 % Segment Properties at December 31, Average Unit Occupancy for the Years Ended December 31, Average Monthly Revenue Per Occupied Room for the Years Ended December 31, 2025 2024 2025 2024 2025 2024 Total communities 752 629 87.3 % 84.5 % $ 5,255 $ 4,923 Resident fees and services include all amounts earned from residents at the senior housing communities in our SHOP segment, such as rental fees related to resident leases, extended healthcare fees and other ancillary service income.”

Annual report 2025A · The company itself

“NOI—OM&R Segment The following table summarizes results of operations in our OM&R segment for the years ended December 31, 2025 and 2024 (dollars in thousands).”

Annual report 2025A · The company itself

“Any such disruption with respect to our commercial products could result in a failure to meet market demand, could negatively affect our patients, could reduce our net product revenues and/or increase our costs.”

Annual report 2025A · The company itself

“Sales of our products depend, to a large degree, on the extent to which our products are reimbursed by third-party payors, such as government health programs, commercial insurance and managed health care organizations. Reimbursement for our products, including our potential pipeline therapies, cannot be assured and may take significant periods of time to obtain.”

Annual report 2025A · The company itself

“We are required to make estimates for our product revenues related to government, commercial, and private payor rebates, chargebacks, discounts and fees, collectively rebates. The values of the rebates provided to third-party payors per course of treatment vary significantly and are based on government-mandated discounts and our arrangements with other third-party payors. Our most significant estimate relates to determining amounts due pursuant to the Medicaid Drug Rebate Program, including estimating the level of expected utilization of the rebates based on the amount of product sold to eligible patients.”

Annual report 2025A · The company itself

“We may not be able to increase or maintain CASGEVY product revenues. The future commercial success of CASGEVY depends on physicians, patients, or payors accepting it as medically useful, cost-effective, ethical, safe, and preferred with respect to current and potential future competitive therapies, and on payors providing adequate reimbursement.”

Annual report 2025A · The company itself

“Our customers in the U.S. subsequently resell our medicines to patients, health care providers, retail pharmacies, hospitals, or ATCs.”

Annual report 2025A · The company itself

“Outside of the U.S., we generate sales primarily through distributor arrangements and to retail pharmacies, as well as to hospitals and clinics, many of which are government-owned or supported customers.”

Annual report 2025A · The company itself

“We promote the use of our medicines directly to healthcare professionals and organizations such as doctors, nurse practitioners, physician assistants, pharmacists, hospitals, and pharmacy benefit managers.”

Annual report 2025A · The company itself

“Revenues from our products depend, to a large degree, on the extent to which the products are purchased by customers, such as wholesalers, pharmacies, and hospitals, and reimbursed by third-party payors, such as government health programs, commercial insurers, and managed health care organizations. Increasingly, these third-party payors are becoming more critical in evaluating and reimbursing medicines.”

Annual report 2025A · The company itself

“We expect that the number of people with CF taking our medicines will continue to grow through new approvals and reimbursement agreements, treatment of younger patients, increased survival and expansion into additional geographies. •ALYFTREK is reimbursed for eligible people with CF in the U.S., England, Ireland, Germany, Denmark, Northern Ireland, Norway, Wales, Italy, Australia, New Zealand and Luxembourg. We are working to secure access for eligible patients in additional countries.”

Annual report 2025A · The company itself

“•Since pharmacy availability in March 2025 through year-end 2025, more than 550,000 prescriptions for JOURNAVX were written and filled across the hospital and retail settings in different acute pain conditions, consistent with JOURNAVX’s broad label. •We have secured access for JOURNAVX with all three national pharmacy benefit managers, and, as of January 2026, over 200 million individuals across commercial and government payers have coverage, representing twothirds of U.S. covered lives.”

Annual report 2025A · The company itself

“Our customers in the U.S. subsequently resell our products to patients, health care providers, retail pharmacies, hospitals, or authorized treatment centers (“ATCs”) for CASGEVY.”

Annual report 2025A · The company itself

“Vitrolife Group är verksam inom fertilitetsområdet som är en av de snabbast växande branscherna inom hälsovård. Det är en fragmenterad marknad där över 4,3 miljoner IVF-cykler genomfördes i hela världen under 2024.”

Annual report 2024A · The company itself

“Index mångfald och inkludering 85/1 00 Medarbetarengagemang 6,7/10 Samarbete gör skillnad Könsfördelning 40% EMT* Kvinnor Män 50% Chefer 38% Medarbetare Åldersfördelning 22% <30 32% 30–39 27% 40–49 >50 50% 62% 60% * Ledande befattningshavare (EMT) Innehåll Vitrolife Group bidrar till framgångsrika behandlings resultat genom att erbjuda tekniker och tester för assisterad befruktning, huvudsakligen till IVF-kliniker.”

Annual report 2024A · The company itself

“Merparten av Vitrolife Groups kunder är offentliga och privata fertilitetskliniker.”

Annual report 2024A · The company itself

“•Seniors Housing Facilities The majority of the revenues received by the operators of U.S. seniors housing facilities are from private pay sources. The remaining revenue source is primarily Medicaid provided under state waiver programs for home and community-based care.”

Annual report 2025A · The company itself

“The level of Medicaid reimbursement varies from state to state. Thus, the revenues generated by operators of our assisted living facilities may be adversely affected by payor mix, acuity level or changes in Medicaid eligibility and reimbursement levels.”

Annual report 2025A · The company itself

“•Long-Term/Post-Acute Care Facilities The majority of the revenues received by the operators of these facilities are from the Medicare and Medicaid programs, with the balance representing reimbursement payments from private payors and patients.”

Annual report 2025A · The company itself

“◦Medicare Reimbursement Generally, long-term/post-acute care facilities are reimbursed by Medicare under prospective payment systems, which generally provide reimbursement based on a predetermined fixed amount per episode of care and are updated by the Centers for Medicare and Medicaid Services (“CMS”), an agency of the Department of Health and Human Services (“HHS”) annually. There is a risk under these payment systems that costs will exceed the fixed payments, or that payments may be set below the costs to provide certain items and services.”

Annual report 2025A · The company itself

“The HHS Office of Inspector General (“OIG”) has released recommendations to address skilled nursing facility (“SNF”) billing practices and Medicare payment rates, which may impact our tenants and operators.”

Annual report 2025A · The company itself

“CMS has also increased scrutiny and oversight over the country’s poorest performing nursing facilities through the Special Focus Facility Program, now publishing monthly updates to its Special Focus Facility List, which highlights facilities with a history of serious quality of care issues, and is increasing enforcement actions against facilities that fail to demonstrate improvement, including denial of payment and potential loss of Medicare certification. Additionally, CMS ties a portion of SNF Medicare reimbursement to the SNF Value-Based Purchasing Program (“SNF VBP”).”

Annual report 2025A · The company itself

“◦Medicaid Reimbursement Many states reimburse nursing facilities using fixed daily rates, which are applied prospectively based on patient acuity and the historical costs incurred in providing patient care. In most states, Medicaid does not fully reimburse the cost of providing services.”

Annual report 2025A · The company itself

“Further, in 2025, Congress passed and the President signed Public Law No. 119-21, OBBBA into law. The OBBBA included a number of changes which are anticipated to reduce the size of the Medicaid eligible population—including work requirements for certain Medicaid recipients and caps on the value of assets, such as homes, that Medicaid recipients may own while qualifying for Medicaid coverage—and otherwise decrease the amount of Medicaid spending—including shortening the length of retroactive Medicaid coverage and reducing states’ ability to tax Medicaid providers to fund state contributions to Medicaid—as compared to prior law. Reductions in the Medicaid population and in Medicaid rates could reduce the revenue and operating margins of tenants and operators of nursing facilities.”

Annual report 2025A · The company itself

“We cannot predict whether the existing Health Reform Laws, the results of the 2026 Congressional elections and potential subsequent developments, or future healthcare reform legislation, executive orders or regulatory changes, will have a material impact on our operators’ or tenants’ property or business.”

Annual report 2025A · The company itself

“•Medicare Reimbursement for Physicians, Hospital Outpatient Departments (“HOPDs”) and Ambulatory Surgical Centers (“ASCs”) Changes in reimbursement to physicians, HOPDs and ASCs may further affect our tenants and operators. Generally, Medicare reimburses physicians under the Physician Fee Schedule, while HOPDs and ASCs are reimbursed under prospective payment systems.”

Annual report 2025A · The company itself

“In addition, the Medicare and Children’s Health Insurance 9 Program Reauthorization Act of 2015 (“MACRA”) includes payment reductions for providers who do not meet government quality standards. The implementation of pay-for-quality models like those required under MACRA, has the potential to produce funding disparities that could adversely impact some provider tenants in outpatient medical buildings and other healthcare properties.”

Annual report 2025A · The company itself

“Our operators’ and tenants’ revenues are primarily driven by occupancy, private pay rates and Medicare and Medicaid reimbursement, if applicable.”

Annual report 2025A · The company itself

“Revenues from government reimbursement have, and are expected to continue, to come under pressure due to reimbursement cuts and state budget shortfalls and changes in reimbursement policies and other governmental regulation resulting from actions by the U.S. Congress, U.S. executive orders or other governmental or regulatory agencies. For example, the OBBBA contains a provision that, starting in 2028, will require state Medicaid programs to reduce reimbursement rates by 10 percentage points each year until they reach 100% or 110% of what Medicare pays.”

Annual report 2025A · The company itself

“The federal government substantially funds the Medicaid expansion and as of December 2025, the number of states implementing expansion has grown to more than 80% of all states.”

Annual report 2025A · The company itself

“Further the impact that the OBBBA may have on our business remains uncertain, but it is projected to decrease federal health care spending by approximately $1 trillion by reducing Medicaid spending and enrollment and making changes to federal Medicare spending.”

Annual report 2025A · The company itself

“Although we have no direct healthcare operations, we invest in seniors housing and healthcare real estate, and our results of operations may be affected by the amount of negative publicity to which the healthcare industry has been subject as a result of our relationships with our operators, managers and tenants.”

Annual report 2025A · The company itself

“Long-Term/Post-Acute Care Facilities Post-acute care is at the leading edge of reducing healthcare costs while improving quality. These high-impact centers help patients recover from illness or surgery with the goals of getting the patient home and healed faster and reducing hospital readmission rates. Our long-term/post-acute care portfolio predominantly consists of skilled nursing/post-acute care facilities where most residents require 24-hour nursing and/or medical care.”

Annual report 2025A · The company itself

“Results of Operations Summary Our primary sources of revenue include resident fees and services revenue, rental income, interest income and interest earned on short-term deposits.”

Annual report 2025A · The company itself

“Outpatient Medical Outpatient Medical Buildings Our remaining outpatient medical portfolio, exclusive of held for sale properties, primarily consists of triple-net leased properties leased to investment grade healthcare providers. As of December 31, 2025, approximately 91% of our outpatient medical building portfolio is affiliated with health systems (buildings directly on or adjacent to hospital campuses or with tenants that are satellite locations for the health system and its physicians).”

Annual report 2025A · The company itself

“The Department of Health and Social Care is responsible for the provision of care services for seniors in England, and equivalent Government Departments in other UK nations are responsible for the provision of care services in their jurisdictions, primarily through local commissioning bodies (“Local Authorities”), which contract with care home providers within their jurisdictions. Many of our senior housing facilities in the UK have been contracted by Local Authorities to provide care home services. Residents placed by a Local Authority under these arrangements are either fully government-funded or eligible for a government subsidy.”

Annual report 2025A · The company itself

“Increased competition and oversupply may affect our operators’ and managers’ ability to meet their obligations to us The operators and managers of our properties compete on a local and regional basis with operators and managers of properties and other healthcare providers that provide comparable services for residents and patients, including on the basis of 32 the scope and quality of care and services provided, clinical conditions and safety, including as a result of any widespread illness or epidemic, consumer confidence in and public perception about such healthcare services and the perceived financial condition, physical appearance, price and location of the properties.”

Annual report 2025A · The company itself

“To the extent that an operator, manager or tenant receives a significant portion of its revenues from government payors, primarily Medicare and Medicaid, such revenues may be subject to statutory and regulatory changes, retroactive rate adjustments, recovery of program overpayments or set-offs, court decisions, administrative rulings, policy interpretations, payment or other delays by fiscal intermediaries or carriers, change-of-ownership rules, government funding restrictions (at a program level or with respect to specific facilities), any lapse in Congressional funding of the Centers for Medicare and Medicaid Services and interruption or delays in payments due to any ongoing government investigations and audits at such property.”

Annual report 2025A · The company itself

“They are also used to help prevent contamination of medical products like surgical gowns and drapes.”

Annual report 2025A · The company itself

“Our residential and commercial boilers range in size from 45,000 British Thermal Units (BTUs) to 6.0 million BTUs. Boilers are closed loop water heating systems used primarily for space heating or hydronic heating. Our boilers are primarily used in applications in commercial settings for hospitals, schools, hotels and other large commercial buildings while residential boilers are used in homes, apartments and condominiums.”

Annual report 2025A · The company itself

“Both segments manufacture and market comprehensive lines of residential and commercial gas, heat pump and electric water heaters, boilers, tanks, and water treatment products.”

Annual report 2025A · The company itself

“Outside the United States, AbbVie sells products primarily to wholesalers or through distributors, and depending on the market, works through largely centralized national payers systems to agree on reimbursement terms.”

Annual report 2025A · The company itself

“Pandemins långsiktiga effekter märks fortfarande i Europa, där vårdköer har fortsatt att växa och återhämtningen sker långsamt. Vissa länder har vidtagit åtgärder såsom ökad finansiering och personal för att minska vårdskulden, inklusive utökad användning av privat vård och digitala besök.”

Annual report 2023A · The company itself

“En ledande aktör inom Life Science AddLife är en europeisk ledande och oberoende aktör med en diversifierad portfölj inom Life Science. AddLife äger, utvecklar och förvärvar bolag inom framförallt vård och forskning.”

Annual report 2023A · The company itself

“De mest betydande kundgrupperna är sjukhuslaboratorier, akademisk forskning och läkemedelsbolag, huvudsakligen i Norden och i allt högre utsträckning övriga Europa.”

Annual report 2023A · The company itself

“Erbjudandet inom Medtech vänder sig främst till offentligt finansierad sjukvård, hemvård och omsorg i Europa.”

Annual report 2023A · The company itself

“Nettoomsättning: 6 042 MSEK EBITA: 684 MSEK EBITA marginal: 11,3% Organisk tillväxt (exkl valuta och covid): 9% Medarbetare: 1 477 Andel av koncernens nettoomsättning: 62% Marknadsutveckling 2023 Inom affärsenheten Hospital tog återhämtningen inom planerad kirurgi fart under 2023, även om vårdköerna för kirurgiska ingrepp fortfarande var betydande över hela Europa, och till och med växte i vissa länder såsom i Storbritannien.”

Annual report 2023A · The company itself

“Vi adderar värde till våra kunder verksamma inom sektorn genom att erbjuda högkvalitativa produkter och värdeskapande tjänster. Därmed bidrar vår verksamhet till att förbättra möjligheterna och utförandet av vård och omsorg.”

Annual report 2023A · The company itself

“Incidenter, klagomål och allvarlig inverkan på mänskliga rättigheter 2023 Totalt antal incidenter av diskriminering och trakasserier 7 Total antal inskickade klagomål 4 Total summa av böter, straffavgifter och kompensation för skador till följd av de incidenter och klagomål som redovisas ovan Patienter och brukare AddLifes vision är att förbättra människors liv genom att vara en ledande och värdeskapande aktör inom Life Science.”

Annual report 2023A · The company itself

“Bolagen i affärsområdet Labtech verkar inom diagnostik och biomedicinsk forskning och laboratorieanalys. Bolagen levererar direkt till kunderna olika produkter och lösningar i form av analysinstrument, apparater, mikroskop, förbrukningsartiklar, reagenser samt applikations och teknisk service till framförallt laboratorier inom sjukvård, forskning, universitet och högskolor samt läkemedels- och livsmedelsindustrin.”

Annual report 2023A · The company itself

“Bolagen i affärsområdet Medtech levererar medicintekniska produkter inom marknadsområdet medicinteknik, med fokus på produktsegmenten operation, thorax/neuro, förband, anestesi, intensivvård, öron näsa och hals, stomi samt produkter inom hemsjukvård.”

Annual report 2023A · The company itself

“Our embedded computing portfolio delivers high-performance, scalable solutions across CPUs, APUs, FPGAs, System-on-Modules (SOMs) and adaptive SoCs for markets such as automotive, industrial, healthcare, storage and networking with integrated AI processing capabilities.”

Annual report 2025A · The company itself

“Embedded products address computing needs in aerospace and defense, automotive, industrial, vision and healthcare, communications infrastructure, test and measurement, emulation and prototyping, audio, video and broadcasting, and data center.”

Annual report 2025A · The company itself

“REVENUE-GENERATING ACTIVITIES The Company's strategy for growth in Japan and the U.S. has remained straightforward and consistent for many years. The Company develops relevant supplemental health insurance products offering financial protection from the rising out-of-pocket expenses associated with medical events that are not covered by the insureds' primary coverage. The Company also offers a complement of other voluntary and employer-paid health and life insurance products to fit the needs of its customers.”

Annual report 2025A · The company itself

“Medical and Other Health Medical Insurance Aflac Japan's medical insurance products provide benefits for hospitalization, surgeries and outpatient treatment of various illnesses, as well as lump sum benefits related to three critical illnesses: cancer, heart attack, and stroke.”

Annual report 2025A · The company itself

“Insurance Products Aflac Japan's third sector insurance products are supplemental products designed to help consumers pay for medical and nonmedical costs that are not reimbursed under Japan's national health insurance system.”

Annual report 2025A · The company itself

“Pathology This area consists of routine clinical solutions for tissue-based cancer diagnostics with solutions that comprise antibodies, reagents, instruments and software targeting both primary and advanced cancer diagnostics. Our CoverStainer and Artisan based product families target primary cancer diagnostics through hematoxylin and eosin staining as well as special stains for additional insights and detection of potentially carcinogenic tissue. Dako Omnis and Autostainer based immunohistochemistry solution and instant quality fluorescence in situ hybridization technologies provide advanced tumor typing through investigation of protein and gene expression.”

Annual report 2025A · The company itself

“The diagnostics and clinical market focus within the Life Sciences and Diagnostics Markets segment is to provide instruments, software, reagents, and consumables that enable customers to perform clinical research and routine testing.”

Annual report 2025A · The company itself

“Our high-quality, automated pathology tissue staining platforms and solutions are used most heavily by the large labs located in hospitals, medical centers, and reference labs.”

Annual report 2025A · The company itself

“The clinical market for our genomics business consists of high complexity clinical labs performing patient testing, including "for-profit" reference laboratories, hospital labs, and molecular diagnostic companies.”

Annual report 2025A · The company itself

“Demand for some of our products and services depends on the capital spending policies of our customers, research and development budgets and on government funding policies. Our customers include pharmaceutical companies, laboratories, universities, healthcare providers, government agencies and public and private research institutions.”

Annual report 2025A · The company itself

“One of the world’s largest manufacturers of spunmelt nonwovens for the personal care industry”

Annual report 2025A · The company itself

“leading supplier of printed nonwovens for the hygiene and medical industries”

Annual report 2025A · The company itself

“In health, our lithium specialties products are precursors for many pharmaceuticals, while bromine specialties are used to help ensure safer food and water supplies.”

Annual report 2025A · The company itself

“Our tenants include multinational pharmaceutical companies; public and private biotechnology companies; life science product, service, and medical device companies; digital health, advanced technology, and agtech companies; academic and medical research institutions; U.S. government research agencies; non-profit organizations; and venture capital firms.”

Annual report 2025A · The company itself

“Stable Cash Flows From Our High-Quality and Diverse Mix of Tenants Investment-Grade or Publicly Traded Large Cap Tenants 84% of ARE’s Top 20 Tenant Annual Rental Revenue 53% of ARE’s Total Annual Rental Revenue Life Science Product, Service, and Device Multinational Pharmaceutical Public Biotechnology - Approved or Marketed Product Other(1) Advanced Technologies(2) Public Biotechnology - Preclinical or Clinical Stage Government Institutions Biomedical Institutions(3) Private Biotechnology Percentage of ARE’s Annual Rental Revenue As of December 31, 2025.”

Annual report 2025A · The company itself

“We strive to enable GPs, who treat the general patient population, to more easily identify potential cases they can treat with the Invisalign System, monitor patient progress or, if needed, help refer cases to orthodontists while providing high-quality restorative, orthodontic and dental hygiene care. We believe success with GPs can be achieved through doctor training and clinical education, by offering digital tools such as the iTero intraoral scanner and products like Invisalign Go™ treatment that address the distinctive needs of GP patients, all delivered by sales and marketing personnel specifically focused on the unique needs of this customer category.”

Annual report 2025A · The company itself

“DSOs represent a large and growing opportunity to help drive adoption of digital technology across the dental industry. We have well established relationships with many DSOs globally that recognize the benefits of digital workflows enabled by our portfolio of products and services that make up the AlignTM Digital Platform, including increased practice efficiency and profitability, as well as delivering a better patient experience from shorter cycle times and customer proximity.”

Annual report 2025A · The company itself

“We sell the majority of our products and services directly through a dedicated and specialized sales force to our customers: orthodontists, GPs, including prosthodontists, periodontists, oral surgeons and dental laboratories.”

Annual report 2025A · The company itself

“In addition, we sell directly to dental support organizations (“DSOs”) who contract with dental practices to provide critical business management and support, including non-clinical operations.”

Annual report 2025A · The company itself

“As of December 31, 2025, we had approximately 130,015 active Invisalign-trained doctors.”

Annual report 2025A · The company itself

“Our products and services require our customers and consumers to forego traditional treatment methods. For example, Invisalign treatment is a significant departure from traditional orthodontic wires and brackets, and our customers and consumers may not find it cost-effective or preferable.”

Annual report 2025A · The company itself

“Our products and services involve an inherent risk of claims concerning their design, materials, manufacture, safety, and performance, how we package, bundle, or sell them to individual customers or companies, including hospitals and clinics, and how we train and support doctors, their staffs and patients who use our products and services.”

Annual report 2025A · The company itself

“longstanding structural barriers among allergists who have a financial incentive to protect their legacy business”

Annual report 2025A · The company itself

“paediatrician doctors emerged as an important prescriber group”

Annual report 2025A · The company itself

“ACARIZAX and ITULAZAX were the first AIT tablets to be admitted to the public National Health Service systems”

Annual report 2025B · From the report

“We offer the following extensive and versatile portfolio of security and access control products and solutions across a range of market-leading brands: •Door controls, door control systems, and exit devices: An extensive portfolio of life-safety products and solutions generally installed on fire doors and facility entrances and exits. Exit devices, also known as panic hardware, provide rapid egress to allow building occupants to exit safely in an emergency. Door controls and systems include mechanical door closers, automatic door operators, as well as high-performance interior and storefront door systems.”

Annual report 2025A · The company itself

“We sell a wide range of security and access control solutions for end-users in commercial, institutional and residential facilities worldwide, including education, healthcare, government, hospitality, retail, commercial office and single and multi-family residential markets.”

Annual report 2025A · The company itself

“Även om Alligators läkemedelskandidater godkänns för marknadsföring och försäljning av behöriga myndigheter kan det hända att läkare inte ordinerar dessa, vilket skulle hindra Alligator från att generera intäkter eller nå lönsamhet. Marknadsacceptans av Alligators och dess samarbetspartners potentiella framtida produkter kommer att bero på ett antal faktorer, inkluderande; de kliniska indikationer för vilka produkten är godkänd; acceptans av läkare, patienter och betalare; upplevda fördelar jämfört med konkurrerande behandlingar; och i vilken utsträckning produkten har godkänts för att upptas hos sjukhus och så kallade “managed care”- organisationer samt tillgång till adekvata ersättningssystem och prissubventioner.”

Annual report 2024A · The company itself

“I Barkassen 9 i Karlstad pågår ett större projekt avseende ombyggnation och anpassning till en ny vårdcentral.”

Annual report 2024A · The company itself

“Other - Other revenue includes sales related to various other offerings, such as healthcare services, certain licensing and distribution of video content, and shipping services, and our co-branded credit card agreements.”

Annual report 2025A · The company itself

“We enable health systems, hospitals, and clinicians in 60+ countries to become more efficient, treat more patients”

Annual report 2025A · The company itself

“We form close partnerships with health systems, hospitals, and healthcare professionals to gain deep insights”

Annual report 2025A · The company itself

“DRIVERS OF SINGLE-USE ENDOSCOPY ADOPTION Health systems worldwide face growing pressure from staff shortages, rising patient volumes, tight budgets, and sustainability demands. Additionally, care is shifting toward outpatient settings, reflecting a need for more efficient, affordable, and high-performance solutions.”

Annual report 2025A · The company itself

“With 13.1% organic growth, well above the MedTech industry average, we demonstrated our ability to scale in a dynamic market as a trusted partner to hospitals worldwide. As the global shift toward single-use endoscopy gains momentum, we continue to lead the way, powered by strong performance in our Endoscopy Solutions portfolio and our clear commitment to helping hospitals and clinicians achieve higher efficiency, better economics, and clinically impactful care.”

Annual report 2025A · The company itself

“JØRGEN JENSEN BRITT MEELBY JENSEN Urology, Ear-Nose-Throat (ENT), and Gastroenterology (GI) delivered strong growth of 19.6%, reflecting our continued innovation in Urology.”

Annual report 2025A · The company itself

“Our strongholds Our value creation DEEP CUSTOMER INSIGHTS CUSTOMERS PATIENTS We form close partnerships with health systems, hospitals, and healthcare professionals to gain deep insights into their clinical and operational needs and challenges.”

Annual report 2025A · The company itself

“VALUE CHAIN Ambu is a MedTech innovator and manufacturer, delivering solutions to health systems, hospitals, and clinicians globally through direct sales and strategic partnerships.”

Annual report 2025A · The company itself

“Today, we are the global leader in developing and producing responsible primary consumer packaging and dispensing solutions across a variety of materials for nutrition, health, beauty and wellness categories.”

Annual report 2026A · The company itself

“Additionally, a sizable portion of our business comes from healthcare packaging and food and beverage packaging, both highly regulated markets. Therefore, we are also subject to certain local and international standards related to such products.”

Annual report 2026A · The company itself

“ITEM 7 | Business Segment Operations | General Insurance GLOBAL PERSONAL The Global Personal segment consists primarily of Global Accident & Health and Personal Lines insurance businesses in the United States, Japan, the United Kingdom, EMEA region, Asia Pacific, Latin America and Caribbean, and China.”

Annual report 2025A · The company itself

“•Face-amount certificates through ACC. •Mutual fund offerings from our Columbia funds as well as approximately 130 unaffiliated mutual fund families, representing approximately 2,125 mutual funds on our brokerage platform for which mutual fund families and other companies generally pay us a portion of the revenue generated from sales of those funds, administrative fees, and fees from the ongoing management attributable to our clients’ ownership in the fund. •Exchange traded funds (“ETFs”), closed-end funds and model offerings from our Columbia funds. •Insurance and annuities products from both RiverSource Life companies as well as third parties, and we receive a portion of the revenue generated from the sale of unaffiliated products and certain administrative fees. Our Segments - Asset Management Through Columbia Threadneedle, we provide investment management, advice and products to retail, high net worth and institutional clients on a global scale.”

Annual report 2025A · The company itself

“Electromechanical is a differentiated supplier of precision motion control solutions, highly engineered medical components and devices, thermal management systems, specialty metals and electrical interconnects.”

Annual report 2025A · The company itself

“Further, we sell to customers in industries such as automotive (including autonomous vehicles), aerospace, defense, healthcare and industrial, where failure of the systems in which our products are integrated could cause damage to property or persons.”

Annual report 2025A · The company itself

“Further, our product offerings in the digital healthcare solutions space, which include the collection and processing of sensitive personal information, subject us to heightened requirements under data privacy laws, such as the Health Insurance Portability and Accountability Act.”

Annual report 2025A · The company itself

“Enterprise Solutions och Licensiering (B2B) Anotos enhet Enterprise Solutions tillhandahåller en kraftfull plattform för automatiserad datainsamling i stor skala. Organisationer använder våra smartpennor och formulär med tryckta punktmönster för att digitalisera handskrivet innehåll från kliniska, operativa och kundinriktade processer – allt utan att ändra arbetsflödena i frontlinjen.”

Annual report 2024A · The company itself

“Användningsområden är bland annat: • Medicinsk dokumentation och insamling av patientinformation • Fältinspektioner och tjänsterapportering • Arbetsflöden för myndighetsformulär och regelefterlevnad • Avtalshantering inom detaljhandel och telekom Bland våra kunder finns några av världens största organisationer, med installationer på tusentals platser där tiotals miljoner sidor data samlas in varje år.”

Annual report 2024A · The company itself

“We assist our clients with various matters, including advising on and placing insurance and reinsurance coverage and handling related claims, consulting on various human resources matters, and providing actuarial, investment consulting, asset management, and other services.”

Annual report 2025A · The company itself

“Human Capital Health Solutions revenue increased $504 million, or 15%, to $3.8 billion in 2025, compared to $3.3 billion in 2024. Organic revenue growth was 5% in 2025, reflecting strong growth globally in core health and benefits brokerage, driven by net new business and ongoing strong retention.”

Annual report 2025A · The company itself

“Revenue from Contracts with Customers Disaggregation of Revenue The following table summarizes revenue from contracts with customers by principal service line (in millions): Commercial Risk Solutions $ 8,497 $ 7,861 $ 7,043 Reinsurance Solutions 2,793 2,656 2,481 Total Risk Capital (1) 11,290 10,517 9,524 Health Solutions 3,839 3,335 2,433 Wealth Solutions 2,068 1,874 1,431 Total Human Capital (1) 5,907 5,209 3,864 Eliminations (16) (28) (12) Total revenue $ 17,181 $ 15,698 $ 13,376 (1)Includes inter-segment revenue.”

Annual report 2025A · The company itself

“Human Capital Health Solutions includes consulting and brokerage, consumer benefits, compensation, and talent advisory services. Consulting and brokerage develops and implements innovative, customized health and benefits strategies for our clients to manage risk, drive engagement, and strengthen their workforce through improved health and wellbeing.”

Annual report 2025A · The company itself

“In particular, our health care exchange business depends upon the private sector of the U.S. insurance system and its role in financing health care delivery, and insurance carriers’ use and payment of commissions to agents, brokers, and other organizations to market and sell individual and family health insurance products and plans.”

Annual report 2025A · The company itself

“Retirement Services Our retirement services business is conducted by Athene, a leading financial services company that specializes in issuing, reinsuring and acquiring retirement savings products designed for the increasing number of individuals and institutions seeking to fund retirement needs.”

Annual report 2025A · The company itself

“Apotea samarbetar med organisationer som arbetar inom barn och familj, hälsa och miljö.”

Annual report 2024A · The company itself

“Aqua Bio Technology har tre produktområder: • Hudpleieprodukter for konsumenter og profesjonelle brukere. ABT distribuerer selveide hudpleieprodukter globalt og samarbeider med DCP Dermoscience, samt eier rettighetene til Moana Hudpleie. • Ingredienser til hudpleieprodukter.”

Annual report 2024A · The company itself

“3D Innovation Nordic AS og datterselskaper – på vei mot nye markeder Oppkjøpet av 3D Innovation Nordic AS skulle gi Aqua Bio Technology direkte tilgang til et etablert nettverk innen retail, apotek og grossistmarkedet i Norge, Skandinavia og Europa.”

Annual report 2024A · The company itself

“Selskapet spesialiserer seg på distribusjon av produkter til store detaljhandelskjeder i Norge og apotek i både Norge og Sverige, samt utvalgte kunder i Danmark.”

Annual report 2024A · The company itself

“The Company’s business depends on the quality and safety of the agricultural commodities, ingredients, food, feed, nutritional products, and other products it sources, manufactures, processes, stores, transports, and sells. As a result, the Company is exposed to a wide range of food quality and safety risks.”

Annual report 2025A · The company itself

“Nutrition The Nutrition segment serves various end markets including food, beverages, and nutritional supplements for humans, and complete feed, feed premix and additives, pet food and pet treats for livestock, aquaculture, and pets. The segment engages in the creation, manufacturing, sale, and distribution of a wide array of ingredients and solutions including plant-based proteins, flavors and colors derived from nature, flavor systems, emulsifiers, soluble fiber, polyols, hydrocolloids, probiotics, prebiotics, postbiotics, enzymes, botanical extracts, and other specialty food and feed ingredients and systems.”

Annual report 2025A · The company itself

“The Company’s Nutrition business is a vertically integrated business that provides ingredients and solutions for humans and animals in a highly competitive environment with a variety of companies offering the same products and services. The industry includes ingredient suppliers, contract manufacturers, global fast moving consumer goods companies, and private label brands, as well as smaller companies that specialize in specific niche markets.”

Annual report 2025A · The company itself

“APAC Private Equity: Our APAC private equity team of over 35 investment professionals as of December 31, 2025 focuses on primarily pursuing structured growth equity investments in control, joint control and minority ownership formats. We seek to invest in high-quality middle market companies in our core industries, namely consumer, healthcare and services, that give us exposure to rising consumer and business activity in the APAC region.”

Annual report 2025A · The company itself

“Som ledande specialister inom lösningar för mobilitet hjälper Arjo vårdgivare att skapa förutsättningar för att bevara och förbättra rörligheten för patienter genom hela vårdprocessen.”

Annual report 2024A · The company itself

“Arjo främjar en resultatbaserad affärsmodell med program som syftar till att förebygga uppkomsten av komplikationer för patienter och samtidigt göra det möjligt för vårdpersonal att på ett säkert sätt tillhandahålla vård av hög kvalitet och därigenom minska risken för belastningsskador.”

Annual report 2024A · The company itself

“Arjos produkter och lösningar bidrar dagligen till förhöjd säkerhet och livskvalitet för patienter, bättre arbetsmiljö för vårdpersonal samt ökad resurseffektivitet och lägre kostnader i vården.”

Annual report 2024A · The company itself

“Arjos huvudsakliga kunder är offentliga och privata institutioner inom akutvård och långtidsvård.”

Annual report 2024A · The company itself

“Arjos vision är att vara vårdens främsta partner för värdeskapande lösningar för människor med begränsad rörlighet. Bolaget hjälper vårdgivare att skapa förutsättningar för att behålla och förbättra rörligheten för patienter med hjälp av rätt vårdmiljö, utrustning och arbetsmetoder genom hela vårdprocessen. Förbättrad rörlighet bidrar till positiva effekter som snabbare återhämtning, förebyggande av komplikationer och möjliggör större självständighet och livskvalitet.”

Annual report 2024A · The company itself

“Our retail brokerage operations place nearly all lines of commercial property/casualty and health and welfare insurance coverage.”

Annual report 2025A · The company itself

“We are engaged in providing insurance brokerage, reinsurance brokerage, consulting services, and third-party property/casualty claims settlement and administration services to entities and individuals around the world.”

Annual report 2025A · The company itself

“Tydlig och attraktiv adresserbar marknad Orviglance adresserar ett väldefenierat medicinskt behov som representerar en attraktiv kommersiell potential med en årlig adresserbar marknad på 800 MUSD.”

Annual report 2024A · The company itself

“Ascelia Pharma ser ett betydande och ouppfyllt medicinskt behov av nya patientvänliga behandlingar som förbättrar livslängden och livskvaliteten för patienter med magcancer. Oncoral - en oral kemoterapi.”

Annual report 2024A · The company itself

“Inom kolorektaloch bukspottkörtelcancer är intravenös irinotekan redan godkänt i Europa och USA.”

Annual report 2024A · The company itself

“As described earlier in this Annual Report, sales of our products are directly influenced by medical need and are generally paid for by health insurance schemes or national healthcare budgets.”

Annual report 2025A · The company itself

“Adhering to food safety regulations and standards is essential for compliance and maintaining consumer confidence. Failure to meet these requirements can lead to regulatory penalties, recalls, and damage to the reputation of the farm.”

Annual report 2024A · The company itself

“Key strategies include growing the service business as well as developing businesses within focused areas such as air-treatment equipment, blowers, and compressor solutions for green energy segments, trains, ships, and hospitals.”

Annual report 2024A · The company itself

“Vårt fokus är att utveckla attraktiva stadsmiljöer i Stockholm, Göteborg, Malmö och Uppsala. Tillsammans med kommunerna, våra kunder och de som bor i staden bygger vi levande stadsmiljöer där kontor, bostäder och handel blandas med kultur, service, vård och utbildning.”

Annual report 2024A · The company itself

“Growing the proportion of our portfolio in high-value categories that serve markets that are growing faster than gross domestic product, represent large pools of potential profit and leverage our core capabilities is an important part of our long-term growth strategy. High-value products and solutions include our specialty and durable label materials, graphics and reflective solutions, industrial and medical tapes, and trade and specialty adhesives; intelligent labels that use RFID tags and inlays; shelf-edge pricing, productivity and consumer engagement solutions; and external embellishments.”

Annual report 2025A · The company itself

“Table of Contents Label materials are sold worldwide to converters for labeling, decorating and specialty applications in the food, home and personal care, beer and beverage, durables, pharmaceutical, wine and spirits and logistics market segments.”

Annual report 2025A · The company itself

“These materials and converted products are used in non-mechanical fastening, bonding and sealing systems for various automotive, electronics, building and construction, general industrial, personal care, and medical applications.”

Annual report 2025A · The company itself

“Med digitaliseringens hjälp kan kvaliteten ökas, vården bli mer jämlik och resurserna användas mer effektivt. Det kan gälla att automatisera och effektivisera patientadministration genom generativ AI, hantera konfidentiella data säkert och att skapa nya, agila arbetssätt.”

Annual report 2024A · The company itself

“Under året har vi fått förtroendet att leverera flera stora projekt, inklusive teamleveranser till kunder som Trafikverket, Arbetsförmedlingen, Skatteverket, Sveriges största banker, många av landets regioner och flera internationella företag.”

Annual report 2024A · The company itself

“Specialistinriktningar görs mot vårdsektorn och telekomrelaterade uppdrag.”

Annual report 2024A · The company itself

“MedPro Group (“MedPro”) is a leading provider of healthcare liability (“HCL”) insurance in the U.S. MedPro, based in Fort Wayne, Indiana, provides customized HCL insurance to physicians, surgeons, dentists and other healthcare professionals, as well as hospitals, senior care and other healthcare facilities.”

Annual report unknown yearA · The company itself

“The Plumbing & Refrigeration group manufactures copper tubing and copper, brass, aluminum and stainless-steel fittings and components for the plumbing, heating, ventilation, air conditioning and refrigeration (HVAC-R) market; custom heat exchange, ducting, air handling units and energy recovery solutions for the HVAC-R market; HVAC systems and structures for data centers, pharmaceutical and industrial sites; and aluminum and brass forgings for many commercial and industrial applications.”

Annual report unknown yearA · The company itself

“OTC, headquartered in Omaha, Nebraska, serves a broad base of over three million customers annually, including consumers, schools, churches, medical and dental offices and other businesses.”

Annual report unknown yearA · The company itself

“We offer a full range of services that complement our product offerings, including consultation, delivery, health-related services, installation, memberships, repair, set-up, technical support and warranty-related services.”

Annual report 2026A · The company itself

“Utvecklingen drivs på av den ökande efterfrågan från läkemedelsbolag om bättre metoder för testning och utveckling av nya läkemedel som labbautomation.”

Annual report 2024A · The company itself

“Changes in government reimbursement for certain diagnostic tests or reductions in overall healthcare spending could negatively impact us directly or our customers and, correspondingly, our sales to them.”

Annual report unknown yearA · The company itself

“Protein Sciences Segment Customers and Distribution Methods Our customers for this segment include researchers in academia and industry (chiefly pharmaceutical and biotech companies as well as contract research organizations).”

Annual report unknown yearA · The company itself

“Diagnostics and Spatial Biology Segment Customers and Distribution Methods The customers for the Spatial Biology division include researchers in academia as well as investigators in pharmaceutical and biotech companies.”

Annual report unknown yearA · The company itself

“Our Diagnostics and Spatial Biology segment products include applications in the medical diagnostics market, which relies largely on government healthcare-related policies and funding.”

Annual report unknown yearA · The company itself

“Tillsammans skapar, utvecklar och tillhandahåller vi framtidens läkemedel för patienter med svåra neurodegenerativa sjukdomar och andra tillstånd med betydande medicinska behov.”

Annual report 2024A · The company itself

“Sales of our products depend, to a significant extent, on the availability and extent of adequate coverage, pricing and reimbursement from government health administration authorities, private health insurers and other organizations, which are subject to increasing and intense pressure from political, social, competitive and other sources. Our inability to obtain and maintain adequate coverage, or a reduction in pricing or reimbursement, could have an adverse effect on our business, reputation, revenue and results of operations.”

Annual report 2025A · The company itself

“The FDA and comparable foreign agencies directly regulate many of our most critical business activities, including the conduct of preclinical and clinical studies, product manufacturing, advertising and promotion, product distribution, adverse event reporting, product risk management and our compliance with good practice quality guidelines and regulations.”

Annual report 2025A · The company itself

“BioInvents eventuella framtida intäkter beror delvis på i vilken utsträckning bolagets eventuella framtida produkter kommer att kvalificera sig för subventioner från privat eller offentligt finansierade sjukvårdsprogram. En betydande del av bolagets potentiella framtida intäkter kommer sannolikt att vara beroende av subventioner från tredje part, som till exempel myndigheter, statliga vårdgivare eller privata sjukförsäkringsgivare.”

Annual report 2024A · The company itself

“With quantum safe Bittium SafeMove, for instance, home care workers are allowed to have full access to the same systems and applications they would have on a hospital desktop, enabling always-on, secure and seamless connectivity to your organization’s information systems regardless of time and place.”

Annual report 2025A · The company itself

“Understanding industry-specific requirements, strong expertise in product development services, wireless devices, digitalization and information security, and ISO 13485:2016 quality certification for healthcare devices and supplies enable the creation of new solutions that generate clear added value for customers and partners.”

Annual report 2025A · The company itself

“The strategically important collaboration agreement with Boston Scientific Cardiac Diagnostics, a US-based provider of ECG services, was continued, and the companies signed a new three-year agreement for the supply of ECG measurement devices.”

Annual report 2025A · The company itself

“Market changes in the industrial sector Bittium's customer base includes, among others, defense and other authorities and companies that supply them with products, companies operating in the healthcare market, and companies operating in the telecommunications industry, so Bittium is exposed to market changes affecting these industrial sectors.”

Annual report 2025A · The company itself

“For example, certain states have, and others may in the future, increased state regulatory review measures of investments by private equity into the patient-facing healthcare industry.”

Annual report 2025A · The company itself

“BXG seeks to deliver attractive risk-adjusted returns by investing in dynamic, growth-stage businesses, with a focus on the consumer, consumer technology, enterprise solutions, financial services and healthcare sectors.”

Annual report 2025A · The company itself

“Our operations involve the storage and transmission of data of individuals and businesses using our services, including their names, addresses, social security/tax ID numbers (or foreign equivalents), government IDs, payment card numbers and expiration dates, bank account information, loans they have applied for or obtained, and data regarding the performance of our sellers’ businesses. Additionally, certain of our products and services are subject to the Health Insurance Portability and Accountability Act of 1996 (and the rules and regulations thereunder, as amended, including with respect to the HITECH Act), and therefore we are required to take measures to safeguard protected health information of our health care entity-sellers' customers when using those products and services.”

Annual report 2025A · The company itself

“BioMaterials had significantly higher deliveries of speciality cellulose in 2024, driven by increased sales to high-purity casings and cellulose ether grades to regulated applications for food and pharma. The closure of Georgia Pacific’s plant in Foley, Florida in the autumn of 2023 and the suspension of RYAM’s plant in Temiscaming, Quebec in the summer of 2024 had a positive impact on Borregaard's growth in these applications.”

Annual report 2024A · The company itself

“Our speciality cellulose business is also targeting growth within regulated applications such as food, pharmaceuticals, and personal care.”

Annual report 2024A · The company itself

“BioMaterials develops, produces and sells speciality cellulose mainly for use as a raw material in the production of cellulose ethers, cellulose acetate and other speciality products. BioMaterials also includes cellulose fibrils for industrial applications.”

Annual report 2024A · The company itself

“The products are used across multiple industries for a wide range of applications, including sectors such as feed and agriculture, construction and building materials, food and pharmaceuticals, home and personal care, batteries, biofuel and several other industries.”

Annual report 2024A · The company itself

“Verksamheten Koncernens verksamhet är primärt inriktad mot blodcellsräkning, hematologi, vilket är ett medicinskt område som fokuserar på studier av blodet, blodsjukdomar och en rad olika sjukdomar som kan diagnostiseras via blodanalys. Om en läkare träffar en patient med otydlig sjukdomsbild kan blodet analyseras med hjälp av ett automatiserat system för blodcellräkning. Avvikelser från normal nivå för de tre olika blodcelltyper som finns i blodet kan ge en bred bild av hälsostatus och indikera ett flertal olika sjukdomstillstånd. Blodcellräkning är idag en av världens vanligaste diagnostiska test på kliniska laboratorier och analyser genomförs inom såväl human- som veterinärdiagnostik.”

Annual report 2024A · The company itself

“Boule riktar sig främst mot små och medelstora sjukhus, kliniker, laboratorier, veterinärmottagningar och andra diagnostikbolag.”

Annual report 2024A · The company itself

“Boules instrument och reagenser erbjuds inom patientnära diagnostik i hela världen. Våra robusta och högkvalitativa blodanalysinstrument hjälper vårdgivare över hela världen att ge patienter en säker och korrekt diagnostik oavsett om de bor i städer eller på landsbygd.”

Annual report 2024A · The company itself

“Produkterna säljs i huvudsak på humanmarknaden men Boule erbjuder även produkter utvecklade för veterinärmarknaden.”

Annual report 2024A · The company itself

“En annen sektor der konsernet har bidratt med digitalisering og organisasjonsutvikling er innen Helse og velferd. Effektiv utnyttelse av teknologi og innovativ bruk av digitale løsninger vil være avgjørende for at sektoren skal kunne løse de utfordringene fremtidens helsevesen vil møte. I 2024 har konsernet blant annet inngått en ny avtale med Sykehusinnkjøp HF om bistand til strategiutvikling til helseforetakene i Norge.”

Annual report 2024A · The company itself

“Omsetning per sektor Helse og sosial 1,4 % Industri 3,7 % Info og kommunikasjon 2,1 % Kraftforsyning 20,4 % Off. adm. og forsvar 17,8 % Olje, gass og fornybart 40,5 % Tjenesteyting 6,0 % Transport 4,3 % Varehandel 2,5 % Andre 1,2 % Intro | Våre nøkkeltall Intro | Våre nøkkeltall 5 5 Om Bouvet I dagens samfunn er digitalisering en avgjørende faktor for virksomheters leveranseevne og konkurransekraft.”

Annual report 2024A · The company itself

“Oversikten viser sektorene som utgjør den største andelen av omsetningen i konsernet Sektor Jan-Des 2024 Kraftforsyning 20,4 % Helse og sosial 1,4 % Industri 3,7 % Informasjon og kommunikasjon 2,1 % Off. adm. og forsvar 17,8 % Olje, gass og fornybart 40,5 % Tjenesteyting 6,0 % Transport 4,3 % Varehandel Konsernets kunder har store komplekse og gjensidig avhengige behov innen digitalisering og bærekraft.”

Annual report 2024A · The company itself

“Drift av hälsooch socialvård Sjukhus och fastigheter för socialvård är installationstäta byggnader. Bravida ser till att de tekniska systemen samverkar och lever upp till högt ställda krav på säkerhet och funktionalitet.”

Annual report 2024A · The company itself

“Our products are sold worldwide, principally to wholesalers, distributors, specialty pharmacies, and to a lesser extent, retailers, hospitals, clinics, government agencies and directly to patients.”

Annual report 2025A · The company itself

“Marketing, Distribution and Customers We promote the appropriate use of our products directly to healthcare professionals and organizations such as doctors, nurse practitioners, physician assistants, pharmacists, technologists, hospitals, PBMs and MCOs.”

Annual report 2025A · The company itself

“Our products are sold principally to wholesalers, distributors, specialty pharmacies, and to a lesser extent, retailers, hospitals, clinics, and government agencies.”

Annual report 2025A · The company itself

“In addition, the U.S. healthcare industry is highly regulated and subject to frequent and substantial changes, including as a result of new judicial or governmental decisions.”

Annual report 2025A · The company itself

“Additionally, pharmacy benefit manager practices have come under increased scrutiny from U.S. policymakers at the federal and state level, who have proposed legislation intended to address concerns regarding the impact that these intermediaries have on drug pricing and patients’ out of pocket costs.”

Annual report 2025A · The company itself

“In addition, in the U.S., most of our products are distributed through wholesalers, and if one of these wholesalers should encounter financial or other difficulties, we might be unable to timely collect the amounts that the wholesaler owes us, which could negatively impact our results of operations.”

Annual report 2025A · The company itself

“Customer Communications Solutions We support clients across financial services, healthcare, insurance, consumer finance, telecommunications, utilities, and other service industries with omni-channel customer communications management solutions.”

Annual report 2026A · The company itself

“In addition to financial services firms, we service corporate clients in healthcare, insurance, consumer finance, telecommunications, utilities, and other service industries, supporting their essential communications.”

Annual report 2026A · The company itself

“Significant lines of coverage and capabilities are: Property & Casualty Employee Benefits Personal Insurance Property Group Health Homeowners Casualty Voluntary Benefits Automobile Workers' Compensation Pharmacy Benefits Personal Excess Liability Surety Independent Retirement Flood and Excess Liability Aviation International Benefits Flood and Excess Flood Private Equity/Mergers & Acquisitions Employer Stop Loss Specialized Coverages Executive Liability Long-Term Care Group Excess Cyber Risk Multinational Property & Casualty - Capabilities Employee Benefits - Capabilities Specialties Analytics Benefit Design & Delivery Dealer Services Modeling Financial Strategy & Analytics Specialty Risk Solutions Risk Services Regulatory & Legislative Strategy Tribal Nations Alternative Risk/Captives Technology Services Total Rewards & Compensation Specialty Risk Solutions Population Health & Well-Being Strategic Non-Medical Solutions Private Equity/Mergers & Acquisitions No material part of our Retail segment is attributable to a single customer or a few customers.”

Annual report 2025A · The company itself

“Professional liability and related package insurance products are tailored to the needs of professionals in the following areas: dentistry, legal, eyecare, insurance, financial, physicians and real estate title professionals.”

Annual report 2025A · The company itself

“Fee revenues are generated by: (i) our Specialty Distribution segment, which earns fees primarily for the issuance of insurance policies on behalf of insurance carriers and (ii) our Retail segment in our large-account customer base, where we primarily earn fees for securing insurance for our customers, in our F&I businesses where we earn fees for assisting our customers with creating and selling warranty and service risk management programs, and fees for Medicare Set-aside services, Social Security disability services and Medicare benefits advocacy services.”

Annual report 2025A · The company itself

“Med verksamhet i Sverige och Danmark är Team Olivia en av Skandinaviens största vård- och omsorgskoncerner med fokus på personlig assistans, individ- och familjeomsorg samt hemomsorg. Styrelseordförande: Gunnel Duveblad Verkställande direktör: Mats Johannesson (PA), Maria Isalena Fagerspang (DK) Byggmästarens kommentar • Den privata omsorgssektorn har haft ett antal utmanande år.”

Annual report 2024A · The company itself

“Strålbehandling är avgörande för överlevnad vid cancer och förväntas fortsätta vara en central och avgörande del av patienters cancerbehandling under överskådlig framtid. Tillämpningarna blir fler, och strålbehandling ger en alltmer effektiv och patientcentrerad vård.”

Annual report 2024A · The company itself

“Ungefär hälften av alla cancerpatienter får strålbehandling vid något tillfälle under en behandling, ofta med en LINAC*.”

Annual report 2024A · The company itself

“C-RADs positioneringslösningar kompletterar strålterapikniven och bidrar därmed till att fler cancerpatienter kan botas och få en förbättrad livskvalitet, under och efter behandling.”

Annual report 2024A · The company itself

“Kunderna består av både privat och offentligt finansierade vårdgivare, såsom sjukhus och specialistkliniker.”

Annual report 2024A · The company itself

“C-RAD har ledande produkter och en stor etablerad kundbas globalt Strålning är en effektiv behandlingsmetod, men felaktig applicering kan orsaka skador på frisk vävnad. C-RADs banbrytande positioneringsprodukter säkerställer hög precision, säkerhet och effektivitet, vilket minimerar risken för biverkningar. Produkterna återfinns på kliniker, sjukhus och cancerbehandlingscenter och är integrerade med linjäracceleratorer från flera olika leverantörer.”

Annual report 2024A · The company itself

“Valutarisker uppstår främst genom framtida transaktioner, redovisade tillgångar och skulder samt investeringar i utländska dotterbolag. Kreditrisker för koncernen är främst knutna till kundfordringar. Kunderna utgörs till största del av offentliga och privata cancerkliniker runt om i världen.”

Annual report 2024A · The company itself

“Nyare rapporter belyser också hur behandling med Buvidal kan resultera i betydande kostnadsbesparingar för hälso- och sjukvårdssystemet, i fängelsemiljöer och för samhället.”

Annual report 2024A · The company itself

“Växande klinisk evidensbas och ökad tillgänglighet till behandling för patienter med opioidberoende Att förbättra tillgängligheten till effektiv och individanpassad behandling för patienter med opioidberoende är ett av Camurus viktigaste åtaganden.”

Annual report 2024A · The company itself

“I Europa och Australien fortsatte vårt arbete och samarbete med vårdgivare, betalare och andra beslutsfattare för att öka tillgängligheten till Buvidal.”

Annual report 2024A · The company itself

“Under 2024 gjorde Camurus betydande insatser för att ytterligare förbättra patienternas tillgång till Buvidal genom samarbete med vård - givare, betalare och andra beslutsfattare. Arbetet resulterade i ökad marknadspenetration, nya prisoch ersättningsgodkännanden i Irland, Schweiz, Portugal och Luxemburg, utökad tillgång på behandlingskliniker och förbättrad tillgänglighet till behandling för patienter.”

Annual report 2024A · The company itself

“Commercial Loans by Industry Table 19 summarizes our commercial loans held for investment by industry classification as of December 31, 2025 and 2024. Industry classifications below are based on our interpretation of the Federal Loan Classification codes as they pertain to each individual loan. Table 19: Commercial Loans by Industry (Percentage of portfolio) Industry Classification: Finance 42 % 39 % Real Estate & Construction 25 26 Government & Education 8 8 Commercial Services 4 4 Health Care & Pharmaceuticals 3 4 Food & Beverage Manufacturing & Wholesale 3 3 Oil, Gas & Pipelines 2 3 Technology, Telecommunications & Media 2 3 Other 11 10 Total Credit Risk Measurement We closely monitor economic conditions and loan performance trends to assess and manage our exposure to credit risk.”

Annual report 2025A · The company itself

“Till exempel kan regioners beslut om gemensamma journalsystem, som i Västra Götaland och Skåne, begränsa marknaden för Carasents produkter.”

Annual report 2024A · The company itself

“Carasent har flera möjligheter inom hållbarhet som är direkt kopplade till affärsstrategin: Innovation och ekonomisk tillväxt (SDG 8): Carasent utvecklar kontinuerligt produkter för att möjliggöra effektivare resursanvändning inom sjukvården, särskilt genom att optimera tidsanvändningen för vårdgivare. Genom digitala lösningar hjälper Carasent vårdorganisationer att arbeta mer strukturerat, vilket leder till förbättrade arbetsflöden och ökad produktivitet.”

Annual report 2024A · The company itself

“Carasent är en helhetsleverantör som erbjuder molnbaserade EHR-lösningar och plattformtjänster för olika verksamheter inom hälso- och sjukvårdssektorn. Med Webdoc som den ledande produkten, erbjuder Carasent ett brett ekosystem av tjänster, inklusive lösningar för patientkommunikation och affärsintelligens.”

Annual report 2024A · The company itself

“Inom kategorin EHRprogramvaror återfinns Webdoc, Webdoc X, Metodika, Ad Curis, Ad Opus och Data-AL.”

Annual report 2024A · The company itself

“Plattformstjänster inkluderar Medrave, Vårdrummet, Ad Voca och HPI Plustoo.”

Annual report 2024A · The company itself

“Den privata sektorn finansieras huvudsakligen genom offentlig finansiering, försäkringar eller privata betalningar, vilket gör sektorn känslig för politiska beslut och regeländringar. I Sverige debatteras frågan om vinster i välfärden regelbundet, och förändrade regler kan begränsa privata vårdföretags möjligheter att generera eller överföra vinster. Om offentligt finansierad privat vård begränsas eller upphör kan Carasent förlora viktiga kundsegment, vilket skulle minska omsättningen och kassaflödet.”

Annual report 2024A · The company itself

“De stora nya kundavtalen – inklusive Metodika till Volvat, Ad Curis till Frelsesarmeen och Medrave till VGR – kommer till största delen att generera intäkter under andra halvåret 2025, och vår nya kirurgiska funktionalitet i Webdoc bör börja bidra på ett meningsfullt sätt när kunderna ser dess funktioner live.”

Annual report 2024A · The company itself

“I april signerade Carasent ett nytt avtal med Västra Götalandsregionen (VGR) för Medrave, med ett värde på 6 MSEK i ny ARR (årligen återkommande intäkter).”

Annual report 2024A · The company itself

“Medrave AB ingick ett avtal om att implementera Medrave i journalsystemet Millennium. Den årliga återkommande intäkten från kontraktet uppgick till 11 MSEK, där 6 MSEK är nya intäkter.”

Annual report 2024A · The company itself

“Norge ingick ett avtal om att implementera EHR-systemet Ad Curis på Frelsesarmeens kliniker för missbruksvård och återhämtning i Norge. Den årliga återkommande intäkten från kontraktet uppgår till 3,3 MSEK.”

Annual report 2024A · The company itself

“For example, in fiscal 2025, we completed several acquisitions in disparate businesses: the acquisition of Integrated Oncology Network and GI Alliance, which are part of our Specialty business, and the acquisition of Advanced Diabetes Supply Group, which is part of our Cardinal Health At-Home businesses.”

Annual report 2026A · The company itself

“Since fiscal 2025, we have completed a number of acquisitions to establish and grow our MSO businesses. Through our MSO businesses, we provide physician practice support and management services that complement our legacy businesses.”

Annual report 2026A · The company itself

“Introduction Management's Discussion and Analysis of Financial Condition and Results of Operations About Cardinal Health Cardinal Health, Inc., an Ohio corporation formed in 1979, is a global healthcare services and products company providing customized solutions for hospitals, healthcare systems, pharmacies, ambulatory surgery centers, clinical laboratories, physician offices, and patients in the home.”

Annual report 2026A · The company itself

“This segment also provides services to pharmaceutical manufacturers and healthcare providers for specialty pharmaceutical products; provides pharmacy management services to hospitals and operates a limited number of pharmacies, including pharmacies in community health centers; repackages generic pharmaceuticals and over-the-counter healthcare products; and includes our managed services organization ("MSO") platforms for physician offices.”

Annual report 2026A · The company itself

“This segment also distributes a broad range of medical, surgical, and laboratory products known as national brand products to hospitals, ambulatory surgery centers, clinical laboratories, and other healthcare providers in the United States and Canada.”

Annual report 2026A · The company itself

“Management Service Organization Platforms The performance of The Specialty Alliance positively impacted the year-over-year comparison of Pharma segment profit during fiscal 2026, primarily due to the impact of the acquisitions of GI Alliance ("GIA") and Solaris Health. The Specialty Alliance is our multi-specialty MSO platform, which is primarily comprised of GIA, Urology America, Solaris Health, and other gastroenterology- and urology-focused practices.”

Annual report 2026A · The company itself

“Global Medical Products and Distribution GMPD segment profit for fiscal 2026 increased 91 percent to $258 million from the prior year, primarily due to growth from existing customers.”

Annual report 2026A · The company itself

“This operating segment serves hospitals, pharmacies, labs, and surgery centers.”

Annual report 2026A · The company itself

“Advisory Services Advisory Services provides a comprehensive range of services globally, including leasing, capital markets (property sales and mortgage origination), loan servicing, and valuation. With a global network of experts that have a deep understanding of their local markets, we offer comprehensive insights and solutions across a wide range of assets, including offices, industrial and logistics, retail, multi-family and critical facilities, such as data centers, laboratories, and government facilities.”

Annual report 2025A · The company itself

“Our Public segment is comprised of government agencies and education and healthcare institutions in the US.”

Annual report 2025A · The company itself

“Vår verksamhet bidrar till sex av hållbarhetsmålen och då främst till mål tre: God hälsa och välbefinnande.”

Annual report 2024A · The company itself

“Information om större kunder CellaVisions produkter säljs globalt via partners och på utvalda marknader även via egna säljbolag.”

Annual report 2024A · The company itself

“In June 2023, we invested $718.4 million (representing a 34.9% interest) in a joint venture to acquire OneOncology, a network of leading oncology practices, with TPG Inc., a global alternative asset management firm, holding the majority interest in the joint venture.”

Annual report 2025A · The company itself

“Further, on January 2, 2025, we acquired RCA, a leading management services organization of retina specialists.”

Annual report 2025A · The company itself

“Cencora is one of the largest global pharmaceutical sourcing and distribution services companies, helping both healthcare providers and pharmaceutical and biotech manufacturers improve patient access to products and enhance patient care. We deliver innovative programs and services designed to increase the effectiveness and efficiency of the pharmaceutical supply chain in both human and animal health. More specifically, we distribute a comprehensive offering of brand-name, specialty brand-name, and generic pharmaceuticals, over-the-counter healthcare products, home healthcare supplies and equipment, and related services to a wide variety of healthcare providers located in the United States and select global markets, including acute care hospitals and health systems, independent and chain retail pharmacies, mail order pharmacies, medical clinics, long-term care and alternate site pharmacies, physician practices, medical and dialysis clinics, veterinarians, and other customers.”

Annual report 2025A · The company itself

“Customers We have a diverse customer base that includes institutional and retail healthcare providers as well as pharmaceutical manufacturers. Institutional healthcare providers include acute care hospitals, health systems, mail order pharmacies, long-term care and other alternate care pharmacies, providers of pharmacy services to such facilities, physicians, and physician group practices.”

Annual report 2025A · The company itself

“In fiscal 2025, Walgreens and Boots together accounted for approximately 25% of revenue and Evernorth Health Services accounted for approximately 13% of revenue.”

Annual report 2025A · The company itself

“Evernorth Health Services accounted for approximately 13% of our revenue in fiscal 2025.”

Annual report 2025A · The company itself

“Evernorth Health Services, the Company’s second largest customer in fiscal 2025, accounted for approximately 13% of revenue and represented approximately 5% of accounts receivable as of September 30, 2025.”

Annual report 2025A · The company itself

“Our client base includes major global pharmaceutical companies, many biotechnology companies; agricultural and industrial chemical, life science, veterinary medicine, medical device, diagnostic and consumer product companies; contract research and contract manufacturing organizations; and other commercial entities, as well as leading hospitals, academic institutions, and government agencies around the world.”

Annual report 2025A · The company itself

“Clients Our clients consist primarily of major biopharmaceutical companies; many small, emerging, and established biotechnology, agricultural and industrial chemical, life science, veterinary medicine, medical device, diagnostic and consumer product companies; contract research and contract manufacturing organizations; and other commercial entities, as well as leading hospitals, academic institutions, government agencies, and non-governmental organizations.”

Annual report 2025A · The company itself

“Hospitals-laboratorier ... Celle- og genterapi”

Annual report 2025B · From the report

“Behandlingen er autolog – det vil sige, at terapien produceres til én patient ad gangen baseret på patientens egne celler.”

Annual report 2025A · The company itself

“•Property provides products and services including primary, quota share and excess all-risk insurance, risk management programs and services, commercial, inland marine, and aerospace products. •Casualty provides coverages including umbrella and excess liability, environmental risk, casualty programs for commercial construction related projects for companies and institutions, medical risk specialty liability products for the healthcare industry, and casualty insurance solutions for commercial real estate. •Surety offers a wide variety of surety products and specializes in underwriting both commercial and contract bonds and has the capacity for bond issuance on an international basis. •Accident & Health (A&H) products are targeted to large corporate and affinity groups, and include employee benefit plans, occupational accident, student accident, and worldwide travel accident and global medical programs.”

Annual report 2025A · The company itself

“The First Aid and Safety Services reportable operating segment consists of first aid and safety products and services, as well as workplace water services.”

Annual report 2026A · The company itself

“Commercial Real Estate provides financing for projects primarily in the multifamily, office, industrial, retail, healthcare, and hospitality sectors.”

Annual report 2025A · The company itself

“In addition, in B2B channels, including healthcare and other institutional markets, customers may shift to lower-cost alternatives, reduce usage or purchasing volumes, or renegotiate product specifications in response to budgetary, reimbursement or other cost pressures, which could adversely impact demand, pricing, and margins for the Company’s products. Certain of the Company’s offerings also involve dispensing systems, devices, or other product platforms that depend on customer retention and recurring purchases of related consumables or refill products, and any reduction in placements, retention, usage or replenishment rates, or any shift to lower-cost or competing consumables, could adversely affect future revenues and profitability.”

Annual report 2025A · The company itself

“In April 2026, the Company completed the acquisition of GOJO, expanding its product portfolio to include the Purell® brand and GOJO's health and hygiene solutions. The Company acquired all of the issued and outstanding membership interests of GOJO, which now operates as Clorox Purell and is based in northeast Ohio. The acquisition reflects the Company's strategy to expand its position in health and hygiene and strengthens its presence in business-to-business (B2B) channels, including healthcare and other institutional markets, through an established distribution network and a large installed base of dispensing systems that drive recurring demand.”

Annual report 2025A · The company itself

“In particular, on April 1, 2026, the Company completed its acquisition of GOJO (now operating as Clorox Purell), a significant strategic transaction that expands the Company’s position in health and hygiene and increases its presence in B2B channels, including healthcare and other institutional markets.”

Annual report 2025A · The company itself

“The Company also markets industry-leading products and technologies for professional customers, including those sold under the Purell®, CloroxPro™ and Clorox Healthcare® brand names.”

Annual report 2025A · The company itself

“The four reportable segments consist of the following: •Health and Wellness consists of cleaning, disinfecting, sanitizing and professional products marketed and sold in the United States. Products within this segment include home care cleaning and disinfecting products and laundry additives, primarily under the Clorox, Clorox2, Pine-Sol, Scentiva, Tilex, Liquid-Plumr and Formula 409 brands; skin sanitization and cleaning products under the Purell and GOJO brands; professional cleaning and disinfecting products under the CloroxPro and Clorox Healthcare brands; and professional food service products under the Hidden Valley brand.”

Annual report 2025A · The company itself

“Following the acquisition of GOJO, the Company is also more exposed to consolidation trends among distributors, group purchasing organizations, health systems and other large institutional customers in B2B channels, which may increase customer concentration, enhance purchasing leverage and pricing pressure, and adversely affect the Company’s net sales, margins and customer relationships.”

Annual report 2025A · The company itself

“Our HS segment consists of healthcare providers and payers, and life sciences companies, including pharmaceutical, biotech and medical device companies. Demand in this segment is driven by emerging industry trends, including the shift towards consumerism, outcome-based care, digital health and delivering seamless, patient-centered experiences. These trends result in increased demand for services that drive operational improvements in areas such as clinical development, pharmacovigilance and manufacturing, as well as claims processing, enrollment, membership and revenue cycle management. Demand is also created by the adoption and integration of digital technologies such as AI and predictive data analytics to improve clinical trial designs, data security, patient engagement and care outcomes.”

Annual report 2025A · The company itself

“Many of our clients are in the financial services and healthcare industries, so any decrease in growth or significant consolidation in these industries or regulatory policies that restrict these industries may reduce demand for our services.”

Annual report 2025A · The company itself

“We sell our toothpastes under brands such as Colgate, Darlie, elmex, hello, meridol, Sorriso and Tom’s of Maine, our toothbrushes under brands such as Colgate, Darlie, elmex and meridol and our mouthwashes under brands such as Colgate, elmex and meridol.”

Annual report 2025A · The company itself

“Pet Nutrition products are sold by authorized pet supply retailers, veterinarians and eCommerce retailers.”

Annual report 2025A · The company itself

“the recent opening of Medicare reimbursement creates a multi-year opportunity to expand access”

Annual report 2025A · The company itself

“we helped more than two million users worldwide”

Annual report 2025A · The company itself

“The products and technologies are used in specialised clinics or in the hospital setting”

Annual report 2025A · The company itself

“we engage deeply with users and healthcare professionals to understand both their medical challenges”

Annual report 2025A · The company itself

“collaborate with healthcare professionals and payers to define standards of care and secure reimbursement”

Annual report 2025A · The company itself

“Sales to hospital systems are not directly reimbursement driven, as hospitals pay for Biologics products from diagnoses related payments from insurance companies. In the out-patient segment Biologics enjoys wide product specific reimbursement coverage from public and private insurers, with future growth being dependent on continued coverage.”

Annual report 2025A · The company itself

“We seek to enhance access to care across our business areas and geographies. By promoting reimbursement schemes, we positively impact consumers and end-users, aiming to eliminate barriers for those with intimate healthcare needs.”

Annual report 2025A · The company itself

“In the financial year 2024/25, we continued to deliver on our mission as we helped more than two million users worldwide, while simultaneously progressing on our sustainability ambition to reduce emissions, especially scope 1 and 2.”

Annual report 2025A · The company itself

“In 2024/25, we supported over two million users across 140 countries and welcomed more than 260,000 new participants to our patient support programmes Coloplast Care and Atos Care.”

Annual report 2025A · The company itself

“Management’s Report | Business model and strategy | Group Strategy HyperlinkHy perlinkHyper linkHyperlink Hyperlink An introduction to Chronic Care Chronic Care commercial model Chronic Care is our largest business unit, which includes Ostomy Care, Continence Care, and Voice & Respiratory Care. In Chronic Care we serve users with chronic conditions, where products are mostly used after discharge from the hospital.”

Annual report 2025A · The company itself

“Underlying conditions, users and products In Ostomy Care we serve users with a stoma. A stoma is a surgically created opening in which part of the digestive or urinary system is redirected to an opening in the abdominal wall, allowing output to be removed from the body.”

Annual report 2025A · The company itself

“In Continence Care, Coloplast helps people that have bladder control issues related to urinary retention and incontinence, as well as people that are unable to control bowel movements. Within Continence Care, Intermittent Catheters is the largest category, accounting for around 70% of total sales.”

Annual report 2025A · The company itself

“Coloplast is the market leader in Laryngectomy care.”

Annual report 2025A · The company itself

“The integration of Atos Medical is progressing according to plan and will be finalised in 2025/26. geographical revenue split 65% 24% 11% 2.3 bn Reported revenue in DKK for 2024/25 % % Reported growth in DKK Reported revenue included a negative effect from FX rates HyperlinkHy perlinkHyper linkHyperlink Hyperlink An introduction to Acute Care Acute Care commercial model Acute Care is our newly formed business unit, which includes Wound & Tissue Repair and Interventional Urology. In Acute Care, we serve patients with acute or temporary conditions within treatment areas characterised by premium products, in Interventional Urology within Men and Womens health with products such as Coloplast’s penile implants and the to be launched Intibia™ for stress urinary incontinence, the Kerecis fish-skin portfolio, and our wound dressings.”

Annual report 2025A · The company itself

“Coloplast is present in three segments of the Interventional Urology market: Men’s Health, Women’s Health, and Kidney & Bladder Health.”

Annual report 2025A · The company itself

“Within Women’s Health, women are treated for pelvic organ prolapse and stress urinary incontinence.”

Annual report 2025A · The company itself

“In the DMA, and in the context of our products and waste, we considered Ostomy Care, Interventional Urology, Continence Care, Voice & Respiratory Care, and Wound & Tissue Repair as the business areas associated with the impacts and risks.”

Annual report 2025A · The company itself

“Coloplast products are used for intimate healthcare and are disposed of as domestic waste.”

Annual report 2025A · The company itself

“We define consumers of our products as the individuals who use our products for personal use. This includes, but is not limited to, people living with an ostomy, people who have bladder control issues, people who have lost the ability to control bowel movements, people living with a laryngectomy or tracheostomy, patients in need of wound treatment, and people with various urological conditions.”

Annual report 2025A · The company itself

“We define end-users of our products as healthcare professionals who typically use the products to treat patients. Examples of endusers include surgeons, nurses, urologists etc.”

Annual report 2025A · The company itself

“Columbus is a consultancy company that brings business, technology and people together and turn transformation into lasting value within Manufacturing, Retail & Distribution, Food & Beverage, and Life Science.”

Annual report 2025A · The company itself

“We appointed a new leader for the Dynamics 365 Business Line, bringing over 17 years of industry expertise working with Life Science customers. While we secured new customers, revenue from Life Science declined slightly - reflecting a slower ramp-up than anticipated. Columbus is well-positioned to win Life Science with strong synergies to the regulatory environment and complexity found in the Food & Beverage industry.”

Annual report 2025A · The company itself

“Columbus has partnered with Pharmaxo, a leading UK healthcare company and part of the Icon Group, on the implementation of Dynamics 365 Finance & Supply Chain Management and Dynamics 365 Healthcare. This transformation will strengthen Pharmaxo’s end-to-end finance, supply chain, and clinical operations, enabling scalable, compliant delivery of high-tech homecare and pharmacy services for patients with complex, long-term and rare conditions across the UK.”

Annual report 2025A · The company itself

“Technology ​ 45.0 % Manufacturing ​ ​ ​ 22.1 % Healthcare 8.9 % Education 7.3 % Government 5.0 % Office Buildings 5.0 % Retail, Restaurants and Entertainment 3.7 % Multi-Family and Residential 1.4 % Other 1.6 % Total 100.0 % ​ Approximately 92.7% of our revenue is earned on a project basis for installation of systems in newly constructed or existing facilities.”

Annual report 2025A · The company itself

“Matre Maskins system används även på landbaserade större anläggningar som har behov att skydda helikopterdäck, exempelvis sjukhus.”

Annual report 2024A · The company itself

“Allianssimalli oli vuonna 2025 käytössä laajoissa sairaalahankkeissa.”

Annual report 2025A · The company itself

“Ilmastonmuutos lisää jonkin verran tarvetta esimerkiksi asiakkaille tarjottavien energiatehokkuuspalveluiden, julkisivukorjausten ja huoltopalveluiden osaamiselle sekä niihin kouluttautumiselle.”

Annual report 2025A · The company itself

“Further, the One Big Beautiful Bill Act of 2025 (OBBBA) introduced significant changes to Medicaid and ACA marketplace eligibility, including new verification and work requirements, and reductions in federal support for medical education and physician reimbursement. These changes may affect patient access to care and alter the reimbursement environment for providers and manufacturers.”

Annual report 2025A · The company itself

“These measures could result in decreased net revenues or increased expenses from our fertility, office and surgical portfolios and decrease potential returns from our development efforts.”

Annual report 2025A · The company itself

“We expect that additional state, federal and foreign health care reform measures will be adopted in the future, including those initiatives affecting coverage and reimbursement for our products, any of which could limit the amounts that federal state and foreign governments will pay for health care products and services, which could adversely affect the growth of the market for our products or demand for our products, or result in additional pricing pressures.”

Annual report 2025A · The company itself

“In addition, third-party payors, whether governmental or commercial, whether inside the United States or abroad, increasingly attempt to contain or reduce the costs of health care. These cost-control methods include prospective payment systems, capitated rates, group purchasing, redesign of benefits, requiring pre-authorizations or second opinions prior to certain medical procedures, encouragement of healthier lifestyles and exploration of more cost-effective methods of delivering health care. Although cost controls or other requirements imposed by third-party payors have not historically had a significant effect on contact lens prices or distribution practices, this could change in the future and could adversely affect our business.”

Annual report 2025A · The company itself

“CooperSurgical offers a broad array of products and services focused on fertility and women's health. We categorize CooperSurgical product sales based on the point of health care delivery, which includes: products used in medical offices, ambulatory surgery centers and hospitals primarily by women's health providers including Obstetricians/Gynecologists (OB/GYN); and fertility products and services used primarily in fertility clinics.”

Annual report 2025A · The company itself

“CooperSurgical CooperSurgical focuses on advancing fertility and women's health through a diversified portfolio including fertility products and services, medical devices, cryostorage (such as cord blood and cord tissue storage) and contraception.”

Annual report 2025A · The company itself

“CooperSurgical Competition CooperSurgical focuses on selected segments of the fertility and women's health care market with a diversified portfolio including fertility products and services, medical devices, cryostorage (such as cord blood and cord tissue storage) and contraception.”

Annual report 2025A · The company itself

“CooperSurgical offers the cryostorage of newborn cord blood and cord tissue, which are potent sources of stem cells that have the potential for treatment and healing. Our newborn stem cell storage services are available in the United States, Canada and Australia.”

Annual report 2025A · The company itself

“Human cells, tissues, and cellular and tissue-based products We currently operate as a provider of donated reproductive tissue (eggs and sperm) for fertility treatments, fertility cryopreservation services and newborn stem cell storage. Eggs and sperm are regulated by the FDA as human cells, tissues, and cellular and tissue-based products (HCT/Ps).”

Annual report 2025A · The company itself

“CooperSurgical distributes its products and services worldwide through OB/GYN and medical offices, hospital and ambulatory surgery centers and fertility clinics, as well as direct-to-consumer.”

Annual report 2025A · The company itself

“Market for Fertility and Women's Health Care CooperSurgical participates in the market for women's and family health care with its diversified product lines at various points of health care delivery: OB/GYN medical offices, hospitals and surgery centers, and fertility clinics.”

Annual report 2025A · The company itself

“Coverage and Reimbursement Market acceptance and sales of our CooperSurgical products to our customers, who primarily consist of hospitals and surgery centers, OB/GYN medical offices and fertility clinics, will depend on the availability of payor coverage and the adequacy of reimbursement, for the procedures using our products, by government insurance programs and other third-party payors.”

Annual report 2025A · The company itself

“Because our CooperSurgical products are generally purchased by hospitals and surgery centers, OB/GYN medical offices and fertility clinics, and billed to various third-party payors, changes in the purchasing behavior of such customers or the amount such payors are willing to reimburse our customers for procedures using our products, including as a result of healthcare reform initiatives, could create additional pricing pressure on us.”

Annual report 2025A · The company itself

“In the United States, we provide donor egg and sperm for fertility treatments, in addition to fertility cryopreservation services and newborn stem cell storage (cord blood and cord tissue).”

Annual report 2025A · The company itself

“Life Sciences products include consumables, such as plastic vessels, liquid handling plastics, specialty surfaces, cell culture media and serum, as well as general labware, glassware and equipment. These products are used for drug discovery research and development, compound screening, diagnostics, advanced cell culture research, genomics applications and mass production of cells for clinical trials and bioproduction.”

Annual report 2025A · The company itself

“The products are marketed globally, primarily through distributors, to pharmaceutical and biotechnology companies, contract manufacturing organizations, central testing labs, academic institutions, hospitals, government entities and other facilities.”

Annual report 2025A · The company itself

“Apotea inledde året som ett onoterat innehav men redovisas per årsskiftet som noterat till följd av noteringen i december. Under perioden som onoterat innehav från januari till noteringen i december bidrog Apotea med SEK 61 mn/26 procent till substansvärdet.”

Annual report 2024A · The company itself

“Certain of our Health Services and Pharmacy & Consumer Wellness operations, products and services are subject to: •the clinical quality, patient safety and other risks inherent in the dispensing, packaging and distribution of drugs and other health care products and services, including claims related to purported dispensing and other operational errors (any failure by our Health Services and/or Pharmacy & Consumer Wellness operations to adhere to the laws and regulations applicable to the dispensing of drugs could subject us to civil and criminal penalties); •federal and state anti-kickback and other laws that govern our relationship with drug manufacturers, customers and consumers; •compliance requirements under ERISA, including fiduciary obligations in connection with the development and implementation of items such as drug formularies and preferred drug listings; and •federal and state legislative proposals and/or regulatory activity that could adversely affect pharmacy benefit industry practices.”

Annual report 2025A · The company itself

“•The organic expansion of our Medicare Advantage and Medicare Part D service area is subject to the ability of CMS to process our requests for service area expansions and our ability to build cost competitive provider networks in the expanded service areas that meet applicable network adequacy requirements.”

Annual report 2025A · The company itself

“In addition, errors in the dispensing, packaging or administration of drugs or other products and consuming drugs in a manner that is not prescribed could lead to serious injury or death. Product liability or personal injury claims may be asserted against us with respect to any of the drugs or other products we sell or services we provide.”

Annual report 2025A · The company itself

“Value-Based Care In response to rising healthcare spending in the U.S., commercial, government and other payors are shifting away from fee-for-service payment models towards value-based models, including risk-based payment models that tie financial incentives to quality, efficiency and coordination of care. Value-based care (“VBC”) refers to the goal of incentivizing healthcare providers to simultaneously increase quality while lowering the cost of care for patients.”

Annual report 2025A · The company itself

“Health Care Benefits Segment The Health Care Benefits segment operates as one of the nation’s leading diversified health care benefits providers through its Aetna® operations, serving an estimated more than 37 million people as of December 31, 2025.”

Annual report 2025A · The company itself

“Health Services Segment The Health Services segment provides a full range of PBM solutions through its CVS Caremark® operations and delivers health care services in its medical clinics, virtually, and in the home. PBM solutions include plan design offerings and administration, formulary management, retail pharmacy network management services, and specialty and mail order pharmacy services. In addition, the Company provides clinical services, disease management services, medical spend management and pharmacy and/or other administrative services for providers and federal 340B drug pricing program covered entities (“Covered Entities”).”

Annual report 2025A · The company itself

“In-Home Health Evaluations As a complement to its value-based care delivery, the Company operates a large mobile network of credentialed providers in the U.S. through its Signify Health business. These credentialed providers are deployed into the home primarily to conduct in-home health evaluations (“IHEs”) and perform select diagnostic services.”

Annual report 2025A · The company itself

“MinuteClinic As of December 31, 2025, the Company operated more than 800 MinuteClinic locations in the U.S. The clinics are staffed by nurse practitioners and physician assistants who utilize nationally established guidelines to deliver a variety of health care services, including expanding primary care services.”

Annual report 2025A · The company itself

“The Health Services segment’s clients and customers are primarily employers, insurance companies, unions, government employee groups, health plans, PDPs, Medicaid managed care (“Managed Medicaid”) plans, CMS, plans offered on Private Exchanges and Public Exchanges and other sponsors of health benefit plans throughout the U.S., patients who receive care in the Health Services segment’s medical clinics, virtually or in the home, as well as Covered Entities.”

Annual report 2025A · The company itself

“Health Services Clients & Customers The Company’s Health Services clients and customers are primarily employers, insurance companies, unions, government employee groups, health plans, PDPs, Managed Medicaid plans, CMS, plans offered on Private Exchanges and Public Exchanges and other sponsors of health benefit plans throughout the U.S., patients who receive care in the Health Services segment’s medical clinics, virtually or in the home, as well as Covered Entities.”

Annual report 2025A · The company itself

“Risks Relating to Our Businesses •We may not be able to accurately forecast health care and other benefit costs. •Adverse economic conditions in the U.S. and abroad can materially and adversely impact our businesses, operating results, cash flows and financial condition. •Each of our segments operates in a highly competitive and evolving business environment. •A change in our Health Care Benefits product mix may adversely affect our profit margins. •Our health care delivery businesses face unique risks. •Negative public perception of the industries in which we operate can adversely affect our businesses, operating results, cash flows and prospects. •We must maintain and improve our relationships with our retail and specialty pharmacy customers and increase the demand for our products and services.”

Annual report 2025A · The company itself

“For example, specialty pharmacy represents a significant and growing proportion of prescription drug spending in the U.S., a significant portion of which is dispensed outside of traditional retail pharmacies. Because our specialty pharmacy business focuses on complex and high-cost medications, many of which are made available by manufacturers to a limited number of pharmacies (so-called limited distribution drugs) that serve a relatively limited universe of patients, the future growth of our specialty pharmacy business depends largely upon expanding our access to key drugs and penetration in certain treatment categories.”

Annual report 2025A · The company itself

“These actions and proceedings may involve allegations of illegal, unfair or inconsistent employment practices, including wage and hour violations and employment discrimination; guest discrimination; food safety issues including poor food quality, food-borne illness, food tampering, food contamination, and adverse health effects from consumption of various food products or high-calorie foods; other personal injury; violation of “dram shop” laws (providing an injured party with recourse against an establishment that serves alcoholic beverages to an intoxicated party who then causes injury to himself or a third party); trademark infringement; violation of federal securities laws; or other concerns.”

Annual report 2026A · The company itself

“We have invested significant resources to adapt to any such changes or developments in the healthcare marketplace, and subsequent modifications, terminations or other developments may require additional investment or result in losses. For example, as described below in the risk factor under the heading "We invest in strategic and operational initiatives to maintain our business and expand our capabilities...", we have made substantial investments in and dedicated resources to our integrated care business, value-based care initiatives and home-based dialysis business to address regulatory developments that include innovative payment models, and these investments are subject to risk in the event the regulatory environment changes and we do not or cannot adequately adapt to such changes.”

Annual report 2025A · The company itself

“We operate in a highly competitive and continuously evolving environment across the spectrum of kidney care, and operating in this market requires us to successfully execute on strategic initiatives which, among other things, build or retain our patient population through acquisition or referrals, or that develop and maintain our relationships with physicians and hospitals in both the dialysis and pre-dialysis space. If we are not able to effectively compete in the markets in which we operate it could materially adversely affect our business, results of operations, financial condition and cash flows.”

Annual report 2025A · The company itself

“Genom att arbeta med tydliga mål med fokus på vår attraktivitet som arbets- och uppdragsgivare, marknads- och tjänsteutveckling, vår operativa effektivitet samt kundoch samhällsnytta fortsätter vi att stärka vår position som en ledande rekryterings- och bemanningsaktör inom vård, life science och socialt arbete.”

Annual report 2024A · The company itself

“Stabil lönsamhet och en tydlig strategi för framtiden Dedicare har en historik av stabil lönsamhet och en tydlig strategi för en lönsam tillväxt framåt. Genom att vara en attraktiv arbets- och uppdragsgivare och fokusera på kund- och samhällsnytta samt ökad operativ effektivitet, diversifiering och internationalisering ökar vi vår marknadsnärvaro och arbetar mot vår vision att bli ett av de ledande rekryterings- och bemanningsbolagen i Europa inom våra sektorer.”

Annual report 2024A · The company itself

“Det handlar om kortare vårdköer, att fler utsatta barn och vuxna kan få hjälp av socialtjänsten, att nya läkemedel och medicinteknisk utrustning kan tas i bruk samt att möjliggöra en jämlik vård och social omsorg. Vi har också en uttalad ambition: att bidra till att fler vill fortsätta arbeta och utvecklas inom vårdyrkena, så att det i framtiden finns fler tillgängliga läkare, sjuksköterskor, socionomer, pedagoger, psykologer och chefer.”

Annual report 2024A · The company itself

“Vi vill bidra med kvalificerade sjuksköterskor och på så vis bidra till en bättre och mer tillgänglig vård för alla.”

Annual report 2024A · The company itself

“Nu är vi en bred leverantör av vårdbemanningstjänster i två nordiska länder. av läkare i Sverige och blir därmed en bred leverantör av vårdbemanningstjänster. av specialistkompetens inom socialt arbete.”

Annual report 2024A · The company itself

“I dag är Dedicare ett av Nordens största rekryterings- och bemanningsföretag inom vård, life science och socialt arbete.”

Annual report 2024A · The company itself

“Dedicare erbjuder rekrytering och bemanning av läkare och sjuksköter - skor, ofta specialister, till sjukvården. Vi erbjuder även psykologkompetens och andra yrkeskompetenser som efterfrågas.”

Annual report 2024A · The company itself

“I Sverige bemannar Dedicare med läkare, sjuksköterskor och psykologer till vården, socionomer till socialtjänsten samt specialister inom life science. Kunderna består av regioner, kommuner samt privata vård- och omsorgsgivare och läkemedels-, medicinteknik- och bioteknikföretag .”

Annual report 2024A · The company itself

“Dedicare är Nordens största rekryterings- och bemanningsföretag inom vård, life science och socialt arbete. Främsta yrkesgrupperna är läkare, sjuksköterskor, socionomer, psykologer, pedagoger och specialister inom life science.”

Annual report 2024A · The company itself

“Dedicare bidrar till människors hälsa och livskvalitet Dedicare är Nordens största rekryterings- och bemanningsföretag inom vård, life science och socialt arbete med verksamhet i Sverige, Norge, Danmark och Storbritannien.”

Annual report 2024A · The company itself

“I Sverige erbjuder Dedicare rekrytering och bemanning inom vård, life science och socialt arbete.”

Annual report 2024A · The company itself

“REVENUE IN 2025 10,724 DKK MILLION”

Annual report 2025A · The company itself

“we sell our products through our local sales companies to hearing care professionals”

Annual report 2025A · The company itself

“and through our own hearing care clinics to hearing impaired people”

Annual report 2025A · The company itself

“Channels offering full reimbursement include government programmes, such as the National Health Service (NHS) in the UK and Veterans Affairs (VA) in the US”

Annual report 2025A · The company itself

“include not only hearing care professionals, but also schools, large hospitals and specialised clinics”

Annual report 2025A · The company itself

“Remaining markets are serviced by distributors”

Annual report 2025A · The company itself

“Hospitality framför allt inriktad på hotellbranschen och de viktigaste produkterna är minibarer och säkerhetsskåp. Strategin är att fortsätta vända sig till hotellbranschen men även använda Dometics teknik och produkter för nya kundsegment, till exempel inom sjukvården och på äldreboenden.”

Annual report 2024A · The company itself

“•Our Imaging & Identification segment leverages its unique product offering containing equipment, consumables, software and services to address market needs and requirements, including increased regulation for supply chain transparency in fast moving consumer goods, adoption of more stringent food safety regulations in emerging economies, and growing demand for product traceability and brand protection. •Our Pumps & Process Solutions segment is focused on capturing growth in its installed base, in biological drug production and the shift toward single-use manufacturing processes.”

Annual report 2025A · The company itself

“•Our Imaging & Identification segment supplies precision marking and coding, product traceability, brand protection and digital textile printing equipment, as well as related consumables, software and services to the global packaged and consumer goods, pharmaceutical, industrial manufacturing, textile and other end-markets. •Our Pumps & Process Solutions segment manufactures specialty pumps and flow meters, fluid transfer connectors, highly engineered precision components, instruments and digital controls for rotating and reciprocating machines, polymer processing equipment, measurement, inspection, and control technologies, serving single-use biopharmaceutical production, diversified industrial manufacturing applications, chemical production, plastics and polymer processing, midstream and downstream oil and gas, clean energy markets, thermal management, wire and cable, food and beverage, semiconductor production and medical applications and other end-markets. •Our Climate & Sustainability Technologies segment is a provider of innovative and energy-efficient equipment, components, solutions, services and parts for the commercial refrigeration, heating and cooling and beverage can-making equipment end-markets.”

Annual report 2025A · The company itself

“Table of Contents Imaging & Identification The companies in our Imaging & Identification segment are global suppliers of precision marking and coding, product traceability, brand protection, and digital textile printing equipment and solutions, as well as related consumables, software and services. Our marking and coding businesses primarily design and manufacture equipment and consumables used for printing variable information (such as bar codes, dates, and serial numbers) on fast-moving consumer goods, provide serialization solutions for pharmaceutical customers, and develop supply chain traceability solutions capitalizing on expanding food and product safety, supply chain traceability and brand protection requirements.”

Annual report 2025A · The company itself

“The business supports manufacturers and operators across a large variety of end-markets, notably coatings; crop protection; consumer health; data centers; detergents and cleaners; electronics; inks; lubricants and fluids; and oil and gas.”

Annual report 2025A · The company itself

“In 2025, the Industrial Solutions business successfully completed investments to expand alkoxylation capacity in the United States and similarly, mechanically completed investments in Europe and will begin product qualification and ramp-up activities in early 2026. These investments built on previously completed capacity expansions, collectively increasing the Company's global alkoxylation capacity by 70 percent versus the 2020 baseline.”

Annual report 2025A · The company itself

“We provide supply chain services across most sectors, including bespoke solutions within the Aerospace and Defence, Automotive, Consumer, Healthcare, Industrials and Technology verticals.”

Annual report 2025A · The company itself

“With the integration of Schenker, DSV has become an industry-leading service provider in the transport and logistics industry. We move millions of shipments for our customers every year and have gained the trust of our customers and partners by ensuring reliable, efficient and value-adding transport and logistics services by air, sea, road and rail as well as warehousing services around the world.”

Annual report 2025A · The company itself

“Results Contract Logistics revenue was DKK 43,463 million in 2025 (2024: DKK 25,624 million), an annual increase of 72.4%. The growth was driven by strong results in the Technology and Healthcare verticals, most notably in North America and Europe, along with a significant contribution from Schenker.”

Annual report 2025A · The company itself

“Institutional ​ Institutional provides specialized cleaners and sanitizers, infection prevention solutions, food safety products and equipment, and a range of other products and programs to hospitality and healthcare institutions. Institutional sells specialized cleaners and sanitizers for washing dishes, glassware, flatware, foodservice utensils and kitchen equipment (“warewashing”), plus specialized cleaners for various applications throughout foodservice operations, on-premise laundries (typically used by hotel and healthcare customers) and general housekeeping functions.”

Annual report 2025A · The company itself

“Further, we provide infection prevention solutions to acute care hospitals and long-term care centers, which include hand hygiene, hard surface disinfection, digital monitoring systems and instrument cleaning.”

Annual report 2025A · The company itself

“Sales of warewashing products were approximately 13% of consolidated net sales in 2025 and 12% in 2024 and 2023.”

Annual report 2025A · The company itself

“General ​ A trusted partner for millions of customers, we are a global leader in water, hygiene and infection prevention solutions and services that protect people and the resources vital to life.”

Annual report 2025A · The company itself

“Light & Heavy ​ Light & Heavy serves customers across industrial and institutional markets. Within Light & Heavy, our markets include food and beverage, manufacturing and transportation, institutional clients, including commercial buildings, hospitals, universities and hotels, and global high technology serving customers, including data centers and microelectronics.”

Annual report 2025A · The company itself

“Economic downturns, and in particular downturns in our larger markets, including the foodservice, hospitality, travel, health care, food processing, refining, pulp and paper, mining and steel industries, can adversely impact our customers, and we may find it difficult to restore margins by maintaining pricing due to easing inflation from slowing economic growth.”

Annual report 2025A · The company itself

“At an operating segment level, Institutional organic sales increased 3% in 2025 reflecting sales growth to hospitality customers partially offset by modestly lower sales to hospitals.”

Annual report 2025A · The company itself

“MCT8-brist behandlas av högspecialiserade läkare, främst barnendokrinologer och barnneurologer, vanligtvis på större universitetssjukhus och referenscentra.”

Annual report 2024A · The company itself

“Paracetamolförgiſtning behandlas huvudsakligen på akutmottagningar och inom intensivvård och är i hög utsträckning vårdprotokolldrivet.”

Annual report 2024A · The company itself

“The strategically important customer segment Health Care also showed organic growth.”

Annual report 2024A · The company itself

“We have a continued focus on Electronics, which is our core customer segment, but are also working hard to realize our aspirations within Health Care and will continue to expand our capabilities in this area to more sites.”

Annual report 2024A · The company itself

“— Assembly and Testing — Production Distribution & Outbound Services — Pick and Pack — Consolidation and Transit — Global and Local Deliveries — JIS (Just-in-Sequence) — E-commerce Procurement & Inbound Services — Sourcing and Procurement — Customs Services — Freight Solutions — Warehouse and Inventory Management Recipients — Consumers — Retail — E-commerce — Factories — Hospitals All steps of the life cycle On behalf of customers, Elanders manages and optimizes the flow of raw materials, components, finished products, payments and information through all steps of a product’s life cycle.”

Annual report 2024A · The company itself

“The industry has special regulations and strict demands when it comes to things like sterile handling of equipment, components, consumables and input materials for medical preparations. For a logistics partner, this entails considerable investments, high standards, quality-assured processes and recurring audits of required certifications.”

Annual report 2024A · The company itself

“The British company Kammac is a exible and reliable contract logistics provider that provides supply chain management services to a wide range of companies within, for example, food and beverages and health care.”

Annual report 2024A · The company itself

“Currently our focus is on Health Care, FMCG, industrial mobility, excise bonded opportunities, e-commerce and value-added services like co-packing.”

Annual report 2024A · The company itself

“The Silicones division serves diverse markets, from electric cars to construction, via electronics, aerospace, healthcare, personal care, packaging, airbag coating and more.”

Annual report 2024A · The company itself

“Safety Data Sheets (SDS), aligned with the UN Globally Harmonised System, serve as essential tools for hazard communication, ensuring safe product handling by customers and employees. Products in sensitive applications, such as food, water, and healthcare, are subject to specific indu try regulations.”

Annual report 2024A · The company itself

“Our services are provided to a broad range of commercial, technology, manufacturing, industrial, healthcare, utility, and institutional customers through approximately 100 operating subsidiaries, which specialize principally in providing construction services relating to electrical and mechanical systems in all types of facilities and in providing various services relating to the operation, maintenance, and management of those facilities.”

Annual report 2025A · The company itself

“EQT investerar i sektorer som drivs av långsiktiga trender, och vi arbetar aktivt med portföljen för att skapa motståndskraftiga, framtidssäkrade tillgångar. Dessa sektorer inkluderar hälsovård, teknik och infrastruktur, som alla kräver omfattande investeringar under de kommande decennierna.”

Annual report 2024A · The company itself

“Vi har även lanserat EQT Transition Infrastructure, vår första strategi inriktad på investeringar i infrastrukturbolag i expansionsfasen, samt EQT Healthcare Growth, en mid-market buyout-strategi som bygger på EQT:s 30-åriga erfarenhet inom hälsovård och life sciences.”

Annual report 2024A · The company itself

“#01 Detta är EQT #02 Finansiella rapporter #03 Hållbarhetsnoter #04 Bolagsstyrning #05 Ytterligare information Hälsovård — MedTech — Life Science-verktyg och diagnostik — Läkemedel och relaterade tjänster — Hälsovårds-IT Tjänster — Outsourcing av kritiska tjänster — Nätverkstjänster — Tekniktjänster Teknologi — Mjukvara — Konsumentinriktade internettjänster — Digitala medier och underhållning Industriell teknologi — Automatisering och Internet of Things — Hållbarhetsteknik — Livsmedelsteknik 41% 31% 5% 23% 2% 27% 16% 15% 8% 32% Klimat & Natur Hälsa & Välmående Tillgång & Jämlikhet Motståndskraft & Transparens Vår uppkopplade värld Modularisering av teknologi Distribuerat ägande & Decentralisering Hälsovård Teknologi Tjänster Industriell teknologi Tjänster Tekniska tjänster Teknologi Hälsovård Industriell teknologi Annat – EQT Private Capital EQT:s affärssegment Private Capital investerar utifrån en tematisk investeringsstrategi kombinerad med djup sektorexpertis, med fokus på ledande icke-cykliska bolag.”

Annual report 2024A · The company itself

“EQT-fonderna är indelade i fyra affärsområden, med olika tematiska investeringsmetoder och strategier: — EQT Private Capital Europe & North America investerar huvudsakligen i hälso- och sjukvård- samt tekniksektorn, men även inom tjänster och industriteknik.”

Annual report 2024A · The company itself

“Våra ledande lösningar når en miljard människor varje dag i 150 länder. Vi hanterar hälsoutmaningar och främjar inkludering för att öka livskvaliteten för människor.”

Annual report 2024A · The company itself

“Inom Health & Medical lanserades den nya inkontinensbyxan TENA ProSkin med FeelDry Advanced™ som absorberar dubbelt så snabbt och håller sig torr längre. Den ökade flexibiliteten hos vår avancerade sårvårdsprodukt Cutimed® Sorbion® gör att produkten anpassar sig bekvämt till besvärliga sår och till olika kroppsformer, vilket gör den lättare och bekvämare att applicera.”

Annual report 2024A · The company itself

“Under 2024 lanserades den nya inkontinensbyxan TENA ProSkin med FeelDry Advanced™ som absorberar dubbelt så snabbt och håller sig torr längre.”

Annual report 2024A · The company itself

“Soap & Sanitizers Inom Soap & Sanitizers erbjuder Essity tvål, lotion, desinfektion och behållare. God handhygien är det effektivaste sättet att förhindra spridning av sjukdomar och infektioner. Med varumärket Tork arbetar Essity för att öka kunskapen om vikten av handhygien genom informationskampanjer och utbildning.”

Annual report 2024A · The company itself

“IAC +17,6% +0,2% Nettoomsättning per distributionskanal Detaljhandel, 54% Business-to-business, 26% Vårdsektor, 20% Nettoomsättning per region Europa, 60% Nordamerika, 17% Latinamerika, 17% Asien, 2% Övriga, 4% Nettoomsättning per affärsområde Health & Medical, 20% Consumer Goods, 54% Professional Hygiene, 26% EBITA exkl.”

Annual report 2024A · The company itself

“Vårt breda utbud av produkter, lösningar och tjänster fokuserar på att bryta barriärer för välbefinnande och höja standarden inom hygien och hälsa.”

Annual report 2024A · The company itself

“av nettoomsättningen 2024 54% av nettoomsättningen 2024 26% av nettoomsättningen 2024 Innehåll 28 Essity | Årsredovisning 2024 Affärsområden | Våra affärsområden Inledning Essity-aktien Strategi Affärsområden Våra affärsområden Health & Medical Consumer Goods Professional Hygiene Koncernen Hållbarhetsrapport Bolagsstyrningsrapport Finansiella rapporter inklusive noter Övrig information Lösningar inom hälsa och medicinteknik för hela vårdkedjan Health & Medical Affärsområdet Health & Medical omfattar kategorierna Incontinence Products Health Care och Medical Solutions.”

Annual report 2024A · The company itself

“Medical Solutions Inom Medical Solutions erbjuder Essity produkter och tjänster inom sårvård, kompressionsbehandling och ortopedi.”

Annual report 2024A · The company itself

“Sårvård Inom sårvård erbjuder vi under varumärket Leukoplast ett brett sortiment av sårvårdsprodukter för sjukhusmiljö, såsom kirurgiska tejper, postoperativa förband och sårförband för fixering av större områden. Under samma varumärke tillhandahålls även specialplåster och sårförband för lättare sår och skrapsår i hem - miljö.”

Annual report 2024A · The company itself

“IAC Affärsområden | Consumer Goods Inledning Essity-aktien Strategi Affärsområden Våra affärsområden Health & Medical Consumer Goods Professional Hygiene Koncernen Hållbarhetsrapport Bolagsstyrningsrapport Finansiella rapporter inklusive noter Övrig information Affärsområdet Professional Hygiene omfattar produkter och lösningar inom Tissue, Wiping, Cleaning, Soap, Sanitizers och dispensersystem samt utvalda tjänster. Dessa säljs till företag för användning på kontor, universitet, vårdinstitutioner, industrier, flygplatser, restauranger, hotell, arenor och andra offentliga mötesplatser – via distributörer, e-handel eller direkt till slutkund.”

Annual report 2024A · The company itself

“Nettoomsättning, MSEK Organisk försäljningstillväxt, % EBITA exkl. IAC Affärsområden | Professional Hygiene Inledning Essity-aktien Strategi Affärsområden Våra affärsområden Health & Medical Consumer Goods Professional Hygiene Koncernen Hållbarhetsrapport Bolagsstyrningsrapport Finansiella rapporter inklusive noter Övrig information Organisation Verksamhet och struktur Essity redovisar sin affär i tre affärsområden: Health & Medical omfattar kategorierna Incontinence Products Health Care och Medical Solutions. Erbjudandet inkluderar inkontinensprodukter, sårvård, kompressionsbehandling, ortopedi, hudvårdsprodukter och digitala lösningar med sensorteknik.”

Annual report 2024A · The company itself

“Terveydenhuolto ja lääkinnälliset laitteet: Turvallisuuskriittiset järjestelmät ja vaatimustenmukaisuusdokumentaatio lääketeknologialle, varmistaen sääntelyvaatimusten täyttymisen.”

Annual report 2025A · The company itself

“Table of Contents Sales and Marketing Our customers include a wide variety of large enterprise businesses, public sector institutions, governments, and service providers, including many among Fortune 1000 and Business Week Global 1000 companies. Our customers include businesses in technology, telecommunications, financial services, transportation, education, manufacturing, healthcare, and government.”

Annual report 2025A · The company itself

“Det kan vara allt från äldreboenden, vård- och omsorgslokaler till skolor och förskolor.”

Annual report 2024A · The company itself

“FedEx Supply Chain FedEx Supply Chain is a supply chain solutions provider specializing in Product Lifecycle Logistics for technology, retail, consumer and industrial goods, and healthcare industries. With nearly 10,000 employees at over 150 facilities as of May 31, 2026, FedEx Supply Chain provides a comprehensive range of integrated logistics services to enable growth, minimize cost, mitigate supply chain risk, and improve customer services.”

Annual report 2026A · The company itself

“A large number of our customers operate in sectors that we believe are poised for long-term structural growth, such as e-commerce, advanced manufacturing, and healthcare logistics.”

Annual report 2026A · The company itself

“Mark Quick, Partner 36 HÅLLBARHET Fokusområden hållbarhet FN:s globala mål för hållbar utveckling Fleries bidrag 3 3. Säkerställa hälsosamma liv och främja välbefinnande för alla i alla åldrar. Våra investeringar förbättrar tillgången till hälsooch sjukvård och skapar innovativa behandlingar.”

Annual report 2024A · The company itself

“Bohus Biotechs forskning och utveckling har gett upphov till högkvalitativa lösningar som adresserar behoven inom oftalmologi och hudprodukter, samt vid ortopediska interventioner.”

Annual report 2024A · The company itself

“We partner with customers across a diverse set of industries including data center, healthcare, industrial, automotive, communications, and lifestyle.”

Annual report 2026A · The company itself

“Our products and the manufacturing processes and design and engineering services we use to produce them are often highly complex, and some, particularly in the automotive and healthcare industries, must satisfy strict safety, quality, and regulatory standards.”

Annual report 2026A · The company itself

“As a service provider engaged in designing and manufacturing medical devices, we are subject to compliance requirements beyond those applicable to our other businesses. In the United States, we are subject to regulatory inspection for compliance with the FDA's Quality System Regulation ("QSR"), which requires manufacturers of medical devices to implement and adhere to design and process manufacturing controls, quality control, labeling, handling, and documentation procedures.”

Annual report 2026A · The company itself

“•We are dependent on the continued services and performance of our senior management, as well as our ability to hire, retain and motivate qualified personnel. •We rely on third-party channel partners for substantially all of our billings, revenue, and a small number of distributors represents a large percentage of our revenue and accounts receivable. •Reliance on a concentration of shipments at the end of the quarter or changes in shipping terms could cause our billings and revenue to fall below expected levels. •We rely significantly on revenue from FortiGuard and other security subscriptions and FortiCare technical support services, and revenue from these services may decline or fluctuate in manners that could adversely impact our results of operations. •We face intense competition in our market and we may not maintain or improve our competitive position.”

Annual report 2025A · The company itself

“Advanced Healthcare Solutions Our Advanced Healthcare Solutions segment supplies critical workflow solutions enabling healthcare providers to deliver exceptional patient care more efficiently. Our offerings include instrument sterilization solutions, instrument tracking, biomedical test tools, radiation detection and safety monitoring, and end-to-end clinical productivity software and solutions. Table of Contents Our healthcare offerings help ensure critical safety standards are met, instruments and operating rooms are working at peak performance, and complex procedures are followed accurately in these mission-critical healthcare environments.”

Annual report 2025A · The company itself

“Intelligent Operating Solutions Our Intelligent Operating Solutions segment provides advanced instrumentation, software and services to tens of thousands of customers enabling their mission-critical workflows. These offerings include professional instruments used in applications including maintenance, repair, measurement and condition monitoring, facility and asset lifecycle software applications, connected worker safety and compliance solutions across a range of vertical end markets, including manufacturing, process industries, healthcare, utilities and power, communications and electronics, among others.”

Annual report 2025A · The company itself

“Through our specialist investment managers, our investment products are offered globally to retail, institutional and high-net-worth clients, which may include, among others, individual investors, institutional investors, sovereign wealth funds, defined benefit and contribution plans, endowments and charitable foundations, healthcare systems and insurance companies.”

Annual report 2025A · The company itself

“Finally, our C&I products are also commonly used to provide backup power to a variety of other critical infrastructure that are vital for a safe and healthy society, such as water and wastewater systems, healthcare facilities, and other municipal infrastructure.”

Annual report 2025A · The company itself

“Our industrial standby generators are primarily used as emergency backup for larger applications such as data centers, healthcare, telecom, datacom, commercial office, retail, distribution centers, manufacturing, and municipal, among others.”

Annual report 2025A · The company itself

“This includes data centers, telecommunication, retail, banking, energy, healthcare, convenience stores, grocery stores, restaurants, governments, and other commercial & industrial applications.”

Annual report 2025A · The company itself

“Utöver det gör vi det genom a stärka vår ledande position inom akut hjärtoch lungsupport, organtransplantation samt kardiovaskulär kirurgi genom kontinuerlig produktutveckling, kliniska samarbeten och strategiska investeringar.”

Annual report 2024A · The company itself

“Försäljningsmässigt är 2024 e rekordår för Getinge. Vi fortsäer a växa, har nöjdare kunder, våra förvärv har utvecklats starkt och vi har lanserat eerfrågade produkter inom samtliga aärsområden.”

Annual report 2024A · The company itself

“Avdelningen för sterilgodshantering Utrustning för operationsrum Digitala lösningar för ökad effektivitet Produkter Komplea lösningar för reprocessing av instrument och endoskop, inklusive ång- och lågtemperaturautoklaver, diskdesinfektorer, endoskoprengörare, automatiseringslösningar och förbrukningsartiklar samt service och klinisk utbildning.”

Annual report 2024A · The company itself

“Heltäckande lösningar för operationssalar inklusive moderna hybridoperationssalar i samarbete med partners inom bildbehandling, avancerade operationsbord, lampor och takförsörjningsenheter samt konsuljänster inom planering, arbetsflöden och teknisk service.”

Annual report 2024A · The company itself

“Tre affärsområden med världsledande positioner Våra lösningar inom Acute Care Therapies bidrar till a varje år rädda livet på 10 miljoner kritiskt sjuka patienter, varav majoriteten har problem med det mest fundamentala för a en kropp ska fungera – cirkulation av syresa blod.”

Annual report 2024A · The company itself

“Aärsområdet har en världsledande position och tillhandahåller viktiga produkter, terapier och utbildningar som gör dea möjligt. • Livsuppehållande support under intensivvård och operation • Hjärt- och kärlkirurgi samt eektiv hantering av organ för transplantation • Omfaande utbud av service, utbildning och digitala lösningar När det gäller Life Science samarbetar vi med forskare och ingenjörer för a utveckla och tillverka bäre läkemedel.”

Annual report 2024A · The company itself

“• Framtidssäkrade produkter och system för eektiv utveckling och tillverkning av mer avancerade läkemedel • Minska risken för kontaminering med hjälp av diskdesinfektorer, autoklaver, isolatorer och steril transfer • Service och användarsupport Inom Surgical Workflows har vi en ledande position på den globala marknaden för produkter och tjänster för operationsrum och sterilcentraler på sjukhus. • Högkvalitativ utrustning för operationsrum såsom operationsbord och lampor • Produkter för steril hantering av kirurgiska instrument • Digitala lösningar för ökad eektivitet, kvalitet och säkerhet före, under och eer operation • Service och projektledning Acute Care Therapies Life Science Surgical Workflows Vår verksamhet är indelad i tre aärsområden: Acute Care Therapies, Life Science och Surgical Workflows.”

Annual report 2024A · The company itself

“Andel av försäljning inom Acute Care Therapies (genomsni 3 år) 69 % 27 % 4 % ~20 % 40–45 % 15–20 % Huvudkonkurrenter Dräger, Mindray, GE Healthcare, BD, LivaNova, Medtronic, Teleflex, Transmedics, XVIVO WL Gore, Terumo, Artivion, Medtronic WL Gore, Bentley, BD APAC, 22% (3 983Mkr) Affärsområdets regionala fördelning av försäljning Marknadsdynamik Acute Care Therapies, 52% (17 948 Mkr) Affärsområdets andel av koncernens försäljning Neoomsäning och justerad EBITA-marginal Den adresserbara marknaden uppgår till miljarder kronor med en förväntad tillväxt om 4–6 % per år.”

Annual report 2024A · The company itself

“Vi har en ledande position inom de flesta produktkategorier i våra tre aärsområden. Dessa lösningar når ut till cirka 30 000 kunder i 135 länder globalt, och är representerade på de tio största sjukhusen på samtliga marknader.”

Annual report 2024A · The company itself

“Ytterligare en operation per dag och operationsrum Våra kunder utgörs av sjukhus och kliniker som erbjuder kirurgi och sterilisering av instrument för kirurgi. A ha hög beläggning, produktivitet och kvalitet inom den verksamheten är avgörande för sjukhusens ekonomiska utveckling.”

Annual report 2024A · The company itself

“Getinge är en global leverantör av produkter och tjänster för kirurgi, intensivvård och infektionsbekämpning med verksamhet i 40 länder och egen produktion i 9 länder. Verksamheten bedrivs inom tre affärsområden – Acute Care Therapies, Life Science och Surgical Workflows.”

Annual report 2024A · The company itself

“Our commercial teams promote our products through direct field contact with physicians, hospitals, clinics and other healthcare providers. We generally grant our third-party distributors the exclusive right to promote our product in a territory for a specified period of time.”

Annual report 2025A · The company itself

“For example, CMS established a severity-adjusted diagnosis-related group (“DRG”) 018 for Medicare inpatient reimbursement of CAR T-cell products such as Yescarta and Tecartus.”

Annual report 2025A · The company itself

“Health premium increased 9% to $1.5 billion over the prior-year period of $1.4 billion. •Total net sales increased 13% over the same period in the prior year from $840 million in 2024 to $948 million in 2025.”

Annual report 2025A · The company itself

“Helping even more people hear better and live better lives”

Annual report 2025A · The company itself

“sold via 1,500 Beltone branded hearing care stores in the U.S. and via hearing care professionals”

Annual report 2025A · The company itself

“Serving customers across the globe 7,500+ employees worldwide (FTE) Hearing Enterprise Gaming We help people with hearing loss overcome real-life challenges, improve communication and collaboration for businesses, and provide great experiences for gaming enthusiasts.”

Annual report 2025A · The company itself

“Corporate. Corporate loans and lending commitments include term loans, revolving lines of credit, letter of credit facilities and bridge loans, and are principally used for operating and general corporate purposes, or in connection with acquisitions.”

Annual report 2025A · The company itself

“As of December $ in billions 2025 2024 Alternative investments Industry Consumer & Retail 8 % 9 % Financial Institutions 10 % 7 % Healthcare 9 % 10 % Industrials 11 % 11 % Natural Resources & Utilities 8 % 8 % Real Estate 15 % 19 % Technology, Media & Telecommunications Platform Solutions Substantially all of the revenues in Platform Solutions are from activities related to issuing credit cards to and raising deposits from Apple Card customers and related to businesses that have been exited.”

Annual report 2025A · The company itself

“Lundbeck’s customers are healthcare professionals (HCPs), including specialists”

Annual report 2025A · The company itself

“public and private healthcare providers”

Annual report 2025A · The company itself

“Aiming at enabling patients and societies to benefit from our medicines, we strive to improve access to our treatments through an ongoing collaboration with healthcare systems and those responsible for access and reimbursement.”

Annual report 2025A · The company itself

“We are proud providers of innovative medicines that address brain disorders with high unmet needs. As one of the few pharmaceutical companies solely focusing on brain health, the world depends on Lundbeck more than ever.”

Annual report 2025A · The company itself

“While patients are the end-users of our pharmaceutical products, Lundbeck’s customers are healthcare professionals (HCPs), including specialists, and authorities, e.g., regulatory bodies, and public and private healthcare providers. Our customers play an important role across our value chain, where HCPs are the point of contact with patients, and the authorities regulate our access to the market.”

Annual report 2025A · The company itself

“Guiding access to health In 2025, our treatments reached 27.8 million patients , and we have introduced the new patient access metrics designed to guide our efforts toward equitable access goals.”

Annual report 2025A · The company itself

“In 2025, our treatments reached more than 27 million people , and even more patients are reached in collaboration with our commercial partners.”

Annual report 2025A · The company itself

“Lundbeck’s business model is to research, develop, produce, and market medicines for psychiatric and neurological diseases.”

Annual report 2025A · The company itself

“Other Products Includes other group coverages such as retiree health insurance, critical illness, accident and hospital indemnity coverages.”

Annual report 2025A · The company itself

“Bland höjdpunkterna fanns iCON Trades Solution i Geosystems, ett layout- och mätverktyg för högprecision och enkel användning, och ATS800 Absolute Tracker i Manufacturing Intelligence, en avancerad laserskanner för noggranna mätningar på avstånd, SDx2 inom Asset Lifecycle Intelligence - en SaaS uppgradering av vår befintliga SDx-lösning, som möjliggör kontextualisering och visualisering av arbetsprocesser, och Aura, ett 3D-bildsystem som riktar sig till sjukvårds- och ansiktsestetikmarknaden.”

Annual report 2024A · The company itself

“Our testing technologies are used by industrial gas, fire service equipment, medical oxygen, automotive and gas distribution industries.”

Annual report 2024A · The company itself

“I utvärderingsfasen poängsätts leverantörerna på varje ämne och kan ombes att förtydliga och/eller komplettera materialet, eller vidta korrigerande åtgärder, för att bli godkända. *Godkännande kräver en poäng på 70 % eller högre Slutanvändare Hexatronics fiberoptiska lösningar spelar en viktig roll i att främja digital anslutning och erbjuder betydande möjligheter att positivt påverka slutanvändare genom förbättrad tillgång till informations- och kommunikationsteknik.”

Annual report 2024A · The company itself

“We also provide MRO products and related value-added services to multifamily, hospitality, healthcare, and government housing facilities, among others, primarily through our subsidiary HD Supply.”

Annual report 2026A · The company itself

“Foodservice The Foodservice segment consists primarily of the processing, marketing, and sale of food products to distributors and operators across a wide range of providers of food away from home, including restaurants, hospitality, healthcare, K-12, college and universities, and convenience stores in the U.S.”

Annual report 2025A · The company itself

“Premium increases, introduction of new product designs, and our relationships with our providers in various markets, among other issues, could also affect our membership levels. Other actions that could affect membership levels include our possible exit from or entrance into Medicare or commercial markets, or the termination of a large contract.”

Annual report 2025A · The company itself

“In some markets, some providers, particularly hospitals, physician specialty groups, physician/hospital organizations, or multi-specialty physician groups, may have significant market positions and negotiating power. In addition, physician or practice management companies, which aggregate physician practices for administrative efficiency and marketing leverage, may compete directly with us. If these providers refuse to contract with us, use their market position to negotiate unfavorable contracts with us or place us at a competitive disadvantage, or do not enter into contracts with us that encourage the delivery of quality medical services in a cost-effective manner, our ability to market products or to be profitable in those areas may be adversely affected.”

Annual report 2025A · The company itself

“We employ or contract with physicians, hospitals and other providers to deliver health care to our members. Our products encourage or require our customers to use these contracted providers. A key component of our integrated care delivery strategy is to increase the number of providers who share medical cost risk with us or have financial incentives to deliver quality medical services in a cost-effective manner.”

Annual report 2025A · The company itself

“In some situations, we have contracts with individual or groups of primary care providers for an actuarially determined, fixed fee per month to provide a basket of required medical services to our members. This type of contract is referred to as a “capitation” contract.”

Annual report 2025A · The company itself

“During 2025, 83% of our total premiums and services revenue were derived from contracts with the federal government, including 14% derived from our individual Medicare Advantage contracts in Florida with the Centers for Medicare and Medicaid Services, or CMS, under which we provided health insurance coverage to approximately 1.0 million members as of December 31, 2025.”

Annual report 2025A · The company itself

“A significant portion of our revenues relates to federal and state government health care coverage programs, including the Medicare, military services, and Medicaid programs. These programs accounted for approximately 93% of our total premiums and services revenue for the year ended December 31, 2025.”

Annual report 2025A · The company itself

“These programs involve various risks, as described further below. •At December 31, 2025, under our contracts with CMS we provided health insurance coverage to approximately 1.0 million individual Medicare Advantage members in Florida. These contracts accounted for approximately 14% of our total premiums and services revenue for the year ended December 31, 2025.”

Annual report 2025A · The company itself

“•Our primary care and home solutions businesses derive a substantial portion of their revenues from third-party payors and directly from the federal and state governments through participation in fee-for-service Medicare.”

Annual report 2025A · The company itself

“Corporate, Specialty, and Government Banking serves medium to large enterprises. We focus on specific industry verticals such as government and non-profits, healthcare, technology and telecommunications, franchises, financial sponsors, Native American financial services, mortgage financial services, fund finance, and global services.”

Annual report 2025A · The company itself

“The company’s products, services, systems and networks, including cloud-based systems and systems and technologies that the company maintains on behalf of its customers, are used in critical company, customer or third-party operations, and involve the storage, processing and transmission of sensitive data, including valuable intellectual property, other proprietary or confidential data, and regulated data including personal information of employees, customers and others. These products, services, systems and networks are also used by customers in heavily regulated industries, including those in the financial services, healthcare, critical infrastructure and government sectors.”

Annual report 2025A · The company itself

“The Company’s largest end markets include industrial, life sciences, energy, water, fire suppression, semiconductor, automotive and aviation, chemical, paint dispensing and food and beverage.”

Annual report 2025A · The company itself

“We develop, manufacture, and distribute products and provide services primarily for the companion animal veterinary; livestock, poultry and dairy; and water testing industries. We also manufacture and sell human medical point-of-care diagnostic products. Our primary products and services are: •Point-of-care veterinary diagnostic products, comprised of instruments, consumables, and rapid assay test kits; •Veterinary reference laboratory diagnostic and consulting services; •Practice management systems, software and diagnostic imaging systems and services used by veterinarians; •Health monitoring, biological materials testing, laboratory diagnostic instruments, and services used by the biomedical research community; •Diagnostic and health-monitoring products for livestock, poultry, and dairy; and •Products that test water for certain microbiological contaminants.”

Annual report 2025A · The company itself

“Our water tests are used by government laboratories, water utilities, and private certified laboratories to test drinking water in compliance with regulatory standards, including U.S. Environmental Protection Agency (“EPA”) standards.”

Annual report 2025A · The company itself

“Our companion animal veterinary diagnostic products and services compete with both reference laboratory service and point-of-care product providers.”

Annual report 2025A · The company itself

“Our competitors in the veterinary diagnostic sector in the United States and abroad include companies that develop, manufacture, and sell veterinary diagnostic tests; commercial veterinary reference laboratories; certain large and well-funded animal health pharmaceutical companies; and corporate hospital chains that operate reference laboratories that serve both their hospitals and unaffiliated hospitals, such as VCA Inc., which is wholly-owned by Mars, Incorporated, another operator of corporate hospital chains that also sells veterinary point-of-care diagnostic instruments.”

Annual report 2025A · The company itself

“Consolidation in our customer base, including through increased corporate hospital ownership, and prevalence of buying consortiums could negatively affect our business Veterinarians are our primary customers for our CAG products and services, and the veterinary services industry in the U.S. and abroad has become increasingly consolidated.”

Annual report 2025A · The company itself

“The increase in CAG Diagnostics recurring revenue was primarily due to higher volumes of IDEXX VetLab consumables and reference laboratory testing, partially constrained by macroeconomic and sector headwinds, as well as benefits from higher realized prices. Volume growth was supported by new business gains, our expanded menu of available tests, and higher utilization in our loyal customer base.”

Annual report 2025A · The company itself

“Table of Contents Rebates and Discounts: Allowances for rebates include mandated discounts under the Medicaid Drug Rebate Program in the United States and mandated discounts in Europe in markets where government-sponsored healthcare systems are the primary payors for healthcare.”

Annual report 2025A · The company itself

“Customer product sales are with specialty pharmaceutical distributors, wholesalers and certain public and private institutions, some of whose financial obligations are funded by various government agencies.”

Annual report 2025A · The company itself

“Matriks är ett teknikhandelsbolag specialiserat på analysinstrument, system och förbrukningsmaterial för kemiska och biokemiska laboratorier. Bolaget erbjuder ett brett sortiment av produkter inom vätske- och gaskromatografi, masspektrometri, atom och molekylär spektro skopi och system för protein-, celloch DNA/RNA-analys, samt olika typer av förbrukningsmaterial och eftermarknadstjänster.”

Annual report 2024A · The company itself

“Miclev är ett teknikhandelsbolag specialiserat på högkvalitativa produkter för att upptäcka, identifiera, eliminera och skydda mot mikroorganismer. Produkterbjudandet inkluderar odlingsmedier, diagnostiska produkter och förbrukningsvaror för säkra mikrobiologiska processer i sterila renrumsmiljöer med höga process- och kvalitetskrav, till de nordiska läkemedels- och bioteknikindustrierna.”

Annual report 2024A · The company itself

“Till vem Kunderna finns inom en rad olika branscher, till exempel medicinteknik och läkemedel, infrastruktur och anläggning, verkstadsindustri, energi, VA och livsmedel.”

Annual report 2024A · The company itself

“Bolagets produkterbjudande omfattar tryckluftstorkar, filterelement och filterhus, kvävgasgeneratorer och efterkylare samt eftermarknadstjänster som underhåll, reparation och reservdelar. pure! erbjuder sina produkter till flera olika industrier och slutmarknader, inklusive allmän industri, life science samt livsmedelsindustri. pure! har 30 anställda och är baserat i Diez, Tyskland.”

Annual report 2024A · The company itself

“Kundbasen består huvudsakligen av sjukhus, universitet, forskningsinstitut, kemiska laboratorier och energibolag.”

Annual report 2024A · The company itself

“Kunderna återfinns inom flera olika branscher och är verksamma inom segment som allmän verkstadsindustri, VA, medicinteknik och energi.”

Annual report 2024A · The company itself

“Precision and Science Technologies The Precision and Science Technologies segment designs, manufactures and markets a broad range of niche fluidics, liquid and powder handling solutions for the life sciences, food and beverage, water and wastewater, general manufacturing, chemical processing, clean energy, aerospace, and other end markets. Primary technologies include positive displacement pumps, automated liquid handling systems, and single-use powder and liquid handling and containment systems.”

Annual report 2025A · The company itself

“In the life sciences end-market, our gas and liquid pumps are used for a wide range of applications, such as aspirators, blood analyzers, compression therapy, dialysis machines, gas monitors, ventilators, and scientific instrumentation within in vitro diagnostics and R&D laboratories.”

Annual report 2025A · The company itself

“We have sales in all major geographic markets and our diverse customer base utilizes our products across a wide array of end-markets, including life sciences, food and beverage production, clean energy, industrial manufacturing, infrastructure, water and wastewater treatment, and many others.”

Annual report 2025A · The company itself

“Our Industries and Products Industrial Technologies and Services Our Industrial Technologies and Services segment designs, manufactures, markets and services a broad range of air compression, vacuum and blower products across a wide array of technologies, as well as other specialized industrial products. Compression, vacuum and blower products are used in a wide spectrum of applications in nearly all manufacturing and industrial facilities and many service and process industries in a variety of end-markets, including clean energy, life sciences, food and beverage production, general manufacturing, infrastructure, and others.”

Annual report 2025A · The company itself

“Scroll compressors are commonly specified when oil-free air is needed, as in many medical, pharmaceutical, and food production applications.”

Annual report 2025A · The company itself

“Precision and Science Technologies Competition in the markets served by our Precision and Science Technologies segment is primarily based on product quality and performance, as most products must be qualified by the customer for a particular use. Further, there is an increasing demand for more efficient healthcare solutions, which is driving the adoption of premium and high performance systems.”

Annual report 2025A · The company itself

“Koncernens verksamhet inkluderar projektering, installation, service, underhåll av fastigheter och anläggningar för kunder inom både den privata och oentliga sektorn. Genom disciplinerna el, VS, ventilation, industri, automation och teknikkonsult erbjuder koncernen energi- och kostnadseektiva helhetslösningar för våra kunder.”

Annual report 2024A · The company itself

“Intel’s data center business is anchored by the Intel® Xeon® series of processors, a family of x86-based server and network CPUs that for decades have provided foundational compute for data center, cloud, networking and intelligent edge deployments. The Intel Xeon installed base represents a significant portion of global server infrastructure, and this scale, combined with our broader portfolio of accelerators, networking solutions and software, positions Intel Xeon processors as a central category to enable AI and other data-intensive workloads from cloud to edge.”

Annual report 2025A · The company itself

“Our Ethernet products complement our Intel Xeon processors - the processors run the workloads, and the Ethernet controller moves the data efficiently across networks. Our Ethernet product lines, including Intel Ethernet Controllers & Network Adapters of E800 series and E600 series, support advanced features like RDMA, precision timing, hardware-based security and programmable packet processing for Network Functions Virtualization, storage, HPC and AI workloads.”

Annual report 2025A · The company itself

“In our Data Center and AI (DCAI) business, our full-stack AI strategy integrates x86 CPUs with accelerators and custom silicon to support scalable, reliable and cost-efficient infrastructure.”

Annual report 2025A · The company itself

“Our platforms and processors are included in products sold to consumers and to commercial enterprises across industries such as education, healthcare, finance and government.”

Annual report 2025A · The company itself

“DCAI Overview DCAI delivers workload-optimized solutions based upon our x86 architecture for data centers, including CPUs, AI accelerators, NICs, IPUs, and custom ASICs, enabling performance and scalability for cloud, enterprise, telecommunication and HPC environments. Our direct customers include global CSP/hyperscalers and OEMs.”

Annual report 2025A · The company itself

“We offer versions of our client CPUs, including both Intel Core and Intel Core Ultra processors, to customers for various edge computing applications across a range of industries, including manufacturing, healthcare, retail and education.”

Annual report 2025A · The company itself

“With approximately 70% of S&P 500 companies listed on the NYSE as of December 31, 2025, we are a leading listing venue across a range of sectors from technology and healthcare, to financials and energy.”

Annual report 2025A · The company itself

“Regulation of our Mortgage Business We have a mortgage technology business, ICE Mortgage Technology, that provides software, data, and electronic data processing to financial institutions and other stakeholders throughout the U.S. residential mortgage industry. ICE Mortgage Technology is subject to supervision and examination by the Federal Financial Institutions Examination Council, or FFIEC, and its member agencies because ICE Mortgage Technology is a third-party technology service provider to financial institutions directly regulated by the FFIEC's member agencies.”

Annual report 2025A · The company itself

“Our products are sold principally to manufacturers of dairy, meat, beverages, snacks, savory, sweet, baked goods, grain processors and other foods, personal care products, soaps and detergents, cleaning products, perfumes, dietary supplements, food protection, infant, elderly and animal nutrition, functional food, bio-fuel, and oral care products.”

Annual report 2025A · The company itself

“Health provides ingredients for dietary supplements, functional food and beverage, specialized nutrition and pharma.”

Annual report 2025A · The company itself

“Under Innovalifts paraply har detta blivit en portfölj av verksamheter organiserade i tre divisioner, eller kluster som Andrea gärna beskriver dem, som adresserar allt från mogna europeiska marknader till snabbväxande marknader i Asien och Sydamerika. – Vi tillverkar plattformshissar, installerar och utför service, samt erbjuder komponenter och modernisering. Oavsett vad eller var vill vi bidra till ett mer tillgängligt samhälle.”

Annual report 2024A · The company itself

“En leverantör av engångsprodukter och lösningar för sårbehandling, förbättring av operationssäkerhet och -effektivitet, samt förebyggande av trycksår. www.molnlycke.com • Som en ledande leverantör av innovativa, evidensbaserade kvalitetsprodukter inom sårvård, förebyggande av trycksår och operation erbjuder Mölnlycke attraktiva möjligheter till långsiktig, lönsam organisk tillväxt. • Det är högt prioriterat för Mölnlycke attdriva långsiktig tillväxt genom investeringar i innovation, inklusive digitala initiativ, samt i kommersiell exekvering och hållbarhet.”

Annual report 2022A · The company itself

“Tillväxten drevs främst av UR (Urologi).”

Annual report 2022A · The company itself

“Anställda utbildade i antikorruption och mutor, % Olycksfallsfrekvens 0,61 0,98 Upplevd grad av inkludering bland medarbetare, skala 1-5 3,8 n/a Könsfördelning bland chefer, andel kvinnor % En leverantör av produkter för diagnostik och behandling inom urologi och urogynekologi, gastroenterologi, samt obstetrik, gynekologi och neonatalvård. www.laborie.com • Som industriledande innovatör har Laborie betydande långsiktig tillväxtpotential, driven av gynnsamma underliggande demografiska trender, fortsatta investeringar i produktutveckling och global expansion, samtett flertal möjligheter till strategiska förvärv. • Laborie bör fortsätta att fokusera på att accelerera investeringar i utveckling och lansering av innovativa produkter, inklusive Optilume™ och Eclipse™, expandera globalt på nya marknader och på att utvärdera strategiska investeringar och förvärv inom både befintliga och nya behandlingsområden. *Total exponering: 98% BEDÖMT VÄRDE, RAPPORTERAD EBITATILLVÄXT CO LEDNINGSGRUPP, KVINNOR mdr    –  Sarnova • Den organiska omsättningstillväxten uppgick till 2 procent i konstant valuta.”

Annual report 2022A · The company itself

“En amerikansk specialistdistributör av sjukvårds- och säkerhetsprodukter, tjänster och mjukvara för räddningstjänst, akutsjukvård och hantering av akuta hjärtstopp. www.sarnova.com • Som ledande specialistleverantör till den amerikanska marknaden för produkter och tjänster inom akutsjukvård, hjärtstopp och andningssvårigheter erbjuder Sarnova en attraktiv potential till långsiktig, lönsam tillväxt. • Fokus är på fortsatt kommersialisering inom områdena Emergency Preparedness, Acute Care, Cardiac Response och Revenue Cycle Management.”

Annual report 2022A · The company itself

“Our insights and execution capabilities help biotech, medical device and pharmaceutical companies, medical researchers, government agencies, payers and other healthcare stakeholders tap into a deeper understanding of diseases, human behaviors and scientific advances, in an effort to advance their path toward cures.”

Annual report 2025A · The company itself

“Other clients include payers, government and regulatory agencies, providers, pharmaceutical distributors, and pharmacies.”

Annual report 2025A · The company itself

“The vast majority of our revenues are generated from sales to the biopharmaceutical and healthcare industries. The clients we serve in these industries are commonly subject to financial pressures, including, but not limited to, increased costs, reduced demand for their products, reductions in pricing and reimbursement for products and services, formulary approval and placement, government approval to market their products and limits on the manner by which they market their products, loss of patent exclusivity (whether due to patent expiration or as a result of a successful legal challenge) and the proliferation of or changes to regulations applicable to these industries. To the extent our clients face such pressures, or they change how they utilize our offerings, the demand for our services, or the prices our clients are willing to pay for those services, may decline.”

Annual report 2025A · The company itself

“Skador relaterade till fall är en av de största orsakerna till att personer med Parkinson uppsöker akutsjukhus. Ungefär 60 procent av personer med Parkinson faller varje år och av dessa faller ungefär 70 procent regelbundet.”

Annual report 2024A · The company itself

“Detta motsvarar fler än 750 000 patienter i USA, EU4+UK (Frankrike, Tyskland, Italien, Spanien och Storbritannien) och Japan.”

Annual report 2024A · The company itself

“Målet är att förbättra livskvaliteten hos personer som lever med Parkinson genom att minska förekomsten av PD-LIDs.”

Annual report 2024A · The company itself

“IRL757 är i klinisk utveckling Fas I, och har som målsättning att oralt behandla apati vid både Parkinson och andra neurologiska sjukdomar. Apati är ett funktionsnedsättande tillstånd som drabbar över 10 miljoner människor i USA och lika många i Europa.”

Annual report 2024A · The company itself

“IRL942 Målet med den prekliniska läkemedelskandidaten IRL942 är att utveckla en behandling som skall förbättra den kognitiva funktionen hos personer med Parkinson och andra neurologiska sjukdomar och som tas en gång dagligen. Ungefär 12 procent av personer i åldern 65 år eller äldre upplever kognitiv försämring, vilket i hög grad påverkar livskvaliteten, och det är vanligare hos personer som lever med neurologisk sjukdom.”

Annual report 2024A · The company itself

“Customer segments 41% Office-based 21% Production-based 15% Healthcare 23% Other”

Annual report 2025A · The company itself

“Certain segments, such as healthcare, remain highly market specific shaped by national systems and policies, and are therefore best managed locally.”

Annual report 2025A · The company itself

“In 2025, ISS strengthened its customer portfolio with a series of significant new partnerships across key markets. ISS won ten new contracts, including European contracts with Danish-based companies like COWI, covering 11 countries and 44 offices, and Velux covering 12 countries in Northern, Central & Southern Europe.”

Annual report 2025A · The company itself

“Key customer segments include Office-based customers in Financial Services, Professional Services and Public Administration; Productionbased customers in Industry & Manufacturing; and Healthcare.”

Annual report 2025A · The company itself

“Key customer segments include Office-based customers in Information & Communication and Financial Services; and Production-based customers in Industry & Manufacturing and Pharmaceuticals; and Healthcare.”

Annual report 2025A · The company itself

“Övriga kundgrupper omfattar apotek, hälsa & skönhet, konsumentelektronik, sport och fritid, drivmedelsstationer, hotell, kontor, varumärken, industri, kaféer och restauranger.”

Annual report 2024A · The company itself

“The Regulated Industries segment is focused on regulated markets and includes revenues from customers primarily in the automotive and transportation, healthcare and packaging, and renewable energy infrastructure industries.”

Annual report 2025A · The company itself

“Challenge accepted In February 2025, we launched Challenge Accepted, our multi-year growth strategy designed to sharpen our focus and accelerate our performance. Aligned with our long-term financial framework, this strategy positions us to drive profitable growth and deliver scalable, full lifecycle solutions across water and environmental, life sciences and advanced manufacturing, and critical infrastructure.”

Annual report 2025A · The company itself

“With a global team of approximately 43,000, we provide end-to-end capabilities across advanced manufacturing, cities & places, energy, environmental, life sciences, transportation and water.”

Annual report 2025A · The company itself

“Infrastructure & Advanced Facilities (I&AF) In fiscal 2025, Jacobs' Infrastructure & Advanced Facilities business provided end-to-end solutions for our clients’ most complex challenges related to energy security, environmental resilience, safe and reliable transportation, buildings and infrastructure, integrated water management and biopharmaceutical manufacturing.”

Annual report 2025A · The company itself

“Our end-to-end services span advanced manufacturing, cities & places, energy, environmental, life sciences, transportation and water.”

Annual report 2025A · The company itself

“Operativt kassaflöde 1 038 824 Bokfört värde projektfastigheter 360 1 030 – varav byggrätter i balansräkningen 600 600 Antal bostäder i pågående produktion – varav tjänstemän 63 61 – varav hantverkare 15 16 1) Varav nedskrivningar i projektfastigheter –5 –77 2) Varav fastighetsförsäljningar 25 14 3) Varav resultat från joint venture 15 –5 Inom affärssegmentet utvecklas i huvudsak hyresrättsbostäder och vård- och omsorgsboenden samt kontorsfastigheter i Storstockholm. I verksamheten ingår JM@home som erbjuder ekonomisk och teknisk förvaltning till bostadsrättsföreningar.”

Annual report 2024A · The company itself

“K2A investerar i samhällsfastigheter då lokaler för skola, vård och omsorg ingår som en naturlig del av hyresbostadsbyggande i nya stadsdelar, men även för att det innebär långa hyresavtal, begränsad motpartsrisk och stabila kassaöden.”

Annual report 2024A · The company itself

“Haco är en nischad leverantör specialiserad på industriella hjul samt hjul och reservdelar till rullstolar och rollatorer med tillhörande rekonditioneringstjänster. Haco omsätter cirka 70 MSEK med god lönsamhet och ingår i Karnells affärsområde Produktbolag.”

Annual report 2024A · The company itself

“Deras kunder finns främst bland bolag verksamma inom industrin, hjälpmedelscentraler, sjukhus med flera.”

Annual report 2024A · The company itself

“Studien kommer att genomföras i EU och USA och bolaget spår att det inte blir några problem att rekrytera patienter till studien med anledning av rådande avsaknad av behandlingar och det stora medicinska behovet. Det finns en stark efterfrågan från vårdpersonal på den här typen av behandling och det är också den stora efterfrågan som driver utvecklingen av behandlingen.”

Annual report 2024A · The company itself

“Our Self Care product categories include: Cough, Cold, and Allergy; Pain Care; and Other Self Care (Digestive Health, Smoking Cessation, Eye Care, and Other). Major brands in the segment include Benadryl®, Calpol®, Motrin®, Nicorette®, Rhinocort®, Tylenol®, Zarbee’s®, and Zyrtec®. Our Self Care brands offer accessibility to healthcare solutions with over-the-counter (“OTC”) medicines and other naturally inspired products.”

Annual report 2025A · The company itself

“Our Essential Health product categories include: Oral Care; Baby Care; and Other Essential Health (Women’s Health, Wound Care, and Other). Major brands in the segment include BAND-AID® Brand, Carefree®, Desitin®, Johnson’s®, Listerine®, o.b.® tampons, and Stayfree®. Our Essential Health brands raise standards of personal care across baby care, wound care, oral care, and menstrual health categories.”

Annual report 2025A · The company itself

“The industry coverage and product teams have established expertise in the following sectors: Consumer, Energy, Healthcare, Industrial, Public Sector, Real Estate, and Technology.”

Annual report 2025A · The company itself

“Euroa 2025 2024 Liikevaihto 41,8 44,2 4,0 3,4 9,6% 3,3 2,8 Nordic Rescue Group on Pohjoismaiden johtava pelastusajoneuvojen toimittaja. Yhtiö toimii Suomessa nimellä Saurus ja Ruotsissa nimellä Sala Brand.”

Annual report 2025A · The company itself

“Suomessa hyvinvointialueiden lisäksi Puolustusvoimat hankki yhteensä 15 ajoneuvoa, joihin Saurus toimittaa varusteita ja varustelua noin 10 milj. euron arvosta.”

Annual report 2025A · The company itself

“Products for professional use are sold through distributors, directly to manufacturing, lodging, office building, food service, and high-volume public facilities, and through e-commerce.”

Annual report 2025A · The company itself

“(financial services sector), and IVI- RMA Global, S.L. (health care sector) held through our consolidated core private equity vehicles.”

Annual report 2025A · The company itself

“These mark-to-market gains were partially offset by (i) mark-to-market losses primarily relating to our investment in PetVet Care Centers, LLC (healthcare sector) held through our consolidated core private equity vehicles, and OneStream, Inc.”

Annual report 2025A · The company itself

“•Insurance - The insurance business is operated by Global Atlantic, which is a leading U.S. retirement and life insurance company that provides a broad suite of protection, legacy and savings products and reinsurance solutions to clients across individual and institutional markets.”

Annual report 2025A · The company itself

“The digitization of industries, including 5G markets, advances in healthcare and industrial applications, and the increasing adoption of electric vehicles and intelligence in automobiles, also supports leading-edge design node technology investments and capacity expansions.”

Annual report 2026A · The company itself

“Vesihuollon ja ympäristötekniikan käyttökohteita ovat muun muassa vesi- ja jätevesitunnelit, paine- ja raakavesivarastot, tulva- ja hulevesitunnelit sekä jätevesipuhdistamot.”

Annual report 2025A · The company itself

“Physicians and other healthcare providers who are authorized to order clinical laboratory testing for their patients are a primary source of requests for Dx’s testing services. These physicians and other providers may practice in a range of settings, including hospitals, health systems, small medical practices, community-based clinics, and large, multidisciplinary organizations. •Third Party.”

Annual report 2025A · The company itself

“The Dx sales and customer service organizations are structured around distinct market groups to better understand and address the different needs of each customer segment. This includes clinical specialties—such as primary care, oncology, women’s health, autoimmune disease, neurology, infectious disease, endocrinology, gastroenterology, rheumatology, and other specialties—as well as payer and customer organization, including ACOs, MCOs, consumers, employers, physicians, and hospitals and health systems.”

Annual report 2025A · The company itself

“Our core capabilities include: uManaged Health Services – We deploy a national footprint of health clinics and health providers to support care delivery services, including medical disability and behavioral health examinations for the VA, as well as serving other independent medical exam markets.”

Annual report 2026A · The company itself

“We deliver a single, common electronic health record to both DoW and VA hospitals and treatment facilities worldwide. Our offerings range from integrating software for the electronic healthcare record vendor and dental record vendors to integrating picture archiving and communications software and more.”

Annual report 2026A · The company itself

“We are dedicated to delivering effective and affordable solutions that are responsible for the health and well-being of people, including service members and veterans.”

Annual report 2026A · The company itself

“Denna verksamhet utgörs av affärsområdet Dental och bolagen inom division kontraktstillverkning som producerar medicintekniska produkter. av omsättningen kommer från hållbarhetsrelaterade produkter och tjänster av omsättningen bidrar till FN:s globala mål 3 49,5% 28,4% Introduktion Medarbetare Intressentdialoger Styrning Policyer Kärnvärden Taxonomin Lifcos verksamhet Merparten av de produkter som Lifco säljer är verktyg, instrument, maskiner och tillbehör som används av andra industriföretag i deras verksamhet samt förbrukningsvaror och utrustning som används av tandläkarkliniker.”

Annual report 2024A · The company itself

“Affärsområdet Dental – som bland annat säljer förbrukningsvaror, utrustning och teknisk service till tandläkare – har länge haft en stark position inom distribution till tandläkare i norra Europa.”

Annual report 2024A · The company itself

“De största kundgrupperna är tandläkarkliniker samt industriföretag inom verkstad, infrastruktur, bygg och anläggning.”

Annual report 2024A · The company itself

“Inom Dental finns ett stort antal ledande distributörer av dentalprodukter till tandläkare i framför allt Europa och bolag som tillverkar dentala förbrukningsmaterial.”

Annual report 2024A · The company itself

“Lifcos tillverkande dentalbolag producerar bland annat infästningsprodukter för tandproteser, desinfektionsvätskor, salivsugar, bettregistrerings-, avtrycks- och bindningsmaterial samt annat förbrukningsmaterial som säljs till tandläkare via distributörer runt om i världen.”

Annual report 2024A · The company itself

“De största kundgrupperna utgörs av tandläkarkliniker, industriföretag inom verkstad, infrastruktur, bygg och anläggning i Europa.”

Annual report 2024A · The company itself

“Lifcobolagen har ett stort antal kunder, huvudsakligen i Europa. Merparten av kunderna utgörs av tandläkarkliniker och företag inom infrastruktur-, bygg- och rivningsbranscherna.”

Annual report 2024A · The company itself

“Our account managers service wholesalers, pharmacy benefit managers, insurers, plan sponsors, employers, managed care organizations, group purchasing organizations, government and long-term care institutions, hospitals, and certain retail pharmacies.”

Annual report 2025A · The company itself

“A significant portion of LINK’s revenue—approximately 70% —derives from notification-based communication. These notifications play a crucial role in industries such as healthcare, utilities, and logistics, ensuring timely reminders, alerts, updates, and other mission-critical communications.”

Annual report 2024A · The company itself

“Specialty includes the following business groups: Management & Professional Liability: Management & Professional Liability consists of the following coverages and products: •professional liability coverages and risk management services to various professional firms, including architects, real estate agents, accounting firms and law firms; •directors and officers (“D&O”), errors and omissions (“E&O”), employment practices, fiduciary, fidelity and cyber coverages. Specific areas of focus include small and mid-size firms, public as well as privately held firms and not-for-profit organizations; •insurance products to serve the health care industry, including professional and general liability as well as associated casualty coverages. Key customer groups include aging services, allied medical facilities, dentists, physicians, nurses and other medical practitioners.”

Annual report 2025A · The company itself

“CNA’s products and services are primarily marketed through independent agents, retail and wholesale brokers and managing general underwriters to a wide variety of customers, including small, medium and large businesses, insurance companies, associations, professionals 5 Table of Contents and other groups.”

Annual report 2025A · The company itself

“The business specializes in customized mid- and short-run packaging solutions, serving a diverse customer base in the pharmaceutical, dairy, household chemicals, food/nutraceuticals, industrial/specialty chemicals, water and beverage/juice industries.”

Annual report 2025A · The company itself

“Vår verksamhet bygger på toppmodern teknologi och våra logistiksystem, kontanthanteringstjänster och internationella lösningar skräddarsys för behoven hos finansiella institutioner, detaljhandelsföretag och andra kunder.”

Annual report 2024A · The company itself

“Our Strategy Lowe’s is an omnichannel retailer whose focus is on helping customers solve problems and fulfill dreams for their homes by providing an excellent customer experience, creating a great place to work for our associates, and improving our communities, which we believe will create long-term, sustainable value for our shareholders.”

Annual report 2026A · The company itself

“Malmbergskoncernens viktigaste kundgrupper är elinstallatörer, industriföretag, OEM-tillverkare, varuhus, stormarknader, butiker, elektromekaniska verkstäder, statliga och kommunala förvaltningar, regioner och energiverk.”

Annual report 2024A · The company itself

“Taloudellisen turvan parantamisen osalta tavoitellaan nousevaa trendiä Mandatumin kautta vakuutettujen henkilöiden turvassa. Mittarina seurataan riskivakuutusten turvasummaa. Mandatumin henkilövakuuttamisen palvelut tuovat taloudellista turvaa vakavan sairauden, työkyvyttömyyden tai kuoleman varalta.”

Annual report 2025A · The company itself

“The Company conducts business through two segments: •Risk and Insurance Services: risk management activities and insurance/reinsurance broking and services, conducted through Marsh Risk and Guy Carpenter. •Consulting: health, wealth and career advice, solutions and products, and specialized management, strategic, economic and brand consulting services conducted through Mercer and Marsh Management Consulting.”

Annual report 2025A · The company itself

“Within the U.S. and Canada, Marsh Risk advises on health benefits brokerage and consulting services through MMA.”

Annual report 2025A · The company itself

“Mercer operates in the following areas: •Health: assisting employers in managing employee health programs, compliance and outsourcing benefits.”

Annual report 2025A · The company itself

“Mercer, Marsh Management Consulting and MMA help public and private sector employers design and manage employee health and welfare programs. Their services include plan design, brokering of insurance programs, administration and other consulting, actuarial and specialty services.”

Annual report 2025A · The company itself

“Mercer, principally through its health line of business, also earns revenue in the form of commissions received from insurance companies for the placement of group (and occasionally individual) insurance contracts, primarily health, life and accident coverages.”

Annual report 2025A · The company itself

“Mercer's revenue increased $447 million, or 8%, to $6.2 billion in 2025, compared to $5.7 billion in 2024.”

Annual report 2025A · The company itself

“Health reflected growth across all regions.”

Annual report 2025A · The company itself

“We distribute pharmaceutical, medical, and other FDA-regulated products manufactured by third parties and by our private label businesses, including medications that may be temperature sensitive or have limited shelf lives. Our systems and procedures are designed to maintain the safety and efficacy of the products throughout the sourcing and distribution process.”

Annual report 2026A · The company itself

“For example, certain changes in reimbursement methodologies (including government rates) for pharmaceuticals, medical treatments, and related services reduce profit margins for us and our customers and impose new legal requirements on healthcare providers.”

Annual report 2026A · The company itself

“PRISM Vision Holdings, LLC On April 1, 2025, we completed the acquisition of a controlling interest in PRISM Vision, a leading provider of general ophthalmology and retina administrative services. We acquired an 80% interest in PRISM Vision for $875 million in cash, and prior owners, including management and physicians in PRISM Vision practices, retained a 20% ownership interest.”

Annual report 2026A · The company itself

“Community Oncology Revitalization Enterprise Ventures, LLC On June 2, 2025, we completed the acquisition of a controlling interest in Community Oncology Revitalization Enterprise Ventures, LLC (“Core Ventures”), a business and administrative services organization established by Florida Cancer Specialists & Research Institute, LLC, (“FCS”). We acquired a 70% controlling interest in Core Ventures for $2.5 billion in cash and FCS physicians retained a 30% ownership interest.”

Annual report 2026A · The company itself

“Our North American Pharmaceutical segment distributes branded, generic, specialty, biosimilar and over-the-counter (“OTC”) pharmaceutical drugs, and other healthcare-related products to customers in the United States (“U.S.”) and Canada. In addition, the segment sells financial, operational, and clinical solutions to pharmacies (retail, hospital, alternate sites) and provides consulting, outsourcing, technological, and other services.”

Annual report 2026A · The company itself

“Oncology Network, one of the largest networks of physician-led, integrated, community-based oncology practices dedicated to advancing high-quality, evidence-based cancer care in the U.S.”

Annual report 2026A · The company itself

“Our Medical-Surgical Solutions segment is a leading provider of medical-surgical supplies, laboratory equipment, and pharmaceutical distribution, logistics, and other services to non-acute settings in the U.S. These include healthcare providers operating in ambulatory care environments, such as physician offices, surgery centers, and hospital reference labs, as well as extended care settings, including nursing homes, hospice and home health care agencies, government markets, and online marketplaces and retailers.”

Annual report 2026A · The company itself

“Within U.S. Pharmaceutical, we have three primary pharmaceutical distribution customer channels: (i) retail national accounts, which include national and regional retail chains, food and drug combinations, mail order pharmacies, and mass merchandisers, (ii) community pharmacy and health, and (iii) institutional healthcare providers such as hospitals, health systems, integrated delivery networks, and long-term care providers.”

Annual report 2026A · The company itself

“The wholesale business delivers products to retail pharmacies, hospitals, long-term care centers, clinics, and institutions in Canada through a national network of distribution centers and provides logistics and distribution services for manufacturers.”

Annual report 2026A · The company itself

“Oncology & Multispecialty: The Oncology & Multispecialty segment provides a range of solutions to oncology and other specialty practices and offers community physician specialists (oncologists, rheumatologists, ophthalmologists, urologists, neurologists, and other specialists) an extensive set of customizable solutions and services designed to strengthen core practice operations, enhance value-based care delivery, and expand their service offering to patients.”

Annual report 2026A · The company itself

“Prescription Technology Solutions Segment: Our Prescription Technology Solutions segment works across healthcare to connect patients, pharmacies, providers, pharmacy benefit managers, health plans, and biopharma to deliver medication access solutions that support patients from first prescription fill to ongoing therapy, regardless of their insurance coverage.”

Annual report 2026A · The company itself

“Our more than 336,000 customers include physician offices, surgery centers, post-acute care facilities, hospital reference labs, and home health agencies.”

Annual report 2026A · The company itself

“The 340B program requires manufacturers to offer discounts on certain drugs purchased by “covered entities” such as safety-net providers, and some of our customers are covered entities or contract pharmacies for covered entities.”

Annual report 2026A · The company itself

“Many of our products and services are designed to function within the structure of current healthcare financing and reimbursement systems. The healthcare industry and related government programs continue to change.”

Annual report 2026A · The company itself

“These include ambulatory care environments, such as physician offices, surgery centers, and hospital reference labs, as well as extended care settings, including nursing homes, hospice and home health care agencies, government facilities, and online marketplaces and retailers. This segment offers national brand medical-surgical products as well as our own line of more than 4,000 high-quality products through a network of distribution centers within the U.S.”

Annual report 2026A · The company itself

“MedCap investerar enbart inom Life Science, vilket innebär att vi genom vår verksamhet bidrar till hållbar utveckling och främjar människors hälsa.”

Annual report 2024A · The company itself

“Kunderbjudandet omfattar både digitala och fysiska hjälpmedel inom områden så som kognition, kommunikation, omgivningskontroll, larm, mobilitet, tillgänglighet och ortopediska hjälpmedel. Kunderna inkluderar regioner, kommuner, vårdgivare, fastighetsägare och brukare.”

Annual report 2024A · The company itself

“Kunderbjudandet omfattar till exempel sjukvårdsutrustning och mjukvara, komponenter till tillverkare av sjukvårdsutrustning, samt förpackningslösningar och tjänster. Kunderna är framför allt regioner, sjukhus, samt medicintekniska företag, nutritions- och läkemedelsbolag.”

Annual report 2024A · The company itself

“Möjliggör både hög kvalitet och ökad kapacitet för operationsrum. Global.”

Annual report 2024A · The company itself

“Bolagets lösningar för ultraren luft i operationsmiljöer hade mycket god efterfrågan, och bedöms utgöra ett konkurrenskraftigt och flexibelt erbjudande som möter ett ökat behov.”

Annual report 2024A · The company itself

“Delar av koncernens försäljning sker till offentligt finansierad verksamhet inom sjukvård och omsorg.”

Annual report 2024A · The company itself

“Intäkterna från produktområde läkemedel kommer från regioner (före detta landsting), apotek, sjukhus, och läkemedelsdistributörer.”

Annual report 2024A · The company itself

“Intäkterna från hjälpmedel kommer från regioner, NAV (norska motsvarigheten till regioner i Sverige fast på nationell nivå), NHS (National Health Service – brittiska motsvarigheten till regioner i Sverige fast på nationell nivå), vårdgivare, distributörer/ partnerföretag och kommuner.”

Annual report 2024A · The company itself

“Intäkterna från övrig medicinteknisk utrustning kommer från regioner, sjukhus, vårdgivare, distributörer/partnerbolag och tillverkande kunder.”

Annual report 2024A · The company itself

“Several countries are going through reforms to make quality healthcare available to a growing population in a financially sustainable way. This includes demands for higher quality procedures with less errors and re-interventions. In the US, the Centers for Medicare and Medicaid Services have, for example, cut reimbursement for 30- days readmission after CABG as a penalty if hospitals have not been able to deliver and document high quality surgical results. Implementing technology that provides intraoperative surgical guidance and quality assessment is one way of achieving and document improved quality and outcomes.”

Annual report 2024A · The company itself

“8.2 Business activity Medistim’s mission is to develop costeffective solutions to health-care providers, patients and payers in the global surgical market. Its Ultrasonic Surgical Guidance & Quality Assessment systems are built for intuitive imaging of vascular morphology and instant assessment of blood flow. With its tools, Medistim help surgeons improve surgical quality to reduce adverse events and re- interventions, and ultimately improve the patients’ quality of life.”

Annual report 2024A · The company itself

“These systems enable medical professionals to reduce risk and enhance quality of cardiac, vascular and transplant surgery.”

Annual report 2024A · The company itself

“On a global scale Medistim has a leading position within quality control of CABG. Medistim is also a distributor of other medical devices through its subsidiaries Medistim Norge AS, Medistim Denmark Aps and Medistim Sweden AB.”

Annual report 2024A · The company itself

“Sales revenue from the cardiac segment ended in 2024 at MNOK 379.1 (MNOK 365.6), a 3.7 % growth. Sales revenue from the vascular segment ended at MNOK 93.7 (MNOK 81.3), a 15.3 % growth.”

Annual report 2024A · The company itself

“For some time and in parallel with cardiac surgery, it is Medistim’s goal to develop a strong position for the transit time flow measurement (TTFM) and high-frequency ultrasound (HFUS) imaging devices within the Vascular market. The international PATENT study, that was announced in late 2024, proves the company’s commitment to the Vascular market.”

Annual report 2024A · The company itself

“About 60 % of all bypass surgeries in the U.S. are performed by surgeons using their fingertips to check for a pulse as the only quality assurance. This is a clinically proven unreliable method, highlighting the need and potential for Medistim’s products and the Group has high market ambitions.”

Annual report 2024A · The company itself

“In addition to traditional capital investments and purchase of consumables, hospitals can choose to either pay per procedure or enter leasing agreements. In 2024, procedural sales amounted to 77 % of the total sales, ending at MNOK 167.6 (MNOK 151.6).”

Annual report 2024A · The company itself

“Hospitals and payers for surgery, such as insurance companies, are increasingly requiring documentation of performance and quality control during any procedure, which is expected to support the adoption of Medistim’s solution over time.”

Annual report 2024A · The company itself

“The US CABG-market is underdeveloped, with less than 45 % of surgeries performed with support from medical systems ensuring proper blood flow. Medistim has a market share of approximately 35 % of a total market of approximately 200 000 annual bypass surgery procedures and sees a substantial market potential due to the still low penetration of CABG surgery support systems.”

Annual report 2024A · The company itself

“Several vascular centers also have Medistim systems that are being used on a regular basis.”

Annual report 2024A · The company itself

“Human health pharmaceutical products consist of therapeutic and preventive agents, generally sold by prescription, for the treatment of human disorders. The Company sells these human health pharmaceutical products primarily to drug wholesalers and retailers, hospitals, government agencies, and managed health care providers such as health maintenance organizations, pharmacy benefit managers and other institutions.”

Annual report 2025A · The company itself

“The Company sells these human health pharmaceutical products primarily to drug wholesalers and retailers, hospitals, government agencies, and managed health care providers such as health maintenance organizations, pharmacy benefit managers and other institutions.”

Annual report 2025A · The company itself

“Distribution The Company sells its human health pharmaceutical products primarily to drug wholesalers and retailers, hospitals, government agencies and managed health care providers, such as health maintenance organizations, pharmacy benefit managers and other institutions.”

Annual report 2025A · The company itself

“Human health vaccines are sold primarily to physicians, wholesalers, distributors and government entities.”

Annual report 2025A · The company itself

“Human health vaccine products consist of preventive pediatric, adolescent and adult vaccines. The Company sells these human health vaccines primarily to physicians, wholesalers, distributors and government entities.”

Annual report 2025A · The company itself

“The U.S. provision for aggregate customer discounts covering chargebacks and rebates was $10.0 billion in 2025, $13.3 billion in 2024 and $12.5 billion in 2023. Chargebacks are discounts that occur when a contracted customer purchases through an intermediary wholesaler.”

Annual report 2025A · The company itself

“Merck’s payment terms for U.S. pharmaceutical products are typically 35 days from receipt of invoice and for U.S. animal health products are typically 30 days from receipt of invoice; however, certain products have longer payment terms, including Keytruda (pembrolizumab), which has payment terms of 90 days. Payment terms for vaccine products in the U.S. typically range from 30 days to 60 days.”

Annual report 2025A · The company itself

“The majority of the Company’s accounts receivable arise from product sales in the U.S. and Europe and are primarily due from drug wholesalers, distributors and retailers, hospitals and government agencies.”

Annual report 2025A · The company itself

“In the opinion of the Company, it is unlikely that the resolution of these matters will be material to the Company’s financial condition, results of operations or cash flows.”

Annual report 2025A · The company itself

“Folding boxboard is mainly used in food and pharmaceutical packaging, while kraftliner is used in retail packaging.”

Annual report 2025A · The company itself

“Laboratory balances are primarily used 4 Table of Contents in the pharmaceutical, biotechnology, testing lab, food, chemical, cosmetics, academia, and other industries.”

Annual report 2025A · The company itself

“Our principal end-markets are pharmaceutical, biotech, and academia.”

Annual report 2025A · The company itself

“Table of Contents Process Analytics Our process analytics business provides instruments for the in-line measurement of liquid and gas parameters used primarily in the production process of pharmaceutical, biotech, beverage, micro-electronics, chemical, and refining companies, as well as power plants.”

Annual report 2025A · The company itself

“Industrial Instruments We manufacture numerous industrial weighing instruments and related terminals and offer dedicated software solutions for the pharmaceutical, chemical, food, discrete manufacturing, and other industries.”

Annual report 2025A · The company itself

“Product Inspection Increasing safety and consumer protection requirements are driving the need for more sophisticated end-of-line product inspection systems (e.g., for use in food processing and packaging, pharmaceutical, packaged consumer goods, and other industries). We are a leading global provider of metal detectors, x-ray systems, checkweighers, and camera-based imaging equipment that are used in these industries.”

Annual report 2025A · The company itself

“Table of Contents Customers and Distribution Our principal customers include companies in the following key end-markets: the life science industry (pharmaceutical and biotech companies, as well as independent research organizations and testing labs); food manufacturers; chemical, specialty chemicals, and cosmetics companies; the academic community; food retailers; the transportation and logistics industry; the metals industry; and the electronics industry.”

Annual report 2025A · The company itself

“Health and Life Sciences cloud services provides AI solutions to the healthcare industry.”

Annual report 2026A · The company itself

“Kunderna är främst kedjor inom dagligvaruhandel, apotekshandel, hälsofackhandel och övrig fackhandel samt aktörer inom food service och livsmedelsindustrin.”

Annual report 2024A · The company itself

“Kunder är främst kedjor inom apoteks-, dagligvaru- och hälsofackhandel vilka även har konkurrerande produkter som säljs under egna varumärken, varför många kunder även i viss mån kan ses som konkurrenter.”

Annual report 2024A · The company itself

“kutan lösning 98mg/ml är ett receptfritt läkemedel med terbinafin för behandling av mild till måttlig nagelsvamp på fingernaglar och tånaglar.”

Annual report 2024A · The company itself

“Den mest effektiva behandlingen idag är fortfarande terbinafin i tablettform, som dock förknippas med biverkningar såsom interaktion med andra läkeme- del och leverskador, vilka undviks med topikal behandling .”

Annual report 2024A · The company itself

“In the U.S., our COVID vaccine and RSV vaccine are sold primarily to wholesalers and distributors, and to a lesser extent, directly to retailers and healthcare providers.”

Annual report 2025A · The company itself

“The MITC has the capacity to produce up to 100 million doses annually and up to approximately 250 million doses in the event of a pandemic. The facility is intended to produce British-made mRNA respiratory vaccines to support the National Health Service (NHS) seasonal vaccination programs and also supports research into the application of mRNA technology in additional disease areas.”

Annual report 2025A · The company itself

“Nettoomsättning per land, 2024  Sverige, 82% Danmark, 9% Finland, 4% Norge, 3% Övriga länder, 2% Nettoomsättning per kundsegment, 2024 󰐆 Metall och gruva, 14% Papper och massa, såg, 13% El- och värmeproduktion, 13% Övrig tillverkning, 9% Fordon, 9% Vatten och avlopp, 4% Läkemedel och medicin teknik, 4% Livsmedel, 3% Andra industrisegment, 23% Övriga sektorer, 8% Nettoomsättning per produktområde, 2024 󰍭 Lager, 15% Ventiler, 14% Tekniska tätningar och industrigummi, 10% Hydraulik och pneumatik, 8% Pumpar, elmotorer och växlar, 8% Transmission, 7% Mätteknik, 5% Filter, rengöring och rörsystem, 4% Maskiner och system, 3% Smörjning och kemikalier, 3% Andra komponenter, 9% Reparationer och renovering, 11% Relaterade tjänster, t ex utbildning, installation och kalibrering, 3% Värdeskapande återförsäljare ~75% Service, reparation och underhåll ~15% Lokal tillverkning, montering, egna varumärken ~10% Eftermarknad ~90% OEM ~10% Kundfördelning 1) Momentum Groups erbjudande 1) Tillverkare Värdeskapande återförsäljare Våra kunder Affärsöversikt”

Annual report 2024A · The company itself

“Our updated strategy builds on Multiconsult Group’s robust market positions both in Norway and internationally: • Market leader in healthcare across Scandinavia • Specialist in global renewable energy • Expert in urban development • Integrated geotechnical and environmental advisor • Leading infrastructure player in Norway, Sweden and Poland The group maintains a long-term perspective on sustainable and profitable development.”

Annual report 2024A · The company itself

“Vi erbjuder hållbara lösningar för kritiska processer som kräver exakt kontroll av fukt och temperatur, vilket förbättrar inomhusluftkvalitet och ökar produktionsprestanda.”

Annual report 2024A · The company itself

“Läkemedelssegmentet växer med framsteg inom utveckling, ökad efterfrågan på hälso- och sjukvård samt behovet av kontrollerade miljöer för att säkerställa produktsäkerhet och effektivitet.”

Annual report 2024A · The company itself

“• In 2024, Navamedic increased its revenues by 3.8% to NOK 531.4 million (NOK 512.0 million) • EBITDA was NOK 46.6 million, compared to NOK 35.5 million in 2023 • Navamedic entered into a License & Supply Agreement with Orion Corporation to market and sell Flexilev® and the OrdFID® dispenser across Europe • Navamedic secured two significant Nordic tenders for the antibiotic portfolio.”

Annual report 2024A · The company itself

“As a technology provider, our customers expect us to demonstrate compliance with privacy, data protection, and information security laws and regulations. Our inability, or perceived inability, to do so may adversely impact sales of our products and services, especially to customers in highly regulated industries.”

Annual report 2026A · The company itself

“For example, we provide our open access data retention solutions to customers within the financial services, healthcare, pharmaceutical and government market segments, industries that are subject to various evolving governmental regulations, certifications and controls with respect to data access, reliability and permanence in the U.S. and in the other countries in which we operate.”

Annual report 2026A · The company itself

“Acting as a supplier, we also process data on our customers’ behalf, such as when we support or host their IT systems.”

Annual report 2025A · The company itself

“Our clients solutions impact citizens at every stage of life, from birth registration and education systems through to healthcare services and pension payments, fundamentally shaping how society interacts with essential services.”

Annual report 2025A · The company itself

“At the start of 2024, NEXT received its China ID certification and it also expanded its footprint to the medical insurance, healthcare and access control markets.”

Annual report 2024A · The company itself

“Biometric technology is used in Laptop and Governmental projects and businesses have deployed the technology in medical services, devices for financial inclusions such as pension payments, point of sale devices (POS), office and facility access, voting registration and time and attendance solutions.”

Annual report 2024A · The company itself

“ÄR ENKELT ATT INSTALLERA, DRIVA OCH UNDERHÅLLA ALLT FLER INSTALLERAR VENTILATIONSSYSTEM Flera större aktörer som idrottshallar, industrilokaler, kyrkor med flera har moderniserat sina fastigheter med värme, kyla och ventilation.  Värme,luftkonditioneringochventilationutgörnågraavdestörstautgiftsposternaochävennågraavdestörstamiljöaspekternaförkommersiellafastigheter. MedNIBEGroupshållbaradigitalavärmepumpslösningarkanhelaanläggningen förinomhuskomfortautomatiserasochfjärrstyras.Värmepumparnagerenergibesparingäveniväntelägeochenheternaharaktivakylmodulersomgerutmärkt luftkonditionering.  I flerfamiljshus kan lägenheterna antingen ha individuell eller gemensam uppvärmning,menibådafallenkanmanhaengemensamcentralförkontroll ochövervakningmedNIBEskonceptlösningarsomgörattmankanoptimera energianvändningenifastigheten.Värmepumpenproducerarvärmeochvarmvattensamtmöjliggörsåvälluftkonditioneringsomventilation.  Offentligabyggnaderhartraditionelltvärmtsuppmedolja,gasellerkol.Detfinns fortfarande väldigt många byggnader med sådan uppvärmning som behöver bytasutmotrenare,modernareochmiljövänligareteknik.NIBEerbjuderklimatiseringbaseradpåexempelvisgeotermiskenergi,vilketgagnarsåvälmiljösom driftsekonomi.”

Annual report 2024A · The company itself

“Den internationella marknaden för klimatiseringsprodukter i kommersiella fastigheter blir allt viktigare. Genom ett antal av de senaste årens förvärv har vår konkurrenskraft inom dessa produktkategorierökat. Vi ser en stor potential såväl inom framtida nyproduktion som vid utbyte till modern teknik, både i Sverige och internationellt. Vi utvecklar kontinuerligtbådeproduktsortimentochorganisationförattstärkavårmarknadspositioninomdetta område.”

Annual report 2024A · The company itself

“Företaget, som startade 1968, utvecklar och producerar ventilation- och kylsystem för kommersiella fastigheter.”

Annual report 2024A · The company itself

“· 40 · ÅRSREDOVISNING 2024 NIBE INDUSTRIER AB > NIBE CLIMATE SOLUTIONS NIBE Climate Solutions erbjuder ett brett sortiment av produkter och tjäns-  luftkonditionering, värmeåtervinning, ventilation och beredning av varmvatten  PRODUKTER SOM BIDRAR TILL DET HÅLLBARA SAMHÄLLET VÄRMEPUMPAR Principenbyggerpåattindirekt utvinnaenergifrånsolen,vilkenlagras iberget,jorden,luften,vattneteller överskottsvärmen i ventilationens frånluft.Värmepumpenkanockså användasförluftkonditioneringavsåväl enfamiljshus som större fastigheter och industrier.”

Annual report 2024A · The company itself

“Storabostadsfastigheterliksom kommersiella fastigheter har oftast ettklimatsystemsomsäkerställergod ventilation,jämntemperaturochrätt luftfuktighetoavsettårstid.Genom attkombineradessaproduktermed värmepumpar skapas möjlighet till såväl energiåtervinning som optimal driftsekonomi. > NIBE CLIMATE SOLUTIONS > ÅRSREDOVISNING 2024 NIBE INDUSTRIER AB · 41 · · 42 · ÅRSREDOVISNING 2024 NIBE INDUSTRIER AB > NIBE ELEMENT AFFÄRSOMRÅDE En industriell partner med kundanpassade komponenter och intelligenta lösningar för uppvärmning och styrning med  produktgrupperna ökar energi-    NIBE ELEMENT ÄR EN LEVERANTÖR TILL HALVLEDARINDUSTRIN.”

Annual report 2024A · The company itself

“Förstärkt position för kommersiell ventilation Viharunderåretförstärktvårpositioninommarknadenförkommersiellventilation.EttantalavaffärsområdetsbolagibådeEuropaochNordamerikahar redan goda marknadspositionerinom dessa segment som är ett prioriterat område för affärsområdets fortsatta tillväxt. Under våren lanserades den egenutveckladeaggregatserienNIBEFlowavseddförventilationavkommersiellafastigheter.Dennaharfåttettpositivtmottagande.”

Annual report 2024A · The company itself

“Tunnistetaan kroonisten sairauksien riskejä laaja-alaisesti, systemaattisesti ja matalin kustannuksin Ennaltaehkäistään sairauksien syntyä kohdennetusti Mitataan muutosta väestön sairastumisriskeissä Rahoitetaan riskejä alentavia toimintamalleja Asiakkaat Nightingale Health tarjoaa asiakkailleen verianalyysiteknologian kroonisten sairauksien sairastumisriskien tunnistamiseen. Nightingale Healthin veritesti tunnistaa yhdestä verinäytteestä keskeisten kroonisten sairauksien riskit yhdellä kertaa ja hyödyttää siten laajasti terveysalan eri toimijoita.”

Annual report 2025A · The company itself

“Nightingale Healthin verianalyysiteknologiaa voivat hyödyntää niin yksityisen ja julkisen terveydenhuollon toimijat, diagnostiikka-alan toimijat, henkivakuutusyhtiöt, erikoissairaanhoidon palveluntarjoajat kuin lääketieteellisestä tutkimusta tekevät yliopistot ja tutkimuslaitokset.”

Annual report 2025A · The company itself

“Within the public sector, we secured major long term contracts with Energinet, Sundhedsdatastyrelsen, Digitaliseringsstyrelsen, and Styrelsen for It og Læring, strengthening NNIT’s role in national digital infrastructure and reaffirming our position as a trusted strategic partner.”

Annual report 2025A · The company itself

“Marknadsområdet påvisar god och stabil underliggande tillväxt som drivs av ökad medvetenhet kring hygien och en ökad levnadsstandard. Under året visade området god omsättningsutveckling, främst genom produktion av automatiska tvålpumpar och pappershållare.”

Annual report 2024A · The company itself

“Nolatos operativa verksamhet bedrivs inom två kundnära affärsområden: Medical Solutions: Utveckling och tillverkning av komplexa produktsystem och komponenter för medicinteknik, läkemedelsindustri samt diagnostik .”

Annual report 2024A · The company itself

“With highly robotised, world-class manufacturing processes, NORBIT supplies contract manufacturing of electronic products to demanding markets such as the automotive, industrial, medical, defence, energy, marine and ocean-related industries.”

Annual report 2024A · The company itself

“Our business model of developing ultra-low-power connectivity solutions directly influences how we create both positive impacts and manage risks for consumers and end-users. By integrating sustainability into our strategy through our four focus areas, particularly ultra-low power connectivity and sustainable IoT solutions, we contribute to applications that enhance resource management, healthcare monitoring, and agricultural efficiency.”

Annual report 2024A · The company itself

“Enhancing sustainability for customers with low-energy products Our core business model of designing ultra-low-power IoT connectivity solutions creates downstream positive impacts concentrated in sectors including agriculture, healthcare, and resource management. Through our value chain, we partner with product builders (many of whom serve consumer markets) to integrate our solutions into end products that directly benefit users through improved data access and resource efficiency.”

Annual report 2024A · The company itself